Cardlytics Inc (CDLX) 2024 Q2 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 the Cardlytics second-quarter 2024 earnings conference call.

歡迎參加 Cardlytics 2024 年第二季財報電話會議。

(Operator Instructions) Please be advised 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 would now like to hand the conference over to your speaker today, Nick Lynton, Chief Legal and Privacy Officer.

現在我想將會議交給今天的發言人、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 second-quarter 2024 financial results call.

晚上好，歡迎參加 Cardlytics 2024 年第二季財務業績電話會議。

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 third quarter of 2024, our CEO transition plans, our capital structure and various operational and 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 年第三季度、我們的首席執行官過渡計劃、我們的資本結構以及各種營運和產品措施和改進。

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 Factors section of the company's 10-Q for the quarter ended June 30, 2024, 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 2024 年 6 月 30 日的季度 10-Q 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, which you can find in the Investor Relations section of the Cardlytics website.

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信息，您可以在 Cardlytics 網站的投資者關係部分找到這些信息。

Today's call is available via webcast, and a replay will also be available on our website.

今天的電話會議可透過網路直播進行，我們的網站上也將提供重播。

Joining us on the call today, we have Cardlytics, Board Chair, Jack Klinck, who will provide some brief comments about this afternoon's executive transition announcement as well as current COO and incoming CEO, Amit Gupta; and CFO, Alexis DeSieno.

今天參加我們的電話會議的還有 Cardlytics 董事會主席 Jack Klinck，他將就今天下午的高管過渡公告以及現任首席營運官和即將上任的首席執行官 Amit Gupta 提供一些簡短的評論；和首席財務官亞歷克西斯·德西諾。

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, I'll hand the call over to Jack.

這樣，我就把電話轉給傑克。

Thanks, Nick.

謝謝，尼克。

As I'm sure you've all seen from our announcement earlier today, the Board has appointed Cardlytics current COO, Amit Gupta, to the role of CEO effective August 16, 2024.

我相信你們都從我們今天早些時候的公告中看到，董事會已任命 Cardlytics 現任首席營運官 Amit Gupta 擔任首席執行官，自 2024 年 8 月 16 日起生效。

Amit will also be joining our Board of Directors at the same time.

阿米特也將同時加入我們的董事會。

Karim Temsamani will be stepping down as Cardlytics CEO and Board member to pursue another professional opportunity.

Karim Temsamani 將辭去 Cardlytics 執行長和董事會成員的職務，以尋求另一個職業機會。

On behalf of the Board, I would like to thank Karim for his contributions to Cardlytics during an important period of transformation.

我謹代表董事會感謝 Karim 在重要的轉型時期為 Cardlytics 所做的貢獻。

We are grateful Karim will help ensure a smooth transition, and we wish him the best.

我們很感激卡里姆將幫助確保過渡，並祝他一切順利。

We are also excited to welcome Amit into his new role with Cardlytics, following a strong tenure as COO.

我們也很高興歡迎 Amit 在擔任營運長後加入 Cardlytics 的新職位。

He brings with him deep strategic, product, and operational expertise as well as industry experience, and he has played a key role in developing our strategy, scaling our platform and evolving our business.

他擁有深厚的策略、產品和營運專業知識以及行業經驗，在製定我們的策略、擴展我們的平台和發展我們的業務方面發揮了關鍵作用。

I am confident he will lead this business well as we continue to execute on our transformation.

我相信，隨著我們繼續執行轉型，他將很好地領導這項業務。

We have the right team in place to execute our strategy, and we are in the early innings of our transformation.

我們擁有合適的團隊來執行我們的策略，而且我們正處於轉型的早期階段。

Some of the important milestones achieved by our team under Karim and Amit's leadership include rightsizing our expense structure and improving our capital structure, which helped us deliver positive adjusted EBITDA in 2023 and improved our long-term financial stability; bringing new banking partners and advertisers to the platform, including Monzo in the UK and a large financial institution in the US; and launching Rippl, our retail media network on our Bridg platform, opening the potential for us to tap into new categories of marketing budgets, particularly across major CPG brands.

我們的團隊在卡里姆和阿米特的領導下實現了一些重要的里程碑，包括調整我們的費用結構和改善我們的資本結構，這幫助我們在2023 年實現正調整EBITDA，並改善了我們的長期財務穩定性；為該平台帶來新的銀行合作夥伴和廣告商，包括英國的 Monzo 和美國的一家大型金融機構；在 Bridg 平台上推出我們的零售媒體網絡 Ripple，為我們開闢新的行銷預算類別（尤其是主要 CPG 品牌）的潛力。

I hope you'll all join me in extending a warm welcome to Amit.

我希望大家和我一起熱烈歡迎阿米特。

With that, let me turn the call over to you, Amit.

接下來，讓我把電話轉給你，阿米特。

Thanks, Jack.

謝謝，傑克。

I'm honored and excited to take on this new role at Cardlytics and look forward to working more closely with you, the rest of the Board, and our broader team to continue to deliver on our mission.

我很榮幸也很興奮能夠在 Cardlytics 擔任這項新職務，並期待與您、董事會其他成員以及我們更廣泛的團隊更密切地合作，繼續履行我們的使命。

When I joined Cardlytics in January 2023, I was impressed at the caliber of talent, the power of our existing solutions and most importantly, the untapped potential of the company.

當我於 2023 年 1 月加入 Cardlytics 時，我們的人才素質、我們現有解決方案的強大功能以及最重要的是公司尚未開發的潛力給我留下了深刻的印象。

I am confident in that potential today.

今天我對這種潛力充滿信心。

At our core, we have strong, embedded relationships with some of the largest financial institutions giving us tremendous scale, and we have a clear path to be able to expand our network.

在我們的核心，我們與一些最大的金融機構建立了牢固的、嵌入的關係，這給我們帶來了巨大的規模，而且我們有一條清晰的道路來擴展我們的網絡。

With these relationships, we have unrivaled first-party purchase data.

憑藉這些關係，我們擁有無與倫比的第一方購買數據。

We believe that cardholder spend data is the best predictor of future behavior, which makes it incredibly valuable for advertisers.

我們相信持卡人支出數據是未來行為的最佳預測指標，這對廣告主來說非常有價值。

As a result, we benefit from a flywheel effect of buyers, brands, and banks, delighting cardholders with rewards, which leads to driving both loyalty and incremental spend for our advertisers and banks.

