Cardlytics, Inc. (NASDAQ: CDLX), a digital advertising platform,
today announced financial results for the first quarter ended March
31, 2024.
“Our results in the first quarter reflect the
progress we have made at delivering more value to both consumers
and our advertising partners,” said Karim Temsamani, CEO of
Cardlytics. “We are driving deeper engagement in the form of higher
redemptions, demonstrating that our investments are working, and
signaling the potential for higher billings growth in the
future.”
"Q1 was a good start to the year. We are seeing
strong momentum in our international business and are making
progress on our longer-term initiatives,” said Alexis DeSieno, CFO
of Cardlytics. “Adjusted contribution, which reflects the money we
keep after paying out rewards and partner share, grew 27% excluding
Entertainment, and we delivered another quarter of positive
Adjusted EBITDA, in addition to making material improvement to our
balance sheet.”
First Quarter
2024 Financial Results
- Revenue was $67.6
million, an increase of 5% year-over-year, or 8% excluding
Entertainment.
- Billings, a non-GAAP
metric, was $105.2 million, an increase of 10% year-over-year, or
12% excluding Entertainment.
- Adjusted Contribution,
a non-GAAP metric, was $37.1 million, an increase of 20%
year-over-year, or 27% excluding Entertainment.
- Net Loss was $(24.3)
million, or $(0.56) per diluted share, based on 43.2 million fully
diluted weighted-average common shares, compared to a Net Income of
$13.6 million, or $0.40 per diluted share, based on 36.7 million
fully diluted weighted-average common shares in the first quarter
of 2023.
- Adjusted EBITDA, a
non-GAAP metric, was a gain of $0.2 million compared to a loss of
$(6.1) million in the first quarter of 2023.
- Adjusted Net Loss was
$(4.1) million, or $(0.09) per diluted share, based on 43.2 million
fully diluted weighted-average common shares, compared to Adjusted
Net Loss of $(9.2) million, or $(0.25) per diluted share, based on
36.7 million fully diluted weighted-average common shares in the
first quarter of 2023.
- Net cash used in
operating activities was $(17.6) million, a decrease of $7.6
million compared to net cash used in operating activities of
$(10.1) million in the first quarter of 2023.
- Free Cash Flow, a
non-GAAP metric, was $(22.4) million, a decrease of $9.5 million
compared to $(12.9) million in the first quarter of 2023.
Key Metrics
- Cardlytics MAUs were
168.5 million, an increase of 7% year-over-year, compared to 158.1
million in the first quarter of 2023.
- Cardlytics ARPU was
$0.40 compared to $0.41 in the first quarter of 2023.
Definitions of MAUs and ARPU are included below
under the caption “Non-GAAP Measures and Other Performance
Metrics."
|
CARDLYTICS, INC.SUMMARY OF GAAP AND
NON-GAAP RESULTS (UNAUDITED)(Dollars in
thousands) |
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
2023 Results Excluding
Entertainment(2) |
|
Change % |
|
Change % Excluding
Entertainment(2) |
|
Billings(1) |
$ |
105,216 |
|
|
$ |
95,626 |
|
|
$ |
93,876 |
|
|
10.0 |
% |
|
12.1 |
% |
|
Consumer Incentives |
|
37,608 |
|
|
|
31,295 |
|
|
|
31,295 |
|
|
20.2 |
% |
|
20.2 |
% |
|
Revenue |
|
67,608 |
|
|
|
64,331 |
|
|
|
62,581 |
|
|
5.1 |
% |
|
8.0 |
% |
|
Partner Share and other third-party costs |
|
30,543 |
|
|
|
33,384 |
|
|
|
33,358 |
|
|
(8.5 |
)% |
|
(8.4 |
)% |
|
Adjusted Contribution(1) |
|
37,065 |
|
|
|
30,947 |
|
|
|
29,223 |
|
|
19.8 |
% |
|
26.8 |
% |
|
Delivery costs |
|
6,173 |
|
|
|
6,424 |
|
|
|
6,424 |
|
|
(3.9 |
)% |
|
(3.9 |
)% |
|
Gross Profit |
$ |
30,892 |
|
|
$ |
24,523 |
|
|
$ |
22,799 |
|
|
26.0 |
% |
|
35.5 |
% |
|
Net (Loss) Income |
$ |
(24,275 |
) |
|
$ |
13,608 |
|
|
$ |
14,751 |
|
|
n/a |
|
n/a |
|
Adjusted EBITDA(1) |
$ |
226 |
|
|
$ |
(6,091 |
) |
|
$ |
(5,639 |
) |
|
n/a |
|
n/a |
| |
|
|
|
|
|
|
|
|
|
|
Adjusted Contribution |
|
|
|
|
|
|
|
|
|
|
% of Billings |
|
35.2 |
% |
|
|
32.4 |
% |
|
|
31.1 |
% |
|
|
|
|
|
% of Revenue |
|
54.8 |
% |
|
|
48.1 |
% |
|
|
46.7 |
% |
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
% of Billings |
|
0.2 |
% |
|
|
(6.4 |
)% |
|
|
(6.0 |
)% |
|
|
|
|
|
% of Revenue |
|
0.3 |
% |
|
|
(9.5 |
)% |
|
|
(9.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Billings, Adjusted
Contribution and Adjusted EBITDA are non-GAAP measures.
