Cardlytics, Inc. (NASDAQ: CDLX), a digital advertising platform,
today announced financial results for the third quarter ended
September 30, 2023. Supplemental information is available on the
Investor Relations section of Cardlytics' website at
http://ir.cardlytics.com/.
"We are gathering speed with each passing quarter -
our platform is starting to look different and the collective
improvements we are making to our product and operations are far
exceeding our pace from prior years," said Karim Temsamani, Chief
Executive Officer. "Our dedication to product leadership, financial
health, and strategic growth is setting us on a promising course,
and I am looking forward to the future."
"Cardlytics is positioned to be the leader in
providing trusted and intelligent business insights, and there are
few other platforms that have the level of data and reach that we
do," said Alexis DeSieno, Chief Financial Officer. "We are on a
path to sustain positive operating cash flow and adjusted EBITDA on
an annual basis, while continuing to focus on profitability and
improving our balance sheet and capital structure."
Third Quarter
2023 Financial Results
- Revenue was $79.0
million, an increase of 9% year-over-year, compared to $72.7
million in the third quarter of 2022.
- Billings, a non-GAAP
metric, was $116.4 million, an increase of 5% year-over-year,
compared to $110.4 million in the third quarter of 2022.
- Gross profit was $35.8
million, an increase of 38% year-over-year, compared to $26.0
million in the third quarter of 2022.
- Adjusted contribution,
a non-GAAP metric, was $42.9 million, an increase of 22%
year-over-year, compared to $35.1 million in the third quarter of
2022.
- Net loss attributable
to common stockholders was $(24.0) million, or $(0.63) per diluted
share, based on 38.0 million fully diluted weighted-average common
shares, compared to a net income attributable to common
stockholders of $6.3 million, or $0.19 per diluted share, based on
33.3 million fully diluted weighted-average common shares in the
third quarter of 2022.
- Non-GAAP net loss was
$0.3 million, or $0.01 per diluted share, based on 38.0 million
fully diluted weighted-average common shares, compared to non-GAAP
net loss of $(16.5) million, or $(0.50) per diluted share, based on
33.3 million fully diluted weighted-average common shares in the
third quarter of 2022.
- Adjusted EBITDA, a
non-GAAP metric, was a gain of $3.9 million compared to a loss of
$(12.7) million in the third quarter of 2022.
Key Metrics
- Cardlytics MAUs were
162.5 million, an increase of 4% year-over-year, compared to 156.2
million in the third quarter of 2022.
- Cardlytics ARPU was
$0.49 compared to $0.47 in the third quarter of 2022.
Definitions of MAUs and ARPU are included below
under the caption “Non-GAAP Measures and Other Performance
Metrics."
Fourth Quarter 2023 Financial
Expectations
Cardlytics anticipates billings, revenue, adjusted
contribution and adjusted EBITDA to be in the following ranges (in
millions):
|
Q4 2023 Guidance |
Billings(1) |
$122.0 - $133.0 |
Revenue |
$82.0 - $90.0 |
Adjusted contribution(2) |
$44.0 - $50.0 |
Adjusted EBITDA(2) |
$4.0 - $8.0 |
(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 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.
