Cardlytics Inc (CDLX) 2025 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Q3 2025 Cardlytics, Inc., earnings conference call. (Operator Instructions) This call is being recorded on November 5, 2025.

女士們、先生們，下午好，歡迎參加 Cardlytics, Inc. 2025 年第三季財報電話會議。（操作員指示）本次通話於 2025 年 11 月 5 日錄音。

And I would like to turn the conference over to Nick Lynton. Thank you. Please go ahead.

接下來，我想把會議交給尼克‧林頓。謝謝。請繼續。

Good evening, and welcome to the Cardlytics third-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 around our future financial performance and results, including for the fourth quarter of 2025, the growth of CRP and the launches of new CRP partners, our capital structure, increasing our supply and operational and product initiatives.

晚上好，歡迎參加 Cardlytics 2025 年第三季財務業績電話會議。在開始之前，請允許我提醒大家，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 年第四季度、CRP 的增長和新 CRP 合作夥伴的推出、我們的資本結構、增加供應以及運營和產品舉措。

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 September 30, 2025, which has been filed with the SEC.

有關可能導致我們實際業績與今天討論的業績存在重大差異的具體風險因素的討論，請參閱我們截至 2025 年 9 月 30 日的季度 10-Q 文件中的「風險因素」部分，該文件已提交給美國證券交易委員會。

Also during our 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，我們也將討論我們績效的非GAAP指標。GAAP財務調節表和補充財務資訊已在今天發布的新聞稿中提供，您可以在Cardlytics網站的投資者關係部分找到該新聞稿。今天的電話會議可透過網路直播觀看，重播也可在我們的網站上觀看。

On the call today, we have CEO, Amit Gupta; and CFO, Alexis DeSieno. Following their prepared remarks, we'll open it up for your questions.

今天參加電話會議的有執行長 Amit Gupta 和財務長 Alexis DeSieno。在他們發言結束後，我們將開放提問環節。

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

這樣，我就把電話交給阿米特了。

Good evening and thank you for joining us today. On our last call in August, we shared updates on the steady progress we made across our key priorities as well as the headwinds we would be facing starting Q3. As a reminder, these headwinds are stemming from our largest FI partners' decision to block our advertiser content from running on their channels.

晚上好，感謝各位今天收看我們的節目。在 8 月的最後一次電話會議上，我們分享了我們在關鍵優先事項方面取得的穩定進展，以及從第三季開始我們將面臨的不利因素。再次提醒大家，這些不利因素源自於我們最大的金融夥伴決定阻止我們的廣告內容在其頻道上投放。

Overall, our Q3 billings results were in line with our expectations as we actively work to shift volume to other partners in our network and learn from our mitigation strategy. In parallel, we have taken a series of steps to ensure the long-term sustainability and success of our company and maintained a relentless focus on our key business pillars.

總體而言，由於我們積極努力將業務量轉移到網路中的其他合作夥伴，並從我們的緩解策略中吸取經驗，因此我們第三季的帳單結果符合預期。同時，我們採取了一系列措施，以確保公司的長期永續發展和成功，並始終堅持以我們的關鍵業務支柱為中心。

First, increasing and diversifying our supply to meet consumers where they are. Our relationships with financial institutions continue to expand in both scope and depth, reinforcing the strategic value of our network, especially in light of replacing the supply we have lost from our largest FI partner. For example, with one bank partner, we expect to soon add their debit and SMB portfolios to our program, which represents a significant opportunity to deepen engagement with their customers and expand our reach.

首先，增加和豐富我們的供應，以滿足消費者的需求。我們與金融機構的關係在範圍和深度上不斷擴大，鞏固了我們網絡的戰略價值，尤其是在我們最大的金融機構合作夥伴撤回供應的情況下。例如，我們預計很快就會將銀行合作夥伴的金融卡和中小企業貸款組合添加到我們的計劃中，這將為我們加深與客戶的互動並擴大我們的覆蓋範圍帶來重大機會。

We believe that strengthening consumer engagement is just as effective as adding new users, and we remain focused on doing this through new and innovative capabilities. For example, we recently ran a Double Days campaign where rewards were doubled on specific days to drive a sense of urgency. This campaign grew consumer engagement by approximately 15%.

我們相信，加強消費者互動與增加新用戶同樣有效，我們將繼續專注於透過新的創新能力來實現這一目標。例如，我們最近開展了一項「雙倍獎勵日」活動，在特定日期將獎勵翻倍，以營造緊迫感。此次行銷活動使消費者參與度提高了約 15%。

In addition, building on previous success with one of our larger bank partners, we are expanding category level offers in Q4. These offers reward customers for spending in a specific category rather than with a specific advertiser and have proven to be effective in driving engagement with our offers. In Q2, we tested this with gas and grocery. And in Q3, we took our learnings to the entertainment category. Once again, these campaigns have demonstrated that category-level offers are highly effective in creating a halo effect. 73% of consumers who redeemed a category-level offer also redeemed another offer.

