Cardlytics, Inc. (NASDAQ: CDLX), a digital advertising platform,
today announced financial results for the fourth quarter and full
year ended December 31, 2023. Supplemental information is available
on the Investor Relations section of the Cardlytics website at
http://ir.cardlytics.com/.
"The fourth quarter capped a transformational year for
Cardlytics," said Karim Temsamani, CEO of Cardlytics. "With our
cost structure rebalanced, we can now focus on building a
best-in-class platform with top-tier targeting and a differentiated
user experience that will help deliver the best outcomes for our
partners, their customers and our advertisers."
"Achieving growth and improving our capital structure are our
top priorities," said Alexis DeSieno, CFO of Cardlytics. "In 2023,
we turned to full year positive Adjusted EBITDA for the first time
since 2019, and our Q1 guidance implies further acceleration. We
are on a path to double-digit billings growth in 2024 and positive
operating cash flow on an annual basis."
Fourth Quarter 2023 Financial Results
- Total Revenue was $89.2 million, an increase of 8.1% compared
to $82.5 million in the fourth quarter of 2022.
- Billings, a non-GAAP metric, was $131.9 million, an increase of
4.6% compared to $126.1 million in the fourth quarter of 2022.
- Adjusted Contribution, a non-GAAP metric, was $47.3 million, an
increase of $7.3 million compared to $40.0 million in the fourth
quarter of 2022.
- Net Loss attributable to common stockholders was $(100.8)
million, or $(2.56) per diluted share, based on 39.5 million
weighted-average common shares outstanding, compared to a Net Loss
attributable to common stockholders of $(378.3) million, or
$(11.32) per diluted share, based on 33.4 million weighted-average
common shares outstanding in the fourth quarter of 2022.
- Adjusted EBITDA, a non-GAAP metric, was $10.0 million, an
increase of $16.1 million compared to $(6.1) million in the fourth
quarter of 2022.
- Adjusted Net Income (Loss), a non-GAAP metric, was $5.7
million, or $0.14 per diluted share, based on 39.5 million
weighted-average common shares outstanding in the fourth quarter of
2023, compared to a Adjusted Net Loss of $(9.7) million, or $(0.29)
per diluted share, based on 33.4 million weighted-average common
shares outstanding in the fourth quarter of 2022.
- Net cash provided by operating activities was $2.9 million, an
increase of $16.0 million compared to net cash used in operating
activities of $(13.1) million in the fourth quarter of 2022.
- Free Cash Flow, a non-GAAP metric, was $(0.8) million, an
increase of $15.5 million compared to $(16.3) million in the fourth
quarter of 2022.
Fiscal Year 2023
Financial Results
- Total Revenue was $309.2 million, an increase of 3.6% compared
to $298.5 million in 2022.
- Billings, a non-GAAP metric, was $453.4 million, an increase of
2.5% compared to $442.5 million in 2022.
- Adjusted Contribution, a non-GAAP metric, was $158.6 million,
an increase of 10.9% compared to $143.0 million in 2022.
- Net Loss attributable to common stockholders was $(134.7)
million, or $(3.69) per diluted share, based on 36.5 million
weighted-average common shares outstanding, compared to a Net Loss
attributable to common stockholders of $(465.3) million, or
$(13.92) per diluted share, based on 33.4 million weighted-average
common shares outstanding in 2022.
- Adjusted EBITDA, a non-GAAP metric, was $3.8 million, an
increase of $48.9 million compared to $(45.2) million in 2022.
- Adjusted Net Loss, a non-GAAP metric, was $(11.4) million, or
$(0.31) per diluted share, based on 36.5 million weighted-average
common shares outstanding in 2023, compared to a Adjusted Net Loss
of $(60.3) million, or $(1.80) per diluted share, based on 33.4
million weighted-average common shares outstanding in 2022.
- Net cash used in operating activities was $(0.2) million, an
increase of $53.7 million compared to $(53.9) million in 2022.
- Free Cash Flow, a non-GAAP metric, was $(12.6) million an
increase of $54.8 million compared to $(67.4) million in 2022.
Key Metrics
- Cardlytics MAUs in the quarter were 168.0 million, an increase
of 7.1% compared to 156.9 million in the fourth quarter of 2022.
For full year 2023, Cardlytics MAUs were 162.1 million, an increase
of 4.9% compared to 154.6 million in 2022.