因此，我們受益於買家、品牌和銀行的飛輪效應，透過獎勵取悅持卡人，從而提高我們的廣告商和銀行的忠誠度和增量支出。

We are still in early stages of a significant transformation to evolve our business.

我們仍處於業務發展重大轉型的早期階段。

I am confident we're on the right path for three reasons.

我相信我們正走在正確的道路上，原因有三。

First, we have strengthened our financial profile to better facilitate continued strategic investment in the business through reducing our operating costs and improving our capital structure.

首先，我們增強了財務狀況，透過降低營運成本和改善資本結構，更好地促進對業務的持續策略投資。

Second, we have a clear path ahead to better align our offerings with the modern advertising market and increased billings and consumer incentives.

其次，我們有一條明確的前進道路，可以更好地使我們的產品與現代廣告市場保持一致，並增加帳單和消費者激勵。

Last, we are clear-eyed about the challenges before us.

最後，我們清醒地認識到我們面臨的挑戰。

We are not satisfied with our results, and we're taking proactive steps to address these challenges.

我們對結果並不滿意，我們正在採取積極措施來應對這些挑戰。

We need to better monetize the value we deliver to our buyers, brand, and banks.

我們需要更好地貨幣化我們為買家、品牌和銀行提供的價值。

That starts with better forecasting, delivery and pricing, and delivering a platform that fully meets our advertisers' needs.

首先是更好的預測、交付和定價，並提供一個完全滿足廣告商需求的平台。

Alexis will discuss the most recent quarter in greater detail in a few minutes.

亞歷克西斯將在幾分鐘內更詳細地討論最近一個季度的情況。

We missed our Q2 guidance primarily due to a miss on top line related to delivery issues.

我們錯過了第二季度的指導，主要是因為與交付問題相關的營收未能實現。

This miss was driven by fast-paced changes to our technology platform, which led to unpredictable delivery of the advertiser budgets.

這一失誤是由於我們的技術平台的快節奏變化造成的，這導致了廣告商預算的交付不可預測。

We are actively addressing these issues in the second half.

下半年我們正積極解決這些問題。

In the long run, these refinements to our platform, coupled with engagement-based pricing, will give us real-time data on campaign performance and enable us to optimize campaigns based on these signals to deliver better outcomes for buyers, brands, and banks.

從長遠來看，我們平台的這些改進，加上基於參與度的定價，將為我們提供有關活動績效的即時數據，並使我們能夠根據這些訊號優化活動，為買家、品牌和銀行提供更好的結果。

I'd like to call out some highlights for the quarter.

我想談談本季的一些亮點。

We've made great progress in growing engagement.

我們在提高參與度方面取得了很大進展。

Consumer incentives grew 25% this quarter, meaning consumers are finding value in the offers we provide.

本季消費者激勵措施成長了 25%，這意味著消費者在我們提供的優惠中發現了價值。

As a reminder, our north star is redemptions, which materialized as rewards on a dollar basis in our financials.

提醒一下，我們的北極星是贖回，這在我們的財務狀況中以美元為基礎實現為獎勵。

Redemptions are a key indicator that our technology is delivering the most relevant offer to each person and driving value for our banks and advertisers.

兌換是一個關鍵指標，表明我們的技術正在為每個人提供最相關的優惠，並為我們的銀行和廣告商帶來價值。

Driving engagement will continue to bring more marketing budgets to the Cardlytics platform, adding to the flywheel effect I mentioned earlier.

提高參與度將繼續為 Cardlytics 平台帶來更多行銷預算，增加我之前提到的飛輪效應。

We have continued to make progress on the rollout of our new technology across three key areas, including, first, the adoption and refinement of our Ad Decisioning Engine, or ADE; second, the launch of our automated insights dashboard; and third, the launch of the dynamic marketplace, which includes the transition to our engagement-based pricing model.

我們在三個關鍵領域的新技術推出方面繼續取得進展，包括：首先，我們的廣告決策引擎（ADE）的採用和改進；其次，推出我們的自動化洞察儀表板；第三，推出動態市場，其中包括向基於參與度的定價模式的過渡。

First, on ADE, 80% of our banks have already onboarded, and we continue to make progress getting the remaining banks on the platform.

首先，在 ADE 上，我們 80% 的銀行已經加入，我們將繼續在讓其餘銀行加入平台方面取得進展。

We have also made progress in enhancing the logic, model, and signals that determine the offer decisioning.

我們在增強決定報價決策的邏輯、模型和訊號方面也取得了進展。

Second, we are excited that we launched our insights dashboard.

其次，我們很高興推出了見解儀表板。

Advertisers can now access on-demand insights such as share wallet shifts.

廣告商現在可以獲得按需見解，例如共享錢包變更。

Insights will increase our overall billing opportunity through spend thresholds required for access as well as enabling advertisers ability to take action in real-time.

洞察力將透過存取所需的支出閾值增加我們的整體計費機會，並使廣告商能夠即時採取行動。

We have 10% of advertisers using it by the end of last quarter and are on track to have the platform available for all advertisers by the end of the year.

截至上季末，我們已有 10% 的廣告商使用該平台，並預計在年底前為所有廣告商提供該平台。

Third, we launched a dynamic marketplace with over 20 live campaigns running with cost per engagement pricing and variable [ROAS] goals.

第三，我們推出了一個動態市場，其中包含 20 多個即時行銷活動，並以每次互動成本定價和可變的 [ROAS] 目標運行。

To remind you, pricing, budgets, and offers have historically been static with advertisers priced on a static fee with fixed budgets that persists during the life of the campaign.

提醒您一下，定價、預算和優惠歷來都是靜態的，廣告商按靜態費用定價，預算在廣告活動期間持續存在。

That dynamic marketplace allows advertisers to see their campaign performance on a daily basis and make ongoing changes to their ROAS goals, fees and budgets, which we believe ultimately will lead to a better performance of their campaigns and higher retention of those advertisers.

這個充滿活力的市場使廣告主能夠每天查看他們的廣告活動表現，並不斷改變他們的廣告支出回報率目標、費用和預算，我們相信這最終將帶來更好的廣告活動表現和更高的廣告商保留率。

As part of this, we are shifting to an engagement-based pricing model.

作為其中的一部分，我們正在轉向基於參與度的定價模式。

This pricing aligns with industry standards and will allow us to significantly improve visibility to advertisers.