此外，基於先前與大型銀行合作夥伴的成功合作，我們將在第四季度擴大類別層級的優惠活動。這些優惠活動獎勵的是顧客在特定類別的消費，而不是在特定廣告商消費，事實證明，這些活動能有效提升顧客參與。第二季度，我們用汽油和食品雜貨進行了測試。第三季度，我們將這些經驗應用到了娛樂領域。這些行銷活動再次證明，品類級優惠在營造光環效應方面非常有效。 73%兌換了品類級優惠的消費者也兌換了其他優惠。

Due to the decision of our largest FI partner, approximately one-third of our total billings were set to be blocked. But we were able to mitigate a significant portion of the drop because the rest of our network is more than 2.5 times larger than our largest FI partner alone. We can increase content shift to other banks with MTU capacity and also increase engagement with those banks' customers. By doing more of this, we would be on the path to make up the billings shortfall with better margins.

由於我們最大的金融機構合作夥伴的決定，我們大約三分之一的總帳單將被凍結。但我們能夠緩解很大一部分的下滑，因為我們網路中的其他部分比我們最大的金融機構合作夥伴的規模大 2.5 倍以上。我們可以將內容轉移到其他具有 MTU 容量的銀行，並提高與這些銀行客戶的互動。透過多這樣做，我們將走上彌補帳單缺口並獲得更高利潤的道路。

Turning to Cardlytics Rewards Platform, our network of non-FI publishers. We are excited to share positive momentum from last quarter. We signed three new partners in the US, including OpenTable, a global leader in restaurant technology. Through this partnership, we plan to help boost engagement and loyalty with OpenTable's large user base as part of their recently revamped loyalty program. We look forward to sharing updates on when we expect to launch with OpenTable.

轉向 Cardlytics 獎勵平台，我們的非 FI 出版商網絡。我們很高興與大家分享上個季度的正面進展。我們在美國簽署了三份新的合作夥伴協議，其中包括全球領先的餐飲科技公司 OpenTable。透過此次合作，我們計劃協助 OpenTable 提升其龐大用戶群的參與度和忠誠度，這是他們最近改進的忠誠度計劃的一部分。我們期待與大家分享我們預計何時與 OpenTable 合作推出的最新消息。

For our other two CRP partners, we expect to launch in Q4 after testing and integration, which is currently underway. We see CRP as a significant growth opportunity. Not only does CRP allow us to meet more consumers where they are, it can also help our traditional FI partners by enabling us to bring new advertisers and verticals to our platform.

對於我們的另外兩個 CRP 合作夥伴，我們預計將在第四季度完成測試和整合後推出，目前測試和整合工作正在進行中。我們認為 CRP 是一個重要的成長機會。CRP 不僅讓我們能夠在消費者所在的地方與他們互動，還可以幫助我們的傳統金融機構合作夥伴，使我們能夠為我們的平台帶來新的廣告商和垂直行業。

Additionally, we have seen an increase in our pipeline since last quarter as a result of customer loyalty becoming a more central focus in the market. We believe Cardlytics is perfectly positioned to be a commerce media partner for leading companies looking to accelerate their advertising efforts while delivering value to their customers.

此外，由於客戶忠誠度在市場中變得更加重要，我們的銷售管道自上個季度以來也有所增加。我們相信，Cardlytics 擁有得天獨厚的優勢，能夠成為領先企業加速廣告投放並為客戶創造價值的商業媒體合作夥伴。

Now moving on to our second pillar, strengthening and growing advertiser demand. Leading advertisers continue to recognize the unique value of our network and capabilities. While commerce media is undergoing a fundamental shift, advertisers have not lowered their standards. They continue to seek measurable outcomes and sophisticated capabilities to leverage different ad formats and micro target customers.

現在我們來談談第二個支柱，即增強和成長廣告商需求。領先的廣告商持續認可我們人脈和能力的獨特價值。儘管商業媒體正在經歷根本性的轉變，但廣告商並沒有降低標準。他們不斷尋求可衡量的結果和先進的能力，以利用不同的廣告形式和精準定位客戶。

With our existing advertisers, we are building trust by continuing to build campaigns that deliver results. Of note, most advertisers have decided to stick with Cardlytics despite the supply changes with our largest FI partner. In fact, for the partners that run card-linked offers with Cardlytics as well as a competitor program, we consistently hear that our incremental ROAS is superior.