- Cardlytics ARPU was $0.53 for each of the fourth quarters for
2023 and 2022. For the full year 2023 Cardlytics ARPU was $1.91, a
decrease of 1.3% compared to $1.93 in 2022.
Definitions of MAUs and ARPU are included below under the
caption “Non-GAAP Measures and Other Performance Metrics.”
First Quarter 2024 Financial Expectations
Cardlytics anticipates billings, revenue, adjusted contribution
and adjusted EBITDA to be in the following ranges (in
millions):
|
|
Q1 2024 Guidance |
| Billings(1) |
$105.0 - $109.0 |
| Revenue |
$70.0 - $73.0 |
| Adjusted Contribution(2) |
$37.0 - $39.0 |
| Adjusted EBITDA(3) |
($1.0) - $1.0 |
| |
| (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 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) A reconciliation of
Adjusted EBITDA to GAAP 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 fourth quarter and full year 2023
financial results during a teleconference today, March 14,
2024, 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 March 22, 2024 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 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, our financial guidance for the first quarter of 2024, our
billings and positive operating cash flow expectations for 2024,
and our platform improvements. 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-K filed with the Securities
and Exchange Commission on March 14, 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 Income (Loss), Adjusted
Net Income (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.
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. 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 revenue 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, 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 represents our Net
Loss before income tax benefit; interest expense, net; depreciation
and amortization; stock-based compensation expense; acquisition,
integration and divestiture costs (benefits); change in fair value
of contingent consideration; foreign currency (gain) loss;
impairment of goodwill and intangible assets; loss on divestiture;
and restructuring and reduction of force. We define Adjusted Net
Income (Loss) as our Net Loss before stock-based compensation
expense; foreign currency (gain) loss; acquisition, integration and
divestitures costs (benefits); amortization of acquired
intangibles; change in fair value of contingent consideration;
impairment of goodwill and intangible assets; loss on divestiture;
restructuring and reduction of force; and income tax benefit. We
define Adjusted Net Income (Loss) per share as Adjusted Net Income
(Loss) divided by our weighted-average common shares outstanding,
diluted. We define Free Cash Flow as net cash provided by (used in)
operating activities, plus acquisition of property and equipment,
acquisition of patents and capitalized software development costs.
We believe free cash flow is useful to measure the funds generated
in a given period that are available to invest in 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 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.CONSOLIDATED BALANCE
SHEETS(Amounts in thousands) |
| |
| |
|
