Cardlytics Inc (CDLX) 2025 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the second quarter 2025 Cardlytics, Inc. earnings conference call (Operator Instructions) This call is being recorded on Wednesday, August 6 of 2025.

女士們、先生們，下午好，歡迎參加 2025 年第二季度 Cardlytics, Inc. 收益電話會議（操作員指示）本次電話會議於 2025 年 8 月 6 日星期三錄製。

I would now like to turn the conference over to Nick Lynton. Please go ahead.

現在我想將會議交給尼克·林頓。請繼續。

Good evening, and welcome to the Cardlytics second quarter 2025 financial results call. Before we begin, let me remind everyone that today's discussion will contain forward-looking statements based on our current assumptions, expectations and beliefs, including expectations regarding our future financial performance and results, including for the third quarter of 2025, our capital structure, increasing our supply, the growth of new partners, advertiser churn and operational and product initiatives

晚上好，歡迎參加 Cardlytics 2025 年第二季財務業績電話會議。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、預期和信念的前瞻性陳述，包括對我們未來財務業績和結果的預期，包括 2025 年第三季度的預期、我們的資本結構、增加我們的供應、新合作夥伴的增長、廣告商流失以及營運和產品計劃。

. 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-Q for the quarter ended June 30, 2025, which has been filed with the SEC.

。有關可能導致我們的實際結果與今天的討論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 6 月 30 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. Today's call is available via webcast, and a replay will also be available on our website.

此外，在本次電話會議中，我們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。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。

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.

參加今天電話會議的有執行長 Amit Gupta 和財務長 Alexis DeSieno。在他們發表完準備好的發言後，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。

Good evening, and thank you for joining our second quarter 2025 earnings call. Q2 marked another quarter of steady progress against our strategy. As I look back over the past year since stepping into the CEO role, we significantly improved the product and tech challenges facing us over the past several quarters, diversified our ecosystem and set a foundation for growth.

晚上好，感謝您參加我們的 2025 年第二季財報電話會議。第二季標誌著我們的策略又取得了穩定進展。回顧擔任執行長以來的一年，我們顯著改善了過去幾季面臨的產品和技術挑戰，實現了生態系統的多樣化，並為成長奠定了基礎。

With the work we've accomplished, we are now deepening our efforts in key areas that will be most critical for the next stage of our business. I'd like to share details on the progress we've made last quarter to advance our four business pillars. First, increasing and diversifying our supply to meet consumers where they are.

基於我們已經完成的工作，我們現在正在深化對我們業務下一階段最關鍵的關鍵領域的努力。我想分享一下我們上個季度在推動四大業務支柱方面所取得的進展的細節。首先，增加並多樣化我們的供應以滿足消費者的需求。

Our publisher base is what makes our network unique and growing and diversifying this foundation continues to be a top priority for us. We're focused on growing our partnerships with both financial institutions and merchants from other verticals. We are pleased with the early progress with our newest bank partners, and we have a robust pipeline of prospective FI and non-FI partners in both the US and UK

我們的出版商基礎使我們的網路獨一無二，而擴大和多樣化這一基礎仍然是我們的首要任務。我們致力於發展與金融機構和其他垂直行業的商家的合作夥伴關係。我們對與最新銀行合作夥伴的早期進展感到滿意，並且我們在美國和英國擁有大量潛在的金融機構和非金融機構合作夥伴

We are not only focused on adding more publishers with large user bases, but also working with our bank partners to maximize user engagement with our offers. When our partners are fully committed to our shared goal of maximizing value for consumers, we see a substantial difference in results. As an example, we've been working with a top 5 bank partner who has been investing in their program and increasing their marketing and merchandising activities around cashback offers.

我們不僅致力於增加擁有大量用戶群的出版商，而且還與我們的銀行合作夥伴合作，最大限度地提高用戶對我們產品的參與度。當我們的合作夥伴全力致力於實現為消費者創造最大價值的共同目標時，我們會看到結果的巨大差異。例如，我們一直與排名前五的銀行合作夥伴合作，他們一直在投資他們的計劃並增加圍繞現金返還優惠的營銷和銷售活動。

And through these efforts, this partner is seeing a significant lift across key metrics, including a 92% increase in activations and a 48% increase in redemptions year-over-year. We plan to continue these efforts with several bank partners who are interested in working with us to increase engagement and bring more demand.

透過這些努力，該合作夥伴的各項關鍵指標均有顯著提升，其中活化量較去年同期成長 92%，兌換量較去年同期成長 48%。我們計劃與有興趣與我們合作的幾家銀行合作夥伴繼續努力，以增加參與並帶來更多需求。

Now, turning to the retail side of our CLO network. On our last call, we announced the launch of the Cardlytics Rewards platform, which strategically diversifies our publisher base beyond FIs. We are now collecting data from our pilot, making refinements to the platform and optimizing for the best consumer experience. In parallel, we are progressing many active conversations with leading merchants in the US and UK. We look forward to sharing more partner updates in due time.

現在，轉向我們的 CLO 網路的零售方面。在我們上次電話會議上，我們宣布推出 Cardlytics Rewards 平台，該平台從戰略上使我們的出版商基礎多樣化，不再局限於金融機構。我們現在正在從試點中收集數據，對平台進行改進並優化以獲得最佳的消費者體驗。同時，我們正在與美國和英國的主要商家進行積極的對話。我們期待及時分享更多合作夥伴的最新消息。

While we continue our efforts to expand our supply, we are also working through a notable change with our largest FI partner. This partner, who built their program with our offers over the last several years, has recently decided to restrict a large amount of content from running on their channels starting July 1.

在我們繼續努力擴大供應的同時，我們也在與我們最大的 FI 合作夥伴一起進行一項顯著的變革。該合作夥伴在過去幾年中一直使用我們提供的服務來建立他們的項目，但最近他們決定從 7 月 1 日起限制在其頻道上播放大量內容。

While we expected some level of this, we did not anticipate brand restrictions at this scale. The implications are that this partner's users will likely receive significantly less content and less value. We have also heard from numerous advertisers that they are equally concerned about the negative impacts to the efficacy of their programs if restricted from running on the trusted and proven Cardlytics platform. This change is posing significant limitations for our business.

雖然我們預料到了一定程度的這種情況，但我們沒有預料到品牌限制會達到如此大規模。這意味著該合作夥伴的用戶可能會收到更少的內容和更少的價值。我們也聽到許多廣告商表示，他們同樣擔心，如果被限制在值得信賴且經過驗證的 Cardlytics 平台上運行，他們的計畫的有效性將受到負面影響。這項變更對我們的業務造成了重大限制。

Despite our attempts to find a better path forward for us and their customers, we are now focused on mitigating the impact of this bank's decision. First, we will continue to invest in efforts to meet consumers where they are, and we expect to increase and diversify our supply.

