Cardlytics Inc (CDLX) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the Cardlytics Inc. Q1 2025 earnings conference call. (Operator Instructions) This call is being recorded on Wednesday, May 7, 2025. Now I would like to turn the call over to Nick Lynton, Chief Legal and Privacy officer. Please go ahead.

女士們，先生們，感謝你們的支持，歡迎參加 Cardlytics Inc. 2025 年第一季財報電話會議。（操作員指示）此通話於 2025 年 5 月 7 日星期三錄製。現在我想將電話轉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 first quarter 2025 financial results call.

晚上好，歡迎參加 Cardlytics 2025 年第一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 second quarter of 2025, our capital structure, the rollout of new partners, and operational and product initiatives. For discussion on 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-Q for the quarter ending March 31, 2025, which has been filed with the SEC.

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 年第二季度、我們的資本結構、新合作夥伴的推出以及營運和產品計劃。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 2025 年 3 月 31 日的季度 10-Q 中的風險因素部分。

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 on the Investor Relations section of the Cardlytics website.

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

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。說完這些，我就把電話交給阿米特 (Amit)。

Good evening and thank you for joining our first quarter 2025 earnings call. I'm going to start our call with a few comments on the macro environment. As you are all acutely aware, we've seen a lot of headlines about volatility and declining consumer sentiment in the first quarter. Based on our purchase data, which represents approximately $5.8 trillion in spend annually, consumer spending is still strong. While there was some softness in February, we saw spending rebound in March and grow steadily in April. Our data shows strong growth across categories like auto, home improvement, e-commerce, and apparel, suggesting that consumers are front-running their purchases before tariffs take effect. We are keeping a close pulse on these fluctuations and how consumers are responding to market changes.

晚上好，感謝您參加我們的 2025 年第一季財報電話會議。我將在通話開始時對宏觀環境發表一些評論。大家可能都很清楚，我們看到了很多關於第一季波動性和消費者信心下降的新聞。根據我們的購買數據（每年支出約 5.8 兆美元），消費者支出仍然強勁。雖然 2 月支出有所疲軟，但 3 月支出出現反彈，4 月支出穩定成長。我們的數據顯示，汽車、家居裝修、電子商務和服裝等類別均呈現強勁成長，顯示消費者在關稅生效前搶先購買。我們密切注意這些波動以及消費者對市場變化的反應。

Leading brands continue to spend with us, but overall, advertisers have been more cautious with their budgets given the macroeconomic uncertainty. While we expect this wait-and-see stance to continue, we are focused on leveraging the breadth and depth of our purchase intelligence to help our advertisers navigate this uncertainty. For example, we know that the airline industry has been facing headwinds, and we've helped a large U.S. carrier bridge this gap. Seeing strong performance and incremental return, this advertiser scaled up to annualized budgets to re-engage their customers and deliver outsized value.

領先品牌繼續在我們這裡投入資金，但總體而言，鑑於宏觀經濟的不確定性，廣告商對預算更加謹慎。雖然我們預計這種觀望態度將會持續下去，但我們專注於利用我們購買情報的廣度和深度來幫助我們的廣告商應對這種不確定性。例如，我們知道航空業一直面臨阻力，我們已經幫助一家大型美國航空公司彌補了這一差距。看到強勁的業績和增量回報，該廣告商擴大了年度預算，以重新吸引客戶並提供超額價值。

Now turning to our key business pillars. As I shared on our last call, we entered 2025 with continued focus on building momentum across our key pillars to maximize consumer engagement, which remains our north-star. Our four pillars, increasing supplies, strengthening demand, optimizing our network, and growing Bridg, continue to underpin our journey ahead to platformize Cardlytics. Let me explain what I mean by platformize.

現在轉向我們的關鍵業務支柱。正如我在上次電話會議上所分享的，進入 2025 年，我們將繼續致力於在關鍵支柱上積聚動力，以最大限度地提高消費者參與度，這仍然是我們的目標。我們的四大支柱：增加供應、加強需求、優化網路和發展 Bridg，將繼續支撐我們未來將 Cardlytics 平台化的旅程。讓我解釋一下平台化的意義。

Building on our longstanding leadership in the financial media space, we continue to evolve our business to position ourselves as a differentiated commerce media platform. This means building an ecosystem that provides through multi-sided participation, flywheel network effects, seamless plug-and-play integrations, and powerful data capabilities. I see these elements as hallmarks of a high-performing tech platform, and we are focusing on the initiatives that further strengthen our position. We believe we are the only platform with this level of scale and data which enables us to provide an array of rich and sophisticated solutions for our publishers and advertisers alike.

憑藉我們在金融媒體領域的長期領導地位，我們不斷發展業務，將自己定位為差異化的商業媒體平台。這意味著建立一個透過多方參與、飛輪網路效應、無縫即插即用整合和強大的資料功能提供服務的生態系統。我認為這些元素是高效能技術平台的標誌，我們正專注於進一步加強我們地位的舉措。我們相信，我們是唯一擁有這種規模和數據的平台，這使我們能夠為出版商和廣告商提供一系列豐富而複雜的解決方案。

I'll now share more details on our progress. First, increasing and diversifying our supply to meet consumers where they are. I want to start by addressing a frequently asked question about why we don't share more details on our partners. While we strive for transparency, our partners request, and often, the terms of our contracts limit what we can discuss publicly. We look forward to sharing more details, including the names of certain new partners, in time and when permitted.

我現在將分享有關我們進展的更多細節。首先，增加並多樣化我們的供應以滿足當地消費者的需求。首先我想回答一個常見問題：為什麼我們不分享更多關於我們合作夥伴的詳細資訊。雖然我們努力追求透明度，但我們的合作夥伴要求，而且我們的合約條款通常也會限制我們可以公開討論的內容。我們期待在適當的時候分享更多細節，包括某些新合作夥伴的名字。

With our newest large FI partner, we have launched with all eligible users and continue to scale the volume of our content. We are seeing strong engagement from this user base and are unlocking different consumer demographics with this partnership. We expect this partner to continue ramping the volume of our content throughout the year, which will enable us to deliver more offers featuring our high-quality brands to their customers. As of April, they are now one of our top five banks in terms of billings run rate.

與我們最新的大型 FI 合作夥伴一起，我們已向所有符合條件的用戶推出了內容，並繼續擴大我們的內容量。我們看到這個用戶群的積極參與，並透過此次合作解鎖了不同的消費者群體。我們期望該合作夥伴全年繼續增加我們的內容量，這將使我們能夠向他們的客戶提供更多以我們的優質品牌為特色的優惠。截至 4 月份，他們已成為我們帳單運行率排名前五的銀行之一。

Our newest neobank partner is now ramped up and live on our latest platform. And our offers are reaching all their eligible card members with premium membership. We are encouraged by the strong reduction rates in this digital-only channel since the launch only a few weeks ago.

我們最新的新銀行合作夥伴現已在我們的最新平台上架。我們的優惠適用於所有符合資格的高級會員卡會員。自從幾週前推出以來，這個純數位頻道的大幅降價令我們感到鼓舞。

Next, I'm excited to share that our vision to expand and diversify our network beyond financial institutions is now a reality. We recently signed our first non-FI partner agreement to run offers on a leading digital sports platform with friends and family now live and the full rollout expected in the coming weeks. We expect to bring additional partners on board soon and these non-FIs will make up our new Cardlytics Rewards Platform or CRP.

