Cardlytics Inc (CDLX) 2026 Q1 法說會逐字稿

Hello, everyone, and thank you for joining us, and welcome to Cardlytics' first quarter 2026 financial results call. (Operator Instructions) I'll now hand the conference over to Nick Lynton, Chief Legal and Privacy Officer. Please go ahead.

各位好，感謝各位加入，歡迎參加 Cardlytics 2026 年第一季財務業績電話會議。(接線員指示) 現在我將把會議交給法務與隱私長 Nick Lynton。請開始。

Good evening, and welcome to the Cardlytics first quarter 2026 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 second quarter of 2026, our capital structure and operational and product initiatives.

各位晚安，歡迎參加 Cardlytics 2026 年第一季財務業績電話會議。在開始之前，提醒各位，今天的討論將包含以前瞻性陳述為主的內容，係基於我們目前的假設、預期與信念，包括對未來財務表現與結果的預期（包含 2026 年第二季）、我們的資本結構，以及營運與產品相關的推動計畫。

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 ending March 31, 2026, which has been filed with the SEC. 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.

關於可能導致我們實際結果與今日討論內容出現重大差異的特定風險因素，請參閱我們截至 2026 年 3 月 31 日季度之 10-Q 申報文件中的「風險因素」章節，該文件已向美國證券交易委員會（SEC）提交。此外，在本次電話會議中，我們也將討論若干非 GAAP 的績效衡量指標。GAAP 財務調節表與補充財務資訊已包含於今日發布的新聞稿中，您可於 Cardlytics 官網的投資人關係（Investor Relations）專區查閱。

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, David Evans. Following their prepared remarks, we'll open it up for your questions.

今天的電話會議可透過網路直播收聽，並且我們也會在網站上提供重播。今天與會者包括執行長 Amit Gupta，以及財務長 David Evans。在他們的準備發言結束後，我們將開放提問。

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

接下來，我把電話交給 Amit。

Good evening, and thank you for joining us. As I mentioned on our last call, 2026 is a year of execution for us. Our performance in Q1 reinforces our confidence that we can operate efficiently with a lower cost basis and still deliver on our stated business objectives.

各位晚安，感謝各位加入。如同我在上次電話會議中提到的，2026 年對我們而言是落實執行的一年。第一季的表現進一步強化了我們的信心：即使在較低的成本基礎下，我們仍能高效率營運，並達成我們所宣示的業務目標。

Our strategic priorities remain consistent. First, expanding our reach by deepening collaborations with bank partners and integrating new publishers into our network; second, driving incremental revenue growth for our advertisers by leveraging our advanced algorithmic and geo-centric capabilities; and third, continuing to invest in our technology platform to further differentiate our offering and improve operational efficiency. We are also benefiting from the addition of experienced go-to-market and FI-facing leaders who are helping us elevate our performance across several key areas.

我們的策略優先事項維持一致。第一，透過深化與銀行合作夥伴的協作，並將新的出版商（publisher）整合進我們的網路，以擴大觸及；第二，運用我們先進的演算法與以地理位置為核心的能力，為廣告主帶來增量營收成長；第三，持續投資我們的技術平台，以進一步差異化我們的產品並提升營運效率。我們也受益於新增具備豐富市場拓展（go-to-market）與金融機構（FI）對接經驗的領導團隊，協助我們在多個關鍵領域提升表現。

Let me start with our network and supply. After a prolonged period, we are pleased to report that our supply has stabilized and many of our existing FI partners are actively engaging with us to co-develop growth opportunities. For example, building on strong program performance and positive customer response, we will onboard new cardholder portfolios with one of our larger FI partners later this year. This momentum reflects the strength of our advertising content, the quality of our platform and the collaboration between our FI partners and our internal teams.

