CDLX - Earnings call transcript Q4 2020

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Cardlytics Fourth Quarter 2020 Earnings Conference Call. At this time all participants lines are in a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised, that today’s conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your host, Kirk Somers, Chief Legal and Privacy Officer. ahead. go Please

Kirk Somers

welcome XXXX and fourth and quarter Good results to call. year financial full morning, Cardlytics

stabilization Before let current contain performance first forward-looking beliefs, we quarter discussion expectations or statements today's user in the closing and begin, including the per guidance based me of business impact continued new results, of remind and our on our of capital for economy average future anticipated position, our our about retain COVID-XX economy, assumptions, financial and that expectations financial or our sufficiency everyone of the in will and the the improvements connectivity year our the structure, our revenue ability MAUs priorities, our U.S. strategy economy of launch of in return launch and of growth, the to FI our the Holdings, long-term to impact our XXXX, the of and Bank, rise, monthly or increase cash MAUs, and experience, the the the XXXX, increase users, the active Inc. as the to our return and achieve ARPU our DOSH in growth a of acquisition benefits year-over-year key on momentum in potential user, including whole,

the SEC. that reconciliations year in Securities supplemental refer our be call we we subsequent X-K is via will release will periodic today the the and the for in financial has and with performance. to Risk this webcast, available information during GAAP non-GAAP week. discuss For Also the with XX, replay could we cause of factors provided filed discussion, call, measures please been company's for Commission. earlier that materially a file issued the December available Today's the of risk XX-K press one filed are a our discussion of and and financial Exchange differ XXXX, that Factors specific today's reports actual results and today from to ended the that section

the You can a section find quarter all of Cardlytics of Investor the supplemental on to Please results our has that posted information website. presentation website. to Relations fourth just Investor Relations described been also our I've note

the and Laube; leadership Andy is Cardlytics on Co-Founder, us call Lynne CEO Christiansen. and including team, Joining CFO, today

their turn call your we'll remarks, Following prepared Lynne. to to With open Lynne? questions. let call the that, over the me

Lynne Laube

pleased you to our multi-year on thank And challenging the which our XXXX for team full-year exceeded results continue billings and year. QX what guidance Kirk. ability us revenue. both of of and high-end adapt Thanks, I'm We're proud their the fourth executing for joining was with everyone earnings in total conference and Cardlytics on quarter our call. our to a strategy for

their a model to key company are their benefits team is And our opportunity time. There for that we efforts acquire continued financial and Before like definitive a to into to rationale strategic the moving to later acquisition discuss results, morning entered why agreement our we been drive their continued with impressed four a Andy platform. we followed and business in and discuss it's take I a moment call, we for the Dosh details will We've that for our announced complements would this a this to believe we believe great Dosh. like but capabilities growth. I'd growth. long fully highlight. to

is technology proven and a Dosh fintechs, for an to neo-banks, organizations. easy platform First, which solution has integrate non-financial

Ellevest. with brings including multiple Second, Betterment, Venmo, players Dosh fintech and partnerships neo-bank and

large meaningful these generally long-term believe While naturally bank with partnerships with and have early stages, potential we millennial align not and are traditional younger consumers the in who our partners.

that learn finally, a test and advertisers and drives and then enables Cardlytics Dosh I'm capabilities with them for travel quickly our deployments. partners to all advertising faster will value solution DTC financial implement advertising the advertisers products We larger enables return new to partners, also are medium the ability advertisers Dosh These platform this solutions, create And strengthen opportunities, test benefit to Dosh's believe app features able and and in shared to increase expands Being team. deliver learn ad engagement what our new drive to results strategies. allows including to spend. highest our and new engagement the industry. small for welcome has their consumer Third to a excited acquisition our scale on combined further great our of to clients. consumer

