Cardlytics Announces Fourth Quarter and Full Year 2024 Financial Results
Cardlytics (NASDAQ: CDLX) reported challenging fourth quarter and full year 2024 results, with significant revenue declines. Q4 revenue fell 17.0% to $74.0 million, while full-year revenue decreased 10.0% to $278.3 million.
The company posted a Q4 net loss of $(15.6) million, or $(0.31) per share, an improvement from the $(100.8) million loss in Q4 2023. The full-year 2024 net loss widened to $(189.3) million, or $(3.91) per share.
Key metrics showed mixed results with Cardlytics MAUs slightly decreasing to 167.3 million in Q4 2024, down 0.4% year-over-year, while full-year MAUs increased 3.0% to 166.9 million. ARPU declined 16.7% to $0.44 in Q4 and dropped 12.6% to $1.67 for the full year.
Management remains focused on delivering sequential improvements and positive Adjusted EBITDA in 2025, while investing in platform modernization and expanding partner networks.
Cardlytics (NASDAQ: CDLX) ha riportato risultati difficili per il quarto trimestre e l'intero anno 2024, con significative diminuzioni dei ricavi. I ricavi del Q4 sono diminuiti del 17,0% a 74,0 milioni di dollari, mentre i ricavi annuali sono calati del 10,0% a 278,3 milioni di dollari.
La società ha registrato una perdita netta di (15,6 milioni di dollari) nel Q4, pari a $(0,31) per azione, un miglioramento rispetto alla perdita di (100,8 milioni di dollari) nel Q4 2023. La perdita netta per l'intero anno 2024 è aumentata a (189,3 milioni di dollari), o $(3,91) per azione.
I principali indicatori hanno mostrato risultati misti, con i MAU di Cardlytics che sono leggermente diminuiti a 167,3 milioni nel Q4 2024, in calo dello 0,4% rispetto all'anno precedente, mentre i MAU annuali sono aumentati del 3,0% a 166,9 milioni. L'ARPU è diminuito del 16,7% a $0,44 nel Q4 e del 12,6% a $1,67 per l'intero anno.
La direzione rimane concentrata sul fornire miglioramenti sequenziali e un EBITDA rettificato positivo nel 2025, investendo nella modernizzazione della piattaforma e nell'espansione delle reti di partner.
Cardlytics (NASDAQ: CDLX) reportó resultados desafiantes en el cuarto trimestre y en todo el año 2024, con caídas significativas en los ingresos. Los ingresos del Q4 cayeron un 17.0% a 74.0 millones de dólares, mientras que los ingresos anuales disminuyeron un 10.0% a 278.3 millones de dólares.
La compañía registró una pérdida neta de (15.6 millones de dólares) en el Q4, o $(0.31) por acción, una mejora respecto a la pérdida de (100.8 millones de dólares) en el Q4 de 2023. La pérdida neta del año completo 2024 se amplió a (189.3 millones de dólares), o $(3.91) por acción.
Las métricas clave mostraron resultados mixtos, con los MAU de Cardlytics disminuyendo ligeramente a 167.3 millones en el Q4 de 2024, una caída del 0.4% interanual, mientras que los MAU anuales aumentaron un 3.0% a 166.9 millones. El ARPU disminuyó un 16.7% a $0.44 en el Q4 y cayó un 12.6% a $1.67 para el año completo.
La dirección sigue enfocada en lograr mejoras secuenciales y un EBITDA ajustado positivo en 2025, mientras invierte en la modernización de la plataforma y la expansión de redes de socios.
Cardlytics (NASDAQ: CDLX)는 2024년 4분기 및 연간 결과에서 어려운 상황을 보고하며, 수익이 크게 감소했습니다. 4분기 수익은 7400만 달러로 17.0% 감소했으며, 연간 수익은 2억 7830만 달러로 10.0% 감소했습니다.
회사는 4분기에 (1560만 달러)의 순손실을 기록했으며, 주당 $(0.31)로, 2023년 4분기의 (1억 800만 달러) 손실에 비해 개선되었습니다. 2024년 전체 연도 순손실은 (1억 8930만 달러)로 확대되었으며, 주당 $(3.91)입니다.
주요 지표는 혼합된 결과를 보여주었으며, Cardlytics의 MAU는 2024년 4분기에 1억 6730만으로 약간 감소했으며, 전년 대비 0.4% 감소했습니다. 반면, 연간 MAU는 3.0% 증가하여 1억 6690만에 도달했습니다. ARPU는 4분기에 16.7% 감소하여 $0.44로 떨어졌으며, 전체 연도에 대해서는 12.6% 감소하여 $1.67로 나타났습니다.
경영진은 2025년까지 순차적인 개선과 긍정적인 조정 EBITDA를 달성하는 데 집중하고 있으며, 플랫폼 현대화 및 파트너 네트워크 확장에 투자하고 있습니다.
Cardlytics (NASDAQ: CDLX) a annoncé des résultats difficiles pour le quatrième trimestre et l'année entière 2024, avec des baisses de revenus significatives. Les revenus du Q4 ont chuté de 17,0 % à 74,0 millions de dollars, tandis que les revenus annuels ont diminué de 10,0 % à 278,3 millions de dollars.