我們正透過持續進行能夠帶來實際效果的廣告活動，與現有廣告商建立信任。值得注意的是，儘管我們最大的 FI 合作夥伴的供應發生了變化，但大多數廣告商還是決定繼續使用 Cardlytics。事實上，對於那些同時使用 Cardlytics 和競爭對手的計劃來運行卡片關聯優惠的合作夥伴來說，我們不斷聽到他們反饋說，我們的增量 ROAS 更勝一籌。

On the new business front, we signed pilots with iconic brands such as a large athletic apparel brand and a global hotel brand and 100% of our new business was on engagement-based pricing. We have also been focused on winning back key accounts. Several notable brands, including a global coffee chain and a global discount grocer have rejoined our network, which we believe underscores our ability to drive performance for our advertisers.

在新業務方面，我們與一些標誌性品牌簽署了試點協議，例如一家大型運動服裝品牌和全球酒店品牌，我們 100% 的新業務都是基於參與度的定價。我們也一直致力於贏回重要客戶。包括一家全球咖啡連鎖店和一家全球折扣雜貨店在內的幾個知名品牌已重新加入我們的網絡，我們相信這凸顯了我們為廣告商提升業績的能力。

One of the core value propositions of our platform is that we drive both online and in-store sales. We have enhanced our geo-targeting capabilities over the last six months and implemented different reward amounts between online and offline purchases as well as newer features like shop ad targeting, which targets users where they buy, not just where they live.

我們平台的核心價值主張之一是能夠同時促進線上和線下銷售。在過去的六個月裡，我們增強了地理定位功能，並對線上和線下購物實施了不同的獎勵金額，以及諸如店鋪廣告定位等新功能，這些功能會根據用戶的購物地點（而不僅僅是居住地）來定位用戶。

Many auto gas and restaurant chains have used our multi-location reports to assess performance, identify top-performing locations and inform franchise marketing efforts. Geo-targeting also helps engagement with franchises that often have independent marketing budgets.

許多汽車加油站和餐飲連鎖店都利用我們的多地點報告來評估業績、確定業績最佳的地點，並為特許經營行銷工作提供資訊。地理定位也有助於與那些通常擁有獨立行銷預算的加盟商進行互動。

Our UK business continues to show strength with 22% revenue growth year over year. This quarter, we were able to grow budgets with all our top advertisers and closed a large number of new logos across grocery, gas, restaurant and retail. We are now working with all of the top five UK grocers, up from four previously, and ongoing recognition of the strength of our platform.

我們的英國業務持續保持強勁勢頭，營收年增 22%。本季度，我們與所有主要廣告商都增加了預算，並在食品雜貨、加油站、餐廳和零售業簽下了大量新客戶。我們現在與英國排名前五的雜貨商都有合作，而之前只有四家，這持續證明了我們平台的實力。

And finally, last quarter, we added another localized content partner to expand our Always On third-party content for our publishers. We can now deliver nearly 10,000 local and regional offers, which we are now providing to our smaller banks that did not have local offers previously.

最後，上個季度，我們新增了一個在地化內容合作夥伴，以擴展我們為出版商提供的「始終在線」第三方內容。我們現在可以提供近 10,000 種本地和區域優惠，我們正在向以前沒有本地優惠的小型銀行提供這些優惠。

Additionally, with our new partnership with OpenTable, not only will they be joining our platform as a publisher, but also as a content provider, bringing the restaurant partners to our network for the benefit of all our publishers. We believe all these initiatives drive awareness and relevancy for the program and deepen engagement with consumers.

此外，透過與 OpenTable 建立新的合作夥伴關係，他們不僅將作為發布商加入我們的平台，還將作為內容提供者加入我們，將餐廳合作夥伴引入我們的網絡，從而使我們所有的發布商受益。我們相信所有這些措施都能提高人們對該專案的認識和關注度，並加深與消費者的互動。

Now turning to network performance. Building on the work we've done to modernize our tech stack, we continue to strengthen our engineering foundation to benefit our clients and improve internal productivity.

接下來我們來看看網路效能。在我們對技術堆疊進行現代化改造的基礎上，我們將繼續加強工程基礎，以造福客戶並提高內部生產力。

While our models continue to become stronger with higher predictability, we experienced some aberrations in July as supply changes began to take effect. These issues stabilized by the end of the quarter. And while they cause some choppiness in our margins, they are making our delivery models better at handling large-scale changes. We are also advancing the integration of our measurement models with widely adopted industry standards, which we believe make it easier for our advertisers to evaluate performance across channels.

雖然我們的模型不斷增強，預測能力也越來越高，但隨著供應變化開始生效，我們在 7 月遇到了一些異常情況。這些問題在季度末趨於穩定。雖然這為我們的利潤率帶來了一些波動，但它們使我們的交付模式能夠更好地應對大規模的變化。我們也在推進將我們的衡量模型與廣泛採用的行業標準相結合，我們相信這將使我們的廣告商更容易評估跨渠道的效果。

Building on our efforts to ensure Cardlytics data is properly modeled in leading MMMs, we are now integrating with more partners to automatically feed our data into their dashboards. These changes help to retain our existing clients and we believe outperform other channels.