此定價符合行業標準，將使我們能夠顯著提高廣告商的可見度。

This model should appeal to advertisers that are accustomed to buying from other digital media platforms on a cost per click basis, and it will provide them with improved pacing visibility and control.

這種模式應該會吸引習慣於按每次點擊費用從其他數位媒體平台購買的廣告商，並且將為他們提供更好的節奏可見度和控制力。

[CPE] is directly aligned to the real value we create for our buyers, brands, and banks.

[CPE] 與我們為買家、品牌和銀行創造的實際價值直接相關。

We expect to have a majority of our accounts on engagement-based pricing models by the end of 2025.

我們預計到 2025 年底，我們的大部分帳戶將採用基於參與度的定價模式。

We are also expanding our addressable market for Rippl, which we power with our Bridg data to help us tap into the rapidly expanding retail media budgets.

我們也正在擴大 Rippl 的潛在市場，我們利用 Bridg 數據為市場提供支持，幫助我們利用快速擴大的零售媒體預算。

We are continuing to build out our nationwide footprint of individual shoppers and expect to have over 100 million profiles and 50,000 locations by year-end.

我們正在繼續擴大個人購物者的全國覆蓋範圍，預計到年底將擁有超過 1 億個個人資料和 50,000 個地點。

In June, we published over 2,800 purchase-based audience segments on leading DSPs such as The Trade Desk and LiveRamp providing CPG advertisers with more transparency into product-specific purchasing behaviors of consumers, while early days, we have already seen hundreds of advertisers engaged since launch.

6 月份，我們在The Trade Desk 和LiveRamp 等領先DSP 上發布了超過2,800 個基於購買的受眾群體，為CPG 廣告商提供了消費者特定產品購買行為的更高透明度，而在早期，我們已經看到數百家廣告商參與其中發射。

Rippl allows us to diversify our advertiser base by adding CPG brands to the mix and allowing us to tap into one of the largest portions of advertising budgets that our core Cardlytics business cannot effectively capture.

Ripll 使我們能夠透過將 CPG 品牌添加到組合中來實現廣告客戶群的多元化，並使我們能夠利用我們的核心 Cardlytics 業務無法有效捕獲的廣告預算的最大部分之一。

Looking ahead, we are excited to launch a large bank partner in the US in the near future.

展望未來，我們很高興在不久的將來在美國建立一個大型銀行合作夥伴。

This will help increase marketer scale faster via a larger and more engaged audience to whom we can serve offers.

這將有助於透過我們可以向其提供優惠的更多、更積極的受眾來更快地擴大行銷人員規模。

We are also committed to further growing our bank partnerships and are in active conversations with both new and existing partners.

我們也致力於進一步發展我們的銀行合作夥伴關係，並與新的和現有的合作夥伴進行積極對話。

Before I hand it over to Alexis, I want to reiterate my excitement for Cardlytics future.

在將其交給 Alexis 之前，我想重申我對 Cardlytics 未來的興奮。

As card-linked offers become more important to banks, we are the clear leader in our industry with a strong market position and a deep network of major financial institutions.

隨著卡片關聯優惠對銀行變得越來越重要，我們憑藉著強大的市場地位和深厚的主要金融機構網絡，成為業界明顯的領導者。

No one else has the platform and deep relationships we have.

沒有其他人擁有我們擁有的平台和深厚的關係。

We are well aware that progress along this path will not be linear, but we are confident we have the right strategy and are making the right moves to set Cardlytics on a much stronger course for the future.

我們清楚地知道，這條道路上的進展不會是線性的，但我們相信我們擁有正確的策略，並且正在採取正確的行動，讓 Cardlytics 走上更強大的未來道路。

As excited as we are about this future, we know short-term results also matter, and you have our commitment that we won't take our eyes off the ball in the months ahead.

儘管我們對這個未來感到興奮，但我們知道短期結果也很重要，我們向您承諾，在未來幾個月裡，我們不會把目光從目標上移開。

I'll now turn it over to Alexis to discuss the financials.

我現在將把它交給亞歷克西斯討論財務問題。

Thank you, Amit.

謝謝你，阿米特。

This quarter was more challenging than expected.

本季比預期更具挑戰性。

Although we continue to execute on our north star, redemptions, our overall business experienced headwinds.

儘管我們繼續執行我們的北極星贖回計劃，但我們的整體業務遇到了阻力。

While our top line grew more slowly than expected, we continue to be focused on tightly managing expenses and maintaining a strong balance sheet.

儘管我們的收入成長速度低於預期，但我們繼續專注於嚴格管理支出和維持強勁的資產負債表。

Now, turning to our specific second-quarter results.

現在，轉向我們具體的第二季業績。

My comments will be year-over-year comparisons to the second quarter of 2023, excluding Entertainment, our former subsidiary that we sold in December 2023, unless stated otherwise.

除非另有說明，我的評論將是與 2023 年第二季的同比比較，不包括我們於 2023 年 12 月出售的前子公司娛樂公司。

In Q2, billings reached $110.4 million, a 2% increase.

第二季度，營收達到 1.104 億美元，成長 2%。

The majority of the weakness was a result of our ongoing changes to our platform and technology, which led to unpredictable delivery rather than pipeline weakness.

大部分弱點是我們對平台和技術不斷進行變革的結果，這導致了不可預測的交付，而不是管道弱點。

While some level of underdelivery and overdelivery is inherent in any ad network, we are taking decisive action to address our operational challenges around forecasting and delivery.

雖然某種程度的投放不足和過量投放是任何廣告網路所固有的，但我們正在採取果斷行動來解決預測和投放方面的營運挑戰。

We experienced growth in our travel and entertainment and everyday sign verticals with standout growth from key airlines and hotels but partially offset by downward movement in DTC and retail.

我們的旅行和娛樂以及日常標誌垂直行業經歷了增長，其中主要航空公司和酒店的增長尤為突出，但部分被 DTC 和零售業的下降所抵消。

In parallel to scaling new logos, our churn rate, which is based on the number of advertisers that leave our channel, is at its lowest since before the pandemic.

在擴展新商標的同時，我們的流失率（基於離開我們頻道的廣告商數量）處於大流行之前以來的最低水平。

Consumer incentives, which we refer to as rewards, increased by 25% to $40.8 million due to enhancements in ADE and more performance ad serving.

由於 ADE 的增強和效果更好的廣告投放，消費者激勵措施（我們稱之為獎勵）增加了 25%，達到 4,080 萬美元。

Revenue, which is billings net of consumer incentives, but before partner share, was $69.6 million, a decrease of 7%.