Earnings Teleconference
Information
Cardlytics will discuss its third quarter 2023
financial results during a teleconference today, November 8,
2023, at 5:00 PM ET / 2:00 PM PT. A live dial-in will be available
after registering at http://ir.cardlytics.com/. Shortly after the
conclusion of the call, a replay of this conference call will be
available through 8:00 PM ET on November 16, 2023 on the Cardlytics
Investor Relations website at http://ir.cardlytics.com/. 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
banking rewards programs that promote customer loyalty and deepen
banking 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, New York, Los Angeles, 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, our financial guidance for the fourth quarter of
2023. 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; risks related to the fact that 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 the integration of Dosh, Bridg and
Entertainment with our company; potential payments under the Merger
Agreement with Bridg; 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, including the impact of the macroeconomic
events; our ability to generate sufficient revenue to offset
contractual commitments to FIs; 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 8, 2023 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: billings, adjusted contribution,
adjusted EBITDA, non-GAAP net loss and non-GAAP net loss per share
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, non-GAAP net loss and non-GAAP net loss per share
as non-GAAP financial measures in this press release. Billings
represents the gross amount billed to customers and marketers for
advertising campaigns 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. We
define adjusted contribution as a measure 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 marketing spend
on our platforms generates incremental amounts to support our sales
and marketing, research and development, delivery costs, general
and administration and other investments. Adjusted contribution is
calculated by taking our total revenue less our Partner Share and
other third-party costs. 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, delivery costs, general and
administrative expenses and other expenses, which we do not take
into consideration when making decisions on how to manage our
advertising campaigns. We define adjusted EBITDA as our net loss
before income taxes; interest expense, net; depreciation and
amortization expense; stock-based compensation expense; foreign
currency gain (loss); acquisition and integration cost (benefit);
loss (gain) in fair value of contingent consideration; goodwill
impairment and restructuring and reduction of force. We define
non-GAAP net loss as our net loss before stock-based compensation
expense; foreign currency (gain) loss; acquisition and integration
(benefit) cost; amortization of acquired intangibles; and loss
(gain) in fair value of contingent consideration. Notably, any
impacts related to minimum Partner Share commitments in connection
with agreements with certain partners are not added back to net
income in order to calculate adjusted EBITDA, adjusted contribution
and non-GAAP net loss. We define non-GAAP net loss per share as