L'entreprise a enregistré une perte nette de (15,6 millions de dollars) au Q4, soit $(0,31) par action, une amélioration par rapport à la perte de (100,8 millions de dollars) au Q4 2023. La perte nette pour l'année entière 2024 s'est élargie à (189,3 millions de dollars), soit $(3,91) par action.
Les principaux indicateurs ont montré des résultats mitigés, avec les MAU de Cardlytics légèrement en baisse à 167,3 millions au Q4 2024, en baisse de 0,4 % par rapport à l'année précédente, tandis que les MAU annuels ont augmenté de 3,0 % pour atteindre 166,9 millions. L'ARPU a diminué de 16,7 % à 0,44 $ au Q4 et a chuté de 12,6 % à 1,67 $ pour l'année entière.
La direction reste concentrée sur la réalisation d'améliorations séquentielles et d'un EBITDA ajusté positif en 2025, tout en investissant dans la modernisation de la plateforme et l'expansion des réseaux de partenaires.
Cardlytics (NASDAQ: CDLX) berichtete über herausfordernde Ergebnisse im vierten Quartal und für das gesamte Jahr 2024, mit erheblichen Umsatzrückgängen. Der Umsatz im Q4 fiel um 17,0% auf 74,0 Millionen Dollar, während der Jahresumsatz um 10,0% auf 278,3 Millionen Dollar sank.
Das Unternehmen verzeichnete im Q4 einen Nettoverlust von (15,6 Millionen Dollar), oder $(0,31) pro Aktie, eine Verbesserung gegenüber dem Verlust von (100,8 Millionen Dollar) im Q4 2023. Der Nettoverlust für das gesamte Jahr 2024 weitete sich auf (189,3 Millionen Dollar) aus, oder $(3,91) pro Aktie.
Wichtige Kennzahlen zeigten gemischte Ergebnisse, wobei die MAUs von Cardlytics im Q4 2024 leicht auf 167,3 Millionen sanken, was einem Rückgang von 0,4% im Vergleich zum Vorjahr entspricht, während die jährlichen MAUs um 3,0% auf 166,9 Millionen stiegen. Der ARPU fiel im Q4 um 16,7% auf $0,44 und sank im gesamten Jahr um 12,6% auf $1,67.
Das Management konzentriert sich weiterhin darauf, sequenzielle Verbesserungen und ein positives bereinigtes EBITDA im Jahr 2025 zu erzielen, während es in die Modernisierung der Plattform und den Ausbau der Partnernetzwerke investiert.
- Net loss per share improved in Q4 to $(0.31) from $(2.56) in Q4 2023
- Full-year MAUs increased 3.0% to 166.9 million
- Maintained positive Adjusted EBITDA of $6.4 million in Q4 2024
- Q4 revenue declined 17.0% year-over-year to $74.0 million
- Full-year revenue decreased 10.0% to $278.3 million
- Q4 ARPU dropped 16.7% to $0.44
- Full-year net loss widened to $(189.3) million from $(134.7) million
- Free Cash Flow deteriorated to $(28.1) million from $(12.6) million
Insights
Cardlytics' Q4 and FY 2024 results paint a concerning picture with significant deterioration across key metrics. Q4 revenue dropped 17.0% year-over-year to $74.0 million while full-year revenue declined 10.0% to $278.3 million. More troubling is the widening annual net loss of $(189.3) million compared to $(134.7) million in 2023, representing a 40.5% increase in losses.
The company's cash position appears particularly precarious. Free Cash Flow worsened to $(28.1) million for the year, more than double the previous year's $(12.6) million burn rate. The quarterly FCF at $(1.5) million shows the company continues consuming cash despite management's restructuring efforts.
Operational metrics further reveal fundamental business challenges. While MAUs remained relatively stable at 167.3 million in Q4, the ARPU declined 16.7% year-over-year to $0.44, indicating diminishing monetization capabilities. This efficiency decline suggests potential pricing pressure or reduced engagement with the platform's advertising offerings.
Management's acknowledgment of 2024 as a "challenging year" coupled with vague forward-looking statements about "planting seeds" for growth lacks the specificity investors would want in a turnaround narrative. While executives express confidence in meeting financial obligations, the growing losses and cash burn raise questions about long-term viability without significant operational improvements in 2025.
Cardlytics' financial deterioration extends beyond surface-level revenue declines, revealing structural challenges in their business model. The 17% revenue contraction in Q4 coupled with only a 0.4% decrease in MAUs points to a fundamental monetization problem rather than a user engagement issue. This disconnect suggests the company's advertising platform is generating significantly less revenue per user despite maintaining its audience.
Particularly concerning is the divergence between billings and revenue trends. Full-year billings decreased only 2.1% while revenue dropped 10%, indicating potential issues with revenue recognition or increasing payment delays from advertisers. This widening gap between billings and realized revenue warrants close scrutiny as it could signal deteriorating client relationships.
The company's adjusted contribution margin has also weakened, with adjusted contribution falling at a faster rate than billings when excluding entertainment. This margin compression suggests increasing costs to deliver their advertising solutions despite generating less revenue, potentially indicating an unscalable cost structure.
