Cardlytics Inc (CDLX) 2023 Q4 法說會逐字稿

Good day and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to Cardlytics fourth-quarter 2023 earnings conference call.

歡迎參加 Cardlytics 2023 年第四季財報電話會議。

(Operator Instructions) Please note that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I will now hand the conference over to your speaker host, Nick Lynton, Chief Legal and Privacy Officer.

我現在將會議交給演講主持人、首席法律和隱私官尼克林頓 (Nick Lynton)。

Please go ahead.

請繼續。

Good evening and welcome to the Cardlytics fourth-quarter and full-year 2023 financial results call.

晚上好，歡迎參加 Cardlytics 第四季和 2023 年全年財務業績電話會議。

Before we begin, let me remind everyone that today's discussion will contain forward-looking statements based on our current assumptions, expectations and beliefs, including expectations regarding our future financial performance and results, including for the first quarter of 2024 in various product initiatives and improvements.

在開始之前，讓我提醒大家，今天的討論將包含基於我們當前假設、預期和信念的前瞻性陳述，包括對我們未來財務業績和結果的預期，包括2024 年第一季的各種產品計劃和改進。

For a discussion of the specific risk factors that could cause our actual results to differ materially from today's discussion, please refer to the Risk Factor section of the company's 10-K for the year ended December 31, 2023, which has been filed with the SEC.

有關可能導致我們的實際結果與今天的討論產生重大差異的具體風險因素的討論，請參閱公司截至 2023 年 12 月 31 日止年度 10-K 的風險因素部分，該報告已向 SEC 備案。

Also during this call, we will discuss non-GAAP measures of our performance.

此外，在本次電話會議中，我們也將討論非公認會計準則的績效衡量標準。

GAAP financial reconciliations and supplemental financial information are provided in the press release issued today and the 8-K that has been filed with the SEC.

今天發布的新聞稿和已向 SEC 提交的 8-K 中提供了 GAAP 財務調節表和補充財務資訊。

Today's call is available via webcast and a replay will be available for one week.

今天的電話會議可透過網路直播進行，並可在一周內重播。

You can find the information I have just described in the Investor Relations section of the Cardlytics website.

您可以在 Cardlytics 網站的投資者關係部分找到我剛剛描述的資訊。

Please note that a supplemental presentation to our fourth quarter and full year results has also been posted on our Investor relations website.

請注意，我們第四季度和全年業績的補充介紹也已發佈在我們的投資者關係網站上。

Joining us on the call today is Cardlytics CEO, Karim Temsamani, and CFO, Alexis DeSieno.

今天加入我們電話會議的是 Cardlytics 執行長 Karim Temsamani 和財務長 Alexis DeSieno。

Following their prepared remarks, we'll open the call to your questions.

在他們準備好的發言之後，我們將開始回答您的問題。

With that said, let me turn the call over to Karim.

話雖如此，讓我把電話轉給卡里姆。

Thank you, Nick.

謝謝你，尼克。

Good evening and thank you for joining our Q4 2023 earnings call.

晚上好，感謝您參加我們的 2023 年第四季財報電話會議。

I would first like to reflect on 2023 as a whole.

我首先想回顧整個2023年。

We started the year in a difficult position financially, with the SRS dispute presenting a significant challenge for the company.

今年伊始，我們的財務狀況陷入困境，SRS 糾紛為公司帶來了重大挑戰。

I'm glad we not only resolved the SRS dispute but also finished the year with positive annual adjusted EBITDA of $3.8 million.

我很高興我們不僅解決了 SRS 糾紛，而且還以 380 萬美元的年度調整後 EBITDA 為正數結束了這一年。

This is the first time since 2019 that we ended a year with positive adjusted EBITDA.

這是自 2019 年以來我們第一次在年底實現正向調整 EBITDA。

In 2023, we also made fundamental changes to our cost structure, including renegotiating partner contracts and right sizing our expenses and we made key hires for tech, product, sales, and leadership teams.

2023 年，我們也對成本結構進行了根本性改變，包括重新談判合作夥伴合約和調整開支規模，並對技術、產品、銷售和領導團隊進行了關鍵招募。

All these efforts and results are a great foundation for us to continue to improve our business.

所有這些努力和成果為我們繼續改善業務奠定了良好的基礎。

With the SRS dispute resolved and our cost structure rebalanced, we can now fully focus on execution and growth, as well as addressing our capital needs.

隨著 SRS 爭議的解決和我們的成本結構的重新平衡，我們現在可以完全專注於執行和成長，以及解決我們的資本需求。

I am delighted to add that we have just signed a large new banking partner as per the 8-K we filed within the last hour.

我很高興地補充說，根據我們在過去一小時內提交的 8-K，我們剛剛簽署了一家大型新銀行合作夥伴。

Q1 is off to a good start and we're expecting 12% to 16% billings growth when we exclude entertainment, which we sold in Q4.

第一季有一個好的開端，當我們排除第四季度銷售的娛樂業務時，我們預計營收將成長 12% 至 16%。

Alexis will provide further details on our financial performance later in the call.

亞歷克西斯將在稍後的電話會議中提供有關我們財務業績的更多詳細資訊。

Aside from our finances, we are making progress across our operational teams.

除了財務之外，我們的營運團隊也在取得進展。

Our sales teams in the US and UK are driving stronger growth and bringing advertisers back to the platform.

我們在美國和英國的銷售團隊正在推動更強勁的成長，並將廣告商帶回該平台。

As I mentioned, our bank partner team has just signed a large new bank partner in the US, and we continue to have promising discussions with additional banks in the US and the UK.

