• Cardlytics Announces Second Quarter 2022 Financial Results

    Источник: Nasdaq GlobeNewswire / 02 авг 2022 15:05:02   America/Chicago

    ATLANTA, Aug. 02, 2022 (GLOBE NEWSWIRE) -- Cardlytics, Inc. (NASDAQ: CDLX), a digital advertising platform, today announced financial results for the second quarter ended June 30, 2022. Supplemental information is available on the Investor Relations section of Cardlytics' website at http://ir.cardlytics.com/.

    “I am pleased with our growth in the first half of the year despite the growing pressure macro conditions are having on consumer spending and ad budgets,” said Lynne Laube, CEO & Co-Founder of Cardlytics. “We are also pleased with the progress we are seeing in the Bridg acquisition and expect to see further proof points in future quarters. The combination of the Cardlytics and Bridg data sets has us on the cusp of being able to scale the business beyond our core platform, while our focus on financial goals will allow us to control our own destiny moving forward.”

    “We are committed to meeting our adjusted EBITDA and free cash flow goals in 2023, and we’re taking several proactive steps to reduce our cost structure in recognition of the lower-growth environment we are entering,” said Andy Christiansen, CFO of Cardlytics. “We expect year-over-year growth of approximately 10 to 15% in the back half of 2022, and I believe we can navigate a lower growth environment with minimal impact on the long-term prospects of the business.”

    Second Quarter 2022 Financial Results

    • Revenue was $75.4 million, an increase of 28% year-over-year, compared to $58.9 million in the second quarter of 2021.
    • Billings, a non-GAAP metric, was $107.7 million, an increase of 26% year-over-year, compared to $85.3 million in the second quarter of 2021.
    • Gross profit was $27.0 million, an increase of 16% year-over-year, compared to $23.2 million in the second quarter of 2021.
    • Adjusted contribution, a non-GAAP metric, was $35.1 million, an increase of 19% year-over-year, compared to $29.6 million in the second quarter of 2021.
    • Net loss attributable to common stockholders was $(126.3) million, or $(3.75) per diluted share, based on 33.6 million fully diluted weighted-average common shares, compared to a net loss attributable to common stockholders of $(47.3) million, or $(1.43) per diluted share, based on 33.0 million fully diluted weighted-average common shares in the second quarter of 2021.
    • Non-GAAP net loss was $(21.7) million, or $(0.65) per diluted share, based on 33.6 million fully diluted weighted-average common shares, compared to non-GAAP net loss of $(12.8) million, or $(0.39) per diluted share, based on 33.0 million fully diluted weighted-average common shares in the second quarter of 2021.
    • Adjusted EBITDA, a non-GAAP metric, was a loss of $(15.8) million compared to a loss of $(5.7) million in the second quarter of 2021.

    Key Metrics

    • Cardlytics MAUs were 179.9 million, an increase of 7%, compared to 167.6 million in the second quarter of 2021.
    • Cardlytics ARPU was $0.38, an increase of 12%, compared to $0.34 in the second quarter of 2021.
    • Bridg ARR was $21.8 million in the second quarter of 2022.

    Definitions of MAUs, ARPU and ARR are included below under the caption “Non-GAAP Measures and Other Performance Metrics.

    Earnings Teleconference Information

    Cardlytics will discuss its second quarter 2022 financial results during a teleconference today, August 2, 2022, at 5:00 PM ET / 2:00 PM PT. A live dial-in will be available after registering at this link. Shortly after the conclusion of the call, a replay of this conference call will be available through 8:00 PM ET on August 9, 2022 on the Cardlytics Investor Relations website at http://ir.cardlytics.com/. Following the completion of the call, a recorded replay of the webcast will be available on Cardlytics’ website.