non-GAAP net loss divided by weighted-average common shares
outstanding, diluted.
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. As of September 30,
2023, we are reporting only the total number of unique targetable
customers within each FI, which we have applied to our reporting
for current and prior periods in this Form 10-Q. 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) |
|
|
September 30, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
90,067 |
|
|
$ |
121,905 |
|
Restricted cash |
|
73 |
|
|
|
80 |
|
Accounts receivable and contract assets, net |
|
103,324 |
|
|
|
115,609 |
|
Other receivables |
|
4,865 |
|
|
|
4,470 |
|
Prepaid expenses and other assets |
|
7,260 |
|
|
|
7,978 |
|
Total current assets |
|
205,589 |
|
|
|
250,042 |
|
Long-term assets: |
|
|
|
Property and equipment, net |
|
3,005 |
|
|
|
5,916 |
|
Right-of-use assets under operating leases, net |
|
4,823 |
|
|
|
6,571 |
|
Intangible assets, net |
|
43,116 |
|
|
|
53,475 |
|
Goodwill |
|
352,721 |
|
|
|
352,721 |
|
Capitalized software development costs, net |
|
23,721 |
|
|
|
19,925 |
|
Other long-term assets, net |
|
1,941 |
|
|
|
2,586 |
|
Total assets |
$ |
634,916 |
|
|
$ |
691,236 |
|
Liabilities and stockholders' equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
3,479 |
|
|
$ |
3,765 |
|
Accrued liabilities: |
|
|
|
Accrued compensation |
|
11,086 |
|
|
|
10,486 |
|
Accrued expenses |
|
9,666 |
|
|
|
21,335 |
|
Short-term debt |
|
30,000 |
|
|
|
— |
|
Partner Share liability |
|
43,495 |
|
|
|
48,593 |
|
Consumer Incentive liability |
|
48,922 |
|
|
|
53,983 |
|
Deferred revenue |
|
3,323 |
|
|
|
1,751 |
|
Current operating lease liabilities |
|
2,244 |
|
|
|
4,910 |
|
Current contingent consideration |
|
27,268 |
|
|
|
104,121 |
|
Total current liabilities |
|
179,483 |
|
|
|
248,944 |
|
Long-term liabilities: |
|
|
|
Convertible senior notes, net |
|
227,139 |
|
|
|
226,047 |
|
Deferred liabilities |
|
81 |
|
|
|
334 |
|
Long-term operating lease liabilities |
|
2,878 |
|
|
|
4,306 |
|
Total liabilities |
|
409,581 |
|
|
|
479,631 |
|
Stockholders’ equity: |
|
|
|
Common stock, $0.0001 par value—100,000 shares authorized and
38,528 and 33,477 shares issued and outstanding as of September 30,
2023 and December 31, 2022, respectively. |
|
9 |
|
|
|
9 |
|
Additional paid-in capital |
|
1,230,458 |
|
|
|
1,182,568 |
|
Accumulated other comprehensive income |
|
5,304 |
|
|
|
5,598 |
|
Accumulated deficit |
|
(1,010,436 |
) |
|
|
(976,570 |
) |
Total stockholders’ equity |
|
225,335 |
|
|
|
211,605 |
|
Total liabilities and stockholders’ equity |
$ |
634,916 |
|
|
$ |
691,236 |
|
CARDLYTICS, INC.CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED)(Amounts in
thousands, except per share amounts) |
|
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
$ |
79,005 |
|
|
$ |
72,706 |
|
|
$ |
220,037 |
|
|
$ |
216,039 |
|
Costs and expenses: |
|
|
|
|
|
|
|
Partner Share and other third-party costs |
|
36,144 |
|
|
|
37,563 |
|
|
|
108,698 |
|
|
|
112,996 |
|
Delivery costs |
|
7,012 |
|
|
|
9,125 |
|
|
|
20,451 |
|
|
|
23,820 |
|
Sales and marketing expense |
|
14,161 |
|
|
|
18,289 |
|
|
|
43,314 |
|
|
|
57,920 |
|
Research and development expense |
|
12,430 |
|
|
|
13,762 |
|
|
|
38,841 |
|
|
|
39,634 |
|
General and administration expense |
|
15,561 |
|
|
|
19,972 |
|
|
|
44,907 |