正如我所提到的，我們的銀行合作夥伴團隊剛剛在美國簽署了一家大型新銀行合作夥伴，我們將繼續與美國和英國的其他銀行進行有希望的討論。

Our product and engineering teams are continuing to launch new products that improve the experience of our bank partners and their customers, as well as provide more options for advertisers.

我們的產品和工程團隊正在繼續推出新產品，以改善我們的銀行合作夥伴及其客戶的體驗，並為廣告商提供更多選擇。

Let me provide more specifics on our progress.

讓我提供有關我們進展的更多細節。

We continue to obsess about the outcomes we create for our banking partners' customers, and tech adoption is a foundational part of creating these outcomes.

我們持續專注於為銀行合作夥伴的客戶創造的成果，而技術採用是創造這些成果的基礎部分。

Our new technology provides us the ability to run the network better, surface more relevant offers to bank customers, and roll out new products more quickly.

我們的新技術使我們能夠更好地運行網絡，向銀行客戶提供更相關的優惠，並更快地推出新產品。

All these are great drivers for engagement, new content and growth.

所有這些都是參與度、新內容和成長的巨大推動力。

We continue to make progress on tech adoption, with almost 80% of our network traffic now on AWS.

我們在技術採用方面不斷取得進展，目前我們近 80% 的網路流量都在 AWS 上。

Bank partners that are on AWS have the ability to adopt our ads decision engine or ADE and we are in discussions with the remaining banks who have not yet migrated to AWS.

AWS 上的銀行合作夥伴能夠採用我們的廣告決策引擎或 ADE，我們正在與尚未遷移到 AWS 的其餘銀行進行討論。

We've mentioned that ADE will be a powerful driver for improvements over time by allowing us to interface with banks in real time, enhance audience segmentation and offer relevance and improve dynamic targeting.

我們已經提到，隨著時間的推移，ADE 將成為改進的強大驅動力，它使我們能夠與銀行即時互動、增強受眾細分、提供相關性並改善動態定位。

So far, we are already on our third version of ADE. 80% of our network is now on ADE, with 40% of our network on the latest version.

到目前為止，我們已經推出了 ADE 的第三個版本。我們 80% 的網路現在使用 ADE，其中 40% 的網路使用最新版本。

For those banks on ADE, we have seen a 23% increase in redemptions, compared to a 9% increase across the whole network.

對於 ADE 上的銀行，我們發現贖回量增加了 23%，而整個網路的贖回量增加了 9%。

We saw this trend continue in January and we are confident that subsequent versions of ADE will continue to improve redemption numbers.

我們看到這一趨勢在 1 月持續存在，我們相信 ADE 的後續版本將繼續提高兌換數量。

A focus on the impact of ADE on redemptions because we view driving redemptions as our north star, as they provide the best outcome for our banks, their customers, and our advertisers.

重點關注 ADE 對贖回的影響，因為我們將推動贖回視為我們的北極星，因為它們為我們的銀行、銀行的客戶和廣告商提供了最佳結果。

And because the best way to increase redemptions is to increase engagement, we have focused on four key pillars to drive more engagement with our platform.

由於增加兌換的最佳方法是增加參與度，因此我們專注於四個關鍵支柱，以推動更多的平台參與度。

The first key pillar is content and insights.

第一個關鍵支柱是內容和見解。

We are continuously aiming to improve the quality and variety of content on the network.

我們持續致力於提高網路內容的品質和多樣性。

We pride ourselves on being a high quality, in-demand advertising solution for well-known large brands.

我們為知名大品牌提供高品質、受歡迎的廣告解決方案而感到自豪。

We are seeing growth from our existing advertisers and are additionally seeing advertisers return that had previously left our network.

我們看到現有廣告商的成長，也看到之前離開我們網路的廣告商回歸。

The strengths of our business resides in our insights.

我們業務的優勢在於我們的洞察力。

Most competitive analysis focus on scanned data from a limited number of retailers or a subset of card types.

大多數競爭性分析專注於來自有限數量的零售商或卡片類型子集的掃描資料。

Our data provides the most comprehensive scope across channels, cards and geographies, making our insights highly differentiated.

我們的數據提供了跨渠道、卡片和地理區域的最全面的範圍，使我們的見解具有高度差異化。

However, historically, it's been a manual process for our teams to pull this data.

然而，從歷史上看，我們的團隊提取這些數據是一個手動過程。

We're fixing this.

我們正在解決這個問題。

We plan to deliver an automated dashboard by the end of 2024 that will provide advertisers with a snapshot of their performance against industry benchmarks.

我們計劃在 2024 年底前提供一個自動化儀表板，為廣告主提供針對業界基準的績效快照。

This dashboard will give advertisers a self-serve view of the market summary for their category.

此儀表板將為廣告商提供其類別的市場摘要的自助視圖。

We'll let them visualize competitor activity, showcasing revenue, transactions, and customer growth across different brands.

我們將讓他們視覺化競爭對手的活動，展示不同品牌的收入、交易和客戶成長。

Lastly, we will offer a customer-centric data set showing brand affinity, new customer and churn benchmarks.

最後，我們將提供以客戶為中心的資料集，顯示品牌親和力、新客戶和流失基準。

This is just the beginning of a growing list of insights use cases that we will be exposing over time.

這只是我們將隨著時間的推移公開的越來越多的見解用例清單的開始。

As we productize more of these insights, we will also free up time from our analytics team to provide custom, highly nuanced, and actionable insights for our largest advertisers and bank partners.

隨著我們將更多的這些見解產品化，我們還將騰出分析團隊的時間，為我們最大的廣告商和銀行合作夥伴提供客製化的、高度細緻的、可操作的見解。

We believe this is a highly differentiated offering that will enable us to reduce churn and increase budgets over time.

