Cardlytics Inc (CDLX) 2024 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Cardlytics fourth quarter fiscal year 2024 earnings conference call. (Operator Instructions) This call is being recorded on Wednesday, March 12, 2025.

女士們、先生們，下午好，歡迎參加 Cardlytics 2024 財年第四季財報電話會議。（操作員指示）此通話於 2025 年 3 月 12 日星期三錄製。

I would now like to turn the conference over to Nick Lynton, Chief Legal and Privacy Officer. Please go ahead.

現在，我想將會議交給首席法律和隱私官尼克林頓 (Nick Lynton)。請繼續。

Good evening, and welcome to the Cardlytics fourth quarter and full-year 2024 financial results call.

晚上好，歡迎參加 Cardlytics 2024 年第四季和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 2025, our capital structure, the rollout of new financial institution partners and the renewal of existing financial institution partners and operational and product initiatives and improvements.

在我們開始之前，讓我提醒大家，今天的討論將包含基於我們當前假設、期望和信念的前瞻性陳述，包括對我們未來財務業績和結果的期望，包括 2025 年第一季度、我們的資本結構、新金融機構合作夥伴的推出和現有金融機構合作夥伴的續約以及營運和產品計劃和改進。

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 Factors section of our 10-K for the quarter and full year ending December 31, 2024, which has been filed with the SEC. 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 on the Investor Relations section of the Cardlytics website.

有關可能導致我們的實際結果與今天的討論存在重大差異的具體風險因素的討論，請參閱我們已向美國證券交易委員會提交的截至 2024 年 12 月 31 日的季度和全年 10-K 文件中的「風險因素」部分。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。今天發布的新聞稿中提供了 GAAP 財務對帳和補充財務信息，您可以在 Cardlytics 網站的投資者關係部分找到。

Today's call is available via webcast, and a replay will also be available on our website. On the call today, we have CEO, Amit Gupta; and CFO, Alexis DeSieno. Following their prepared remarks, we'll open it up for your questions.

今天的電話會議可以透過網路直播進行，重播也將在我們的網站上提供。參加今天電話會議的有執行長 Amit Gupta；和財務長 Alexis DeSieno。在他們準備好發言之後，我們將開始回答大家的提問。

With that, I'll hand the call over to Amit.

說完這些，我就把電話交給阿米特 (Amit)。

Good evening, and thank you for joining our fourth quarter and full-year 2024 earnings call. I'd like to start with a few thoughts on 2024. Overall, it was a transitional year for us as we navigated changes while staying focused on the growth levers we laid out for our business. We faced executional challenges around network upgrades, changes in FI partner platforms, increased competition as well as growth constraints with Bridg. When I took this role, I knew we had to get back to growth by building on our core strengths.

晚上好，感謝您參加我們的 2024 年第四季和全年財報電話會議。我想先談談一些關於 2024 年的想法。總體而言，這對我們來說是過渡的一年，因為我們在應對變化的同時，仍然專注於我們為業務制定的成長槓桿。我們面臨網路升級、FI 合作夥伴平台變更、競爭加劇以及 Bridg 成長限制等方面的執行挑戰。當我擔任這個職位時，我知道我們必須透過增強我們的核心優勢來恢復成長。

I am clear-eyed about our challenges as well as our value proposition. Building on our leadership in the industry for more than 16 years, we are focused on strengthening our competitive moat to provide a truly differentiated commerce media platform for our partners and advertisers. We believe we have the best data set in the business. We see approximately $5.8 trillion of annual consumer spend. We partner with top financial institutions, which enable us to operate what we believe to be the leading financial media network in the US.

我清楚地知道我們面臨的挑戰以及我們的價值主張。憑藉我們在業界超過 16 年的領導地位，我們致力於加強我們的競爭優勢，為我們的合作夥伴和廣告商提供真正差異化的商業媒體平台。我們相信我們擁有業內最好的數據集。我們看到每年的消費者支出約為 5.8 兆美元。我們與頂級金融機構合作，這使我們能夠運營我們認為是美國領先的金融媒體網路。

Our North Star of driving consumer engagement has not changed. However, we are refocusing our efforts on a turnaround plan to get us back to growth. As part of this, we divested or closed noncore businesses like Dosh and made decisions to reinvest in areas that will help us unlock more growth. For example, we are building up our partnerships, data engineering capabilities and go-to-market efforts. We are also in the process of standing up a new office in Taiwan to take advantage of the high-caliber local talent whose expertise is aligned with our growth priorities.

我們推動消費者參與的北極星沒有改變。然而，我們正重新集中精力製定扭虧為盈計劃，以恢復成長。作為其中的一部分，我們剝離或關閉了 Dosh 等非核心業務，並決定重新投資於有助於我們實現更多成長的領域。例如，我們正在建立合作夥伴關係、數據工程能力和市場進入。我們也正在台灣設立新辦事處，以利用其專業知識與我們的成長重點相符的當地高素質人才。

Despite the challenges in 2024, we nevertheless made progress on a number of efforts that have set a good foundation to build upon this year. We diversified our business by scaling new FI partners and brought new advertisers onto our network. Growth of our UK business was a bright spot. We also saw continued growth in the everyday spend category, a particular strength of our business.

儘管2024年面臨挑戰，但我們在許多工作上仍然取得了進展，為今年的進一步發展奠定了良好的基礎。我們透過擴大新的 FI 合作夥伴並將新的廣告商引入我們的網路來實現業務多元化。我們英國業務的成長是一個亮點。我們也看到日常消費類別持續成長，這是我們業務的一大優勢。

Now turning to Q4. We exceeded the high end of our guidance across all metrics. This was due to higher-than-expected pipeline wins and our continued efforts to improve delivery of our platform, which I'll cover in more detail. As I outlined on our last call, I'd like to share the progress we've made on each of our four key pillars of our turnaround plan. First, increasing our supply so that we can meet our consumers where they are.

現在轉向第四季。我們在所有指標上都超出了預期的上限。這是由於管道勝利高於預期以及我們不斷努力改善平台的交付，我將對此進行更詳細的介紹。正如我在上次電話會議上所概述的那樣，我想分享我們在扭虧為盈計畫的四大關鍵支柱上所取得的進展。首先，增加供應，以便我們能夠滿足消費者的需求。

With our newest large FI partner in the US, our offers are now reaching all eligible card members, and we are working to scale the volume of content we deliver to them. I am happy to share that we have also signed a new neobank partner in Q4, one of the fastest-growing fintechs in the US. We have begun testing and expect to be at scale with them in record time by the end of Q1 this year. We are also focused on renewing agreements with our existing FI partners as card-linked offers continue to be an important component of bank loyalty programs. In the UK, we continue to see strong double-digit growth.

