Business
Cardlytics Announces First Quarter 2023 Financial Results
ATLANTA, May 04, 2023 (GLOBE NEWSWIRE) -- Cardlytics Inc. (NASDAQ: CDLX), a digital advertising platform, today announced financial results for the first
About this update from Cardlytics, Inc. Common Stock
[{"type":"text","content":"ATLANTA, May 04, 2023 (GLOBE NEWSWIRE) -- Cardlytics Inc. (NASDAQ: CDLX), a digital advertising platform, today announced financial results for the first quarter ended March 31, 2023. Supplemental information is available on the Investor Relations section of Cardlytics' website at http://ir.cardlytics.com/. \"We are excited to move past the determination of the First Anniversary Earnout Payment.\" said Karim Temsamani, Chief Executive Officer. \"As I have said in prior quarters, our success hinges on our ability to execute with a disciplined approach. It also hinges on our teams being laser focused on supporting our product initiatives and the needs of our partners. We are not stopping in our journey to create the best possible version of Cardlytics.\" \"While the economy is still uncertain, I am confident there is tremendous opportunity in front of Cardlytics,\" said Andy Christiansen, Chief Financial Officer.\" There is more work to be done, but I know the current team is in control of the business and correctly prioritizing our strategic goals. Our renewed focus on product leadership and partnership is positioning Cardlytics for a bright future, and our cost-discipline and responsible investments will allow my successor to hit the ground running.\" First Quarter 2023 Financial Results Revenue was $64.3 million, a decrease of (5)% year-over-year, compared to $67.9 million in the first quarter of 2022.Billings, a non-GAAP metric, was $95.6 million, a decrease of (3)% year-over-year, compared to $98.2 million in the first quarter of 2022.Gross profit was $24.5 million, a decrease of (7)% year-over-year, compared to $26.2 million in the first quarter of 2022.Adjusted contribution, a non-GAAP metric, was $30.9 million, a decrease of (6)% year-over-year, compared to $32.8 million in the first quarter of 2022.Net income attributable to common stockholders was $13.6 million, or $0.40 per diluted share, based on 36.7 million fully diluted weighted-average common shares, compared to a net income attributable to common stockholders of $33.0 million, or $0.91 per diluted share, based on 37.2 million fully diluted weighted-average common shares in the first quarter of 2022.Non-GAAP net loss was $(9.2) million, or $(0.25) per diluted share, based on 36.7 million fully diluted weighted-average common shares, compared to non-GAAP net loss of...