While management mentions platform modernization and enhanced capabilities, the $(189.3) million annual net loss raises questions about the company's financial runway to execute these initiatives. With ongoing cash consumption and a market cap of just $95 million against mounting losses, Cardlytics faces significant challenges in achieving their stated goal of sequential improvements and positive adjusted EBITDA in 2025.
"While 2024 was a challenging year for Cardlytics, we nevertheless planted the seeds and refocused our efforts to get back on track for growth this year," said Amit Gupta, CEO of Cardlytics. "We remain grounded in our vision for long-term and sustainable growth. We are focused on strengthening our competitive moat through our efforts to modernize our platform, enhance our product and tech capabilities, and expand our network of partners and advertisers."
"In 2025, we are focused on delivering sequential improvements and positive Adjusted EBITDA," said Alexis DeSieno, CFO of Cardlytics. "We remain confident in our ability to invest in our business while also satisfying all of our financial obligations."
Fourth Quarter 2024 Financial Results
-
Total Revenue was
$74.0 million 17.0% compared to$89.2 million 16.0% excluding Entertainment. -
Billings, a non-GAAP metric, was
$116.3 million 11.9% compared to$131.9 million 11.2% excluding Entertainment. -
Adjusted Contribution, a non-GAAP metric, was
$40.7 million 13.9% compared to$47.3 million 12.0% excluding Entertainment. -
Net Loss was
$(15.6) million $(0.31) $(100.8) million $(2.56) -
Adjusted EBITDA, a non-GAAP metric, was
$6.4 million $3.6 million $10.0 million $3.9 million -
Adjusted Net Income, a non-GAAP metric, was
$0.2 million $0.00 $5.7 million $0.14 -
Net cash provided by operating activities was
$3.0 million $0.1 million $2.9 million -
Free Cash Flow, a non-GAAP metric, was
$(1.5) million $(0.7) million $(0.8) million
Fiscal Year 2024 Financial Results
-
Total Revenue was
$278.3 million 10.0% compared to$309.2 million 8.0% excluding Entertainment. -
Billings, a non-GAAP metric, was
$443.8 million 2.1% compared to$453.4 million 0.7% excluding Entertainment. -
Adjusted Contribution, a non-GAAP metric, was
$150.5 million 5.1% compared to$158.6 million 1.0% excluding Entertainment. -
Net Loss was
$(189.3) million $(3.91) $(134.7) million $(3.69) -
Adjusted EBITDA, a non-GAAP metric, was
$2.5 million $1.2 million $3.8 million $1.9 million -
Adjusted Net Loss, a non-GAAP metric, was
$(18.9) million $(0.39) $(11.4) million $(0.31) -
Net cash used in operating activities was
$(8.8) million $(8.6) million $(0.2) million -
Free Cash Flow, a non-GAAP metric, was
$(28.1) million $(15.5) million $(12.6) million
Key Metrics
-
Cardlytics MAUs in the quarter were 167.3 million, a decrease of
0.4% compared to 168.0 million in the fourth quarter of 2023. For full year 2024, Cardlytics MAUs were 166.9 million, an increase of3.0% compared to 162.1 million in 2023. -
Cardlytics ARPU was
$0.44 16.7% compared to$0.53 $1.67 12.6% compared to$1.91
Definitions of MAUs and ARPU are included below under the caption “Non-GAAP Measures and Other Performance Metrics.”
CARDLYTICS, INC. |
|||||||||||||||||||
SUMMARY OF GAAP AND NON-GAAP RESULTS (UNAUDITED) |
|||||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||||
|
Three Months Ended December 31, |
|
|
||||||||||||||||
|
2024 |
|
2023 |
|
2023 Results Excluding Entertainment(2) |
|
Change % |
|
Change % Excluding Entertainment(2) |
||||||||||
Billings(1) |
$ |
116,279 |
|
|
$ |
131,947 |
|
|
$ |
130,914 |
|
|
|
(11.9 |
)% |
|
|
(11.2 |
)% |
Consumer Incentives |
|
42,283 |
|
|
|
42,780 |
|
|
|
42,780 |
|
|
|
(1.2 |
)% |
|
|
(1.2 |
)% |
Revenue |
|
73,996 |
|
|
|
89,167 |
|
|
|
88,134 |
|
|
|
(17.0 |
)% |
|
|
(16.0 |
)% |
Partner Share and other third-party costs |
|
33,285 |
|
|
|
41,880 |
|
|
|
41,863 |
|
|
|
(20.5 |
)% |
|
|
(20.5 |
)% |
Adjusted Contribution(1) |
|
40,711 |
|
|
|
47,287 |
|
|
|
46,271 |
|
|
|
(13.9 |
)% |
|
|
(12.0 |
)% |
Delivery costs |
|
7,979 |
|
|
|
7,797 |
|
|
|
7,797 |
|
|
|
2.3 |
% |
|
|
2.3 |
% |
Gross Profit |
$ |
32,732 |
|
|
$ |
39,490 |
|
|
$ |
38,474 |
|
|
|
(17.1 |
)% |
|
|
(14.9 |
)% |
Net Loss |
$ |
(15,590 |
) |
|
$ |
(100,838 |
) |
|
$ |
(96,557 |
) |
|
$ |
80,967 |
|
|
$ |
80,967 |
|
Adjusted EBITDA(1) |
$ |
6,398 |
|
|
$ |
9,987 |
|
|
$ |
10,315 |
|
|
$ |
(3,917 |
) |
|
$ |
(3,917 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Contribution |
|
|
|
|
|
|
|
|
|
||||||||||
% of Billings |
|
35.0 |
% |
|
|
35.8 |
% |
|
|
35.3 |
% |
|
|
|
|
||||
% of Revenue |
|
55.0 |
% |
|
|
53.0 |
% |
|
|
52.5 |
% |
|
|
|
|
||||
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