接下來，我很高興地告訴大家，我們將網路擴展和多樣化到金融機構以外的願景現在已經成為現實。我們最近簽署了第一份非 FI 合作夥伴協議，在領先的數位運動平台上與親朋好友一起推出優惠活動，預計將在未來幾週內全面推出。我們期望很快能引入更多合作夥伴，這些非金融機構將組成我們新的 Cardlytics 獎勵平台或 CRP。

With CRP, any merchant with digital properties frequented by consumers can become a publisher partner, which opens the door for new verticals that expand our supply universe. This is an important step in the platformization of Cardlytics as we can now engage with merchants in a more strategic way.

透過 CRP，任何擁有消費者經常光顧的數位資產的商家都可以成為出版商合作夥伴，這為擴大我們的供應範圍的新垂直行業打開了大門。這是 Cardlytics 平台化的重要一步，因為我們現在可以以更具策略性的方式與商家互動。

In addition, we have been investing in our tech stack to offer more plug-and-play opportunities for our publisher partners. Historically, our integrations with large banks have been highly customed and lengthy. With the work we've done to ease the implementation process, we were able to onboard our newest neobank partner in eight weeks and our first CRP partner in four weeks.

此外，我們一直在投資我們的技術堆疊，為我們的出版商合作夥伴提供更多的即插即用機會。從歷史上看，我們與大型銀行的合作是高度客製化且漫長的。透過我們為簡化實施流程所做的工作，我們能夠在八週內加入我們的最新新銀行合作夥伴，並在四周內加入我們的第一個 CRP 合作夥伴。

We now offer an SDK hosted solutions and robust APIs so that most publishers can integrate and go live on our platform quickly. These tourniquet solutions are especially beneficial for smaller banks that want to join our network with minimal lift and friction. We can also expect to see benefits of our tech improvements the next time we integrate with a large bank.

我們現在提供 SDK 託管解決方案和強大的 API，以便大多數發布商能夠快速整合並在我們的平台上上線。這些止血帶解決方案對於希望以最小的負擔和摩擦加入我們網路的小型銀行尤其有益。下次與大型銀行合作時，我們還將看到技術改進帶來的好處。

And lastly, we recently shared that we will not be renewing our current agreement with Bank of America. We expect to continue providing uninterrupted service to them through early 2026, and all signs point to us continuing to partner together after that and delivering our offers to their customers through other means. Additionally, after the conclusion of our current agreement, we expect to fully sunset our legacy tech staff and devote all resources to our current platform. Furthermore, we expect no material impact to our financials, and we will continue to invest in diversifying our supply.

最後，我們最近表示，我們不會與美國銀行續簽現有協議。我們預計將在 2026 年初之前繼續為他們提供不間斷的服務，所有跡像都表明我們將在此之後繼續合作並透過其他方式向他們的客戶提供我們的服務。此外，在我們目前協議結束後，我們預計將完全解僱我們的傳統技術人員，並將所有資源投入到我們目前的平台上。此外，我們預計這不會對我們的財務狀況產生重大影響，並且我們將繼續投資以實現供應多元化。

Second, strengthening and growing advertising demand. We are leaning into our core differentiators, which include more sophisticated capabilities like merchant location-level data and multi-tier offers. These types of offer setups now account for nearly 10% of budgets and have proven effective in influencing behavior. Leading advertisers are using our capabilities to target specific areas of softness in their business and deliver more value to their customers. For example, airlines have used targeted receipt level offers to promote upgrades to premium seating or bookings to specific destinations. Gas brands have also leveraged these offers to boost premium fuel purchases.

二是廣告需求不斷加強與成長。我們正在傾向於我們的核心差異化因素，其中包括商家位置級數據和多層級優惠等更複雜的功能。這些類型的優惠設定目前佔預算的近 10%，並且已被證明能夠有效影響行為。領先的廣告商正在利用我們的能力來瞄準他們業務中的特定薄弱領域並為他們的客戶提供更多價值。例如，航空公司利用有針對性的收據等級優惠來促進高級座位的升級或特定目的地的預訂。汽油品牌也利用這些優惠來促進優質燃料的購買。

Leading retailers are using our capabilities to drive omni-channel behavior to deepen their customer relationships. We've built on our momentum to drive new business and continue to add new brands to our platform. We've also expanded our integrations with additional third party content providers, which allows our publisher partners to reap network benefits by accessing diverse content with high quality advertiser demand.

領先的零售商正在利用我們的能力來推動全通路行為，以加深他們的客戶關係。我們充分利用現有勢頭來推動新業務，並繼續將新品牌添加到我們的平台。我們還擴大了與其他第三方內容提供者的整合，這使我們的出版商合作夥伴能夠透過存取具有高品質廣告商需求的多樣化內容來獲得網路效益。

In the UK, we had strong performance and growth in categories like travel and entertainment and restaurants, even as advertisers' overall marketing budgets shrunk. Looking ahead, we see opportunity for continued growth as brands shift their ad spend to direct marketing channels with proven results.

在英國，儘管廣告商的整體行銷預算縮減，但我們在旅遊、娛樂和餐飲等類別中仍然表現強勁，成長強勁。展望未來，隨著品牌將廣告支出轉向直接行銷管道並取得顯著成效，我們看到了持續成長的機會。

We continue to see good traction with our Insights portal with a 77% sequential increase in advertisers utilizing the portal in Q1. The portal has played a critical role in securing executive buy-in and contributed directly to high-value renewals. Leading data-driven brands are accessing the Insights portal on a daily basis and using Insights routinely in broader business decisions. As our client at Shake Shack said, We are in the portal regularly, pulling data to share across the leadership team; the competitive share, in particular, is very valuable for us.

我們的 Insights 入口網站繼續保持良好的發展勢頭，第一季使用該入口網站的廣告商數量環比增長了 77%。該門戶網站在確保高階主管認同方面發揮了關鍵作用，並直接促進了高價值續約。領先的數據驅動品牌每天都會訪問 Insights 門戶，並在更廣泛的業務決策中經常使用 Insights。正如我們的客戶 Shake Shack 所說，我們定期訪問入口網站，提取資料並與領導團隊共享；尤其是競爭份額，對我們來說非常有價值。

Third, our continued efforts to optimize and build a high-performing network. On our last call, I shared how we were making continued improvements to delivery. With these ongoing efforts, I am pleased to share that we believe delivery issues are now largely resolved. Improved budget management, projections and rankings have helped our progress, and we are making significant strides to automate these initiatives.

三是持續優化建置高效網路。在我們上次通話中，我分享了我們如何持續改善交付。透過這些持續的努力，我很高興地告訴大家，我們相信交付問題現在已基本解決。改進的預算管理、預測和排名有助於我們取得進步，我們正在大力推動這些措施的自動化。

To further maximize the performance of our network, we are working on a number of models designed to optimize for activations and redemptions by increasing relevancy and program participation. These models are showing early promising results. And we will continue to fine-tune them.