儘管我們努力為我們自己和他們的客戶找到更好的前進道路，但我們現在專注於減輕這家銀行決定的影響。首先，我們將繼續投入精力，滿足消費者的需求，並期望增加和多樣化我們的供應。

Second, we are improving our relevancy and targeting tools, which we expect will allow us to shift our content to other publishers that are focused on leveraging the Cardlytics platform to deliver value to consumers. Third, our shift to engagement-based pricing is helping advertisers see our platform as a real performance media ad format.

其次，我們正在改進我們的相關性和定位工具，我們希望這將使我們能夠將內容轉移到專注於利用 Cardlytics 平台為消費者提供價值的其他出版商。第三，我們轉向基於參與度的定價，有助於廣告主將我們的平台視為一種真正的效果媒體廣告形式。

Four, we are working with our advertisers to blend TVC reporting, incrementality results and MMM readings for a more comprehensive view of performance, which we believe will continue to position Cardlytics as a trusted and a measurable growth channel.

第四，我們正在與廣告商合作，將 TVC 報告、增量結果和 MMM 讀數結合起來，以更全面地了解績效，我們相信這將繼續使 Cardlytics 成為值得信賴且可衡量的成長管道。

For clarity, the restrictions imposed by this bank are unique to this partner as no other FI partner of ours has imposed restrictions of any similar magnitude nor do we expect them to. In fact, our other bank partners are leaning into our platform to deliver more value to their users and are growing their share on our network. We are committed to ensuring that our business is sustainable and on a path to profitability. Alexis will discuss more about the financial impact these changes will have.

需要明確的是，該銀行施加的限制是針對該合作夥伴獨有的，因為我們的其他金融機構合作夥伴都沒有施加過類似程度的限制，我們也不期望他們會這樣做。事實上，我們的其他銀行合作夥伴正在依靠我們的平台為他們的用戶提供更多價值，並增加他們在我們的網路上的份額。我們致力於確保我們的業務可持續發展並走上盈利之路。亞歷克西斯將進一步討論這些變化將產生的財務影響。

We believe that our network capabilities are a real market differentiator that cannot be easily replicated. Competitors have generally not been successful in capturing budgets from advertisers with multiunit chains or more sophisticated CLO needs.

我們相信，我們的網路能力是真正的市場差異化因素，難以被複製。競爭對手通常無法成功從擁有多單元連鎖店或更複雜的 CLO 需求的廣告商那裡獲得預算。

We hear this time and time again from our advertisers that only Cardlytics has the scale and ability to run the type of novel ad formats that they want. Since these restrictions were imposed, we've seen negligible churn with our restricted brands. The vast majority of them have stayed on our platform so far.

我們一次又一次地從廣告商那裡聽到這樣的話：只有 Cardlytics 才擁有足夠的規模和能力來運行他們想要的那種新穎的廣告形式。自實施這些限制以來，我們發現受限品牌的流失率微乎其微。其中絕大多數至今仍留在我們的平台上。

Now moving on to our second pillar, strengthening and growing advertiser demand. In light of supply limitations, doubling down on demand is of utmost importance. Our UK business continued to show strong growth with the highest billings quarter in history, driven by strength in categories like everyday spend, subscription services and retail.

現在轉到我們的第二個支柱，加強和增加廣告商的需求。鑑於供應限制，加倍滿足需求至關重要。我們的英國業務持續呈現強勁成長，創下歷史上最高的季度營業額，這得益於日常消費、訂閱服務和零售等類別的強勁增長。

We signed over 20 new logos, about half of which are top 150 brands in the UK and we are focused on growing these accounts and securing longer-term commitments. With more pressures on performance, we are helping our advertisers demonstrate results and working closely with them to develop longer-term CLO strategies.

我們簽署了 20 多個新標識，其中約一半是英國排名前 150 位的品牌，我們專注於擴大這些帳戶並確保長期承諾。隨著業績壓力的加大，我們正在幫助我們的廣告商展示成果，並與他們密切合作，制定更長期的 CLO 策略。

In the US we also saw increased performance expectations from our advertisers. Advertiser churn was mostly concentrated in mid- to small-sized brands, which have been more susceptible to budget reductions. We saw strength in everyday spend and specialty retail, consistent with trends from the previous quarter.

在美國，我們也看到廣告商對績效的期望有所提高。廣告商流失主要集中在中小型品牌，這些品牌更容易受到預算削減的影響。我們看到日常消費和專業零售表現強勁，與上一季的趨勢一致。

Travel and restaurant categories experienced softness in the first half of the year as we've seen across the industry. We are encouraged by signing new top-tier brands in the US as well, including a leading rideshare player, top retailers and national restaurant chains. These enterprise accounts are where we see the highest potential for growth and scaling in the second half of this year.

正如我們所見，整個行業在上半年旅遊和餐飲類別中都經歷了疲軟。我們也很高興能在美國簽約新的頂級品牌，其中包括領先的共享旅遊公司、頂級零售商和全國連鎖餐廳。我們認為這些企業帳戶是今年下半年成長和擴展潛力最大的。

In the light of the changes with our largest FI partner, we are focused on reinforcing our relationship with our top advertisers and ensuring their content is effectively delivered across our spectrum of publishers. We have reorganized our sales organization under our new Chief Business Officer and are accelerating our go-to-market efforts with intensity.

鑑於我們最大的 FI 合作夥伴的變化，我們專注於加強與頂級廣告商的關係，並確保他們的內容能夠有效地傳遞給我們的所有出版商。我們在新任首席商務官的領導下重組了銷售組織，並正在大力加快我們的市場開拓。

We have been seeing success with our vertical focused go-to-market initiatives, and we will enhance and expand on this strategy. We are also leading with proven performance, which remains a true differentiator in the market against our competitors. And while we diversify our supply, we are also adding new demand to our network.

我們的垂直行銷計劃已取得一定成功，我們將加強和擴大這項策略。我們也憑藉經過驗證的性能處於領先地位，這仍然是我們在市場上與競爭對手的真正區別。在我們實現供應多樣化的同時，我們也在為我們的網路增加新的需求。

We expect to attract new brands and verticals to fuel our growth strategy with CRP. Furthermore, by aligning US and UK under one leader, we are able to work with leading brands and support their marketing spends across these markets contiguously.

