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What were the key takeaways from Cardlytics's earnings call?

- **Topline Challenge**: Q3 billings down 20.3% YoY, but 73% of category-level offer users redeemed multiple offers, mitigating impact.
- **Profitability Boost**: Adjusted contribution margin hit 57.7%, highest ever, due to better partner mix.
- **Cost Efficiency**: $26M annual savings from workforce reduction; Q4 OpEx cut 19% YoY.
- **CRP Expansion**: New OpenTable partnership and 2 other CRP launches in Q4, positioning for 2026 growth.
- **Positive Outlook**: Q4 adjusted EBITDA expected positive, despite billings decline, driven by margin and cost control.

**【CEO Summary Section】**
- **Challenges and Mitigation**: Q3 billings were 20.3% lower YoY due to a large FI partner blocking content, but 73% of consumers who redeemed a category-level offer also redeemed another, mitigating some impact. Workforce reduced by 30%, saving $26M annually.
- **Supply Diversification**: Expanded FI partnerships (e.g., adding debit/SMB portfolios) and CRP expansion with OpenTable, aiming to replace lost supply with higher-margin partners.
- **Advertiser Demand**: Retained 100% of advertisers despite supply loss; new pilots with athletic apparel and hotel brands, and wins back key accounts like a global coffee chain.
- **Network Performance**: 21% YoY ROAS improvement; enhanced geo-targeting and multi-location reporting for franchises.
- **Financial Steps**: Repaid $46M convertible notes; Q4 focused on proving performance with top brands and new business.

**【CFO Financial Commentary】**
- **Q3 Results**: Billings $89.2M (-20.3% YoY), revenue $52.0M (-22.4%), adjusted EBITDA $3.2M (vs. -$1.8M). Adjusted contribution margin 57.7% (vs. 54.2%), driven by better partner mix.
- **Margin Trends**: Billings-to-revenue margin temporarily down due to July supply changes, but October trending higher. Adjusted contribution margin in mid-50s expected for Q4.
- **Cost Savings**: $26M annualized savings from workforce reduction; OpEx $27-28M in Q4, down 19% YoY.
- **Q4 Guidance**: Billings $86-96M (-26% to -17%), adjusted EBITDA $0.9-7.9M. Focus on CRP expansion and U.K. growth (22% YoY revenue).

**【Q&A Highlights】**
- **Billing Margins**: Q3 margin dip due to July supply changes, but October improved. Long-term margin stability in low 60s expected.
- **EBITDA Range**: Wide range due to top-line uncertainty; OpEx tightly controlled at $27-28M. Positive EBITDA driven by margin improvements and cost savings.

Cardlytics, Inc. (CDLX) Q3 2025 Earnings Call Transcript

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CDLX

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