billings $XX highlights the quarter and revenue quarter. year-over-year, from XXXX. to up X% down of from Now, fourth XX% equal net sequentially third Total were which let's some million, billings to is Total million, turn $XX.X XX% third adjusted quarter X% of from X% with XXXX. quarter And of the $XX.X up the million, and up third incentive consumer down and of down with contribution year-over-year, XX% year-over-year, XXXX. from the

our advertising verticals. Our reflect nearly across better QX growth than expected of sequential results all billings

quarter US on with our XXXX. importantly, in billings XX by more we're growth in pre-COVID the to height sequentially chains It's were in billings from our saw QX. that We doubled of worth from essentially billings than And levels month-over-month returned US impacts restaurant platform flat the QX. since the consistent our that COVID our are QX. clients the in quarter live restaurant It's and top also we QX encouraged fourth highlighting of XX notable fourth

not momentum will seeing with the continued of this are recovery throughout execution spending, in the consumer it momentum but This we're gradual continue We our successful retain, and return rise, result the only believe of reflects our validates strategy. XXXX. pleased we and

largest QX by incremental able In of examples budgets initiative category, in existing not you new driving to only customers against were we acquire successfully advertisers a and annual and value lockstep partners. larger with customers. us businesses in their launch net from share to their in subscription our to the additional us XXXX. them we QX, budgets to new drove terms membership in putting in expectations help worked to US the say for me also executing to Let subscribers am service. in I existing new from few the upcoming our loyal pleased retail designed secure but strategy for programs delivering advertising great how one in we're key current the billings sales partners' their addition exceeded additional This of Cardlytics position positioned a year. new QX in with of

lapsed Additionally, driving to restaurant interested we our proven - new secured top-five in service budget In one from vertical, that largest we've US customers. both the our incremental our with wireless wire a providers in was first test effectiveness chain and the in direct-to-consumer of the purchases US.

with its spend has XXXX. commitment marketer a doubled us As in upfront result, annual this than more

to and progress. via new continues the experience and clients small self-service larger to direct Like we agency working their quarter platform prior expanding Our and Each possible. are moves with user ad with Agencies closer advertisers. partnerships them investment are campaigns. us budgets medium to material best create with size sourcing quarters,

we we As our Bank to forward over looks MAUs move connected with get platform XX% of the for MAUs, have U.S. the as XX% around connected to and launch.

up base MAU to Our of launch grew in year-over-year, quarter, million Fargo. $XXX Wells the the XX% to due largely over fourth

of our remain to launch new on launch with half them XXXX. track of the the expect we first with one version user Our U.S. experience in and preparations Bank

Andy. eventually growth over I that, MAU in will that With to to will low expect course. digits single turn mid the in it future stabilize We the

Andrew Christiansen

And echo in the We're acquisition in create Dosh the Lynne. of Cardlytics. to excited you, long-term announce the I acquisition I'll Lynne will welcoming years. business Dosh. many to grow coming over believe Thank our team this opportunities together

at and extremely the will strong liquidity We $XXX remain balance million. be with December, of position equivalents, we year increased our our cash ended extended the on $XX total the at time. this following million, facility timing the the which in $XXX sheet of capacity when we the In closes, expect over cash and deal million loan end our to remains acquisition. expect also to We QX. million Depending compared and cash the $XXX to term undrawn

the to performance. turning Now, full and quarter year

of fourth-quarter with in UK. pleased are challenging environment, results our in especially light the the We better-than-expected

few sequential revenue respectively million, basis, to share guidance, a over quarter XX% during the fourth I'll $XX quarter the financial prior to the were On up As seasonal QX. We'll year-over-year Actually in usual return decline X% of year. The compared more sequential dive highlights. QX XX% fourth year-over-year US see guidance. to before, lot right decreased QX. to us strong around throughout results expecting we've seeing we We're the to gives is play year. year-over-year the this corner. through in during comparisons revenue decreased end our a revenue increased that and confidence million. the from a of year in outperforming growth month-of-the-month out XXXX. our before billings improvement Billings and X% see year-over-year QX to expected the I mentioned our But X% $XX.X

down was revenue UK However, XX%.