我們希望吸引新的品牌和垂直產業來推動我們透過 CRP 實現的成長策略。此外，透過將美國和英國統一在同一個領導之下，我們能夠與領先品牌合作並連續支持他們在這些市場的行銷支出。

Our third pillar, maximizing the performance of our network. We are seeing the benefits of our focused efforts to stabilize and optimize our platform over the past few quarters. Our network is performing effectively and efficiently, bringing more confidence to our partners and advertisers.

我們的第三支柱是最大限度地提高網路效能。過去幾個季度，我們致力於穩定和優化平台，並看到了其帶來的好處。我們的網路運作有效且高效，為我們的合作夥伴和廣告商帶來了更多信心。

As recently announced, we launched new dashboards within the Cardlytics Insights portal to bring the full power of our network data to our advertisers. The new dashboards are focused on customer insights, which have historically been generated by our analytics team rather than self-serve and in real time. With the Insights portal, our advertisers can access market data and customer intelligence on demand whenever they need them.

正如最近宣布的那樣，我們在 Cardlytics Insights 入口網站中推出了新的儀表板，以便為我們的廣告商提供我們網路數據的全部功能。新的儀表板專注於客戶洞察，這些洞察過去是由我們的分析團隊產生的，而不是自助和即時生成的。透過 Insights 門戶，我們的廣告主可以隨時按需存取市場數據和客戶情報。

One client noted, we are sharing these insights internally to highlight Cardlytics not just as a media partner, but a partner that provides real value to our business through data. Lastly, we continue to make progress with the migration to engagement-based pricing models, which are now implemented for 79% of our advertisers.

一位客戶指出，我們在內部分享這些見解是為了強調 Cardlytics 不僅僅是媒體合作夥伴，而是透過數據為我們的業務提供真正價值的合作夥伴。最後，我們在遷移到基於參與度的定價模式方面繼續取得進展，目前我們 79% 的廣告商已實施該模式。

In Q2, 96% of our new business ran on engagement-based pricing, reinforcing the fact that this pricing model is aligned with what our advertisers are looking for as it provides lower funnel signals that are valuable to them. Engagement-based pricing has also helped us compress sales cycles, aligned with internal brand measurement models, and we believe it will make us more resistant to churn over time.

在第二季度，我們 96% 的新業務都採用基於參與度的定價，這進一步證明這種定價模式與我們的廣告商的需求一致，因為它提供了對他們有價值的下層漏斗訊號。基於參與度的定價也幫助我們壓縮了銷售週期，與內部品牌測量模型保持一致，我們相信隨著時間的推移，它將使我們更能抵抗客戶流失。

And our final pillar, accelerating our growth in Bridg. Last quarter, we saw strong and steady client interest for our identity resolution capability, including a long-term renewal with a high-end beauty brand. We also signed a new partnership with a popular restaurant chain that is using our advanced analytics and business intelligence for deeper customer insights.

我們的最後一個支柱是加速我們在 Bridg 的發展。上個季度，我們看到客戶對我們的身分識別能力表現出強烈而穩定的興趣，包括與高端美容品牌的長期續約。我們還與一家受歡迎的連鎖餐廳簽署了新的合作夥伴關係，該餐廳將利用我們先進的分析和商業智慧來獲得更深入的客戶洞察。

For Rippl, we're encouraged by the positive trends that helped us more than double our revenue quarter-over-quarter. We recently welcomed Hy-Vee's RedMedia to Rippl as our newest partner, which will further expand our current scale of over 140 million unique shopper profiles.

對於 Rippl 來說，積極的趨勢令我們感到鼓舞，這幫助我們實現了季度環比收入翻倍以上。我們最近歡迎 Hy-Vee 的 RedMedia 加入 Rippl 成為我們的最新合作夥伴，這將進一步擴大我們目前超過 1.4 億獨特購物者資料的規模。

Building on our efforts to scale supply over the past year, we are now continuing to focus on the demand side. In Q2, there has been strong traction with the adoption of our Rippl audiences across different platforms. In fact, we're seeing 10% growth week-over-week on Trade Desk alone. We are continuing to work with new and existing platform partners to accelerate this momentum and drive broader adoption and more revenue diversification.

在過去一年擴大供應的努力的基礎上，我們現在繼續關注需求方面。在第二季度，我們的 Rippl 受眾在不同平台上的採用率顯著提高。事實上，光是 Trade Desk 就看到週比成長 10%。我們將繼續與新的和現有的平台合作夥伴合作，以加速這一勢頭並推動更廣泛的採用和更多的收入多樣化。

On our last call, I shared that we launched a pilot for CPG offers with one of our large retail clients and bank partners. I am pleased to report that initial results from this pilot are encouraging. Not only did we validate the feasibility of connecting our Bridg and Cardlytics data, the pilot demonstrated a positive impact on both shopper behavior and basket size.

在我們上次通話中，我分享了我們與一位大型零售客戶和銀行合作夥伴一起啟動了 CPG 優惠試點的消息。我很高興地報告，該試點的初步結果令人鼓舞。我們不僅驗證了連接 Bridg 和 Cardlytics 數據的可行性，而且該試點還顯示出對購物者行為和購物籃規模的正面影響。

Among redeemers, we saw a 30% increase in the rate of baskets containing the specific product as well as a 2% increase in basket size of transactions containing the product and a 13% increase for all other transactions. Overall, we continue to move forward, taking a deliberate and thoughtful approach to growing our business.

在兌換者中，我們發現包含特定產品的購物籃比例增加了 30%，包含該產品的交易的購物籃規模增加了 2%，所有其他交易的購物籃規模增加了 13%。總體而言，我們將繼續前進，採取深思熟慮的方式來發展我們的業務。

There are undoubtedly challenges that we did not anticipate a year ago, but we believe that over the medium term, the strategic shifts we initiated earlier this year will position us for profitable growth. We are operating efficiently and effectively, and we believe these shifts will ensure that we continue to deliver on our promise to our partners, advertisers, consumers and investors.

毫無疑問，我們面臨著一年前未曾預料到的挑戰，但我們相信，從中期來看，我們今年早些時候啟動的戰略轉變將使我們實現盈利增長。我們的營運高效且有效，我們相信這些轉變將確保我們繼續兌現對合作夥伴、廣告商、消費者和投資者的承諾。

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. In the second quarter, we delivered results above the midpoint of our guidance for most metrics, and we surpassed the high end of our guidance for adjusted EBITDA. My comments will be year-over-year comparisons to the second quarter of 2024, unless stated otherwise.

謝謝你，阿米特。在第二季度，我們的大多數指標的業績均高於預期中位數，調整後的 EBITDA 也超過了預期的高端。除非另有說明，我的評論將是與 2024 年第二季的同比比較。

In Q2, our total billings were $104 million, a 5.7% decrease. We achieved our billings guidance by continuing to expand billings with many of our top accounts in the grocery and gas category, which grew 41%. We also had success in the retail category, growing our largest retail advertiser by $2.8 million in billings year-over-year.