為了確保 Cardlytics 資料在領先的 MMM 中正確建模，我們正與更多合作夥伴進行整合，以自動將我們的資料匯入他們的儀表板。這些改變有助於我們留住現有客戶，我們相信這些改變會比其他管道表現更好。

The performance of our network remains strong, reinforced by the impact and efficiency of the campaigns delivered through our platform. With the investments we've made in our models, our platform continues to perform better for our advertisers and bank partners with a 21% year-on-year improvement in ROAS.

我們的網路表現依然強勁，這得益於透過我們的平台所進行的行銷活動的成效和效率。透過對模型的投入，我們的平台持續為廣告商和銀行合作夥伴帶來更好的業績，ROAS 年成長 21%。

Last but not least, our Bridg business. In Q3, we saw continued interest in our identity resolution product, both from existing clients and new prospects, including a grocer that engaged Bridg to gain access to previously unavailable insights around shopper behavior. This will allow them to significantly enhance their ability to understand, engage and target individuals, driving increased frequency, spend and loyalty.

最後，也是非常重要的一點，是我們的橋樑業務。第三季度，我們看到現有客戶和潛在客戶對我們的身份解析產品持續表現出濃厚的興趣，其中包括一家雜貨店，該雜貨店聘請 Bridg 來獲取以前無法獲得的有關購物者行為的見解。這將使他們能夠顯著提高了解、吸引和定位個人的能力，從而提高購買頻率、消費金額和忠誠度。

I'm also pleased to share that we recently signed a two-year renewal with a large fast-food chain. On Rippl, we continue to make progress on both supply and demand. On the supply side, we added two new retailers to the Rippl network. We also continued to grow our demand, which resulted in the second consecutive quarter of doubling our revenue.

我也很高興地告訴大家，我們最近與一家大型快餐連鎖店續簽了兩年合約。在 Rippl 平台上，我們在供應和需求方面都持續取得進展。在供應方面，我們為 Rippl 網路新增了兩家零售商。我們的需求也持續成長，這使得我們的收入連續第二季翻了一番。

Before I turn it over to Alexis, I want to touch on the actions we took in Q3 to strengthen our financial foundation and sharpen operational focus. In September, we fully paid the $46 million remaining on our 2020 convertible notes.

在將發言權交給 Alexis 之前，我想談談我們在第三季為加強財務基礎和提高營運重點而採取的措施。9 月份，我們全額償還了 2020 年可轉換債券剩餘的 4,600 萬美元。

Last month, we took a difficult but necessary step in reducing our workforce to ensure we can continue to operate sustainably and preserve the long-term financial health of our company. This latest reduction reflects a 30% decrease in our workforce as well as reductions to third-party spend, real estate and operations, and we expect these reductions to deliver annualized cash savings of $26 million. This follows prior reductions this year of $16 million in May and $8 million in January for a total of $50 million. We are deeply appreciative of the contributions of the colleagues who departed as part of these changes. As a leaner organization, we are now moving forward with more focus and discipline.

上個月，我們採取了一項艱難但必要的措施來減少員工人數，以確保我們能夠繼續可持續地運營，並維護公司的長期財務健康。此次最新裁員反映了我們員工人數減少了 30%，以及第三方支出、房地產和營運方面的削減，我們預計這些削減將帶來每年 2,600 萬美元的現金節省。此前，今年5月削減了1,600萬美元，1月削減了800萬美元，總計削減了5,000萬美元。我們衷心感謝因這些變動而離職的同事們所做出的貢獻。作為一個更精簡的組織，我們現在正以更專注和自律的態度向前邁進。

Looking ahead, we are simplifying our strategic priorities. In 2026, we plan to further solidify our foundation and grow our commerce media platform. We will focus on expanding our CRP partner cohort while strengthening our existing FI partnerships. To unlock increased advertiser budgets, we will lean into value propositions that are in demand and where we believe we can deliver a differentiated product such as omnichannel performance. By doubling down on where we are best in the industry, we believe we can get back on a path to growth.

展望未來，我們將簡化戰略重點。2026年，我們計劃進一步鞏固基礎，發展壯大我們的電商媒體平台。我們將致力於擴大 CRP 合作夥伴群體，同時加強與現有金融機構的合作關係。為了釋放廣告主增加的預算，我們將專注於發展市場需求旺盛的價值主張，以及我們認為能夠提供差異化產品的領域，例如全通路效果行銷。我們相信，透過加倍投入我們行業中最擅長的領域，我們可以重回成長軌道。

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

現在我將把發言權交給艾莉克絲，讓她來討論財務問題。

Thank you, Amit. My comments will be year-over-year comparisons to the third quarter of 2024, unless stated otherwise. In the third quarter, we delivered billings as expected and surpassed the high end of our guidance for adjusted EBITDA, though we were at the low end of the range for revenue and adjusted contribution.

