Cardlytics Inc (CDLX) 2024 Q3 法說會逐字稿

Good day.

再會。

And thank you for standing by.

感謝您的支持。

Welcome to the Cardlytics Inc third quarter, 2024.

歡迎來到 Cardlytics Inc 2024 年第三季。

Financial results call at this time, all participants are in a listen-only mode.

此時財務結果公佈，所有參與者都處於只聽模式。

After the speaker's presentation, there will be a question-and-answer session to ask a question during the session.

演講者演講結束後，將進行問答環節，在會議期間提出問題。

(Operator Instruction)

（操作員說明）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Nick Linton, Chief Legal and Privacy Officer.

現在我想將會議交給今天的第一位發言人，首席法律和隱私官 Nick Linton。

You're ready to go.

你準備好了。

Good evening and welcome to the Cardlytics Inc third quarter, 2024 financial results call.

晚上好，歡迎參加 Cardlytics Inc 2024 年第三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 fourth quarter of 2024 the rollout of new financial institution partners and operational and product initiatives and improvements for a discussion of the specific risk factors that could cause our actual results to differ materially from today's discussion.

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 年第四季度推出新的金融機構合作夥伴以及營運和產品計劃和改進，以討論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。

Please refer to the risk factors section for our 10-Q for the quarter ending September 30,2024 which has been filed with the SEC.

請參閱我們已向 SEC 提交的截至 2024 年 9 月 30 日的季度 10-Q 的風險因素部分。

Also, during this call, we will discuss non-GAAP measures of our performance, GAAP, financial reconciliations and supplemental financial information are provided in the press release issued today which you can find in the investor relations section of the Cardlytics Inc website.

此外，在本次電話會議中，我們將討論我們業績的非GAAP 衡量標準、GAAP、財務調節表和補充財務信息，這些信息將在今天發布的新聞稿中提供，您可以在Cardlytics Inc 網站的投資者關係部分找到這些資訊。

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

今天的電話會議可透過網路廣播進行，我們的網站上也將提供電話會議的重播。

Today.

今天。

We have CEO Amit Gupta and CFO Alexis DeSieno.

我們有執行長阿米特古普塔 (Amit Gupta) 和財務長亞歷克西斯·德西諾 (Alexis DeSieno)。

No, following their prepared remarks, we'll open it up for your questions with that.

不，在他們準備好的發言之後，我們將開放供您提問。

I'll hand the call over to Amit.

我會把電話轉給阿米特。

Thanks Nick and thank you all for joining us today.

謝謝尼克，也謝謝大家今天加入我們。

As you all know, I stepped into my new role shortly after we released Q2 earnings over the last three months as CEO I have spent time going deeper with our teams and hearing feedback from our advertisers and bank partners.

眾所周知，在過去三個月中，我們發布第二季度收益後不久，我就擔任了新角色，作為首席執行官，我花時間與我們的團隊進行更深入的交流，並聽取廣告商和銀行合作夥伴的回饋。

And a few things have become clear our data continues to be a superpower.

有幾件事已經變得很清楚：我們的數據仍然是一個超級大國。

Our ability to see approximately 50% of us cardholder transactions representing nearly $4.7 trillion in annual consumer spend is unparalleled in the industry and this number will continue to grow as we onboard new partners.

我們能夠處理約50% 的美國持卡人交易（相當於每年近4.7 兆美元的消費者支出），這在業界是無與倫比的，隨著我們引入新的合作夥伴，這一數字將繼續增長。

It has also become evident that card linked offers CLO have evolved and are becoming a more important differentiator than a year ago, there have been new entrance to the CLO market, increased competition between financial institutions and diversification.

很明顯，與卡片相關的優惠 CLO 已經發展，並且正在成為比一年前更重要的差異化因素，CLO 市場出現了新的進入，金融機構之間的競爭加劇以及多元化。

In the way bank reward programs are run.

銀行獎勵計劃的運作方式。

Some of this is a tailwind due to more focus on CLO programs than ever before, which is good for us and the broader ecosystem.

其中一些是順風，因為比以往任何時候都更加關注 CLO 項目，這對我們和更廣泛的生態系統都有好處。

However, as we have seen these market dynamics changing, we have not reacted quickly enough.

然而，當我們看到這些市場動態發生變化時，我們的反應還不夠快。

We rightfully have been focused on evolving our technology and platform from static to dynamic.

我們理所當然地致力於將我們的技術和平台從靜態發展為動態。

But as we look to our North star driving consumer engagement and rewards, we need to be even more focused on the end consumer.

但當我們期待北極星推動消費者參與和獎勵時，我們需要更加關注最終消費者。

We want to make it easier for our consumers to find and utilize our offers.

我們希望讓消費者更容易找到和利用我們的優惠。

This means continuing the work to improve our offer relevance.

這意味著繼續努力提高我們的報價相關性。

In addition to diversifying the channels through which we are engaging with them, more importantly we get consistent feedback that our platform is unique, not only because of our diverse set of advertisers, but also our innovative offer constructs that meet advertiser KPI, we must continue to strengthen these key differentiators.

除了使我們與他們互動的管道多樣化之外，更重要的是，我們得到了一致的反饋，表明我們的平台是獨一無二的，不僅因為我們的廣告商多樣化，而且因為我們滿足廣告商KPI 的創新報價結構，我們必須持續加強這些關鍵的差異化優勢。

We are staying true to our mission of making commerce more rewarding.

我們始終恪守讓商業更有價值的使命。

We are in the business of helping consumers maximize their savings with the brands they love while also discovering new ones.

我們致力於幫助消費者透過他們喜愛的品牌最大限度地節省開支，同時發現新品牌。

And if we continue to build a more performing network and consumers will benefit.

如果我們繼續建立一個表現更好的網絡，消費者就會受益。

And our bank partners and advertisers will also clearly see benefits of partnering with us.

我們的銀行合作夥伴和廣告商也將清楚地看到與我們合作的好處。

We have laid out our path to bring more value to consumers which I will talk about shortly.

我們已經制定了為消費者帶來更多價值的道路，我將很快討論這一點。

We acknowledge we have been on this journey for several quarters.

我們承認我們已經踏上這個旅程幾個季度了。

Now we have narrowed our focus to the fundamentals of driving network performance our approach includes a renewed focus on all stakeholders, our bank partners, our advertisers and consumers as we continue to work towards our North Star.