第二季度，我們的總營業額為 1.04 億美元，下降了 5.7%。我們透過持續擴大食品雜貨和汽油類別中許多頂級客戶的帳單收入（成長了 41%），實現了帳單收入預期。我們在零售領域也取得了成功，我們最大的零售廣告客戶的營業額比去年同期成長了 280 萬美元。

We continue to see weakness in the travel category, which declined across a few key accounts. On new business, we are encouraged by the high quality of brands and momentum with 45 total new logos signed in Q2 and a strong potential to scale.

我們繼續看到旅遊類別的疲軟，一些主要帳戶的業績都出現下滑。在新業務方面，我們對品牌的高品質和發展勢頭感到鼓舞，第二季度共簽署了 45 個新標識，並且具有強大的擴展潛力。

Consumer incentives of $40.8 million were flat to prior year and revenue decreased 9.2% to $63.2 million, driven by a decrease in billings. Our revenue to billings margin was 2.3 points lower than prior year due to pressures on advertiser performance.

消費者激勵金額為 4,080 萬美元，與上年持平，收入下降 9.2% 至 6,320 萬美元，原因是帳單減少。由於廣告商業績壓力，我們的營收與營業利潤率比前一年下降了 2.3 個百分點。

Looking at our segment revenue results. Our US revenue, excluding Bridg, decreased 13% due to lower billings and pricing pressure, as previously discussed. In the UK we saw 29% revenue growth, driven by higher billings and increased supply. We grew billings with all of our top 5 clients in the quarter and launched a new advertiser whose billings were in the top 5.

查看我們的分部收入結果。正如之前所討論的，由於帳單減少和價格壓力，我們的美國收入（不包括Bridg）下降了 13%。在英國，由於營業額增加和供應量增加，我們的收入增加了 29%。本季度，我們與前五大客戶的所有帳單均有所成長，並推出了一位新廣告客戶，其帳單也位列前五名。

Bridg revenue decreased 8% due to the loss of a major account in previous quarters. Adjusted contribution was $36.1 million, down 0.6% from the prior year. However, we expanded our margin as a percentage of revenue to 57.1%, an increase of 5 points due to a more favorable partner mix. This margin is the highest we have experienced to date, driven primarily by growth of our newest bank partners.

由於前幾季失去一個主要客戶，Bridg 收入下降了 8%。調整後的貢獻為 3,610 萬美元，比上年下降 0.6%。然而，由於合作夥伴組合更加有利，我們的利潤率佔收入的百分比增加了 5 個百分點，達到 57.1%。這一利潤率是我們迄今為止所經歷的最高水平，主要得益於我們最新的銀行合作夥伴的成長。

Adjusted EBITDA was positive $2.7 million, an increase of $5 million. Total adjusted operating expenses, excluding stock-based compensation, came in at $33.4 million, a reduction of $5.2 million, primarily due to our previously discussed reduction in staff and a reduction to incentive compensation.

調整後的 EBITDA 為正 270 萬美元，增加 500 萬美元。不包括股票薪酬在內的調整後總營運費用為 3,340 萬美元，減少了 520 萬美元，這主要是由於我們之前討論過的員工減少和獎勵薪酬的減少。

In Q2, operating cash flow was positive $1.2 million. Free cash flow was negative $3.4 million, which was $3 million less than the prior year due to interest on our 2029 convertible notes and severance payments that was partially offset by improved working capital. Free cash flow improved from the prior quarter by $7.4 million.

第二季度，經營現金流為正 120 萬美元。自由現金流為負 340 萬美元，比前一年減少 300 萬美元，原因是我們的 2029 年可轉換票據的利息和遣散費被改善的營運資金部分抵銷。自由現金流較上一季增加了 740 萬美元。

On the balance sheet, we ended Q2 with $46.7 million in cash and cash equivalents. This week, we drew $50 million on our line of credit, leaving us with $10 million of unused available borrowings. We have $106.7 million of liquidity, including the undrawn amount or $81.7 million after accounting for our minimum cash covenant of $25 million.

在資產負債表上，我們在第二季末擁有 4,670 萬美元的現金和現金等價物。本週，我們提取了 5000 萬美元的信用額度，剩餘 1000 萬美元的可用借款尚未使用。我們擁有 1.067 億美元的流動資金，包括未提取的金額，扣除 2,500 萬美元的最低現金契約後，為 8,170 萬美元。

As previously shared, we plan to use the funds to pay for our upcoming 2025 convertible maturity as well as to give us extra flexibility as we navigate the upcoming quarters while keeping our cash on hand at a comfortable level. Lastly, in Q2, we paid the final $2 million of our settlement with SRS, fully closing this matter.

正如之前所述，我們計劃使用這些資金來支付即將到來的 2025 年可轉換債券到期日，並為我們提供額外的靈活性，以便我們度過接下來的幾個季度，同時將手頭的現金保持在一個舒適的水平。最後，在第二季度，我們向 SRS 支付了最後的 200 萬美元和解金，徹底結束了這件事。

As a reminder, last quarter, we introduced Monthly Qualified Users or MQUs, to drive consistent reporting across our FI and non- FI publisher partners. In the second quarter, we had 224.5 million MQUs, an increase of 19%, driven by full ramp of our newest FI partners. Excluding these partners, MQUs would have been up 1%.

提醒一下，上個季度，我們推出了月度合格用戶或 MQU，以推動我們的 FI 和非 FI 出版商合作夥伴之間的一致報告。在第二季度，我們的 MQU 為 2.245 億，成長了 19%，這得益於我們最新的 FI 合作夥伴的全面成長。除去這些合作夥伴，MQU 將上漲 1%。

ACPU reflects how efficiently we convert advertiser budgets to value that the company can retain. In the second quarter, ACPU was $0.14, down 15% year-over-year as the MQU base of our newest large FI partner has not yet been fully monetized. ACPU expanded 10% in the second quarter versus the prior quarter.

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。第二季度，ACPU 為 0.14 美元，年減 15%，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。與上一季相比，第二季的 ACPU 成長了 10%。

Now turning to our outlook for Q3. Our expectations reflect the change with our largest FI partner, which Amit explained earlier. For Q3, we expect billings between $87 million and $95 million, revenue between $52.2 million and $58.2 million, adjusted contribution between $30.3 million and $34.3 million and adjusted EBITDA between negative $2.3 million and positive $2.7 million.