謝謝你，阿米特。除非另有說明，我的評論將與 2024 年第三季進行同比比較。第三季度，我們的帳單金額符合預期，調整後 EBITDA 也超過了預期上限，但收入和調整後貢獻則處於預期範圍的下限。

In Q3, our total billings were $89.2 million, a 20.3% decrease. As expected, the content restrictions impacted the size of the budgets we could sell as a result of fewer consumers to whom we could serve offers. Despite this, we were able to retain the vast majority of our advertisers, which we believe demonstrates the value and incrementality that we drive for our advertisers.

第三季度，我們的總帳單金額為 8,920 萬美元，下降了 20.3%。正如預期的那樣，由於我們可以向消費者提供優惠，內容限制影響了我們可以銷售的預算規模。儘管如此，我們還是留住了絕大多數廣告客戶，我們相信這證明了我們為廣告客戶帶來的價值和增量。

Consumer incentives of $37.2 million were down from the prior year by 17.2% and revenue decreased 22.4% to $52.0 million, driven by a decrease in billings. Our revenue to billings margin was 1.6 points lower than the prior year. This margin impact is partially due to strategic investments in certain advertisers to drive incremental ROAS as well as a temporary overcorrection as a result of the supply changes to our network. We believe we have now normalized our ability to deliver on budgets, and we are seeing our October billings margin trending higher than the Q3 average.

消費者激勵措施為 3,720 萬美元，比前一年減少了 17.2%；由於帳單金額減少，收入下降了 22.4%，至 5,200 萬美元。我們的收入與帳單金額比去年下降了1.6個百分點。利潤率受到的影響部分是由於對某些廣告商進行策略性投資以推動 ROAS 成長，以及由於我們網路供應變化而導致的暫時性過度調整。我們相信，我們現在已經恢復了按預算完成任務的能力，我們看到 10 月份的帳單利潤率高於第三季度的平均水平。

Looking at our segment revenue results. Our US revenue, excluding Bridg, decreased 28% due to lower billings stemming from the content restrictions and pricing investments we previously discussed. In the UK, we saw 22% revenue growth driven by higher billings and increased supply. We grew billings across our top clients and saw a significant increase in billings from new merchants, including a large athletic apparel brand.

查看我們各業務部門的營收表現。由於我們之前討論過的內容限制和定價投資導致帳單金額下降，我們在美國的收入（不包括 Bridg）下降了 28%。在英國，由於帳單金額增加和供應量增加，我們的收入增加了 22%。我們主要客戶的帳單金額有所成長，新商家的帳單金額也大幅成長，其中包括一個大型運動服飾品牌。

Bridg revenue decreased 15% due to the loss of a major account in previous quarters. Adjusted contribution was $30.0 million, down 17.5% from prior year. However, we expanded our margin as a percentage of revenue to 57.7%, an increase of 3.5 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 FI partners.

由於前幾季失去了一個大客戶，橋樑業務收入下降了 15%。調整後的捐款額為 3,000 萬美元，較上年下降 17.5%。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提高到 57.7%，成長了 3.5 個百分點。這項利潤率是我們迄今為止所取得的最高水平，主要得益於我們最新金融機構合作夥伴的成長。

Adjusted EBITDA was positive $3.2 million, an increase of $5.0 million. Total adjusted operating expenses, excluding stock-based compensation, came in at $26.8 million, a reduction of $11.4 million year over year due to the reduction in staff in May and the optimization of our cloud infrastructure. Operating expenses benefited from $5 million in onetime benefits, including from the ERT credit we received in September.

調整後 EBITDA 為正 320 萬美元，增加了 500 萬美元。調整後的總營運支出（不包括股票選擇權費用）為 2,680 萬美元，較上年同期減少 1,140 萬美元，原因是 5 月份裁員以及優化了我們的雲端基礎設施。營運支出受益於 500 萬美元的一次性收益，其中包括我們在 9 月收到的 ERT 抵免。

In Q3, operating cash flow was positive $1.8 million. Free cash flow was negative $2.7 million, which was an improvement of $1.2 million from prior year due primarily to our lower expense base. Free cash flow improved from the previous quarter by $0.7 million. On the balance sheet, we ended Q3 with $44 million in cash and cash equivalents. During the quarter, we had a net draw of $46.1 million on our line of credit, which was used entirely to repay our remaining 2020 notes.

第三季經營現金流為正180萬美元。自由現金流為負 270 萬美元，比前一年改善 120 萬美元，主要原因是我們的支出基數降低。自由現金流較上一季增加 70 萬美元。資產負債表顯示，我們第三季末持有現金及現金等價物 4,400 萬美元。本季度，我們的信貸額度淨提取了 4,610 萬美元，全部用於償還我們剩餘的 2020 年票據。

In the third quarter, we had 230.3 million MQUs, an increase of 21%, driven by the full ramp of our newest FI partners. Excluding these partners, MQUs would have increased 3%. ACPU was $0.11, down 31% year over year as a result of content restrictions and as we ramp our newest FI partners.

