25 slides from Cardlytics, Inc. Common Stock's earnings presentation, Nov 8, 2023
Slide 1: Cardlytics Q3 2023 Earnings Presentation
CARDLYTICS Q3 2023 Earnings Presentation November 8, 2023
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 162M+ Monthly Active Users(1) intelligence $3.9T+ 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 Adj. Contribution(1) Billings(1) Q3 Billings 5.5% y/y $126.1 Q3 Revenue $116.4 8.7% y/y $110.4 $109.4 $107.7 Q3 Adj. Contribution 22.0% 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: Q3 2023 year-over-year consolidated results
Q3 2023 year-over-year consolidated results Three Months Ended Change September 30, 2022 2023 $ % Billings(1) $110,392 $116,430 $6,038 5.5% Consumer Incentives 37,686 37,425 (261) (0.7%) Revenue $72,706 $79,005 $6,299 8.7% Partner Share and other third-party costs 37,563 36,144 (1,419) (3.8%) Adjust
Slide 10: Q3 2023 year-over-year reportable segments
Q3 2023 year-over-year reportable segments Three Months Ended September 30, Change 2022 2023 $ % Cardlytics platform Revenue $ 67,285 $ 73,064 $ 5,779 8.6% Minus: Partner Share and other third-party costs 37,399 36,011 (1,388) (3.7%) Adjusted contribution $ 29,886 $ 37,053 $ 7,167 24.0% Bridg platfo
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 September 30, September 30, vs 2022 vs 2021 2023 2022 2021 Grocery & Gas > 65% < (20%) > 10% > 5% < 15% Restaurant < (35%) < (20%) < 20% < 30% > 25% Retail > (20%) < (10%) <
Slide 12: Historical MAU and ARPU
Historical MAU and ARPU Cardlytics Monthly Active Users(1) Cardlytics Average Revenue Per User(1) 184.7 188.8 188.1 178.5 179.9 182.7 158.1 160.0 162.5 152.6 152.5 156.2 156.9 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 New MAU Definition Old MAU Definition Prior to September 30, 2023, we reported tot
Slide 13: Appendix
13 Appendix
Slide 14: Q3 2023 results
Q3 2023 results Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 % 2023 2022 % Revenue $79,005 $72,706 8.7% $220,036 $216,039 1.9% Billings(1) 116,430 110,392 5.5% 321,480 316,361 1.6% Gross Profit 35,849 26,018 37.8% 90,888 79,223 14.7% Adjusted contribution(1) 42,861 35,1
Slide 15: Guidance
Guidance Q4 2023 Guidance Billings(1) $122.0 - $133.0 Revenue $82.0 - $90.0 Adjusted Contribution(1) $44.0 - $50.0 Adjusted EBITDA(1) $4.0 - $8.0
Slide 16: Reconciliation of GAAP revenue to billings
Reconciliation of GAAP revenue to billings Three Months Ended Mar 31, Jun 30, Sept 30, Dec 31, Mar 31, Jun 30, Sept 30, Dec 31, Mar 31, Jun 30, Sept 30, 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 Cardlytics Platform Revenue $53,230 $56,763 $62,075 $86,686 $63,983 $69,270 $67,285 $76,647
Slide 17: Reconciliation of GAAP gross profit to adjusted contribution
Reconciliation of GAAP gross profit to adjusted contribution Three Months Ended Mar 31, Jun 30, Sept 30, Dec 31, Mar 31, Jun 30, Sept 30, Dec 31, Mar 31, Jun 30, Sept 30, Cardlytics Platform 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 Revenue $53,230 $56,763 $62,075 $86,686 $63,983 $69,27
Slide 18: Reconciliation of GAAP partner share and other third-party costs
Reconciliation of GAAP partner share and other third-party costs to adjusted partner share and other third-party costs Three Months Ended Mar 31, Jun 30, Sept 30, Dec 31, Mar 31, Jun 30, Sept 30, Dec 31, Mar 31, Mar 31, Jun 30, Sept 30, 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 Car
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 Mar 31, Jun 30, Sept 30, Dec 31, Mar 31, Jun 30, Sept 30, Dec 31, Mar 31, Jun 30, Sept 30, 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 Net (loss) income ($24,895) ($47,306) ($44,529) ($11
Slide 20: Reconciliation of adjusted contribution to adjusted EBITDA
Reconciliation of adjusted contribution to adjusted EBITDA (Amounts in thousands) Three Months Ended Mar 31, Jun 30, Sept 30, Dec 31, Mar 31, Jun 30, Sept 30, Dec 31, Mar 31, Jun 30, Sept 30, 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 Cardlytics Platform Adjusted Contribution $24,341 $27
Slide 21: Reconciliation of GAAP net (loss) income to non-GAAP net income (loss)
Reconciliation of GAAP net (loss) income to non-GAAP net income (loss) and non-GAAP net income (loss) per share Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Net (loss) income ($23,966) $6,267 ($33,866) ($86,985) Plus: Stock-based compensation expense 10,249 5,
Slide 22: Reconciliation of forecasted GAAP revenue to billings
Reconciliation of forecasted GAAP revenue to billings Q4 2023 Guidance Revenue $82.0 - $90.0 Plus: Consumer Incentives $40.0 - $43.0 Billings $122.0 - $133.0
Slide 23: 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 24: Industry and account definitions
Industry and account definitions Segment Segment Constituents Grocery & Gas Convenience, Grocery Restaurant Banquet/Caterers, Bars/Night Clubs/Taverns, Fast Food/ Quick Serve, Full Service Restaurants, Quick Serve Light Fares Accessories, Apparel, Auto Services and Products, Beauty Products/Cosmetic
Slide 25: Cardlytics
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