Cardlytics Announces Third Quarter 2024 Financial Results

GlobeNewswire11-07

ATLANTA, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Cardlytics, Inc. (NASDAQ: CDLX), a digital advertising platform, today announced financial results for the third quarter ended September 30, 2024. "Our third...

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(NASDAQ: CDLX), a digital advertising platform, today announced financial results for the third quarter ended September 30, 2024.\n\"Our third...</p>\n\n<a href=\"https://finance.yahoo.com/news/cardlytics-announces-third-quarter-2024-210100416.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cardlytics Announces Third Quarter 2024 Financial Results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCardlytics Announces Third Quarter 2024 Financial Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-07 05:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/cardlytics-announces-third-quarter-2024-210100416.html><strong>GlobeNewswire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ATLANTA, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Cardlytics, Inc. (NASDAQ: CDLX), a digital advertising platform, today announced financial results for the third quarter ended September 30, 2024.\n\"Our third...</p>\n\n<a href=\"https://finance.yahoo.com/news/cardlytics-announces-third-quarter-2024-210100416.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CDLX","symbol_name":"Cardlytics Inc.","start_time":0,"source_url":"https://finance.yahoo.com/news/cardlytics-announces-third-quarter-2024-210100416.html","article_id":"2481956037","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/96qOLBdXx0f1gPztkpBjfw--~B/aD03ODt3PTIyMjthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/globenewswire.com/1e8a639030983c1c1bad4c4d22c453cf"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2481956037","pubTimestamp":1730926860,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"ATLANTA, Nov. 06, 2024  -- Cardlytics, Inc. , a digital advertising platform, today announced financial results for the third quarter ended September 30, 2024.\"Ourthird quarter results beat the high end of our guidance, which reflects our relentless focus on addressing our short-term challenges,\" said Amit Gupta, CEO of Cardlytics. \"We maintain that our business transformation will take time, but we believe our priorities to build a more performant network and scale our partnerships will maximize consumer engagement and rewards.\". Revenue was $67.1 million, a decrease of % year-over-year, or % excluding Entertainment.Billings, a non-GAAP metric, was $112.0 million, a decrease of % year-over-year, or % excluding Entertainment.Adjusted EBITDA, a non-GAAP metric, was a loss of $(1.8) million compared to a gain of $3.9 million in the third quarter of 2023.Free Cash Flow, a non-GAAP metric, was $(3.9) million, a decrease of $1.9 million compared to $(2.0) million in the third quarter of 202","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"CDLX":"Cardlytics Inc.","BK4009":"广告"},"translate_title":"Cardlytics公布2024年第三季度财务业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CDLX":0.9},"content_text":"ATLANTA, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Cardlytics, Inc. (NASDAQ: CDLX), a digital advertising platform, today announced financial results for the third quarter ended September 30, 2024.\n\"Our third quarter results beat the high end of our guidance, which reflects our relentless focus on addressing our short-term challenges,\" said Amit Gupta, CEO of Cardlytics. \"We maintain that our business transformation will take time, but we believe our priorities to build a more performant network and scale our partnerships will maximize consumer engagement and rewards.