我先從我們的網路與供給端談起。在經歷一段較長時間後，我們很高興報告，我們的供給已趨於穩定，且許多既有的金融機構（FI）合作夥伴正積極與我們合作，共同開發成長機會。例如，基於強勁的方案表現與正向的客戶回饋，我們將於今年稍晚與其中一家較大型的 FI 合作夥伴導入新的持卡人投資組合（portfolio）。這股動能反映了我們廣告內容的實力、平台的品質，以及 FI 合作夥伴與我們內部團隊之間的協作。

Additionally, we are partnering with banks to better market and enhance reward amounts being paid out to their customers. In the case of one of our newer neobanks, the Double Days program continues to be a lever for increased consumer engagement and drove 0.25 million new activators during the event. We are expanding similar incentive programs with other FI partners. These engagement-focused programs tend to be adopted first by our newer banks, shifting more volume to these banks and leading to a more favorable revenue margin overall.

此外，我們正與銀行合作，更有效地行銷並提升支付給其客戶的回饋金額。以我們較新的新型銀行（neobank）之一為例，Double Days 方案持續成為提升消費者互動的槓桿，並在活動期間帶來 25 萬名新的啟用者（activators）。我們也正與其他 FI 合作夥伴擴大類似的激勵方案。這些以互動為核心的方案通常會先被較新的銀行採用，使更多量能轉移至這些銀行，並整體帶來更有利的營收毛利率。

Our push to meet new customers where they are continues. We continue to see interest in the Cardlytics Rewards Platform or CRP, from partners across multiple industries. We currently have three live CRP partners. And while still early, we are seeing month-over-month supply growth. We are also in discussions with larger partners about implementing CRP, and we'll share more as we make progress.

我們持續推動在客戶所在之處觸及新客戶。我們持續看到來自多個產業合作夥伴對 Cardlytics Rewards Platform（CRP）的興趣。目前我們已有三個 CRP 合作夥伴正式上線。雖然仍在早期階段，但我們看到供給量逐月成長。我們也正與規模更大的合作夥伴討論導入 CRP，並將在取得進展時分享更多資訊。

Turning to our advertiser base. In Q1, we received a strong signal from our cohort of new enterprise advertisers that they valued our measurement, network reach and technology forward platform capabilities over our competitors. Our focus on new business is translating into meaningful year-on-year pipeline growth, and we expect it to be impactful in our US business throughout the year.

接著談我們的廣告主基礎。在第一季，我們從新加入的企業級廣告主群體中收到強烈訊號：相較於競爭對手，他們更重視我們的衡量（measurement）能力、網路觸及，以及以技術為先的平台能力。我們對新業務的聚焦正轉化為顯著的年對年商機管線（pipeline）成長，我們預期這將在全年對我們的美國業務帶來實質影響。

In Q1, we saw strong performance from the telecom, gas, and convenience verticals. One of the fastest-growing discount grocers following a successful Q1 campaign and strong iROAS performance is renewing in Q2 and is on track to become a top 10 advertiser for us this year. Several leading advertisers in our channel prefer the quality of our analytics and the reach of our network and have decided to consolidate CLO spend with Cardlytics despite the supply constraints. This has been a recurring narrative amongst our clients and reinforces the value that our multi-FI network can provide. To augment our measurement capabilities, we are adding new measurement partners to our network to support advertisers with their preferred measurement model of choice.

第一季中，電信、加油站與便利商店等垂直領域表現強勁。其中一家成長最快的折扣型雜貨零售商，在第一季活動成功且 iROAS 表現強勁後，將於第二季續約，並有望在今年成為我們前十大廣告主之一。儘管供給受限，我們通路中的數家領先廣告主仍偏好我們分析的品質與網路的觸及，並決定將其 CLO（卡連結優惠）投放整合至 Cardlytics。這在我們客戶之間已成為反覆出現的主題，也再次印證我們多 FI 網路所能提供的價值。為了強化衡量能力，我們正將新的衡量合作夥伴加入網路，以支援廣告主採用其偏好的衡量模型。

At the same time, we continue to invest in offer performance and ad ranking. Optimization experiments in Q1 are driving higher activation and redemption rates, and we're seeing double-digit growth in redeemers across banks with stable supply. Feedback from advertisers continues to reinforce that we outperform other alternatives.

同時，我們持續投資於優惠表現與廣告排序。第一季的最佳化實驗正帶動更高的啟用率與兌換率，且在供給穩定的銀行中，我們看到兌換者（redeemers）呈現雙位數成長。廣告主的回饋持續顯示，我們的表現優於其他替代方案。

Our UK business continues to deliver outstanding results with Q1 revenue surging over 21% year-over-year. This momentum highlights our omnichannel strength, particularly with the restaurant and retail sectors. We are proud to have served all of the UK's largest grocers on our platform during the quarter. In the UK, advertiser sentiment remains strong as we diversify our footprint. This allows partners to rely on Cardlytics as a single destination for high-quality relevant content for their card members.

