Cardlytics, Inc.

Good evening, ladies and gentlemen, and welcome to the Cardlytics fourth quarter fiscal year 2025 earnings conference call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question and answer session. This call is being recorded on Wednesday, March 4th, 2026. I would now like to turn the conference call over to Nick Linton, Chief Legal and Privacy Officer. Please go ahead.

Good evening and welcome to Cardlytic's fourth quarter and full year 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 first quarter of 2026, our capital structure, and our operational and product initiatives. 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-K for the year ended December 31st, 2025, 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.

Good evening, and thank you for joining us. Reflecting on 2025, it was a year we successfully reset the company to achieve sales sustainability. We have emerged as a leaner, more focused, and financially healthier organization. Our strategic priorities are clear. First, expanding our reach by deepening collaborations with bank partners and integrating new publishers into our network. Second, driving revenue growth for advertisers by leveraging our advanced algorithmic capabilities. Finally, we will continue to invest in our tech staff to further differentiate our platform and enhance operational efficiency. We have a strong team in place and are continuing to invest in our talent. To this end, we recently welcomed David Evans as our new CFO, along with several other highly skilled individuals joining Cardlytics from strong backgrounds. The strategic decisions made over the past several months have set our balance sheet on a path to controlling our own destiny. Looking ahead, 2026 is a year of execution for us. Our execution is stronger than ever, and we are maturing into a high-performing technology company with a top-notch team capable of producing strong financial results. We have more conviction than ever that our product is relevant and uniquely differentiated in the marketplace. Now moving specifically to Q4. As part of our broader strategic reset, we conducted a comprehensive review of our financial institution relationships to ensure long-term alignment of product economics, product direction, and consumer engagement. Our FI partnerships in the U.S. and U.K. remain durable and constructive, and in many instances are expanding. We are adding new card portfolios with several existing partners reflecting their confidence in our program's performance and value. We are in active discussions to introduce new growth offerings built on our modernized, scalable platform while continuing to roll out new engagement formats designed to increase program awareness and redemption. For example, during our most recent double-day program with a partner, we saw a 2x increase in redeemers on days with double rewards. we are scaling these initiatives and seeing increased investment from FI partners in both the U.S. and the U.K. In this context, we recently concluded our relationship with Bank of America. While they were a valued partner, the program structure and future direction did not align with our long-term objectives regarding economics, personalization, and consumer engagement. Our momentum in reaching consumers beyond traditional banks continues to grow. We have officially launched with the Philadelphia Flyers and Boston Celtics in the sports category and ATM.com in financial services. As shared earlier, while we do not view these as material from a financial perspective in 2026, it is very encouraging from a proof-of-concept standpoint. While we recognize that the loss of Bank of America creates near-term pressure on supply, we expect this impact to diminish over time. This will be driven by existing partners launching more portfolios, UI enhancements to increase participation, and the addition of new bank and non-bank publishers. We are focused on the long-term and are building a stronger network, which requires navigating some near-term challenges. Now moving to our advertiser base. Market traction for our ad format remains robust. Our value proposition is resonating more strongly than ever with sophisticated marketing teams who recognize the unique incrementality we provide. We saw particular strength this quarter in the grocery and convenience sectors. A leading grocery retailer continued to spend with us as a strategic partner. During Q4, we secured increased spend to support targeted effort for specific customer segments while consistently meeting their performance goals. For one of the fastest growing discount grocers, our measurable results verified by their team drove an 8x spend increase year over year. Our earlier investments in measurement capabilities are paying off as leading advertisers see the direct impact of their spend with Cardlytics on their sales. We received consistent feedback from leading advertisers in the U.S. and the U.K. regarding our superior value proposition compared to competitors. For instance, a large U.S. retail brand chose to double its quarter over quarter spend in Q4 despite supply options elsewhere. While we have experienced some recent pressures in our travel and entertainment and subscription services sectors, we are also seeing nice red shoes of opportunity in other areas. For example, advertisers in the fashion and luxury segment increased their spend by 70% quarter over quarter, reflecting deeper investment from top consumer brands. As a follow-up to our heavier prioritization on new business, we saw meaningful conversions in Q4. For example, we added the world's largest athletic apparel maker to our advertiser roster. We achieved a 60% quarter-over-quarter increase in new business wins across e-commerce, retail, and restaurants in Q4. And we expect this momentum to continue as the team further scales. Our UK business remains a standout performer, with Q4 revenues surging over 35% year over year. This momentum highlights our omnichannel strength, particularly within the grocery sector. This segment drove more than 40% of our UK business for the quarter, headlined by a top three grocer that moved from initial pilot programs to a substantial Q4 spend increase. With stable supply and focused execution, we see our growth story realized in the UK. By applying these execution lessons to our newly settled supply in the US, we expect our domestic business to return back to a state of sequential growth. Now to our technology stack. We continue to build a differentiated category-leading technology platform. Key components of this work include platform modernization and the use of AI as a force multiplier. A key part of our reset involves retiring substantial technical debt, and strengthening our engineering foundation. We migrated all partners to our ad server, completely deprecating all instances of the offer placement system globally. We also transitioned from our legacy data warehouse to a unified data and AI platform on Databricks. These 2025 technological improvements enabled our engineering team to deliver features 20% faster while reducing infrastructure costs by 40%. Our algorithms are now more advanced, leading to higher predictability and performance. Furthermore, we believe the delivery issues encountered in 2024 and early 2025 are now in the rear view. We are embracing AI as a tool for both efficiency and innovation. Our engineering team utilizes AI for agentic coding and product development. And we have launched multiple AI tools on our platform to enhance operational efficiency. For example, we deployed an agent for customer support that now resolves large quantities of partner and campaign employees in minutes rather than days or weeks. We are reimagining our client engagement model to increase our execution velocity, enabling faster campaign projections and builds to shorten the time between contract signature and campaign launch. One of our core strengths is the ability to attribute transactions to specific store locations. We have developed new visualizations within our Ads Manager UI to help clients make strategic decisions based on intuitive, local-level data. As we heard from one of our US grocery and gas advertiser CMOs, start quote, Cardlytics has become one of the most efficient growth channels. We are seeing stellar IROF performance well above our internal benchmarks. And more importantly, the sales are incremental and measurable, end quote. Finally, the bridge transaction. As part of our commitment to focusing on our core business, we announced in January an agreement with PAR Technology to serve as a new home for the Bridge business. While we believe in the strength of the Bridge product, ongoing bank data connection issues kept it disconnected from our core business. Looking forward, we believe PAR is a better fit, allowing Bridge to be fully integrated with their core operations without their data constraints based at Cardlytics. We are working with the PAR team on final preparations and expect the closing to occur later this month. Upon the completion of the sale, our balance sheet will be strengthened, improving our path to self-sustainability. I'll now turn it over to David to discuss the financials.