\"\nThird Quarter 2024 Financial Results\n\nRevenue was $67.1 million, a decrease of (15)% year-over-year, or (13)% excluding Entertainment.\nBillings, a non-GAAP metric, was $112.0 million, a decrease of (4)% year-over-year, or (2)% excluding Entertainment.\nAdjusted Contribution, a non-GAAP metric, was $36.4 million, a decrease of (15)% year-over-year, (11)% excluding Entertainment.\nNet Loss was $(145.2) million, or $(2.90) per diluted share, based on 50.0 million fully diluted weighted-average common shares, compared to a Net Loss of $(24.0) million, or $(0.63) per diluted share, based on 38.0 million fully diluted weighted-average common shares in the third quarter of 2023.\nAdjusted EBITDA, a non-GAAP metric, was a loss of $(1.8) million compared to a gain of $3.9 million in the third quarter of 2023.\nAdjusted Net Loss was $(7.5) million, or $(0.15) per diluted share, based on 50.0 million fully diluted weighted-average common shares, compared to Adjusted Net Income of $0.5 million, or $0.01 per diluted share, based on 38.0 million fully diluted weighted-average common shares in the third quarter of 2023.\nNet cash provided by operating activities was $1.4 million, an increase of $0.2 million compared to $1.2 million in the third quarter of 2023.\nFree Cash Flow, a non-GAAP metric, was $(3.9) million, a decrease of $1.9 million compared to $(2.0) million in the third quarter of 2023.\n\nKey Metrics\n\nCardlytics MAUs were 166.4 million, an increase of 2% year-over-year, compared to 162.5 million in the third quarter of 2023.\nCardlytics ARPU was $0.40 compared to $0.49 in the third quarter of 2023.\n\nDefinitions of MAUs and ARPU are included below under the caption “Non-GAAP Measures and Other Performance Metrics.\"\nCARDLYTICS, INC.SUMMARY OF GAAP AND NON-GAAP RESULTS (UNAUDITED)(Dollars in thousands)\n\n\n\n \nThree Months Ended September 30,\n \n \n\n\n \n \n2024\n \n \n \n2023\n \n \n2023 Results Excluding Entertainment(2)\n \nChange % \n \nChange % Excluding Entertainment(2)\n\n\nBillings(1)\n$\n111,958\n \n \n$\n116,430\n \n \n$\n114,276\n \n \n(4)%\n \n(2)%\n\n\nConsumer Incentives\n \n44,901\n \n \n \n37,425\n \n \n \n37,425\n \n \n20%\n \n20%\n\n\nRevenue\n \n67,057\n \n \n \n79,005\n \n \n \n76,851\n \n \n(15)%\n \n(13)%\n\n\nPartner Share and other third-party costs\n \n30,675\n \n \n \n36,144\n \n \n \n36,105\n \n \n(15)%\n \n(15)%\n\n\nAdjusted Contribution(1)\n \n36,382\n \n \n \n42,861\n \n \n \n40,746\n \n \n(15)%\n \n(11)%\n\n\nDelivery costs\n \n7,830\n \n \n \n7,012\n \n \n \n7,012\n \n \n12%\n \n12%\n\n\nGross Profit\n$\n28,552\n \n \n$\n35,849\n \n \n$\n33,734\n \n \n(20)%\n \n(15)%\n\n\nNet Loss\n$\n(145,182\n)\n \n$\n(23,966\n)\n \n$\n(23,638\n)\n \nn/a\n \nn/a\n\n\nAdjusted EBITDA(1)\n$\n(1,816\n)\n \n$\n3,946\n \n \n$\n3,593\n \n \nn/a\n \nn/a\n\n\n \n \n \n \n \n \n \n \n \n \n\n\nAdjusted Contribution\n \n \n \n \n \n \n \n \n \n\n\n% of Billings\n \n32.5\n%\n \n \n36.8\n%\n \n \n35.7\n%\n \n \n \n \n\n\n% of Revenue\n \n54.3\n%\n \n \n54.3\n%\n \n \n53.0\n%\n \n \n \n \n\n\nAdjusted EBITDA\n \n \n \n \n \n \n \n \n \n\n\n% of Billings\n(1.6)%\n \n \n3.4\n%\n \n \n3.1\n%\n \n \n \n \n\n\n% of Revenue\n(2.7)%\n \n \n5.0\n%\n \n \n4.7\n%\n \n \n \n \n\n\n(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 to Adjusted EBITDA.\"\n\n\n(2)  The column excludes results from the Entertainment business. We sold and transferred substantially all of the assets of Entertainment in December 2023.