Cardlytics (CDLX) 2026年第三季財報電話會議：營收下滑 30%，第四季釋出成長指引

重點摘要

• 2026 年第三季開票金額年減 32% 至 5,720 萬美元，營收則下滑 30% 至 3,290 萬美元。相關比較基準已排除 Cardlytics 於 2026 年第一季處分的 Bridg。
• 調整後邊際貢獻下滑 24% 至 1,940 萬美元，但調整後邊際貢獻率由去年同期的 54.4% 提升至 59.0%。
• 調整後 EBITDA 仍維持正值，為 40 萬美元，2025 年第三季則為 330 萬美元。自由現金流從負 270 萬美元改善至負 160 萬美元。
• 管理層將該季成長放緩歸因於廣告主預算縮減（特別是在雜貨領域），以及一家英國合作銀行的技術中斷問題。公司表示這兩項問題皆屬暫時性質，而非反映第四季或 2027 年走勢的訊號。
• Cardlytics 在本季與 Yahoo!、VodafoneThree 及 Rove 簽署 CRP 合作協議，並於季末後再與 Coupert 簽約。管理層預期這些合作案上線後將於 2027 年開始產生貢獻。
• 針對 2026 年第四季，Cardlytics 預估開票金額為 6,300 萬至 6,900 萬美元，營收為 3,500 萬至 3,900 萬美元，象徵重返季增長軌道。

核心財務數據

Cardlytics 表示，營業費用降低反映了 2025 年下半年推行的精簡人力措施與雲端基礎設施的最佳化。管理層預期自由現金流隨時間推移將逐步趨近調整後 EBITDA，並表示正評估改善資產負債表與現金流的各項方案。

業務與營運表現

新業務開票金額較第二季成長 25%。第二季上線的廣告主在第三季開票金額增加了 58%，且有 70% 投入新預算續約。餐飲、加油站與雜貨企業佔活躍廣告主的 29%。

Cardlytics 指出，從其數據來看，美國消費者支出較 2025 年第三季成長 10%。購買頻率成長 7%，平均交易金額增加約 3%。旅遊支出成長 17%，活躍旅遊廣告主數量則年增逾 50%。

英國開票金額年減 4%，主要由於一家合作銀行發生技術中斷。管理層表示，英國前十大廣告主的成長動能依然健全，其中零售業開票金額增加約 5%。

公司正透過 CRP 合作夥伴關係跨出傳統銀行通路。Yahoo! 將向 Yahoo Mail 用戶推送個人化優惠，VodafoneThree 初期將優惠整合至 Three+ 回饋 App，Rove 則將為其會員提供個人化回饋。Coupert 預計透過其網站、瀏覽器擴充功能與行動 App 在美英兩地投放優惠。

管理層表示，透過 CRP 綁定的卡片中，有超過半數來自 Cardlytics 現有銀行網絡以外的體系。公司表示，這擴大了其觸及消費者的範圍，同時保有精準且以成效為導向的廣告模式。

Cardlytics 亦推出客製化銀行回饋等級，並針對超過六個月未兌換優惠的客戶測試加碼回饋。在多家合作銀行的初步測試中，測試組的開票金額增加了 13%。

管理層財務指引

開票金額展望意味著季增 10% 至 20%。在廣告活動以及數家大型合作銀行對促銷、加碼回饋和其他互動方案投入資源的支撐下，管理層預期 Cardlytics 將在第四季重返季增長軌道。

公司預期嚴峻的年比基期挑戰將持續至 2027 年第一季，屆時先前討論過的合作銀行關係變動將屆滿一年。

風險與關注焦點

• 廣告主預算在第三季持續承壓，特別是在雜貨領域，部分支出縮減或轉向其他形式。
• 英國合作銀行的技術中斷，導致該季較長一段時間內的優惠投放與開票金額減少。
• 由於合作銀行關係變動，每月合格用戶數仍大幅低於去年同期水準。
• Cardlytics 截至第三季末擁有 2,990 萬美元的現金及約當現金，自由現金流為負 160 萬美元。管理層表示，公司仍聚焦於改善資產負債表與現金流。
• 新簽約 CRP 合作夥伴的財務貢獻取決於能否順利上線，管理層預期將在 2027 年發揮效益。

分析師問答精華

管理層將英國銀行的問題定調為一次性的基礎設施中斷，並表示雙方已共同強化受影響的系統。管理層亦將雜貨領域的疲軟歸因於景氣循環與特定廣告主因素的綜合影響，而非預期會延續至 2027 年的常態現象。

針對 CRP 的經濟效益與精準投放，管理層表示銀行與非銀行通路的核心優惠體驗相似。消費歷史紀錄持續支援以成效為導向的精準廣告與經核實的兌換，而非銀行合作夥伴則讓 Cardlytics 的觸角延伸至目前銀行版圖以外的消費者。