implemented near be to slow the impacted UK unwind Our continued April our reports continues pressure and in so about UK that the by slowly Latest June, of on term. pandemic anticipate recent between was will severely to the variant. the coronavirus lockdown some business we and new the spread lockdown results the

was a contribution of million, XXXX. Total a revenue sequentially $XXX full XX% of down the For of decrease X% from fourth and was QX quarter, XXXX. $XXX year, year-over-year was total XX% the million Adjusted million, in from $XX.X billings up decline year-over-year. XX%

QX, increase product XX% XXXX. primarily was from a of For which in adjusted and $X.X The to in the million million, the capabilities. of year, our of in revenue. was gain EBITDA gain was $XX million development in was of which a X% full driven of in million down decline QX $X.X to headcount enhance adjusted compared contribution revenue, a XX% was decline $XX contribution $X.X XXXX, by Adjusted million

of was $XX XXXX, with For in $X.X contribution. year-over-year reflects full the XXXX, decline million in adjusted a gain year $X.X million, of adjusted loss compared million a which largely EBITDA

Dosh, long-term the well As we've and making during quarterly acquisition support in cost potential strategic growth, may the our fluctuations are discussed, we the lingering our pandemic, of UK, integration of especially EBITDA cause effects XXXX. including support the as as to the to in investments

XX% to Fargo launch. $X.XX, QX, quarter ARPU the As fourth was MAUs during earlier, mentioned grew reflecting Lynne XX% million in year-over-year year-over down $XXX Wells the -year. partially

As continues XX% to the pressure revenue. third due of a our ARPU sequential increased to more from basis, growth experience year-over-year MAU ARPU On expected, significant XXXX. quarter and

We QX. during impacting quarters, our the revenue to million factors QX of to growth. during had the basis, return XX.X ARPU. $X.XX full was year compared as expect QX outstanding of XXXX. year-over-year XX.X the In stabilize XXXX, XXXX on at shares increase coming outstanding compared a a Our million Weighted was we ARPU million, XX.X MAU reflecting shares ARPU quarter average to end as to $X.XX, the same in

Now, guidance. turning to

note Please wider circumstances, that depending a outcomes a the range usual, than guidance is withhold the effects bit the range to reflecting wider potential to due decide guidance in pandemic. the lingering may on future. Our we of of

between Additionally, expect QX our guidance contribution $XX due $XX - of to budgets between QX exist does of not currently between and include from revenue decline to seasonal and million, typically and consumer million the billings $XX remind the $XX in million We of acquisition. adjusted heightened want and fourth that spending the advertising million. everyone quarter. and during million, I $XX normal $XX million the QX Q Dosh of to

And full this we of to rapidly we've and adjusted and the and expect recover million. $XXX operating see and been we've many in revenue landscape. comfortable between million $XXX between business a $XXX billings of adapt the more in For million companies, million grown contribution evolving to pleased $XXX other year, of Overall, environment. million, $XXX like million, between $XXX

about As return lot for a glimpse offer XXXX great and of mentioned and to growth, why outlook stories as our optimistic underpin our are to we're those a earlier, Lynne there beyond. that

shareholder through with relationships always, of growing on look growing set Dosh. As relationships our an remain partners. very we focused to the we And forward long-term growing now value expanded and meaningful

Now, I'll her Lynne closing to back thoughts. for it hand

Lynne Laube

Thanks, Andy. solid quarter. a was QX

our our across advertising our I'll business. We with our continue vectors We're team new to With the in verticals, platform, marketers colleagues bringing that, to We're for of this the excited their response proud environment business. growth to leverage increasing your solution resilience difficult in operating our good with our new priorities call and evolving make in demonstrating and of the and each at up working open work drive us, questions. Dosh of XXXX. progress in Cardlytics to of long-term number