December 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
| Assets |
|
|
|
|
| Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
91,830 |
|
|
$ |
121,905 |
|
|
Restricted cash |
|
|
— |
|
|
|
80 |
|
|
Accounts receivable and contract assets, net |
|
|
120,622 |
|
|
|
115,609 |
|
|
Other receivables |
|
|
5,379 |
|
|
|
4,470 |
|
|
Prepaid expenses and other assets |
|
|
6,097 |
|
|
|
7,978 |
|
|
Total current assets |
|
|
223,928 |
|
|
|
250,042 |
|
| Long-term assets: |
|
|
|
|
|
Property and equipment, net |
|
|
3,323 |
|
|
|
5,916 |
|
|
Right-of-use assets under operating leases, net |
|
|
7,310 |
|
|
|
6,571 |
|
|
Intangible assets, net |
|
|
35,003 |
|
|
|
53,475 |
|
|
Goodwill |
|
|
277,202 |
|
|
|
352,721 |
|
|
Capitalized software development costs, net |
|
|
24,643 |
|
|
|
19,925 |
|
|
Other long-term assets, net |
|
|
2,735 |
|
|
|
2,586 |
|
|
Total assets |
|
$ |
574,144 |
|
|
$ |
691,236 |
|
| Liabilities and
stockholders' equity |
|
|
|
|
| Current liabilities: |
|
|
|
|
|
Accounts payable |
|
$ |
4,425 |
|
|
$ |
3,765 |
|
|
Accrued liabilities: |
|
|
|
|
|
Accrued compensation |
|
|
11,662 |
|
|
|
10,486 |
|
|
Accrued expenses |
|
|
9,587 |
|
|
|
21,335 |
|
|
Partner Share liability |
|
|
48,867 |
|
|
|
48,593 |
|
|
Consumer Incentive liability |
|
|
52,678 |
|
|
|
53,983 |
|
|
Deferred revenue |
|
|
2,405 |
|
|
|
1,751 |
|
|
Current operating lease liabilities |
|
|
2,127 |
|
|
|
4,910 |
|
|
Current contingent consideration |
|
|
39,398 |
|
|
|
104,121 |
|
|
Total current liabilities |
|
|
171,149 |
|
|
|
248,944 |
|
| Long-term liabilities: |
|
|
|
|
|
Convertible senior notes, net |
|
|
227,504 |
|
|
|
226,047 |
|
|
Long-term debt |
|
|
30,073 |
|
|
|
— |
|
|
Long-term deferred revenue |
|
|
67 |
|
|
|
334 |
|
|
Long-term operating lease liabilities |
|
|
6,391 |
|
|
|
4,306 |
|
|
Long-term contingent consideration |
|
|
4,162 |
|
|
|
— |
|
|
Total liabilities |
|
|
439,346 |
|
|
|
479,631 |
|
| Stockholders’ equity: |
|
|
|
|
|
Common stock |
|
|
9 |
|
|
|
9 |
|
|
Additional paid-in capital |
|
|
1,243,594 |
|
|
|
1,182,568 |
|
|
Accumulated other comprehensive income |
|
|
2,467 |
|
|
|
5,598 |
|
|
Accumulated deficit |
|
|
(1,111,272 |
) |
|
|
(976,570 |
) |
|
Total stockholders’ equity |
|
|
134,798 |
|
|
|
211,605 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
574,144 |
|
|
$ |
691,236 |
|
|
CARDLYTICS, INC.CONSOLIDATED STATEMENTS OF
OPERATIONS(Amounts in thousands
except per share amounts) |
| |
| |
|
Three Months EndedDecember 31, |
|
Year EndedDecember 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| Revenue |
|
$ |
89,167 |
|
|
$ |
82,503 |
|
|
$ |
309,204 |
|
|
$ |
298,542 |
|
| Costs and expenses: |
|
|
|
|
|
|
|
|
|
Partner Share and other third-party costs |
|
|
41,880 |
|
|
|
42,511 |
|
|
|
150,578 |
|
|
|
155,507 |
|
|
Delivery costs |
|
|
7,797 |
|
|
|
6,583 |
|
|
|
28,248 |
|
|
|
30,403 |
|
|
Sales and marketing expense |
|
|
14,111 |
|
|
|
16,825 |
|
|
|
57,425 |
|
|
|
74,745 |
|
|
Research and development expense |
|
|
12,512 |
|
|
|
14,801 |
|
|
|
51,352 |
|
|
|
54,435 |
|
|
General and administration expense |
|
|
13,904 |
|
|
|
20,065 |
|
|
|
58,810 |
|
|
|
81,446 |
|
|