我們相信這是一個高度差異化的產品，隨著時間的推移，它將使我們能夠減少客戶流失並增加預算。

The second key pillar is giving merchants customizable tools to optimize campaigns and offers.

第二個關鍵支柱是為商家提供可自訂的工具來優化活動和優惠。

I wanted to highlight the success we had recently with a receipt level offer test we did with a major US airline.

我想強調一下我們最近與美國一家主要航空公司進行的收據水平報價測試所取得的成功。

As a reminder, receipt level offers are offers tailored to a specific product category or item.

提醒一下，收據等級優惠是針對特定產品類別或商品量身訂製的優惠。

In this case, the airline wanted to promote a higher cash back reward for flights that departed within the months, as they were experiencing softer than expected booking demand in the low season.

在這種情況下，該航空公司希望為幾個月內起飛的航班提供更高的現金回饋獎勵，因為淡季的預訂需求低於預期。

To the airline's delight, 45% of ticket purchases in the campaign were for the targeted time period and allow us to close a renewal with the client just days later for a campaign that run the following month.

令航空公司高興的是，活動中 45% 的機票購買都是在目標時間內進行的，這使我們能夠在幾天后與客戶完成續訂，以進行下個月的活動。

This is one example of how product initiatives are driving more targeted growth for advertisers and delighting their customers.

這是產品計劃如何推動廣告商更有針對性的成長並取悅客戶的一個例子。

The third key pillar is making offers easier to discover and use.

第三個關鍵支柱是讓優惠更容易發現和使用。

With several of our banks, we are testing different placements for the core widget, call out buttons, new entry points and alerts.

我們正在與幾家銀行一起測試核心小部件、調出按鈕、新入口點和警報的不同位置。

All of these are at low volumes where we have already shown a strong ability to increase engagement with the program.

所有這些都是少量的，我們已經展示了增加該計劃參與度的強大能力。

As an example, when one of our bank partners started placing offers on the line item transaction in customers' bank statements, we saw an activation rate for those offers that was 5 times higher than the typical activation rate.

例如，當我們的銀行合作夥伴開始在客戶銀行對帳單中的行項目交易上提供報價時，我們發現這些報價的啟動率比典型啟動率高出 5 倍。

The fourth key pillar is our differentiated offering for each bank as tech and size of network enables us to create differentiated offering such as featured offers, increased creations, and proximity offers.

第四個關鍵支柱是我們為每家銀行提供差異化服務，因為技術和網路規模使我們能夠創造差異化服務，例如特色優惠、增加創意和鄰近優惠。

We are also relying on enrichment and customization of the offer experience.

我們也依賴報價體驗的豐富和客製化。

For example, we launched a unique event the week leading up to the Super Bowl called the Big Game with one of our bank partners.

例如，我們在超級盃比賽前一周與我們的銀行合作夥伴推出了一項名為 Big Game 的獨特活動。

The Big Game targeted cardholders of that bank with featured cash back deals for all of their party supply needs across multiple advertisers.

Big Game 針對該銀行的持卡人提供特色現金回饋優惠，以滿足多個廣告商的所有派對供應需求。

This is the first of many 2024 initiatives where we will leverage existing advertisers to target customers with unique tent pole events to increase engagement with the bank's rewards platforms.

這是 2024 年眾多舉措中的第一個，我們將利用現有廣告商透過獨特的支柱活動來瞄準客戶，以增加與銀行獎勵平台的互動。

With these four pillars in mind, we are building a best-in-class platform with flexible platform APIs, a deep understanding of merchant data, a top-tier targeting and decisioning engine, and a rich, highly differentiated user experience, with a fantastic source of content and insights.

考慮到這四大支柱，我們正在建立一個一流的平台，具有靈活的平台 API、對商家數據的深刻理解、頂級的定位和決策引擎以及豐富、高度差異化的用戶體驗，並具有出色的體驗。內容和見解的來源。

All of this is hosted in the cloud and fully flexible.

所有這些都託管在雲端並且完全靈活。

Moving to Bridg.

搬到布里奇。

First-party data is the foundation for the cookie-free world of marketing and Bridg continues to serve the leading retailers, QSRs, and entertainment businesses, helping them to better understand their customers by expanding and unleashing their first-party data.

第一方數據是無 Cookie 行銷世界的基礎，Bridg 繼續為領先的零售商、QSR 和娛樂企業提供服務，透過擴展和釋放第一方數據幫助他們更好地了解客戶。

For instance, we are helping one of the fastest growing grocers enhance their inventory management strategies by analyzing purchasing data.

例如，我們正在透過分析採購數據來幫助成長最快的雜貨商之一增強其庫存管理策略。

A partnership with a large fast food restaurant allows them to grow their loyal customers by delivering hyper targeted promotions.

與一家大型快餐店的合作使他們能夠透過提供針對性強的促銷活動來增加忠實客戶。

Rippl, our retail, media, and data network that we recently launched, provides CPGs and other brands flexibility in building sophisticated audiences, seamless access to a national footprint, and user friendly tools that empower them to gain valuable insights, drive substantial incremental sales and accurately measure the impact of the campaigns.

Ripple 是我們最近推出的零售、媒體和數據網絡，為CPG 和其他品牌提供了建立成熟受眾的靈活性、無縫訪問全國足跡以及用戶友好的工具，使他們能夠獲得有價值的見解、推動大幅增量銷售和準確衡量活動的影響。

Over the last few months, several leading retailers, including Wegmans and Giant Eagle have joined the Rippl platform, which translates to a national footprint of around 70 million profiles actively being loaded onto the platform.

在過去的幾個月裡，包括 Wegmans 和 Giant Eagle 在內的幾家領先零售商加入了 Rippl 平台，這意味著全國範圍內約有 7000 萬個個人資料被積極加載到該平台上。

This has sparked interest from leading CPGs who have started running test campaigns and this gives us great confidence that our strategy will pay-off.