第三季度，我們的MQU數量達到2.303億，成長了21%，這主要得益於我們最新的FI合作夥伴的全面發展。如果排除這些合作夥伴，MQU 將增加 3%。由於內容限制以及我們不斷擴大與最新 FI 合作夥伴的合作，ACPU 為 0.11 美元，年減 31%。

Now turning to our outlook for Q4. For Q4, we expect billings between $86 million and $96 million, revenue between $51.1 million and $59.1 million, adjusted contribution between $29.0 million and $35.0 million and adjusted EBITDA between $0.9 million and $7.9 million. Our billings guidance represents a negative 26% to negative 17% decrease year over year.

現在來談談我們對第四季的展望。對於第四季度，我們預計帳單金額在 8,600 萬美元至 9,600 萬美元之間，收入在 5,110 萬美元至 5,910 萬美元之間，調整後貢獻在 2,900 萬美元至 3,500 萬美元之間，調整後 EBITDA 在 90 萬美元至 790 萬美元之間。我們的帳單預期年減 26% 至 17%。

Despite this top-line weakness, we expect adjusted EBITDA to be positive for both the quarter and the full year. The primary driver of our expected billings decrease is a result of further content restrictions imposed by our largest FI partner. To mitigate this, we are focusing on several initiatives with our advertisers.

儘管營收疲軟，但我們預計本季和全年的調整後 EBITDA 都將為正值。我們預期帳單金額下降的主要原因是，我們最大的金融機構合作夥伴進一步實施了內容限制。為了緩解這種情況，我們正與廣告商共同推動幾項措施。

First, we are continuing to prove performance with top brands, which are already running at maximum capacity, which has helped to secure renewals in Q4 and 2026. We are also working to scale certain categories or brands that are not at maximum capacity by leaning into alignment with our advertisers' measurement models.

首先，我們正在繼續向頂級品牌證明我們的業績，這些品牌目前已經滿負荷運轉，這有助於確保我們在第四季度和 2026 年的續約。我們也致力於透過與廣告主的衡量模型保持一致，來擴大某些尚未達到最大產能的類別或品牌的規模。

And lastly, our new business team is focused on signing new accounts and winning back key accounts. We expect to see continued incremental spend from our advertisers as many brands are starting holiday promotions earlier and want to benefit from budget add-ons based on consumer demand and performance.

最後，我們的新業務團隊專注於簽約新客戶和贏回重要客戶。我們預計廣告商的支出將持續增加，因為許多品牌都提前開始了假日促銷活動，並希望根據消費者需求和效果從預算增加中獲益。

Our priority remains replacing lost supply through new partnerships, shifting volume to the rest of the network and increasing engagement with our existing partners. To illustrate our progress in shifting volume to other partners, we continue to see positive trends with our newest large FI partner.

我們的首要任務仍然是透過新的合作關係來彌補損失的供應，將業務量轉移到網路中的其他環節，並加強與現有合作夥伴的互動。為了說明我們在將業務量轉移到其他合作夥伴方面的進展，我們與最新的大型金融機構合作夥伴的合作持續呈現正面趨勢。

We had almost three times as many advertisers on this partner's channels in Q3 than in Q1, which represents approximately half of our brands. We expect this momentum to continue and are already seeing October billings at approximately 50% higher than in Q3. With this FI, our activation ratet is two times the network average, and we believe our partnership is strong.

第三季度，我們在該合作夥伴管道上的廣告客戶數量幾乎是第一季的三倍，約佔我們品牌總數的一半。我們預計這一勢頭將持續下去，並且已經看到 10 月的帳單金額比第三季高出約 50%。借助這家金融機構，我們的活化率是網路平均值的兩倍，我們相信我們的合作關係非常牢固。

While we are excited about our newest CRP partnerships announced today, we are not assuming any material financial impact in 2025 from the Cardlytics Rewards platform. CRP remains a key piece of our strategy for 2026, both to diversify supply and also to unlock demand as the industry moves towards loyalty programs and embedded rewards.

雖然我們對今天宣布的最新 CRP 合作夥伴關係感到興奮，但我們並不認為 Cardlytics Rewards 平台會在 2025 年產生任何實質的財務影響。CRP 仍然是我們 2026 年策略的關鍵組成部分，既可以實現供應多元化，也可以在行業向忠誠度計劃和嵌入式獎勵發展的過程中釋放需求。

In Q4, we plan to continue to grow in the UK, driven by continued success with our largest accounts and in attracting new advertisers to the platform. Revenue as a percentage of billings is expected to be in the low 60% range for Q4.