現在來談談我們對第三季的展望。我們的預期反映了我們最大的 FI 合作夥伴的變化，Amit 之前已經解釋過。第三季度，我們預計營業額在 8,700 萬美元至 9,500 萬美元之間，營收在 5,220 萬美元至 5,820 萬美元之間，調整後的貢獻在 3,030 萬美元至 3,430 萬美元之間，調整後的 EBITDA 在負 230 萬美元至正 270 萬美元之間。

Our billings guidance represents a negative 15% to negative 22% decrease year-over-year. Despite this top line weakness, we still expect adjusted EBITDA to be breakeven, and we further expect to have the highest contribution as a percentage of billings and revenue to-date.

我們的帳單預期年減 15% 至 22%。儘管營業收入疲軟，我們仍然預計調整後的 EBITDA 將實現收支平衡，並且我們進一步預計其占營業額和收入的百分比將達到迄今為止的最高貢獻。

The primary driver of our expected billings decrease is the result of the content restrictions and reduced supply available to specific brands. As Amit mentioned, our largest FI partner is restricting certain content from running on its channels starting on July 1. While this option has always existed per the terms of our agreement, this is the largest restriction we have experienced.

我們預期營業額下降的主要原因是內容限制和特定品牌的供應量減少。正如 Amit 所提到的，我們最大的 FI 合作夥伴將從 7 月 1 日起限制某些內容在其頻道上播放。雖然根據我們的協議條款，此選項一直存在，但這是我們遇到的最大限制。

We are discussing this change with our advertising partners and working to shift as much of this volume as possible to other channels. We are still learning how to optimize projections and targeting based on these changes. While we are undertaking a range of actions to help mitigate this, as Amit discussed, we expect to see some impact to our results, which you will see reflected in our guide.

我們正在與廣告合作夥伴討論這項變化，並努力將盡可能多的廣告量轉移到其他管道。我們仍在學習如何根據這些變化優化預測和目標。正如 Amit 所討論的，雖然我們正在採取一系列措施來幫助緩解這種情況，但我們預計這會對我們的結果產生一些影響，您將在我們的指南中看到這一點。

We are still in the early days of this optimization and are modeling conservatively. This change underscores the importance of our diversification strategy across banks and nonbanks as well as continuing to diversify our demand. While we navigate the impact of the expected reduction in billings, we are prudently slowing the pace of some of our investments and focus on overall expense management.

我們仍處於優化的早期階段，且建模較為保守。這項變更強調了我們在銀行和非銀行領域的多元化策略以及持續實現需求多元化的重要性。在我們應對預期的帳單減少的影響的同時，我們正在謹慎地放慢部分投資的步伐，並專注於整體費用管理。

We continue to make progress with our newest, large financial institution partner. We had twice as many unique advertisers live with this partner in Q2 than in Q1. We expect this momentum to continue and are pleased to see engagement rates similar to our most

我們與最新的大型金融機構合作夥伴繼續取得進展。與第一季相比，我們第二季與該合作夥伴合作的獨立廣告客戶數量增加了一倍。我們預計這種勢頭將持續下去，並很高興看到參與率與我們最

established partners, and in some cases, higher AOVs and redemption values for certain premium types of advertisers that do well with this unique demographic.

既定的合作夥伴，在某些情況下，對於在這一獨特人群中表現良好的某些優質廣告商，更高的 AOV 和兌換價值。

We continue to believe there is significant upside as engagement deepens. We are encouraged by our recent run rate in billings, which is now similar to one of our top 5 US banks, and we believe there continues to be upside as this partner scales.

我們仍然相信，隨著參與度的加深，將會帶來顯著的上升空間。我們最近的帳單運行率令我們感到鼓舞，現在與我們排名前五的美國銀行之一的運行率相似，並且我們相信，隨著該合作夥伴規模的擴大，我們的運行率將繼續保持上升空間。

Our newest digital banking partner also helps to expand our reach with a different demographic and supports long-term diversification. Consistent with our last call, we are not assuming any material financial impact in 2025 from either Cardlytics Rewards platform or CPG offers.

我們最新的數位銀行合作夥伴也幫助我們擴大不同人群的覆蓋範圍並支持長期多元化。與我們上次的預測一致，我們預計 Cardlytics Rewards 平台或 CPG 優惠不會在 2025 年產生任何重大財務影響。

Lastly, UK continues to be a bright spot as we expect continued strong positive growth in Q3, driven by a healthy pipeline of quality advertisers and continued supply growth. Revenue as a percentage of billings is expected to be in the low 60% range for Q3 as well as for the full year. We have made strategic decisions to drive incremental performance in billings.

最後，英國繼續成為亮點，我們預計第三季將繼續強勁成長，這得益於優質廣告商的健康管道和持續的供應成長。預計第三季以及全年的收入佔營業額的百分比將在 60% 以下。我們已經做出策略決策來推動帳單績效的提升。

We expect adjusted contribution as a percentage of revenue to be in the mid- to high 50% range. This continues to be among the highest we have seen and reflects our improved economics with our new and ramping bank partners. Despite top line weakness, we are keeping more of every dollar we make, and we remain focused on driving profitability. We continue to expect this metric to improve sequentially as we diversify our supply.

我們預計調整後的貢獻佔收入的百分比將在 50% 左右。這仍然是我們所見過的最高水平之一，反映了我們與新的和不斷增長的銀行合作夥伴一起改善的經濟狀況。儘管營業收入疲軟，但我們仍將賺取的每一美元都保留更多，並且我們仍然專注於提高盈利能力。隨著我們供應的多樣化，我們繼續預計這一指標將逐步改善。

Our adjusted EBITDA guidance is a reflection of our reset operational cost base following the reduction in staff that we completed in May. We continue to hire in our lower-cost technology hub, so we can continue to invest in key product areas. Operating expenses are expected to be sustained at or below $33 million per quarter for the remainder of the year, excluding stock-based compensation.

我們調整後的 EBITDA 指引反映了我們在 5 月完成裁員後重新設定的營運成本基礎。我們繼續在成本較低的技術中心招聘，以便我們能夠繼續投資關鍵產品領域。預計今年剩餘時間內的營運費用將維持在每季 3,300 萬美元或以下（不包括股票薪酬）。

Given the changes to our top line, we remain committed to driving operational efficiency, and we will make further changes as needed. As we stated last quarter, we believe we have sufficient liquidity to satisfy all of our financial obligations, including the repayment of our outstanding convertible note. Given our expected top line results, we are further narrowing our focus and slowing investments until we can show sustained improvement.