為了進一步提高我們網路的效能，我們正在研究多種模型，旨在透過提高相關性和計畫參與度來優化活化和兌換。這些模型早期顯示出了有希望的結果。我們將繼續對其進行微調。

Our continued investments in data engineering are not only enhancing network effectiveness, but are also providing solutions to address specific advertiser challenges. For example, we are leveling up geo-targeting capabilities by matching spending patterns in different locations. Enabling us to more precisely target consumers with offers in the areas they frequently visit and shop, not only where they live. Our shift to engagement-based pricing also continues to progress with 74% of our advertisers on engagement-based pricing as of end of Q1, representing more than half of our billing.

我們對數據工程的持續投資不僅提高了網路效率，而且還提供了解決特定廣告商挑戰的解決方案。例如，我們透過搭配不同地點的消費模式來提升地理定位能力。使我們能夠更精準地向消費者提供他們經常訪問和購物的地區的優惠，而不僅僅是他們居住的地方。我們向基於參與度的定價的轉變也在繼續推進，截至第一季末，74% 的廣告客戶採用基於參與度的定價，占我們帳單的一半以上。

And our fourth and final pillar, accelerating our growth and bridge. We continue to see interest in a healthy pipeline for our identity resolution solution. In Q1, we expanded our relationship with a leading retailer and signed a top sporting goods chain which further validates our core technology and growth potential. We are working with these clients to power their identity-driven marketing strategies and support their digital transformation goals.

我們的第四個也是最後一個支柱是加速我們的成長和橋樑。我們繼續看到人們對我們的身分解析解決方案的健康管道的興趣。第一季度，我們擴大了與一家領先零售商的合作關係，並簽約了一家頂級體育用品連鎖店，這進一步驗證了我們的核心技術和成長潛力。我們正在與這些客戶合作，以增強他們的身份驅動行銷策略並支持他們的數位轉型目標。

With Rippl, we now have more than 130 million unique shoppers across 11 retailers in the U.S. We are working to strengthen our revenue opportunities through custom audience campaign growth with CPG and agency clients.

借助 Rippl，我們現在在美國 11 家零售商中擁有超過 1.3 億獨立購物者。我們正在努力透過與 CPG 和代理客戶一起進行客製化受眾活動來加強我們的收入機會。

As mid-market and regional retail media networks gain prominence, our integrated solutions across Bridg uniquely position us to power both sides of this evolving ecosystem, connecting retailers, brands, and shoppers with precision and measurable impact. Importantly, we continue to focus on integrating our SKU level data from Bridg, which represents over 12 billion transactions per year with Cardlytics purchase data.

隨著中端市場和區域零售媒體網絡日益重要，我們透過 Bridg 提供的整合解決方案為這個不斷發展的生態系統的雙方提供獨特的支持，以精準和可衡量的影響將零售商、品牌和購物者聯繫起來。重要的是，我們繼續專注於整合來自 Bridg 的 SKU 級數據，該數據代表每年超過 120 億筆交易與 Cardlytics 購買數據。

Last quarter, we mentioned we would begin testing a series of CPG offers from large retailers using both Bridg and Cardlytics data. And I'm happy to share that we have just launched this pilot with a retailer and one of our bank partners and look forward to sharing updates on this effort. This pilot represents the first time we've been able to publish a CPG offer or leverage Bridg data on our core Cardlytics platform. By continuing to lean into our core platform capabilities and differentiators, we have created a resilient platform that performs through different natural environments.

上個季度，我們提到我們將開始使用 Bridg 和 Cardlytics 數據測試大型零售商提供的一系列 CPG 優惠。我很高興地告訴大家，我們剛剛與一家零售商和我們的銀行合作夥伴啟動了這項試點項目，並期待分享這項工作的最新進展。此次試點代表我們首次能夠在核心 Cardlytics 平台上發布 CPG 優惠或利用 Bridg 數據。透過繼續依靠我們的核心平台功能和差異化因素，我們創建了一個能夠在不同的自然環境中運作的彈性平台。

To position ourselves for success, we are proactively taking control of our costs and ensuring our liquidity is in a good position. We recently extended the maturity of our line of credit to 2028 and also implemented a 15% reduction to our workforce earlier this week. I will let Alexis share more details on these actions.

為了獲得成功，我們積極控製成本並確保流動性處於良好狀態。我們最近將信貸額度的期限延長至 2028 年，並在本週稍早實施了 15% 的員工裁員計畫。我會讓亞歷克西斯分享有關這些行動的更多細節。

I'd like to thank all our teams for their hard work and resiliency as we make decisions to future-proof our company.

我要感謝我們所有團隊的辛勤工作和堅韌不拔，因為我們做出了確保公司未來發展的決策。

Finally, I am excited to welcome Rory Mitchell, our new Chief Business Officer, to our leadership team. Rory joins us with more than 15 years of experience in commerce media and leading teams through critical business transformations. I look forward to his insights and fresh perspective as we continue our platformization journey.

最後，我很高興歡迎新任商務長羅裡·米切爾加入我們的領導團隊。Rory 加入我們，在商業媒體領域擁有超過 15 年的經驗，並曾領導團隊完成關鍵的業務轉型。在我們繼續平台化之旅的過程中，我期待他的見解和新視角。

I will 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. For the first quarter, we performed above or at the top end of our guidance across all metrics. As a reminder, Q1 is a seasonally weak quarter for Cardlytics in terms of billings and free cash flow, and we also decommissioned the Dosh consumer app in late February.

謝謝你，阿米特。第一季度，我們的所有指標均超出或達到了預期的最高水準。提醒一下，對於 Cardlytics 來說，第一季在營業額和自由現金流方面是季節性疲軟的季度，而且我們還在 2 月底停用了 Dosh 消費者應用程式。

Turning to our specific first quarter results, my comments will be year-over-year comparisons to the first quarter of 2024, unless stated otherwise. In Q1, our total billings were $97.6 million, a 7.3% decrease. We beat our billings guidance, driven primarily by pipeline wins in the U.S., and incremental improvement on delivery.

談到我們具體的第一季業績，除非另有說明，我的評論將是與 2024 年第一季的同比比較。第一季度，我們的總營業額為 9,760 萬美元，下降了 7.3%。我們超出了預期的帳單金額，這主要得益於美國管道的勝利以及交付方面的逐步改善。

On a category basis, we saw strength in our core vertical everyday spend and in specialty retail which grew 52%. The travel category declined as we saw budgets shrink from a few key accounts. We also continue to see high amounts of new business with 96% of new brands on engagement-based pricing. Consumer incentives decreased by 5.1% to $35.7 million and revenue decreased 8.4% to $61.9 million driven by lower top line billings in a category mix of advertisers. Our revenue-to-billings margin remained flat to prior quarter, but down 0.8% versus prior year due to pressures on advertiser performance.

從類別來看，我們的核心垂直日常消費和專業零售表現強勁，成長了 52%。由於我們發現一些主要客戶的預算縮減，旅遊類別的銷售量出現下降。我們也繼續看到大量新業務，其中 96% 的新品牌採用基於參與度的定價。消費者激勵措施下降 5.1% 至 3,570 萬美元，營收下降 8.4% 至 6,190 萬美元，原因是各類廣告商的營收下降。我們的營收與帳單利潤率與上一季持平，但由於廣告商業績壓力，較上年同期下降了 0.8%。

Looking at our segment revenue results. Our U.S. revenue, excluding Bridg, decreased 10.9% due to lower billings as previously discussed. In the UK, we saw 8.6% revenue growth driven by higher billings and increased supply. We signed 15 new brands in the UK this quarter, primarily in direct-to-consumer and retail categories. Bridg revenue increased 1.6% due to new client wins with two major retailers.