||||||||||
% of Billings |
|
5.5 |
% |
|
|
7.6 |
% |
|
|
7.9 |
% |
|
|
|
|
||||
% of Revenue |
|
8.6 |
% |
|
|
11.2 |
% |
|
|
11.7 |
% |
|
|
|
|
||||
(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." |
(2) |
The column excludes results from the Entertainment business. We sold and transferred substantially all of the assets of Entertainment in December 2023. |
|
Year Ended December 31, |
|
|
||||||||||||||||
|
2024 |
|
2023 |
|
2023 Results Excluding Entertainment(2) |
|
Change % |
|
Change % Excluding Entertainment(2) |
||||||||||
Billings(1) |
$ |
443,840 |
|
|
$ |
453,426 |
|
|
$ |
446,801 |
|
|
|
(2.1 |
)% |
|
|
(0.7 |
)% |
Consumer Incentives |
|
165,542 |
|
|
|
144,222 |
|
|
|
144,222 |
|
|
|
14.8 |
% |
|
|
14.8 |
% |
Revenue |
|
278,298 |
|
|
|
309,204 |
|
|
|
302,579 |
|
|
|
(10.0 |
)% |
|
|
(8.0 |
)% |
Partner Share and other third-party costs |
|
127,761 |
|
|
|
150,578 |
|
|
|
150,469 |
|
|
|
(15.2 |
)% |
|
|
(15.1 |
)% |
Adjusted Contribution(1) |
|
150,537 |
|
|
|
158,626 |
|
|
|
152,110 |
|
|
|
(5.1 |
)% |
|
|
(1.0 |
)% |
Delivery costs |
|
29,643 |
|
|
|
28,248 |
|
|
|
28,248 |
|
|
|
4.9 |
% |
|
|
4.9 |
% |
Gross Profit |
$ |
120,894 |
|
|
$ |
130,378 |
|
|
$ |
123,862 |
|
|
|
(7.3 |
)% |
|
|
(2.4 |
)% |
Net Loss |
$ |
(189,304 |
) |
|
$ |
(134,702 |
) |
|
$ |
(127,967 |
) |
|
$ |
(54,602 |
) |
|
$ |
(61,337 |
) |
Adjusted EBITDA(1) |
$ |
2,523 |
|
|
$ |
3,771 |
|
|
$ |
4,442 |
|
|
$ |
(1,248 |
) |
|
$ |
(1,919 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Contribution |
|
|
|
|
|
|
|
|
|
||||||||||
% of Billings |
|
33.9 |
% |
|
|
35.0 |
% |
|
|
34.0 |
% |
|
|
|
|
||||
% of Revenue |
|
54.1 |
% |
|
|
51.3 |
% |
|
|
50.3 |
% |
|
|
|
|
||||
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
||||||||||
% of Billings |
|
0.6 |
% |
|
|
0.8 |
% |
|
|
1.0 |
% |
|
|
|
|
||||
% of Revenue |
|
0.9 |
% |
|
|
1.2 |
% |
|
|
1.5 |
% |
|
|
|
|
||||
| (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." |
| (2) | The column excludes results from the Entertainment business. We sold and transferred substantially all of the assets of Entertainment in December 2023. |
First Quarter 2025 Financial Expectations
Cardlytics anticipates Billings, Revenue, Adjusted Contribution and Adjusted EBITDA to be in the following ranges (in millions, except for percentage change rates):
|
Q1 2025 Guidance |
|
YoY Change |
Billings(1) |
|
|
( |
Revenue |
|
|
( |
Adjusted Contribution(2) |
|
|
( |
Adjusted EBITDA(2) |
( |
|
( |
(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 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 2024 financial results during a teleconference today, March 12, 2025, at 5:00 PM ET / 2:00 PM PT. Following the completion of the call, a recorded replay of the webcast will be available on Cardlytics’ website.
About Cardlytics
Cardlytics (NASDAQ: CDLX) is a digital advertising platform. We partner with financial institutions to run their rewards programs that promote customer loyalty and deepen relationships. In turn, we have a secure view into approximately 1 of every 2 card-based transactions in the
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, statements related to our growth opportunity, our ability to deliver stronger execution and shareholder value, our intention to strengthen our competitive position, enhance our product and tech capabilities and expand our network of partners and advertisers and our financial guidance for the first quarter of 2025. 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”), American Express Travel Related Services Company, Inc. (“American Express”) 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 12, 2025 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
A “non-GAAP financial measure” refers to a numerical measure of our historical or future financial performance or financial position that is included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in our financial statements. We provide certain non-GAAP measures as additional information relating to our operating results as a complement to results provided in accordance with GAAP. The non-GAAP financial information presented herein should be considered in conjunction with, and not as a substitute for or superior to, the financial information presented in accordance with GAAP and should not be considered a measure of liquidity. There are significant limitations associated with the use of non-GAAP financial measures. Further, these measures may differ from the non-GAAP information, even where similarly titled, used by other companies and therefore should not be used to compare our performance to that of other companies.