與我們在美國最新的大型金融機構合作夥伴一起，我們的優惠現已涵蓋所有符合條件的持卡會員，並且我們正在努力擴大向他們提供的內容量。我很高興地告訴大家，我們在第四季還簽約了一家新的 neobank 合作夥伴，它是美國發展最快的金融科技公司之一。我們已經開始測試，預計在今年第一季末以創紀錄的速度達到他們的規模。我們也致力於與現有的金融機構合作夥伴續約協議，因為與卡片相關的優惠仍然是銀行忠誠度計畫的重要組成部分。在英國，我們繼續看到強勁的兩位數成長。

In Q4, the growth was driven by an increase in module supply and more consumer engagement with our offers. In addition to financial institutions, we are also engaging with new partners in other sectors who are expressing interest in our platform as a way to build and grow a loyalty program for their customers. I look forward to sharing more updates on this particular effort in the coming quarters. Second, strengthening and growing demand with our advertisers. Last quarter, we saw an increase in churn and reduced budgets with a small number of our large advertisers in the US, which were driven by organizational changes, broader macro factors as well as our own platform changes.

第四季的成長得益於模組供應量的增加以及消費者對我們產品的參與度的提高。除了金融機構之外，我們還與其他領域的新合作夥伴合作，他們對我們的平台表示了興趣，希望透過這種方式為他們的客戶建立和發展忠誠度計劃。我期待在未來幾季分享有關這項特定工作的更多最新進展。第二，加強並增加我們廣告商的需求。上個季度，我們發現美國少數大型廣告商的流失率增加，預算也有所減少，這是由組織變革、更廣泛的宏觀因素以及我們自身的平台變革所致。

We are working to win back these advertisers while also adding new large brands that consumers know and love. Despite the churn, we continue to sign new brands across industries, which will scale over time as our network continues to perform. We had success in growing budgets through custom targeting. As an example, we are working with an advertiser in the home improvement category to expand their base of professional contractors. By using our unique purchase data, we identified and targeted these contractors based on their spending habits driving incremental sales from this high-value, hard-to-reach customer segment.

我們正在努力贏回這些廣告商，同時也增加消費者熟悉且喜愛的新大品牌。儘管有客戶流失，我們仍繼續與各行各業的新品牌簽約，隨著我們網路的持續運轉，新品牌的規模也將隨著時間的推移而擴大。我們透過自訂定位成功增加了預算。例如，我們正在與家居裝修類別的廣告商合作，擴大他們的專業承包商基礎。透過使用我們獨特的購買數據，我們根據這些承包商的消費習慣來識別和鎖定他們，從而推動這一高價值、難以接觸的客戶群實現增量銷售。

We are also responding quickly to our advertisers' requests for new features and tailored tech solutions to meet their unique needs. For example, we accelerated development of micro targeting solutions by combining our core Cardlytics and Bridg capabilities for the first time. We expect to soon begin testing a series of CPG offers from large retailers and by using Bridg's product level data, we believe this new offer construct will unlock CPG budgets and create new co-branded supply experiences between banks and merchants. In the UK, we saw strong growth in the everyday spend, retail and travel industries. Much of this growth came from successful pilots with new advertisers, including a leading global airline and rideshare service.

我們也會快速回應廣告主對新功能和客製化技術解決方案的要求，以滿足他們的獨特需求。例如，我們首次結合核心的 Cardlytics 和 Bridg 功能，加速了微目標解決方案的發展。我們預計很快就會開始測試來自大型零售商的一系列 CPG 優惠，並且透過使用 Bridg 的產品級數據，我們相信這種新的優惠結構將釋放 CPG 預算並在銀行和商家之間創造新的聯合品牌供應體驗。在英國，我們看到日常消費、零售和旅遊業的強勁成長。這一增長很大程度上得益於新廣告商的成功試運行，其中包括一家全球領先的航空公司和共乘服務公司。

We also continue to see strong uptake with our Insights portal with a 50% increase of brands using the portal as of the end of 2024. Based on this early success, we expect interest in our Insights on demand to grow as we continue to roll out new dashboards. We know that access to the Insights portal is another important reason why advertisers continue to spend with us as we provide what we believe to be the most comprehensive set of consumer spend data across online and in-store channels. Moving on to our third pillar, our continued and relentless focus on building a high-performing network. In Q4, we sequentially improved delivery.

我們也看到 Insights 入口網站的持續強勁成長，截至 2024 年底，使用該入口網站的品牌數量增加了 50%。基於這一早期成功，我們預計隨著我們繼續推出新的儀表板，人們對按需洞察的興趣將會增長。我們知道，造訪 Insights 入口網站是廣告主繼續在我們這裡消費的另一個重要原因，因為我們提供了我們認為最全面的線上和店內通路消費者支出數據。接下來是我們的第三大支柱，我們將繼續不懈地致力於建立高效能網路。在第四季度，我們連續改善了交付。

We are consuming campaign budgets with more predictability and continue to drive engagement with offers. We have resolved many of the key issues that were contributing to the extremes seen in previous quarters and improved the efficiency of our platform. We are making incremental improvements to our budget management and protection models. We also continue to automate many of our efforts to improve predictability and performance and optimize for relevancy to drive further efficiency. To further optimize campaign performance through better visibility and quicker feedback, we continue to work with our advertisers to shift to engagement-based pricing model.

我們正在更可預測地消耗廣告活動預算，並繼續推動優惠活動的參與度。我們解決了導致前幾個季度出現極端情況的許多關鍵問題，並提高了我們平台的效率。我們正在逐步改進我們的預算管理和保護模式。我們也將繼續實現許多工作的自動化，以提高可預測性和效能，並優化相關性，從而進一步提高效率。為了透過更好的可見性和更快的回饋進一步優化廣告活動效果，我們繼續與廣告商合作，轉向基於參與度的定價模式。

In Q4, 61% of our advertisers in the US were on engagement-based pricing, up from 51% in Q3. We remain on track to have a vast majority of our advertisers on engagement-based pricing by the end of this year. Looking ahead, we will focus on the initiatives that further strengthen our network, which is a key differentiator in the CLO market and cannot be easily replicated. Our value proposition remains one of a kind and we will continue to build on our cutting-edge product and tech capabilities.

第四季度，我們在美國 61% 的廣告客戶採用基於參與度的定價，高於第三季的 51%。我們仍有望在今年年底前讓絕大多數廣告商採用基於參與度的定價。展望未來，我們將專注於進一步加強我們網路的舉措，這是 CLO 市場的關鍵差異化因素，不易複製。我們的價值主張仍然是獨一無二的，我們將繼續鞏固我們尖端的產品和技術能力。

And our final pillar, accelerating our growth in Bridg. We saw a healthy pipeline of client interest for identity resolution heading into the new year. Although Q4 did not show the results we had hoped, we remain optimistic about growing our Bridg revenue this year with new advertisers and continued product improvements and have refocused our efforts on our go-to-market strategy. With Rippl, we now have over 110 million unique shopper profiles and continue to see strong performance with our audiences. Based on the initial client feedback, we will focus on increasing awareness with new advertisers and agencies to boost the adoption of our audiences.