查看我們的分部收入結果。如前所述，由於帳單減少，我們的美國收入（不包括Bridg）下降了 10.9%。在英國，受營業額增加和供應量增加的推動，我們的收入成長了 8.6%。本季度，我們在英國簽約了 15 個新品牌，主要涉及直接面向消費者和零售類別。由於贏得了兩家主要零售商的新客戶，Bridg 的收入成長了 1.6%。

Adjusted contribution was $32.4 million, down 12.5%. As a percentage of revenue, our adjusted contribution margin was 52.4%, down 2.4 points due to a less favorable partner mix. Adjusted EBITDA was negative $4.4 million, a decline of $4.6 million. Total adjusted operating expenses, excluding stock-based compensation, came in at $36.8 million flat to the prior year.

調整後的貢獻為 3,240 萬美元，下降 12.5%。作為收入百分比，我們的調整後貢獻利潤率為 52.4%，由於合作夥伴組合不太有利而下降了 2.4 個百分點。調整後的 EBITDA 為負 440 萬美元，下降 460 萬美元。不包括股票薪酬在內的調整後總營運費用為 3,680 萬美元，與上年持平。

In Q1, operating cash flow was negative $6.7 million, free cash flow was negative $10.8 million, an improvement of $11.6 million from the prior year due to a reduction in incentive compensation payout related to 2024.

第一季度，營運現金流為負 670 萬美元，自由現金流為負 1,080 萬美元，較上年同期改善 1,160 萬美元，原因是與 2024 年相關的激勵薪資支出減少。

Historically, the first quarter is the lowest from a cash flow standpoint, and we expect this to be the case in 2025. On the balance sheet, we ended Q1 with $52 million in cash and cash equivalents and $60 million of unused available borrowings under our line of credit. As previously announced, we extended the maturity date of our line of credit to April 2028 under the same financial terms. This gives us $87 million of liquidity as of the end of Q1, after accounting for a minimum cash covenant of $25 million.

從歷史上看，第一季的現金流是最低的，我們預計 2025 年的情況也是如此。在資產負債表上，我們在第一季結束時擁有 5,200 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。正如先前宣布的那樣，我們按照相同的財務條款將信用額度的到期日延長至 2028 年 4 月。在計入 2,500 萬美元的最低現金契約後，截至第一季末，我們的流動資金為 8,700 萬美元。

Lastly, in Q1, we paid $3 million to our settlement with SRS with only $2 million remaining in June.

最後，在第一季度，我們向 SRS 支付了 300 萬美元的和解金，但 6 月只剩下 200 萬美元。

This quarter, we are introducing a new metric, monthly qualified users or MQUs, and retiring monthly active users or MAUs. MQUs are defined as unique targetable consumers that have made a transaction in a given month. They represent the pool of possible redeemers that we can monetize. We are making this change for a few reasons. First, this new metric allows us to be consistent across our publisher partners, as not all partners provide the data necessary for an equivalent MAU metric. MQUs also align more closely with our efforts to diversify supply across FI and non-FI partners.

本季度，我們引入了一項新指標，即每月合格用戶數或 MQU，並取消每月活躍用戶數或 MAU。MQU 被定義為在特定月份內進行過交易的唯一可定位消費者。它們代表了我們可以貨幣化的潛在救贖者群體。我們做出這項改變有幾個原因。首先，這項新指標使我們能夠與出版商合作夥伴保持一致，因為並非所有合作夥伴都提供等效 MAU 指標所需的數據。MQU 也與我們在 FI 和非 FI 合作夥伴之間實現供應多元化的努力更加一致。

In the first quarter, we had 214.9 million MQUs, an increase of 12%, driven by the introduction of our newest large FI partner. Excluding this partner, MQUs would have been down 1% due to winding down the Dosh consumer app and a smaller partner. For comparability, MAUs excluding our newest largest FI partner, would have been $169.7 million, up 2% from prior quarter, and up 0.7% from the prior year.

第一季度，我們的 MQU 為 2.149 億，成長了 12%，這得益於我們引進了最新的大型 FI 合作夥伴。如果不計入該合作夥伴，由於 Dosh 消費者應用程式和規模較小的合作夥伴的關閉，MQU 將下降 1%。為了方便比較，不包括我們最新的最大 FI 合作夥伴的 MAU 為 1.697 億美元，比上一季成長 2%，比去年同期成長 0.7%。

In conjunction with MQU, we are introducing adjusted contribution per MQU or ACPU, and we will retire average revenue per user or ARPU. ACPU will include adjusted contribution from the Cardlytics platform and exclude Bridg. We continue to believe that adjusted contribution is a better indicator for our business than revenue as it reflects the value we retain after rewards and partnership. ACPU reflects how efficiently we convert advertiser budgets to value the company can retain.

結合 MQU，我們將引入 MQU 或 ACPU 調整的貢獻，並且我們將取消每位用戶平均收入或 ARPU。ACPU 將包括來自 Cardlytics 平台的調整貢獻並排除 Bridg。我們仍然相信，調整後的貢獻比收入更能反映我們的業務，因為它反映了我們在獎勵和合作之後保留的價值。ACPU 反映了我們將廣告商預算轉化為公司可以保留的價值的效率。

In the first quarter, ACPU was down 24% year-over-year as the MQU base of our newest large FI partner has not yet been fully monetized. Excluding this partner, ACPU would have been down 15%. For comparability, ARPU, excluding this partner, would have been $0.36 in Q1. We have provided an eight-quarter historical view of these two new non-GAAP KPIs in the 10-Q that we filed today.

第一季度，ACPU 年減 24%，因為我們最新的大型 FI 合作夥伴的 MQU 基數尚未完全貨幣化。如果不計入該合作夥伴，ACPU 將下降 15%。為了便於比較，不包括該合作夥伴，第一季的 ARPU 為 0.36 美元。我們在今天提交的 10-Q 報告中提供了這兩個新的非 GAAP KPI 的八個季度歷史視圖。

Now turning to our outlook for Q2. I want to acknowledge the macro environment and note that our wider range reflects the potential for a wider set of outcomes. For Q2, we expect billings between $100 million and $108 million; revenue between $61 million and $67 million; adjusted contribution between $32.5 million and $36.5 million; and adjusted EBITDA between negative $4 million and positive $1 million.

現在來談談我們對第二季的展望。我想承認宏觀環境，並指出我們更廣泛的範圍反映了更廣泛的結果的潛力。對於第二季度，我們預計營業額在 1 億美元至 1.08 億美元之間；收入在 6,100 萬美元至 6,700 萬美元之間；調整後的捐款額在 3,250 萬美元至 3,650 萬美元之間；調整後的 EBITDA 在負 400 萬美元至正 100 萬美元之間。

Our billings guidance represents a negative 9% to negative 2% decrease year-over-year. There is still a large amount of caution among our advertisers leading to delays when committing to ad spending. On the flip side, macro uncertainty is providing an opportunity for Insights-driven selling as there is interest in understanding U.S. consumer spending trends and industry impacts.

