Cardlytics Announces CFO Transition
Cardlytics (NASDAQ: CDLX) announced that Chief Financial Officer Andy Christiansen will resign effective July 21, 2023, after over three years in the role. The company is in the process of finding a successor through an executive search firm. CEO Karim Temsamani and Chairman John Balen praised Christiansen's contributions, particularly in achieving short- and long-term financial goals. Notably, Cardlytics aims for positive free cash flow in Q3 2023 and anticipates resolving the Bridg earnout dispute next month. These developments highlight ongoing financial strategies crucial for the company’s future performance.
- Aiming for positive free cash flow in Q3 2023.
- Successfully resolving the Bridg earnout dispute next month.
- Christiansen's leadership helped position the company for future financial goals.
- The departure of a CFO may cause temporary uncertainties in financial management.
ATLANTA, March 22, 2023 (GLOBE NEWSWIRE) -- Cardlytics (NASDAQ: CDLX), an advertising platform in banks’ digital channels, announced today that Andy Christiansen, Chief Financial Officer, informed the Company on March 17, 2023 that he is resigning from his position effective July 21, 2023. Christiansen will remain in his position during the transition period.
Christiansen will step down from his role after more than three years as CFO and over 8 years in all with the Company. Cardlytics has retained a leading executive search firm to assist in conducting a comprehensive search process to identify Christiansen’s successor.
Karim Temsamani, Chief Executive Officer, said, "I would like to thank Andy for his many years of service as CFO and previously as Controller. Andy’s contributions have us well-positioned to achieve our short- and long-term financial goals, including achieving positive free cash flow in the third quarter and successfully resolving the Bridg earnout dispute next month. I sincerely appreciate Andy's contributions and wish him all the best going forward."
“I want to thank Andy for his hard work and collaboration with the Audit Committee and Board,” said John Balen, Chairman of the Board. “He has been a key leader at Cardlytics and played an integral part in guiding the Company through its initial public offering and subsequent growth. On behalf of the Board, I wish him success as he continues forward in his career.”
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 Palo Alto, 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 ability to achieve short-term and long-term financial goals, achieve positive free cash flow in the third quarter and successfully resolve the Bridge earnout dispute next month. 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 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 COVID-19 pandemic; 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-K filed with the Securities and Exchange Commission on March 1, 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.
Contacts:
Public Relations:
Robert Robinson
pr@cardlytics.com
Investor Relations:
Robert Robinson
ir@cardlytics.com
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