|
|
|
61,381 |
|
Acquisition and integration cost (benefit) |
|
78 |
|
|
|
(1,867 |
) |
|
|
(8,146 |
) |
|
|
(4,269 |
) |
Loss (gain) in fair value of contingent consideration |
|
8,281 |
|
|
|
(46,126 |
) |
|
|
(15,045 |
) |
|
|
(114,144 |
) |
Goodwill impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
83,149 |
|
Depreciation and amortization expense |
|
5,990 |
|
|
|
10,468 |
|
|
|
19,765 |
|
|
|
30,695 |
|
Total costs and expenses |
|
99,657 |
|
|
|
61,186 |
|
|
|
252,785 |
|
|
|
291,182 |
|
Operating (loss) income |
|
(20,652 |
) |
|
|
11,520 |
|
|
|
(32,748 |
) |
|
|
(75,143 |
) |
Other expense: |
|
|
|
|
|
|
|
Interest expense, net |
|
(915 |
) |
|
|
(580 |
) |
|
|
(1,497 |
) |
|
|
(2,406 |
) |
Foreign currency (gain) loss |
|
(2,399 |
) |
|
|
(4,673 |
) |
|
|
379 |
|
|
|
(10,882 |
) |
Total other expense |
|
(3,314 |
) |
|
|
(5,253 |
) |
|
|
(1,118 |
) |
|
|
(13,288 |
) |
(Loss) income before income taxes |
|
(23,966 |
) |
|
|
6,267 |
|
|
|
(33,866 |
) |
|
|
(88,431 |
) |
Income tax benefit |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,446 |
|
Net (loss) income |
|
(23,966 |
) |
|
|
6,267 |
|
|
|
(33,866 |
) |
|
|
(86,985 |
) |
Net (loss) income attributable to common stockholders |
$ |
(23,966 |
) |
|
$ |
6,267 |
|
|
$ |
(33,866 |
) |
|
$ |
(86,985 |
) |
Net (loss) income per share attributable to common stockholders,
basic and diluted |
$ |
(0.63 |
) |
|
$ |
0.19 |
|
|
$ |
(0.95 |
) |
|
$ |
(2.60 |
) |
Weighted-average common shares outstanding, basic and
dilutive |
|
37,982 |
|
|
|
32,950 |
|
|
|
35,502 |
|
|
|
33,455 |
|
CARDLYTICS, INC.STOCK-BASED COMPENSATION
EXPENSE (UNAUDITED)(Amounts in
thousands) |
|
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Delivery costs |
$ |
667 |
|
|
$ |
920 |
|
|
$ |
1,800 |
|
|
$ |
2,416 |
|
Sales and marketing |
|
2,683 |
|
|
|
1,428 |
|
|
|
9,487 |
|
|
|
8,765 |
|
Research and development |
|
3,661 |
|
|
|
1,968 |
|
|
|
12,248 |
|
|
|
9,419 |
|
General and administration |
|
3,238 |
|
|
|
1,451 |
|
|
|
6,421 |
|
|
|
11,594 |
|
Total stock-based compensation |
$ |
10,249 |
|
|
$ |
5,767 |
|
|
$ |
29,956 |
|
|
$ |
32,194 |
|
CARDLYTICS, INC.CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED)(Amounts in
thousands) |
|
|
Nine Months EndedSeptember
30, |
|
|
2023 |
|
|
|
2022 |
|
Operating activities |
|
|
|
Net loss |
$ |
(33,866 |
) |
|
$ |
(86,985 |
) |
Adjustments to reconcile net income to net cash used in operating
activities: |
|
|
|
Credit loss expense |
|
1,153 |
|
|
|
949 |
|
Depreciation and amortization |
|
19,765 |
|
|
|
30,695 |
|
Amortization of financing costs charged to interest expense |
|
1,234 |
|
|
|
1,192 |
|
Amortization of right-of-use assets |
|
2,807 |
|
|
|
4,230 |
|
Stock-based compensation expense |
|
29,956 |
|
|
|
32,194 |
|
Goodwill impairment |
|
— |
|
|
|
83,149 |
|
Gain in fair value of contingent consideration |
|
(15,044 |
) |
|
|
(114,144 |
) |
Other non-cash (income) expense, net |
|
(613 |
) |
|
|
10,524 |
|
Income tax benefit |
|
— |
|
|
|
(1,446 |
) |
Change in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
10,991 |
|
|
|
15,082 |
|
Prepaid expenses and other assets |
|
1,114 |
|
|
|
(456 |
) |
Accounts payable |
|
(265 |
) |
|
|
111 |
|
Other accrued expenses |
|
(10,282 |
) |
|
|
(5,814 |
) |
Partner Share liability |
|
(4,994 |
) |
|
|