現在，我們已將重點縮小到推動網路效能的基本原理上，我們的方法包括重新關注所有利益相關者、我們的銀行合作夥伴、我們的廣告商和消費者，同時我們將繼續努力實現我們的北極星。

We also acknowledge the backdrop of a more challenging macroeconomic environment for some of our largest advertisers.

我們也承認，對於我們一些最大的廣告商來說，宏觀經濟環境更具挑戰性。

But we see bright spots on the feedback we've heard from them.

但我們從他們那裡聽到的反饋中看到了亮點。

They continue to see the value of CLO programs as one CMO of a large advertiser said to us, they see Cardlytics Inc as a strategic partner rather than a transactional relationship.

他們繼續看到 CLO 計劃的價值，正如一家大型廣告商的一位 CMO 告訴我們的那樣，他們將 Cardlytics Inc 視為戰略合作夥伴而不是交易關係。

That CMO noted that we successfully demonstrated the best incremental returns across their digital marketing channels.

這位首席行銷長指出，我們成功地在他們的數位行銷管道中展示了最佳的增量回報。

They are now looking to allocate more budget and integrate Cardlytics Inc into their strategic plans for loyalty acquisition, audience identification and category cross sells into higher margin products.

他們現在希望分配更多預算，並將 Cardlytics Inc 整合到其策略計劃中，以獲取忠誠度、識別受眾以及將類別交叉銷售為利潤率更高的產品。

Looking forward.

期待。

I have centered the team around four key pillars of our business supply demand, network performance and bridge.

我將團隊集中在業務供應需求、網路效能和橋樑這四個關鍵支柱。

First, we will work to increase our supply so we can reach more consumers and help them maximize savings as well as diversify our revenue.

首先，我們將努力增加供應，以便吸引更多消費者，幫助他們最大限度地節省開支，並使我們的收入多樣化。

We are broadening relationships with existing and new financial institutions in the US and internationally.

我們正在擴大與美國和國際上現有和新的金融機構的關係。

We are still on track to launch with a large financial institution in the US before year end, which will help expand our network and enable us to reach a larger audience to serve relevant offers.

我們仍有望在年底前與美國一家大型金融機構合作，這將有助於擴大我們的網絡，並使我們能夠覆蓋更多受眾來提供相關優惠。

As expected, the initial launch of our partnership will involve testing with a small card member base and grow from there.

正如預期的那樣，我們合作夥伴關係的初步啟動將涉及在小型持卡會員基礎上進行測試，並在此基礎上不斷發展。

We are also focused on engaging with potential new financial institution partners and other commerce platforms in the US to continue to grow our supply and meet consumers where they are in the UK.

我們也專注於與美國潛在的新金融機構合作夥伴和其他商業平台合作，以繼續增加我們的供應並滿足英國消費者的需求。

We continue to ramp up our partnership with Monzo and are in active conversations with new financial institution partners.

我們繼續加強與 Monzo 的合作夥伴關係，並正在與新的金融機構合作夥伴進行積極對話。

We are focused on increasing our supply and expanding our UK footprint in 2025 second.

我們的重點是在 2025 年增加供應並擴大我們在英國的足跡。

On the demand side, we are honing in on how we can drive more growth with our advertisers.

在需求方面，我們正在研究如何與廣告商一起推動更多成長。

We are focused on scaling our relationships with brands across core categories while exploring new advertiser verticals, the more diversified our advertiser base, the more rewards will bring to consumers.

我們專注於擴大與跨核心類別品牌的關係，同時探索新的廣告商垂直領域，我們的廣告商基礎越多元化，為消費者帶來的回報就越多。

More than a quarter of our advertisers are now on the insight's portal, a self-service portal powered by our unique purchase intelligence that offers market trends and competitive insights, empowering brands to make more informed business decisions.

我們超過四分之一的廣告商現在使用洞察門戶，這是一個由我們獨特的購買情報提供支援的自助服務門戶，可提供市場趨勢和競爭洞察，使品牌能夠做出更明智的業務決策。

We expect to see increased interest and usage as more advertisers gain access to the portal.

我們預計，隨著越來越多的廣告商訪問該門戶，人們的興趣和使用量將會增加。

We see our insights on demand as a key differentiator and value add for brands and ultimately a driver of new and stickier relationships.

我們將我們對需求的洞察視為品牌的關鍵差異化因素和附加價值，並最終成為新的、更牢固的關係的驅動力。

Looking at our top line results, we had a solid quarter with budget growth.

從我們的營收結果來看，我們的季度業績表現穩健，預算成長。

However, billings were down 2% excluding entertainment due to the ongoing challenges with delivery which we will cover in more detail.

然而，由於交付方面持續存在的挑戰，不包括娛樂在內的帳單下降了 2%，我們將更詳細地介紹這一點。

In the US.

在美國。

We saw continued growth in categories like travel and everyday spend.

我們看到旅行和日常支出等類別持續成長。

We were able to close some large Upsells intra quarter which led to beating our original billings guidance in the UK.

我們能夠在季度內完成一些大型追加銷售，這導致超出了我們在英國最初的帳單指引。

We continued strong double-digit growth and saw the highest amount of consumer rewards in the history of our UK business.

我們繼續保持兩位數的強勁成長，並獲得了英國業務歷史上最高的消費者獎勵。

We signed 26 new brands which is an increase of 27% and also strengthened our key partnerships with existing advertisers to meet a diverse set of advertisers KPI's and reward consumers in new ways.

我們簽了 26 個新品牌，成長了 27%，並加強了與現有廣告商的主要合作夥伴關係，以滿足多樣化的廣告商 KPI 並以新的方式獎勵消費者。

We are continuing to develop new offer constructs.

我們正在繼續開發新的報價結構。

In addition to generalized brand level offers, we can deliver offers with higher values for specific purchases based on product category purchase channel and store location.

除了廣義的品牌級優惠外，我們還可以根據產品類別購買通路和商店位置為特定購買提供更高價值的優惠。

We can also report on what products were purchased which helps advertisers better understand the profitability of a campaign and tap into category level marketing budgets.

我們還可以報告購買了哪些產品，這有助於廣告商更好地了解廣告活動的盈利能力並利用類別層級的行銷預算。

This quarter, we saw success with an everyday spend advertiser that ran skew level insights, integrating both their own transaction data and Cardlytics Inc data.

本季度，我們看到一家日常支出廣告商取得了成功，該廣告商運行了傾斜級別的洞察，整合了他們自己的交易數據和 Cardlytics Inc 數據。

As an example, these insights could help inform future campaigns for premium versus regular fuel and show not only what fuel grade was purchased but also if customers were loyalty members and what other products were purchased in store.