收入（扣除消費者激勵措施但不計合作夥伴份額）為 6,960 萬美元，下降 7%。

Revenue decreased due to a combination of lower-than-anticipated billings, largely due to underdelivery of budgets we have secured and higher-than-expected consumer incentive payments.

由於帳單低於預期，收入下降，這主要是由於我們獲得的預算交付不足以及消費者獎勵付款高於預期。

We are getting more efficient at servicing the right rewards to the right user.

我們正在更有效率地為合適的用戶提供合適的獎勵。

In the short term, we will continue to see outsized rewards as engagement accelerates beyond top-line growth due to these targeting and ranking improvements, but we expect this to normalize as we further refine our technology and pricing to better align rewards with returns.

短期內，由於這些定位和排名的改進，隨著參與度加速超越營收成長，我們將繼續看到巨額回報，但我們預計，隨著我們進一步完善我們的技術和定價，以更好地使獎勵與回報保持一致，這種情況將會正常化。

While in the near term, this is pressuring results.

雖然在短期內，這對結果造成壓力。

In the long run, we expect the benefits to come given the flywheel effect to our business.

從長遠來看，考慮到飛輪對我們業務的影響，我們預計會帶來好處。

Rewards delight cardholders, driving loyalty and brands and with cardholders banks, new banks strengthen our network and advertisers benefit from consumer insights and measurable outcomes that drive growth.

獎勵讓持卡人感到高興，提高忠誠度和品牌，並與持卡人銀行一起，新銀行加強了我們的網絡，廣告商從消費者洞察和可衡量的成果中受益，從而推動了成長。

We continue to be focused on adjusted contribution, which we believe is a better indicator for our business than GAAP revenue.

我們繼續關注調整後的貢獻，我們認為這是比 GAAP 收入更好的業務指標。

Adjusted contribution was $36.4 million, up 1%.

調整後的捐款額為 3,640 萬美元，成長 1%。

As a percentage of revenue, adjusted contribution margin was 52%, up 4% year over year, primarily due to bank mix and partially offset by higher consumer rewards.

調整後的邊際收益佔收入的百分比為 52%，年增 4%，這主要是由於銀行組合的影響，但部分被更高的消費者獎勵所抵消。

Turning briefly to segment results.

簡單轉向分段結果。

US billings were flat due to the previously discussed challenges with delivery.

由於之前討論的交付挑戰，美國的帳單持平。

The UK continued to show very strong double-digit billings growth at 33%, partially due to our auto enrollment program with Lloyds and the launch of our newest banking partner, Monzo, as well as budget expansion.

英國繼續呈現非常強勁的兩位數帳單成長（33%），部分原因是我們與勞合社的自動註冊計劃、我們最新的銀行合作夥伴 Monzo 的推出以及預算擴張。

We also signed a large grocer, so we now have four of the five biggest grocers in the UK on the channel, which will continue to drive engagement.

我們還與一家大型雜貨店簽約，因此現在英國五家最大雜貨店中的四家都在該頻道上，這將繼續推動參與。

Bridg billings were up 5% over Q1 but down 6% compared to last year due to the loss of a single existing customer.

Bridg 的帳單比第一季成長了 5%，但由於失去了一位現有客戶，與去年相比下降了 6%。

The redemption and partnership dynamics we've discussed do not impact Bridg.

我們討論的贖回和合作關係動態不會影響 Bridg。

So revenue is the key metric we use to assess the performance of this business.

因此，收入是我們用來評估該業務績效的關鍵指標。

MAUs were $165.5 million for the second quarter, an increase of 3%, driven primarily by organic growth in the US in auto enrollment and a new bank in the UK.

第二季每月活躍用戶數為 1.655 億美元，成長 3%，這主要是由於美國汽車註冊人數的有機成長以及英國一家新銀行的推動。

ARPU was $0.42, down 13% as a result of the 25% increase in consumer incentives as we continue to deliver more rewards to cardholders.

由於我們繼續向持卡人提供更多獎勵，消費者激勵措施增加了 25%，ARPU 為 0.42 美元，下降了 13%。

Adjusted EBITDA improved year over year from negative $3.8 million to negative $2.3 million this quarter.

本季調整後 EBITDA 年比從負 380 萬美元改善至負 230 萬美元。

The UK delivered positive adjusted EBITDA for the third consecutive quarter.

英國連續第三個季度正調整 EBITDA。

Total operating expenses, excluding stock-based compensation, came in at $38.7 million.

總營運費用（不含股票薪酬）為 3,870 萬美元。

While we continue to believe in the changes we are making to our technology product and sales organizations to support growth over the long term, we are mindful of managing our expense base given our results.

雖然我們仍然相信我們正在對技術產品和銷售組織做出的改變以支持長期成長，但我們也注意根據我們的業績來管理我們的費用基礎。

We expect operating expenses to remain below $40 million per quarter for the remainder of the year.

我們預計今年剩餘時間內每季營運支出將維持在 4,000 萬美元以下。

In Q2, operating cash flow was positive $4.4 million, and free cash flow was negative $0.4 million.

第二季度，營運現金流為正 440 萬美元，自由現金流為負 40 萬美元。

On the balance sheet, we ended Q2 with $71.2 million in cash and cash equivalents, and we had $60 million of unused available borrowings under our line of credit.

在資產負債表上，我們第二季末的現金和現金等價物為 7,120 萬美元，信用額度下有 6,000 萬美元未使用的可用借款。

As a reminder, we repaid the $30 million draw on our line of credit in April.

提醒一下，我們在 4 月償還了 3000 萬美元的信用額度提款。

I am also pleased to announce that we've extended our $60 million line of credit with the Bank of California through July of 2026 with a lower interest rate.

我還很高興地宣布，我們已將加州銀行 6000 萬美元的信貸額度延長至 2026 年 7 月，利率較低。

Now, turning to our Q3 outlook.

現在，轉向我們的第三季展望。

For Q3, we expect billings between $100 million and $106 million, revenue between $56 million and $63 million, adjusted contribution between $32 million and $35 million, adjusted EBITDA between negative $6 million and negative $3.5 million.

對於第三季度，我們預計帳單將在1 億美元到1.06 億美元之間，營收在5,600 萬美元到6,300 萬美元之間，調整後的貢獻在3,200 萬美元到3,500 萬美元之間，調整後的EBITDA在負600 萬美元到負350 萬美元之間。

Our billings guidance represents negative 7% to negative 13% growth, excluding our former subsidiary, Entertainment.