Acquisition, integration and divestiture costs (benefits) |
|
|
1,833 |
|
|
|
1,395 |
|
|
|
(6,313 |
) |
|
|
(2,874 |
) |
|
Change in fair value of contingent consideration |
|
|
16,291 |
|
|
|
(14,030 |
) |
|
|
1,246 |
|
|
|
(128,174 |
) |
|
Impairment of goodwill and intangible assets |
|
|
70,518 |
|
|
|
370,139 |
|
|
|
70,518 |
|
|
|
453,288 |
|
|
Loss on divestiture |
|
|
6,550 |
|
|
|
— |
|
|
|
6,550 |
|
|
|
— |
|
|
Depreciation and amortization expense |
|
|
6,695 |
|
|
|
6,849 |
|
|
|
26,460 |
|
|
|
37,544 |
|
|
Total costs and expenses |
|
|
192,091 |
|
|
|
465,138 |
|
|
|
444,874 |
|
|
|
756,320 |
|
| Operating loss |
|
|
(102,924 |
) |
|
|
(382,635 |
) |
|
|
(135,670 |
) |
|
|
(457,778 |
) |
| Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(839 |
) |
|
|
(150 |
) |
|
|
(2,336 |
) |
|
|
(2,556 |
) |
|
Foreign currency gain (loss) |
|
|
2,925 |
|
|
|
4,506 |
|
|
|
3,304 |
|
|
|
(6,376 |
) |
|
Total other income (expense) |
|
|
2,086 |
|
|
|
4,356 |
|
|
|
968 |
|
|
|
(8,932 |
) |
| Loss before income taxes |
|
|
(100,838 |
) |
|
|
(378,279 |
) |
|
|
(134,702 |
) |
|
|
(466,710 |
) |
| Income tax benefit |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,446 |
|
| Net Loss |
|
|
(100,838 |
) |
|
|
(378,279 |
) |
|
|
(134,702 |
) |
|
|
(465,264 |
) |
| Net Loss attributable to
common stockholders |
|
$ |
(100,838 |
) |
|
$ |
(378,279 |
) |
|
$ |
(134,702 |
) |
|
$ |
(465,264 |
) |
|
Net Loss per share attributable to common stockholders, basic and
diluted |
|
$ |
(2.56 |
) |
|
$ |
(11.32 |
) |
|
$ |
(3.69 |
) |
|
$ |
(13.92 |
) |
|
Weighted-average common shares outstanding, basic and diluted |
|
|
39,454 |
|
|
|
33,419 |
|
|
|
36,488 |
|
|
|
33,419 |
|
|
CARDLYTICS, INC.STOCK-BASED COMPENSATION
EXPENSE(Amounts in thousands) |
| |
| |
|
Three Months EndedDecember 31, |
|
Year EndedDecember 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| Delivery costs |
|
$ |
627 |
|
|
$ |
266 |
|
|
$ |
2,427 |
|
|
$ |
2,682 |
|
| Sales and marketing
expense |
|
|
3,137 |
|
|
|
3,170 |
|
|
|
12,624 |
|
|
|
11,935 |
|
| Research and development
expense |
|
|
4,144 |
|
|
|
3,843 |
|
|
|
16,392 |
|
|
|
13,262 |
|
| General and administration
expense |
|
|
3,116 |
|
|
|
5,213 |
|
|
|
9,537 |
|
|
|
16,807 |
|
|
Total stock-based compensation expense |
|
$ |
11,024 |
|
|
$ |
12,492 |
|
|
$ |
40,980 |
|
|
$ |
44,686 |
|
|
CARDLYTICS, INC.CONSOLIDATED STATEMENTS OF
CASHFLOWS(Amounts in
thousands) |
| |
| |
|
Year Ended December 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
| Operating
activities |
|
|
|
|
| Net Loss |
|
$ |
(134,702 |
) |
|
$ |
(465,264 |
) |
| Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
Credit loss expense |
|
|
1,704 |
|
|
|
2,399 |
|
|
Depreciation and amortization |
|
|
26,460 |
|
|
|
37,544 |
|
|
Amortization of financing costs charged to interest expense |
|
|
1,648 |
|
|
|
1,595 |
|
|
Amortization of right-of-use assets |
|
|
3,055 |
|
|
|
6,196 |
|
|
Impairment of goodwill and intangible assets |
|
|
70,518 |
|
|
|
453,288 |
|
|
Loss on divestiture |
|
|
6,550 |
|
|
|
— |
|
|
Stock-based compensation expense |
|
|
40,980 |
|
|
|
44,686 |
|
|
Change in fair value of contingent consideration |
|
|
1,246 |
|
|
|
(128,174 |
) |