我們的最後一個支柱是加速我們在 Bridg 的發展。我們看到，在新的一年裡，客戶對身分識別的興趣日益濃厚。儘管第四季度的結果不如我們所希望的那樣，但我們仍然對今年透過新的廣告商和持續的產品改進來增加我們的 Bridg 收入持樂觀態度，並已將我們的精力重新集中在市場進入策略上。借助 Rippl，我們現在擁有超過 1.1 億個獨特的購物者資料，並且繼續在受眾群體中看到強勁的表現。根據初步客戶的回饋，我們將專注於提高新廣告商和代理商的知名度，以促進我們受眾的接受。

One area that I want to be clear on is our liquidity. We are very comfortable with our position and our ability to fund operations and pay off current debt obligations. While we exceeded our guidance in Q4, we are not satisfied with this performance and believe that our Q1 will represent the billings trough of our transitional period. We are setting the stage for 2025 to be a transformative year for the company, and we believe we are uniquely positioned to be a leader in commerce media. With our ongoing product and tech stack innovation, expanding network and potential to grow our flywheel, we are enthusiastic about capitalizing on our momentum.

我想明確的一個領域是我們的流動性。我們對我們的狀況以及為營運提供資金和償還當前債務的能力感到非常滿意。雖然我們在第四季度的業績超出了預期，但我們對這一表現並不滿意，並認為第一季將代表我們過渡時期的營業額低潮。我們正在為 2025 年奠定基礎，使其成為公司的轉型之年，我們相信我們擁有成為商業媒體領導者的獨特優勢。隨著我們不斷進行產品和技術堆疊創新、擴大網路以及發展飛輪的潛力，我們熱衷於利用我們的發展勢頭。

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

現在我將把話題交給亞歷克西斯來討論財務問題。

Thank you, Amit. I want to echo Amit's comments about the full year 2024. In our pursuit for rapid transformation and growth, we faced some executional setbacks. Despite that, I remain confident in the unique value proposition that we offer to our bank partners and our advertisers. In full-year 2024, our top line billings were negative 0.7% year-over-year, excluding the sale of entertainment, and annual adjusted EBITDA was $2.5 million, positive for the second time on a full year basis.

謝謝你，阿米特。我想附和阿米特關於 2024 年全年的評論。在我們追求快速轉型和成長的過程中，我們遇到了一些執行上的挫折。儘管如此，我仍然對我們向銀行合作夥伴和廣告商提供的獨特價值主張充滿信心。2024 年全年，我們的營業收入（不包括娛樂銷售）年減 0.7%，年度調整後 EBITDA 為 250 萬美元，這是全年第二次實現正成長。

We slightly reduced expenses while balancing investments for growth and took a series of steps to strengthen the balance sheet and settle an outstanding lawsuit. We are committed to delivering sustainable profitability and free cash flow over time and believe this commitment requires balancing investments in growth and disciplined expense management. Turning to our specific fourth quarter results. My comments will be year-over-year comparisons to the fourth quarter of 2023, excluding entertainment, unless stated otherwise. In Q4, our total billings were $116.3 million, an 11.2% decrease.

我們在平衡成長投資的同時略微削減了開支，並採取了一系列措施來加強資產負債表並解決了未決的訴訟。我們致力於長期實現可持續的盈利能力和自由現金流，並相信這項承諾需要平衡成長投資和嚴格的費用管理。談談我們第四季的具體業績。我的評論將與 2023 年第四季進行同比比較，不包括娛樂，除非另有說明。第四季度，我們的總營業額為 1.163 億美元，下降了 11.2%。

We beat our billings guidance primarily due to improvements in delivery and pipeline wins in the US, including from a number of national brands. Compared to Q4 2023, we had a reduction in a few key accounts as expected. However, we signed a large number of new brands in Q4, of which more than 90% were on engagement-based pricing. We continue to diversify our content with Q4 representing the highest number of total advertisers since 2022. 2024 was the biggest year we've had for new business, and that has laid the foundation for growth in 2025.

我們超越了預期的營業額，主要是因為美國交付和通路勝利的改善，其中包括來自多個國家品牌的勝利。與 2023 年第四季相比，我們預期一些關鍵帳戶有所減少。然而，我們在第四季度簽約了大量新品牌，其中超過 90% 都是基於參與度的定價。我們繼續實現內容多樣化，第四季度的廣告客戶總數達到了 2022 年以來的最高水準。 2024 年是我們新業務成長最快的一年，這為 2025 年的成長奠定了基礎。

We saw sequential progress in our continued efforts to stabilize our platform and in Q4, we were able to deliver results for our advertisers with more accuracy and predictability, which we believe builds trust and unlocks future budgets. Consumer incentives decreased by 1.2% to $42.3 million and revenue decreased 16% to $74.0 million. We saw better rewards management reflected in our revenue to billings margins, which improved 3.7 points from the previous quarter.

我們在持續努力穩定平台方面取得了連續進展，在第四季度，我們能夠為廣告客戶提供更準確、更可預測的結果，我們相信這可以建立信任並釋放未來的預算。消費者激勵措施下降 1.2% 至 4,230 萬美元，營收下降 16% 至 7,400 萬美元。我們看到更好的獎勵管理反映在我們的收入與營業利潤率上，比上一季提高了 3.7 個百分點。

Looking at our segment revenue results. Our US revenue decreased 19.9% due to lower billings and higher redemptions. In the UK, we saw the fourth consecutive quarter of double-digit revenue growth at 27.2% and the highest quarter of rewards to date. Bridge revenue declined 12.7% compared to the prior year due to the loss of key accounts in early 2024. Adjusted contribution was $40.7 million, down 12%. As a percentage of revenue, our adjusted contribution margin was 55%, up 2.5 points due to a more favorable partner mix.

查看我們的分部收入結果。由於帳單減少和贖回額增加，我們的美國收入下降了 19.9%。在英國，我們連續第四個季度實現兩位數收入成長，達到 27.2%，並且是迄今為止獎勵最高的一個季度。由於 2024 年初失去重要客戶，橋樑收入較前一年下降了 12.7%。調整後的貢獻為 4,070 萬美元，下降 12%。作為收入的百分比，我們的調整後貢獻利潤率為 55%，由於合作夥伴組合更加有利而上漲了 2.5 個百分點。

Adjusted EBITDA declined from $10.3 million to $6.4 million. Total adjusted operating expenses, excluding stock-based compensation, came in at $34.3 million, lower than the prior quarters due to a reduction in incentive compensation. We are maintaining cost discipline while making prudent decisions around long-term investments in our business. In Q4, operating cash flow was positive $3 million. Free cash flow was negative $1.5 million, a sequential improvement of $2.4 million from the prior quarter.