我們的帳單指引代表負 7% 到負 13% 的成長，不包括我們以前的子公司娛樂公司。

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。

Our Q3 guidance does not reflect our ambition.

我們的第三季指引並未反映我們的雄心。

We expect there to be continued disruption in Q3 as a result of the changes we are making to our ad platform, but we believe that driving consumer engagement and modernizing our technology are necessary to support our long-term goals.

我們預計，由於我們對廣告平台所做的改變，第三季將繼續出現混亂，但我們相信，推動消費者參與和實現技術現代化對於支持我們的長期目標是必要的。

We are not assuming any material improvement to our delivery for purposes of guidance despite several initiatives underway.

儘管正在進行多項舉措，但出於指導目的，我們並不假設我們的交付有任何實質改進。

From a pipeline standpoint, we are seeing continued strength in travel and everyday spend.

從管道的角度來看，我們看到旅行和日常支出持續強勁。

And after rebuilding our restaurant team at the end of last year, we expect to see growth in Q3.

在去年底重建我們的餐廳團隊後，我們預計第三季會出現成長。

Headwinds in retail performance will continue with budgets from top accounts flat year over year in that category.

零售業績的不利因素將持續存在，頂級客戶的預算將與去年同期持平。

The UK is expected to contribute double-digit billings growth in the quarter as we continue to capitalize on the incremental MAUs that unlock larger advertiser budgets.

隨著我們繼續利用增量月活躍用戶來釋放更大的廣告商預算，英國預計將在本季貢獻兩位數的帳單成長。

Bridg is expected to contribute positive growth as we continue to build out Rippl and establish relationships with our new CPG advertiser base.

隨著我們繼續發展 Rippl 並與新的 CPG 廣告客戶群建立關係，Bridg 預計將貢獻積極的成長。

We are expecting another quarter of elevated redemptions as our targeting continues to service the right rewards to the right users.

我們預計，隨著我們的目標繼續為合適的用戶提供合適的獎勵，兌換率將再增加一個季度。

We expect adjusted contribution to be lower due to the expected decline in billings and revenue with margins similar to previous quarters.

我們預計調整後的貢獻將會較低，因為預計帳單和收入將下降，而利潤率與前幾季相似。

Adjusted EBITDA reflects the impact of our billings guidance while continuing to make strategic hiring decisions where we believe the return will be realized.

調整後的 EBITDA 反映了我們的帳單指引的影響，同時繼續做出我們相信能夠實現回報的策略招募決策。

We no longer expect double-digit billings growth for the full year 2024 or to be operating cash flow positive on a full-year basis.

我們不再預期 2024 年全年的營業額將出現兩位數成長，也不再預期全年營運現金流為正值。

We remain focused on our north star redemptions, and we expect to continue to drive consumer engagement.

我們仍然專注於北極星兌換，並希望繼續推動消費者參與。

For 2025, we believe performance will accelerate as our operational execution improves and as we scale a major new FI partner, see continued strength in the UK and start to more fully realize contributions from Rippl.

到 2025 年，我們相信，隨著我們營運執行的改善以及我們擴大主要新金融合作夥伴的規模，我們的業績將會加速，看到英國的持續實力並開始更充分地實現 Ripple 的貢獻。

We believe all of these factors can support double-digit billings and positive free cash flow in 2025.

我們相信所有這些因素都可以支持 2025 年兩位數的帳單和正的自由現金流。

We are confident that our improved balance sheet and cash flow can enable us to continue to invest in the business and repay the remainder of the 2020 convertible notes in September 2025.

我們相信，改善的資產負債表和現金流量將使我們能夠繼續投資該業務，並於 2025 年 9 月償還 2020 年可轉換票據的剩餘部分。

Now, I'll turn it back to the operator for questions.

現在，我將把它轉回給接線員詢問問題。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Jacob Stephan , Lake Street Capital Markets LLC.

雅各‧史蒂芬（Jacob Stephan），湖街資本市場有限責任公司。

Hey, guys.

嘿，夥計們。

Jaeson Schmidt on for Jacob.

傑森·施密特 (Jaeson Schmidt) 換下雅各 (Jacob)。

Thanks for taking my questions.

感謝您回答我的問題。

I just want to touch on the continued increased customer incentives you saw in the quarter versus historically.

我只想談談您在本季看到的與歷史相比持續增加的客戶激勵措施。

Are you finding that consumers are redeeming offers less if they're below a certain discount threshold?

您是否發現，如果消費者低於某個折扣門檻，兌換優惠的次數就會減少？

Any color here would be helpful.

這裡任何顏色都會有幫助。

Thanks.

謝謝。

It's Alexis.

這是亞歷克西斯。

No.

不。

Look, we're focused on driving engagement more holistically.

看，我們專注於更全面地提高參與度。

ADE is really all about targeting the right offers to the right users and therefore, driving higher engagement and higher rewards.

ADE 的真正目的是向合適的用戶提供合適的產品，從而推動更高的參與度和更高的獎勵。

So it's really not a function of necessarily lower rewards as you're implying.

因此，這實際上並不是您所暗示的必然較低的獎勵的函數。

What we're really seeing is more and more people engaging with offers and redeeming them.

我們真正看到的是越來越多的人參與並兌換優惠。

So it's actually the opposite.

所以實際上恰恰相反。

And so, what you'll see in the guide is we're actually assuming continued acceleration of the rewards to happen with slightly more reward payout as a percentage of billings next quarter.

因此，您將在指南中看到的是，我們實際上假設獎勵會持續加速，下季獎勵支出佔帳單的百分比會略有增加。

And we want to give the opportunity to test different dynamic rewards, which could be either higher or lower going forward.

我們希望提供測試不同動態獎勵的機會，未來獎勵可能會更高或更低。

Got you.

明白你了。

And then just as a follow-up.

然後作為後續行動。

I know you outlined some of the investments in the platform, but how should we think about the incremental CapEx going forward?

我知道您概述了該平台的一些投資，但我們應該如何考慮未來的增量資本支出？

CapEx should be relatively the same going forward.

未來資本支出應該相對相同。

It's primarily a function of capitalized software costs related to our people.

它主要是與我們的人員相關的資本化軟體成本的函數。

And there's not much else in terms of infrastructure costs.