我們的英國業務持續交出亮眼成果，第一季營收年增超過 21%。這股動能凸顯我們的全通路（omnichannel）優勢，尤其是在餐飲與零售領域。我們很自豪在本季於平台上服務了英國所有最大的雜貨零售商。在英國，隨著我們持續多元化布局，廣告主情緒依然強勁。這使合作夥伴能將 Cardlytics 視為單一目的地，為其持卡會員提供高品質且高度相關的內容。

Turning back to the US. Due to macro events, we are seeing some budget pressure in the travel and hospitality sectors with approvals being delayed or pushed into future quarters. Overall, with supply stabilizing and execution improving, we believe we are well positioned for sequential growth.

回到美國市場。由於總體環境事件，我們在旅遊與餐旅（hospitality）領域看到部分預算壓力，導致核准流程延後或推遲至未來季度。整體而言，隨著供給趨於穩定且執行力提升，我們認為我們已為逐季成長做好良好準備。

Turning to our technology platform. The work we did in 2025, particularly in data and AI is now delivering measurable impact. Our engineering efforts are improving both speed and efficiency across the platform. For example, our newly released Insights agent delivers weekly unique advertiser reports synthesizing macroeconomic data, industry trends and Cardlytics-specific insights.

接著談我們的技術平台。我們在 2025 年所做的工作，特別是在資料與 AI 方面，如今已帶來可衡量的影響。我們的工程投入正提升整個平台的速度與效率。例如，我們新推出的 Insights 代理（agent）每週提供獨特的廣告主報告，彙整總體經濟資料、產業趨勢以及 Cardlytics 特有的洞察。

Our new campaign data sync infrastructure, starting with impact.com enables our sales team to share performance data with measurement partners for advertiser accounts in minutes rather than days. We standardized on a unified agentic development environment with common AI skills and MCP servers, giving our engineers AI-assisted tooling across the full development life cycle.

我們新的活動資料同步（data sync）基礎設施以 impact.com 為起點，使我們的銷售團隊能在數分鐘而非數天內，將成效資料分享給廣告主帳戶的衡量合作夥伴。我們也標準化採用統一的代理式（agentic）開發環境，具備共通的 AI 技能與 MCP 伺服器，讓工程師在完整的開發生命週期中都能使用 AI 輔助工具。

We are now tracking development productivity metrics to measure adoption and scale these games. Now looking forward, with the Bridg transaction successfully closed, we are now fully aligned around our core platform with improved financial flexibility and the ability to move faster. Our focus remains on disciplined urgent execution against our strategic priorities.

我們目前正在追蹤開發生產力指標，以衡量採用情況並擴大這些遊戲的規模。展望未來，隨著 Bridg 交易成功完成，我們如今已在核心平台上全面對齊，財務彈性提升，並具備更快推進的能力。我們的重點仍是以紀律且緊迫的執行力，推進我們的策略優先事項。

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

接下來我把時間交給 David，請他說明財務表現。

Thank you, Amit. As we talked about on our last earnings call, our core focus and strategic plan we set up for 2026 is quarterly sequential growth and self-sustainability. We are pleased to announce Q1 numbers that are above the midpoint of the guide across all metrics, including for the Q1 Bridg results. Our Q2 guide further represents and supports quarterly sequential growth. We have also taken another step towards self-sustainability since acquiring and quickly selling the PAR shares we received in consideration for the divestiture of the Bridg business, further improving our state of liquidity and balance sheet.