調整後的 EBITDA 從 1,030 萬美元下降至 640 萬美元。不包括股票薪酬在內的總調整後營運費用為 3,430 萬美元，由於激勵薪酬減少而低於前幾個季度。我們在維持成本紀律的同時，對業務的長期投資做出審慎的決策。第四季度，經營現金流為正 300 萬美元。自由現金流為負 150 萬美元，較上一季增加 240 萬美元。

On the balance sheet, we ended Q4 with $65.6 million in cash and cash equivalents and $60 million of unused available borrowings under our line of credit. This gives us over $100 million of liquidity as of the end of Q4 after accounting for our minimum cash covenant of $25 million. We made our first full payment of interest expense on our 2024 convertible note of approximately $4 million. And subsequent to Q4, we paid $3 million of the $5 million in payments that remain for our settlement with SRS. Our MAUs were $167.3 million for the fourth quarter, a decrease of 0.4%, driven primarily by winding down Dosh and a smaller FI partner.

在資產負債表上，我們在第四季結束時擁有 6,560 萬美元的現金和現金等價物，以及 6,000 萬美元的未使用的信用額度可用借款。在計入我們 2,500 萬美元的最低現金契約後，截至第四季末，我們的流動資金已超過 1 億美元。我們首次全額支付了 2024 年可轉換票據約 400 萬美元的利息費用。第四季之後，我們支付了與 SRS 達成和解的剩餘 500 萬美元中的 300 萬美元。我們第四季的 MAU 為 1.673 億美元，下降了 0.4%，主要原因是 Dosh 和一家規模較小的 FI 合作夥伴倒閉。

ARPU was $0.44, down 16.7% as a result of increased consumer incentives. Now turning to our outlook for Q1. For Q1, we expect billings between $91.5 million and $94.5 million, revenue between $57 million and $60 million, adjusted contribution between $30 million and $32.5 million and adjusted EBITDA between negative $7.5 million and negative $4.0 million. Our billings guidance represents negative 13% to negative 10% growth. As a reminder, Q1 is a seasonally weak quarter for the advertising industry as a whole, and our billings has historically increased sequentially on a quarterly basis throughout the year.

由於消費者激勵措施增加，ARPU 為 0.44 美元，下降了 16.7%。現在來談談我們對第一季的展望。對於第一季度，我們預計營業額在 9,150 萬美元至 9,450 萬美元之間，營收在 5,700 萬美元至 6,000 萬美元之間，調整後的貢獻在 3,000 萬美元至 3,250 萬美元之間，調整後的 EBITDA 在負 7,50 萬美元至負 400 萬美元之間。我們的帳單預期成長率為負 13% 至負 10%。提醒一下，第一季對整個廣告業來說是一個季節性的疲軟季度，而我們的營業額在全年各季度都是連續成長的。

From a pipeline standpoint, we are lapping reductions of a few key accounts versus Q1 of last year. But as I mentioned, some have returned to pilot with us in March. The remaining key accounts have reduced their budgets but continue to spend with us, especially in the restaurant and travel categories. We see strength in everyday spend, a category that continues to be a differentiator for us as well as in direct-to-consumer and emerging brands. As Amit mentioned, our efforts to stabilize our platform are paying off, and we are delivering more predictable results for our advertisers.

從通路角度來看，與去年第一季相比，我們正在減少一些關鍵客戶。但正如我所提到的，有些人已於三月回來與我們一起試航。其餘主要客戶減少了預算，但仍繼續在我們這裡消費，尤其是在餐飲和旅遊類別。我們看到了日常消費的強勁表現，這個類別對於我們以及直接面向消費者和新興品牌仍然是一個差異化因素。正如阿米特 (Amit) 所提到的，我們為穩定平台所做的努力正在取得成效，我們正在為廣告商提供更可預測的結果。

Underdelivery of campaign budgets remains a drag in Q1, but we expect incremental improvements with continued refinements in targeting and ranking. As of late Q1, we have ramped with our newest large FI partner and our offers are now reaching all eligible card members. We are working to scale the volume of content that we deliver to them. In the US, we expect Q1 to represent the trough in our performance as we expect Q1 to be the lowest billings quarter and lowest growth rate in 2025.

廣告活動預算交付不足仍然是第一季的拖累因素，但我們預計，隨著定位和排名的不斷改進，情況將逐步改善。截至第一季末，我們已與最新的大型金融機構合作夥伴展開合作，我們的優惠現已涵蓋所有符合資格的持卡會員。我們正在努力擴大提供給他們的內容量。在美國，我們預計第一季將代表我們業績的低谷，因為我們預計第一季將是 2025 年營業額最低的季度和成長率最低的季度。

The UK continues to grow. We expect continued billings growth for the full year as we focus on increasing demand through high-quality advertisers in categories like rideshare and grocery. Bridg should return to positive growth this quarter as we lap the loss of a key account in Q1 of 2024. We expect to see accelerating growth from Bridg and Rippl in the second half of the year. Revenue as a percentage of billings is expected to be in the low 60% range for Q1, driven by increased engagement and better rewards management as we have made improvements to delivery.

英國繼續發展。我們預計全年營業額將繼續成長，因為我們專注於透過共乘和雜貨等類別的高品質廣告商來增加需求。由於我們在 2024 年第一季失去了一個重要客戶，Bridg 本季應該會恢復正成長。我們預計今年下半年 Bridg 和 Rippl 將加速成長。由於我們對交付進行了改進，參與度提高了，獎勵管理也得到了改善，因此預計第一季收入佔帳單的百分比將在 60% 左右。

As a reminder, we continue to be focused on adjusted contribution, which we believe is the best indicator for our business. We are expecting adjusted contribution in the mid-30% range, consistent with recent mix shift. As we scale new supply with more favorable revenue share, adjusted contribution should improve. Our adjusted EBITDA guidance primarily reflects the impact of our billings guidance. Operating expenses are expected to be sustained below $40 million, excluding stock-based compensation.

提醒一下，我們將繼續專注於調整後的貢獻，我們認為這是我們業務的最佳指標。我們預計調整後的貢獻將在 30% 左右，與最近的組合變化一致。隨著我們以更優惠的收入份額擴大新供應，調整後的貢獻應該會有所改善。我們調整後的 EBITDA 指引主要反映了我們的帳單指引的影響。預計營運費用將維持在 4,000 萬美元以下（不包括股票薪酬）。

While we will make strategic hiring decisions, we will continue to evaluate our costs as we monitor performance. For example, we have deprioritized noncore businesses in order to free up resources to focus on our core business and to facilitate investing in a cost-effective technology hub in Taiwan. For 2025, CapEx is expected to remain in the mid- to high $4 million range per quarter. Free cash flow should sequentially improve with semi-annual payments of interest on our convertible note and our final payment of $2 million to SRS in June. For 2025, we are focused on delivering improved adjusted EBITDA sequentially through the year and positive adjusted EBITDA exiting the year based on improved execution in the US, continued growth in the UK and growth from Bridg.