    About Cardlytics

    Cardlytics (NASDAQ: CDLX) is a digital advertising platform. We partner with financial institutions to run their rewards programs that promote customer loyalty and deepen relationships. In turn, we have a secure view into where and when consumers are spending their money. We use these insights to help marketers identify, reach, and influence likely buyers at scale, as well as measure the true sales impact of marketing campaigns. Headquartered in Atlanta, Cardlytics has offices in London, New York, Los Angeles, San Francisco, Austin, Detroit and Visakhapatnam. Learn more at www.cardlytics.com.

    Cautionary Language Concerning Forward-Looking Statements

    This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, future growth and achievement of long-range goals. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as "expect," "anticipate," "should," "believe," "hope," "target," "project," "goals," "estimate," "potential," "predict," "may," "will," "might," "could," "intend," or variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control.

    Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: risks related to the uncertain impacts that COVID-19 may have on our business, financial condition, results of operations; unfavorable conditions in the global economy and the industries that we serve; our quarterly operating results have fluctuated and may continue to vary from period to period; our ability to sustain our revenue growth and billings; risks related to the integration of Dosh, Bridg and Entertainment with our company; risks related to our substantial dependence on our Cardlytics platform; risks related to our substantial dependence on JPMorgan Chase Bank, National Association (“Chase”), Bank of America, National Association ("Bank of America"), Wells Fargo Bank, National Association (“Wells Fargo”) and a limited number of other financial institution (“FI”) partners; risks related to our ability to maintain relationships with Chase, Wells Fargo and Bank of America; the amount and timing of budgets by marketers, which are affected by budget cycles, economic conditions and other factors, including the impact of the COVID-19 pandemic; our ability to generate sufficient revenue to offset contractual commitments to FIs; our ability to attract new partners, including FI partners, and maintain relationships with bank processors and digital banking providers; our ability to maintain relationships with marketers; our ability to maintain relationships with marketers; our ability to adapt to changing market conditions, including our ability to adapt to changes in consumer habits, negotiate fee arrangements with new and existing partners and retailers, and develop and launch new services and features; and other risks detailed in the “Risk Factors” section of our Form 10-Q filed with the Securities and Exchange Commission on August 2, 2022 and in subsequent periodic reports that we file with the Securities and Exchange Commission. Past performance is not necessarily indicative of future results. 

    The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

    Non-GAAP Measures and Other Performance Metrics

    To supplement the financial measures presented in our press release and related conference call or webcast in accordance with generally accepted accounting principles in the United States (“GAAP”), we also present the following non-GAAP measures of financial performance: billings, adjusted contribution, adjusted EBITDA, adjusted Partner Share and other third party costs, non-GAAP net loss and non-GAAP net loss per share as well as certain other performance metrics, such as monthly active users (“MAUs”), average revenue per user (“ARPU”) and annualized recurring revenue ("ARR").

    A “non-GAAP financial measure” refers to a numerical measure of our historical or future financial performance or financial position that is included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in our financial statements. We provide certain non-GAAP measures as additional information relating to our operating results as a complement to results provided in accordance with GAAP. The non-GAAP financial information presented herein should be considered in conjunction with, and not as a substitute for or superior to, the financial information presented in accordance with GAAP and should not be considered a measure of liquidity. There are significant limitations associated with the use of non-GAAP financial measures. Further, these measures may differ from the non-GAAP information, even where similarly titled, used by other companies and therefore should not be used to compare our performance to that of other companies.