這引起了領先的消費品公司的興趣，他們已經開始運行測試活動，這讓我們非常有信心我們的策略將會獲得回報。

With our cost structure rebalanced, we can now dedicate our time to returning to the higher growth rates we should expect from this business.

隨著我們的成本結構重新平衡，我們現在可以專注於恢復我們對這項業務的預期更高的成長率。

Our Q4 results and projected Q1 progress give us confidence that we can do this, and just as I said last quarter, we are in the midst of a transformation that will spur growth.

我們第四季的業績和預計第一季的進展讓我們有信心能夠做到這一點，正如我上季所說，我們正處於刺激成長的轉型之中。

In addition to adding a new large banking partner, we're working towards a broader and deeper data set, more sophisticated audience targeting, better analytics and reporting, and a variety of ad formats that will drive increased engagement.

除了增加新的大型銀行合作夥伴之外，我們還致力於建立更廣泛、更深入的數據集、更複雜的受眾定位、更好的分析和報告以及各種廣告格式，以提高參與度。

As we move past the core transformation that needed to happen in the business, our belief in our long-term growth prospects continues to strengthen.

隨著我們完成業務所需的核心轉型，我們對長期成長前景的信心不斷增強。

Now, I'll hand it over to Alexis to discuss our financial results.

現在，我將把它交給亞歷克西斯來討論我們的財務表現。

Thank you, Karim.

謝謝你，卡里姆。

Before moving on to Q4, I want to echo Karim's sentiments about 2023 as a turnaround year for Cardlytics, with most of the acceleration occurring in the second half of the year.

在進入第四季之前，我想回應 Karim 的觀點，即 2023 年是 Cardlytics 的轉折年，大部分加速發生在下半年。

In 2023, we generated $453.4 million in billings, representing 2% growth, and we generated $309.2 million in revenue, representing 4% growth both versus the prior year.

2023 年，我們的營業額為 4.534 億美元，年增 2%；營收為 3.092 億美元，年增 4%。

Adjusted contribution was $158.6 million at a 11% growth versus the prior year, with the second half of the year at 20% growth alone.

調整後的捐款為 1.586 億美元，比上年增長 11%，光下半年就成長了 20%。

Adjusted EBITDA was positive for the first time since 2019 at $3.8 million and nearly $50 million better than in 2022.

調整後 EBITDA 自 2019 年以來首次實現正值，達到 380 萬美元，比 2022 年增加近 5,000 萬美元。

As Karim mentioned, we've made fundamental changes to our cost structure that will enable us to drive positive adjusted EBITDA and invest strategically in the future.

正如卡里姆所提到的，我們對成本結構進行了根本性改變，這將使我們能夠推動積極的調整後 EBITDA 並對未來進行策略性投資。

Let's move on to our Q4 results.

讓我們繼續看第四季的結果。

We performed in line or better than expected with billings, revenue, and adjusted contribution consistent with our Q4 guidance and adjusted EBITDA exceeding expectations.

我們的業績符合或優於預期，帳單、收入和調整後的貢獻與我們第四季度的指導一致，調整後的 EBITDA 超出了預期。

We had our third consecutive quarter of positive operating cash flow and our second consecutive quarter of positive adjusted EBITDA.

我們連續第三個季度實現正營運現金流，並且連續第二季實現正調整 EBITDA。

We continue to show momentum in driving top line after right sizing our business.

在調整業務規模後，我們持續展現出推動營收成長的動能。

My comments will be year-over-year comparisons for the fourth quarter unless stated otherwise.

除非另有說明，我的評論將是第四季度的同比比較。

In Q4, billings reached $131.9 million, a 5% increase due to continued success in everyday spend, as well as in travel.

第四季度，由於日常支出和旅行的持續成功，帳單達到 1.319 億美元，成長 5%。

Our restaurant category turned slightly positive in Q4 as the efforts of rebuilding our sales team are beginning to pay off.

由於重建我們的銷售團隊的努力開始得到回報，我們的餐廳類別在第四季度略有改善。

Revenue was $89.2 million, up 8%, partially driven by a one-time revenue related benefit of $2.2 million.

營收為 8,920 萬美元，成長 8%，部分原因是 220 萬美元的一次性收入相關收益。

Our top five customers accounted for 16% of revenue this quarter compared to 12% last year, and we continue to land new customers and expand existing customers.

本季我們的前五名客戶佔營收的 16%，而去年為 12%，我們持續開拓新客戶並擴大現有客戶。

Geographically, US revenue increased 8%.

從地理上看，美國收入成長了 8%。

The UK showed growth for the first time in several quarters at 4%.

英國幾個季度以來首次出現 4% 的增長。

We resigned Lloyds to a three-year contract and started the implementation of our auto enrollment program.

我們與勞埃德銀行簽訂了一份為期三年的合同，並開始實施我們的汽車註冊計劃。

This means customers no longer have to opt into our offers, which has allowed our sales team to sell and deliver larger budgets.

這意味著客戶不再需要選擇我們的報價，這使得我們的銷售團隊能夠銷售並提供更大的預算。

We expect to see continued sequential improvement and very strong double-digit growth in the UK in Q1 as a result of these initiatives and of new leadership.

由於這些舉措和新的領導層，我們預計第一季英國將持續改善並實現非常強勁的兩位數成長。

Bridg revenue grew 12% due to an existing customer expanding its contract, as well as a new large restaurant joining the platform.

由於現有客戶擴大了合同，以及一家新的大型餐廳加入該平台，Bridg 收入增長了 12%。

We will soon have over 70 million profiles in the database, and we believe we now have the scale to be relevant to CPG customers.