|
Other non-cash (income) expense, net |
|
|
(4,170 |
) |
|
|
6,589 |
|
|
Income tax benefit |
|
|
— |
|
|
|
(1,446 |
) |
|
Change in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable and contract assets, net |
|
|
(7,725 |
) |
|
|
(4,546 |
) |
|
Prepaid expenses and other assets |
|
|
2,492 |
|
|
|
535 |
|
|
Accounts payable |
|
|
239 |
|
|
|
(893 |
) |
|
Other accrued expenses |
|
|
(7,492 |
) |
|
|
(9,516 |
) |
|
Partner Share liability |
|
|
405 |
|
|
|
1,721 |
|
|
Customer Incentive liability |
|
|
(1,393 |
) |
|
|
1,382 |
|
|
Net cash used in operating activities |
|
|
(185 |
) |
|
|
(53,904 |
) |
| Investing
activities |
|
|
|
|
| Acquisition of property and
equipment |
|
|
(667 |
) |
|
|
(1,171 |
) |
| Acquisition of patents |
|
|
— |
|
|
|
(175 |
) |
| Capitalized software
development costs |
|
|
(11,725 |
) |
|
|
(12,140 |
) |
| Business acquisitions, net of
cash acquired |
|
|
— |
|
|
|
(2,274 |
) |
| Proceeds from divestitures,
net of cash divested |
|
|
2,330 |
|
|
|
— |
|
|
Net cash used in investing activities |
|
|
(10,062 |
) |
|
|
(15,760 |
) |
| Financing
activities |
|
|
|
|
| Proceeds from issuance of
debt |
|
|
30,000 |
|
|
|
— |
|
| Principal payments of
debt |
|
|
(31 |
) |
|
|
(35 |
) |
| Proceeds from issuance of
common stock |
|
|
55 |
|
|
|
379 |
|
| Settlement of contingent
consideration |
|
|
(50,050 |
) |
|
|
— |
|
| Deferred equity issuance
costs |
|
|
— |
|
|
|
(157 |
) |
| Repurchase of common
stock |
|
|
— |
|
|
|
(40,000 |
) |
| Debt issuance costs |
|
|
— |
|
|
|
(174 |
) |
|
Net cash used in financing activities |
|
|
(20,026 |
) |
|
|
(39,987 |
) |
| Effect of exchange rates on
cash, cash equivalents and restricted cash |
|
|
118 |
|
|
|
(1,926 |
) |
| Net decrease in cash, cash
equivalents and restricted cash |
|
|
(30,155 |
) |
|
|
(111,577 |
) |
| Cash, cash equivalents, and
restricted cash — Beginning of period |
|
|
121,985 |
|
|
|
233,562 |
|
| Cash, cash equivalents, and
restricted cash — End of period |
|
$ |
91,830 |
|
|
$ |
121,985 |
|
|
CARDLYTICS, INC.RECONCILIATION OF GAAP REVENUE TO
BILLINGS(Amounts in thousands) |
| |
| |
|
Three Months EndedDecember
31, |
|
Year EndedDecember 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Consolidated |
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
89,167 |
|
|
$ |
82,503 |
|
|
$ |
309,204 |
|
|
$ |
298,542 |
|
|
Plus: |
|
|
|
|
|
|
|
|
|
Consumer Incentives |
|
|
42,780 |
|
|
|
43,613 |
|
|
|
144,222 |
|
|
|
143,935 |
|
|
Billings |
|
$ |
131,947 |
|
|
$ |
126,116 |
|
|
$ |
453,426 |
|
|
$ |
442,477 |
|
| Cardlytics
platform |
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
82,604 |
|
|
$ |
76,647 |
|
|
$ |
285,425 |
|
|
$ |
277,185 |
|
|
Plus: |
|
|
|
|
|
|
|
|
|
Consumer Incentives |
|
|
42,780 |
|
|
|
43,613 |
|
|
|
144,222 |
|
|
|
143,935 |
|
|
Billings |
|
$ |
125,384 |
|
|
$ |
120,260 |
|
|
$ |
429,647 |
|
|
$ |
421,120 |
|
| Bridg
platform |
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
6,563 |
|
|
$ |
5,856 |
|
|
$ |
23,779 |
|
|
$ |
21,357 |
|
|
Plus: |
|
|
|
|
|
|
|
|
|
Consumer Incentives |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Billings |
|
$ |
6,563 |
|
|
$ |
5,856 |
|
|
$ |
23,779 |
|