    We have presented billings, adjusted contribution, adjusted EBITDA, adjusted Partner Share and other third-party costs, non-GAAP net loss and non-GAAP net loss per share as non-GAAP financial measures in this press release. Billings represents the gross amount billed to customers and marketers for advertising campaigns in order to generate revenue. Cardlytics platform billings is recognized gross of both Consumer Incentives and Partner Share. Cardlytics platform GAAP revenue is recognized net of Consumer Incentives and gross of Partner Share. Bridg platform billings is the same as Bridg platform GAAP revenue. We define adjusted contribution as a measure 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 spend on our platforms generates incremental amounts to support our sales and marketing, research and development, general and administration and other investments. Adjusted contribution is calculated by taking our total revenue less our Partner Share and other third-party costs exclusive of deferred implementation costs, which is a non-cash cost. Adjusted contribution does not take into account all costs associated with generating revenue from advertising campaigns, including sales and marketing expenses, research and development expenses, general and administrative expenses and other expenses, which we do not take into consideration when making decisions on how to manage our advertising campaigns. We define adjusted EBITDA as our income (loss) before income taxes; interest expense, net; depreciation and amortization expense; stock-based compensation expense; foreign currency loss (gain); deferred implementation costs; restructuring costs, acquisition and integration (benefit) costs, change in fair value of contingent consideration and goodwill impairment. We define adjusted Partner Share and other third-party costs as our Partner Share and other third-party costs excluding non-cash equity expense and amortization of deferred implementation costs. We define non-GAAP net loss as our net loss before stock-based compensation expense; foreign currency loss (gain); acquisition and integration (benefit) costs; amortization of acquired intangibles; change in fair value of contingent consideration; and restructuring costs. Notably, any impacts related to minimum Partner Share commitments in connection with agreements with certain partners are not added back to net income (loss) in order to calculate adjusted EBITDA, adjusted contribution and non-GAAP net loss. We define non-GAAP net loss per share as non-GAAP net loss divided by weighted-average common shares outstanding, basic and diluted.

    We believe the use of non-GAAP financial measures, as a supplement to GAAP measures, is useful to investors in that they eliminate items that are either not part of our core operations or do not require a cash outlay, such as stock-based compensation expense. Management uses these non-GAAP financial measures when evaluating operating performance and for internal planning and forecasting purposes. We believe that these non-GAAP financial measures help indicate underlying trends in the business, are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing operating performance.

    We define MAUs as targetable customers or accounts that have logged in and visited online or mobile applications containing offers, opened an email containing an offer, or redeemed an offer from the Cardlytics platform during a monthly period. We then calculate a monthly average of these MAUs for the periods presented. We define ARPU as the total revenue generated in the applicable period calculated in accordance with GAAP, divided by the average number of MAUs in the applicable period. We define ARR as the annualized GAAP revenue of the final month in the period presented for the Bridg platform. ARR should not be considered in isolation from, or as an alternative to, revenue prepared in accordance with GAAP. We believe that ARR is an indicator of the Bridg platform’s ability to generate future revenue from existing clients.


    CARDLYTICS, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
    (Amounts in thousands, except par value amounts)

        
     June 30, 2022 December 31, 2021
    Assets   
    Current assets:   
    Cash and cash equivalents$157,038  $233,467 
    Restricted cash 81   95 
    Accounts receivable and contract assets, net 92,206   111,085 
    Other receivables 4,955   6,097 
    Prepaid expenses and other assets 9,658   7,981 
    Total current assets 263,938   358,725 
    Long-term assets:   
    Property and equipment, net 8,619   11,273 
    Right-of-use assets under operating leases, net 10,304   10,196 
    Intangible assets, net 121,047   125,550 
    Goodwill 665,813   742,516 
    Capitalized software development costs, net 16,680   13,131 
    Other long-term assets, net 3,106   2,406 
    Total assets$1,089,507  $1,263,797 
    Liabilities and stockholders' equity   
    Current liabilities:   
    Accounts payable$2,810  $4,619 
    Accrued liabilities:   
    Accrued compensation 9,634   12,136 
    Accrued expenses 20,963   19,620 
    Partner Share liability 42,176   46,595 
    Consumer Incentive liability 42,923   52,602 
    Deferred revenue 4,654   3,280 
    Current operating lease liabilities 6,091   6,028 
    Current contingent consideration 164,277   182,470 
    Total current liabilities 293,528   327,350 
    Long-term liabilities:   
    Convertible senior notes, net 225,314   184,398 
    Deferred liabilities 98   173 
    Long-term operating lease liabilities 6,382   6,801 
    Long-term contingent consideration —   49,825 
    Other long-term liabilities 28   4,550 
    Total liabilities 525,350   573,097 
    Stockholders’ equity:   
    Common stock, $0.0001 par value—100,000 shares authorized and 32,883 and 33,534 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively. 9   9 
    Additional paid-in capital 1,163,126   1,212,823 
    Accumulated other comprehensive income 5,580   486 
    Accumulated deficit (604,558)  (522,618)
    Total stockholders’ equity 564,157   690,700 
    Total liabilities and stockholders’ equity$1,089,507  $1,263,797 
            