Reconciliations of these non-GAAP measures to the most comparable
GAAP measures are presented below under the headings
"Reconciliation of GAAP Revenue to Billings," "Reconciliation of
GAAP Gross Profit to Adjusted Contribution" and "Reconciliation of
GAAP Net (Loss) Income to Adjusted EBITDA." |
| (2) The column excludes results
from the Entertainment business. We sold and transferred
substantially all of the assets of Entertainment in December
2023. |
Second Quarter 2024 Financial
Expectations
Cardlytics anticipates Billings, Revenue, Adjusted
Contribution and Adjusted EBITDA to be in the following ranges (in
millions, except for percentage change rates):
|
|
Q2 2024 Guidance |
|
YoY Change % |
|
YoY Change % Excluding
Entertainment(3) |
|
Billings(1) |
$115.0 - $126.0 |
|
5% - 15% |
|
7% - 17% |
|
Revenue |
$73.0 - $81.0 |
|
(5%) - 6% |
|
(3%) - 8% |
|
Adjusted Contribution(2) |
$40.0 - $45.0 |
|
7% - 20% |
|
12% - 25% |
|
Adjusted EBITDA(2) |
($3.0) - $1.0 |
|
$1.1 - $5.1 |
|
$0.8 - $4.8 |
|
|
|
|
|
|
|
|
(1) A reconciliation of Billings to GAAP Revenue
on a forward-looking basis is presented below under the heading
"Reconciliation of Forecasted GAAP Revenue to Billings." |
|
(2) A reconciliation of Adjusted Contribution to
GAAP Gross Profit and a reconciliation of Adjusted EBITDA to Net
(Loss) Income on a forward-looking basis is not available without
unreasonable efforts due to the high variability, complexity and
low visibility with respect to the items excluded from this
non-GAAP measure. |
|
(3) The column excludes results from the
Entertainment business. We sold and transferred substantially all
of the assets of Entertainment in December 2023. |
|
|
Earnings Teleconference
Information
Cardlytics will discuss its first quarter 2024
financial results during a live audio webcast today, May 8,
2024, at 5:00 PM ET / 2:00 PM PT. Following the completion of the
call, a recorded replay of the webcast will be available on
Cardlytics’ website.
About Cardlytics
Cardlytics (NASDAQ: CDLX) is a digital advertising
platform. We partner with financial institutions to run their
rewards programs that promote customer loyalty and deepen
relationships. In turn, we have a secure view into where and when
consumers are spending their money. We use these insights to help
marketers identify, reach, and influence likely buyers at scale, as
well as measure the true sales impact of marketing campaigns.
Headquartered in Atlanta, Cardlytics has offices in Menlo Park, Los
Angeles, New York, and London. Learn more at
www.cardlytics.com.
Cautionary Language Concerning
Forward-Looking Statements
This press release contains "forward-looking
statements" within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995, including but
not limited to, the potential for higher Billings growth in the
future and our financial guidance for the second quarter of 2024.
These forward-looking statements are made as of the date they were
first issued and were based on current expectations, estimates,
forecasts and projections as well as the beliefs and assumptions of
management. Words such as "expect," "anticipate," "should,"
"believe," "hope," "target," "project," "goals," "estimate,"
"potential," "predict," "may," "will," "might," "could," "intend,"
or variations of these terms or the negative of these terms and
similar expressions are intended to identify these forward-looking
statements. Forward-looking statements are subject to a number of
risks and uncertainties, many of which involve factors or
circumstances that are beyond our control.