\n\n\n\nFourth Quarter 2024 Financial Expectations\nCardlytics anticipates Billings, Revenue, Adjusted Contribution and Adjusted EBITDA to be in the following ranges (in millions, except for percentage change rates):\n\n\n\n \nQ4 2024 Guidance\n \nYoY Change\n \nYoY Change Excluding Entertainment(3)\n\n\nBillings(1)\n$102.0 - $108.0\n \n(23%) - (18%)\n \n(22%) - (18%)\n\n\nRevenue\n$62.0 - $67.0\n \n(30%) - (25%)\n \n(30%) - (24%)\n\n\nAdjusted Contribution(2)\n$33.0 - $36.0\n \n(30%) - (24%)\n \n(29%) - (22%)\n\n\nAdjusted EBITDA(2)\n($5.0) - ($1.0)\n \n($15.0) - ($11.0)\n \n($15.3) - ($11.3)\n\n\n(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.\"\n\n\n(2)  A reconciliation of Adjusted Contribution to GAAP Gross Profit and a reconciliation of Adjusted EBITDA to Net Loss 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.\n\n\n(3)  The column excludes results from the Entertainment business. We sold and transferred substantially all of the assets of Entertainment in December 2023.\n\n\n\nEarnings Teleconference Information\nCardlytics will discuss its third quarter 2024 financial results during a live audio webcast today, November 6, 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.\nAbout Cardlytics\nCardlytics (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 approximately 1 of every 2 card-based transactions in the U.S., allowing us to see 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.\nCautionary Language Concerning Forward-Looking Statements\nThis 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, statements related to our growth opportunity, our ability to deliver stronger execution and shareholder value and our financial guidance for the fourth 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.\nOur 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 November 6, 2024 and in subsequent periodic reports that we file with the Securities and Exchange Commission. Past performance is not necessarily indicative of future results. \nThe 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.\nNon-GAAP Measures and Other Performance Metrics\nTo 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) Income, Adjusted Net (Loss) Income 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”).\nA “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.\nWe have presented Billings, Adjusted Contribution, Adjusted EBITDA, Adjusted Net (Loss) Income and Adjusted Net (Loss) Income 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. Management views Adjusted Contribution as the most relevant metric to measure the financial performance as it reflects the dollars we keep after all of our partners are paid. Adjusted EBITDA represents our Net Loss before interest expense, net; depreciation and amortization; stock-based compensation expense; foreign currency (gain) loss; gain on debt extinguishment; acquisition, integration and divestiture costs (benefit); change in contingent consideration; and impairment of goodwill and intangible assets and, in applicable periods, certain other income and expense items, such as loss on divestiture; restructuring and reduction of force; income tax benefit; and deferred implementation costs. Adjusted Net (Loss) Income as our Net Loss before stock-based compensation expense; foreign currency (gain) loss; gain on debt extinguishment; acquisition, integration and divestiture costs (benefit); amortization of acquired intangibles; change in contingent consideration; and impairment of goodwill and intangible assets and, in applicable periods, certain other income and expense items, such as loss on divestiture; restructuring and reduction of force; and income tax benefit. We define Adjusted Net (Loss) Income per share as Adjusted Net (Loss) Income 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.