|
$ |
21,357 |
|
|
CARDLYTICS, INC.RECONCILIATION OF GAAP
GROSS PROFIT TO ADJUSTED CONTRIBUTION(Amounts in
thousands) |
| |
| |
|
Three Months EndedDecember
31, |
|
Year EndedDecember 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Consolidated |
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
89,167 |
|
|
$ |
82,503 |
|
|
$ |
309,204 |
|
|
$ |
298,542 |
|
| Minus: |
|
|
|
|
|
|
|
|
|
Partner Share and other third-party costs |
|
|
41,880 |
|
|
|
42,511 |
|
|
|
150,578 |
|
|
|
155,507 |
|
|
Delivery costs(1) |
|
|
7,797 |
|
|
|
6,583 |
|
|
|
28,248 |
|
|
|
30,403 |
|
|
Gross Profit |
|
|
39,490 |
|
|
|
33,409 |
|
|
|
130,378 |
|
|
|
112,632 |
|
| Plus: |
|
|
|
|
|
|
|
|
|
Delivery costs(1) |
|
|
7,797 |
|
|
|
6,583 |
|
|
|
28,248 |
|
|
|
30,403 |
|
|
Adjusted Contribution |
|
$ |
47,287 |
|
|
$ |
39,992 |
|
|
$ |
158,626 |
|
|
$ |
143,035 |
|
| Cardlytics
platform |
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
82,604 |
|
|
$ |
76,647 |
|
|
$ |
285,425 |
|
|
$ |
277,185 |
|
| Minus: |
|
|
|
|
|
|
|
|
|
Partner Share and other third-party costs |
|
|
41,635 |
|
|
|
42,375 |
|
|
|
149,907 |
|
|
|
154,204 |
|
|
Delivery costs(1) |
|
|
6,027 |
|
|
|
5,271 |
|
|
|
21,447 |
|
|
|
24,112 |
|
|
Gross Profit |
|
|
34,942 |
|
|
|
29,001 |
|
|
|
114,071 |
|
|
|
98,869 |
|
| Plus: |
|
|
|
|
|
|
|
|
|
Delivery costs(1) |
|
|
6,027 |
|
|
|
5,271 |
|
|
|
21,447 |
|
|
|
24,112 |
|
|
Adjusted Contribution |
|
$ |
40,969 |
|
|
$ |
34,272 |
|
|
$ |
135,518 |
|
|
$ |
122,981 |
|
| Bridg
platform |
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
6,563 |
|
|
$ |
5,856 |
|
|
$ |
23,779 |
|
|
$ |
21,357 |
|
| Minus: |
|
|
|
|
|
|
|
|
|
Partner Share and other third-party costs |
|
|
245 |
|
|
|
136 |
|
|
|
671 |
|
|
|
1,303 |
|
|
Delivery costs(1) |
|
|
1,770 |
|
|
|
1,312 |
|
|
|
6,801 |
|
|
|
6,291 |
|
|
Gross Profit |
|
|
4,548 |
|
|
|
4,408 |
|
|
|
16,307 |
|
|
|
13,763 |
|
| Plus: |
|
|
|
|
|
|
|
|
|
Delivery costs(1) |
|
|
1,770 |
|
|
|
1,312 |
|
|
|
6,801 |
|
|
|
6,291 |
|
|
Adjusted Contribution |
|
$ |
6,318 |
|
|
$ |
5,720 |
|
|
$ |
23,108 |
|
|
$ |
20,054 |
|
| |
| (1) Stock-based
compensation expense recognized in consolidated delivery costs
totaled $0.6 million and $0.3 million during the three months ended
December 31, 2023 and 2022, respectively. Stock-based compensation
expense recognized in consolidated delivery costs totaled $2.4
million and $2.7 million during the year ended December 31, 2023
and 2022, respectively. |
|
CARDLYTICS, INC.RECONCILIATION OF GAAP NET
LOSS TO ADJUSTED EBITDA(Amounts in
thousands) |
| |
| |
|
Three Months EndedDecember
31, |
|
Year EndedDecember 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| Net Loss |
|
$ |
(100,838 |
) |
|
$ |
(378,279 |
) |
|
$ |
(134,702 |
) |
|
$ |
(465,264 |
) |
|
Plus: |
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
839 |
|
|
|
150 |
|
|
|
2,336 |
|
|
|
2,556 |
|
|
Depreciation and amortization |
|
|
6,695 |
|
|
|
6,849 |
|
|
|
26,460 |
|
|
|
37,544 |
|
|
Stock-based compensation expense |
|
|
11,024 |
|
|
|
12,492 |
|
|
|
40,980 |
|
|
|
44,686 |
|
|
Acquisition, integration and divestiture costs (benefits) |
|
|
1,833 |
|
|
|
1,395 |
|
|
|
(6,313 |
) |