在我們做出策略性招募決策的同時，我們也將在監控績效的同時持續評估成本。例如，我們降低了非核心業務的優先級，以便釋放資源專注於我們的核心業務，並促進在台灣投資具有成本效益的技術中心。到 2025 年，預計資本支出將保持在每季 400 萬美元的中高水準。隨著我們每半年支付一次可轉換票據的利息以及我們在六月向 SRS 支付 200 萬美元的最終款項，自由現金流應該會逐漸改善。展望 2025 年，我們致力於在全年實現調整後 EBITDA 的連續改善，並在年底實現正調整後 EBITDA，這得益於美國執行力的提升、英國的持續增長以及 Bridg 的增長。

We believe this can be enabled by sequential billings growth driven by a stabilized platform, delivering enhanced customer value and greater diversification of our supply partners. To reiterate Amit's earlier points, we have comprehensively evaluated our cash needs and believe that our liquidity is sufficient. We remain confident in our ability to invest in our business while also satisfying all of our financial obligations, including the repayment of our outstanding convertible note. As we have proven so far, we are taking a disciplined approach to current year investments, and we will invest only as top line performance improves.

我們相信，透過穩定的平台推動的連續帳單成長，可以實現這一目標，從而提高客戶價值並實現供應合作夥伴的多樣化。重申阿米特先前的觀點，我們已經全面評估了我們的現金需求，並相信我們的流動性充足。我們仍然對投資業務的能力充滿信心，同時也能履行所有財務義務，包括償還未償還的可轉換票據。正如我們迄今為止所證明的那樣，我們對當年的投資採取了嚴謹的態度，並且只有在營收業績改善時我們才會進行投資。

We continuously evaluate options to further improve our liquidity and strengthen our balance sheet. I'll now turn it back to Amit for closing remarks.

我們不斷評估各種選擇，以進一步提高我們的流動性並加強我們的資產負債表。現在我把話題交還給阿米特，請他作最後發言。

Thank you, Alexis. Before we move to Q&A, I just want to reiterate that we believe 2025 will be a transformative year for Cardlytics. We have refocused our efforts to get back on track for growth. We will continue building on our top-tier network and core assets. I am confident that we'll continue to execute and grow the value we deliver to our partners, advertisers and consumers.

謝謝你，亞歷克西斯。在進入問答環節之前，我想重申，我們相信 2025 年將是 Cardlytics 轉型的一年。我們重新集中精力，重回成長軌道。我們將繼續建立我們的頂級網路和核心資產。我相信我們將繼續執行並增加我們為合作夥伴、廣告商和消費者提供的價值。

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

現在我將把時間交給操作員開始問答。

(Operator Instructions) Luke Horton, Northland Securities.

（操作員指示） 盧克‧霍頓 (Luke Horton)，Northland Securities。

Congrats on the quarter. It sounds like you guys have a hell of a lot going on. Just wanted to touch on delivery performance. I know last quarter, you guys were making some progress on the over delivery side. Just wanted to see if that continued to improve?

恭喜本季取得佳績。聽起來你們有很多事情要做。只是想談談交付績效。我知道上個季度你們在超額交付方面取得了一些進展。只是想看看情況是否會繼續改善？

And then also on the under delivery, what sort of progress you guys have made there?

那麼在交付方面，你們取得了什麼樣的進展？

Yes. Thank you for the question. I'm probably going to refer back to our prepared remarks. As mentioned, we've made sequential improvements in delivery from our low point in Q3, and delivery is now within acceptable parameters. Our network continues to perform, and now we're delivering budgets more predictably and the campaigns are hitting the ROAS goals.

是的。謝謝你的提問。我可能會回顧一下我們準備好的發言。如上所述，我們從第三季的低點開始在交付方面取得了連續的改進，現在交付處於可接受的範圍內。我們的網路持續表現良好，現在我們可以更可預測地提供預算，廣告活動也正在實現 ROAS 目標。

And an important critical point to talk here or mention here is we've resolved many of the key issues that were really contributing to the extremes we've seen in the previous quarters. So we feel very good about that. And to your point, over delivery has been addressed. Under delivery continues to improve with our new focus on targeting and relevancy. Given that this has been a big challenge for us in the past, I feel it might be worthwhile for us to going into a little bit more detail in what we did and what we're planning to do.

這裡要討論或提及的一個重要關鍵點是，我們已經解決了導致前幾季出現極端情況的許多關鍵問題。因此我們對此感到非常高興。正如您所說，過度交付的問題已經解決。隨著我們重新關注目標定位和相關性，交付情況繼續改善。鑑於這在過去對我們來說是一個巨大的挑戰，我覺得我們有必要更詳細地說明我們已經做了什麼以及我們計劃做什麼。

In terms of what we've done in the past, where our teams have worked pretty hard, product, engineering, sales and everybody, we've put stringent limits on campaigns. We've put in daily monitoring, budget management, more efficient campaign pacing. We've improved our projection models, which has basically removed under projections, so we're not leaving money on the table. And going forward, the focus is really about ongoing incremental improvements to fine-tune the system so we continue to really increase the end-to-end automation and reduce the human intervention. So things like ad ranking adjustments, testing different reward amounts, conversion models to increase redemption, all those are things which continue to be underway, but feeling very good that the bulk of the problem is behind us.

就我們過去所做的事情而言，我們的團隊非常努力，產品、工程、銷售和每個人都對活動設定了嚴格的限制。我們投入了日常監控、預算管理和更有效率的競選節奏。我們改進了預測模型，基本上消除了低估的情況，因此我們不會浪費任何錢。展望未來，我們的重點實際上是持續不斷地改進系統，以便我們能夠繼續真正提高端到端的自動化程度並減少人工幹預。因此，諸如廣告排名調整、測試不同的獎勵金額、增加兌換的轉換模型等事情仍在繼續進行中，但感覺非常好，因為大部分問題已經過去了。

Got it. And then just on that new signed partner, neobank in the US, just wondering kind of how significant of a partnership is this for you guys? And was that by the end of Q1 that you expect to be fully live with them? And then any sort of details on the partner sharing agreement with this by partner?

知道了。然後就新簽約的合作夥伴，美國的 neobank，我只是想知道這對你們來說有多重要的合作關係？您是否希望在第一季末全面實現這些功能？那麼，合作夥伴共享協議有哪些詳細資訊？

Yes. I would probably say every partner is important to us and significant for us regardless of their size. And that's just an important ingredient in how we think and how we think about partnerships in general. So -- and we're happy, as I mentioned in my prepared remarks, they're one of the fastest-growing fintechs. They're a neobank with a very diversified customer base.