就基礎設施成本而言，沒有太多其他內容。

So I wouldn't model any major increases.

所以我不會對任何重大成長進行建模。

Kyle Peterson, Needham.

凱爾彼得森，尼達姆。

Hey.

嘿。

Good afternoon, guys.

下午好，夥計們。

Thanks for taking the questions.

感謝您提出問題。

Wanted to start off with the commentary on the transition to engagement-based pricing majority accounts by the end of 2025.

首先想先對 2025 年底前向多數客戶過渡到基於參與度的定價進行評論。

I guess just could you give us a reminder as to what percentage of whether it's billings or logos that are priced on an engagement basis today?

我想您能否提醒我們，今天以參與度定價的帳單或標誌佔多少百分比？

And what does that transition in terms of -- like, what's the pace of that look like over the next several quarters?

這種轉變是怎樣的──比如，未來幾季的轉變速度是怎樣的？

No problem.

沒問題。

So we have a very minimal number on our new dynamic pricing.

因此，我們新的動態定價的數量非常少。

We said around 20 accounts were on the dynamic marketplace this quarter.

我們表示，本季活躍市場上約有 20 個帳戶。

Last quarter, I think we said 5%.

上個季度，我想我們說的是 5%。

So it still remains a very low proportion of our spend.

因此，它在我們的支出中所佔的比例仍然非常低。

I think what you're referring to is that we also have CPT pricing today, which is engagement-based and spend-based, but actually not what we're moving towards fully.

我想你指的是我們今天也有 CPT 定價，它是基於參與度和支出的，但實際上並不是我們正在全面邁向的方向。

We're moving towards any sort of engagement-based pricing, meaning an activation or click or a spend.

我們正在轉向任何一種基於參與的定價，這意味著啟動、點擊或支出。

So today the answer is -- the newest pricing models in the dynamic marketplace are a very small portion of our billings, and we want to make sure that the marketplace is performing before we roll out more advertisers onto the platform.

所以今天的答案是——動態市場中的最新定價模型只占我們帳單的一小一部分，我們希望在將更多廣告商推出到平台上之前確保市場正常運作。

But we (technical difficulty) happen by the end of 2025.

但我們（技術困難）會在 2025 年底前發生。

Okay.

好的。

That's helpful.

這很有幫助。

And I guess I just wanted to just switch over on the profitability side of things, at least in the interim, while consumer incentives are weighing on some of these other pieces while we're in transition here, are there any levers that you guys could pull on the expense front to perhaps get back to free cash flow whether in EBITDA, whether it's breakeven or positive?

我想我只是想在盈利方面進行轉變，至少在過渡期間，而在我們轉型的同時，消費者激勵措施正在對其他一些方面產生壓力，你們有什麼可以利用的槓桿嗎？自由現金流，無論是EBITDA，無論是損益兩平或正值？

Or I guess, just how long are you guys willing to run at, I would say, EBITDA and burn rates similar to what you guys have guided to in the third quarter?

或者我猜，你們願意以類似於你們第三季度指導的 EBITDA 和燒錢率運行多久？

Yeah.

是的。

So there's no shift in our cost discipline.

所以我們的成本紀律沒有改變。

We've spent a lot of time to make cost reductions over the last year and changes to our capital structure that would enable the investments that we're making in a disciplined way.

去年我們花了很多時間來降低成本並改變我們的資本結構，這將使我們能夠以嚴格的方式進行投資。

So what I will say is we're committed to the long-term strategy, which requires investment to improve technology, products, and sales and to strengthen our overall business.

所以我要說的是，我們致力於長期策略，這需要投資來改善技術、產品和銷售，並加強我們的整體業務。

So we're balancing that with prudent expense management.

因此，我們正在透過審慎的費用管理來平衡這一點。

And as I said, in the past, I've said operating expenses in the mid-40s.

正如我所說，過去我曾說過 40 多歲左右的營運費用。

This call, I said is below $40 million for the quarter for the remainder of the year.

我說過，這次電話會議在今年剩餘時間內該季度的費用低於 4,000 萬美元。

So we are keeping an eye on it.

所以我們正在密切關注它。

But again, it's a balance of investing for the long-term and prioritizing where we're spending.

但同樣，這是長期投資和優先考慮支出之間的平衡。

Certainly, it's our goal to accelerate top line, modernize our platform and eventually generate a sustainable adjusted EBITDA and free cash flow over time.

當然，我們的目標是加速營收、實現平台現代化，並最終隨著時間的推移產生可持續的調整後 EBITDA 和自由現金流。

I think Q4 tends to be a stronger quarter for us.

我認為第四季度對我們來說往往是一個更強勁的季度。

I'm not guiding Q4 today.

我今天不指導第四季。

But given holiday and historic performance, certainly something that could happen, and we're keeping track of it.

但考慮到假期和歷史性的表現，肯定會發生一些事情，我們正在追蹤它。

Luke Horton, Northland Capital Markets.

盧克霍頓，北國資本市場。

Yeah.

是的。

Hi, guys.

嗨，大家好。

Thanks for taking my question.

感謝您提出我的問題。

Just wanted to touch on the delivery performance.

只是想談談交付性能。

When did you guys sort of start to notice these delays or disruptions and kind of what are you doing to fix this?

你們什麼時候開始注意到這些延遲或中斷的？

And how long do you expect this to be disrupting the business for?

您預計這會擾亂業務多久？

Yeah.

是的。

Thanks for the question.

謝謝你的提問。

I think you started to see this in the results.

我想你已經開始在結果中看到這一點了。

Going back a quarter two, we alluded to the higher rewards last quarter.

回顧第二季度，我們提到了上季更高的回報。

ADE has been a process we're doing a better job targeting.

ADE 是我們做得更好的一個流程。

And it started with getting all the banks onto AWS and on the cloud so that we could be getting real-time data and pushing out updates to our product more real time.

首先是讓所有銀行都進入 AWS 和雲端，這樣我們就可以取得即時數據並更即時地推出產品更新。

With that is coming some of this disruption.

隨之而來的是一些破壞。

But basically, we're creating a more performant network.

但基本上，我們正​​在創建一個性能更高的網路。

Some brands are performing much, much better than expected, some are not.

有些品牌的表現比預期好得多，有些則不然。

But overall, it's a more performant network, and that's what's leading to the higher rewards in the short-term.

但總的來說，這是一個性能更高的網絡，這就是短期內帶來更高回報的原因。

And then I'll let Amit talk about kind of the second-half initiatives that we have.

