Cardlytics, Inc. (NASDAQ:CDLX) Q4 2018 Earnings Conference Call - Final Transcript
Mar 05, 2019 • 05:00 pm ET
(Starts Abruptly) Fourth Quarter and Full Year 2018 Financial Results Conference Call. Currently all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. (Operator Instructions)
At this time, I'd like to turn the call over to your host to Kirk Somers, Chief Legal and Privacy Officer. Please go ahead.
Good afternoon, and welcome to Cardlytics Fourth Quarter and Full Year 2018 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 projected 2019 first quarter financial results and operating metrics, business strategies, and other forward-looking topics such as anticipated growth in Direct with new and existing customers, including those from Chase and Wells Fargo, the reduction in average revenue per user, the growth in monthly active users, expansion in new verticals, including travel, entertainment, grocery and e-commerce, expanding marketing budgets, consolidating the US banking market for Purchase Intelligence data, improving marketer adoption, delivering sustained growth, expanding our media capabilities, reducing friction and increasing automation and buying Cardlytics Direct, FI investments in consumer incentives, future revenue and profitability, and average length of our contracts with marketers.
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 the company's 10-K filed today March 5, 2019, and in subsequent periodic reports that the company files with the Securities and Exchange Commission.
Also, during this call, we will discuss non-GAAP measures of our performance. GAAP financial reconciliations and supplemental financial information are provided in the press release issued and the 8-K filed with the SEC today and in the company's 10-K, also filed. Today's call is available via webcast and a replay will be available for two weeks. You can find all of the information I've just described on our Investor Relations section of Cardlytics' website.
Joining us on the call today are Cardlytics' leadership team, including CEO and Co-Founder, Scott Grimes; COO and Co-Founder, Lynne Laube; and CFO, David Evans. Following their prepared remarks, we'll open the call for your questions.
With that, let me turn the call over to Scott Grimes, Cardlytics' CEO and Co-Founder. Scott?
Thanks, Kirk, and thank you to everyone for joining us in our fourth quarter and full year 2018 conference call. We've been a public company for just over one year and today we are excited to announce that we delivered strong fourth quarter results that exceeded guidance from our Q3 earnings call and are consistent with our results announced at January 14th.
Here are some highlights. Total revenue for the fourth quarter was $47.8 million and our core Cardlytics Direct revenue grew 23% year-over-year to $47.7 million. Our strong top line performance was driven by growth with existing marketers and from adding new marketers. Adjusted EBITDA in Q4 was a positive $300,000 and we added significant scale to Cardlytics Direct with 42%