謝謝你，Amit。如同我們在上次財報電話會議中所談到的，我們為 2026 年制定的核心重點與策略計畫，是季度逐季成長以及自我永續。我們很高興宣布第一季的各項指標皆高於指引區間的中點，其中也包含第一季 Bridg 的結果。我們對第二季的指引進一步體現並支持季度逐季成長。此外，自從我們收購並迅速出售在剝離 Bridg 業務對價中所取得的 PAR 股票後，我們在邁向自我永續方面又更進一步，進一步改善了流動性狀況與資產負債表。

Turning to Q1 results. For awareness, I will speak first to results and year-over-year comparisons from continued operations, which exclude Bridg results, followed by Q1 numbers that are inclusive of the Bridg operations, given these totals were included in our Q1 guidance. Bridg specific results can be found in the 10-Q and the earnings release. Also, the comments will be year-over-year comparisons to the first quarter of 2025, unless stated otherwise.

接著談第一季結果。為了讓大家了解，我將先說明持續營運（不含 Bridg 結果）的業績與年對年比較，接著再說明包含 Bridg 營運在內的第一季數字，因為這些總額已納入我們第一季的指引。Bridg 的具體結果可在 10-Q 與財報新聞稿中查閱。另外，除非另有說明，以下評論皆為與 2025 年第一季的年對年比較。

In Q1, our billings were $58.1 million, a 37% decrease year-over-year. Total billings, inclusive of Bridg Results was $62.3 million. Despite the departure of Bank of America in January, we were able to retain the vast majority of our clients and are seeing results of our focus on driving new business to the platform. Q1 revenue was $34.3 million, a 39% decrease year-over-year. Total revenue, inclusive of Bridg results was $38.5 million. As Amit mentioned, our UK business remains a standout performer with Q1 revenue increasing over 21% year-over-year.

第一季，我們的帳單金額（billings）為 5,810 萬美元，年對年下降 37%。若包含 Bridg 結果，總帳單金額為 6,230 萬美元。儘管美國銀行於 1 月離開，我們仍成功留住絕大多數客戶，並看到我們專注於為平台帶來新業務的成果。第一季營收為 3,430 萬美元，年對年下降 39%。若包含 Bridg 結果，總營收為 3,850 萬美元。如 Amit 所提到，我們的英國業務仍是表現突出的亮點，第一季營收年對年成長超過 21%。

Q1 adjusted contribution was $19.7 million, a 28% decrease year-over-year. Total Q1 adjusted contribution, inclusive of Bridg results was $23.3 million. Despite year-over-year decline, we continue to expand our revenue margin or adjusted contribution as a percentage of revenue to 60.6%, our highest on record. However, we do expect this to come down in future quarters due to the divestiture of Bridg.

第一季調整後貢獻（adjusted contribution）為 1,970 萬美元，年對年下降 28%。若包含 Bridg 結果，第一季調整後貢獻總額為 2,330 萬美元。儘管年對年下滑，我們仍持續擴大營收毛利率（或調整後貢獻占營收比重）至 60.6%，創下歷史新高。不過，由於剝離 Bridg，我們預期未來幾季該比率將回落。

Q1 adjusted EBITDA was positive $0.2 million compared to negative $4.1 million in the first quarter of 2025. Total Q1 adjusted EBITDA, inclusive of Bridg results was negative $2.2 million. This improvement in adjusted EBITDA underscores our ability to execute towards our goals with a lower expense base.

第一季調整後 EBITDA 為正 20 萬美元，相較於 2025 年第一季為負 410 萬美元。若包含 Bridg 結果，第一季調整後 EBITDA 總額為負 220 萬美元。調整後 EBITDA 的改善，凸顯我們在較低費用基礎下，仍能朝目標有效執行的能力。

Q1 adjusted operating expenses was $19.5 million, a decrease of 38% from prior year. Total Q1 adjusted operating expenses, inclusive of Bridg was $25.5 million. This was largely due to reduction in force actions taken in 2025 and optimization of our cloud infrastructure. Q1 operating cash flow was negative $5.6 million compared to negative $6.7 million in the prior year.

第一季調整後營運費用為 1,950 萬美元，較去年同期下降 38%。若包含 Bridg，第一季調整後營運費用總額為 2,550 萬美元。這主要是因為 2025 年採取的人力精簡措施，以及我們對雲端基礎架構的最佳化。第一季營運現金流為負 560 萬美元，相較去年同期為負 670 萬美元。

Free cash flow was negative $7.9 million compared to negative $10.8 million year-over-year, an improvement of $2.9 million. On the balance sheet, we ended Q1 with $35.7 million in cash and cash equivalents. Subsequent to the quarter closing, we liquidated all the PAR shares we received in connection with the Bridg sale. We used the proceeds to reduce the amount owed under our credit facility and improve our cash position. Our MQUs for the quarter were $197 million, accounting for the loss of Bank of America in January. ACPU for the quarter was $0.10, down 21.3% year-over-year.