Our actual results could differ materially from
those stated or implied in forward-looking statements due to a
number of factors, including but not limited to: risks related to
unfavorable conditions in the global economy and the industries
that we serve; our quarterly operating results have fluctuated and
may continue to vary from period to period; our ability to sustain
our revenue growth and billings; risks related to our substantial
dependence on our Cardlytics platform; risks related to our
substantial dependence on JPMorgan Chase Bank, National Association
(“Chase”), Bank of America, National Association ("Bank of
America"), Wells Fargo Bank, National Association (“Wells Fargo”)
and a limited number of other financial institution (“FI”)
partners; risks related to our ability to maintain relationships
with Chase, Wells Fargo and Bank of America; the amount and timing
of budgets by marketers, which are affected by budget cycles,
economic conditions and other factors; our ability to generate
sufficient revenue to offset contractual commitments to FI
partners; our ability to attract new partners, including FI
partners, and maintain relationships with bank processors and
digital banking providers; our ability to maintain relationships
with marketers; our ability to adapt to changing market conditions,
including our ability to adapt to changes in consumer habits,
negotiate fee arrangements with new and existing partners and
retailers, and develop and launch new services and features; and
other risks detailed in the “Risk Factors” section of our Form 10-Q
filed with the Securities and Exchange Commission on May 8,
2024 and in subsequent periodic reports that we file with the
Securities and Exchange Commission. Past performance is not
necessarily indicative of future results.
The forward-looking statements included in this
press release represent our views as of the date of this press
release. We anticipate that subsequent events and developments
will cause our views to change. We undertake no intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law. These forward-looking statements
should not be relied upon as representing our views as of any date
subsequent to the date of this press release.
Non-GAAP Measures and Other Performance
Metrics
To supplement the financial measures presented in
our press release and related conference call or webcast in
accordance with generally accepted accounting principles in the
United States (“GAAP”), we also present the following non-GAAP
measures of financial performance in this press release: Billings,
Adjusted Contribution, Adjusted EBITDA, Adjusted Net Loss, Adjusted
Net Loss per share and Free Cash Flow, as well as certain other
performance metrics, such as monthly active users (“MAUs”) and
average revenue per user (“ARPU”).
A “non-GAAP financial measure” refers to a
numerical measure of our historical or future financial performance
or financial position that is included in (or excluded from) the
most directly comparable measure calculated and presented in
accordance with GAAP in our financial statements. We provide
certain non-GAAP measures as additional information relating to our
operating results as a complement to results provided in accordance
with GAAP. The non-GAAP financial information presented herein
should be considered in conjunction with, and not as a substitute
for or superior to, the financial information presented in
accordance with GAAP and should not be considered a measure of
liquidity. There are significant limitations associated with the
use of non-GAAP financial measures. Further, these measures may
differ from the non-GAAP information, even where similarly titled,
used by other companies and therefore should not be used to compare
our performance to that of other companies.
We have presented Billings, Adjusted Contribution,
Adjusted EBITDA, Adjusted Net Loss and Adjusted Net Loss per share
as non-GAAP financial measures in this press release. Billings
represents the gross amount billed to customers and marketers for
services in order to generate revenue. Cardlytics platform Billings
is recognized gross of both Consumer Incentives and Partner Share.
Cardlytics platform GAAP Revenue is recognized net of Consumer
Incentives and gross of Partner Share. Bridg platform Billings is
the same as Bridg platform GAAP Revenue. Adjusted Contribution
measures the degree by which revenue generated from our marketers
exceeds the cost to obtain the purchase data and the digital
advertising space from our partners. Adjusted Contribution
demonstrates how incremental Revenue on our platforms generates
incremental amounts to support our sales and marketing, research
and development, general and administration and other investments.