We have presented Billings, Adjusted Contribution, Adjusted EBITDA, Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per share as non-GAAP financial measures in this press release. Billings represents the gross amount billed to customers and marketers for services in order to generate revenue. Cardlytics platform Billings is recognized gross of both Consumer Incentives and Partner Share. Cardlytics platform GAAP Revenue is recognized net of Consumer Incentives and gross of Partner Share. Bridg platform Billings is the same as Bridg platform GAAP Revenue. Adjusted Contribution measures the degree by which revenue generated from our marketers exceeds the cost to obtain the purchase data and the digital advertising space from our partners. Adjusted Contribution demonstrates how incremental Revenue on our platforms generates incremental amounts to support our sales and marketing, research and development, general and administrative 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. 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; acquisition, integration and divestiture costs (benefits); change in contingent consideration; foreign currency loss (gain); impairment of goodwill and intangible assets; gain on debt extinguishment; loss on divestiture; and, in applicable periods, certain other income and expense items, such as restructuring and reduction of force; income tax benefit; and deferred implementation costs. Adjusted Net Income (Loss) as our Net Loss before stock-based compensation expense; foreign currency loss (gain); acquisition, integration and divestiture costs (benefits); amortization of acquired intangibles; change in contingent consideration; impairment of goodwill and intangible assets; gain on debt extinguishment; and loss on divestiture, in applicable periods, certain other income and expense items, such as 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 used in operating activities, plus acquisition of property and equipment, capitalized software development costs and acquisition of patents. We believe free cash flow is useful to measure the funds generated in a given period that are available for distribution or to sustain the business. We believe this supplemental information enhances stockholders' ability to evaluate our performance.
We believe the use of non-GAAP financial measures, as a supplement to GAAP measures, is useful to investors in that they eliminate items that are either not part of our core operations or do not require a cash outlay, such as stock-based compensation expense. Management uses these non-GAAP financial measures when evaluating operating performance and for internal planning and forecasting purposes. We believe that these non-GAAP financial measures help indicate underlying trends in the business, are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing operating performance.
We define MAUs as targetable customers that have logged in and visited online or mobile applications containing offers, opened an email containing an offer, or redeemed an offer from the Cardlytics platform during a monthly period. We then calculate a monthly average of these MAUs for the periods presented. We 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, except par value amounts) |
|||||||
|
December 31, |
||||||
|
2024 |
|
2023 |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
65,594 |
|
|
$ |
91,830 |
|
Accounts receivable and contract assets, net |
|
103,252 |
|
|
|
120,622 |
|
Other receivables |
|
3,801 |
|
|
|
5,379 |
|
Prepaid expenses and other assets |
|
5,336 |
|
|
|
6,097 |
|
Total current assets |
|
177,983 |
|
|
|
223,928 |
|
Long-term assets: |
|
|
|
||||
Property and equipment, net |
|
2,596 |
|
|
|
3,323 |
|
Right-of-use assets under operating leases, net |
|
6,341 |
|
|
|
7,310 |
|
Intangible assets, net |
|
11,371 |
|
|
|
35,003 |
|
Goodwill |
|
159,429 |
|
|
|
277,202 |
|
Capitalized software development costs, net |
|
33,341 |
|
|
|
24,643 |
|