            

    CARDLYTICS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
    (Amounts in thousands, except per share amounts)

        
     Three Months Ended
    June 30,    		 Six Months Ended
    June 30,
      2022   2021   2022   2021 
    Revenue$75,405  $58,853  $143,333  $112,083 
    Costs and expenses:       
    Partner Share and other third-party costs 40,280   29,953   75,433   59,724 
    Delivery costs 8,162   5,748   14,695   9,686 
    Sales and marketing expense 21,983   17,063   39,631   30,265 
    Research and development expense 13,581   8,934   25,872   15,152 
    General and administration expense 20,984   16,888   41,409   29,063 
    Acquisition and integration (benefit) costs 2,197   14,182   (2,401)  21,212 
    Change in fair value of contingent consideration (2,968)  1,480   (68,018)  1,480 
    Goodwill impairment 83,149   —   83,149   — 
    Depreciation and amortization expense 10,356   8,833   20,227   11,898 
    Total costs and expenses 197,724   103,081   229,997   178,480 
    Operating loss (122,319)  (44,228)  (86,664)  (66,397)
    Other (expense) income:       
    Interest expense, net (879)  (3,078)  (1,826)  (6,123)
    Foreign currency (loss) gain (4,538)  —   (6,208)  319 
    Total other expense (5,417)  (3,078)  (8,034)  (5,804)
    Loss before income taxes (127,736)  (47,306)  (94,698)  (72,201)
    Income tax benefit 1,446   —   1,446   — 
    Net loss (126,290)  (47,306)  (93,252)  (72,201)
    Net loss attributable to common stockholders$(126,290) $(47,306) $(93,252) $(72,201)
    Net loss per share attributable to common stockholders, basic and diluted$(3.75) $(1.43) $(2.77) $(2.32)
    Weighted-average common shares outstanding, basic and diluted 33,635   32,977   33,688   31,145 
                    
                    

    CARDLYTICS, INC.
    STOCK-BASED COMPENSATION EXPENSE (UNAUDITED)
    (Amounts in thousands)

        
     Three Months Ended
    June 30,    		 Six Months Ended
    June 30,
      2022  2021  2022  2021
    Delivery costs$914 $521 $1,496 $830
    Sales and marketing 3,633  3,655  7,337  6,087
    Research and development 4,247  2,448  7,451  3,962
    General and administration 4,048  6,713  10,143  9,706
    Total stock-based compensation$12,842 $13,337 $26,427 $20,585
                
                

    CARDLYTICS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
    (Amounts in thousands)

      
     Six Months Ended
    June 30,
      2022   2021 
    Operating activities   
    Net Loss$(93,252) $(72,201)
    Adjustments to reconcile net income (loss) to net cash used in operating activities:   
    Credit loss expense 1,041   1,156 
    Depreciation and amortization 20,227   11,898 
    Amortization of financing costs charged to interest expense 790   448 
    Accretion of debt discount and non-cash interest expense —   4,680 
    Amortization of right-of-use assets 2,939   2,354 
    Stock-based compensation expense 26,427   20,585 
    Change in fair value of contingent consideration (68,018)  1,480 
    Goodwill impairment 83,149   — 
    Other non-cash expense (income), net 6,087   (279)
    Deferred implementation costs —   1,612 
    Change in operating assets and liabilities:   
    Accounts receivable 19,663   10,209 
    Prepaid expenses and other assets (1,885)  (1,896)
    Accounts payable (1,821)  2,021 
    Other accrued expenses (5,770)  2,021 
    Partner Share liability (4,821)  (8,768)
    Consumer Incentive liability (9,679)  (2,830)
    Net cash used in operating activities (26,369)  (27,510)
    Investing activities   
    Acquisition of property and equipment (889)  (1,790)
    Acquisition of patents (57)  (58)
    Capitalized software development costs (6,083)  (4,431)
    Business acquisition, net of cash acquired (2,274)  (494,131)
    Net cash used in investing activities (9,303)  (500,410)
    Financing activities   
    Principal payments of debt (21)  (11)
    Proceeds from issuance of common stock 393   485,690 
    Repurchase of common stock (40,000)  — 
    Deferred equity issuance costs —   (190)
    Debt issuance costs (174)  (86)
    Net cash (used in) received from financing activities (39,802)  485,403 
    Effect of exchange rates on cash, cash equivalents and restricted cash (969)  (118)
    Net decrease in cash, cash equivalents and restricted cash (76,443)  (42,635)
    Cash, cash equivalents, and restricted cash — Beginning of period 233,562   293,349 
    Cash, cash equivalents, and restricted cash — End of period$157,119  $250,714 
            
