Business
Cardlytics Announces Updated Guidance for First Quarter 2023 Financial Results
ATLANTA, April 04, 2023 (GLOBE NEWSWIRE) -- Cardlytics, Inc., (NASDAQ: CDLX), a digital advertising platform, today announced updated guidance for the first
About this update from Cardlytics, Inc. Common Stock
[{"type":"text","content":"ATLANTA, April 04, 2023 (GLOBE NEWSWIRE) -- Cardlytics, Inc., (NASDAQ: CDLX), a digital advertising platform, today announced updated guidance for the first quarter ended March 31, 2023. First Quarter 2023 Updated Guidance Cardlytics anticipates billings, revenue, adjusted contribution and adjusted EBITDA to be in the following ranges (in millions): Q1 2023 Previously Reported Guidance Q1 2023 Updated GuidanceBillings$84.0 - $93.0 $93.0 - $97.0Revenue$54.0 - $63.0 $63.5 - $66.5Adjusted contribution$26.0 - $31.0 $30.0 - $33.0Adjusted EBITDA($17.0) - ($10.0) ($8.0) - ($5.0) \"Despite a difficult macroeconomic environment, our shift to a product-led operating structure is already yielding positive results,” said Cardlytics CEO Karim Temsamani. “Our improved topline guidance is driven by better than expected growth in the US business and the product optimizations discussed on our last earnings call. Additionally, our rigorous approach in managing our cost structure, including implementing $3.5 million of one-time savings during the first quarter, has positioned the business to exceed the high end of our previously announced Adjusted EBITDA range. We are confidently navigating 2023 and look forward to sharing more positive updates over the coming months.\" Financial Disclosure Advisory The foregoing expected results are preliminary and subject to change based on the completion of Cardlytics’ quarter-end review process. This updated guidance includes calculations or figures that have been prepared internally by management and have not been reviewed or audited by Cardlytics’ auditors. 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.\" A reconciliation of adjusted contribution to GAAP gross profit on a forward-looking basis is presented below under the heading \"Reconciliation of Forecasted GAAP Gross Profit to Adjusted Contribution.\" 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. Reconciliation of Forecasted GAAP Revenue to Billings Q1 2023 Updated Guidance (amounts in millions)Revenue$63.5 - $66.5Plus: Consumer Incentives...