我們的資料庫中很快就會有超過 7000 萬個個人資料，我們相信我們現在的規模足以與 CPG 客戶相關。

Adjusted contribution increased 18% to $47.3 million with the margin calculated off of revenue of 53% compared to 48% one year ago.

調整後的貢獻增加了 18%，達到 4,730 萬美元，以收入計算的利潤率為 53%，而一年前為 48%。

Adjusted contribution growth is partially due to the benefit of our partner share renegotiation.

調整後的貢獻成長部分歸因於我們的合作夥伴股份重新談判的好處。

Adjusted EBITDA exceeded the high end of guidance at positive $10 million, the largest in Cardlytics history.

調整後的 EBITDA 超過指導上限，達到 1000 萬美元，是 Cardlytics 歷史上最高的。

Business operating expenses came in lower than expected at $37.3 million and Bridg was profitable for the third quarter in a row.

業務營運支出為 3,730 萬美元，低於預期，Bridg 連續第三季獲利。

Operating cash flow was $2.9 million, and as previously mentioned, positive for the third consecutive quarter.

營運現金流為 290 萬美元，如前所述，連續第三個季度為正。

On the balance sheet, we ended Q4 with $91.8 million in cash and cash equivalents and we had $16.7 million of unused available borrowings under our line of credit.

在資產負債表上，第四季末我們有 9,180 萬美元的現金和現金等價物，我們的信用額度下有 1,670 萬美元的未使用可用借款。

This does not reflect the amendment to our line of credit, which we completed in February, which now allows us to borrow up to 75% of our eligible accounts receivable, up from 50% previously.

這並不反映我們在 2 月完成的信用額度修改，該修改現在允許我們借用符合條件的應收帳款的 75%，高於先前的 50%。

We also confirmed the extension of the maturity on our line of credit by one year to April 2025.

我們也確認將信用額度期限延長一年至 2025 年 4 月。

As a reminder, we paid $20 million at the end of January as part of our settlement with SRS and we issued 3.6 million shares in February.

提醒一下，我們在 1 月底支付了 2000 萬美元，作為與 SRS 和解的一部分，並在 2 月發行了 360 萬股。

We believe that our available liquidity is sufficient to support our long-term plans.

我們相信我們的可用流動性足以支持我們的長期計劃。

However, our amendment to the line of credit is one of many steps we are taking to improve our balance sheet.

然而，我們對信用額度的修改是我們為改善資產負債表而採取的眾多措施之一。

Lastly, MAUs were $168 million and ARPU was $0.53 for the fourth quarter, an increase of 3% and 8% respectively.

最後，第四季每月活躍用戶數為 1.68 億美元，ARPU 為 0.53 美元，分別成長 3% 和 8%。

Before I turn to guidance, I want to note that we added a new non-GAAP metric to our 10-K, which is free cash flow.

在轉向指導之前，我想指出，我們在 10-K 中添加了一個新的非 GAAP 指標，即自由現金流。

We believe free cash flow is useful to measure the funds generated in a given period that are available to invest in the business.

我們認為自由現金流有助於衡量在給定時期內產生的可用於投資業務的資金。

In Q4, free cash flow was negative $0.8 million and for the year, we were nearly $55 million better than in 2022.

第四季度，自由現金流為負 80 萬美元，全年比 2022 年增加了近 5,500 萬美元。

To remind you, Q1 is seasonally weak due to consumer spending habits, which lead to decreased marketing budgets for most of our clients.

提醒您一下，由於消費者的消費習慣，第一季季節性疲軟，導致我們大多數客戶的行銷預算減少。

Despite that, we are expecting double-digit top line growth in Q1.

儘管如此，我們預計第一季的營收將實現兩位數成長。

For Q1, we expect billings between $105 million and $109 million, revenue between $70 million and $73 million, adjusted contribution between $37 million and $39 million, adjusted EBITDA between negative $1 million and positive $1 million.

對於第一季度，我們預計帳單將在1.05 億美元到1.09 億美元之間，營收在7,000 萬美元到7,300 萬美元之間，調整後貢獻在3,700 萬美元到3,900 萬美元之間，調整後EBITDA 在負100 萬美元到正100 萬美元之間。

At the midpoint of our range for adjusted EBITDA, this would be the first time we would be breakeven in Q1.

在調整後 EBITDA 範圍的中點，這將是我們第一次在第一季實現損益平衡。

Excluding the sale of entertainment, our billings guidance represents 12% to 16% growth and a meaningful acceleration from Q4.

不包括娛樂銷售，我們的帳單指導代表 12% 至 16% 的成長，並且較第四季顯著加速。

I'd like to provide some additional color on what we are seeing in the top line.

我想為我們在頂行看到的內容提供一些額外的顏色。

Billings are being driven by continued success in the everyday fund and travel categories.

日常基金和旅行類別的持續成功推動了比林斯的成長。

We continue to see our largest clients spending more with us.

我們繼續看到我們最大的客戶在我們這裡花費更多。

The majority of our growth is from existing accounts increasing their spend with us and we are continuing to focus on getting new brands on to the platform and winning back lux brands.

我們的成長大部分來自現有客戶增加在我們這裡的支出，我們將繼續專注於讓新品牌進入該平台並贏回豪華品牌。

In fact, we are seeing good momentum in restaurants with the return of two major clients back on the platform over the next few quarters.

事實上，隨著兩家主要客戶在未來幾季重返該平台，我們看到餐廳發展勢頭良好。

2023 was an instrumental year as we built the foundation for future growth and positive adjusted EBITDA.

2023 年是重要的一年，我們為未來的成長和積極的調整後 EBITDA 奠定了基礎。

Our Q1 guidance implies further acceleration and shows we are making progress towards our long-term goals.