我們的帳單預期是年減 9% 至 2%。我們的廣告商仍然非常謹慎，導致在廣告支出承諾方面出現延遲。另一方面，宏觀不確定性為洞察驅動的銷售提供了機會，因為人們有興趣了解美國消費者支出趨勢和行業影響。

From a pipeline standpoint, we are seeing traction with new logos. From a category standpoint, we see strength in everyday spend in specialty retail, as we did in Q1. As many peers have noted, the travel and restaurant categories are seeing weakness, but we are in a unique position to help advertisers in these categories drive incrementality. As Amit mentioned, a few weeks ago, we signed a large annual commitment with a large U.S. carrier that had previously reduced them with us in Q1.

從頻道角度來看，我們看到了新標誌的吸引力。從類別的角度來看，我們看到專業零售的日常支出表現強勁，就像我們在第一季看到的那樣。正如許多同行所指出的，旅遊和餐飲類別正出現疲軟，但我們處於獨特的地位，可以幫助這些類別的廣告商推動增量。正如阿米特所提到的，幾週前，我們與一家大型美國航空公司簽署了一份年度大額承諾，而這家航空公司此前在第一季曾與我們削減了年度承諾。

In Q2, we expect incremental improvements to delivery with a renewed focus on relevancy and program engagement. With our newest large FI partner, we are still in the early stages of our partnership and continue to iterate on what works best to maximize value to their cardholders. While 100% of eligible customers are receiving offers, we continue to unlock additional content and have grown the number of our brands on their platform by 21% in the last month. We are encouraged by our recent run rate in billings, which is now similar to one of our top five banks, and there continues to be upside as this partner scales.

在第二季度，我們預計交付將逐步改善，並重新關注相關性和計畫參與。我們與最新的大型金融機構合作夥伴仍處於合作的早期階段，並將繼續探索如何才能最大限度地為他們的持卡人創造價值。在 100% 符合資格的客戶都收到優惠的同時，我們繼續解鎖更多內容，並在上個月將他們平台上的品牌數量增加了 21%。我們最近的帳單運行率令我們感到鼓舞，現在與我們的前五大銀行之一相似，並且隨著該合作夥伴規模的擴大，還有上升空間。

Our newest neobank partner is also included in our Q2 guidance at about half the billings of our newest large FI partner.

我們最新的新銀行合作夥伴也包含在我們的第二季指引中，其收入約為我們最新的大型金融機構合作夥伴收入的一半。

We are excited to launch the Cardlytics Rewards Platform with our first non-FI partner in Q2. As this is our first non-FI partnership, we are not assuming any financial impact in 2025 and are hoping to learn from this launch.

我們很高興在第二季與我們的第一個非金融機構合作夥伴一起推出 Cardlytics 獎勵平台。由於這是我們的第一個非金融機構合作夥伴關係，我們不認為 2025 年會產生任何財務影響，並希望從這次發布中吸取教訓。

Revenue as a percentage of billings is expected to be in the low 60% range for Q2, as well as for the full year. While we have largely solved over-delivery, which historically has been a drag on this metric, we have seen performance pressures in this macro environment. We believe these pressures will continue and have made strategic decisions to drive incremental performance in billings. We are expecting just a contribution as a percentage of revenue to be in the mid-50% range. Our guidance reflects no material change to mix from any of our partners. Adjusted contribution as a percentage of revenue should improve sequentially as we diversify our supply.

預計第二季以及全年的收入佔營業額的百分比將在 60% 左右。雖然我們在很大程度上解決了超額交付的問題，而這在歷史上一直是這項指標的拖累因素，但我們也看到了宏觀環境下的績效壓力。我們相信這些壓力將會持續下去，並已做出策略決策來推動帳單績效的提升。我們預計貢獻佔收入的百分比將在 50% 左右。我們的指導並未反映出我們任何合作夥伴的組合發生重大變化。隨著我們供應的多樣化，調整後的貢獻佔收入的百分比應該會逐年提高。

Our adjusted EBITDA guidance primarily reflects our billings guidance, coupled with the reduction in staff that we completed earlier this week. This reduction impacted approximately 15% of our workforce, which translates to $16 million in annualized savings compared to our Q1 run rate. A portion of this will be reinvested into our lower-cost technology hub so we can continue to invest in key product areas.

我們調整後的 EBITDA 指引主要反映了我們的帳單指引，加上我們本週稍早完成的員工裁減。此次裁員影響了我們約 15% 的員工，與我們第一季的運作率相比，每年可節省 1,600 萬美元。其中一部分將重新投資於我們的低成本技術中心，以便我們能夠繼續投資於關鍵產品領域。

Operating expenses are expected to be sustained below $35 million per quarter, accounting for the net savings and excluding stock-based compensation. For 2025, capital expenditures are expected to reduce to the low $4 million range per quarter. Free cash flow should sequentially improve, including semiannual payments of our interest on our convertible note.

考慮到淨節省且不包括股票薪酬，預計每季營運費用將維持在 3,500 萬美元以下。到 2025 年，資本支出預計將減少至每季約 400 萬美元。自由現金流應該會逐步改善，包括我們可轉換票據的半年利息支付。

We believe we have de-risked our business and that we have sufficient liquidity to satisfy 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 and will invest only as topline performance improves. As a result, we have deprioritized or delayed certain product initiatives, divested non-core assets, and shifted resources to lower cost geographies.

我們相信，我們已經降低了業務風險，並且我們有足夠的流動性來履行所有財務義務，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，我們採取了一種嚴謹的方法，並且只會在營收業績改善時進行投資。因此，我們降低或延遲了某些產品計劃，剝離了非核心資產，並將資源轉移到成本較低的地區。

We continue to invest in three main areas including sales, diversifying our supply, including non-FI partners, and Bridg. For the rest of the year, we are focused on delivering improved adjusted EBITDA sequentially through the year based on improved execution and continued responsible expense management. We believe that this can be enabled by sequential billing growth driven by a stabilized platform, delivering enhanced advertiser value, and greater diversification of our supply partners.

我們繼續在三個主要領域進行投資，包括銷售、供應多樣化（包括非金融機構合作夥伴）和橋樑。在今年剩餘時間內，我們將致力於在改善執行力和持續負責任的費用管理的基礎上，全年連續提高調整後的 EBITDA。我們相信，透過穩定的平台推動的連續計費成長、增強的廣告商價值以及供應合作夥伴的多樣化，可以實現這一目標。

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

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 want to underscore the journey we're on to platformize our company. Our expanding ecosystem, depth and breadth of our data, and ongoing tech investments put us in a unique position to become the preeminent commerce media platform.

謝謝你，亞歷克西斯。在我們進入問答環節之前，我想先強調我們公司平台化進程。我們不斷擴展的生態系統、數據的深度和廣度以及持續的技術投資使我們處於成為卓越商業媒體平台的獨特地位。

(Operator Instructions)

（操作員指示）

Jacob Stephan, Lake Street.

雅各‧史蒂芬 (Jacob Stephan)，湖街。

Hey. I appreciate you taking the questions. Congrats on the quarter. I was hoping that maybe we could touch on CRP a bit more. Can you kind of help us think about what kind of opportunity does this represent on the non-FI side, maybe comparing it to the FI side of the business? Is this market larger or is it kind of a nice complementary market to the current business?