Operator

you. comes question from with Youssef the Truist of line Thank instructions] [Operator first Securities. Our Squali

open. now line Your is

Youssef Squali

much. very the you Thank transaction. Great. congrats on And guys,

quick two So please. me, questions for

some in you in can under pressure, just trends? continues deals - the seen think maybe anything the just a maybe contrast fourth to Lynne, US like but so interested terms to quarter. the on more far you far so in flesh lot to I then speak Dosh, First, their two-thirds quarter, We're surprising the you into up be you and data. business in trend tech Obviously, of it, compare. a of you've the unpack year-on-year bit. their in little can a you platform us so particularly can being And that already little for out pointed maybe and UK I'm

access my different to they maybe than or Thanks. cards that to Cardlytics cetera? data How by on me? app me me have is the [ph] any linking is the So et redundant the data has much or complementary, linking

Lynne Laube

Yeah.

Okay.

So I'll it. take

out UK to first QX the terms of in seasonally mean, that we're nothing their down. well. strongest do I question is quarter. to US seeing adjusted We trends QX, point surprising. want continues the On in always to continues be

the growing examples of for But see. we I mentioned call earnings we the XXXX. in trend seasonally. budgets, was And nicely down setting QX us continued back is QX their coming obviously, around where several and up advertisers think So

we're quarter and about So good pretty the feeling the year.

In Dosh, do terms Mastercard integrate their of other APIs get with to and data. Visa they and

application, location sometimes in way more than a on amount data because So location and the have. they or direct-to-consumer of much also, is we get get. the direct-to-consumer integrating there and both we we that probably what the data in similar. additional data have their specific that some that it's Remember, They the application get with data the versus by are they get of they unique data granularity some directly But are is banks. there - restrictions don't that a

value So cases than points granular speaking, But Does for of location proof some have we're of about is generally less the excited ability to but the data. and help? ours. data their banks for larger use show that our example, on, similar

Youssef Squali

maybe, - just you just that's to the now because guys - you last this? Can super $XXX but helpful. valuation. that's on speak on provide basis maybe, don't the time, if financials no, if just for the yeah, guys right on, and is Andy, maybe And I the there quick you how one can million valuation, didn't Yeah, you super one got know any

Andrew Christiansen

just of to are growth we long they lot see of a realize of when a made Yeah, we we the potential look at And benefits thanks. runway some for whole up organizations, some of perspective, ours. a really, Yeah, We - of Difficulty] some certainly perspective, combining [Technical lot of the certainly, than both sense. bit there. two from there their time the some revenue have have over different partners, with their a - to growth see cost

it looking that those really, of it just at really a factors was So way. combination modeling

Youssef Squali

you. Thank Okay.

Operator

you. Thank

William question the with next Shutler comes from Blair. Our of line Chris

Your line open. is now

Chris Shutler

Dosh's up everybody. on just Hey, to I Good follow around morning. question the technology. want

can to So my work with advertisers understanding require probably is activation. that affiliate thus different networks or in they the They and also don't more platform. bring

maybe more. I it. elaborate And activation all? that at a just change appreciate to approach So does your little

Lynne Laube

Yeah.

not You they affiliate affiliate both. - non-activation with some also do a but work but direct-to-consumer about They do networks. their their some of networks exclusively, where come from And partners. their and and are have budgets applications of correct their with applications do model

But and frictionless of the done course, it there's possible. certainly, more offer, in less for some are of their study like take the platform from of which, an the like of more We lower obviously, kind most relative FIs have of both. our friction little going way a Certainly, a in we larger about bit they've about what has type best see always-on to interest to what and expressed has - and value platform them, we our consumers.

learn we'll practices. probably of And take so some those and

to drives reason our works core is we'll in course, activation way have, actually of continue because So do budgets platform, - non-affiliate can which which is the this mentality. after our core drive we that which we and go the require turn platform of

sure of over blend a be I'm it'll So both time.