自由現金流為負 790 萬美元，較去年同期負 1,080 萬美元改善 290 萬美元。在資產負債表方面，我們第一季末的現金及約當現金為 3,570 萬美元。在季後，我們已將因 Bridg 出售而取得的所有 PAR 股票全數變現。我們將所得款項用於降低在信用融資額度（credit facility）下的欠款金額，並改善現金部位。本季 MQUs 為 1.97 億美元，反映了 1 月失去美國銀行的影響。本季 ACPU 為 0.10 美元，年對年下降 21.3%。

Now turning to our outlook for Q2 2026. All comparisons to prior year and prior quarters will exclude Bridg. For Q2, we expect billings between $61 million and $67 million, revenue between $35 million and $40 million, adjusted contribution between $20 million and $23 million and adjusted EBITDA between negative $2.7 million and positive $1.3 million.

接著談我們對 2026 年第二季的展望。所有與去年同期及前幾季的比較都將排除 Bridg。第二季，我們預期帳單金額介於 6,100 萬至 6,700 萬美元，營收介於 3,500 萬至 4,000 萬美元，調整後貢獻介於 2,000 萬至 2,300 萬美元，調整後 EBITDA 介於負 270 萬至正 130 萬美元。

Our guidance represents quarterly sequential growth of 10%, 9% and 9% for billings, revenue and adjusted contribution, respectively, and excluding Bridg numbers in Q1 for comparison purposes. We continue to be committed to delivering sequential growth for the remainder of 2026.

我們的指引代表帳單金額、營收與調整後貢獻分別有 10%、9% 與 9% 的季度逐季成長；且為了可比性，與第一季比較時將排除 Bridg 的數字。我們仍致力於在 2026 年剩餘期間持續實現逐季成長。

Our adjusted EBITDA guide further represents our belief in our ability to execute at a lower expense base, and we remain committed to driving operational efficiencies. We are laser-focused on executing against our core competencies to drive sequential growth in 2026.

我們的調整後 EBITDA 指引也進一步反映我們相信自己能在較低費用基礎下有效執行的能力，而我們仍致力於推動營運效率提升。我們高度聚焦於發揮核心能力，以推動 2026 年的逐季成長。

I will now turn it back to Amit for closing remarks.

接下來我把時間交回 Amit，請他做結語。

We're moving forward with a stronger foundation to operate the leading purchase intelligence platform. Our team is heads down executing on our strategic priorities to deliver value for our advertisers, partners, shareholders and end consumers. I'll now turn it over to the operator to begin Q&A.

我們正以更穩固的基礎向前邁進，來營運領先的購買智慧平台。我們的團隊正全力以赴執行策略優先事項，為廣告主、合作夥伴、股東以及終端消費者創造價值。接下來我把時間交給接線員，開始問答環節。

(Operator Instructions) There are no questions at this time. I will now turn the call back to Amit for closing remarks.

(接線員指示) 目前沒有提問。我現在把電話交回 Amit，請他做結語。

I'm not sure if Amit is coming through, but I can jump in here for closing remarks. I would reiterate for all of our listeners that as we stated at the beginning, we are executing against the plan that we set forth at the beginning of the year, which is to operate through 2026 showing sequential growth as well as being able to show and perform with self-sustainability.

我不確定 Amit 是否有連線進來，但我可以在此代為做結語。我想再次向所有聽眾重申，正如我們在一開始所說，我們正在執行年初所提出的計畫，也就是在 2026 年持續營運並展現逐季成長，同時也能展現並達成自我永續的表現。

Amit, if you are back on, you want to have any other closing remarks or otherwise, we can conclude the call. But Amit, I'll turn it to you if you can hear us.

Amit，如果你已回到線上，是否還有其他結語要補充？否則我們就可以結束本次電話會議。不過 Amit，如果你聽得到，我把時間交給你。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。