然後我會讓阿米特談談我們的下半年舉措。

But what I will say is, clearly, from the guide, we're not assuming any of these are taking place in Q3.

但我要說的是，根據指南，我們顯然不會假設其中任何一個都發生在第三季。

We may start to see some with benefits in Q4, and I'll let him walk through what we're working through today.

我們可能會在第四季開始看到一些好處，我會讓他介紹一下我們今天正在做的事情。

Yeah.

是的。

Luke, thanks again for joining.

盧克，再次感謝您的加入。

I think as Alexis mentioned, we're -- we absolutely are kind of eyes wide open in where we're heading.

我認為正如亞歷克西斯所提到的，我們絕對對我們前進的方向睜大眼睛。

And specifically to fix some of the issues in near-term priorities, we're focused on threefold.

為了解決近期優先事項中的一些問題，我們將重點放在三個方面。

First of all, we're fine-tuning our delivery.

首先，我們正在微調我們的交付。

Secondly, we're improving our forecasting, because that's where the whole process starts.

其次，我們正在改進我們的預測，因為這是整個過程的開始。

And thirdly, we're going to continue to diversify and deepen our advertiser base.

第三，我們將繼續多元化並深化我們的廣告商基礎。

And we've talked a lot about ADE, and there was a previous question, so I'll address that as well.

我們已經討論了很多關於 ADE 的問題，並且之前有一個問題，所以我也將解決這個問題。

We are continuing to focus on onboarding clients to ADE, scaling our insights dashboard, and dynamic marketplace, which includes transitioning our customers to an engagement-based pricing model, as Alexis mentioned earlier, and that also helps us continue to grow our advertiser base.

我們將繼續專注於讓客戶加入ADE、擴展我們的洞察儀表板和動態市場，其中包括將我們的客戶轉變為基於參與的定價模型，正如Alexis 之前提到的，這也有助於我們繼續擴大廣告商基礎。

Got it.

知道了。

Okay.

好的。

And then I guess just touching on the sales team.

然後我想只是談談銷售團隊。

I know you guys have been investing in adding headcount in the sales side and rebuilding the agency funnel.

我知道你們一直在投資增加銷售方面的人員數量並重建代理商管道。

Just wondering if this quarter was a continuation of that of adding headcount there and kind of the progress that's being made there.

只是想知道本季是否是增加員工人數以及正在取得的進展的延續。

Yeah.

是的。

Last quarter, we said that we were investing in those two teams.

上個季度，我們表示我們正在投資這兩個團隊。

It's still really early stages for them.

對他們來說，現在還處於早期階段。

People are in place, but I would say we haven't seen the impact from agency yet.

人們已經就位，但我想說我們還沒看到機構的影響。

What we did see is we invested in the restaurant team about a quarter or two ago, and that actually did lead to stronger performance in restaurants.

我們確實看到的是，大約一兩個季度前，我們對餐廳團隊進行了投資，這實際上確實導致了餐廳業績的強勁增長。

So some of these changes we're making in sales are working, and we're continuing to shift so that account management can really focus on that and sales can focus on sales rather than on account management.

因此，我們在銷售方面所做的一些改變正在發揮作用，我們將繼續進行轉變，以便客戶管理可以真正專注於這一點，銷售可以專注於銷售而不是客戶管理。

So I would say stay tuned for those changes.

所以我想說請繼續關注這些變化。

But in terms of -- if you're asking on a cost basis, minimal increase to next quarter.

但就成本而言，如果您以成本為基礎提出要求，那麼下個季度的增幅將是最小的。

(Operator Instructions)

（操作員說明）

Jason Kreyer, Craig-Hallum.

賈森·克雷爾，克雷格·哈勒姆。

Thank you.

謝謝。

Just as you've had early conversations with marketers on this engagement pricing model, curious if you've heard any pushback on pivoting to a new model?

正如您與行銷人員就這種參與定價模型進行了早期對話一樣，想知道您是否聽說過轉向新模型的任何阻力？

And then the follow-up to that is just why now on the pricing model?

那麼接下來的問題就是為什麼現在要採用定價模式呢？

I think the current pricing model has been in place for almost a decade.

我認為目前的定價模式已經存在了近十年了。

So just curious what's catalyzing the desire to have that change right now.

所以只是好奇是什麼激發了現在做出這種改變的願望。

Okay.

好的。

Firstly, I'll take the first question.

首先，我回答第一個問題。

The answer is no.

答案是否定的。

There hasn't really been any push back.

確實沒有任何阻力。

Advertisers appreciate that we need to make the shift to our pricing structure.

廣告商意識到我們需要改變定價結構。

It better aligns our offerings with industry standards and allows us to significantly improve visibility to them and to us and improve performance.

它更好地使我們的產品與行業標準保持一致，使我們能夠顯著提高他們和我們自己的可見性，並提高績效。

So it's something that they're used to seeing.

所以這是他們習慣看到的事情。

It's industry standard, as I said.

正如我所說，這是行業標準。

So this model should really appeal to them, and they're accustomed to buying on a cost-per-click basis from other platforms.

因此，這種模式應該真正吸引他們，而且他們習慣於從其他平台按每次點擊費用進行購買。

So it really gives them more pacing visibility and control.

所以這確實給了他們更多的節奏可見度和控制力。

The reason it's taking longer is we really need to build the tech to support it at scale.

花費更長時間的原因是我們確實需要建立技術來大規模支援它。

And so that's why you only see a small percentage on it today.

這就是為什麼今天你只看到一小部分。

The second part of your question, I think, was more long-term, why now?

我認為你問題的第二部分是更長期的，為什麼是現在？

I can let Amit take that, but I think high level, we need to modernize our platform.

我可以讓阿米特接受這一點，但我認為從高水準來看，我們需要對我們的平台進行現代化改造。

Like staying in a static marketplace is not sustainable and is not the industry standard.

就像停留在靜態市場是不可持續的，也不是業界標準。

We need to modernize and move to a more dynamic-based pricing model, which ultimately will help us go head-to-head against some of the largest platforms.

我們需要現代化並轉向更動態的定價模型，這最終將幫助我們與一些最大的平台進行正面競爭。

So there's really no choice.

所以真的沒有選擇。

Now is the time to kind of evolve our platform from something that hasn't changed in 10 years.