例如，這些見解可以幫助為未來的優質燃料與普通燃料的活動提供信息，不僅可以顯示購買的燃料等級，還可以顯示客戶是否是忠誠會員以及在商店購買了哪些其他產品。

This helps advertisers drive regional growth and increase store level sales.

這有助於廣告商推動區域成長並增加商店層面的銷售額。

We continue to test these kinds of offers and are working to automate them.

我們將繼續測試此類優惠，並致力於使其自動化。

Next year we are encouraged to see consumers engaging more with these new ad formats which we believe help differentiate our offers and open additional advertiser budgets.

明年，我們很高興看到消費者更多地參與這些新的廣告格式，我們相信這有助於區分我們的產品並開闢額外的廣告客戶預算。

Moving on to our third pillar, our continued focus on enhancing the performance of our network and stabilizing our core platform.

轉向我們的第三個支柱，我們繼續專注於提高網路效能和穩定我們的核心平台。

We continue to actively address the delivery challenges that we discussed.

我們繼續積極解決我們討論的交付挑戰。

Last quarter.

上個季度。

We've taken several measures including placing more stringent limits on campaigns, enhanced daily monitoring and budget management improvements.

我們採取了多項措施，包括對廣告活動設定更嚴格的限制、加強日常監控和改善預算管理。

We are also making improvements to our ads decisioning engine and seeing good initial results with our budget management tools.

我們還改進了我們的廣告決策引擎，並透過我們的預算管理工具看到了良好的初步結果。

These are helping to adjust the pace at which serves are made based on campaign type media fees and targeting.

這些有助於根據活動類型的媒體費用和目標調整服務的節奏。

We've made initial progress with improving delivery this quarter through these efforts.

透過這些努力，我們本季在改善交付方面取得了初步進展。

As we've said, some level of over and under delivery will always be inherent to any ad business and we are working to get to a more stable place where these extremes are no longer a concern.

正如我們所說，某種程度的過度投放和投放不足對於任何廣告業務來說都是固有的，我們正在努力達到一個更穩定的狀態，讓這些極端情況不再成為問題。

We are working on automating our efforts to further narrow the book ends of delivery outcomes.

我們正在努力實現自動化，以進一步縮小交付結果的範圍。

We also want to continue optimizing for engagement as increasing rewards powers our flywheel as part of our network enhancements and to help with stabilizing delivery.

我們也希望繼續優化參與度，因為增加獎勵為我們的飛輪提供動力，作為我們網路增強的一部分，並幫助穩定交付。

We also continue to work with our advertisers to shift to engagement-based pricing which includes CPE, CPR and CPT pricing models.

我們也繼續與廣告商合作，轉向基於參與度的定價，其中包括 CPE、CPR 和 CPT 定價模型。

We've seen strong interest from our new advertisers with 84% of new logos and 51% of all logos in the US.

我們發現新廣告商對美國 84% 的新標誌和 51% 的新標誌表現出濃厚的興趣。

In Q3 on engagement-based pricing, we expect the majority of our advertisers to transition to engagement-based pricing by the end of next year, which should help us optimize campaign performance through faster engagement-based feedback.

在基於參與度的定價的第三季度，我們預計大多數廣告商將在明年底之前過渡到基於參與度的定價，這將有助於我們透過更快的基於參與度的回饋來優化廣告活動效果。

We're also making progress on the dynamic marketplace which allows advertisers to see their campaign performance on a daily basis and make ongoing changes to their role as goals, fees and budgets.

我們還在動態市場方面取得了進展，使廣告主能夠每天查看他們的廣告活動效果，並不斷改變他們的目標、費用和預算角色。

This will lead to better performance of campaigns and higher retention of advertisers.

這將帶來更好的廣告活動效果和更高的廣告商保留率。

We had 58 campaigns running on our dynamic marketplace in Q3 up from 20 the previous quarter and regarding measurement, we are working with leading marketing measurement experts to appropriately integrate Cardlytics Inc data into media mix models and help our advertisers understand the incremental impact of our CLO campaigns.

第三季度，我們在充滿活力的市場上開展了58 個行銷活動，而上一季度有20 個；在衡量方面，我們正在與領先的營銷衡量專家合作，將Cardlytics Inc 的數據適當地整合到媒體組合模型中，並幫助我們的廣告商了解我們的CLO 的增量影響活動。

This helps ensure that we can participate in industry standard measurement, making it easier for advertisers to measure our impact.

這有助於確保我們能夠參與行業標準衡量，使廣告商更容易衡量我們的影響力。

Our fourth and final pillar is continuing to invest in bridge and ripple as a significant growth driver for our business in October.

我們的第四個也是最後一個支柱是繼續投資 Bridge 和 Ripple，作為我們 10 月份業務的重要成長動力。

We welcomed Enrique Munoz Torres as our new general manager of Bridge who is focusing on maximizing connectivity and further scaling our platform to address a larger suite of advertisers and retailers.

我們歡迎 Enrique Munoz Torres 擔任 Bridge 新任總經理，他專注於最大限度地提高連接性並進一步擴展我們的平台，以滿足更多廣告商和零售商的需求。

Enrique led the advertising and search business at Yahoo and also brings a range of experience from Sunshine and Google with ripple.

Enrique 負責領導雅虎的廣告和搜尋業務，並帶來了 Sunshine 和 Google 的一系列經驗。

We continue to make progress in Q3 we reached our goal of $100 million active unique shopper profiles ahead of schedule making ripple, one of the largest networks of regional grocers and convenience stores in the US.

我們在第三季度繼續取得進展，提前實現了活躍獨特購物者檔案價值 1 億美元的目標，使 Ripple 成為美國最大的區域雜貨店和便利商店網路之一。

These shoppers have been historically hard to reach, and ripple presents a unique opportunity for CPG brands to engage with these shoppers at scale.

這些購物者歷來很難接觸到，而瑞波幣為 CPG 品牌提供了一個與這些購物者大規模互動的獨特機會。

We saw increased adoption of our syndicated and custom audiences of these shopper profiles from CPG brands and agency partners who find value in the ability to reach deterministic purchasers at the brand and product level.

我們發現，來自 CPG 品牌和代理商合作夥伴的這些購物者資料的聯合受眾和客製化受眾越來越多地被採用，他們發現在品牌和產品層面接觸確定性購買者的能力很有價值。

These four pillars continue to underpin what we believe is necessary to deliver maximum savings for consumers which we believe will help power our flywheel and drive growth in our business.