            

    CARDLYTICS, INC.
    SUMMARY OF GAAP AND NON-GAAP RESULTS (UNAUDITED)
    (Dollars in thousands)

            
     Three Months Ended
    June 30,    		 Change Six Months Ended
    June 30,    		 Change
      2022   2021  $ %  2022   2021  $ %
    Billings(1)$107,744  $85,337  $22,407  26% $205,969  $161,654  $44,315  27%
    Consumer Incentives 32,339   26,484   5,855  22   62,636   49,571   13,065  26 
    Revenue 75,405   58,853   16,552  28   143,333   112,083   31,250  28 
    Adjusted Partner Share and other third-party costs(1) 40,280   29,223   11,057  38   75,433   58,112   17,321  30 
    Adjusted contribution(1) 35,125   29,630   5,495  19   67,900   53,971   13,929  26 
    Delivery costs 8,162   5,748   2,414  42   14,695   9,686   5,009  52 
    Deferred implementation costs —   730   (730) (100)  —   1,612   (1,612) (100)
    Gross profit$26,963  $23,152  $3,811  16% $53,205  $42,673  $10,532  25%
    Net loss$(126,290) $(47,306) $(78,984) (167)% $(93,252) $(72,201) $(21,051) 29%
    Adjusted EBITDA(1)$(15,785) $(5,666) $(10,119) (179)% $(26,322) $(9,610) $(16,712) 174%

    (1) Billings, adjusted Partner Share and other third-party costs, adjusted contribution and adjusted EBITDA are non-GAAP measures. Reconciliations of these non-GAAP measures to the most comparable GAAP measures are presented below under the headings "Reconciliation of GAAP Revenue to Billings", "Reconciliation of GAAP Gross Profit to Adjusted Contribution" and "Reconciliation of GAAP Net Loss to Adjusted EBITDA."

    CARDLYTICS, INC.
    RECONCILIATION OF GAAP REVENUE TO BILLINGS (UNAUDITED)
    (Amounts in thousands)

        
     Three Months Ended
    June 30, 2022    		 Three Months Ended
    June 30, 2021
     Cardlytics Platform Bridg Platform Consolidated Cardlytics Platform Bridg Platform Consolidated
    Revenue$69,270 $6,135 $75,405 $56,763 $2,090 $58,853
    Plus:           
    Consumer Incentives 32,339  —  32,339  26,484  —  26,484
    Billings$101,609 $6,135 $107,744 $83,247 $2,090 $85,337
                      
                      


        
     Six Months Ended
    June 30, 2022    		 Six Months Ended
    June 30, 2021
     Cardlytics Platform Bridg Platform Consolidated Cardlytics Platform Bridg Platform Consolidated
    Revenue$133,253 $10,080 $143,333 $109,993 $2,090 $112,083
    Plus:           
    Consumer Incentives 62,636  —  62,636  49,571  —  49,571
    Billings$195,889 $10,080 $205,969 $159,564 $2,090 $161,654
                      