Other long-term assets, net |
|
1,650 |
|
|
|
2,735 |
|
Total assets |
$ |
392,711 |
|
|
$ |
574,144 |
|
Liabilities and stockholders' equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
3,689 |
|
|
$ |
4,425 |
|
Accrued liabilities: |
|
|
|
||||
Accrued compensation |
|
5,494 |
|
|
|
11,662 |
|
Accrued expenses |
|
7,175 |
|
|
|
9,587 |
|
Partner Share liability |
|
32,479 |
|
|
|
48,867 |
|
Consumer Incentive liability |
|
45,513 |
|
|
|
52,678 |
|
Deferred revenue |
|
2,154 |
|
|
|
2,405 |
|
Short-term debt |
|
45,863 |
|
|
|
— |
|
Current operating lease liabilities |
|
2,025 |
|
|
|
2,127 |
|
Current contingent consideration |
|
4,563 |
|
|
|
39,398 |
|
Total current liabilities |
|
148,955 |
|
|
|
171,149 |
|
Long-term liabilities: |
|
|
|
||||
Convertible senior notes, net |
|
167,729 |
|
|
|
227,504 |
|
Line of credit |
|
— |
|
|
|
30,000 |
|
Long-term deferred revenue |
|
— |
|
|
|
67 |
|
Long-term operating lease liabilities |
|
6,034 |
|
|
|
6,391 |
|
Long-term contingent consideration |
|
— |
|
|
|
4,162 |
|
Other long-term liabilities |
|
— |
|
|
|
73 |
|
Total liabilities |
|
322,718 |
|
|
|
439,346 |
|
Stockholders’ equity: |
|
|
|
||||
Common stock, |
|
10 |
|
|
|
9 |
|
Additional paid-in capital |
|
1,366,958 |
|
|
|
1,243,594 |
|
Accumulated other comprehensive income |
|
3,601 |
|
|
|
2,467 |
|
Accumulated deficit |
|
(1,300,576 |
) |
|
|
(1,111,272 |
) |
Total stockholders’ equity |
|
69,993 |
|
|
|
134,798 |
|
Total liabilities and stockholders’ equity |
$ |
392,711 |
|
|
$ |
574,144 |
|
CARDLYTICS, INC. |
|||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
(Amounts in thousands except per share amounts) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenue |
$ |
73,997 |
|
|
$ |
89,167 |
|
|
$ |
278,298 |
|
|
$ |
309,204 |
|
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Partner Share and other third-party costs |
|
33,285 |
|
|
|
41,880 |
|
|
|
127,761 |
|
|
|
150,578 |
|
Delivery costs |
|
7,979 |
|
|
|
7,797 |
|
|
|
29,643 |
|
|
|
28,248 |
|
Sales and marketing expense |
|
11,343 |
|
|
|
14,111 |
|
|
|
52,649 |
|
|
|
57,425 |
|
Research and development expense |
|
9,895 |
|
|
|
12,512 |
|
|
|
49,607 |
|
|
|
51,352 |
|
General and administrative expense |
|
13,770 |
|
|
|
13,904 |
|
|
|
56,482 |
|
|
|
58,810 |
|
Acquisition, integration and divestiture costs (benefits) |
|
— |
|
|
|
1,833 |
|
|
|
161 |
|
|
|
(6,313 |
) |
Change in contingent consideration |
|
100 |
|
|
|
16,291 |
|
|
|
210 |
|
|
|
1,246 |
|
Impairment of goodwill and intangible assets |
|
— |
|
|
|
70,518 |
|
|
|
131,595 |
|
|
|
70,518 |
|
Loss on divestiture |
|
— |
|
|
|
6,550 |
|
|
|
— |
|
|
|
6,550 |
|
Depreciation and amortization expense |
|
5,940 |
|
|
|
6,695 |
|
|
|
25,689 |
|
|
|
26,460 |
|
Total costs and expenses |
|
82,312 |
|
|
|
192,091 |
|
|
|
473,797 |
|
|
|
444,874 |
|
Operating loss |
|
(8,315 |
) |
|
|
(102,924 |
) |
|
|
(195,499 |
) |
|
|
(135,670 |
) |
Other income (expense): |
|
|
|
|
|
|
|
||||||||
Interest expense, net |
|
(1,694 |
) |
|
|
(839 |
) |
|
|
(5,553 |
) |
|
|
(2,336 |
) |
Foreign currency (loss) gain |
|
(5,581 |
) |
|
|
2,925 |
|
|
|
(1,269 |
) |
|
|
3,304 |
|
Gain on debt extinguishment |
|
— |
|
|
|
— |
|
|
|
13,017 |
|
|
|
— |
|
Total other (expense) income |
|
(7,275 |
) |
|
|
2,086 |
|
|
|
6,195 |
|
|
|
968 |
|
Loss before income taxes |
|
(15,590 |
) |
|
|
(100,838 |
) |
|
|
(189,304 |
) |
|
|
(134,702 |
) |
Income tax benefit |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net Loss |
|
(15,590 |
) |
|
|
(100,838 |
) |
|
|
(189,304 |
) |
|
|
(134,702 |
) |
Net Loss per share, basic and diluted |
$ |
(0.31 |
) |
|
$ |
(2.56 |
) |
|
$ |
(3.91 |
) |
|
$ |
(3.69 |
) |
Weighted-average common shares outstanding, basic and diluted |
|
51,005 |
|
|
|
39,454 |
|
|
|
48,361 |
|
|
|
36,488 |
|
CARDLYTICS, INC. |
|||||||||||
STOCK-BASED COMPENSATION EXPENSE |
|||||||||||
(Amounts in thousands) |
|||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Delivery costs |
$ |