(5,836 |
) |
Consumer Incentive liability |
|
(5,075 |
) |
|
|
(4,248 |
) |
Net cash used in operating activities |
|
(3,119 |
) |
|
|
(40,803 |
) |
Investing activities |
|
|
|
Acquisition of property and equipment |
|
(393 |
) |
|
|
(1,090 |
) |
Acquisition of patents |
|
— |
|
|
|
(73 |
) |
Capitalized software development costs |
|
(8,302 |
) |
|
|
(9,170 |
) |
Business acquisitions, net of cash acquired |
|
— |
|
|
|
(2,274 |
) |
Net cash used in investing activities |
|
(8,695 |
) |
|
|
(12,607 |
) |
Financing activities |
|
|
|
Proceeds from issuance of debt |
|
30,000 |
|
|
|
— |
|
Settlement of contingent consideration |
|
(50,050 |
) |
|
|
— |
|
Principal payments of debt |
|
(21 |
) |
|
|
(24 |
) |
Proceeds from issuance of common stock |
|
55 |
|
|
|
397 |
|
Repurchase of common stock |
|
— |
|
|
|
(40,000 |
) |
Deferred debt costs |
|
(58 |
) |
|
|
— |
|
Deferred equity issuance costs |
|
— |
|
|
|
(181 |
) |
Net cash used in financing activities |
|
(20,074 |
) |
|
|
(39,808 |
) |
Effect of exchange rates on cash, cash equivalents and restricted
cash |
|
43 |
|
|
|
(1,756 |
) |
Net decrease in cash, cash equivalents and restricted cash |
|
(31,845 |
) |
|
|
(94,974 |
) |
Cash, cash equivalents, and restricted cash — Beginning of
period |
|
121,985 |
|
|
|
233,562 |
|
Cash, cash equivalents, and restricted cash — End of period |
$ |
90,140 |
|
|
$ |
138,588 |
|
CARDLYTICS, INC.SUMMARY OF GAAP AND
NON-GAAP RESULTS (UNAUDITED)(Dollars in
thousands) |
|
|
Three Months EndedSeptember
30, |
|
Change |
|
Nine Months EndedSeptember
30, |
|
Change |
|
|
2023 |
|
|
|
2022 |
|
|
$ |
|
% |
|
|
2023 |
|
|
|
2022 |
|
|
$ |
|
% |
Billings(1) |
$ |
116,430 |
|
|
$ |
110,392 |
|
|
$ |
6,038 |
|
|
|
5 |
% |
|
$ |
321,480 |
|
|
$ |
316,361 |
|
|
$ |
5,119 |
|
|
|
2 |
% |
Consumer Incentives |
|
37,425 |
|
|
|
37,686 |
|
|
|
(261 |
) |
|
|
(1 |
) |
|
|
101,443 |
|
|
|
100,322 |
|
|
|
1,121 |
|
|
|
1 |
|
Revenue |
|
79,005 |
|
|
|
72,706 |
|
|
|
6,299 |
|
|
|
9 |
|
|
|
220,037 |
|
|
|
216,039 |
|
|
|
3,998 |
|
|
|
2 |
|
Partner Share and other third-party costs(1) |
|
36,144 |
|
|
|
37,563 |
|
|
|
(1,419 |
) |
|
|
(4 |
) |
|
|
108,698 |
|
|
|
112,996 |
|
|
|
(4,298 |
) |
|
|
(4 |
) |
Adjusted contribution(1) |
|
42,861 |
|
|
|
35,143 |
|
|
|
7,718 |
|
|
|
22 |
|
|
|
111,339 |
|
|
|
103,043 |
|
|
|
8,296 |
|
|
|
8 |
|
Delivery costs |
|
7,012 |
|
|
|
9,125 |
|
|
|
(2,113 |
) |
|
|
(23 |
) |
|
|
20,451 |
|
|
|
23,820 |
|
|
|
(3,369 |
) |
|
|
(14 |
) |
Gross profit |
$ |
35,849 |
|
|
$ |
26,018 |
|
|
$ |
9,831 |
|
|
|
38 |
% |
|
$ |
90,888 |
|
|
$ |
79,223 |
|
|
$ |
11,665 |
|
|
|
15 |
% |
Net (loss) income |
$ |
(23,966 |
) |
|
$ |
6,267 |
|
|
$ |
(30,233 |
) |
|
|
n/a |
|
|
$ |
(33,866 |
) |
|
$ |
(86,985 |
) |
|
$ |
53,119 |
|
|
|
(61 |
)% |
Adjusted EBITDA(1) |
$ |
3,946 |
|
|
$ |
(12,708 |
) |
|
$ |
16,654 |
|
|
|
n/a |
|
|
$ |
(6,218 |
) |
|
$ |
(39,030 |
) |
|
$ |
32,812 |
|
|
|
(84 |
)% |
(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."
CARDLYTICS, INC.RECONCILIATION OF GAAP REVENUE TO
BILLINGS (UNAUDITED)(Amounts in thousands) |
|
|
Three Months EndedSeptember 30,
2023 |
|
Three Months EndedSeptember 30,
2022 |
|
CardlyticsPlatform |
|
BridgPlatform |
|
Consolidated |
|
CardlyticsPlatform |
|
BridgPlatform |
|
Consolidated |
Revenue |
$ |
73,064 |
|