當被問及 Cardlytics 認為最具潛力的擴張機會時，管理層強調重點在於觸及高頻率消費環境中的消費者，而非優先考慮特定產業。銀行仍是公司的主要合作核心，而 CRP 則將發送通路拓展至線上媒體、電信、旅遊與現金回饋平台。

完整法說會逐字稿

完整財報電話會議逐字稿

管理層陳述

Operator

Hello, everyone. Thank you for joining us, and welcome to the Q3 2026 Cardlytics, Inc. Earnings Conference Call. [Operator Instructions] I will now hand the conference over to Chris Cheng, Chief Legal Officer. Chris, please go ahead.

Chris Cheng

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

For a discussion on the specific risk factors that could cause our actual results to differ materially from today's discussion, please refer to the Risk Factors section of our 10-Q for the quarter ending September 30, 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. 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. With that, I'll hand the call over to Amit.

Amit Gupta

Good evening, and thank you for joining us. Q3 was another quarter of execution against our priorities, deepening our bank partnerships, expanding our publisher network, driving incremental revenue for our advertisers and investing in our technology platform that differentiates us. Billings and revenue were down from Q2, and we came in below our guidance. We experienced some sluggishness in the third quarter. One of our bank partners in the U.K. had issues unrelated to us that reduced our billing and caused offers not to get served to their consumers for a long stretch of time.

Macro pressures weighed on advertiser budgets, particularly in grocery. And in some industries, budgets contracted or moved to other formats. We don't view this as a signal for Q4. David will take you through the details in a few moments. What encourages us is that we are building for the next stage of growth. New brands are coming on to the platform at a faster pace each quarter, and we are expanding our publisher network with new CRP partners. Starting with our network and supply. We have signed 3 new CRP partners this quarter. We welcomed Yahoo! to our publisher network and we'll start by bringing offers to Yahoo Mail users.

Through Yahoo Mail's primary ad unit, users can link a card, browse personalized offers and earn Yahoo! cashback automatically on the purchases they're already making. This puts CRP in front of millions of consumers on one of the largest platforms globally, and we expect the experience to roll out over the next few months. In the U.K., we recently signed a partnership with VodafoneThree for Three mobile customers to use Cardlytics on the Three+ rewards app. VodafoneThree is the U.K.'s largest mobile network operator serving the fixed and mobile market formed following the merger of Vodafone U.K. and Three U.K. We will start with launching offers with Three+ with plans to bring it to VeryMe in the future.

This partnership also marks 3 firsts for Cardlytics in the U.K. Our first open banking partner at scale, our first U.K. CRP partner outside of financial institutions and our first to offer rewards as a credit off the phone bill. We also announced a partnership with Rove, a universal airline mile program built for Gen Z and millennials. Rove members can link a card and earn Rove miles through personalized offers on top of the miles they already earned through flights, hotels and shopping. The offers experience will roll out later in Q4 to all Rove users. Since the end of the quarter, we have also signed a fourth CRP partner, Coupert, a loyalty platform that will bring our offers to its users in the U.S. and U.K. through its website, browser extension and mobile app.

Each of these partners sits outside the traditional banking across telecom, online media, travel and cashback verticals. Together, we see CRP gaining traction and our supply diversifying to new services beyond banks. It also expands who we reach. More than half of the cards consumers link through CRP come from outside our existing bank network. So each partner brings us consumers we could not see before. We continue to have positive conversations with other potential bank and nonbank partners, and we look forward to sharing more as these launches roll out and we see an impact in 2027. On the bank side, several of our largest partners are investing heavily in Q4 to promote their programs and boost engagement.

That includes bank-funded offers, bonus redemption days, boosted rewards and sweepstakes. Turning to our advertiser base. Despite the challenges we noted in some of our existing accounts, we continue to be encouraged by growth we see in new business. New business billings grew 25% from Q2. The advertisers that launched with us in Q2 ramp quickly with this cohort's billing up 58% in Q3 and 70% of them renewed with new budgets, so those advertisers are valuing the Cardlytics channel. Over half of the advertisers that launched with us in Q2 but more in Q3, including a national electronics retailer that nearly tripled.

Everyday spend is a growing part of our advertiser base. Restaurant, gas and grocery advertisers now make up 29% of our active advertisers. Advertisers are still watching their budgets closely, but they know Q4 is an important quarter, and we expect that to show up in our results. We are bringing them new ad formats and new programs. And as I said earlier, our bank partners are investing alongside us. Our purchase intelligence also shows that the consumer is still spending. We saw U.S. consumer spending grew 10% compared with the third quarter of last year. Shoppers made 7% more purchases and the average transaction size was about 3% larger compared to Q3 2025.