\nWe 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.\nWe 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.\nCARDLYTICS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)(Amounts in thousands, except par value amounts)\n\n\n\n \nSeptember 30, 2024\n \nDecember 31, 2023\n\n\nAssets\n \n \n \n\n\nCurrent assets:\n \n \n \n\n\nCash and cash equivalents\n$\n66,988\n \n \n$\n91,830\n \n\n\nAccounts receivable and contract assets, net\n \n105,587\n \n \n \n120,622\n \n\n\nOther receivables\n \n3,968\n \n \n \n5,379\n \n\n\nPrepaid expenses and other assets\n \n6,787\n \n \n \n6,097\n \n\n\nTotal current assets\n \n183,330\n \n \n \n223,928\n \n\n\nLong-term assets:\n \n \n \n\n\nProperty and equipment, net\n \n2,847\n \n \n \n3,323\n \n\n\nRight-of-use assets under operating leases, net\n \n6,933\n \n \n \n7,310\n \n\n\nIntangible assets, net\n \n12,826\n \n \n \n35,003\n \n\n\nGoodwill\n \n159,429\n \n \n \n277,202\n \n\n\nCapitalized software development costs, net\n \n31,859\n \n \n \n24,643\n \n\n\nOther long-term assets, net\n \n2,169\n \n \n \n2,735\n \n\n\nTotal assets\n$\n399,393\n \n \n$\n574,144\n \n\n\nLiabilities and stockholders' equity\n \n \n \n\n\nCurrent liabilities:\n \n \n \n\n\nAccounts payable\n$\n3,927\n \n \n$\n4,425\n \n\n\nAccrued liabilities:\n \n \n \n\n\nAccrued compensation\n \n8,250\n \n \n \n11,662\n \n\n\nAccrued expenses\n \n8,359\n \n \n \n9,587\n \n\n\nShort-term debt\n \n45,789\n \n \n \n—\n \n\n\nPartner Share liability\n \n30,783\n \n \n \n48,867\n \n\n\nConsumer Incentive liability\n \n49,912\n \n \n \n52,678\n \n\n\nDeferred revenue\n \n2,064\n \n \n \n2,405\n \n\n\nCurrent operating lease liabilities\n \n2,361\n \n \n \n2,127\n \n\n\nCurrent contingent consideration\n \n4,463\n \n \n \n39,398\n \n\n\nTotal current liabilities\n \n155,908\n \n \n \n171,149\n \n\n\nLong-term liabilities:\n \n \n \n\n\nConvertible senior notes, net\n \n167,448\n \n \n \n227,504\n \n\n\nLong-term operating lease liabilities\n \n6,323\n \n \n \n6,391\n \n\n\nLong-term deferred revenue\n \n—\n \n \n \n67\n \n\n\nLine of Credit\n \n—\n \n \n \n30,000\n \n\n\nLong-term contingent consideration\n \n—\n \n \n \n4,162\n \n\n\nOther long-term liabilities\n \n17\n \n \n \n73\n \n\n\nTotal liabilities\n$\n329,696\n \n \n$\n439,346\n \n\n\nStockholders’ equity:\n \n \n \n\n\nCommon stock, $0.0001 par value—100,000 shares authorized, 50,342 and 39,728 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively\n$\n9\n \n \n$\n9\n \n\n\nAdditional paid-in capital\n \n1,356,173\n \n \n \n1,243,594\n \n\n\nAccumulated other comprehensive (loss) income\n \n(1,498\n)\n \n \n2,467\n \n\n\nAccumulated deficit\n \n(1,284,987\n)\n \n \n(1,111,272\n)\n\n\nTotal stockholders’ equity\n \n69,697\n \n \n \n134,798\n \n\n\nTotal liabilities and stockholders’ equity\n$\n399,393\n \n \n$\n574,144\n \n\n\n\nCARDLYTICS, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)(Amounts in thousands, except per share amounts)\n\n\n\n \nThree Months EndedSeptember 30,\n \nNine Months EndedSeptember 30,\n\n\n \n \n2024\n \n \n \n2023\n \n \n \n2024\n \n \n \n2023\n \n\n\nRevenue\n$\n67,057\n \n \n$\n79,005\n \n \n$\n204,301\n \n \n$\n220,037\n \n\n\nCosts and expenses:\n \n \n \n \n \n \n \n\n\nPartner Share and other third-party costs\n \n30,675\n \n \n \n36,144\n \n \n \n94,476\n \n \n \n108,698\n \n\n\nDelivery costs\n \n7,830\n \n \n \n7,012\n \n \n \n21,664\n \n \n \n20,451\n \n\n\nSales and marketing expense\n \n13,163\n \n \n \n14,161\n \n \n \n41,306\n \n \n \n43,314\n \n\n\nResearch and development expense\n \n13,194\n \n \n \n12,430\n \n \n \n39,712\n \n \n \n38,841\n \n\n\nGeneral and administration expense\n \n12,076\n \n \n \n15,561\n \n \n \n42,712\n \n \n \n44,907\n \n\n\nAcquisition, integration and divestiture costs (benefit)\n \n—\n \n \n \n78\n \n \n \n162\n \n \n \n(8,146\n)\n\n\nChange in contingent consideration\n \n100\n \n \n \n8,281\n \n \n \n110\n \n \n \n(15,045\n)\n\n\nImpairment of goodwill and intangible assets\n \n131,595\n \n \n \n—\n \n \n \n131,595\n \n \n \n—\n \n\n\nDepreciation and amortization expense\n \n6,970\n \n \n \n5,990\n \n \n \n19,749\n \n \n \n19,765\n \n\n\nTotal costs and expenses\n \n215,603\n \n \n \n99,657\n \n \n \n391,486\n \n \n \n252,785\n \n\n\nOperating Loss\n \n(148,546\n)\n \n \n(20,652\n)\n \n \n(187,185\n)\n \n \n(32,748\n)\n\n\nOther (expense) income:\n \n \n \n \n \n \n \n\n\nInterest expense, net\n \n(1,479\n)\n \n \n(915\n)\n \n \n(3,859\n)\n \n \n(1,497\n)\n\n\nForeign currency gain (loss)\n \n4,843\n \n \n \n(2,399\n)\n \n \n4,312\n \n \n \n379\n \n\n\nGain on debt extinguishment\n \n—\n \n \n \n—\n \n \n \n13,017\n \n \n \n—\n \n\n\nTotal other income (expense)\n \n3,364\n \n \n \n(3,314\n)\n \n \n13,470\n \n \n \n(1,118\n)\n\n\nLoss before income taxes\n \n(145,182\n)\n \n \n(23,966\n)\n \n \n(173,715\n)\n \n \n(33,866\n)\n\n\nNet Loss\n$\n(145,182\n)\n \n$\n(23,966\n)\n \n$\n(173,715\n)\n \n$\n(33,866\n)\n\n\nNet Loss per share, basic and diluted\n$\n(2.90\n)\n \n$\n(0.63\n)\n \n$\n(3.66\n)\n \n$\n(0.95\n)\n\n\nWeighted-average common shares outstanding, basic and diluted\n \n50,028\n \n \n \n37,982\n \n \n \n47,469\n \n \n \n35,502\n \n\n\n\nCARDLYTICS, INC.STOCK-BASED COMPENSATION EXPENSE (UNAUDITED)(Amounts in thousands)\n\n\n\n \nThree Months EndedSeptember 30,\n \nNine Months EndedSeptember 30,\n\n\n \n \n2024\n \n \n2023\n \n \n2024\n \n \n2023\n\n\nDelivery costs\n$\n675\n \n$\n667\n \n$\n2,039\n \n$\n1,800\n\n\nSales and marketing expense\n \n2,096\n \n \n2,683\n \n \n8,140\n \n \n9,487\n\n\nResearch and development expense\n \n3,448\n \n \n3,661\n \n \n12,031\n \n \n12,248\n\n\nGeneral and administration expense\n \n1,846\n \n \n3,238\n \n \n9,484\n \n \n6,421\n\n\nTotal stock-based compensation expense\n$\n8,065\n \n$\n10,249\n \n$\n31,694\n \n$\n29,956\n\n\n\nCARDLYTICS, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)(Amounts in thousands)\n\n\n\n \nNine Months EndedSeptember 30,\n\n\n \n \n2024\n \n \n \n2023\n \n\n\nOperating activities\n \n \n \n\n\nNet Loss\n$\n(173,715\n)\n \n$\n(33,866\n)\n\n\nAdjustments to reconcile net loss to net cash used in operating activities:\n \n \n \n\n\nCredit loss expense\n \n3,980\n \n \n \n1,153\n \n\n\nDepreciation and amortization\n \n19,749\n \n \n \n19,765\n \n\n\nAmortization of financing costs charged to interest expense\n \n1,235\n \n \n \n1,234\n \n\n\nAmortization of right-of-use assets\n \n1,627\n \n \n \n2,807\n \n\n\nGain on debt extinguishment\n \n(13,017\n)\n \n \n—\n \n\n\nStock-based compensation expense\n \n31,694\n \n \n \n29,956\n \n\n\nImpairment of goodwill and intangible assets\n \n131,595\n \n \n \n—\n \n\n\nChange in contingent consideration\n \n110\n \n \n \n(15,044\n)\n\n\nOther non-cash income, net\n \n(4,136\n)\n \n \n(613\n)\n\n\nChange in operating assets and liabilities:\n \n \n \n\n\nAccounts receivable\n \n12,909\n \n \n \n10,991\n \n\n\nPrepaid expenses and other assets\n \n(229\n)\n \n \n1,114\n \n\n\nAccounts payable\n \n820\n \n \n \n(265\n)\n\n\nOther accrued expenses\n \n(3,192\n)\n \n \n(10,282\n)\n\n\nPartner Share liability\n \n(18,330\n)\n \n \n(4,994\n)\n\n\nConsumer Incentive liability\n \n(2,903\n)\n \n \n(5,075\n)\n\n\nNet cash used in operating activities\n \n(11,803\n)\n \n \n(3,119\n)\n\n\nInvesting activities\n \n \n \n\n\nAcquisition of property and equipment\n \n(1,439\n)\n \n \n(393\n)\n\n\nCapitalized