Cardlytics, Inc. Common Stock · NASDAQ:CDLX
Cardlytics, Inc. Common Stock — Q4 2023 Earnings Presentation
26 slides from Cardlytics, Inc. Common Stock's earnings presentation, Mar 14, 2024
Slide 1: Cardlytics Q4 2023 Earnings Presentation
CARDLYTICS Q4 2023 Earnings Presentation March 14, 2024
Slide 2: Disclaimer
Disclaimer This presentation includes forward-looking statements. All statements contained in this presentation other than statements of historical facts, including statements regarding expectations about future financial performance or results of Cardlytics, Inc. (“Cardlytics,” “we,” “us,” or “our)
Slide 3: Company overview
Company overview
Slide 4: We power a native ad platform in our partners' digital channels
We power a native ad platform in our partners’ digital channels.
Slide 5: Scaled solution based on purchase intelligence
Cardlytics provides a scaled solution based on purchase 168M+ Monthly Active Users(1) intelligence $4.7T+ Distinctive benefits for marketers + Reach valuable banking customers + Operate in a brand-safe, privacy-protected, in Annual Spend(2) trusted digital channel + Market to the most valuable custo
Slide 6: Financial information & operating metrics
Financial information & operating metrics
Slide 7: Trended consolidated results
Trended consolidated results Revenue Adjusted Contribution(1) Billings(1) Q4 Billings 4.6% y/y $131.9 $126.1 Q4 Revenue $116.4 $116.4 8.1% y/y $110.4 $109.4 $109.4 $107.7 $98.4 $85.3 $76.3 Q4 Adj. Contribution 18.2% y/y
Slide 8: Billings and adjusted contribution best reflect performance
Billings and adjusted contribution best reflect performance Billings Consumer Incentive Enhanced Consumer GAAP Revenue Partner Share Adjusted Contribution Total in aggregate paid Set by CDLX to achieve Incentive Recognized as revenue; to Portion of revenue shared Amount retained by CDLX; net by mark
Slide 9: Q4 2023 and full year 2023 year-over-year consolidated results
Q4 2023 and full year 2023 year-over-year consolidated results Three Months Ended Twelve Months Ended Change Change December 31, December 31, 2023 2022 $ % 2023 2022 $ % Billings(1) $131,947 $126,116 $5,831 4.6% $453,426 $442,477 $10,949 2.5% Consumer Incentives 42,780 43,613 (833) (1.9%) 144,222 14
Slide 10: Q4 2023 and full year 2023 year-over-year reportable segments
Q4 2023 and full year 2023 year-over-year reportable segments Three Months Ended Twelve Months Ended Change Change December 31, December 31, 2023 2022 $ % 2023 2022 $ % Cardlytics platform Revenue $ 82,604 $ 76,647 $ 5,957 7.8% $ 285,425 $ 277,185 $ 8,240 3.0% Minus: Partner Share and other third-pa
Slide 11: Cardlytics platform advertiser spend by industry
Cardlytics platform advertiser spend by industry % Change % of Advertiser Spend Three Months Ended Three Months Ended Industry December 31, December 31, vs 2022 vs 2021 2023 2022 2021 Grocery & Gas(1) > 50% > 30% < 20% < 10% > 10% Restaurant > 5% > (35%) > 10% > 10% > 20% Retail < (10%) > (10%) > 30
Slide 12: Historical MAU and ARPU
Historical MAU and ARPU Cardlytics Monthly Active Users(1) Cardlytics Average Revenue Per User(1) $0.53 $0.36 Prior to September 30, 2023, we reported total number of unique targetable accounts and customers within each FI. As of September 30, 2023, we are reporting only the total number of unique t
Slide 13: Guidance
Guidance Q1 2024 Guidance Billings(1) $105.0 - $109.0 Revenue $70.0 - $73.0 Adjusted Contribution(1) $37.0 - $39.0 Adjusted EBITDA(1) ($1.0) - $1.0
Slide 14: Appendix
14 Appendix
Slide 15: Q4 2023 results