鑑於我們營收的變化，我們仍然致力於提高營運效率，並將根據需要做出進一步的改變。正如我們上個季度所說，我們相信我們有足夠的流動性來履行我們所有的財務義務，包括償還未償還的可轉換票據。鑑於我們預期的營收業績，我們將進一步縮小關注範圍並放緩投資，直到我們能夠持續改善。

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

現在我把話題交還給阿米特，請他作結語。

Thank you, Alexis. We remain confident in our ability to navigate the headwinds and focus on our strategy to grow and diversify our platform. We have made meaningful progress on our turnaround over the past year, and we are committed to delivering continued success despite the challenging near-term dynamics.

謝謝你，亞歷克西斯。我們對自己克服逆風的能力充滿信心，並專注於發展和多樣化我們平台的策略。過去一年，我們在扭轉局面方面取得了有意義的進展，儘管短期內面臨挑戰，我們仍致力於繼續取得成功。

Before moving on to Q&A, I want to thank our teams for their effort and commitment, our partners and advertisers for the opportunity to serve them and our investors for their patience. I'll now turn it over to the operator to begin Q&A.

在進入問答環節之前，我要感謝我們團隊的努力和承諾，感謝我們的合作夥伴和廣告商給予我們服務的機會，感謝我們的投資者的耐心。現在我將把時間交給操作員開始問答。

(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 my questions maybe just first, starting on the kind of Q3 outlook, the billings decrease. Help me understand a little bit better on the content restrictions. Is this mostly brands that the your FI partner is already doing business with and Cardlytics platform may be competing with them? Or maybe just kind of help us think through this and their decision.

嘿，感謝您回答我的問題，首先，從第三季的前景開始，帳單減少。幫助我更理解內容限制。這些品牌是否大多是您的 FI 合作夥伴已經在與之開展業務的品牌，而 Cardlytics 平台可能正在與它們競爭？或者可能只是幫助我們思考這個問題和他們的決定。

Yeah. Thank you, Jacob. Thank you for the question. So, this is goes broader than the restriction is broader than the brands that the FI partner is currently engaged with or the content you see. We were obviously not expecting this level of content restriction. It's gotten it is beyond that what our expectation was, and that's why it's reflected in the guide. But we are actively working with our bank partners and advertisers to make sure we minimize the impact of this.

是的。謝謝你，雅各。謝謝你的提問。因此，這比限制範圍更廣，比 FI 合作夥伴目前所接觸的品牌或您看到的內容範圍更廣。我們顯然沒有預料到內容限制會達到這種程度。它已經超出了我們的預期，這就是它反映在指南中的原因。但我們正在積極與銀行合作夥伴和廣告商合作，以確保將其影響降至最低。

Okay. And maybe you could just kind of talk a little bit more on the credit line. It sounds like you guys are drew $50 million of that in Q3 here. Has the debt paydown already occurred? Or is that going to be prior to Q3 end? Or will that be in Q4?

好的。也許您可以再多談一點有關信用的問題。聽起來你們在第三季已經籌集了 5,000 萬美元。債務已經償還了嗎？或者這會在第三季結束之前發生？或者那會在第四季發生？

Thanks, no so, we drew the line of credit yesterday for $50 million. The intent is to pay that at maturity for the notes that are due in September, so certainly not waiting until Q4. That's consistent with what we said in the past, right? We've always intended to draw the line to repay our notes and also have maintained an operating cash balance between $40 million and $50 million.

謝謝，不是的，我們昨天開出了 5000 萬美元的信用額度。目的是在 9 月到期的票據到期時支付這筆款項，所以肯定不會等到第四季。這和我們過去說的一致吧？我們一直打算劃定償還票據的界限，並將經營現金餘額保持在 4,000 萬美元至 5,000 萬美元之間。

So, all of this is consistent with what I said in terms of using it to pay the debt and maintaining a comfortable cash balance, and then, giving us sufficient flexibility to navigate the near-term headwinds that we're experiencing.

因此，所有這些都與我所說的一致，即用它來償還債務並保持舒適的現金餘額，然後為我們提供足夠的靈活性來應對我們正在經歷的短期逆風。

Got it. And sorry, just maybe back to the outlook, if I could ask in a different way. The concern from advertisers versus what your kind of FI partner is restricting content. How much of the billings decrease sequentially is kind of from each bucket there? I think in the past, you had said billings should grow sequentially throughout the remainder of the year, but the shortfall there, what's kind of in each bucket?

知道了。抱歉，如果我可以換個方式問的話，也許可以回到展望問題。廣告商的擔憂與你的 FI 合作夥伴限制內容的擔憂。每個桶中的帳單金額依序減少多少？我認為，過去您曾說過，今年剩餘時間內的營業額應該會持續成長，但那裡的缺口，每個桶子裡的缺口是多少？

Yeah, I'll take that. So, we did not anticipate this when I made the comment about sequential billings growth. I would say, a large portion of this decrease is due to the supply change that we're seeing. This partner represents a large portion of our network in terms of billings, that's actually disproportionate to the number of MQUs that it has.

是的，我會接受的。因此，當我對連續帳單成長發表評論時，我們並沒有預料到這一點。我想說，這種下降很大一部分是由於我們看到的供應變化造成的。就帳單而言，該合作夥伴占我們網路的很大一部分，這實際上與其擁有的 MQU 數量不成比例。

So, we do believe we can shift some of this volume to other partners. We're only a few weeks into the change, and so still learning how much we actually can shift. So, I do think there is room to do better than what I guided, but being conservative and still learning on how we expect this volume to shift. So, I would say majority is related to this partner. We're still learning this over the next couple of weeks. Amit then do you want to add anything?

因此，我們確實相信我們可以將其中一部分轉移給其他合作夥伴。我們才剛剛經歷了幾週的改變，因此我們仍在學習我們實際上能夠改變多少。因此，我確實認為還有比我指導的更好的空間，但還是要保守，並且仍在學習如何預期這一數量將發生轉變。所以，我想說大多數都跟這個合作夥伴有關。我們在接下來的幾週內仍會學習這一點。那麼阿米特，你還有什麼要補充嗎？

Yeah. No, I think that's exactly right. This is an unexpected change. But at the same time, I think what Alexis said, I'll underscore, our bank partners' initial response and our advertising partners' initial response has been very much a lean-in response. And so that's what we're engaging with them on.

是的。不，我認為完全正確。這是一個意想不到的改變。但同時，我認為亞歷克西斯所說的，我要強調的是，我們的銀行夥伴和廣告合作夥伴的初步反應在很大程度上是一種傾斜的反應。這就是我們與他們合作的內容。

Okay thanks I appreciate all the colours.

好的，謝謝，我很欣賞所有的顏色。

Luke Horton, Northland Capital Market.