第四季度，我們計劃繼續在英國發展，這得益於我們最大客戶的持續成功以及吸引新廣告商加入該平台。預計第四季度收入佔帳單金額的百分比將在 60% 左右。

We are making strategic pricing decisions to drive incremental spend from our advertisers and to remain competitive in the market, which is funded by our higher-margin bank mix. In fact, 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 due to the improved economics with our new and ramping bank partners and allows us to invest back into advertiser and consumer incentives to unlock incremental budgets and drive higher ROAS.

我們正在製定策略定價決策，以推動廣告商增加支出，並在市場中保持競爭力，而這得益於我們利潤率更高的銀行組合。事實上，我們預計調整後的貢獻佔收入的百分比將在 50% 到 50% 之間。由於與新成立和正在發展壯大的銀行合作夥伴的經濟效益改善，這一數字仍然是我們所見過的最高水平之一，這使我們能夠重新投資於廣告商和消費者激勵措施，從而釋放額外的預算並提高廣告支出回報率。

Offers and more compelling rewards mean better engagement, and this leads to a higher likelihood of scale and retention with our advertisers. Despite top line weakness and strategic pricing decisions, we are keeping more of every dollar we make, and we remain focused on driving profitability.

優惠和更具吸引力的獎勵意味著更高的參與度，這會帶來更高的廣告商規模和留存率。儘管營收疲軟且採取了策略性定價策略，但我們賺到的每一美元都得到了更多留存，我們將繼續專注於提高獲利能力。

Our adjusted EBITDA guidance is a reflection of our reset operational cost base following the large reduction in force that we completed on October 1. For the fourth quarter, we expect operating expenses to be at or below $28 million, excluding stock-based compensation and severance. This represents a reduction of 19% from the prior year.

我們調整後的 EBITDA 預期反映了我們在 10 月 1 日完成大規模裁員後重置的營運成本基礎。我們預計第四季度營運支出將達到或低於 2,800 萬美元，不包括股票選擇權費用和遣散費。比前一年減少了19%。

After adjusting for the $5 million in onetime benefits in Q3, this represents a $3 million to $4 million sequential improvement quarter-over-quarter in operating expenses and an additional $2 million of savings in capital expenses. As a reminder, the $26 million in annualized savings that we are expecting in 2026 represents both operating and capitalized expenses as well as timing of certain other changes such as lease terminations.

扣除第三季 500 萬美元的一次性收益後，營運費用較上季改善 300 萬至 400 萬美元，資本支出節省 200 萬美元。提醒一下，我們預計 2026 年每年可節省 2,600 萬美元，這包括營運支出和資本支出，以及租賃終止等其他一些變化的時間表。

We remain committed to driving operational efficiency and we'll make further changes as needed. For now, we believe we have fully reset our cost base to reflect our new top line reality while balancing the need to invest in both consumer engagement and supply diversification.

我們將繼續致力於提高營運效率，並將根據需要做出進一步調整。目前，我們相信我們已經完全調整了成本基礎，以反映我們新的營收情況，同時兼顧了對消費者互動和供應鏈多元化的投資需求。

Our guiding principle is to focus only on priorities that have a clear line of sight to driving revenue and that align with our goal of positive adjusted EBITDA in 2025 and 2026. We are confident we can return to growth and achieve profitability once we get through the current headwinds.

我們的指導原則是只關注那些能夠明確推動收入成長，並且與我們2025年和2026年實現正調整EBITDA的目標相一致的優先事項。我們有信心，一旦克服目前的困難，就能恢復成長並獲利。

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

現在我將把發言權交還給阿米特，請他作總結發言。

As we continue to navigate a challenging environment, we've taken decisive steps to reset our business, reduce our concentration risk and set ourselves up for a financially healthy future. We remain confident in the fundamental strength of our commerce media platform, our partnerships and our teams. By prioritizing the areas where we know we can win, we expect to deliver greater value to our advertisers, partners, shareholders and consumers.

面對持續的挑戰性環境，我們採取了果斷措施來重塑業務，降低集中風險，並為財務健康的未來做好準備。我們對我們的商業媒體平台、合作夥伴關係和團隊的基本實力仍然充滿信心。透過優先發展我們知道能夠取得成功的領域，我們期望為我們的廣告商、合作夥伴、股東和消費者帶來更大的價值。

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

現在我將把發言權交給接線員，開始問答環節。

(Operator Instructions) Jacob Stephan, Lake Street Capital Markets.

（操作說明）Jacob Stephan，Lake Street Capital Markets。

I guess, first, I just kind of wanted to touch on the billing margins commentary a bit. Maybe kind of help me piece this together when you think through kind of -- we saw a decrease in Q3, but it sounds like you're seeing better margins with your remaining FI partners, and it sounds like it improved in October. Kind of help me think through what the impact was in Q3 and overall, how you see these trending as we kind of enter '26?