Adjusted Contribution is calculated by taking our total Revenue
less our Partner Share and other third-party costs exclusive of
deferred implementation costs, which is a non-cash cost. Adjusted
Contribution does not take into account all costs associated with
generating Revenue from advertising campaigns, including sales and
marketing expenses, research and development expenses, general and
administrative expenses and other expenses, which we do not take
into consideration when making decisions on how to manage our
advertising campaigns. Adjusted EBITDA represents our Net (Loss)
Income before interest expense, net; depreciation and amortization;
stock-based compensation expense; foreign currency loss (gain);
acquisition, integration and divestiture costs; and change in
contingent consideration; and, in applicable periods, certain other
income and expense items, such as impairment of goodwill and
intangible assets; loss on divestiture; restructuring and reduction
of force; income tax benefit; and deferred implementation costs.
Adjusted Net Loss represents our Net (Loss) Income before
stock-based compensation expense; foreign currency loss (gain);
acquisition, integration and divestiture costs; amortization of
acquired intangibles; and change in contingent consideration; and,
in applicable periods, certain other income and expense items, such
as impairment of goodwill and intangible assets; loss on
divestiture; restructuring and reduction of force; and income tax
benefit. We define Adjusted Net Loss per share as Adjusted Net Loss
divided by our weighted-average common shares outstanding, diluted.
We define Free Cash Flow as net cash used in operating activities,
plus acquisition of property and equipment and capitalized software
development costs and, in applicable periods, acquisition of
patents. We believe free cash flow is useful to measure the funds
generated in a given period that are available for distribution or
to sustain the business. We believe this supplemental information
enhances stockholders' ability to evaluate our performance.
We believe the use of non-GAAP financial measures,
as a supplement to GAAP measures, is useful to investors in that
they eliminate items that are either not part of our core
operations or do not require a cash outlay, such as stock-based
compensation expense. Management uses these non-GAAP financial
measures when evaluating operating performance and for internal
planning and forecasting purposes. We believe that these non-GAAP
financial measures help indicate underlying trends in the business,
are important in comparing current results with prior period
results and are useful to investors and financial analysts in
assessing operating performance.
We define MAUs as targetable customers that have
logged in and visited online or mobile applications containing
offers, opened an email containing an offer, or redeemed an offer
from the Cardlytics platform during a monthly period. We then
calculate a monthly average of these MAUs for the periods
presented. We believe that MAUs is an indicator of the Cardlytics
platform's ability to drive engagement and is reflective of the
marketing base that we offer to marketers. We define ARPU as the
total revenue generated in the applicable period calculated in
