Cardlytics, Inc. (NASDAQ:CDLX) Q1 2019 Earnings Conference Call - Final Transcript
May 09, 2019 • 05:00 pm ET
Good day, ladies and gentlemen, and welcome to the First Quarter 2019 Cardlytics, Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. (Operator Instructions) As a reminder, this conference call is being recorded.
It is now my pleasure to introduce Chief Legal and Privacy Officer, Kirk Somers.
Kirk L. Somers
Good afternoon and welcome to Cardlytics' First Quarter 2019 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 second quarter and full-year financial results and operating metrics, business strategies, and other forward-looking topics, including our expectations regarding growth in Direct with new and existing customers, the reduction in average revenue per user or ARPU, growth in monthly active users or MAUs, expansion in new verticals, including travel and entertainment, grocery, premium and e-commerce, expanding our media capabilities, reducing friction and increasing automation in buying Cardlytics Direct with an always-on advertising model, continued FI investments in consumer incentives, positive adjusted EBITDA for 2020 and returning to 2018 ARPU levels at the end of 2021.
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 March 5, 2019 and in subsequent periodic reports that we file 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 Form 10-Q that it plans to file later today.
Today's call is available via webcast and a replay will be available for two weeks. You can find all the information I've just described in the Investor Relations section of Cardlytics' website. Please note that a supplemental data presentation to our first quarter results has also been posted to our Investor Relations 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 to your questions. With that, let me turn the call over to Scott Grimes, Cardlytics' CEO and Co-Founder. Scott?
Scott D. Grimes
Thanks, Kirk, and thank you to everyone for joining our First Quarter 2019 Earnings Conference Call. Today, we are pleased to announce that we delivered strong first quarter results with several key metrics exceeding guidance from our Q4 earnings call. Here are some of the highlights. Total billings for the first quarter was $58.6 million, increasing 20% year-over-year. Total revenue, which is equal to billings net of consumer incentives and net of enhanced consumer incentives from our FI partners, was $36 million. It came in at the high end of our guidance and was driven by continued growth with existing marketers