|
$ |
5,941 |
|
|
$ |
79,005 |
|
|
$ |
67,285 |
|
|
$ |
5,421 |
|
|
$ |
72,706 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
Consumer Incentives |
|
37,425 |
|
|
|
— |
|
|
|
37,425 |
|
|
|
37,686 |
|
|
|
— |
|
|
|
37,686 |
|
Billings |
$ |
110,489 |
|
|
$ |
5,941 |
|
|
$ |
116,430 |
|
|
$ |
104,971 |
|
|
$ |
5,421 |
|
|
$ |
110,392 |
|
|
Nine Months EndedSeptember 30,
2023 |
|
Nine Months EndedSeptember 30,
2022 |
|
CardlyticsPlatform |
|
BridgPlatform |
|
Consolidated |
|
CardlyticsPlatform |
|
BridgPlatform |
|
Consolidated |
Revenue |
$ |
202,820 |
|
|
$ |
17,217 |
|
|
$ |
220,037 |
|
|
$ |
200,538 |
|
|
$ |
15,501 |
|
|
$ |
216,039 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
Consumer Incentives |
|
101,443 |
|
|
|
— |
|
|
|
101,443 |
|
|
|
100,319 |
|
|
|
— |
|
|
|
100,319 |
|
Billings |
$ |
304,263 |
|
|
$ |
17,217 |
|
|
$ |
321,480 |
|
|
$ |
300,857 |
|
|
$ |
15,501 |
|
|
$ |
316,358 |
|
CARDLYTICS, INC.RECONCILIATION OF GAAP
GROSS PROFIT TO ADJUSTED CONTRIBUTION
(UNAUDITED)(Amounts in thousands) |
|
|
Three Months EndedSeptember 30,
2023 |
|
Three Months EndedSeptember 30,
2022 |
|
CardlyticsPlatform |
|
BridgPlatform |
|
Consolidated |
|
CardlyticsPlatform |
|
BridgPlatform |
|
Consolidated |
Revenue |
$ |
73,064 |
|
|
$ |
5,941 |
|
|
$ |
79,005 |
|
|
$ |
67,285 |
|
|
$ |
5,421 |
|
|
$ |
72,706 |
|
Minus: |
|
|
|
|
|
|
|
|
|
|
|
Partner Share and other third-party costs |
|
36,011 |
|
|
|
133 |
|
|
|
36,144 |
|
|
|
37,399 |
|
|
|
164 |
|
|
|
37,563 |
|
Delivery costs(1) |
|
5,510 |
|
|
|
1,502 |
|
|
|
7,012 |
|
|
|
7,623 |
|
|
|
1,502 |
|
|
|
9,125 |
|
Gross profit |
|
31,543 |
|
|
|
4,306 |
|
|
|
35,849 |
|
|
|
22,263 |
|
|
|
3,755 |
|
|
|
26,018 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
Delivery costs(1) |
|
5,510 |
|
|
|
1,502 |
|
|
|
7,012 |
|
|
|
7,623 |
|
|
|
1,502 |
|
|
|
9,125 |
|
Adjusted contribution |
$ |
37,053 |
|
|
$ |
5,808 |
|
|
$ |
42,861 |
|
|
$ |
29,886 |
|
|
$ |
5,257 |
|
|
$ |
35,143 |
|
(1) Stock-based compensation expense recognized in
consolidated delivery costs totaled $0.7 million and $0.9 million
for the three months ended September 30, 2023 and 2022,
respectively.
|
Nine Months EndedSeptember 30,
2023 |
|
Nine Months EndedSeptember 30,
2022 |
|
CardlyticsPlatform |
|
BridgPlatform |
|
Consolidated |
|
CardlyticsPlatform |
|
BridgPlatform |
|
Consolidated |
Revenue |
$ |
202,820 |
|
|
$ |
17,217 |
|
|
$ |
220,037 |
|
|
$ |
200,538 |
|
|
$ |
15,501 |
|
|
$ |
216,039 |
|
Minus: |
|
|
|
|
|
|
|
|
|
|
|
Partner Share and other third-party costs |
|
108,272 |
|
|
|
426 |
|
|
|
108,698 |
|
|
|
111,829 |
|
|
|
1,167 |
|
|
|
112,996 |
|
Delivery costs(1) |
|
15,420 |
|
|
|
5,031 |
|
|
|
20,451 |
|
|
|
18,841 |
|
|
|
4,979 |
|
|
|
23,820 |
|
Gross profit |
|
79,128 |
|
|
|
11,760 |
|
|
|
90,888 |
|
|
|
69,868 |
|
|
|
9,355 |
|
|
|
79,223 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
Delivery costs(1) |
|
15,420 |
|
|
|
5,031 |
|
|
|
20,451 |
|
|
|
18,841 |
|
|
|
4,979 |
|
|
|
23,820 |
|
Adjusted contribution |
$ |
94,548 |
|
|
$ |
16,791 |
|
|
$ |
111,339 |
|
|
$ |
88,709 |
|
|
$ |
14,334 |
|
|
$ |
103,043 |
|
(1) Stock-based compensation expense recognized in
consolidated delivery costs totaled $2.4 million and $1.8 million
for the nine months ended September 30, 2022 and 2023,
respectively.