accordance with GAAP, divided by the average number of MAUs in the
applicable period.
|
CARDLYTICS, INC.CONDENSED CONSOLIDATED
BALANCE SHEETS (UNAUDITED)(Amounts in thousands,
except par value amounts) |
| |
| |
March 31, 2024 |
|
December 31, 2023 |
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
97,766 |
|
|
$ |
91,830 |
|
|
Accounts receivable and contract assets, net |
|
105,164 |
|
|
|
120,622 |
|
|
Other receivables |
|
5,834 |
|
|
|
5,379 |
|
|
Prepaid expenses and other assets |
|
9,491 |
|
|
|
6,097 |
|
|
Total current assets |
|
218,255 |
|
|
|
223,928 |
|
|
Long-term assets: |
|
|
|
|
Property and equipment, net |
|
2,906 |
|
|
|
3,323 |
|
|
Right-of-use assets under operating leases, net |
|
8,342 |
|
|
|
7,310 |
|
|
Intangible assets, net |
|
32,218 |
|
|
|
35,003 |
|
|
Goodwill |
|
277,202 |
|
|
|
277,202 |
|
|
Capitalized software development costs, net |
|
27,005 |
|
|
|
24,643 |
|
|
Other long-term assets, net |
|
3,023 |
|
|
|
2,735 |
|
|
Total assets |
$ |
568,951 |
|
|
$ |
574,144 |
|
|
Liabilities and stockholders' equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
$ |
3,974 |
|
|
$ |
4,425 |
|
|
Accrued liabilities: |
|
|
|
|
Accrued compensation |
|
8,091 |
|
|
|
11,662 |
|
|
Accrued expenses |
|
4,317 |
|
|
|
9,587 |
|
|
Partner Share liability |
|
35,536 |
|
|
|
48,867 |
|
|
Consumer Incentive liability |
|
43,964 |
|
|
|
52,678 |
|
|
Deferred revenue |
|
1,994 |
|
|
|
2,405 |
|
|
Current operating lease liabilities |
|
2,079 |
|
|
|
2,127 |
|
|
Current contingent consideration |
|
2,595 |
|
|
|
39,398 |
|
|
Total current liabilities |
|
102,550 |
|
|
|
171,149 |
|
|
Long-term liabilities: |
|
|
|
|
Convertible senior notes, net |
|
227,870 |
|
|
|
227,504 |
|
|
Long-term operating lease liabilities |
|
7,652 |
|
|
|
6,391 |
|
|
Long-term deferred revenue |
|
51 |
|
|
|
67 |
|
|
Long-term debt |
|
30,024 |
|
|
|
30,073 |
|
|
Long-term contingent consideration |
|
1,667 |
|
|
|
4,162 |
|
|
Total liabilities |
$ |
369,814 |
|
|
$ |
439,346 |
|
|
Stockholders’ equity: |
|
|
|
|
Common stock, $0.0001 par value—100,000 shares authorized, 48,174
and 39,728 shares issued and outstanding as of March 31, 2024 and
December 31, 2023, respectively |
$ |
9 |
|
|
$ |
9 |
|
|
Additional paid-in capital |
|
1,331,628 |
|
|
|
1,243,594 |
|
|
Accumulated other comprehensive income |
|
3,047 |
|
|
|
2,467 |
|
|
Accumulated deficit |
|
(1,135,547 |
) |
|
|
(1,111,272 |
) |
|
Total stockholders’ equity |
|
199,137 |
|
|
|
134,798 |
|
|
Total liabilities and stockholders’ equity |
$ |
568,951 |
|
|
$ |
574,144 |
|
|
|
|
|
CARDLYTICS, INC.CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED)(Amounts in
thousands, except per share amounts) |
|
|
|
|
Three Months EndedMarch 31, |
|
|
|
2024 |
|
|
|
2023 |
|
|
Revenue |
$ |
67,608 |
|
|
$ |
64,331 |
|
|
Costs and expenses: |
|
|
|
|
Partner Share and other third-party costs |
|
30,543 |
|
|
|
33,384 |
|
|
Delivery costs |
|
6,173 |
|
|
|
6,424 |
|
|
Sales and marketing expense |
|
14,118 |
|
|
|
13,948 |
|
|
Research and development expense |
|
13,048 |
|
|
|
11,564 |
|
|
General and administration expense |
|
14,485 |
|
|
|
13,070 |
|
|
Acquisition, integration and divestiture cost |
|
— |
|
|
|
1,723 |
|
|
Change in contingent consideration |
|
5,817 |
|