Q4 2023 results Three Months Ended Twelve Months Ended December 31, December 31, 2023 2022 % 2023 2022 % Revenue $89,167 $82,503 8.1% $309,204 $298,542 3.6% Billings(1) 131,947 126,116 4.6% 453,426 442,477 2.5% Gross Profit 39,490 33,409 18.2% 130,378 112,632 15.8% Adjusted Contribution(1) 47,287 39
Slide 16: Reconciliation of GAAP Revenue to Billings
Reconciliation of GAAP Revenue to Billings Three Months Ended Dec 31, Sept 30, Jun 30, Mar 31, Dec 31, Sept 30, Jun 30, Mar 31, Dec 31, Sept 30, Jun 30, Mar 31, 2023 2023 2023 2023 2022 2022 2022 2022 2021 2021 2021 2021 Consolidated Revenue $89,167 $79,005 $76,701 $64,331 $82,503 $72,706 $75,405 $6
Slide 17: Reconciliation of GAAP Gross Profit to Adjusted Contribution
Reconciliation of GAAP Gross Profit to Adjusted Contribution Three Months Ended Dec 31, Sept 30, Jun 30, Mar 31, Dec 31, Sept 30, Jun 30, Mar 31, Dec 31, Sept 30, Jun 30, Mar 31, 2023 2023 2023 2023 2022 2022 2022 2022 2021 2021 2021 2021 Consolidated Revenue $89,167 $79,005 $76,701 $64,331 $82,503
Slide 18: Reconciliation of GAAP Partner Share and other third-party costs to Adjusted
Reconciliation of GAAP Partner Share and other third-party costs to Adjusted Partner Share and other third-party costs Three Months Ended Dec 31, Sept 30, Jun 30, Mar 31, Dec 31, Sept 30, Jun 30, Mar 31, Dec 31, Sept 30, Jun 30, Mar 31, 2023 2023 2023 2023 2022 2022 2022 2022 2021 2021 2021 2021 Con
Slide 19: Reconciliation of GAAP Net (Loss) Income to Adjusted EBITDA
Reconciliation of GAAP Net (Loss) Income to Adjusted EBITDA (Amounts in thousands) Three Months Ended Dec 31, Sept 30, Jun 30, Mar 31, Dec 31, Sept 30, Jun 30, Mar 31, Dec 31, Sept 30, Jun 30, Mar 31, 2023 2023 2023 2023 2022 2022 2022 2022 2021 2021 2021 2021 Net (Loss) Income ($100,838) ($23,966)
Slide 20: Reconciliation of Adjusted Contribution to Adjusted EBITDA
Reconciliation of Adjusted Contribution to Adjusted EBITDA (Amounts in thousands) Three Months Ended Dec 31, Sept 30, Jun 30, Mar 31, Dec 31, Sept 30, Jun 30, Mar 31, Dec 31, Sept 30, Jun 30, Mar 31, 2023 2023 2023 2023 2022 2022 2022 2022 2021 2021 2021 2021 Consolidated Adjusted Contribution $47,2
Slide 21: Reconciliation of GAAP Net Loss to Adjusted Net Income (Loss)
Reconciliation of GAAP Net Loss to Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per share Three Months Ended Twelve Months Ended December 31, December 31, 2023 2022 2023 2022 Net Loss ($100,838) ($378,279) ($134,702) ($465,264) Plus: Stock-based compensation expense 11,024 12,492 40,980
Slide 22: Reconciliation of net cash from operating activities to Free Cash Flow
Reconciliation of net cash provided by (used in) operating activities to Free Cash Flow Three Months Ended Twelve Months Ended December 31, December 31, 2023 2022 2023 2022 Net cash provided by (used in) operating activities $2,934 ($13,101) ($185) ($53,904) Plus: Acquisition of property and equipme
Slide 23: Reconciliation of forecasted GAAP Revenue to Billings
Reconciliation of forecasted GAAP Revenue to Billings Q1 2024 Guidance Revenue $70.0 - $73.0 Plus: Consumer Incentives $35.0 - $36.0 Billings $105.0 - $109.0
Slide 24: Definitions
Definitions Adjusted Contribution: We define Adjusted Contribution measures of 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 marketing on ou
Slide 25: Industry and account definitions
Industry and account definitions Segment Segment Constituents Grocery & Gas Convenience, Grocery. This is sometimes referred to as “Everyday Spend.” Restaurant Banquet/Caterers, Bars/Night Clubs/Taverns, Fast Food/ Quick Serve, Full-Service Restaurants, Quick Serve Light Fares Accessories, Apparel,
Slide 26: Cardlytics
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