Business
Cardlytics Announces Second Quarter 2024 Financial Results
ATLANTA, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Cardlytics, Inc. (NASDAQ: CDLX), a digital advertising platform, today announced financial results for the second
About this update from Cardlytics, Inc. Common Stock
[{"type":"text","content":"ATLANTA, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Cardlytics, Inc. (NASDAQ: CDLX), a digital advertising platform, today announced financial results for the second quarter ended June 30, 2024. “We continue to believe in the significant growth opportunity as we invest to modernize our platform. We are making progress, but transitions like this take time and these near-term challenges do not change the long-term potential of this business,” said Amit Gupta, incoming CEO of Cardlytics. \"We have the right team and right strategy in place to deliver stronger execution and shareholder value as we continue this transformation. The strong advertiser demand, the addition of new partners and the high consumer engagement witnessed this quarter illustrate the fundamental strengths of our business and the value our platform can deliver.” “While we observed strong growth in redemptions, our results were challenged by slower-than-anticipated billings growth coupled with higher consumer incentives,” said Alexis DeSieno, CFO of Cardlytics. “We remain confident that our improved balance sheet continues to support investment in the business.” Second Quarter 2024 Financial Results Revenue was $69.6 million, a decrease of (9)% year-over-year, or (7)% excluding Entertainment.Billings, a non-GAAP metric, was $110.4 million, an increase of 1% year-over-year, or 2% excluding Entertainment.Adjusted Contribution, a non-GAAP metric, was $36.4 million, a decrease of (3)% year-over-year, or an increase of 1% excluding Entertainment.Net Loss was $(4.3) million, or $(0.09) per diluted share, based on 49.1 million fully diluted weighted-average common shares, compared to a Net Loss of $(23.5) million, or $(0.67) per diluted share, based on 34.9 million fully diluted weighted-average common shares in the second quarter of 2023.Adjusted EBITDA, a non-GAAP metric, was a loss of $(2.3) million compared to a loss of $(4.1) million in the second quarter of 2023.Adjusted Net Loss was $(7.6) million, or $(0.15) per diluted share, based on 49.1 million fully diluted weighted-average common shares, compared to Adjusted Net Loss of $(8.4) million, or $(0.24) per diluted share, based on 34.9 million fully diluted weighted-average common shares in the second quarter of 2023.Net cash provided by operating activities was $4.4 million, a decrease of $1.3 million compared to net cash...