霍頓 (Luke Horton)，北國資本市場。

Hi, thank you. This is Ben on for Luke. Last quarter, you announced for Cardlytics Rewards platform to diversify with nonbank partners. Just wondering how that initial digital sports partnership has been going and how the build-out of the platform is going or if there's any other updates on new partners?

你好，謝謝。這是本 (Ben) 代替路克 (Luke)。上個季度，您宣布 Cardlytics Rewards 平台將與非銀行合作夥伴多元化發展。只是想知道最初的數位體育合作進展如何，平台的建設進展如何，或者是否有關於新合作夥伴的其他最新消息？

Thank you, Luke. So, we completed the pilot that we mentioned in the previous quarter and are now collecting data and the initial market feedback so we can optimize customer experience. Even though it was a pilot, but we saw a very positive and promising rates of customers linking their cards and redeeming offers. So, based on the initial results, we believe that there is a large potential for us to grow this part of the platform. And obviously, now we're focused on iterating and scaling this area.

謝謝你，盧克。因此，我們完成了上一季提到的試點，目前正在收集數據和初步市場回饋，以便優化客戶體驗。儘管這只是一個試點項目，但我們看到客戶關聯銀行卡和兌換優惠的比例非常積極且令人鼓舞。因此，根據初步結果，我們相信平台的這一部分具有很大的發展潛力。顯然，現在我們專注於迭代和擴展這一領域。

We're also very encouraged by the interest we're seeing with a long pipeline of prospective partners, both across US and UK that we're engaged with. So active conversations with the pipelines of several leading brands across verticals, including telecom, rideshare and fintech. And as soon as we have updates that we can share, we'll bring it back to you. But we're pretty positively it's very promising that the initial pilot has gone well.

我們也非常高興地看到，我們與美國和英國的許多潛在合作夥伴都表現出了濃厚的興趣。因此，我們與電信、共享旅遊和金融科技等垂直領域的多個領先品牌進行了積極的對話。一旦我們有可以分享的更新，我們就會將其帶給您。但我們非常樂觀地認為，初步試點進展順利。

Thank you. That's great color. And then also, how is Cardlytics leveraging AI throughout the platform? And what areas of the business do you think can benefit the most from that adoption, either internally or externally with partners and customers?

謝謝。顏色真棒。那麼，Cardlytics 如何在整個平台上利用人工智慧？您認為哪些業務領域可以從這種採用中受益最多，無論是內部還是外部的合作夥伴和客戶？

Yeah, it's a great question. I mean, it's something that we've been thinking and starting to bring on board recently. So, the three areas that we've been debating and starting down this path, first of all, is within our dev team, our engineering team to use the typical tools which can help in code dev, code generation snippets and so on and QA. So those are those elements are in progress already.

是的，這是一個很好的問題。我的意思是，這是我們最近一直在思考並開始實施的事情。因此，我們一直在討論並開始沿著這條道路前進的三個領域，首先是在我們的開發團隊中，我們的工程團隊使用典型的工具來幫助程式碼開發、程式碼生成片段等和 QA。所以這些元素已經在進行中了。

The other area which, obviously, as you can imagine, is a big area of opportunity is in our analytics space. We have a treasure trove of data with close to $6 trillion of spend that we have insight into. We absolutely expect to think about models that can actually connect the dots, identify patterns that can bring new capabilities to our advertisers.

另一個顯然充滿機會的領域是我們的分析領域。我們擁有豐富的數據，其中包含近 6 兆美元的支出數據。我們絕對希望思考能夠真正連結各個點的模型，並辨識出能為我們的廣告主帶來新功能的模式。

But given this changes from this bank partner, we are now thinking about how to prioritize these initiatives. But these are things that we've been talking about, but they might slow down, given our reprioritizations that we might need to undertake.

但考慮到該銀行合作夥伴的變化，我們現在正在考慮如何優先考慮這些措施。但這些都是我們一直在談論的事情，但考慮到我們可能需要重新調整優先順序，這些事情可能會放緩。

Thank you so much. I will return to the queue.

太感謝了。我將返​​回隊列。

Jason Kreyer, Craig Hallum Capital Group.

克雷格·哈勒姆資本集團的傑森·克雷爾。

Thank you. This is Cal on for Jason. So maybe first, we've been noticing an increase of local offers on some of your partner platforms. So, just wondering if you can speak to any added traction that you've seen with scaling local offers.

謝謝。這是卡爾為傑森準備的。因此，也許首先，我們注意到一些合作夥伴平台上的本地優惠有所增加。所以，我只是想知道您是否可以談論擴大本地優惠所帶來的任何額外吸引力。

Yeah, Thank you, Cal. I think we mentioned this in our last earnings call as we have continued to invest in creating a high-performance network, one of the areas that we've invested and honed our capability is very much focused on geo-targeted offers so we can now differentiate where an individual lives and where do they shop.

是的，謝謝你，卡爾。我想我們在上次財報電話會議上提到過這一點，因為我們一直在投資創建高性能網絡，我們投資和磨練能力的領域之一就是非常注重地理定位優惠，因此我們現在可以區分個人居住的地方和他們在哪裡購物。

So, this has allowed us to actually bring in more geo-targeted content, more local offers. We continue to plan to increase those. You can imagine leading across multiunit chains in QSRs, they're excited about it. Multiunit or multiline retail stores are excited about it. So, we are definitely seeing benefits in everyday spend in QSRs, in general restaurant category, and we plan to continue to bring these local offers where it makes sense across our network.

因此，這實際上使我們能夠引入更多地理定位內容和更多本地優惠。我們繼續計劃增加這些。你可以想像領導 QSR 中的多單元連鎖店，他們對此感到興奮。多單元或多線零售店對此感到興奮。因此，我們確實看到了 QSR 和一般餐廳類別的日常消費收益，並且我們計劃繼續在我們的網路中提供這些合理的當地優惠。

Great. And then second, good to hear all the traction that you're seeing with Rippl. Just on the Hy-Vee partnership, can you just speak to the drivers for the win? And as you continue to build more referenceable wins like Hy-Vee, are you starting to see that accelerate interest and adoption of Rippl?

偉大的。其次，很高興聽到您看到 Rippl 取得的所有進展。就 Hy-Vee 合作夥伴關係而言，您能否與車手們談談如何取得勝利？隨著您繼續創造更多像 Hy-Vee 這樣的可參考的勝利，您是否開始看到人們對 Rippl 的興趣和採用加速？

Yeah, it's a great question. I think you heard in our prepared remarks that the traction in Rippl has definitely increased substantially, especially over the recent weeks. And the quick answer to that is yes. As we bring on high-quality partners that we had before like the Wegmans and the Giant Eagle and the new ones that we add like Hy-Vee and others, advertisers are getting more excited about the kind of scale that they see and also the quality of data that they see.