641 |
|
$ |
627 |
|
$ |
2,680 |
|
$ |
2,427 |
Sales and marketing expense |
|
1,877 |
|
|
3,137 |
|
|
10,017 |
|
|
12,624 |
Research and development expense |
|
2,926 |
|
|
4,144 |
|
|
14,957 |
|
|
16,392 |
General and administrative expense |
|
3,229 |
|
|
3,116 |
|
|
12,713 |
|
|
9,537 |
Total stock-based compensation expense |
$ |
8,673 |
|
$ |
11,024 |
|
$ |
40,367 |
|
$ |
40,980 |
CARDLYTICS, INC. |
|||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(Amounts in thousands) |
|||||||
|
Year Ended December 31, |
||||||
|
2024 |
|
2023 |
||||
Operating activities |
|
|
|
||||
Net Loss |
$ |
(189,304 |
) |
|
$ |
(134,702 |
) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |
|
|
|
||||
Credit loss expense |
|
6,106 |
|
|
|
1,704 |
|
Depreciation and amortization |
|
25,689 |
|
|
|
26,460 |
|
Amortization of financing costs charged to interest expense |
|
1,633 |
|
|
|
1,648 |
|
Amortization of right-of-use asset |
|
2,187 |
|
|
|
3,055 |
|
Impairment of goodwill and intangible assets |
|
131,595 |
|
|
|
70,518 |
|
Loss on divestiture |
|
— |
|
|
|
6,550 |
|
Gain on debt extinguishment |
|
(13,017 |
) |
|
|
— |
|
Stock-based compensation expense |
|
40,367 |
|
|
|
40,980 |
|
Change in contingent consideration |
|
210 |
|
|
|
1,246 |
|
Other non-cash expense (income), net |
|
1,481 |
|
|
|
(4,170 |
) |
Change in operating assets and liabilities: |
|
|
|
||||
Accounts receivable and contracts assets, net |
|
12,497 |
|
|
|
(7,725 |
) |
Prepaid expenses and other assets |
|
1,360 |
|
|
|
2,492 |
|
Accounts payable |
|
499 |
|
|
|
239 |
|
Other accrued expenses |
|
(6,644 |
) |
|
|
(7,492 |
) |
Partner Share liability |
|
(16,350 |
) |
|
|
405 |
|
Customer Incentive liability |
|
(7,133 |
) |
|
|
(1,393 |
) |
Net cash used in operating activities |
|
(8,824 |
) |
|
|
(185 |
) |
Investing activities |
|
|
|
||||
Acquisition of property and equipment |
|
(1,562 |
) |
|
|
(667 |
) |
Capitalized software development costs |
|
(17,736 |
) |
|
|
(11,725 |
) |
Proceeds from divestitures, net of cash divested |
|
552 |
|
|
|
2,330 |
|
Net cash used in investing activities |
|
(18,746 |
) |
|
|
(10,062 |
) |
Financing activities |
|
|
|
||||
Proceeds from issuance of debt |
|
172,500 |
|
|
|
30,000 |
|
Principal payments of debt |
|
(199,303 |
) |
|
|
(31 |
) |
Proceeds from termination of capped calls related to convertible notes |
|
115 |
|
|
|
— |
|
Proceeds from issuance of common stock |
|
48,645 |
|
|
|
55 |
|
Settlement of contingent consideration |
|
(14,167 |
) |
|
|
(50,050 |
) |
Deferred equity issuance costs |
|
(309 |
) |
|
|
— |
|
Debt issuance costs |
|
(6,037 |
) |
|
|
— |
|
Net cash provided by (used in) financing activities |
|
1,444 |
|
|
|
(20,026 |
) |
Effect of exchange rates on cash, cash equivalents and restricted cash |
|
(110 |
) |
|
|
118 |
|
Net decrease in cash, cash equivalents and restricted cash |
|
(26,236 |
) |
|
|
(30,155 |
) |
Cash, cash equivalents, and restricted cash — Beginning of period |
|
91,830 |
|
|
|
121,985 |
|
Cash, cash equivalents, and restricted cash — End of period |
$ |
65,594 |
|
|
$ |
91,830 |
|
CARDLYTICS, INC. |
|||||||||||
RECONCILIATION OF GAAP REVENUE TO BILLINGS |
|||||||||||
(Amounts in thousands) |
|||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Revenue |
$ |
73,996 |
|
$ |
89,167 |
|
$ |
278,298 |
|
$ |
309,204 |
Plus: |
|
|
|
|
|
|
|
||||
Consumer Incentives |
|
42,283 |
|
|
42,780 |
|
|
165,542 |
|
|
144,222 |
Billings |
$ |
116,279 |
|
$ |
131,947 |
|
$ |
443,840 |
|
$ |
453,426 |
CARDLYTICS, INC. |
|||||||||||
RECONCILIATION OF GAAP GROSS PROFIT TO ADJUSTED CONTRIBUTION |
|||||||||||
(Amounts in thousands) |
|||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||
|
2024 |
|
2023 |
|
2023 |
|
2022 |
||||
Revenue |
$ |
73,996 |
|
$ |
89,167 |
|
$ |
278,298 |
|
$ |
309,204 |
Minus: |
|
|
|
|
|
|
|
||||
Partner Share and other third-party costs |
|
33,285 |
|
|
41,880 |
|
|
127,761 |
|
|
150,578 |
Delivery costs(1) |
|
7,979 |
|
|
7,797 |
|
|
29,643 |