CARDLYTICS, INC.RECONCILIATION OF GAAP NET LOSS TO
ADJUSTED EBITDA (UNAUDITED)(Amounts in
thousands) |
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net (loss) income |
$ |
(23,966 |
) |
|
$ |
6,267 |
|
|
$ |
(33,866 |
) |
|
$ |
(86,985 |
) |
Plus: |
|
|
|
|
|
|
|
Income tax benefit |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,446 |
) |
Interest expense, net |
|
915 |
|
|
|
580 |
|
|
|
1,497 |
|
|
|
2,406 |
|
Depreciation and amortization |
|
5,990 |
|
|
|
10,468 |
|
|
|
19,765 |
|
|
|
30,695 |
|
Stock-based compensation expense |
|
10,249 |
|
|
|
5,767 |
|
|
|
29,956 |
|
|
|
32,194 |
|
Foreign currency loss (gain) |
|
2,399 |
|
|
|
4,673 |
|
|
|
(379 |
) |
|
|
10,882 |
|
Acquisition and integration cost (benefit) |
|
78 |
|
|
|
(1,867 |
) |
|
|
(8,146 |
) |
|
|
(4,269 |
) |
Loss (gain) in fair value of contingent consideration |
|
8,281 |
|
|
|
(46,126 |
) |
|
|
(15,045 |
) |
|
|
(114,144 |
) |
Goodwill impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
83,149 |
|
Restructuring and reduction of force |
|
— |
|
|
|
7,530 |
|
|
|
— |
|
|
|
8,488 |
|
Adjusted EBITDA |
$ |
3,946 |
|
|
$ |
(12,708 |
) |
|
$ |
(6,218 |
) |
|
$ |
(39,030 |
) |
CARDLYTICS, INC.RECONCILIATION OF ADJUSTED
CONTRIBUTION TO ADJUSTED EBITDA
(UNAUDITED)(Amounts in thousands) |
|
|
Three Months EndedSeptember 30,
2023 |
|
Three Months EndedSeptember 30,
2022 |
|
CardlyticsPlatform |
|
BridgPlatform |
|
Consolidated |
|
CardlyticsPlatform |
|
BridgPlatform |
|
Consolidated |
Adjusted Contribution |
$ |
37,053 |
|
|
$ |
5,808 |
|
|
$ |
42,861 |
|
|
$ |
29,886 |
|
|
$ |
5,257 |
|
|
$ |
35,143 |
|
Minus: |
|
|
|
|
|
|
|
|
|
|
|
Delivery costs |
|
5,510 |
|
|
|
1,502 |
|
|
|
7,012 |
|
|
|
7,623 |
|
|
|
1,502 |
|
|
|
9,125 |
|
Sales and marketing expense |
|
12,041 |
|
|
|
2,120 |
|
|
|
14,161 |
|
|
|
16,529 |
|
|
|
1,760 |
|
|
|
18,289 |
|
Research and development expense |
|
11,046 |
|
|
|
1,384 |
|
|
|
12,430 |
|
|
|
11,682 |
|
|
|
2,080 |
|
|
|
13,762 |
|
General and administration expense |
|
14,874 |
|
|
|
687 |
|
|
|
15,561 |
|
|
|
19,558 |
|
|
|
414 |
|
|
|
19,972 |
|
Stock-based compensation expense |
|
(9,127 |
) |
|
|
(1,122 |
) |
|
|
(10,249 |
) |
|
|
(5,302 |
) |
|
|
(465 |
) |
|
|
(5,767 |
) |
Restructuring and reduction of force |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,530 |
) |
|
|
— |
|
|
|
(7,530 |
) |
Adjusted EBITDA |
$ |
2,709 |
|
|
$ |
1,237 |
|
|
$ |
3,946 |
|
|
$ |
(12,674 |
) |
|
$ |
(34 |
) |
|
$ |
(12,708 |
) |
|
Nine Months EndedSeptember 30,
2023 |
|
Nine Months EndedSeptember 30,
2022 |
|
CardlyticsPlatform |
|
BridgPlatform |
|
Consolidated |
|
CardlyticsPlatform |
|
BridgPlatform |
|
Consolidated |
Adjusted Contribution |
$ |
94,548 |
|
|
$ |
16,791 |
|
|
$ |
111,339 |
|
|
$ |
88,709 |
|
|
$ |
14,334 |
|
|
$ |
103,043 |
|
Minus: |
|
|
|
|
|
|
|
|
|
|
|
Delivery costs |
|
15,420 |
|
|
|
5,031 |
|
|
|
20,451 |
|
|
|
18,841 |