這四大支柱繼續支撐我們認為為消費者提供最大程度的節省所必需的，我們相信這將有助於為我們的飛輪提供動力並推動我們業務的成長。

We remain relentlessly focused on addressing our short-term challenges while also taking a deliberate approach on how we prioritize our initiatives moving forward.

我們仍然堅持不懈地專注於解決我們的短期挑戰，同時也採取深思熟慮的方法來確定我們未來舉措的優先順序。

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

我現在將電話轉給亞歷克西斯討論財務問題。

Thank you, Amit.

謝謝你，阿米特。

This quarter exceeded our expectations as we focused on stabilizing our core platform, we beat the high end of our guide on all metrics primarily due to higher-than-expected budget.

本季度超出了我們的預期，因為我們專注於穩定我們的核心平台，我們在所有指標上都超出了指南的高端，這主要是由於預算高於預期。

Turning to our specific third quarter results.

轉向我們具體的第三季業績。

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

我的評論將與 2023 年第三季逐年比較，不包括娛樂，我們於 2023 年 12 月出售的前子公司，除非另有說明。

In Q3, our total billings were $112 million a 2% decrease as expected our billings were impacted by continued challenges with delivery rather than pipeline weakness.

第三季度，我們的總帳單為 1.12 億美元，如預期下降了 2%，我們的帳單受到持續交付挑戰的影響，而不是管道疲軟的影響。

As Matt mentioned, we took decisive action during Q3 and made initial progress in improving delivery and we saw sequential improvements throughout the quarter.

正如馬特所提到的，我們在第三季度採取了果斷行動，並在改善交付方面取得了初步進展，並且我們在整個季度看到了連續的改進。

Stabilizing delivery remains an all-hands-on deck priority for us so that our billings can start to reflect our ability to capture bigger budgets, and we can drive both performance and predictability for our advertisers.

穩定投放仍然是我們的首要任務，以便我們的帳單能夠開始反映我們獲得更大預算的能力，並且我們可以為廣告商提高績效和可預測性。

As a reminder, our North Star is consumer rewards which materialize as consumer incentives in our financials.

提醒一下，我們的北極星是消費者獎勵，在我們的財務中具體化為消費者激勵措施。

We believe that consumer rewards are a key indicator that our technology is delivering the most relevant offers to each person and driving value for our advertisers and bank partners.

我們相信，消費者獎勵是一個關鍵指標，表明我們的技術正在向每個人提供最相關的優惠，並為我們的廣告商和銀行合作夥伴帶來價值。

This quarter, consumer incentives increased by 20% to $44.9 million as we've seen in the last two quarters revenue, which was $67.1 million in Q3 decreased 13% due to driving more user engagement with our offers over delivery peaked in July and has sequentially improved as our efforts began to take effect and we do not expect this level of revenue as a percentage of billings to persist at 60%.

本季度，消費者激勵措施增加了20%，達到4,490 萬美元，正如我們在過去兩個季度看到的那樣，第三季度的收入為6,710 萬美元，下降了13%，原因是用戶對我們的優惠的參與度超過了7 月的峰值，並連續下降隨著我們的努力開始見效，情況有所改善，我們預計收入佔帳單的百分比不會持續在 60%。

We continue to believe that adjusted contribution is a better metric for assessing the health and performance of our business as it reflects how much we keep of every dollar we make.

我們仍然相信，調整後的貢獻是評估我們業務健康狀況和績效的更好指標，因為它反映了我們從賺到的每一美元中保留了多少。

In Q3 adjusted contribution was $36.4 million down 11% from the prior year.

第三季調整後的捐款額為 3,640 萬美元，比前一年下降 11%。

As a percentage of revenue adjusted contribution margin was 54% up 1% year over year partner mix partially offset the margin decline.

調整後的貢獻利潤率佔營收的百分比為 54%，年成長 1%，合作夥伴組合部分抵銷了利潤率下降的影響。

We saw from elevated rewards and we expect similar or improved margins as we onboard new bank partners looking at our segment results us revenue decreased 17% due to delivery challenges.

我們從獎勵的提高中看到，隨著我們與新的銀行合作夥伴合作，我們預計利潤率會相似或有所提高，並考慮我們的部門業績，由於交付挑戰，我們的收入下降了 17%。

But we saw growth in total budgets especially from new brands which helped broaden and diversify our advertiser base in the UK.

但我們看到總預算的成長，尤其是來自新品牌的成長，這有助於擴大我們在英國的廣告商基礎並使其多樣化。

We continue to see strong double digit revenue growth at 33% as well as the fourth consecutive quarter of profitability.

我們繼續看到 33% 的強勁兩位數收入成長以及連續第四個季度的獲利。

July was the highest ever billings month in our 10-year partnership with Lloyd's.

7 月是我們與勞合社 10 年合作夥伴關係中有史以來帳單最高的月份。

As Amit mentioned, we are pleased to see consumer rewards in the UK reach an all-time high demonstrating strong engagement with our offers.

正如阿米特所提到的，我們很高興看到英國的消費者獎勵達到歷史最高水平，這表明他們對我們的優惠有強烈的參與度。

Bridge revenue was flat compared to last year.

橋樑收入與去年持平。

But as Amit mentioned, we've made good progress with ripple.

但正如阿米特所提到的，我們在 Ripple 方面取得了良好進展。

We have early positive signals from ongoing and active engagement with advertisers and agencies.

我們透過與廣告商和代理商的持續積極接觸獲得了早期積極信號。

First party data is valuable and according to E marketer, the retail media market is expected to double in the next three years.

第一方數據很有價值，根據 E 行銷人員的說法，零售媒體市場預計在未來三年內翻倍。

We believe we are well positioned to capture market share in this sector adjusted EBITDA declined year over year from $3.6 million to negative $1.8 million total adjusted operating expenses excluding stock-based compensation came in at $38.2 million while we continue to believe in the investments, we are making to support longer term growth.

我們相信，我們有能力佔領該行業的市場份額，調整後的EBITDA 年比從360 萬美元下降到負180 萬美元，調整後的總營運費用（不包括基於股票的薪酬）為3820 萬美元，同時我們仍然相信這些投資，我們正在努力支持長期成長。

We are tightly managing our expenses and maintaining cost discipline.

我們嚴格管理開支並維持成本紀律。

We expect operating expenses to remain below $40 million.

我們預計營運費用將維持在 4,000 萬美元以下。

In Q4 in Q3, operating cash flow was positive $1.4 million free cash flow was negative $3.9 million driven by increased internally developed software expense.