我們的第一季指引意味著進一步加速，並表明我們正在朝著長期目標取得進展。

As we look forward to 2024, we expect the momentum to continue, and we expect to make progress on our capital structure.

展望 2024 年，我們預計這一勢頭將持續下去，並預計我們的資本結構將取得進展。

We are excited about the addition of a large new bank partner and will provide more details about the launch when we are able to do so.

我們對新的大型銀行合作夥伴的加入感到興奮，並將在有能力時提供有關啟動的更多詳細資訊。

For fiscal year 2024, we expect continued operating leverage and our expectation moving forward is to have double-digit billings growth for 2024 and to be operating cash flow positive on an annual basis.

對於 2024 財年，我們預計營運槓桿將持續存在，並且我們未來的預期是 2024 年實現兩位數的帳單成長，並且每年營運現金流為正值。

We are focused on our north star redemptions and continue to drive consumer engagement, top line growth and adjusted EBITDA.

我們專注於北極星兌換，並持續推動消費者參與、營收成長和調整後的 EBITDA。

Now I'll turn it back to Karim for closing remarks.

現在我將把它轉回給卡里姆做總結發言。

Thank you, Alexis.

謝謝你，亞歷克西斯。

With each passing quarter, we have delivered additional progress in the business.

每個季度，我們的業務都取得了額外的進展。

The trajectory of our financials continues upward.

我們的財務軌跡持續向上。

We have signed a new large bank partner and the transformation of our platform is well underway.

我們已經簽署了新的大型銀行合作夥伴，我們平台的轉型正在順利進行中。

I'd like to thank our teams for their dedication to the business and I'd like to thank our investors for their patience over the last several years.

我要感謝我們的團隊對業務的奉獻，也要感謝我們的投資者過去幾年的耐心。

I am excited about 2024 and Cardlytics long-term prospects.

我對 2024 年和 Cardlytics 的長期前景感到興奮。

Thank you for your support.

感謝您的支持。

(Operator Instructions) Kyle Peterson, Needham.

（操作員說明）Kyle Peterson，Needham。

Great.

偉大的。

Thanks, guys.

多謝你們。

Good afternoon and thanks for taking the question.

下午好，感謝您提出問題。

I want to start off with the news on the new FI partner and it's great to see -- just want to see if you guys could give us any color on the timing of the ramp both in terms of billings and revenue contribution, but also will that require any sizable upfront expenses or CapEx for us to keep in mind as we think about our models this year?

我想從新的 FI 合作夥伴的消息開始，很高興看到 - 只是想看看你們是否可以在賬單和收入貢獻方面給我們提供關於斜坡時間的任何信息，但也將當我們考慮今年的模型時，需要考慮大量的前期費用或資本支出嗎？

Happy to start and Alexis can chime in as well, Kyle.

很高興開始，亞歷克西斯也可以插話，凱爾。

We can't tell you anything more outside of what we have referenced in the 8-K with regards to timing.

除了我們在 8-K 中提到的有關計時的內容之外，我們無法告訴您更多。

With regards to expenses, there's no major expenses up front that you need to take into account.

關於費用，您不需要預先考慮任何重大費用。

And obviously, as soon as we can talk more about the timing for the launch, we will talk to the market.

顯然，一旦我們能夠更多地談論發佈時間，我們就會與市場交談。

Yeah.

是的。

I'll just add to that.

我就補充一下。

The full-year comments I made does not include any material impact from the signing of this agreement.

我發表的全年評論不包括簽署該協議的任何實質影響。

Like many of our other bank partners, implementation will take time.

與我們許多其他銀行合作夥伴一樣，實施需要時間。

So we'll keep you posted on launch dates and other information.

因此，我們將隨時向您通報發布日期和其他資訊。

Got it.

知道了。

It was really helpful.

這真的很有幫助。

And then just a follow-up on liquidity and cash.

然後是流動性和現金的後續行動。

Obviously, you guys have done a really good job, but expense structure, the credit facility is extended, but I guess in order some of the other kind of near-term priorities you guys are thinking about with regards to whether it's just liquidity or the longer-term cash structure for the business.

顯然，你們做得非常好，但是費用結構，信貸安排得到了延長，但我想為了你們正在考慮的其他一些近期優先事項，無論是流動性還是流動性企業的長期現金結構。

Sorry.

對不起。

Yeah.

是的。

Thanks.

謝謝。

So, obviously, we're focused on rightsizing our capital structure.

因此，顯然，我們專注於調整我們的資本結構。

It's a priority for us and we needed to address it in stages.

這是我們的首要任務，我們需要分階段解決它。

First, we needed to improve the business.

首先，我們需要改善業務。

So we've reaccelerated revenue and we right sized our cost structure.

因此，我們重新加速了營收成長，並調整了成本結構。

And the next we needed to resolve SRS.

接下來我們需要解決 SRS。

Nothing would happen in a way that protected shareholders without these being addressed.

如果不解決這些問題，就不會發生任何保護股東的事情。

So this is done.

這樣就完成了。

And both of these have allowed us to extend the revolver and increase the amount that we can borrow giving us further flexibility.

這些都使我們能夠延長左輪手槍並增加我們可以藉用的金額，從而為我們帶來更大的靈活性。

So in terms of next steps, we're working hard on this, and we have a clear strategy in place.

因此，就下一步而言，我們正在努力做到這一點，並且我們已經制定了明確的策略。

And although I can't talk about specific debt, I'm confident in our path forward.

儘管我不能談論具體債務，但我對我們的前進道路充滿信心。

And again, we'll keep you updated as we can.

我們將再次向您通報最新情況。

Does that answer your question?

這是否回答你的問題？

Yeah, that's very good color.