|
|
(2,874 |
) |
|
Change in fair value of contingent consideration |
|
|
16,291 |
|
|
|
(14,030 |
) |
|
|
1,246 |
|
|
|
(128,174 |
) |
|
Foreign currency (gain) loss |
|
|
(2,925 |
) |
|
|
(4,506 |
) |
|
|
(3,304 |
) |
|
|
6,376 |
|
|
Impairment of goodwill and intangible assets |
|
|
70,518 |
|
|
|
370,139 |
|
|
|
70,518 |
|
|
|
453,288 |
|
|
Loss on divestiture |
|
|
6,550 |
|
|
|
— |
|
|
|
6,550 |
|
|
|
— |
|
|
Restructuring and reduction of force |
|
|
— |
|
|
|
(347 |
) |
|
|
— |
|
|
|
8,139 |
|
|
Income tax benefit |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,446 |
) |
|
Adjusted EBITDA |
|
$ |
9,987 |
|
|
$ |
(6,137 |
) |
|
$ |
3,771 |
|
|
$ |
(45,169 |
) |
|
CARDLYTICS, INC.RECONCILIATION OF ADJUSTED
CONTRIBUTION TO ADJUSTED EBITDA(Amounts in
thousands) |
| |
| |
|
Three Months EndedDecember
31, |
|
Year EndedDecember 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Consolidated |
|
|
|
|
|
|
|
|
| Adjusted Contribution |
|
$ |
47,287 |
|
|
$ |
39,992 |
|
|
$ |
158,626 |
|
|
$ |
143,034 |
|
| Minus: |
|
|
|
|
|
|
|
|
|
Delivery costs |
|
|
7,797 |
|
|
|
6,583 |
|
|
|
28,248 |
|
|
|
30,402 |
|
|
Sales and marketing expense |
|
|
14,111 |
|
|
|
16,825 |
|
|
|
57,425 |
|
|
|
74,745 |
|
|
Research and development expense |
|
|
12,512 |
|
|
|
14,801 |
|
|
|
51,352 |
|
|
|
54,435 |
|
|
General and administration expense |
|
|
13,904 |
|
|
|
20,065 |
|
|
|
58,810 |
|
|
|
81,446 |
|
|
Stock-based compensation expense |
|
|
(11,024 |
) |
|
|
(12,492 |
) |
|
|
(40,980 |
) |
|
|
(44,686 |
) |
|
Restructuring and reduction of force |
|
|
— |
|
|
|
347 |
|
|
|
— |
|
|
|
(8,139 |
) |
|
Adjusted EBITDA |
|
$ |
9,987 |
|
|
$ |
(6,137 |
) |
|
$ |
3,771 |
|
|
$ |
(45,169 |
) |
| Cardlytics
platform |
|
|
|
|
|
|
|
|
| Adjusted Contribution |
|
$ |
40,969 |
|
|
$ |
34,272 |
|
|
$ |
135,518 |
|
|
$ |
122,981 |
|
| Minus: |
|
|
|
|
|
|
|
|
|
Delivery costs |
|
|
6,027 |
|
|
|
5,271 |
|
|
|
21,447 |
|
|
|
24,112 |
|
|
Sales and marketing expense |
|
|
12,249 |
|
|
|
14,484 |
|
|
|
48,671 |
|
|
|
67,830 |
|
|
Research and development expense |
|
|
10,975 |
|
|
|
13,002 |
|
|
|
45,746 |
|
|
|
47,579 |
|
|
General and administration expense |
|
|
13,222 |
|
|
|
19,070 |
|
|
|
56,542 |
|
|
|
79,069 |
|
|
Stock-based compensation expense |
|
|
(9,947 |
) |
|
|
(12,309 |
) |
|
|
(37,782 |
) |
|
|
(43,490 |
) |
|
Restructuring and reduction of force |
|
|
— |
|
|
|
347 |
|
|
|
— |
|
|
|
(8,139 |
) |
|
Adjusted EBITDA |
|
$ |
8,443 |
|
|
$ |
(5,593 |
) |
|
$ |
894 |
|
|
$ |
(43,980 |
) |
| Bridg
platform |
|
|
|
|
|
|
|
|
| Adjusted Contribution |
|
$ |
6,318 |
|
|
$ |
5,720 |
|
|
$ |
23,108 |
|
|
$ |
20,053 |
|
| Minus: |
|
|
|
|
|
|
|
|
|
Delivery costs |
|
|
1,770 |
|
|
|
1,312 |
|
|
|
6,801 |
|
|
|
6,290 |
|
|
Sales and marketing expense |
|
|
1,862 |
|
|
|
2,341 |
|
|
|
8,754 |
|
|
|
6,915 |
|
|
Research and development expense |
|
|
1,537 |
|
|
|
1,799 |
|
|
|
5,606 |
|
|
|
6,856 |
|
|
General and administration expense |
|
|
682 |
|
|
|
995 |
|
|
|
2,268 |
|
|
|
2,377 |
|
|
Stock-based compensation expense |
|
|
(1,077 |
) |
|
|
(183 |
) |
|
|
(3,198 |
) |
|
|
(1,196 |
) |
|
Restructuring and reduction of force |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Adjusted EBITDA |