第三季第四季度，由於內部開發軟體費用增加，營運現金流為正 140 萬美元，自由現金流為負 390 萬美元。

On the balance sheet, we ended Q3 with $67.0 million in cash and cash equivalents and we had $60 million of unused available borrowings under our line of credit which was recently extended through July 2026.

在資產負債表上，第三季末我們的現金和現金等價物為 6,700 萬美元，我們的信貸額度下有 6,000 萬美元的未使用可用借款，該信貸額度最近延長至 2026 年 7 月。

Our total ma us were 166 million for the third quarter.

第三季我們的總銷售額為 1.66 億美元。

An increase of 2% driven primarily by organic growth in the US as well as auto enrollment at Lloyd's and ramping up Monzo in the UK.

成長 2% 主要是由於美國的有機成長以及勞埃德 (Lloyd's) 的汽車註冊和英國 Monzo 的增加。

(in audible) was $0.52 down 18% as a result of the 20% increase in consumer incentives as we continue to deliver more rewards to cardholders.

（音訊）為 0.52 美元，下降 18%，原因是我們繼續向持卡人提供更多獎勵，消費者激勵措施增加了 20%。

Turning to our Q4 outlook for Q4, we expect billings between 102 and $108 million revenue between 62 and $67 million adjusted contribution between 33 and $36 million adjusted EBITA between negative $5 million and negative $1 million.

談到我們對第四季度的展望，我們預計帳單在102 至1.08 億美元之間，收入在62 至6700 萬美元之間，調整後貢獻在33 至3600 萬美元之間，調整後EBITA 在負500萬美元到負100 萬美元之間。

Our billings guidance represents negative 22 to negative 18% growth excluding our former subsidiary entertainment.

不包括我們以前的子公司娛樂業務，我們的帳單指引呈現負 22% 到負 18% 的成長。

This weakness is driven by continued but improving challenges with delivery as well as with pipeline.

這一弱點是由交付和管道方面持續但不斷改善的挑戰造成的。

Let me start with delivery.

讓我從交付開始。

We expect continued disruption in Q4 but continue to believe that modernizing our technology and evolving our pricing are necessary to our long-term success.

我們預計第四季將繼續出現混亂，但我們仍然相信，技術現代化和定價發展對於我們的長期成功是必要的。

As Amit mentioned, CLO is becoming more important to our banks.

正如阿米特所提到的，CLO 對我們的銀行來說變得越來越重要。

They are continuing to make changes to their channels and user experience which includes improved placement of the widget and more communication with their customers but makes forecasting more difficult.

他們正在繼續改變他們的管道和用戶體驗，包括改進小部件的放置以及與客戶更多的溝通，但這使得預測變得更加困難。

We are assuming improvement over delivery as illustrated by our improved revenue as a percentage of billings of 62%.

我們假設交付有所改善，我們的收入佔帳單的比例有所提高，達到 62%。

That said we believe some level of elevated rewards will continue as our targeting services, the right offers to the right users.

也就是說，我們相信，隨著我們的定向服務，為正確的用戶提供正確的服務，一定程度的提升獎勵將繼續存在。

However, billings are suppressed due to continue under delivery.

然而，由於持續交付不足，帳單受到抑制。

We have more work to do to improve the efficiency of our ad network around under delivering campaigns.

我們還有更多工作要做，以提高廣告網路在廣告活動上的效率。

We continue to assume that our new financial institution partner will have no material impact to queue for on pipeline.

我們仍然假設我們的新金融機構合作夥伴不會對管道產生重大影響。

We are seeing advertiser caution around budgets especially in the restaurant and travel verticals while we continue to grow, the number of advertisers we work with in restaurant, overall spending has declined as a result of industry performance.

我們看到廣告商對預算持謹慎態度，尤其是在餐廳和旅遊垂直領域，同時我們繼續成長，與我們合作的餐廳廣告商數量，由於行業表現，整體支出有所下降。

We also expect to see some headwinds this holiday season including the shorter period between Black Friday and Christmas.

我們也預計這個假期會遇到一些不利因素，包括黑色星期五和聖誕節之間的較短時間。

But we are seeing areas of strength in everyday spend and this continues to be a key differentiator for Cardlytics Inc in the market.

但我們在日常支出中看到了優勢領域，這仍然是 Cardlytics Inc 在市場上的關鍵差異化因素。

We also are lapping the reduction of a few key accounts in Q4 of last year.

我們也正在經歷去年第四季一些關鍵客戶的減少。

Well, the number of new logos are up 38%.

新徽標的數量增加了 38%。

They do not fully offset the decline in these large accounts.

它們並不能完全抵消這些大帳戶的下降。

These accounts have turned for various reasons including large scale reorganizations, shifts and marketing strategy or their own company performance.

這些帳戶的變動有多種原因，包括大規模重組、人員變動、行銷策略或公司本身業績。

The UK continues to be a bright spot, and we expect continued double digit billings growth as we continue to work well with our new bank partners that enable us to unlock larger advertising budgets.

英國仍然是一個亮點，我們預計帳單將持續兩位數成長，因為我們繼續與新的銀行合作夥伴良好合作，使我們能夠釋放更大的廣告預算。

We expect adjusted contribution to be similar on a margin basis.

我們預計調整後的貢獻在保證金基礎上將相似。

Our adjusted EBITDA guidance reflects the impact of our billing's guidance and the fact that we will continue to make strategic hiring decisions where we believe the return will be realized in the near term.

我們調整後的 EBITDA 指導反映了我們的計費指導的影響，以及我們將繼續做出策略招募決策的事實，我們相信回報將在短期內實現。

We will continue to evaluate our investments and ongoing costs.

我們將繼續評估我們的投資和持續成本。

As we monitor performance for 2025, we believe performance will accelerate as we improve our operational execution scale.

在我們監控 2025 年的績效時，我們相信，隨著營運執行規模的提高，績效將會加速。

A major new I partner see continued strength in the UK and start to more fully realize contributions from ripple.

一位主要的新合作夥伴看到了英國的持續實力，並開始更充分地認識到瑞波幣的貢獻。

We expect to invest only as topline performance improves and remain focused on improving delivery and launching a new bank partner in the near term.

我們預計只有在營收績效改善時才會進行投資，並在短期內繼續專注於改善交付和推出新的銀行合作夥伴。

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

現在我將把它轉回阿米特以供結束語。

Thank you, Alexis.

謝謝你，亞歷克西斯。

Overall, we are encouraged by the progress we've made this quarter.