|
|
|
4,979 |
|
|
|
23,820 |
|
Sales and marketing expense |
|
36,422 |
|
|
|
6,892 |
|
|
|
43,314 |
|
|
|
53,345 |
|
|
|
4,575 |
|
|
|
57,920 |
|
Research and development expense |
|
34,772 |
|
|
|
4,069 |
|
|
|
38,841 |
|
|
|
34,577 |
|
|
|
5,057 |
|
|
|
39,634 |
|
General and administration expense |
|
43,321 |
|
|
|
1,586 |
|
|
|
44,907 |
|
|
|
59,999 |
|
|
|
1,382 |
|
|
|
61,381 |
|
Stock-based compensation expense |
|
(27,835 |
) |
|
|
(2,121 |
) |
|
|
(29,956 |
) |
|
|
(31,181 |
) |
|
|
(1,013 |
) |
|
|
(32,194 |
) |
Restructuring and reduction of force |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8,488 |
) |
|
|
— |
|
|
|
(8,488 |
) |
Adjusted EBITDA |
$ |
(7,552 |
) |
|
$ |
1,334 |
|
|
$ |
(6,218 |
) |
|
$ |
(38,384 |
) |
|
$ |
(646 |
) |
|
$ |
(39,030 |
) |
CARDLYTICS, INC.RECONCILIATION OF GAAP NET
INCOME TO NON-GAAP NET (LOSS) INCOMEAND
NON-GAAP NET INCOME (LOSS) PER SHARE
(UNAUDITED)(Amounts in thousands, except per share
amounts) |
|
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net (loss) income |
$ |
(23,966 |
) |
|
$ |
6,267 |
|
|
$ |
(33,866 |
) |
|
$ |
(86,985 |
) |
Plus: |
|
|
|
|
|
|
|
Stock-based compensation expense |
|
10,249 |
|
|
|
5,767 |
|
|
|
29,956 |
|
|
|
32,194 |
|
Foreign currency loss (gain) |
|
2,399 |
|
|
|
4,673 |
|
|
|
(379 |
) |
|
|
10,882 |
|
Acquisition and integration cost (benefit) |
|
(78 |
) |
|
|
(1,867 |
) |
|
|
8,146 |
|
|
|
(4,269 |
) |
Amortization of acquired intangibles |
|
3,433 |
|
|
|
7,207 |
|
|
|
10,331 |
|
|
|
21,560 |
|
(Gain) loss in fair value of contingent consideration |
|
8,281 |
|
|
|
(46,126 |
) |
|
|
(15,045 |
) |
|
|
(114,144 |
) |
Goodwill impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
83,149 |
|
Restructuring and reduction of force |
|
— |
|
|
|
7,530 |
|
|
|
— |
|
|
|
8,488 |
|
Income tax benefit |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,446 |
) |
Non-GAAP net income (loss) |
$ |
318 |
|
|
$ |
(16,549 |
) |
|
$ |
(857 |
) |
|
$ |
(50,571 |
) |
Weighted-average number of shares of common stock used in computing
non-GAAP net income (loss) per share: |
|
|
|
|
|
|
|
Non-GAAP weighted-average common shares outstanding, diluted |
|
37,982 |
|
|
|
33,269 |
|
|
|
35,502 |
|
|
|
33,455 |
|
Non-GAAP net income (loss) per share attributable to common
stockholders, diluted |
$ |
0.01 |
|
|
$ |
(0.50 |
) |
|
$ |
(0.02 |
) |
|
$ |
(1.51 |
) |
CARDLYTICS, INC.RECONCILIATION OF
FORECASTED GAAP REVENUE TO BILLINGS
(UNAUDITED)(Amounts in thousands) |
|
|
|
Q4 2023 |
|
Revenue |
|
$82.0 - $90.0 |
|
Plus: |
|
|
|
Consumer Incentives |
|
$40.0 - $43.0 |
|
Billings |
|
$122.0 - $133.0 |
|
Contacts:
Public Relations:Robert
Robinsonpr@cardlytics.com
Investor Relations:Robert Robinson
ir@cardlytics.com
Cardlytics (NASDAQ:CDLX)
Graphique Historique de l'Action
De Août 2024 à Sept 2024
Cardlytics (NASDAQ:CDLX)
Graphique Historique de l'Action
De Sept 2023 à Sept 2024