|
$ |
1,544 |
|
|
$ |
(544 |
) |
|
$ |
2,877 |
|
|
$ |
(1,189 |
) |
|
CARDLYTICS, INC.RECONCILIATION OF GAAP NET
LOSS TO ADJUSTED NET INCOME (LOSS) AND ADJUSTED NET
INCOME (LOSS) PER SHARE(Amounts in thousands
except per share amounts) |
| |
| |
|
Three Months EndedDecember 31, |
|
Year EndedDecember 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| Net Loss |
|
$ |
(100,838 |
) |
|
$ |
(378,279 |
) |
|
$ |
(134,702 |
) |
|
$ |
(465,264 |
) |
| Plus: |
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
|
11,024 |
|
|
|
12,492 |
|
|
|
40,980 |
|
|
|
44,686 |
|
|
Foreign currency (gain) loss |
|
|
(2,925 |
) |
|
|
(4,506 |
) |
|
|
(3,304 |
) |
|
|
6,376 |
|
|
Acquisition, integration and divestiture costs (benefits) |
|
|
1,833 |
|
|
|
1,395 |
|
|
|
(6,313 |
) |
|
|
(2,874 |
) |
|
Amortization of acquired intangibles |
|
|
3,258 |
|
|
|
3,459 |
|
|
|
13,589 |
|
|
|
25,019 |
|
|
Change in fair value of contingent consideration |
|
|
16,291 |
|
|
|
(14,030 |
) |
|
|
1,246 |
|
|
|
(128,174 |
) |
|
Impairment of goodwill and intangible assets |
|
|
70,518 |
|
|
|
370,139 |
|
|
|
70,518 |
|
|
|
453,288 |
|
|
Loss on divestiture |
|
|
6,550 |
|
|
|
— |
|
|
|
6,550 |
|
|
|
— |
|
|
Restructuring and reduction of force |
|
|
— |
|
|
|
(347 |
) |
|
|
— |
|
|
|
8,139 |
|
|
Income tax benefit |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,446 |
) |
| Adjusted Net Income
(Loss) |
|
$ |
5,711 |
|
|
$ |
(9,677 |
) |
|
$ |
(11,436 |
) |
|
$ |
(60,250 |
) |
|
Weighted-average number of shares of common stock used in computing
Adjusted Net Income (Loss) per share: |
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding, diluted |
|
|
39,454 |
|
|
|
33,419 |
|
|
|
36,488 |
|
|
|
33,419 |
|
| Adjusted Net Income (Loss) per
share attributable to common stockholders, diluted |
|
$ |
0.14 |
|
|
$ |
(0.29 |
) |
|
$ |
(0.31 |
) |
|
$ |
(1.80 |
) |
|
CARDLYTICS, INC.RECONCILIATION OF NET CASH
PROVIDED BY (USED IN) OPERATING ACTIVITIES TO FREE CASH
FLOW(Amounts in thousands) |
| |
| |
|
Three Months EndedDecember 31, |
|
Year EndedDecember 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| Net cash provided by (used in)
operating activities |
|
$ |
2,934 |
|
|
$ |
(13,101 |
) |
|
$ |
(185 |
) |
|
$ |
(53,904 |
) |
| Plus: |
|
|
|
|
|
|
|
|
|
Acquisition of property and equipment |
|
|
(274 |
) |
|
|
(82 |
) |
|
|
(667 |
) |
|
|
(1,171 |
) |
|
Acquisition of patents |
|
|
— |
|
|
|
(101 |
) |
|
|
— |
|
|
|
(175 |
) |
|
Capitalized software development costs |
|
|
(3,423 |
) |
|
|
(2,970 |
) |
|
|
(11,725 |
) |
|
|
(12,140 |
) |
|
Free Cash Flow |
|
$ |
(763 |
) |
|
$ |
(16,254 |
) |
|
$ |
(12,577 |
) |
|
$ |
(67,390 |
) |
|
CARDLYTICS, INC.RECONCILIATION OF
FORECASTED GAAP REVENUE TO BILLINGS(Amounts in
millions) |
| |
|
|
Q1 2024 Guidance |
| Revenue |
$70.0 - $73.0 |
| Plus: |
|
|
Consumer Incentives |
$35.0 - $36.0 |
|
Billings |
$105.0 - $109.0 |
| |
|
Contacts:
Public Relations:pr@cardlytics.com
Investor Relations:ir@cardlytics.com
Cardlytics (NASDAQ:CDLX)
Graphique Historique de l'Action
De Déc 2024 à Jan 2025
Cardlytics (NASDAQ:CDLX)
Graphique Historique de l'Action
De Jan 2024 à Jan 2025