總的來說，我們對本季取得的進展感到鼓舞。

Above all our Q3 results indicate better predictability of our business and our relentless focus on addressing our short-term challenges.

最重要的是，我們第三季的業績表明我們的業務具有更好的可預測性，並且我們堅持不懈地致力於解決短期挑戰。

Our efforts will take time, but we are focusing on the right priorities to maximize consumer engagement and rewards.

我們的努力需要時間，但我們正在專注於正確的優先事項，以最大限度地提高消費者的參與和回報。

I'll now turn it over to the operator to begin.

我現在將其交給操作員開始。

Q&A.

問答。

Thank you as a reminder to ask a question.

謝謝你提醒我問一個問題。

(Operator Instruction)

（操作員說明）

Please stand by while we compile the Q&A roster.

我們正在整理問答名單，請稍候。

Our first question comes from Robert Coolbrith with Evercore ISI your line is open.

我們的第一個問題來自 Evercore ISI 的 Robert Coolbrith，您的路線已開通。

Hi, good afternoon.

嗨，下午好。

This is Robert on the call from Mark.

我是羅伯特，接到馬克的電話。

It sounds like you're getting a handle on over delivery.

聽起來您正在解決超額交付的問題。

Can you talk a little, a little bit about some of the key drivers of under delivery and, and you know, sort of the plan to address some of those and then also with the growth in in logos which I think is encouraging.

您能否談談交付不足的一些關鍵驅動因素，以及解決其中一些問題的計劃，以及我認為令人鼓舞的徽標的增長。

Could you, could you talk about, you know, trends in billings per logo, your ability to (in audible) as you continue to improve platform capabilities through ad and the dynamic marketplace.

您能不能談談每個標誌的帳單趨勢，以及您透過廣告和動態市場繼續改進平台功能的能力（聲音）。

Maybe your ability to go back to some of the customers where you've seen turn or budget reduction and sort of reintroduce yourself to, to some of those and, and also just organically grow billings per logo over time.

也許你有能力回到一些你已經看到轉變或預算減少的客戶，並向其中一些客戶重新介紹自己，並且隨著時間的推移，每個徽標的帳單有機增長。

Thank you.

謝謝。

Thank you.

謝謝。

Robert, and thanks everyone again for joining the call.

羅伯特，再次感謝大家加入電話會議。

You know, I think thanks first of all, thank you for recognizing the, the progress we've made on overall delivery challenge that we had.

您知道，我想首先要感謝您認識到我們在整體交付挑戰方面所取得的進展。

And that's something that as Alexis mentioned in her prepared remarks that continues to be our all-hands-on deck priority.

正如亞歷克西斯在她準備好的演講中提到的那樣，這仍然是我們全員參與的優先事項。

Now, we've made delivery improvements sequentially, especially on over delivery, but there's more work to be done on under.

現在，我們已經相繼對交付進行了改進，特別是在過度交付方面，但在不足方面還有更多工作要做。

So, things like we're ranking under delivering campaigns differently, better forecasting, using mid flight changes, testing different reward amounts.

因此，我們在以不同的方式提供活動、更好的預測、利用飛行中途的變化、測試不同的獎勵金額等方面進行排名。

All of those are different parts of the product that we're going to test and assess the under delivering campaigns.

所有這些都是產品的不同部分，我們將測試和評估交付不足的活動。

And then, you know, just like what we did with under delivery.

然後，你知道，就像我們對交付不足所做的那樣。

Our typical approach, Robert is that we'll test a set of things initially and then over time we automate it.

羅伯特，我們的典型方法是，我們首先測試一組東西，然後隨著時間的推移我們將其自動化。

And so, we're going to follow the same approach on this in terms of billings per logo, I think as you mentioned, you know, we're, we're quite happy to see that.

因此，我們將在每個徽標的帳單方面遵循相同的方法，我想正如您所提到的，您知道，我們非常高興看到這一點。

You know, overall, the advertiser count has steady, has steadily grown and continues to increase.

要知道，總體而言，廣告商數量一直穩定、穩定成長並持續增加。

And as market conditions start to get better, we also increase.

隨著市場狀況開始好轉，我們也會增加。

We also expect the budgets per logo or budgets per advertiser to continue to grow.

我們也預計每個標誌的預算或每個廣告商的預算將繼續成長。

And to that end, we are actually working actively with advertisers to map out their 2025 budgets and their 2025 strategies.

為此，我們實際上正在與廣告商積極合作，制定他們的 2025 年預算和 2025 年策略。

Got it.

知道了。

Thank you.

謝謝。

If I can ask one quick, follow up just on the issue of under delivery.

如果我可以快速詢問，請跟進交貨不足的問題。

As you address some of those issues, are you able to automate those capabilities or create a feedback loop with advertisers that they need to master, you know, sort of their way that they handle the platform to, to optimize delivery or is it fairly a sort of an auto automated or process of continual optimization?

當您解決其中一些問題時，您是否能夠自動化這些功能或與廣告商建立反饋循環，他們需要掌握這些功能，您知道，他們處理平台的方式，以優化交付，還是相當某種自動自動化或持續優化的過程？

Thank you.

謝謝。

Yeah, Robert, that's a good question.

是的，羅伯特，這是個好問題。

I think our typical mantra in this case is that we should take away all friction from the advertiser that it is our internal product teams work to fix that and engineering teams' area to fix.

我認為在這種情況下，我們的典型口號是，我們應該消除廣告商的所有摩擦，這是我們內部產品團隊的工作來解決這個問題，而工程團隊的工作則是解決這個問題。

So, for an advertiser, it would not be something that they need to optimize our teams will work with the advertisers to inform and work with them.

因此，對於廣告商來說，他們不需要優化我們的團隊將與廣告商合作，通知他們並與他們合作。

How best to structure the campaign on an ongoing basis?

如何最好地持續組織活動？

Great.

偉大的。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from Jason Cryer with Craig Holland.

我們的下一個問題來自 Jason Cryer 和 Craig Holland。

Your line is open.

您的線路已開通。

Thank you.

謝謝。

I just wanted to see if you can give maybe some details on like contrasting Q3 and Q4.

我只是想看看您是否可以提供一些細節，例如對比第三季和第四季。

Like it seems like you had a lot of success in, in Q3 with, with billings and things like that.

看起來你在第三季在帳單和類似的事情上取得了很大的成功。

But there's a growth step down as we get into Q4.

但進入第四季後，成長放緩。

So, if you can parse those two things out.

所以，如果你能解析這兩件事。

That'd be great.