Chris Shutler

it. Got

Okay. own at seen with looking banner that noticed app my local offers And in I bank actually I've apps a then of shop included. the just couple the recently yeah, recently

you're those they in different them what if sourcing sourcing curious are are, then Dosh, offers? a just way? just their And how regarding local maybe So

Lynne Laube

of current at. so that are you of we businesses, partnerships banks our see So them. with that in excited lost big implement which local differently, user any local And That's very The have - that it experience, have really application places we go couple hyper-local sourced not specific challenge something, bank amount unique new necessarily our partnership their we'll partnership an has advantages to the able of about helping kind of in looking the I today us. who experience themselves, shop for user extensive will. a experience, Cardlytics be and hyper-local is be and existing especially with They're if But but we'll it's and that offerings through is Rewards valuable with where when to the gets customers - Dosh, be Network, that we actually have new our relationships. get of is can will one with is definitely partnership a user they Rewards a content. local you think

Chris Shutler

on in you then I but high-level just formal on Okay, any Dosh? giving you're XXXX, as EBITDA. guidance great. can for commentary the especially provide, not any know you bring And - lastly

Andrew Christiansen

had from well to to what both significant As [ph] costs as it - relates of it of I impacts, right, our reductions compensation some guess, but that also for to kind down remind amount the is item G&A the as the cash not that everybody in amount year, was marketing to to compensation from moved biggest down relates I I But call to sizable the we fairly probably as certainly we stocks. we that want of several want everybody year, targets XXXX, kind both a COVID of meeting considerably, significantly. us the were the remind

back kind all so And that's of in. coming

in both annualization XX% operating look combined we as those or of made I last increase of well about COVID our probably when XXXX, year, kind to expenses. $XX So a the going have we're our in cash investments impacts, as that million

correspond see going But going very be of that. how for of investments obviously we're on certainly, I top of growth investments of But to that really timing to kind make some lot looking our prudent in year We the see investments. to the we how of we be unfolding opportunities to make do there. that's that talked we're So to sure return kind those about. with more a as

Lynne Laube

a to everyone, numbers acquisition And not at this just as Dosh is in reminder point. the of any included our

guidance, now, on guidance. So just come it right Cardlytics not next you’re annual purely seeing. that our something not in quarter. be That guidance that But will will our quarterly probably is

Andrew Christiansen

right. Yeah, Lynne. Thanks, that's

Chris Shutler

Okay. much. Thanks very

Operator

Thank you.

next comes Our JPMorgan. Anmuth question line of from the Doug with

Your is line open. now

Unidentified Analyst

for Doug. is the morning. Good taking for This Thanks on [ph] Dave questions.

can others results consumer to bit how looking meaningfully, just you biggest a last are where any was much a there one, as just has relative were we spend and consumer still And meaningful? surprise as assuming little any vertical but lagging recovery were curious spend are greater recovery, top-line more? recover where you move results travel First you'd where we through 'XX? then expect there I'm see that to overall your year? at Just And your the the in verticals XQ unpack particularly XQ that saw

Andrew Christiansen

Hey, Yeah. is Andy. this

in QX, DXC the in of as you think strongest retail. nice Those tick area, verticals. we I well really are a know, two specialty up our So, had

really decline you about I you expect a get retain, our tick year, We we've But We're entertainment, next think really travel return year. XX% to talked of as, mentioned, seeing actually to we as as know, with of as impressed into know, very growth we we're those And lot to down, nice to as would know, back - deeper how in like continue has see you well big-box some all there. our see off. start know, a then, had far we year-over-year fully you to e-commerce retail. been the as paid We've still. certainly, probably about return, pivot still we see, travel, weakness when now, right rise, up expect you that

So, I'm and great a that'll but we're for we're begin it that to sure certainly, us. pre-COVID, strength expecting see to not be going really where to to there. some back tailwind was come tick more up

Lynne Laube

starting pretty just is though to even And dining XX% dramatically, down - recover, Yeah. too, it, add is to XX%-ish-plus. while that, dining, to you still know,

going you quite throughout expect to XXXX, So, frankly most those in we know, see slow recovery of categories. continued