是的。我想說的是，無論合作夥伴規模大小，每個合作夥伴對我們來說都很重要，意義重大。這只是我們思考問題的方式以及我們對合作關係整體看法的一個重要因素。所以——我們很高興，正如我在準備好的演講中提到的，他們是發展最快的金融科技公司之一。他們是一家擁有非常多樣化客戶群的新型銀行。

So we're excited about having them on our platform as a partner. And it's a testament to our engineering team that we've invested significant resources and capabilities. We're able to now onboard partners in record time like these. We signed a partner. We brought them on board, and we actually launched the initial kind of the early rounds.

因此，我們很高興他們能夠成為我們平台上的合作夥伴。這證明我們的工程團隊已經投入了大量的資源和能力。我們現在能夠以這樣的創紀錄時間吸收合作夥伴。我們簽下了一位合作夥伴。我們讓他們加入進來，並且實際上啟動了早期階段的初步工作。

And as I mentioned, we plan to be fully ramped up within a matter of a few more weeks. So we're excited about them, and they'll actually add a lot of interesting new demographic segments to our mix. And again, I want to mention and underscore this, every partner is important for us, and we're happy to have them on board.

正如我所提到的，我們計劃在未來幾週內全面完成。所以我們對他們感到很興奮，他們實際上會為我們的組合添加很多有趣的新人口統計部分。我想再次提及並強調這一點，每個合作夥伴對我們都很重要，我們很高興他們能加入我們。

Got it. Sounds good. And then just lastly here, you guys really kind of dialed back on OpEx during the quarter. Just wondering if this is sort of a new run rate going forward. I know you had mentioned kind of scaling as you scale top line growth, too.

知道了。聽起來不錯。最後，你們在本季確實減少了營運支出。我只是想知道這是否是未來的新運行率。我知道您也提到在擴大營業額成長的同時進行擴大規模。

But just wondering kind of how you're thinking about expenses throughout 2025.

但我只是想知道您如何考慮 2025 年全年的開支。

Thanks, Luke. Yes, as I said in the prepared remarks, we expect it to be below $40 million for the rest of the year. We do not expect it to be at the level you saw in Q4, which is $34 million, excluding stock-based compensation. That is really a result of reducing incentive compensation in 2024. And so it should kind of normalize back to what you were seeing in Q3.

謝謝，盧克。是的，正如我在準備好的演講中所說，我們預計今年剩餘時間的支出將低於 4000 萬美元。我們預計它不會達到第四季度的水平，即 3400 萬美元（不包括股票薪酬）。這其實是 2024 年激勵薪酬減少的結果。因此它應該恢復到你在第三季度看到的狀態。

That said, we are optimizing costs, and we are making deliberate decisions. As Amit said, we rolled out Dosh, and we are launching a hub in Taiwan. So we are investing in key areas while pulling back in others. So I would model more mid- to high 30s going forward.

也就是說，我們正在優化成本，並且正在做出深思熟慮的決定。正如阿米特所說，我們推出了 Dosh，並且正在台灣建立一個中心。因此，我們在關鍵領域進行投資，同時在其他領域進行撤資。因此，我以後會為 30 多歲的人設計更多模型。

Awesome. Exciting to see all these initiatives play out over the next year.

驚人的。很高興看到所有這些措施將在明年實施。

Kyle Peterson, Needham.

凱爾彼得森，尼德姆。

Great. I appreciate the updates. I just wanted to start out with the consumer incentives. I know they've been bounced around a little bit as engagement has improved. But it does look like the 4Q number and the 1Q guide looks kind of implied to be fairly stable.

偉大的。我很感謝這些更新。我只是想從消費者激勵開始談起。我知道，隨著參與度的提高，他們已經受到了一些影響。但看起來第四季的數據和第一季的指引似乎都相當穩定。

Is this a good run rate to use moving forward for percentage of billings? Or do you expect there will still be some choppiness as you guys consider to continue to migrate towards engagement-based pricing?

對於未來帳單百分比而言，這是否是一個良好的運行率？或者您是否預計，當您考慮繼續轉向基於參與度的定價時，仍會出現一些波動？

No, I think it should remain in the low 60% range like we have in the last quarter and in the guide. As I said, we're focused on driving value to consumers and driving engagement, but keeping our margins within an acceptable range. So some of the overages you might have seen in the past were really related to that over delivery. Since we have that under control, it's really about driving rewards in the instances where there's billings associated with them. And just to be clear, we want to grow the total pie of engagement.

不，我認為它應該保持在 60% 的低位範圍內，就像我們上個季度和指南中所說的那樣。正如我所說，我們專注於為消費者創造價值並推動參與度，但將利潤率保持在可接受的範圍內。因此，您過去可能看到的一些超額現象實際上與超額交付有關。由於我們已經控制了這一點，因此它實際上是在與帳單相關的實例中推動獎勵。需要明確的是，我們希望擴大參與度的整體規模。

And so that means driving more value to consumers and driving more value for advertisers while still focusing on margins within an acceptable range. So I would keep it in the low 60% revenue to billings range.

這意味著為消費者創造更多價值，為廣告主創造更多價值，同時仍專注於可接受範圍內的利潤率。因此，我會將其收入與營業額之比保持在 60% 以下的範圍內。

Okay. That is helpful. And then I guess just a follow-up on Dosh. Is there any way you guys could give us a little bit of color on what the revenue and expense base was? I'm assuming it was probably a net drag on profitability.

好的。這很有幫助。然後我想這只是對 Dosh 的後續報導。你們能否稍微介紹一下收入和支出基礎給我們？我認為這可能會對獲利能力產生淨拖累。

But I guess, how should we think about the impact of that to the top line as well as the cost base? And if there's any stranded costs or one-timers that we need to be mindful of in our model?

但我想，我們該如何看待這對營業收入和成本基礎的影響？我們的模型中是否存在需要我們注意的擱淺成本或一次性成本？

Sure. So Dosh, we never broke out specifically how much it was contributing in any way. It does help just refocus the team from a cost and time perspective on to other initiatives that matter more. The only real thing you should see is in Q1, you will see a noncash gain for the aggregate amount of cash that was not withdrawn from balances, but that cash was already in our cash and cash equivalents. So that would have shown up on the consumer incentive liability line on the balance sheet.

當然。所以 Dosh，我們從來沒有具體說明它以任何方式貢獻了多少。它確實有助於讓團隊從成本和時間的角度重新關注更重要的其他計劃。您唯一真正應該看到的是，在第一季度，您將看到未從餘額中提取的現金總額的非現金收益，但這些現金已經存在於我們的現金和現金等價物中。因此，這將出現在資產負債表的消費者激勵責任線上。

But other than that, no major one-time costs and no real impact to the P&L.