那太好了。

Hey Jason, thanks for the question.

嘿傑森，謝謝你的提問。

Yeah, I think all I really want to point out there is delivery did sequentially improve in Q3.

是的，我想我真正想指出的是第三季的交付確實有所改善。

So, we are seeing that continuing into Q4.

因此，我們看到這種情況持續到第四季。

I think what's different this time is that going into Q4, we are lapping some large accounts that did not reoccur in Q4 2023.

我認為這次的不同之處在於，進入第四季度，我們正在處理一些在 2023 年第四季沒有再次出現的大帳戶。

If we did not have that happen, the retail sector actually would be up in terms of dollars and brands for Q4.

如果我們沒有發生這種情況，第四季零售業的美元和品牌實際上將會上漲。

So, you know, underlying advertisers are still spending more with us committing budgets.

所以，你知道，潛在的廣告商仍然在我們承諾的預算上花費更多。

But we did have, you know, difficult comp I would say versus last year.

但我想說，與去年相比，我們確實有困難。

So that is a lot of that driver of some of the, the performance you're seeing in the pipeline.

因此，這在很大程度上是您在管道中看到的性能的驅動因素。

And then I just wanted to elaborate on something that and it said in the prior answer, solving under delivery is really important because it enables us to not over serve people and then open up services for some of those under delivering campaigns.

然後我只是想詳細說明先前的答案中所說的，解決交付不足的問題非常重要，因為它使我們能夠不過度服務人們，然後為其中一些交付不足的活動開放服務。

So that was really important that we did that first.

因此，我們首先這樣做非常重要。

And so, as you can see from the margin guide, you know, delivery has improved, especially on the over delivery side.

因此，正如您從保證金指南中看到的那樣，交付有所改善，尤其是在超額交付方面。

Going from, you know, 60% of revenue billings to 62 at the high end of the range.

您知道，從佔收入的 60% 上升到該範圍高端的 62%。

But you know, still more work to do to kind of close the GAAP on the under-delivery side.

但你知道，要解決 GAAP 交付不足的問題，還需要做更多的工作。

And that is a part of the reason why you're seeing the, I guess Q4 guide that we provided today.

我想這就是您看到我們今天提供的第四季度指南的部分原因。

Okay.

好的。

And then just any, maybe any updates over the last quarter in your conversations with customers just around the CPE pricing solution.

然後是上個季度您與客戶圍繞 CPE 定價解決方案進行的對話中的任何更新。

I don't know if there's anything in terms of number of customers or just kind of receptivity and what you're hearing.

我不知道客戶數量或接受程度以及您所聽到的內容是否有任何影響。

So, I think on pricing, I think we've talked about that we want to move towards engagement-based pricing and, and that progress has continued to go.

因此，我認為在定價方面，我們已經討論過我們希望轉向基於參與度的定價，而且這一進展仍在繼續。

Well, our advertisers who are engaging, you know, they're, they, they like it quite a bit and large number, as I mentioned in my prepared remarks, large number of the new advertisers are opting for those.

嗯，我們的廣告商很有吸引力，你知道，他們非常喜歡它，而且數量很大，正如我在準備好的演講中提到的，大量新廣告商都選擇了這些。

And so we continue to see success on that side and in terms of, you know our billings, I think, you know, over time, as I mentioned in my prepared remarks, we continue to expect that we'll have a higher proportion of our advertisers move towards engagement-based pricing.

因此，我們繼續看到這方面的成功，就你知道我們的賬單而言，我認為，隨著時間的推移，正如我在準備好的發言中提到的那樣，我們繼續期望我們將擁有更高的比例我們的廣告商轉向基於參與度的定價。

All right.

好的。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question.

我們的下一個問題。

Pardon me?

對不起？

Our next question comes from Jacob Stephan with Lake Street Capital Markets.

我們的下一個問題來自 Lake Street Capital Markets 的 Jacob Stephan。

Your line is open.

您的線路已開通。

Hey, I appreciate you taking my questions.

嘿，我很感謝你回答我的問題。

Hopping between calls.

在通話之間跳轉。

So sorry if there's double coverage here.

如果這裡有雙重報道，我很抱歉。

You know, on the engagement-based price model.

你知道，基於參與度的價格模型。

You know, I I'm just curious, it sounded like, you know, 5% or so of your customer base was using the, the engagement-based pricing as of last quarter.

你知道，我只是很好奇，聽起來你知道，截至上個季度，大約 5% 的客戶群正在使用基於參與度的定價。

But maybe could you just kind of help us understand, you know, is this going to be a, you know 5,6 quarter sorts of, you know, transition or is this fully elected by the, the actual customer?

但也許你能幫助我們理解，你知道，這將是一個，你知道，5.6 個季度的過渡，還是完全由實際客戶選出？

Yeah, let me just clarify a little bit here.

是的，讓我在這裡澄清一下。

So dynamic pricing was 5%, which is more specifically around, you know, CPC or cost per click engagement-based pricing is encompassing CPT which is cost per transaction, cost per redemption and as well as cost per click.

因此，動態定價為 5%，更具體地說，CPC 或基於每次點擊成本的參與定價包含 CPT，即每筆交易成本、每次兌換成本以及每次點擊成本。

So, more broadly, we're, you know, we're at 38% of total billings in Q3 that's up sequentially and that continues to grow.

因此，更廣泛地說，我們佔第三季總帳單的 38%，這一數字連續上升，並且還在繼續增長。

So, we do expect to be majority on CPE by end of next year.

因此，我們預計到明年年底將成為 CPE 的主流。

In terms of the dynamic pricing specifically and CPC specifically that went from 20 brands in Q2 to 58 this quarter.

就動態定價和每次點擊費用而言，品牌數量從第二季的 20 個增加到本季的 58 個。

So hopefully, that's a little more clear about the trend, the overall we're not seeing push back on pricing from brands that align to industry standards.

因此，希望這一趨勢能夠更加清晰，整體而言，我們沒有看到符合行業標準的品牌對定價的抵制。

And again, it improves visibility to us and improve campaign performance and it's also what the brands are used to buying.

再說一次，它提高了我們的知名度並提高了行銷活動的效果，這也是品牌習慣購買的東西。

And so you know, really, this is where we expect to be by the end of next year.

所以你知道，這確實是我們預計到明年年底的情況。

Okay.

好的。

Got it very helpful.

得到它非常有幫助。

And then, you know, I mean, you've been in the CEO, CFO for three months now.