嘿。感謝您回答這些問題。恭喜本季取得佳績。我希望我們能夠更多地談論 CRP。您能否幫助我們思考一下這在非金融機構方面代表著什麼樣的機會，或許可以將其與金融機構方面業務進行比較？這個市場是否更大或它對當前業務來說是一種很好的補充市場？

Jacob, thank you for the question. I think it's a very good question to start the strong quarter we've had. Cardlytics Reward Platform or CRP, as we've mentioned, it's a major step forward. It really allows us to frankly change the definition of a partner. And in this case, it'll be a digital sports platform that will be our first CRP partner. And it's congratulations to them that they are actually forward-thinking and leaning with us and driving more value to their consumers.

雅各布，謝謝你的提問。我認為這是一個非常好的問題，為我們這個強勁的季度開了個好頭。正如我們所提到的，Cardlytics 獎勵平台或 CRP 是向前邁出的重要一步。它確實讓我們坦率地改變了合作夥伴的定義。在這種情況下，數位體育平台將成為我們的第一個 CRP 合作夥伴。值得祝賀的是，他們確實具有前瞻性思維，與我們並肩作戰，為消費者創造了更多價值。

In terms of the magnitude, we definitely see this as a strong path forward, but we don't want to kind of get ahead of ourselves. We want to make sure that we continue to partner with some leading merchants and take the wrinkles out of the tech stack, so to speak, and the platform, and then scale. And as soon as we have a better sense of once some of these wrinkles are taken out, we'll come back to you with the magnitude. But we're really excited about the potential, especially now, our advertising partners can become publisher partners, and we also get to attract new partners where consumers frequent.

從規模上看，我們確實認為這是一條強勁的前進道路，但我們不想操之過急。我們希望確保繼續與一些領先的商家合作，消除技術堆疊和平台方面的問題，然後擴大規模。一旦我們更了解這些問題已解決後，我們就會向您報告其嚴重程度。但我們對其潛力感到非常興奮，尤其是現在，我們的廣告合作夥伴可以成為出版商合作夥伴，而且我們還可以在消費者經常光顧的地方吸引新的合作夥伴。

Got it. Helpful. And just to clarify maybe, is this like a sports betting platform where maybe you're incentivizing consumers to make a bet at a certain point during the game or am I off on that?

知道了。很有幫助。也許需要澄清一下，這是否像一個體育博彩平台，也許你會激勵消費者在比賽的某個時刻下注，或者我是否錯了？

Yeah. I think we can't say the partner, but it's not a sports betting platform. And it is one of the larger or largest digital sports platform. But as I mentioned in my remarks, we want to share the names, but at times, we're not able to share. But as soon as we can contractually, we'll come back and share that.

是的。我認為我們不能說是合作夥伴，但它不是一個體育博彩平台。它是規模較大或最大的數位體育平台之一。但正如我在演講中提到的，我們想分享名字，但有時我們無法分享。但只要我們能夠簽訂合同，我們就會回來分享這一點。

I'm going to chime in for a minute. It's Alexis. Just two things, I think, to hit on. This really opens up anywhere you're using your app or website and logging in with a partner. It really unlocks any of that property. So it's not just necessarily this one example that we're talking about. But you can think about anything that you're frequenting a lot in terms of an app or website, that's an opportunity to serve you and offer one of our cashback offers. So it really does open up the opportunities in terms of outside of the bank channels. And then it also does open up opportunities for advertisers that we can't currently work with. For example, financial services would not be something that we're putting onto our FI partners, but we could be advertising that category on these non-bank partners.

我要插嘴一下。我是亞歷克西斯。我認為，只需談兩件事。這實際上為您使用應用程式或網站並與合作夥伴一起登入的任何地方打開了大門。它確實解鎖了所有財產。所以我們討論的不一定只是這一個例子。但是您可以考慮您經常訪問的任何應用程式或網站，這是一個為您服務並提供我們的現金返還優惠的機會。因此，它確實開闢了銀行管道之外的機會。這也為我們目前無法合作的廣告主帶來了機會。例如，我們不會向我們的金融機構合作夥伴提供金融服務，但我們可以向這些非銀行合作夥伴宣傳該類別。

Can you repeat that?

你能重複一遍嗎？

Sorry if my audio is not good, it just offers additional diversification benefits on both the advertising side.

抱歉，如果我的音訊不好，它只是在廣告方面提供了額外的多樣化優勢。

Okay. Got it. Just last one for me. You guys noted some positive consumer spending. I'm just kind of curious, is that up significantly from maybe last year this time where it truly is, consumers kind of front-running those tariffs, or is it relatively stable with kind of last year's trends? Just curious.

好的。知道了。對我來說這只是最後一個。你們注意到了一些積極的消費者支出。我只是有點好奇，這是否比去年這個時候消費者真正領先於這些關稅的情況有顯著上升，還是與去年的趨勢相對穩定？只是好奇。

Generally, we think about it on a sequential quarter-on-quarter basis. So we've seen the spending growth continue to hold strong, Jacob. As you know, we see about $5.8 trillion of spend, so it's a large part of consumer spend in the country. And mostly, in the everyday-spend categories, the spend has held strong. I think as I mentioned in my prepared remarks, in areas of travel, we've seen some softness creep in. But right now, some of the signs point to some of this might be front-running. But we'll keep a close eye on these fluctuations. And when the trends change, this is an area where we continue to partner with our advertising partners and other publisher partners to advise them so that they can stay ahead of these potential changing consumer patterns.

一般來說，我們會按季度環比來考慮這個問題。因此，我們看到支出成長持續保持強勁，雅各。如您所知，我們看到的支出約為 5.8 兆美元，因此這是該國消費者支出的很大一部分。整體而言，在日常消費類別中，支出保持強勁。我想，正如我在準備好的發言中提到的那樣，在旅遊領域，我們已經看到一些疲軟跡象正在悄悄出現。但目前，一些跡象表明，其中一些可能是搶先交易。但我們會密切關注這些波動。當趨勢發生變化時，我們會繼續與我們的廣告合作夥伴和其他出版商合作夥伴合作，為他們提供建議，以便他們能夠在這些潛在的不斷變化的消費者模式中保持領先地位。

Okay. Thank you. Appreciate all the color.

好的。謝謝。欣賞所有的色彩。

Luke Horton, Northland Capital Markets.

北國資本市場 (Northland Capital Markets) 的盧克霍頓 (Luke Horton)。

Hey guys. Congrats on the quarter. Just wanted to touch back again on the CRP, the Consumer Rewards Platform, just the kind of the economics for Cardlytics with these new partners. Would this be comparable to what you're seeing on the other side of the business? Or is it early to tell or is it engagement-based pricing? Just any sort of details there?

嘿，大家好。恭喜本季取得佳績。我只是想再次談談 CRP，即消費者獎勵平台，以及 Cardlytics 與這些新合作夥伴合作產生的經濟效益。這與您在業務的另一端看到的情況類似嗎？或者現在說這個還為時過早，還是基於參與度的定價？那裡有什麼詳細資訊嗎？

I think most likely -- again, thank you for the question. Most likely, we're moving the platform towards an engagement-based pricing model, so we'll see more and more engagement-based pricing offers and ads on these platforms on CRP as well. Generally, in terms of economics, I think the great thing in this case is the nature of interaction is different, the consumer frequency and the consumer engagement is different, so we see the economics being pretty positive both for us and our publisher partners.