|
|
28,248 |
Gross Profit |
|
32,732 |
|
|
39,490 |
|
|
120,894 |
|
|
130,378 |
Plus: |
|
|
|
|
|
|
|
||||
Delivery costs(1) |
|
7,979 |
|
|
7,797 |
|
|
29,643 |
|
|
28,248 |
Adjusted Contribution |
$ |
40,711 |
|
$ |
47,287 |
|
$ |
150,537 |
|
$ |
158,626 |
| (1) |
Stock-based compensation expense recognized in delivery costs totaled |
CARDLYTICS, INC. |
|||||||||||||||
RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA |
|||||||||||||||
(Amounts in thousands) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net Loss |
$ |
(15,590 |
) |
|
$ |
(100,838 |
) |
|
$ |
(189,304 |
) |
|
$ |
(134,702 |
) |
Plus: |
|
|
|
|
|
|
|
||||||||
Interest expense, net |
|
1,694 |
|
|
|
839 |
|
|
|
5,553 |
|
|
|
2,336 |
|
Depreciation and amortization |
|
5,940 |
|
|
|
6,695 |
|
|
|
25,689 |
|
|
|
26,460 |
|
Stock-based compensation expense |
|
8,673 |
|
|
|
11,024 |
|
|
|
40,367 |
|
|
|
40,980 |
|
Acquisition, integration and divestiture costs (benefits) |
|
— |
|
|
|
1,833 |
|
|
|
161 |
|
|
|
(6,313 |
) |
Change in contingent consideration |
|
100 |
|
|
|
16,291 |
|
|
|
210 |
|
|
|
1,246 |
|
Foreign currency loss (gain) |
|
5,581 |
|
|
|
(2,925 |
) |
|
|
1,269 |
|
|
|
(3,304 |
) |
Impairment of goodwill and intangible assets |
|
— |
|
|
|
70,518 |
|
|
|
131,595 |
|
|
|
70,518 |
|
Gain on debt extinguishment |
|
— |
|
|
|
— |
|
|
|
(13,017 |
) |
|
|
— |
|
Loss on divestiture |
|
— |
|
|
|
6,550 |
|
|
|
— |
|
|
|
6,550 |
|
Adjusted EBITDA |
$ |
6,398 |
|
|
$ |
9,987 |
|
|
$ |
2,523 |
|
|
$ |
3,771 |
|
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 Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net Loss |
$ |
(15,590 |
) |
|
$ |
(100,838 |
) |
|
$ |
(189,304 |
) |
|
$ |
(134,702 |
) |
Plus: |
|
|
|
|
|
|
|
||||||||
Stock-based compensation expense |
|
8,673 |
|
|
|
11,024 |
|
|
|
40,367 |
|
|
|
40,980 |
|
Foreign currency loss (gain) |
|
5,581 |
|
|
|
(2,925 |
) |
|
|
1,269 |
|
|
|
(3,304 |
) |
Acquisition, integration and divestiture costs (benefits) |
|
— |
|
|
|
1,833 |
|
|
|
161 |
|
|
|
(6,313 |
) |
Amortization of acquired intangibles |
|
1,455 |
|
|
|
3,258 |
|
|
|
9,810 |
|
|
|
13,589 |
|
Change in contingent consideration |
|
100 |
|
|
|
16,291 |
|
|
|
210 |
|
|
|
1,246 |
|
Impairment of goodwill and intangible assets |
|
— |
|
|
|
70,518 |
|
|
|
131,595 |
|
|
|
70,518 |
|
Gain on debt extinguishment |
|
— |
|
|
|
— |
|
|
|
(13,017 |
) |
|
|
— |
|
Loss on divestiture |
|
— |
|
|
|
6,550 |
|
|
|
— |
|
|
|
6,550 |
|
Adjusted Net Income (Loss) |
$ |
219 |
|
|
$ |
5,711 |
|
|
$ |
(18,909 |
) |
|
$ |
(11,436 |
) |
Weighted-average number of shares of common stock used in computing Adjusted Net Income (Loss) per share: |
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding, diluted |
|
51,005 |
|
|
|
39,454 |
|
|
|
48,361 |
|
|
|
36,488 |
|
Adjusted Net Income (Loss) per share, diluted |
$ |
— |
|
|
$ |
0.14 |
|
|
$ |
(0.39 |
) |
|
$ |
(0.31 |
) |
CARDLYTICS, INC. |
|||||||||||||||
RECONCILIATION OF NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES TO FREE CASH FLOW |
|||||||||||||||
(Amounts in thousands) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net cash provided by (used in) operating activities |
$ |
2,977 |
|
|
$ |
2,934 |
|
|
$ |
(8,824 |
) |
|
$ |
(185 |
) |
Plus: |
|
|
|
|
|
|
|
||||||||
Acquisition of property and equipment |
|
(123 |
) |
|
|
(274 |
) |
|
|
(1,562 |
) |
|
|
(667 |
) |
Capitalized software development costs |
|
(4,313 |
) |
|
|
(3,423 |
) |
|
|
(17,736 |
) |
|
|
(11,725 |
) |
Free Cash Flow |
$ |
(1,459 |
) |
|
$ |
(763 |
) |
|
$ |
(28,122 |
) |
|
$ |
(12,577 |
) |
CARDLYTICS, INC. |
|
RECONCILIATION OF FORECASTED GAAP REVENUE TO BILLINGS |
|
(Amounts in millions) |
|
|
Q1 2025 Guidance |
Revenue |
|
Plus: |
|
Consumer Incentives |
|
Billings |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250312734038/en/
Public Relations:
pr@cardlytics.com
Investor Relations:
ir@cardlytics.com
Source: Cardlytics, Inc.
FAQ
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