但除此之外，沒有重大的一次性成本，也沒有對損益表產生實際影響。

And Kyle, just to add to what Alexis said, Dosh was a very principal decision. I believe focus helps. And as Alexis mentioned, this helps us free up not just resources, but also mind share that's going in and maintaining a product to the first level, the first-class citizen level. And so this is very much not core to our long-term plans and long-term strategy and the turnaround plan that I've put in place. So that was the driving factor in this case.

凱爾，我補充一下亞歷克西斯所說的話，Dosh 是一個非常重要的決策。我相信專注是有幫助的。正如亞歷克西斯所提到的，這不僅幫助我們釋放資源，而且還能釋放心智份額，將產品維持在第一級，也就是一流公民的水平。因此，這根本不是我們長期計劃、長期策略和我所製定的扭虧為盈計劃的核心。這就是本案的驅動因素。

Omar Dessouky, Bank of America.

美國銀行的奧馬爾‧德蘇基 (Omar Dessouky)。

This is Arthur on for Omar. Just one quick one on macro. I guess as you guys are having these conversations with advertisers on their 2025 budget, have you sensed any change in sort of advertiser mentality, perhaps just given some of the economic uncertainties that have emerged recently?

這是亞瑟 (Arthur) 代替奧馬爾 (Omar)。關於宏，我只想簡單說一下。我想，當你們與廣告商討論 2025 年預算時，你們是否感覺到廣告商心態發生了任何變化，也許只是考慮到最近出現的一些經濟不確定性？

Yes. I think that's a good question. You see the expense of data we see. And so we start to kind of get patterns. And based on the patterns we're seeing, we see a consumer pullback for discretionary spend.

是的。我認為這是個好問題。您將看到我們看到的數據費用。所以我們開始得到一些模式。根據我們所看到的模式，我們發現消費者的可自由支配支出減少。

So verticals like travel and restaurants. So we see some initial pullback patterns. And while the everyday spend around grocery or multiline retail, they continue to be strong. That said, marketers really are -- they come in, it's not a broad brush stroke. So they really think about things in different categories.

例如旅遊和餐飲等垂直行業。因此我們看到一些初步的回調模式。儘管日常消費圍繞著雜貨或多線零售，但仍保持強勁。話雖如此，行銷人員確實是——他們進來，並不是一概而論。所以他們確實會用不同的類別來思考事物。

But just thinking about how we look from inside out, these are the times when our diversified advertiser base really helps us. And that's something that our sales team has done a great job in expanding that diversity of advertiser base. And the second thing, during these times, consumers do become a bit more deal focused, so that also plays to our strength. But the key is that there are advertisers or marketers who are thinking about budgets differently, and our teams are working very much closely with them to help weather through the uncertainty that emerges, and it impacts some sectors more than the other.

但只要從內而外地思考，我們多元化的廣告客戶基礎就確實能帶給我們幫助。我們的銷售團隊在擴大廣告客戶群多樣性方面做得非常出色。第二件事，在這些時候，消費者確實會更重視交易，這也發揮了我們的優勢。但關鍵在於，廣告商或行銷人員對預算有不同的看法，我們的團隊正在與他們密切合作，幫助他們渡過出現的不確定性，而且它對某些行業的影響比其他行業更大。

That's super helpful. And maybe just one more for me, if I could. Amit, you mentioned, I think you talked about microtargeting combining both Cardlytics and Bridg data that could potentially unlock some CPG budget. How should we think about the potential magnitude of this opportunity? And is this something that you would expect to materially impact top line in 2025?

這非常有幫助。如果可以的話，也許我還會再來一個。阿米特，您提到過，我認為您談到了結合 Cardlytics 和 Bridg 數據的微目標定位，這可能會解鎖一些 CPG 預算。我們該如何看待這項機會的潛在規模？您是否預計這會對 2025 年的營收產生重大影響？

Yes. I think the important thing is that this is a unique capability that only Cardlytics can bring by connecting the 2 data sets. And this was a priority that was important for me. And we had our data engineering teams, we had our data analytics teams kind of work together. And we figured out based on a long amount of research and analysis, we figured out a way that we could connect the data sets in a privacy safe way by connecting signals, new data signals within transaction strengths across the two datasets.

是的。我認為重要的是，這是只有 Cardlytics 才能透過連接這兩個資料集帶來的獨特功能。這對我來說是一個重要的優先事項。我們有數據工程團隊和數據分析團隊一起工作。經過大量的研究和分析，我們發現，透過連接訊號、兩個資料集內交易強度內的新資料訊號，我們可以以隱私安全的方式連接資料集。

So that's the good news. And furthermore, as you rightly said, this allows us to open new CPG budgets and provide more value to our end consumers. So what we're trying to do right now, we're focused on trying to do right now is getting it out in the market and do some early tests. And once we iron out the wrinkle, we'll scale it up. So this is something where I'm looking forward to and seeing the impact, and we'll keep you posted in the forthcoming quarters.

這是個好消息。此外，正如您所說，這使我們能夠開闢新的 CPG 預算並為我們的最終消費者提供更多價值。因此，我們現在正在嘗試做的是，我們現在專注於嘗試將其推向市場並進行一些早期測試。一旦我們解決了問題，我們就會擴大規模。因此，這是我期待並看到其影響的事情，我們將在接下來的幾季中向您通報最新情況。

Jason Kreyer, Craig-Hallum.

傑森·克雷爾、克雷格·哈勒姆。

Great. This is Cal on for Jason. Maybe first to start, can you just touch on your new large US financial institution partner? Are there any assumptions for contribution in the Q1 guide?

偉大的。這是 Cal on 為 Jason 準備的。首先，您能否簡單介紹一下您的新美國大型金融機構合作夥伴？Q1 指引中對貢獻有什麼假設嗎？

And any incremental updates you have for the ramp of this partnership throughout the year?

對於全年加強這段合作關係，您有什麼進展嗎？

So as I mentioned, it's not really a contributor to the Q1 number. So this is fully launched with all of their card members as of kind of late in Q1. But we're continuing to work to add more and more content to them. And every day, we're adding more and every month. So still not a major contributor now and we'll continue to ramp throughout the year.

正如我所提到的，它實際上對第一季的數據沒有貢獻。因此，這項服務將於第一季末全面推出所有持卡會員。但我們仍在繼續努力，為它們添加更多內容。我們每天、每個月都會增加更多內容。所以現在還不是主要貢獻者，我們將全年繼續加大貢獻。

Great. And then you kind of touched on some green shoots that you were seeing in the pipeline. Just curious if you can kind of touch on the drivers of that pipeline strength you're seeing? And how quickly could these new pipeline opportunities scale as you're seeing things like supply grow and things like delivery get ironed out?