是的，這是一個很好的問題。我想您在我們準備好的演講中已經聽到，Rippl 的吸引力肯定已經大幅提升，尤其是在最近幾週。對此的快速回答是肯定的。隨著我們引入先前的高品質合作夥伴（如 Wegmans 和 Giant Eagle）以及新合作夥伴（如 Hy-Vee 等），廣告商對他們所看到的規模和數據品質越來越興奮。

So, we're seeing at the typical DSPs like Trade Desk, there's a large volume increase. A lot of advertisers are actually coming and approaching us for custom work as well. So, we're excited about the prospect that Rippl has and the continued progress as more and more retailers are choosing to come and join the Rippl network.

因此，我們看到，像 Trade Desk 這樣的典型 DSP 的交易量大幅增加。實際上，很多廣告商也來找我們進行客製化工作。因此，隨著越來越多的零售商選擇加入 Rippl 網絡，我們對 Rippl 的前景和持續進步感到非常興奮。

Great thank you I appreciate the colour.

非常感謝，我很欣賞這個顏色。

(Operator Instructions)

（操作員指示）

Robert Kolbert, Evercore.

羅伯特‧科爾伯特 (Robert Kolbert)，Evercore。

Great, thank you very much. Anything you can tell us about the MQU impact? I know you said that it sounds like the billings impact is bigger than the MQU impact, but just anything more you can tell on that? And any way of sort of more precisely characterizing the extent of the restriction that's in place and whether that could ramp up?

太好了，非常感謝。您能告訴我們有關 MQU 的影響嗎？我知道您說過，聽起來比林斯的影響比 MQU 的影響更大，但您還能透露更多嗎？有什麼方法可以更準確地描述現行限制的程度以及是否會加強限制？

Sort of further related to that, what is the nature of the basis of the restriction? Are there opportunities to substitute in something else that may not violate the restriction of whatever type? And then the comment about the concern the global concern from brands,

與此進一步相關的是，限制的基礎性質是什麼？是否有機會用其他東西來替代而不會違反任何類型的限制？然後是關於品牌關注度和全球關注度的評論，

I just wanted to clarify that. I mean, so is the concern about running on that FI partner without the benefit of the Cardlytics platform and technology. It's not about a broader concern about the Cardlytics platform. I just wanted to make sure that I understood that correctly. Thank you very much.

我只是想澄清這一點。我的意思是，人們擔心在沒有 Cardlytics 平台和技術優勢的情況下在該 FI 合作夥伴上運作。這與對 Cardlytics 平台的更廣泛的擔憂無關。我只是想確保我理解正確。非常感謝。

Thank you for the multi-set question, Robert. I want to make sure we address all the parts of it. The first one was around MQUs. So, just to give you a sense, our broader set of bank partners represent more than 50% of our MQUs, right? So and they represent a lower percentage in billings, but the broader set of the our bank partners in the US represent more than 50% of our MQUs. So, hopefully, this gives you a sense of it is a large scale, but the network overall network continues to be scaled and resilient.

感謝您提出的多組問題，羅伯特。我想確保我們解決了所有問題。第一個是關於 MQU 的。因此，只是為了讓您了解，我們更廣泛的銀行合作夥伴代表了我們 MQU 的 50％ 以上，對嗎？因此，它們在帳單中所佔比例較低，但我們在美國的銀行合作夥伴群體占我們 MQU 的 50% 以上。因此，希望這能讓您感覺到它的規模很大，但整個網路仍在不斷擴展和恢復。

And I think as we mentioned, I think your second question was around ability to replace and the concern about the brands. Frankly, the concern that brands has, it's mostly driven by the frustration that, now that because of these restrictions, it limits their ability to come to one platform for all their CLO needs.

我認為正如我們所提到的，您的第二個問題是關於替代能力和對品牌的擔憂。坦白說，品牌的擔憂主要是因為這些限制限制了他們透過一個平台滿足所有 CLO 需求的能力。

And so, some of them have actually expressed their dissatisfaction to us and the bank partner. But that said, our view is that our value proposition continues to resonate. We continue to make sure that brands have access to the largest financial media network, regardless of this bank's decision.

因此，他們中的一些人實際上已經向我們和銀行合作夥伴表達了不滿。但話雖如此，我們的觀點是，我們的價值主張仍然會引起共鳴。無論該銀行做出何種決定，我們都會繼續確保品牌能夠連接到最大的金融媒體網路。

And the areas that are resonating a lot with the brands as we've interacted with them and engage with them, first of all, they appreciate our progress on all the measurement efforts, our blending in TVC reporting, incrementality results and MMM readings so they can really get a clear view of ROAS. So, even from Q1 till now, advertisers have seen more than 25% growth in ROAS on the Cardlytics platform.

當我們與品牌互動和接觸時，這些領域引起了品牌的強烈共鳴，首先，他們欣賞我們在所有測量工作中取得的進展，以及我們在 TVC 報告、增量結果和 MMM 讀數中的融合，這樣他們就可以真正清楚地了解 ROAS。因此，即使從第一季到現在，廣告主在 Cardlytics 平台上的 ROAS 也成長了 25% 以上。

So, their trust and belief in Cardlytics platform remain consistent and increases from what we see. The move to engagement-based pricing has been welcomed by our advertisers. They are now able to look at TLO spend on Cardlytics as a true performance media

因此，從我們所看到的情況來看，他們對 Cardlytics 平台的信任和信念始終保持一致，並且不斷增強。我們的廣告商對基於參與度的定價措施表示歡迎。他們現在可以將 TLO 在 Cardlytics 上的支出視為真正的績效媒體

buy. And we recently also reorganized our sales team under our new Chief Business Officer. So vertical focused efforts increased the velocity.

買。我們最近也在新的首席商務官領導下重組了銷售團隊。因此，垂直集中的努力提高了速度。

We brought US and UK under this leader so that we can actually have marketing strategies across the two geographies run contiguously. And lastly, just to state the obvious, we very much plan to compete aggressively in the market and make sure we bring the best of our capabilities to our advertisers and to the network.

我們將美國和英國納入這位領導者的領導之下，以便我們能夠真正連續地實施跨兩個地區的行銷策略。最後，顯而易見的是，我們非常計劃在市場上積極競爭，並確保為我們的廣告商和網路提供最好的服務。

Got it, thank you.

明白了，謝謝。

As there are no further questions at this time, this concludes today's conference call. Thank you for your participation. Ladies and gentlemen, you may now disconnect.

由於目前沒有其他問題，今天的電話會議到此結束。感謝您的參與。女士們，先生們，現在可以斷開連接了。