|
|
(34,584 |
) |
|
Depreciation and amortization expense |
|
6,250 |
|
|
|
6,575 |
|
|
Total costs and expenses |
|
90,434 |
|
|
|
52,104 |
|
|
Operating (Loss) Income |
|
(22,826 |
) |
|
|
12,227 |
|
|
Other expense (income): |
|
|
|
|
Interest expense, net |
|
(819 |
) |
|
|
(8 |
) |
|
Foreign currency (loss) gain |
|
(630 |
) |
|
|
1,389 |
|
|
Total other (expense) income |
|
(1,449 |
) |
|
|
1,381 |
|
|
(Loss) Income before income taxes |
|
(24,275 |
) |
|
|
13,608 |
|
|
Net (Loss) Income |
$ |
(24,275 |
) |
|
$ |
13,608 |
|
|
Net (Loss) Income per share, basic |
$ |
(0.56 |
) |
|
$ |
0.41 |
|
|
Net (Loss) Income per share, diluted |
$ |
(0.56 |
) |
|
$ |
0.40 |
|
|
Weighted-average common shares outstanding, basic |
|
43,248 |
|
|
|
33,595 |
|
|
Weighted-average common shares outstanding, diluted |
|
43,248 |
|
|
|
36,727 |
|
|
|
|
CARDLYTICS, INC.STOCK-BASED COMPENSATION
EXPENSE (UNAUDITED)(Amounts in
thousands) |
|
|
|
|
Three Months EndedMarch 31, |
|
|
2024 |
|
2023 |
|
Delivery costs |
$ |
643 |
|
$ |
568 |
|
Sales and marketing expense |
|
3,141 |
|
|
3,053 |
|
Research and development expense |
|
3,950 |
|
|
4,085 |
|
General and administration expense |
|
3,251 |
|
|
262 |
|
Total stock-based compensation expense |
$ |
10,985 |
|
$ |
7,968 |
|
|
|
CARDLYTICS, INC.CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED)(Amounts in
thousands) |
|
|
|
|
Three Months EndedMarch 31, |
|
|
2024 |
|
2023 |
|
Operating activities |
|
|
|
|
Net (Loss) Income |
$ |
(24,275 |
) |
|
$ |
13,608 |
|
|
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
Credit loss expense (gain) |
|
1,570 |
|
|
|
(246 |
) |
|
Depreciation and amortization |
|
6,250 |
|
|
|
6,575 |
|
|
Amortization of financing costs charged to interest expense |
|
445 |
|
|
|
407 |
|
|
Amortization of right-of-use assets |
|
549 |
|
|
|
1,235 |
|
|
Stock-based compensation expense |
|
10,985 |
|
|
|
7,968 |
|
|
Change in contingent consideration |
|
5,817 |
|
|
|
(34,584 |
) |
|
Other non-cash expense (income), net |
|
667 |
|
|
|
(905 |
) |
|
Change in operating assets and liabilities: |
|
|
|
|
Accounts receivable |
|
13,323 |
|
|
|
21,405 |
|
|
Prepaid expenses and other assets |
|
(3,450 |
) |
|
|
(369 |
) |
|
Accounts payable |
|
125 |
|
|
|
(1,691 |
) |
|
Other accrued expenses |
|
(7,634 |
) |
|
|
(3,136 |
) |
|
Partner Share liability |
|
(13,291 |
) |
|
|
(9,701 |
) |
|
Consumer Incentive liability |
|
(8,698 |
) |
|
|
(10,630 |
) |
|
Net cash used in operating activities |
|
(17,617 |
) |
|
|
(10,064 |
) |
|
Investing activities |
|
|
|
|
Acquisition of property and equipment |
|
(651 |
) |
|
|
(360 |
) |
|
Capitalized software development costs |
|
(4,096 |
) |
|
|
(2,442 |
) |
|
Net cash used in investing activities |
|
(4,747 |
) |
|
|
(2,802 |
) |
|
Financing activities |
|
|
|
|
Proceeds from issuance of debt |
|
— |
|
|
|
30,000 |
|
|
Settlement of contingent consideration |
|
(20,074 |
) |
|
|
— |
|
|
Principal payments of debt |
|
— |
|
|
|
(4 |
) |
|
Proceeds from issuance of common stock |
|
48,634 |
|
|
|
— |
|
|
Deferred financing costs |
|
(239 |
) |
|
|
(15 |
) |
|
Net cash provided by financing activities |
|
28,321 |
|
|
|
29,981 |
|
|
Effect of exchange rates on cash, cash equivalents and restricted
cash |
|
(21 |
) |
|
|
176 |
|