偉大的。然後您提到了您在管道中看到的一些綠芽。我只是好奇您是否可以談談您所看到的管道強度的驅動因素？當您看到供應量成長、交付問題得到解決時，這些新的管道機會能夠以多快的速度擴大？

Yes. I think that's a very (inaudible) question, very much grounded in our turnaround plan. There are green shoots, if you will, across all of those four pillars. So first of all, as we've talked about, delivery continues to get better. We've solved most of the problem, and we have upside in front of us from those areas.

是的。我認為這是一個非常（聽不清楚）的問題，很大程度上是基於我們的扭虧為盈計畫。如果你願意的話，這四大支柱上都出現了復甦的跡象。首先，正如我們所討論的，交付正在不斷改善。我們已經解決了大部分問題，在這些領域我們還有進步的空間。

On the supply side, we have built a tangible value proposition that partners outside of FIs are excited about chatting with us to deliver a similar level of value to their customers. They want to increase the loyalty proposition that they're offering to their customers. So we're able to bring the best of the Cardlytics platform to nonbank supply partners as well. And for our advertisers, you heard me talk about new microtargeting solutions. We're also going to market for very large brands and retailers with solutions that connect the best of both Bridg and the core Cardlytics value prop to develop a broader value prop for them to drive their marketing goals.

在供應方面，我們建立了切實的價值主張，金融機構以外的合作夥伴很高興與我們合作，為他們的客戶提供類似的價值水準。他們希望提高向客戶提供的忠誠度主張。因此，我們也能夠將 Cardlytics 平台的最佳功能帶給非銀行供應合作夥伴。對於我們的廣告商，您聽到我談論新的微目標解決方案。我們也將向大型品牌和零售商提供市場解決方案，將 Bridg 和核心 Cardlytics 價值主張的優點結合起來，為他們開發更廣泛的價值主張，以推動他們的行銷目標。

So we have a slew of green shoots that we're excited about. And all of them, by definition, have their own kind of incubation and germination time line. But the fact that they're built on our core asset, that kind of gives me a lot of confidence in the future of progression.

因此，我們對於一系列的復甦新芽感到非常興奮。根據定義，它們都有自己的孵化和發芽時間表。但事實上，它們是建立在我們的核心資產之上的，這讓我對未來的發展充滿信心。

Robert Culbreth, Evercore ISI.

羅伯特‧卡爾布雷斯 (Robert Culbreth)，Evercore ISI。

Just wanted to ask on the expansion with the large US FI partner and then the new neobank as well. As you begin to talk about these expansions with advertisers, just wondering if access to this new set of customers, different demographics and spending patterns, is that helping to catalyze advertiser demand or open any new doors for you on the demand side? And then secondly, as you turn your focus to renewals this year, just wondering about any prospect for revisions with respect to revenue share. I think you've talked in the past about a slightly different value proposition or sort of value algo adding a little bit more value to consumers potentially in exchange for lower partner -- FI partner share.

只是想詢問與美國大型金融機構合作夥伴以及新新銀行的擴張情況。當您開始與廣告商談論這些擴充功能時，您是否想知道，接觸這些新客戶、不同的人口統計和消費模式是否有助於刺激廣告商的需求，或者在需求方面為您打開任何新的大門？其次，當您將注意力轉向今年的續約時，只是想知道收入份額是否有任何修訂的前景。我認為您過去曾談到略有不同的價值主張或價值演算法，即為消費者增加更多價值，以換取更低的合作夥伴——FI 合作夥伴份額。

But just wanted to ask if you have any updated thoughts there.

但只是想問一下您是否有任何更新的想法。

Yes. I'll go maybe in that order. So first of all, as we bring on new partners, you're absolutely right, it allows our sales team and our partner teams to go and provide a bigger swath of the network impact that we can have in the market to our advertisers. So that is absolutely -- we see that absolutely happening, and that does give dividends back in terms of getting more diverse set of advertisers on the platform and existing advertisers are inclined to spend larger budgets. So that absolutely does happen.

是的。我可能會按照這個順序走。首先，您說得對，當我們引入新的合作夥伴時，它可以讓我們的銷售團隊和合作夥伴團隊為我們的廣告商提供更大的網路影響力。所以這絕對是——我們看到這種情況確實正在發生，而且這確實會帶來回報，讓平台上的廣告商更加多樣化，而現有的廣告商也傾向於投入更大的預算。所以這絕對是會發生的。

But in addition to that, what I'm also excited about the fact that we are -- we've invested a lot more in our data engineering capabilities. And so that allows us to have models, which we are in the process of building right now, so conversion models, where we can target almost at an individual level so that they can actually further help increase redemption rate. So that increases the power of overall network and our ability to target the overall network. So that's kind of to your first question.

但除此之外，令我興奮的是，我們在數據工程能力方面投入了更多。這樣我們就有模型了，我們現在正在建立這些模型，也就是轉換模型，我們幾乎可以在個人層面上進行定位，這樣它們實際上可以進一步幫助提高兌換率。這樣就增強了整個網路的力量以及我們瞄準整個網路的能力。這有點像您的第一個問題。

On your second question on renewal, the renewals that we have, we -- you're right, we have a few renewals coming up, and we continue to work with our bank partners routinely on a daily basis, on a weekly basis. And I can say pretty much in every single case, the incentives -- our incentives are aligned with our bank partners' incentives to deliver the maximum amount of value to their cardholders or to their clients. And we continue to do the best we can. And in some cases, we've actually tailored the product road map to meet specific needs for some of our FI partners, which we are in a unique place of being able to do now, having built a more scalable tech stack.

關於您的第二個問題，關於續約，我們已經進行了續約，您說得對，我們即將進行一些續約，並且我們會繼續每天、每週與我們的銀行合作夥伴進行例行合作。我可以說，幾乎在每一個案例中，我們的激勵措施與我們的銀行合作夥伴的激勵措施是一致的，以便為他們的持卡人或客戶提供最大的價值。我們將繼續盡最大努力。在某些情況下，我們實際上已經客製化了產品路線圖，以滿足一些 FI 合作夥伴的特定需求，我們現在處於一個獨特的位置，能夠做到這一點，因為我們已經建立了更具可擴展性的技術堆疊。

So we'll keep you posted as those unfold over the course of the year and beyond. But we're confident that we're in a good place having invested in our tech and product capabilities and our go-to-market teams.

因此，我們將在今年及以後隨時向您通報最新進展。但我們相信，我們已經在技術和產品能力以及行銷團隊方面進行了投資，目前處於良好的狀態。

There are no further questions at this time. I'd like to turn the call over to Amit Gupta for closing comments. Sir, please go ahead.

目前沒有其他問題。我想將電話轉給 Amit Gupta 來做最後一次演講。先生，請繼續。

Well, thank you for joining us today. We look forward to discussing our first quarter results at the next earnings call. Have a good evening.

好吧，感謝您今天加入我們。我們期待在下次財報電話會議上討論我們的第一季業績。祝您晚上愉快。

Ladies and gentlemen, this concludes today's conference call. Thank you very much for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連線。