然後，你知道，我的意思是，你已經擔任執行長和財務長三個月了。

It, it'd be kind of great to get a sense of you know, what are your kind of top three priorities, maybe near term and just kind of medium term.

如果您能了解一下您的三大優先事項是什麼，可能是近期的，也可能是中期的，那就太好了。

Yeah, absolutely.

是的，絕對是。

Thanks for that question.

謝謝你提出這個問題。

You know, I probably want to say at the top level, my belief in the company and our place in the ecosystem continues to be very strong.

你知道，我可能想說的是，在最高層，我對公司以及我們在生態系統中的地位仍然非常堅定。

And, and that is very much reflected by our team's excitement about what we do and how we're showing up in the market and with our new partners and so on.

而且，這在很大程度上反映在我們的團隊對我們所做的事情、我們在市場上的表現以及與新合作夥伴的合作等方面的興奮。

In terms of priorities, I'll, I'll go back to what I mentioned.

至於優先事項，我會，我會回到我提到的。

I've basically centered our teams around the four key pillars.

我基本上將我們的團隊集中在四個關鍵支柱上。

We really are thinking about supply our partners very differently.

我們確實正在考慮以非常不同的方式向我們的合作夥伴提供服務。

We're engaging with partners in a fundamentally different way.

我們以一種完全不同的方式與合作夥伴互動。

And likewise, we're going after our demand, our advertiser's engagement in a much more strategic and a broad-based way.

同樣，我們正在以更具策略性和廣泛基礎的方式來滿足我們的需求和廣告商的參與。

We want to make sure the network performance continues to improve.

我們希望確保網路效能持續提高。

And, and, and to that end, we're really looking at our network from an end-to-end point of view.

並且，並且，為此，我們確實從端到端的角度審視我們的網絡。

So, we're looking at all the way from the start of the process which is around forecasting and projections.

因此，我們從流程一開始就圍繞預測和預測進行全程檢視。

And then we think about delivery and then all the way towards measurement.

然後我們考慮交付，然後一直到測量。

And then we're bringing closer you know, bridge closer to connect with our core business and the core platform.

然後，我們將拉近與我們的核心業務和核心平台的連結。

So, so those are the four key pillars as I mentioned earlier.

所以，這些就是我之前提到的四個關鍵支柱。

And I think it'll the transforming of a business takes some time.

我認為企業的轉型需要一些時間。

But we strongly believe that this is the right path for us to grow the company.

但我們堅信，這是我們發展公司的正確道路。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

(Operator Instruction)

（操作員說明）

And our next question comes from Luke Horton with Northland capital markets.

我們的下一個問題來自北國資本市場的盧克霍頓。

Your line is open.

您的線路已開通。

Hey guys, thanks for taking the question.

嘿夥計們，感謝您提出問題。

I just wanted to touch on.

我只是想談談。

I know obviously you're working through the delivery issues at the moment.

我知道您目前正在解決交付問題。

But if we look ahead a little bit, if you're or once you're able to get the advertisers over to the C P/E and kind of work through some of these delivery issues.

但如果我們向前看一點，如果您現在或一旦您能夠讓廣告商了解 C P/E 並解決其中一些交付問題。

The roll out of the the major US financial institution.

美國主要金融機構的推出。

Is there any sort of kind of ballpark of where you see revenue as a percentage of billings normalizing?

您認為收入佔帳單正常化的百分比是否有某種大致的範圍？

Hey, thanks.

嘿，謝謝。

Yeah, unfortunately, I'm not giving guidance around 2025 at this time.

是的，不幸的是，我目前不會在 2025 年左右提供指導。

But, you know, I, I think you should expect we're, we're working, we continue to believe that our North Star is rewards and we want to continue to drive redemptions and kind of increase that ratio.

但是，你知道，我，我認為你應該期望我們正在努力，我們仍然相信我們的北極星是獎勵，我們希望繼續推動贖回並提高這一比例。

I think we can only do that to the extent that we can improve our margins over time.

我認為我們只能在隨著時間的推移提高利潤率的情況下才能做到這一點。

And so a little early to say where that's going to land.

所以說它會在哪裡落地還太早。

But driving redemptions is definitely, you know, still a key piece of our strategy.

但推動贖回無疑仍然是我們策略的關鍵部分。

And I think we should be able to continue to improve, you know, both the book ends of over and under delivery as time goes on and then once that's stable, we can start to test different reward formats for different reward amounts.

我認為我們應該能夠繼續改進，你知道，隨著時間的推移，過度交付和交付不足的書都結束了，然後一旦穩定，我們就可以開始測試不同獎勵金額的不同獎勵格式。

But at this time, not, not ready to give a guide on the longer term margin.

但目前還沒有準備好給予長期利潤率的指導。

Okay.

好的。

Fair enough.

很公平。

And then just with the roll out of the major bank partner in the US, I think you had mentioned there's no material impact in Q4.

然後，隨著美國主要銀行合作夥伴的推出，我想您已經提到第四季度沒有實質影響。

Just wondering how that sort of plays out over 2025 if we see an initial impact or kind of a tiered approach with the roll out there.

只是想知道如果我們看到初步影響或分層方法的推出，到 2025 年會如何發揮作用。

I know, I wish I could give you some more clarity here.

我知道，我希望我能在這裡讓你更清楚。

Yes, you know, we're, we're doing an initial launch right now.

是的，你知道，我們現在正在進行首次發布。

Very small and it'll continue to scale over time.

非常小，並且隨著時間的推移它會繼續擴大。

So, you know, we're not ready to provide additional guidance into 2025 but very optimistic.

所以，您知道，我們尚未準備好提供 2025 年的額外指導，但非常樂觀。

And partnering really well with, with this large partner So very excited to see how this plays out over time.

與這個大合作夥伴的合作非常好，非常高興看到隨著時間的推移，情況會如何發展。

Got it.

知道了。

Thanks for taking the question.

感謝您提出問題。

Thank you.

謝謝。

(Operator Instruction)

（操作員說明）

I'm showing no further questions at this time.

我目前沒有提出任何進一步的問題。

So, I would now like to turn it back to Amit Gupta for closing remarks.

因此，我現在想請阿米特古普塔（Amit Gupta）發表結束語。

Thank you all for joining us today.

感謝大家今天加入我們。

We look forward to discussing our fourth quarter and full year results on the next earning call.

我們期待在下一次財報電話會議上討論我們的第四季和全年業績。

Thank you again for all your questions.

再次感謝您提出的所有問題。

This does conclude today's program.

今天的節目到此結束。

You may now disconnect.

您現在可以斷開連線。