|
Net increase in cash, cash equivalents and restricted cash |
|
5,936 |
|
|
|
17,291 |
|
|
Cash, cash equivalents, and restricted cash — Beginning of
period |
|
91,830 |
|
|
|
121,985 |
|
|
Cash, cash equivalents, and restricted cash — End of period |
$ |
97,766 |
|
|
$ |
139,276 |
|
|
|
|
CARDLYTICS, INC.RECONCILIATION OF GAAP
REVENUE TO BILLINGS (UNAUDITED)(Amounts in
thousands) |
|
|
|
|
Three Months EndedMarch 31, |
|
|
2024 |
|
2023 |
|
Consolidated |
|
|
|
|
Revenue |
$ |
67,608 |
|
$ |
64,331 |
|
Plus: |
|
|
|
|
Consumer Incentives |
|
37,608 |
|
|
31,295 |
|
Billings |
$ |
105,216 |
|
$ |
95,626 |
|
Cardlytics platform |
|
|
|
|
Revenue |
$ |
62,233 |
|
$ |
59,030 |
|
Plus: |
|
|
|
|
Consumer Incentives |
|
37,608 |
|
|
31,295 |
|
Billings |
$ |
99,841 |
|
$ |
90,325 |
|
Bridg platform |
|
|
|
|
Revenue |
$ |
5,375 |
|
$ |
5,301 |
|
Plus: |
|
|
|
|
Consumer Incentives |
|
— |
|
|
— |
|
Billings |
$ |
5,375 |
|
$ |
5,301 |
|
|
|
CARDLYTICS, INC.RECONCILIATION OF GAAP
GROSS PROFIT TO ADJUSTED CONTRIBUTION
(UNAUDITED)(Amounts in thousands) |
|
|
|
|
Three Months EndedMarch 31, |
|
|
2024 |
|
2023 |
|
Consolidated |
|
|
|
|
Revenue |
$ |
67,608 |
|
$ |
64,331 |
|
Minus: |
|
|
|
|
Partner Share and other third-party costs |
|
30,543 |
|
|
33,384 |
|
Delivery costs(1) |
|
6,173 |
|
|
6,424 |
|
Gross Profit |
|
30,892 |
|
|
24,523 |
|
Plus: |
|
|
|
|
Delivery costs(1) |
|
6,173 |
|
|
6,424 |
|
Adjusted Contribution |
$ |
37,065 |
|
$ |
30,947 |
|
Cardlytics platform |
|
|
|
|
Revenue |
$ |
62,233 |
|
$ |
59,030 |
|
Minus: |
|
|
|
|
Partner Share and other third-party costs |
|
30,412 |
|
|
33,175 |
|
Delivery costs(1) |
|
4,723 |
|
|
4,693 |
|
Gross Profit |
|
27,098 |
|
|
21,162 |
|
Plus: |
|
|
|
|
Delivery costs(1) |
|
4,723 |
|
|
4,693 |
|
Adjusted Contribution |
$ |
31,821 |
|
$ |
25,855 |
|
Bridg platform |
|
|
|
|
Revenue |
$ |
5,375 |
|
$ |
5,301 |
|
Minus: |
|
|
|
|
Partner Share and other third-party costs |
|
131 |
|
|
209 |
|
Delivery costs(1) |
|
1,450 |
|
|
1,731 |
|
Gross Profit |
|
3,794 |
|
|
3,361 |
|
Plus: |
|
|
|
|
Delivery costs(1) |
|
1,450 |
|
|
1,731 |
|
Adjusted Contribution |
$ |
5,244 |
|
$ |
5,092 |
|
|
|
(1) Stock-based compensation expense recognized in
consolidated delivery costs totaled $0.6 million for each of the
three months ended March 31, 2024 and 2023. |
|
CARDLYTICS, INC.RECONCILIATION OF GAAP NET
(LOSS) INCOME TO ADJUSTED EBITDA
(UNAUDITED)(Amounts in thousands) |
|
|
|
|
Three Months EndedMarch 31, |
|
|
|
2024 |
|
|
|
2023 |
|
|
Net (Loss) Income |
$ |
(24,275 |
) |
|
$ |
13,608 |
|
|
Plus: |
|
|
|
|
Interest expense, net |
|
819 |
|
|
|
8 |
|
|
Depreciation and amortization |
|
6,250 |
|
|
|
6,575 |
|
|
Stock-based compensation expense |
|
10,985 |
|
|
|
7,968 |
|
|
Foreign currency loss (gain) |
|
630 |
|
|
|
(1,389 |
) |
|
Acquisition, integration and divestiture cost |
|
— |
|
|
|
1,723 |
|
|
Change in contingent consideration |
|
5,817 |
|
|
|
(34,584 |
) |
|
Adjusted EBITDA |
$ |
226 |
|
|
$ |
(6,091 |
) |
| |
|
|
|
|
|
|
|
|
CARDLYTICS, INC.RECONCILIATION OF ADJUSTED
CONTRIBUTION TO ADJUSTED EBITDA
(UNAUDITED)(Amounts in thousands) |
|
|
|
|
Three Months EndedMarch 31, |
|
|
|
2024 |
|
|
|
2023 |
|
|
Consolidated |
|
|
|
|
Adjusted Contribution |
$ |
37,065 |
|
|
$ |
30,947 |