Andrew Christiansen

That's right. Restaurant see is spend we weeks year-over-year purchase still our just we data. of not our what Macro-level all of but from down see, few as ago. a XX% results that

Unidentified Analyst

on as on on automated if that for color. a - plans, any that just your you're curious you I'm is XXXX guide much then And Thanks self-service implement super to just guys any? and remaining it. on for if follow-up, Got have your track how - update if platform development, share of in included

Lynne Laube

Say it. question, included is I of your didn't the of part hear in How what? last much that

Unidentified Analyst

your guide. guide. XXXX In

Lynne Laube

Yeah.

are we self-service platform self-service the integrating of to point and ahead even that that certainly all, implementing at out able of and capabilities I will schedule looking be accelerate potentially ours will some into we first be Dosh more. for has So,

today agency are with an hired sales out as agencies They actively working speak. have we We team.

the only will give to material but number, from we they from be to confident which And today they those engaged the with relative but overall is, And are we'll running the not remain the previous what we now selling you is be it effectively discussed, get they spend veto self-service street how platform, through And of self-service two will and for may two quarters, amount think relative - we there. agency agencies be to in tell growth of being the the is what that continue we XXXX, we expect is to half very We know, back said agencies material in. we you obviously, our - numbers you be to will more that that I that adopted. we zero. able in as billings

Unidentified Analyst

Okay. Got you. it. Thank

Operator

you. Thank

of Kreyer line Our comes the question from next with Craig-Hallum. Jason

Your line open. is now

Jason Kreyer

I there vertical is any travel potential - follow quantify on just upside we to understand online. Just two major wanted not And entertainment then today? the there is from those exposure to - that where if categories wondering are - pursuing? Cares differences and can a if in vertical any there? where verticals are those [ph] questions. the come in currently like to Is from back up perspective, try gets Dosh any you're you way if

Lynne Laube

Dosh and content in I'll notable let Dosh a more is local in they with take similar the Rewards. question than Andy With talk partnership discussed, through potentially there about the we the we largely with do we've in. exceptions of and verticals are have verticals. lot the their terms that

So, we're interesting They is to bring obviously into suppressed also that right travel now. have that solution overall our an excited dramatically network.

app. - As travel know, still you down. Dosh book in, an something actually mid-sized interesting partners travel not you That's our banks, interested their But we've discussed, but the I our it's through that, way the maybe of largest own our think where, of consumers travel can be many bank solution many know, banks. could

that notable So, the exceptions, but that verticals they're same of than in those types we'll the see how other largely in. we're in two future, out plays

Andrew Christiansen

verticals. give I'll start interesting really you our Yeah. of a to couple pieces

largest as vertical in I right QX. lines we definitely e-commerce of as is But our what track retail. is will that know, say blurring it, our and are direct-to-consumer You

vertical, XX% order and that DXC to much of compared back for opportunity next of XX% the gives say, so of travel that how come of vertical which to the size our that come is to, a still Now, you magnitude travel there of out year. the down has is kind

kind that helps you hope of actually. So,

Operator

next Our line you. Kessler Raymond Aaron the James. instructions] of Thank [Operator with comes from question

Your line now is open.

Aaron Kessler

and Thanks, on guys, quarter. the congrats Great.

kind compares the sales On that give or sales you investing headcount, an and how go-to-market to on us update Dosh in you side the XXXX. with to a from a approach plan expecting salesforce in can maybe an perspective XXXX maybe as you. Also, are a just how's of Thank just something us kind how with salesforce B Dosh, give well?. of sales integrate update

Lynne Laube

Yeah. out of Dosh advertising have on the different go-to-market business. there that's calling They I'll ours. on similar approach the to question directly tend first. potentially to sales obviously Their take do advertisers. team parts They call is a

different As we've know, They in also we of some - parts of just where have have said, so they scale, budgets are have a the they're and overall. you they sales approach organizations similar overlap. affiliate in very sure. some But, for smaller definitely to