首先，我想稍微談談計費利潤率的問題。或許你可以幫我理清思路——我們在第三季度看到了下滑，但聽起來你與剩餘的金融機構合作夥伴的利潤率有所提高，而且10月份的情況似乎有所改善。請幫我思考第三季以及整體上受到的影響，您認為隨著我們進入 2026 年，這些趨勢會如何發展？

No problem. Thanks for the question. So yes, there's two different types of margin, the billings to revenue margin, which you saw a little bit of a decrease in Q3. That was primarily all in July, where we were impacted by the abrupt change to our supply from our largest FI partner. It took a little bit of time to normalize that.

沒問題。謝謝你的提問。是的，利潤率有兩種不同的類型，即帳單金額與收入的利潤率，您在第三季度看到該利潤率略有下降。這主要發生在 7 月份，當時我們最大的金融機構合作夥伴突然改變了供貨方式，這對我們造成了影響。這需要一些時間來適應。

And by the end of the quarter, we were back to normal in terms of our ability to deliver and had learned how to properly target from that point on. There's also a little bit of margin pressure in there from performance incentives or higher ROAS that we've been seeing. We make strategic decisions to remain competitive, and this is normal practice in the market. So it's a little bit of both. The run rate in October is higher than what we saw in Q3. And so we expect that to continue. I would probably continue to model it in the low 60s. So that really was a blip from the July changes.

到季度末，我們的交付能力恢復正常，並且從那時起學會如何正確地進行目標定位。此外，由於業績激勵或更高的廣告支出報酬率，利潤率也面臨一些壓力。我們制定策略決策以保持競爭力，這是市場上的正常做法。所以兩者兼而有之。10 月份的運行率高於第三季。因此，我們預計這種情況還會持續。我可能會繼續把它建模在 60 出頭。所以，這只是7月變化中的一個小波動。

And then just to touch on the bank mix piece, which is more what I look at when I talk about adjusted contribution to revenue margin. That was the highest that we've seen so far even despite the lower billings margin. So we saw around 58% in Q3. That's among the highest we've seen, and that's as a result of our newer partners who are better economics, taking share from our legacy partners, which are worse economics from a revenue share perspective.

然後，我想簡單談談銀行組合部分，這部分內容在我談到調整後的收入利潤率貢獻時更值得關注。儘管帳單利潤率較低，但這卻是我們迄今為止看到的最高值。所以我們在第三季看到了大約 58% 的比例。這是我們所見過的最高水準之一，這是因為我們新的合作夥伴經濟效益更好，從我們經濟效益較差的傳統合作夥伴那裡搶佔了市場份額，而傳統合作夥伴從收入分成角度來看經濟效益較差。

So it really highlights that it's unlocking our ability to invest more of that margin back into engagement and performance for our advertisers and our customers. And we're still able to keep more of every dollar we make from a contribution standpoint. Hopefully, that helps. And we should expect to see adjusted contribution margin continuing to improve or be stable around the high 50s.

因此，這確實凸顯了它能夠讓我們將更多的利潤重新投入到提升廣告商和客戶的參與和效果上。從貢獻的角度來看，我們仍然能夠保留我們賺到的每一美元中的更多部分。希望這能有所幫助。我們應該會看到調整後的貢獻毛利率持續改善或穩定在 50% 以上。

Okay. Yes, very helpful. And then second question, more so on kind of the guidance. There's roughly a $7 million range between the low-end and high-end of adjusted EBITDA. That's bigger than the range of adjusted contribution. I guess, what are the puts and takes that kind of get you to the higher end versus the lower end of that? And maybe talk a little bit about the overall cost base now.

好的。是的，很有幫助。第二個問題，更確切地說是關於指導方面的問題。調整後 EBITDA 的低階和高階之間大約相差 700 萬美元。這比調整後繳款額的範圍還要大。我想問的是，哪些買入和賣出策略能讓你達到收益的上限，哪些又能讓你達到收益的下限？現在或許可以稍微談談整體成本結構。

Yes, very helpful. You're right, that is confusing at first look. Adjusted OpEx is really not a big range. It's only about $1 million. So all of this is flowing down from the range of the contribution and revenue guide. OpEx basically is $27 million to $28 million is what we're guiding on OpEx. And so the rest of it comes from really that top line and margin flowing down. Does that make sense?

是的，很有幫助。你說得對，乍看之下確實令人困惑。調整後的營運支出範圍其實不大。只有大約100萬美元。所以這一切都源自於貢獻和收入指南的範圍。營運支出基本上在 2700 萬美元到 2800 萬美元之間，這是我們對營運支出的指導。因此，其餘部分實際上都來自於營收和利潤率的下降。這樣說得通嗎？

Okay. Understood. Yes, yes. Totally.

好的。明白了。是的，是的。完全。

(Operator Instructions) That ends our question-and-answer session. Ladies and gentlemen, this concludes today's call. Thank you for participating. You may all disconnect.

（操作說明）問答環節到此結束。女士們、先生們，今天的電話會議到此結束。感謝您的參與。你們可以斷開連結了。