|
|
Minus: |
|
|
|
|
Delivery costs |
|
6,173 |
|
|
|
6,424 |
|
|
Sales and marketing expense |
|
14,118 |
|
|
|
13,948 |
|
|
Research and development expense |
|
13,048 |
|
|
|
11,564 |
|
|
General and administration expense |
|
14,485 |
|
|
|
13,070 |
|
|
Stock-based compensation expense |
|
(10,985 |
) |
|
|
(7,968 |
) |
|
Adjusted EBITDA |
$ |
226 |
|
|
$ |
(6,091 |
) |
|
Cardlytics platform |
|
|
|
|
Adjusted Contribution |
$ |
31,821 |
|
|
$ |
25,855 |
|
|
Minus: |
|
|
|
|
Delivery costs |
|
4,723 |
|
|
|
4,693 |
|
|
Sales and marketing expense |
|
11,414 |
|
|
|
11,547 |
|
|
Research and development expense |
|
11,115 |
|
|
|
10,327 |
|
|
General and administration expense |
|
13,427 |
|
|
|
13,330 |
|
|
Stock-based compensation expense |
|
(9,779 |
) |
|
|
(8,103 |
) |
|
Adjusted EBITDA |
$ |
921 |
|
|
$ |
(5,939 |
) |
|
Bridg platform |
|
|
|
|
Adjusted Contribution |
$ |
5,244 |
|
|
$ |
5,092 |
|
|
Minus: |
|
|
|
|
Delivery costs |
|
1,450 |
|
|
|
1,731 |
|
|
Sales and marketing expense |
|
2,704 |
|
|
|
2,401 |
|
|
Research and development expense |
|
1,933 |
|
|
|
1,237 |
|
|
General and administration expense |
|
1,058 |
|
|
|
(260 |
) |
|
Stock-based compensation expense |
|
(1,206 |
) |
|
|
135 |
|
|
Adjusted EBITDA |
$ |
(695 |
) |
|
$ |
(152 |
) |
|
|
|
CARDLYTICS, INC.RECONCILIATION OF GAAP NET
(LOSS) INCOME TO ADJUSTED NET LOSSAND
ADJUSTED NET LOSS PER SHARE (UNAUDITED)(Amounts in
thousands, except per share amounts) |
|
|
|
|
Three Months EndedMarch 31, |
|
|
|
2024 |
|
|
|
2023 |
|
|
Net (Loss) Income |
$ |
(24,275 |
) |
|
$ |
13,608 |
|
|
Plus: |
|
|
|
|
Stock-based compensation expense |
|
10,985 |
|
|
|
7,968 |
|
|
Foreign currency loss (gain) |
|
630 |
|
|
|
(1,389 |
) |
|
Acquisition, integration and divestiture costs |
|
— |
|
|
|
1,723 |
|
|
Amortization of acquired intangibles |
|
2,789 |
|
|
|
3,458 |
|
|
Change in contingent consideration |
|
5,817 |
|
|
|
(34,584 |
) |
|
Adjusted Net Loss |
$ |
(4,054 |
) |
|
$ |
(9,216 |
) |
|
Weighted-average number of shares of common stock used in computing
Adjusted Net Loss per share: |
|
|
|
|
Weighted-average common shares outstanding, diluted |
|
43,248 |
|
|
|
36,727 |
|
|
Adjusted Net Loss per share, diluted |
$ |
(0.09 |
) |
|
$ |
(0.25 |
) |
|
|
|
CARDLYTICS, INC.RECONCILIATION OF NET CASH
USED IN OPERATING ACTIVITIES TO FREE CASH FLOW
(UNAUDITED)(Amounts in thousands) |
| |
| |
Three Months EndedMarch 31, |
|
|
|
2024 |
|
|
|
2023 |
|
|
Net cash used in operating activities |
$ |
(17,617 |
) |
|
$ |
(10,064 |
) |
|
Plus: |
|
|
|
|
Acquisition of property and equipment |
|
(651 |
) |
|
|
(360 |
) |
|
Capitalized software development costs |
|
(4,096 |
) |
|
|
(2,442 |
) |
|
Free Cash Flow |
$ |
(22,364 |
) |
|
$ |
(12,866 |
) |
|
|
|
CARDLYTICS, INC.RECONCILIATION OF
FORECASTED GAAP REVENUE TO BILLINGS
(UNAUDITED)(Amounts in thousands) |
|
|
|
|
Q2 2024 |
|
Revenue |
$73.0 - $81.0 |
|
Plus: |
|
|
Consumer Incentives |
$42.0 - $45.0 |
|
Billings |
$115.0 - $126.0 |
Contacts:
Public Relations:pr@cardlytics.com
Investor Relations:ir@cardlytics.com
Cardlytics (NASDAQ:CDLX)
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From Apr 2024 to May 2024
Cardlytics (NASDAQ:CDLX)
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From May 2023 to May 2024