software development costs\n \n(13,423\n)\n \n \n(8,302\n)\n\n\nBusiness divestiture\n \n202\n \n \n \n—\n \n\n\nNet cash used in investing activities\n \n(14,660\n)\n \n \n(8,695\n)\n\n\nFinancing activities\n \n \n \n\n\nProceeds from issuance of debt\n \n172,500\n \n \n \n30,000\n \n\n\nSettlement of contingent consideration\n \n(14,167\n)\n \n \n(50,050\n)\n\n\nPrincipal payment of debt\n \n(199,291\n)\n \n \n(21\n)\n\n\nProceeds from termination of capped calls related to convertible notes\n \n115\n \n \n \n—\n \n\n\nProceeds from issuance of common stock\n \n48,634\n \n \n \n55\n \n\n\nEquity issuance costs\n \n(309\n)\n \n \n(58\n)\n\n\nDebt issuance costs\n \n(5,836\n)\n \n \n—\n \n\n\nNet cash provided by (used in) financing activities\n \n1,646\n \n \n \n(20,074\n)\n\n\nEffect of exchange rates on cash, cash equivalents and restricted cash\n \n(25\n)\n \n \n43\n \n\n\nNet decrease in cash, cash equivalents and restricted cash\n \n(24,842\n)\n \n \n(31,845\n)\n\n\nCash, cash equivalents, and restricted cash — Beginning of period\n \n91,830\n \n \n \n121,985\n \n\n\nCash, cash equivalents, and restricted cash — End of period\n$\n66,988\n \n \n$\n90,140\n \n\n\n\nCARDLYTICS, INC.RECONCILIATION OF GAAP REVENUE TO BILLINGS (UNAUDITED)(Amounts in thousands)\n\n\n\n \nThree Months EndedSeptember 30,\n \nNine Months EndedSeptember 30,\n\n\n \n \n2024\n \n \n2023\n \n \n2024\n \n \n2023\n\n\nConsolidated\n \n \n \n \n \n \n \n\n\nRevenue\n$\n67,057\n \n$\n79,005\n \n$\n204,301\n \n$\n220,037\n\n\nPlus:\n \n \n \n \n \n \n \n\n\nConsumer Incentives\n \n44,901\n \n \n37,425\n \n \n123,260\n \n \n101,443\n\n\nBillings\n$\n111,958\n \n$\n116,430\n \n$\n327,561\n \n$\n321,480\n\n\nCardlytics platform\n \n \n \n \n \n \n \n\n\nRevenue\n$\n61,110\n \n$\n73,064\n \n$\n187,345\n \n$\n202,820\n\n\nPlus:\n \n \n \n \n \n \n \n\n\nConsumer Incentives\n \n44,901\n \n \n37,425\n \n \n123,260\n \n \n101,443\n\n\nBillings\n$\n106,011\n \n$\n110,489\n \n$\n310,605\n \n$\n304,263\n\n\nBridg platform\n \n \n \n \n \n \n \n\n\nRevenue\n$\n5,947\n \n$\n5,941\n \n$\n16,956\n \n$\n17,217\n\n\nPlus:\n \n \n \n \n \n \n \n\n\nConsumer Incentives\n \n—\n \n \n—\n \n \n—\n \n \n—\n\n\nBillings\n$\n5,947\n \n$\n5,941\n \n$\n16,956\n \n$\n17,217\n\n\n\nCARDLYTICS, INC.RECONCILIATION OF GAAP GROSS PROFIT TO ADJUSTED CONTRIBUTION (UNAUDITED)(Amounts in thousands)\n\n\n\n \nThree Months EndedSeptember 30,\n \nNine Months EndedSeptember 30,\n\n\n \n \n2024\n \n \n2023\n \n \n2024\n \n \n2023\n\n\nConsolidated\n \n \n \n \n \n \n \n\n\nRevenue\n$\n67,057\n \n$\n79,005\n \n$\n204,301\n \n$\n220,037\n\n\nMinus:\n \n \n \n \n \n \n \n\n\nPartner Share and other third-party costs\n \n30,675\n \n \n36,144\n \n \n94,476\n \n \n108,698\n\n\nDelivery costs(1)\n \n7,830\n \n \n7,012\n \n \n21,664\n \n \n20,451\n\n\nGross Profit\n \n28,552\n \n \n35,849\n \n \n88,161\n \n \n90,888\n\n\nPlus:\n \n \n \n \n \n \n \n\n\nDelivery costs(1)\n \n7,830\n \n \n7,012\n \n \n21,664\n \n \n20,451\n\n\nAdjusted Contribution\n$\n36,382\n \n$\n42,861\n \n$\n109,825\n \n$\n111,339\n\n\nCardlytics platform\n \n \n \n \n \n \n \n\n\nRevenue\n$\n61,110\n \n$\n73,064\n \n$\n187,345\n \n$\n202,820\n\n\nMinus:\n \n \n \n \n \n \n \n\n\nPartner Share and other third-party costs\n \n30,292\n \n \n36,011\n \n \n93,569\n \n \n108,272\n\n\nDelivery costs(1)\n \n6,011\n \n \n5,510\n \n \n16,837\n \n \n15,420\n\n\nGross Profit\n \n24,807\n \n \n31,543\n \n \n76,939\n \n \n79,128\n\n\nPlus:\n \n \n \n \n \n \n \n\n\nDelivery costs(1)\n \n6,011\n \n \n5,510\n \n \n16,837\n \n \n15,420\n\n\nAdjusted Contribution\n$\n30,818\n \n$\n37,053\n \n$\n93,776\n \n$\n94,548\n\n\nBridg platform\n \n \n \n \n \n \n \n\n\nRevenue\n$\n5,947\n \n$\n5,941\n \n$\n16,956\n \n$\n17,217\n\n\nMinus:\n \n \n \n \n \n \n \n\n\nPartner Share and other third-party costs\n \n383\n \n \n133\n \n \n907\n \n \n426\n\n\nDelivery costs(1)\n \n1,819\n \n \n1,502\n \n \n4,827\n \n \n5,031\n\n\nGross Profit\n \n3,745\n \n \n4,306\n \n \n11,222\n \n \n11,760\n\n\nPlus:\n \n \n \n \n \n \n \n\n\nDelivery costs(1)\n \n1,819\n \n \n1,502\n \n \n4,827\n \n \n5,031\n\n\nAdjusted Contribution\n$\n5,564\n \n$\n5,808\n \n$\n16,049\n \n$\n16,791\n\n\n(1) Stock-based compensation expense recognized in consolidated delivery costs totaled $0.7 million for each the three months ended September 30, 2024 and 2023, respectively. Stock based compensation expense recognized in consolidated delivery costs totaled $2.0 million and $1.8 million for the nine months ended September 30, 2024 and 2023, respectively.\n\n\n\nCARDLYTICS, INC.RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA (UNAUDITED)(Amounts in thousands)\n\n\n\n \nThree Months EndedSeptember 30,\n \nNine Months EndedSeptember 30,\n\n\n \n \n2024\n \n \n \n2023\n \n \n \n2024\n \n \n \n2023\n \n\n\nNet Loss\n$\n(145,182\n)\n \n$\n(23,966\n)\n \n$\n(173,715\n)\n \n$\n(33,866\n)\n\n\nPlus:\n \n \n \n \n \n \n \n\n\nInterest expense, net\n \n1,479\n \n \n \n915\n \n \n \n3,859\n \n \n \n1,497\n \n\n\nDepreciation and amortization\n \n6,970\n \n \n \n5,990\n \n \n \n19,749\n \n \n \n19,765\n \n\n\nStock-based compensation expense\n \n8,065\n \n \n \n10,249\n \n \n \n31,694\n \n \n \n29,956\n \n\n\nForeign currency (gain) loss\n \n(4,843\n)\n \n \n2,399\n \n \n \n(4,312\n)\n \n \n(379\n)\n\n\nGain on debt extinguishment\n \n—\n \n \n \n—\n \n \n \n(13,017\n)\n \n \n—\n \n\n\nAcquisition, integration and divestiture costs (benefit)\n \n—\n \n \n \n78\n \n \n \n162\n \n \n \n(8,146\n)\n\n\nChange in contingent consideration\n \n100\n \n \n \n8,281\n \n \n \n110\n \n \n \n(15,045\n)\n\n\nImpairment of goodwill and intangible assets\n \n131,595\n \n \n \n—\n \n \n \n131,595\n \n \n \n—\n \n\n\nAdjusted EBITDA\n$\n(1,816\n)\n \n$\n3,946\n \n \n$\n(3,875\n)\n \n$\n(6,218\n)\n\n\n\nCARDLYTICS, INC.RECONCILIATION OF ADJUSTED CONTRIBUTION TO ADJUSTED EBITDA (UNAUDITED)(Amounts in thousands)\n\n\n\n \nThree Months EndedSeptember 30,\n \nNine Months EndedSeptember 30,\n\n\n \n \n2024\n \n \n \n2023\n \n \n \n2024\n \n \n \n2023\n \n\n\nConsolidated\n \n \n \n \n \n \n \n\n\nAdjusted Contribution\n$\n36,382\n \n \n$\n42,861\n \n \n$\n109,825\n \n \n$\n111,339\n \n\n\nMinus:\n \n \n \n \n \n \n \n\n\nDelivery costs\n \n7,830\n \n \n \n7,012\n \n \n \n21,664\n \n \n \n20,451\n \n\n\nSales and marketing expense\n \n13,163\n \n \n \n14,161\n \n \n \n41,306\n \n \n \n43,314\n \n\n\nResearch and development expense\n \n13,194\n \n \n \n12,430\n \n \n \n39,712\n \n \n \n38,841\n \n\n\nGeneral and administration expense\n \n12,076\n \n \n \n15,561\n \n \n \n42,712\n \n \n \n44,907\n \n\n\nStock-based compensation expense\n \n(8,065\n)\n \n \n(10,249\n)\n \n \n(31,694\n)\n \n \n(29,956\n)\n\n\nAdjusted EBITDA\n$\n(1,816\n)\n \n$\n3,946\n \n \n$\n(3,875\n)\n \n$\n(6,218\n)\n\n\nCardlytics platform\n \n \n \n \n \n \n \n\n\nAdjusted Contribution\n$\n30,818\n \n \n$\n37,053\n \n \n$\n93,776\n \n \n$\n94,549\n \n\n\nMinus:\n \n \n \n \n \n \n \n\n\nDelivery costs\n \n6,011\n \n \n \n5,510\n \n \n \n16,837\n \n \n \n15,420\n \n\n\nSales and marketing expense\n \n11,047\n \n \n \n12,041\n \n \n \n34,082\n \n \n \n36,422\n \n\n\nResearch and development expense\n \n11,153\n \n \n \n11,046\n \n \n \n33,519\n \n \n \n34,772\n \n\n\nGeneral and administration expense\n \n11,312\n \n \n \n14,874\n \n \n \n39,516\n \n \n \n43,321\n \n\n\nStock-based compensation expense\n \n(7,066\n)\n \n \n(9,127\n)\n \n \n(27,912\n)\n \n \n(27,835\n)\n\n\nAdjusted EBITDA\n$\n(1,639\n)\n \n$\n2,709\n \n \n$\n(2,266\n)\n \n$\n(7,551\n)\n\n\nBridg platform\n \n \n \n \n \n \n \n\n\nAdjusted Contribution\n$\n5,564\n \n \n$\n5,808\n \n \n$\n16,049\n \n \n$\n16,790\n \n\n\nMinus:\n \n \n \n \n \n \n \n\n\nDelivery costs\n \n1,819\n \n \n \n1,502\n \n \n \n4,827\n \n \n \n5,031\n \n\n\nSales and marketing expense\n \n2,116\n \n \n \n2,120\n \n \n \n7,224\n \n \n \n6,892\n \n\n\nResearch and development expense\n \n2,041\n \n \n \n1,384\n \n \n \n6,193\n \n \n \n4,069\n \n\n\nGeneral and administration expense\n \n764\n \n \n \n687\n \n \n \n3,196\n \n \n \n1,586\n \n\n\nStock-based compensation expense\n \n(999\n)\n \n \n(1,122\n)\n \n \n(3,782\n)\n \n \n(2,121\n)\n\n\nAdjusted EBITDA\n$\n(177\n)\n \n$\n1,237\n \n \n$\n(1,609\n)\n \n$\n1,334\n \n\n\n\nCARDLYTICS, INC.RECONCILIATION OF GAAP NET LOSS TO ADJUSTED NET (LOSS) INCOMEAND ADJUSTED NET (LOSS) INCOME PER SHARE (UNAUDITED)(Amounts in thousands, except per share amounts)\n\n\n\n \nThree Months EndedSeptember 30,\n \nNine Months EndedSeptember 30,\n\n\n \n \n2024\n \n \n \n2023\n \n \n \n2024\n \n \n \n2023\n \n\n\nNet Loss\n$\n(145,182\n)\n \n$\n(23,966\n)\n \n$\n(173,715\n)\n \n$\n(33,866\n)\n\n\nPlus:\n \n \n \n \n \n \n \n\n\nStock-based compensation expense\n \n8,065\n \n \n \n10,249\n \n \n \n31,694\n \n \n \n29,956\n \n\n\nForeign currency (gain) loss\n \n(4,843\n)\n \n \n2,399\n \n \n \n(4,312\n)\n \n \n(379\n)\n\n\nGain on debt extinguishment\n \n—\n \n \n \n—\n \n \n \n(13,017\n)\n \n \n—\n \n\n\nAcquisition, integration and divestiture costs (benefit)\n \n—\n \n \n \n78\n \n \n \n162\n \n \n \n(8,146\n)\n\n\nAmortization of acquired intangibles\n \n2,785\n \n \n \n3,433\n \n \n \n8,355\n \n \n \n10,333\n \n\n\nChange in contingent consideration\n \n100\n \n \n \n8,281\n \n \n \n110\n \n \n \n(15,045\n)\n\n\nImpairment of goodwill and intangible assets\n \n131,595\n \n \n \n—\n \n \n \n131,595\n \n \n \n—\n \n\n\nAdjusted Net (Loss) Income\n$\n(7,480\n)\n \n$\n474\n \n \n$\n(19,128\n)\n \n$\n(17,147\n)\n\n\nWeighted-average number of shares of common stock used in computing Adjusted Net (Loss) Income per share:\n \n \n \n \n \n \n \n\n\nWeighted-average common shares outstanding, diluted\n \n50,028\n \n \n \n37,982\n \n \n \n47,469\n \n \n \n35,502\n \n\n\nAdjusted Net (Loss) Income per share, diluted\n$\n(0.15\n)\n \n$\n0.01\n \n \n$\n(0.40\n)\n \n$\n(0.48\n)\n\n\n\nCARDLYTICS, INC.RECONCILIATION OF NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES TO FREE CASH FLOW (UNAUDITED)(Amounts in thousands)\n\n\n\n \nThree Months EndedSeptember 30,\n \nNine Months EndedSeptember 30,\n\n\n \n \n2024\n \n \n \n2023\n \n \n \n2024\n \n \n \n2023\n \n\n\nNet cash provided by (used in) operating activities\n$\n1,388\n \n \n$\n1,194\n \n \n$\n(11,803\n)\n \n$\n(3,119\n)\n\n\nPlus:\n \n \n \n \n \n \n \n\n\nAcquisition of property and equipment\n \n(507\n)\n \n \n(51\n)\n \n \n(1,439\n)\n \n \n(393\n)\n\n\nCapitalized software development costs\n \n(4,750\n)\n \n \n(3,094\n)\n \n \n(13,423\n)\n \n \n(8,302\n)\n\n\nFree Cash Flow\n$\n(3,869\n)\n \n$\n(1,951\n)\n \n$\n(26,665\n)\n \n$\n(11,814\n)\n\n\n\nCARDLYTICS, INC.RECONCILIATION OF FORECASTED GAAP REVENUE TO BILLINGS (UNAUDITED)(Amounts in thousands)\n\n\n\n \nQ4 2024\n\n\nRevenue\n$62.0 - $67.0\n\n\nPlus:\n \n\n\nConsumer Incentives\n$40.0 - $41.0\n\n\nBillings\n$102.0 - $108.0\n\n\n\nContacts:\nPublic Relations:pr@cardlytics.com \nInvestor Relations:ir@cardlytics.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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