現在是時候對我們的平台進行改進，從 10 年來沒有改變的東西開始。

So this is really going to enable us to have better forecasting, better delivery, and a tighter set of outcomes going forward, because we'll be able to react real time to the performance we're seeing rather than having to wait several weeks to receive the data on spend, which influences how that campaign is ultimately doing.

因此，這確實將使我們能夠有更好的預測、更好的交付和更嚴格的未來結果，因為我們將能夠對我們所看到的表現做出即時反應，而不必等待幾週接收支出數據，這會影響該活動的最終效果。

So more real-time performance.

因此性能更加即時。

I don't know if you want to add anything, Amit.

我不知道你是否想補充什麼，阿米特。

Yeah.

是的。

I think as Alexis said, Jason, this is in some ways how advertisers are used to spending, right?

我認為正如亞歷克西斯所說，傑森，這在某種程度上是廣告商習慣的支出方式，對嗎？

So we're doing a bit of a catch-up.

所以我們正在做一些追趕。

And frankly, as we work with leading brands and leading advertisers across the country and beyond, they are actually quite welcoming of this change, because this allows us to line up our platform and incentives more closely to their way of functioning and their incentives, right?

坦白說，當我們與全國及其他地區的領先品牌和領先廣告商合作時，他們實際上非常歡迎這種變化，因為這使我們能夠將我們的平台和激勵措施與他們的運作方式和激勵措施更緊密地結合起來，對吧？

And that -- as Alexis said, it allows them to change their decisions, to modify and see what's happening live or in real-time, almost real-time, and modified their decisions on how campaigns might be running and so on.

正如亞歷克西斯所說，它允許他們改變他們的決定，修改和查看現場或實時、幾乎實時發生的事情，並修改他們關於活動如何運作的決定等等。

So we're moving in that direction, and that is the right direction for us to move as we scale the Cardlytics platform.

因此，我們正在朝這個方向前進，這也是我們在擴展 Cardlytics 平台時所採取的正確方向。

As you talked about kind of real-time, I wanted to ask on the insight dashboard.

當您談到實時時，我想在洞察儀表板上詢問。

We've heard this from advertisers -- it's just a little bit of a sticking point, right?

我們從廣告商那裡聽到了這一點——這只是一點點癥結，對吧？

Marketers want that transparency, want that real-time access.

行銷人員想要這種透明度，想要即時存取。

So clearly, the evolution of that solution is great and I think a step in the right direction.

顯然，該解決方案的演變是偉大的，我認為這是朝著正確方向邁出的一步。

I'm just -- I'm curious, how meaningful do you think that can be towards helping fix kind of this billing cycle issue?

我只是 - 我很好奇，您認為這對於幫助解決這種計費週期問題有多大意義？

Or what do you think the timeline is for that, helping drive better matching of billings and engagement performance?

或者您認為時間表是什麼，有助於推動帳單和參與績效的更好匹配？

Yeah.

是的。

So there's only 10% on as of Q2, which was our goal.

所以截至第二季只有 10%，這是我們的目標。

So very happy with that result.

對這個結果非常滿意。

I think the point of insight dashboard is that, it really will drive retention and stickiness with these brands in order to get access to these insights, which really nobody else has.

我認為洞察儀表板的要點在於，它確實會提高這些品牌的保留率和黏性，以便獲得這些洞察力，而其他人確實沒有這些洞察力。

You have to have certain spend thresholds in terms of your advertising business.

就廣告業務而言，您必須有一定的支出門檻。

And so we see this as one of the main -- we know it's a -- advertisers like it, and it's a real benefit to why you spend with us and the data analytics that you receive from us.

因此，我們認為這是廣告商喜歡的主要廣告之一——我們知道這是廣告商喜歡的，這對您為什麼在我們這裡消費以及您從我們那裡收到的數據分析有真正的好處。

So creating those spend thresholds really is driving ultimately retention, less churn, and ideally, higher budgets going forward as advertisers want to maintain access to the insights.

因此，創建這些支出閾值確實會最終推動保留、減少流失，並且理想情況下會提高未來的預算，因為廣告商希望保持對洞察的訪問。

I don't know if there's anything you want to add on it, Amit?

我不知道你還有什麼要補充的嗎，阿米特？

It's not a problem.

這不是問題。

Yeah.

是的。

I think, I'll just kind of add on to what Alexis just said, Jason.

我想，我會補充一下亞歷克西斯剛才所說的內容，傑森。

Insights, is not new to us, right?

見解，對我們來說並不新鮮，對吧？

We have a very deep-rooted culture of insights and a very powerful insights analytics team that drives a lot of value, that clients -- our clients or advertisers really love to engage with.

我們擁有根深蒂固的洞察文化和非常強大的洞察分析團隊，可以推動客戶（我們的客戶或廣告商）真正喜歡與之互動的大量價值。

So this is not new to us.

所以這對我們來說並不新鮮。

What we're trying to do as in our previous scripted comments, as we mentioned, as we move the business from more static to dynamic and more automated, this allows us to reach a larger scale of advertisers with a kind of smaller, let's say, headcount footprint, if you will.

正如我們在先前的腳本評論中所提到的，我們正在嘗試做的事情是，當我們將業務從靜態轉向動態和更加自動化時，這使我們能夠以較小的廣告商覆蓋更大規模的廣告商，比方說，員工足跡，如果你願意的話。

And this is very much something that advertisers are asking of us, because this is an important ingredient in their decision-making in some cases, even beyond direct marketing and budgets.

這在很大程度上是廣告商對我們的要求，因為在某些情況下，這是他們決策的一個重要因素，甚至超出了直接行銷和預算的範圍。

Thank you.

謝謝。

And I'm currently showing no further questions at this time.

目前我沒有提出任何進一步的問題。

I'd like to hand the call back over to Amit Gupta for closing remarks.

我想將電話轉回給阿米特·古普塔（Amit Gupta）做總結發言。

Well, I'd like to thank the operator.

嗯，我要感謝接線生。

And again, I'm honored that the Board has appointed me to lead Cardlytics through its next phase.

再次，我很榮幸董事會任命我領導 Cardlytics 進入下一階段。

As we've discussed today, I'm confident in the fundamental strength of this business and the strategy we're implementing to better position ourselves for the future.

正如我們今天所討論的，我對這項業務的基本實力以及我們為未來更好地定位而正在實施的策略充滿信心。

I'd like to thank everyone for joining the call today and for your time and for your questions.

我要感謝大家今天加入電話會議、抽出時間並提出問題。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。