Spend on gas and convenience also grew 27% because of higher fuel prices. Travel spend grew 17% in the same time period. And we see that in our advertiser base, too, with the number of active travel advertisers up more than 50% from a year ago, including new airline, hotel, cruise and online travel agency logos. Travel brands come to us for verified redemptions and because we can deliver revenue within a set window, which helps them hit specific goals like Q4 targets. We plan to bring verified redemptions to other industries such as retail. In the U.K., billings were down 4% year-over-year.

As mentioned earlier, the decline primarily came from a technical disruption at one of our bank partners, which reduced billing during the quarter. Underneath that, our advertiser base was healthy. We saw growth across our top 10 advertisers and retail grew about 5%. Our U.K. data shows a change in shopper behavior versus last year. Instead of concentrating purchases around the deepest discount days like Black Friday, shoppers are making more considered purchases spread across the whole holiday season. In response, new and existing retail partners are investing earlier and more steadily instead of timing their spend around seasonal spikes.

Now to our technology platform. We launched the ability for banks to set custom reward tiers. A bank can now offer a higher reward multiplier to encourage customers to move up to a higher account tier. We worked with one of our bank partners to extend our program to a broader part of its customer base. We also tested boosted rewards for customers who had not redeemed an offer in more than 6 months. In early tests across bank partners, billing rose 13% in the test groups. We are finalizing the plan to expand it. We scaled our AI insights agent and expanded our industry outlook reports to 7 sectors, including quick service restaurants, grocery and travel.

The agent now produces this content across hundreds of brands with very little engineering effort, which lets our sales team build custom campaigns for advertisers quickly and with minimal effort. Advertisers tell us our share of wallet insights change how they plan. That's the concept behind our newly released Cardlytics Demand Index. It is designed to turn our networks verified purchase data into aggregated privacy safe insights on consumer spending. Our goal is to give advertisers more confidence in how they plan and add a better view of consumer health to the broader economic conversation.

Finally, as consumers begin shopping through AI agents, we plan to bring our offer network into those experiences. We are designing our technology so AI shopping agents can become a new type of publisher in our network, showing consumers relevant offers at the point of purchase and tying those offers to verified redemptions. Looking ahead, with VodafoneThree, Yahoo!, Rove and Coupert signed, we are excited about growth in CRP, and we are focused on launching these partners successfully and carrying that momentum into 2027. We expect to return to sequential growth in Q4. David will take you through our financials. With that, I'll turn it over to him.

David Evans

Thank you, Amit. As Amit mentioned, we experienced some sluggishness in the third quarter, but we don't view it as a signal for what we're seeing coming in Q4, and it's not indicative of how we will move forward given momentum from advertisers and supply partners. Turning to Q3 results. For awareness, all comparisons to prior year will be presented excluding Bridg, which we divested in Q1 of this year. Bridg's specific results can be found in the 10-Q. Also, the comments will be year-over-year comparisons to the third quarter of 2025, unless stated otherwise.

In Q3, our billings were $57.2 million, a 32% decrease year-over-year. We will continue to see tough comps year-over-year until Q1 2027 when we anniversary the previously discussed changes in our bank partner relationships. Over the course of the year, we have seen supply stabilize. Q3 revenue was $32.9 million, a 30% decrease year-over-year. Q3 adjusted contribution was $19.4 million, a 24% decrease year-over-year. We materially increased our adjusted contribution as a percentage of revenue to 59% from 54.4% in the prior year. Our Q3 adjusted EBITDA was positive $0.4 million compared to $3.3 million in the third quarter of 2025.

Q3 adjusted operating expenses were $19 million, a decrease of 14% from prior year. This was largely due to reduction in force actions taken in the second half of 2025 and optimization of our cloud infrastructure. Q3 free cash flow was negative $1.6 million compared to negative $2.7 million year-over-year. From a liquidity perspective and on the balance sheet, we ended Q3 with $29.9 million in cash and cash equivalents and approximately $10.4 million available on our credit facility. We remain focused on free cash flow with investments targeted at driving near- and medium-term growth that is self-sustaining.

We see free cash flow trending in the right direction and converging closer to adjusted EBITDA going forward. We are laser-focused on the balance sheet and are actively evaluating any and all options as it pertains to improving our balance sheet and cash flow going forward. Our MQUs for the quarter were 187 million, down from 230 million a year ago due to the previously discussed changes in our bank partner relationships. That is, however, up 1.2 million from the end of the second quarter.