Andrew Christiansen

Yeah. you in and And is year-over-year headcount, of end our marketing relate sales, sales enough me, of down to it end and compared our at XXXX to actually surprising one been as the by the marketing, as at upskilling more lot the US. the A XXXX, - of made of remember, some of some and really become positions efficient, we to that beginning has that efforts XXXX. excuse

of the of the significant certainly heads sales at We seen XXXX. So, in a in rise I talked and about number organization. investments, actual in look the we out some haven't before

we the of next some goals increase order to So, certainly and sales our would looking in not to investments We're dramatically our one handful in those include some analytics are but make our folks. to achieve year, the expecting of both our of sales of a for organization readiness size organization, in the teams, like.

Aaron Kessler

And [ph] that improvement quarters few from maybe that to newer versus existing was maybe the Thank quickly how much last added over Great. of side, more clients just shifted e-commerce? the you. made BXC clients

Andrew Christiansen

going be a new BXC logos. healthy and is did. that QX of doubled to it quite year-over-year in double - So, amount It didn't actually,

Lynne Laube

vast to majority when logos, that Yeah. you The it a of compare new year ago.

Aaron Kessler

Great. Thank you.

Operator

Thank you.

Beck KeyBanc. last with of line question from the Our Josh comes

now is open. Your line

Josh Beck

long-term if from the obviously their taking and focused maybe were maybe question, the seems users I out in and really can up that that wanted population. because users impact, you about think open necessarily to banking you not Dosh for team. community where on it you included Thanks as like of MAU the we years seems a ask core in perspective, on vision terms to been five know, have any, the be might

hear your thoughts there. to curious So, I'm just

Lynne Laube

generally our different No, this very you're are or traditional on right. financial complementary. are I organizations mean, They that institutions as core banks. from see we focusing

we see and, allows kind And after complementary us so, to you and it with fintech neo-bank that emerging really go as know, very marketplace. of

As very, those to Dosh we build for are regulated kinds compliance and bit technology quarters nimble regulatory more think, is built The quite of discussed highly haven't you requirements. institutions is large aspects. because a had of - have significant they some I that legal Cardlytics than very past that definitely ours a in know, platform we've same,

think platform a I non-fintech partners. be for and great, fast, emerging flexible, us of going even really to you know, it's some these, go to fintech so, after And nimble

In what be. commenting not terms that's we to on we're your expansion general it I is believe come for absolutely in I the that does on MAUs that something understand want yet really comment will do because there But will here, much, MAUs, there quarters. future but think to exactly of how

Josh Beck

build follow-up T&E, Really expense obviously Andy our helpful, was on helpful. can maybe models. to commentary a incentives related And all some for that and very we into then of so your that

dependence which is there the out. on it the the like was way On other of seems piece recovery it plays maybe some

the were, I relative the the don't know categories other want higher of may just some is the recovery was exactly you'd the that really the reinvest you're and to to pace upside. like feel know, clarify really be with you range, but maybe considering better end you toward than you that moving of if to the example, investment assumptions look would how business? your For of if you more message,

Andrew Christiansen

Yeah.

I we're I amount of I make we just prudent just to value. long-term as given think will think that to still next responsible think as you're right. intriguing drive as And a exists. we mean, see bit as be uncertainty and quite year, trying can look we to think investments we that still of exactly I out the

You the know, we bit in that think range put certainly have than there of a a maybe that probably that's because past the we year. uncertainty. - I wider But little out in

those trying investments. just make to manage sure we're So, that we

we next your our, you the I end hitting up, think extent know, goals of for we to to point, invest look year. know, to you that some will

Josh Beck

you. Thank helpful. Really

Operator

and Ladies participation. today's questions. you. Thank conference concludes call. gentlemen, you no further this Thank There for are your

have day. may great You Everyone, disconnect. now a

Cardlytics (CDLX) 1 Mar 212020 Q4 Earnings call transcript