我認為最有可能的是——再次感謝您的提問。最有可能的是，我們正在將平台轉向基於參與度的定價模式，因此我們也會在 CRP 上的這些平台上看到越來越多基於參與度的定價優惠和廣告。總的來說，從經濟角度來看，我認為在這種情況下，最大的好處是互動的性質不同，消費者的頻率和消費者的參與度也不同，所以我們認為這對我們和我們的出版商合作夥伴來說都是非常有利的經濟效益。

But in terms of nuances, I think we want to get a few rinse and repeats and a few data points in multiple partners and then, we'll have a better sense of economics. But so far, we see positive economics both for us and our publishing partners.

但就細微差別而言，我認為我們希望在多個合作夥伴中獲得一些沖洗和重複以及一些數據點，然後我們將對經濟有更好的認識。但到目前為止，我們和我們的出版合作夥伴都看到了積極的經濟效益。

Got it. Makes sense. And then just touching on the macro environment kind of between the U.S. and Europe. Just any puts or takes there that you're seeing between geographies, I don't know if I missed it on the call, but I don't think I heard about the UK during the quarter.

知道了。有道理。然後談談美國和歐洲之間的宏觀環境。您所看到的不同地域之間的任何變化，我不知道我是否在電話中錯過了，但我認為我在本季度沒有聽說過英國的情況。

I think that's a fair question. I think in the U.S., as we said, the spend is largely holding strong. And in the UK as well, we don't see any major changes in the spend patterns enough to kind of cause us to advise our advertisers differently. So far, I think we're seeing the spend patterns being the same. As I mentioned in my prepared remarks, some advertisers are in the wait-and-see environment. But they actually continue to spend with us and specifically hitting softness in their areas which are softer in their business patterns.

我認為這是一個合理的問題。我認為，正如我們所說，在美國，支出總體保持強勁。在英國也是如此，我們也沒有看到支出模式有任何重大變化，足以促使我們向廣告商提供不同的建議。到目前為止，我認為我們看到的支出模式是相同的。正如我在準備好的發言中提到的，有些廣告商處於觀望狀態。但他們實際上繼續與我們一起花錢，特別是針對他們業務模式較為疲軟的地區。

Okay. Got it. Thank you, guys, for taking the questions and congrats again on the quarter.

好的。知道了。謝謝大家回答問題，並再次恭喜本季取得的成績。

(Operator Instructions)

（操作員指示）

Robert Coolbrith, Evercore.

羅伯特‧庫爾布里斯 (Robert Coolbrith)，Evercore。

Hi. Thanks for taking our questions. A few please. Just given the macro uncertainty at the moment, just wondering how you're sort of internally assessing your billings space, your customer base at the moment, whether you're looking by vertical exposure, customer tenure and so forth. And anything you can maybe tell us about the level of visibility that you have right now into Q2 and the rest of the year?

你好。感謝您回答我們的問題。請給我一些。鑑於目前的宏觀不確定性，我只是想知道您目前如何內部評估您的帳單空間、客戶群，無論您是透過垂直曝光、客戶任期等來評估。您能否告訴我們您目前對第二季以及今年剩餘時間的預測水準？

And then secondly on the Cardlytics Rewards Platform and the opportunity with the non-FI partners. Sorry, I'm not up to speed. But could you just maybe -- it might be helpful to give a recap or an overview on the mechanics of things like redemption, how the spending's tracked, how the reward is delivered, and so forth in the non-FI channel. And then I have one quick follow-up. Thank you.

其次是關於 Cardlytics 獎勵平台以及與非金融機構合作夥伴合作的機會。抱歉，我還沒跟上進度。但是，您能否—對非 FI 管道中的兌換機制、支出追蹤方式、獎勵發放方式等進行回顧或概述可能會有所幫助。然後我有一個快速的後續問題。謝謝。

Sure. Robert, I think let's get to both of your questions. On the advertiser side, I think as we briefly alluded, advertisers have been cautious, in some cases, with their wait-and-see approach. But the good thing in this area, we can say, even in the case of downturn or a slower economic environment, there are certain categories that are countercyclical. So restaurant and retail advertisers typically tend to perform better because consumers are more prone to looking for deals and offers in their everyday spend more frequently. So typically, we've seen those advertisers, not only perform better, but the consumer engagement and redemption start to correspondingly increase.

當然。羅伯特，我想讓我們來回答你的兩個問題。在廣告商方面，我認為正如我們簡要提到的，廣告商一直很謹慎，在某些情況下，採取觀望態度。但我們可以說，這個領域好的一面是，即使在經濟環境低迷或放緩的情況下，也有一些類別是逆週期的。因此，餐飲和零售廣告商通常會表現得更好，因為消費者更傾向於在日常消費中更頻繁地尋找交易和優惠。因此，通常情況下，我們看到這些廣告商不僅業績更好，而且消費者參與度和兌換率也開始相應提高。

Generally, I think as I mentioned before, in some cases where advertisers are seeing potential macro uncertainty, they are leaning in and they're actually working with us. We gave an example of one of our large U.S. airline carrier where they wanted to make sure that they secure like an annual level of capacity from our Cardlytics Platform to make sure that they can continue to reach their customers and drive value to them. So there is some wait-and-see. But generally, we are working with advertisers closely and taking more creative opportunities to them to make sure that they can continue to spend with us. So that's more on the advertiser and the macro impact side.

總的來說，我認為正如我之前提到的，在某些情況下，當廣告商看到潛在的宏觀不確定性時，他們就會傾向於與我們合作。我們給出了一個美國大型航空公司的例子，他們希望確保從我們的 Cardlytics 平台獲得一定的年度運力，以確保他們能夠繼續接觸客戶並為他們創造價值。因此，我們仍需拭目以待。但總的來說，我們正在與廣告商密切合作，並為他們提供更多創意機會，以確保他們能夠繼續在我們這裡消費。所以這更多的是關於廣告商和宏觀影響方面。

On the CRP, I think I'd probably do the summary version and happy to discuss specific details as a follow-up. It really allows us to redefine our partner ecosystem. So it allows us to expand our publishing supply from banks to non-bank merchants where consumers frequent on their digital properties. As an example, we shared we're launching our CRP with a large digital sports marketing platform. And that's an example where their consumers will get the benefit of our offers and it gets them to drive deeper relationships and more value to their consumers. And for us, this is a credit to their engineering team and our team. We were able to onboard them within four weeks and we built a platform very quickly. And we talked about it over the last earnings call, and we're happy that we're launching this platform with them this quarter.