Now turning to our outlook for Q4 2026. For Q4, we expect billings between $63 million and $69 million, revenue between $35 million and $39 million, adjusted contribution between $20 million and $23 million and adjusted EBITDA between negative $1 million and positive $2 million.

Our guidance represents 10% to 20% growth in billings quarter-over-quarter and a return to sequential growth. We remain focused on executing against our priorities as we close out the year and build towards 2027. I will now turn it back to Amit for closing remarks.

Amit Gupta

To wrap up, Q3 slowed our recovery due to tighter advertiser budgets and issues on the bank side that were unrelated to us. The fundamentals haven't changed. The new advertisers coming on to the platform and the partners signing on tell us Cardlytics platform is delivering value to consumers, our partners and advertisers. I'll now turn it over to the operator to begin Q&A.

Operator

Your first question comes from the line of Jason Kreyer with Craig-Hallum.

分析師問答

Jason Kreyer

Wondering if we can parse out some of the commentary that created a little bit of headwind in the quarter. The issues in U.K. seem largely onetime and poised to reverse themselves. So maybe you can just give a concept on timing when that gets better. But then some of the issues you'd highlighted like in groceries and other verticals, again, maybe we can dive into that a little bit more, like that was created headwinds in Q3. Does that persist into Q4? Can some of this stuff persist into next year? Just looking for more color there.

Amit Gupta

Craig, thanks so much -- sorry, Jason, thanks so much for the question. We appreciate it. I think just the 2 part. On the bank issue that we experienced in U.K., very much a onetime one-off issue. They were going through a change in their infrastructure that led to this. So we very much see this as a one-off. And happy to share that our teams work and collaborated quite actively to make sure that not only does it not happen again, but just hardening the systems overall.

On your second part of the question around grocery, again, I think these are a combination of cyclical and a few advertiser-related issues that we saw. We don't see this as a recurring pattern, definitely not in 2027. And as you saw, our Q4 growth from -- there's a sequential growth that we see. Again, furthermore, to address this, we're also bringing new ad formats to some of these grocer verticals that allows them to share and spend the budget in different ways, which they want to. So we see this more as a onetime effect in this quarter, and that's why we said we don't see this as a signal for Q4 at this time.

Jason Kreyer

As we kind of compare and contrast CLO versus CRP solutions, I'm curious if you can talk about how different is the purchase history that you're obtaining that allows you to show targeted offers? And maybe if there's any difference in your ability to tie an offer to actually utilization at a POS.

Amit Gupta

Yes. I think the way I would suggest we think about CRP is simply an extension of the surface area where we're publishing the offer. The core experience is quite analogous, whether it's on a bank experience or a bank surface or a nonbank surface, Jason. So there's less kind of pull and push about differences in the actual purchase history, the purchase history that we get from a nonbank CRP partner is quite similar and that we use that data to target because the core -- the secret sauce is very much about relevance and targeting and it's not a kind of one of those spray and pray.

So we're very much continue to be in the lower end of the performance funnel. And whether it's served on a CRP surface or a bank surface, it continues to be a targeted performance advertising funnel. So there's less kind of differences there. The other thing that CRP brings to us, as I mentioned in the prepared remarks, it gets us access to consumers that we may not see from a current banking partner network footprint. So it allows us to grow the footprint with a similar experience.

Jason Kreyer

Very helpful. I'm going to sneak in one more. You talked a lot, you're clearly looking beyond FIs to find additional supply. Just wondering if you can talk about what areas would represent maybe the most promise as you look to expand?

Amit Gupta

I think simply put, we want to meet consumers where they are. So none of this expansion in beyond banks changes our strength of relationship or our focus with banks. Bank partners continue to be paramount to us, our first priority. And as you mentioned, we continue to have more conversations with other bank partners who we hope to welcome to the network soon. But in addition, this is allowing CRP funnel allows us to meet consumers beyond banks. So in terms of which verticals, you've heard us talk about Yahoo! and Vodafone and Rove. So frankly, it's less specific on verticals.

We want to be where consumers are, where consumers are in the fast frequency purchase patterns because that's where they can actually get more and more value from our offers. And we're excited about bringing newer budgets that might meet the requirements of the new publisher partners. So hopefully, the way we think about it, it's about getting access to more consumers, more advertisers can now publish their ads on the Cardlytics network, and they get the benefit of having one stop to get a larger access of consumers across banks and nonbanks.

Operator

We have reached the end of our Q&A portion. I will now turn the call back to Amit Gupta for closing remarks.

Amit Gupta

Thank you again for joining. As we shared, we continue to see progress with our bank and CRP partners. Our gratitude to all the stakeholders that help grow our ecosystem so we can deliver more value to the end consumer. We're excited about what lies ahead, and we'll be back soon. Thank you.

Operator

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