是的，這個顏色非常好。

Thanks, guys.

多謝你們。

Nice quarter.

不錯的季度。

Jacob Stephan, Lake Street Capital Markets.

雅各史蒂芬，湖街資本市場。

Yeah.

是的。

Hey, guys.

大家好。

Congrats on the quarter, the guidance, and the new partner win there.

恭喜本季、指導和新合作夥伴獲勝。

Just touching on the guidance here.

只是談談這裡的指導。

I'd like to get your thoughts on how you're thinking about the upside of the billings growth, you're guiding to kind of mid-teens growth from -- is that being driven by increased customer spend?

我想了解您如何看待比林斯成長的好處，您正在引導一種十幾歲左右的成長——這是由客戶支出增加所推動的嗎？

Or is that -- how much of that's coming from the increased engagement as well?

或者說——其中有多少也是來自於參與度的增加？

Sure, and I'll let Karim chime in at the end.

當然，最後我會讓卡里姆插話。

We're confident that the steps we're taking to reaccelerate revenue at the mid-point and top of the range.

我們對我們正在採取的措施充滿信心，以將收入重新提高到範圍的中點和最高點。

I want to reiterate that we're going to be breakeven or positive adjusted EBITDA for the first time in Q1, which is really exciting.

我想重申，我們將在第一季首次實現盈虧平衡或正調整 EBITDA，這確實令人興奮。

So our initiatives are really paying off and we're executing against our plan.

因此，我們的舉措確實得到了回報，並且我們正在按照我們的計劃執行。

And so we're focused on increasing inventory with new banks, improving our tech-in product, investing in our teams to get great content and reduce churn.

因此，我們專注於增加新銀行的庫存，改善我們的技術產品，投資我們的團隊以獲得優質內容並減少客戶流失。

And our international business is growing double digit.

我們的國際業務正在以兩位數的速度成長。

So some of these initiatives are taking time, but very confident in the guide and excited for the quarter.

因此，其中一些舉措需要時間，但對指南非常有信心，並對本季感到興奮。

Yeah.

是的。

Okay.

好的。

Maybe just kind of touching on the multi-tier offers programs.

也許只是觸及了多層優惠計劃。

Maybe it sounds like you've had good success with your airline partner.

也許聽起來您與您的航空公司合作夥伴取得了巨大的成功。

But maybe you could talk about where you are in the process of rolling this out to kind of the broader client base.

但也許你可以談談在向更廣泛的客戶群推廣這個過程中你處於什麼階段。

Yeah.

是的。

I'm happy to take that, Jacob.

我很高興接受這個，雅各。

So obviously, these are sort of still tests that we're doing with a number of clients and we're continuing to ramp that up with any time that's interested and has a relevant use case.

顯然，這些是我們正在與許多客戶一起進行的靜態測試，並且我們將在感興趣且有相關用例的任何時間繼續加大測試力度。

We will update the market when we have a view of the sizing of this across the whole of the network.

當我們了解整個網路的規模時，我們將更新市場。

But importantly, those new product initiatives are not only positive benefit for the bank's customers, the advertisers, and the clients, but they also allow our sales teams to have normal discussions about the range of offerings that we have across the network.

但重要的是，這些新產品措施不僅為銀行的客戶、廣告商和客戶帶來了積極的好處，而且還使我們的銷售團隊能夠就我們在網路上提供的產品範圍進行正常的討論。

So even if some clients are not adopting them, it allows us to have a discussion about bringing more budgets to the platform.

因此，即使有些客戶不採用它們，我們也可以討論為該平台帶來更多預算。

So there are several benefits to these initiatives there.

因此，這些舉措有幾個好處。

Got it.

知道了。

I'll hop back in the queue here.

我會回到這裡的隊列。

Congrats, guys.

恭喜，夥計們。

Jason Kreyer, Craig-Hallum.

賈森·克雷爾，克雷格·哈勒姆。

Great.

偉大的。

Thank you, guys.

感謝你們。

We've seen a pretty nice uptick recently just in terms of new logos and the offer, kind of bigger names coming into offers.

最近，我們在新商標和優惠方面看到了相當不錯的成長，一些更大的品牌開始提供優惠。

And I'm just curious, can you talk about like -- and then some of those include vendors that are coming back to the platform that have left in the past.

我只是很好奇，你能談談這樣的事情嗎——其中一些供應商正在回到過去離開的平台。

And so just curious what do you think is different right now, what's driving them or what's changed where you're getting audience with what appears to be larger marketers?

所以只是好奇你認為現在有什麼不同，是什麼推動了他們，或者你在吸引更大的行銷人員的受眾方面發生了什麼變化？

Yeah, I mean I want to stress that larger marketers have always been our focus.

是的，我的意思是我想強調，更大的行銷人員一直是我們關注的焦點。

So we're continuing to make strides with some of these clients and now going back to what happened in the last couple of years, some of those customers that we had lost were not because of the performance of the platform, but because we see of those changes -- of strategy at these customers.

因此，我們正在繼續與其中一些客戶取得進展，現在回到過去幾年發生的情況，我們失去的一些客戶並不是因為平台的效能，而是因為我們看到這些客戶策略的變化。

And some of the customers we also lost because we did not have the right activity at the sales teams level.

我們也失去了一些客戶，因為我們在銷售團隊層級沒有採取正確的活動。

And we fixed that now, I talked about it in the last call that we're investing in our sales teams, and we have made a couple of changes and we've seen those changes essentially allow us to have stronger relationship with many of our customers.

現在我們解決了這個問題，我在上次電話會議中談到了我們正在對銷售團隊進行投資，我們已經做出了一些改變，我們已經看到這些改變本質上使我們能夠與我們的許多人建立更牢固的關係顧客。

Now there's plenty more that we want to do.