關於 CRP，我想我可能會做摘要版本，並樂意討論後續的具體細節。它確實讓我們重新定義我們的合作夥伴生態系統。因此，它使我們能夠將出版供應從銀行擴展到非銀行商家，消費者經常使用這些數位資產。舉個例子，我們分享了我們正在與大型數位體育行銷平台合作推出我們的 CRP。這就是一個例子，他們的消費者將從我們的優惠中受益，並使他們能夠與消費者建立更深的關係並為消費者創造更多價值。對我們來說，這是對他們的工程團隊和我們團隊的讚美。我們能夠在四周內讓他們加入，我們很快就建立了一個平台。我們在上次財報電話會議上討論過這個問題，我們很高興能在本季與他們一起推出這個平台。

Great. Thanks. And the quick follow-up is just on the partner mix and the impact on adjusted contribution in the quarter. Just wanted to ask for a little more detail. It looks like that's going to reverse in Q2, but just wanted to check on that. Thank you.

偉大的。謝謝。快速的後續行動只是關於合作夥伴組合以及對本季調整貢獻的影響。只是想詢問更多細節。看起來這種情況將在第二季度發生逆轉，但我只是想檢查一下。謝謝。

Yeah. Thank you for the question. You're right. So yeah, Q2 returning to 54% at the midpoint of our guide for adjusted contribution to revenue margin and expecting this for kind of the rest of the year. I think in Q1, this is really a matter of legacy bank mix and engagement shifts that happen for a variety of reasons including content and engagement. And so we just had a little bit of a headwind there in terms of the content in Q1. But returning back to kind of the mid-50s for the rest of the year. And especially, sequentially improving as we continue to ramp our newest supply partners, both the FI and non-FI ones.

是的。謝謝你的提問。你說得對。是的，第二季調整後的營收貢獻率將回到我們指南中點的 54%，預計今年剩餘時間也將維持在這一水準。我認為在第一季度，這實際上是傳統銀行組合和參與度轉變的問題，其發生的原因多種多樣，包括內容和參與度。因此，就第一季的內容而言，我們遇到了一些阻力。但在今年剩餘時間內，氣溫將回落至 50 多度。尤其是隨著我們不斷增加最新的供應合作夥伴（包括金融機構和非金融機構），情況也不斷改善。

Great. Thank you.

偉大的。謝謝。

Jason Kreyer, Craig Hallum.

傑森·克雷爾、克雷格·哈勒姆。

Great. Thank you. This is [Cal], on for Jason, and apologies if you guys have touched on any of this already. But just kind of given you guys are a little unique in over-indexing towards daily spend advertisers, just kind of curious how having those daily spend offers can play into both from an advertiser perspective as far as kind of what you guys are hearing from those advertisers? And how you would expect that to kind of play into the current consumer environment?

偉大的。謝謝。我是 [Cal]，代表 Jason 發言，如果你們已經談到這一點，我深表歉意。但是，鑑於你們在對每日支出廣告商進行過度索引方面有點獨特，我只是有點好奇，就你們從這些廣告商那裡聽到的情況而言，從廣告商的角度來看，這些每日支出優惠可以發揮什麼作用？您認為這會對目前的消費環境產生什麼影響？

Thank you for the question, Cal. I think this is our strong suit, right? Everyday spend and the everyday spend advertisers definitely trust our platform a lot. And I think given the macro environment, some of these leading retailers are frankly leaning in and they are leveraging our platform and the superior capabilities to drive very targeted benefits and targeted behavior. So in some cases, we see some of these advertisers actually leverage our platform to drive more omni-channel behaviors to specifically get deeper relationship with their customers.

謝謝你的提問，卡爾。我認為這是我們的強項，對嗎？日常消費和日常消費廣告商肯定非常信任我們的平台。我認為，考慮到宏觀環境，一些領先的零售商坦率地傾向於利用我們的平台和卓越的能力來推動非常有針對性的利益和有針對性的行為。因此，在某些情況下，我們看到一些廣告商實際上利用我們的平台來推動更多的全通路行為，以便與他們的客戶建立更深的關係。

I'll also mention one of the CEOs of major retailers actually said, Not only are we looking to Cardlytics to actually weather through this uncertainty, but the real estate acquisition is a big part of their growth journey, and they actually rely on our Insights to help them understand what the right real estate decisions might be even in the potential macro uncertain environment that they have in front of us. So everyday spend is something that we feel very good about. And that's something that several of our bank partners and now some of the non-bank partners really benefit from.

我還要提到，一位大型零售商的首席執行官實際上說過，“我們不僅希望 Cardlytics 能夠真正度過這種不確定性，而且房地產收購是他們增長之旅的重要組成部分，他們實際上依靠我們的洞察力來幫助他們了解即使在他們面臨潛在的宏觀不確定環境中，正確的房地產決策可能是什麼。”因此，我們對日常的花費感到非常滿意。我們的一些銀行合作夥伴以及現在的一些非銀行合作夥伴確實從中受益。

Great. And then maybe just kind of building off of that answer there, you guys have kind of done a lot of work around the data and and providing more holistic offering for some of your advertisers like you kind of alluded to there with the real estate. So in the event that we see some more macro pressure, I mean, do you think that that could lead to maybe some more discovery of these different offerings that you have and kind of leaning in on these products that you've been bringing to market?

偉大的。然後也許只是基於這個答案，你們已經圍繞數據做了很多工作，並為一些廣告商提供了更全面的服務，就像你們在房地產方面提到的那樣。因此，如果我們看到更多的宏觀壓力，我的意思是，您是否認為這可能會導致更多地發現您所擁有的不同產品，並傾向於您已推向市場的這些產品？

Actually, that's a great question. And when I mentioned about the strength of the quarter, this is an area that we're investing. We're actually investing a lot in our models to make sure that our redemptions are stronger, our targeting is better. We're making sure that our presentment has significantly higher degree of relevancy. I think we shared an example where we're now able to do a specifically higher level of geo-targeting where a typical notional spend pattern would be targeting where consumers live. But in large parts of the country, we find consumer spend patterns almost mirror, if not, are greater in geos where they actually work and recreate and spend. And so we now can actually geo-target consumers not only where they live, but also where they work and where they actually travel. So that's a great example in helping our advertisers to expand their reach. There are other areas where our models are also helping specific advertiser issues. So I think you're exactly right. We expect to continue to bring these new capabilities to the market so advertisers can reach their customers more actively and in a stronger format.

事實上，這是一個很好的問題。當我提到本季的強勁表現時，這是我們正在投資的領域。我們實際上在我們的模型上投入了大量資金，以確保我們的贖回能力更強，我們的目標更準確。我們正在確保我們的陳述具有更高的相關性。我想我們分享了一個例子，我們現在能夠進行更高層次的地理定位，其中典型的名義消費模式將針對消費者居住的地方。但在全國大部分地區，我們發現消費者的支出模式幾乎與他們實際工作、娛樂和消費的地區相同，甚至更高。因此，我們現在實際上可以對消費者進行地理定位，不僅包括他們的居住地，還包括他們的工作地點和實際旅行地點。這是幫助我們的廣告商擴大影響力的一個很好的例子。在其他領域，我們的模型也能幫助解決特定的廣告商問題。所以我認為你完全正確。我們希望繼續將這些新功能推向市場，以便廣告主能夠更積極、更強大的形式接觸到他們的客戶。

Great. Thank you very much.

偉大的。非常感謝。

Thank you. And we don't have any further questions at this time. This concludes our conference call for today. Thank you all for participating. You may now disconnect your lines.

謝謝。目前我們沒有其他問題。今天的電話會議到此結束。感謝大家的參與。現在您可以斷開線路了。