現在我們想做的還有很多。

And obviously, having new product initiatives that we can talk to customers about, now improving the risk level offers that we mentioned before also enable us to open doors and showcase great benefits to customers.

顯然，我們可以與客戶討論新的產品計劃，現在提高我們之前提到的風險水平也使我們能夠向客戶敞開大門並向客戶展示巨大的好處。

So I'm very confident that our strategy is really starting to pay off.

因此，我非常有信心我們的策略確實開始取得成效。

And I'm very keen to continue to see this growth moving forward and accelerating.

我非常希望看到這種成長繼續向前推進並加速。

And then on ADE, it seems like -- I mean, you've been talking the last couple of quarters about getting all the right validation points that this is certainly working and providing better offers.

然後在 ADE 上，我的意思是，您在過去幾個季度一直在談論獲得所有正確的驗證點，證明這確實有效並提供更好的報價。

What do you think is causing some FI partners not to migrate to that in a quicker way?

您認為是什麼原因導致一些金融合作夥伴無法更快遷移到該領域？

So, again, the vast majority of our network is now on a GE.

因此，我們網路的絕大多數現在都位於 GE 上。

So we're very pleased with that and then subsequent improvements that we made to just require a little bit amount of work at each of the partners, but it's very minimal.

因此，我們對此非常滿意，隨後我們進行了改進，只需要每個合作夥伴做一點工作，但這是非常小的。

What we have is 20% of our network that's not yet on GE, mostly because there's larger tech changes are required for these partners to move from on-premise, which was essentially an old stack to a non-cloud solution and we haven't paid promising discussions with these partners, but it just takes time for the larger lift to look.

我們擁有的20% 的網路尚未部署在GE 上，主要是因為這些合作夥伴需要進行更大的技術變革才能從本地部署（本質上是一個舊的堆疊）遷移到非雲端解決方案，而我們還沒有這樣做與這些合作夥伴進行了富有前景的討論，但更大的提升還需要時間才能看到。

So, again, positive discussions.

所以，再次進行積極的討論。

We'll hopefully update the market as soon as we can with regards to the timing for those banks to move.

我們希望盡快向市場通報這些銀行採取行動的時間。

Okay.

好的。

And then just one last one for me, please, on Discovery.

請提供我最後一篇，在探索頻道。

I think we've talked in the past about how some FIs has moved offers around in different areas of their application.

我想我們過去已經討論過一些金融機構如何在其申請的不同領域中移動報價。

And it seems like there, at least historically, hasn't been as much volatility in consumer uptake or consumer activation.

至少從歷史上看，消費者接受度或消費者激活度似乎沒有那麼大的波動。

So I'm just curious if you can maybe talk about what things you can influence in terms of discovery or accessibility inside of an application that you think can change consumer behavior and increase those activation rates?

所以我很好奇您是否可以談談您可以在應用程式內部的發現或可訪問性方面影響哪些事情，您認為這些事情可以改變消費者行為並提高激活率？

Yeah, that's a great question.

是的，這是一個很好的問題。

I mean what we really haven't had in the past is a proper playbook and the right discussions with our bank partners to really discuss different placements for the rigids and different types of offers and different places where we can surface the offers.

我的意思是，我們過去真正沒有的是一個適當的劇本以及與我們的銀行合作夥伴進行正確的討論，以真正討論僵化的不同位置和不同類型的報價以及我們可以提供報價的不同位置。

Not only we're having the discussions now, we're creating those playbooks, but we also have an ability to provide some level of data on how these are working for the bank customers that are using them.

我們現在不僅正在進行討論，我們正在創建這些劇本，而且我們還有能力提供一定程度的數據，說明這些劇本如何為使用它們的銀行客戶發揮作用。

And again, as I mentioned earlier in the call, we're basically seeing, for instance, with regard to line item transactions in a customer bank statement, we're seeing a 5 times higher activation than the normal activation that you see in the network.

而且，正如我之前在電話中提到的，我們基本上看到，例如，對於客戶銀行對帳單中的行項目交易，我們看到的啟動率比您在銀行對帳單中看到的正常啟動率高5 倍。網路。

So we can go back to more bank partners and tell them this is what we see and then work with them with regards to implementing it also on their platform.

因此，我們可以回到更多的銀行合作夥伴那裡，告訴他們這就是我們所看到的，然後與他們合作，在他們的平台上實施它。

So we feel much more confident that we have the right structure now that we're really basing those discussions on data rather than on sort of our view of what banks should be doing and that's allowing us to have much, much better discussions.

因此，我們更有信心，我們現在擁有正確的結構，因為我們真正將這些討論基於數據，而不是基於我們對銀行應該做什麼的看法，這使我們能夠進行更好的討論。

All right.

好的。

Thank you, guys, and congrats on the new bank partner.

謝謝你們，夥伴們，恭喜新的銀行夥伴。

Thank you.

謝謝。

Thank you.

謝謝。

And I'm showing no further questions in the Q&A queue at this time.

目前我在問答隊列中沒有顯示任何其他問題。

I will now turn the call back over to Mr. Karim Temsamani for closing remarks.

現在，我將把電話轉回給卡里姆·泰姆薩馬尼 (Karim Temsamani) 先生，他將致閉幕詞。

Thank you very much.

非常感謝。

This concludes our call.

我們的通話到此結束。

As I mentioned, we remain committed to positioning the business for future success.

正如我所提到的，我們仍然致力於為未來的成功定位業務。

Thank you for your continued support and I look forward to our next discussion.

感謝您一直以來的支持，期待我們的下一次討論。

Ladies and gentlemen, that does conclude our conference for today.

女士們、先生們，今天的會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。