                      

    CARDLYTICS, INC.
    RECONCILIATION OF GAAP GROSS PROFIT TO ADJUSTED CONTRIBUTION (UNAUDITED)
    (Amounts in thousands)

        
     Three Months Ended
    June 30, 2022    		 Three Months Ended
    June 30, 2021
     Cardlytics Platform Bridg Platform Consolidated Cardlytics Platform Bridg Platform Consolidated
    Revenue$69,270 $6,135 $75,405 $56,763 $2,090 $58,853
    Minus:           
    Partner Share and other third-party costs 39,403  877  40,280  29,890  63  29,953
    Delivery costs(1) 6,311  1,851  8,162  4,837  911  5,748
    Gross profit 23,556  3,407  26,963  22,036  1,116  23,152
    Plus:           
    Delivery costs(1) 6,311  1,851  8,162  4,837  911  5,748
    Deferred implementation costs(2) —  —  —  730  —  730
    Adjusted contribution$29,867 $5,258 $35,125 $27,603 $2,027 $29,630

    (1) Stock-based compensation expense recognized in consolidated delivery costs totaled $0.9 million and $0.5 million for the three months ended June 30, 2022 and 2021, respectively.

    (2) Deferred implementation costs is excluded from adjusted Partner Share and other third-party costs as follows (in thousands):

        
     Three Months Ended
    June 30, 2022    		 Three Months Ended
    June 30, 2021
     Cardlytics Platform Bridg Platform Consolidated Cardlytics Platform Bridg Platform Consolidated
    Partner Share and other third-party costs$39,403 $877 $40,280 $29,890 $63 $29,953
    Minus:           
    Deferred implementation costs —  —  —  730  —  730
    Adjusted Partner Share and other third-party costs$39,403 $877 $40,280 $29,160 $63 $29,223
                      
                      


        
     Six Months Ended
    June 30, 2022    		 Six Months Ended
    June 30, 2021
     Cardlytics Platform Bridg Platform Consolidated Cardlytics Platform Bridg Platform Consolidated
    Revenue$133,253 $10,080 $143,333 $109,993 $2,090 $112,083
    Minus:           
    Partner Share and other third-party costs 74,431  1,002  75,433  59,661  63  59,724
    Delivery costs(1) 11,218  3,477  14,695  8,775  911  9,686
    Gross profit 47,604  5,601  53,205  41,557  1,116  42,673
    Plus:           
    Delivery costs(1) 11,218  3,477  14,695  8,775  911  9,686
    Non-cash equity expense included in FI Share(2) —  —  —  —  —  —
    Deferred implementation costs(2) —  —  —  1,612  —  1,612
    Adjusted contribution$58,822 $9,078 $67,900 $51,944 $2,027 $53,971

    (1) Stock-based compensation expense recognized in consolidated delivery costs totaled and $1.5 million and $0.8 million for the six months ended June 30, 2022 and 2021, respectively.

    (2) Deferred implementation costs is excluded from adjusted Partner Share and other third-party costs as follows (in thousands):

                
     Six Months Ended
    June 30, 2022    		 Six Months Ended
    June 30, 2021
     Cardlytics Platform Bridg Platform Consolidated Cardlytics Platform Bridg Platform Consolidated
    Partner Share and other third-party costs$74,431 $1,002 $75,433 $59,661 $63 $59,724
    Minus:           
    Deferred implementation costs —  —  —  1,612  —  1,612
    Adjusted Partner Share and other third-party costs$74,431 $1,002 $75,433 $58,049 $63 $58,112
                      
                      

    CARDLYTICS, INC.
    RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA (UNAUDITED)
    (Amounts in thousands)

        
     Three Months Ended
    June 30,    		 Six Months Ended
    June 30,
      2022   2021   2022   2021 
    Net loss$(126,290) $(47,306) $(93,252) $(72,201)
    Plus:       
    Income tax benefit (1,446)  —   (1,446)  — 
    Interest expense - net 879   3,078   1,826   6,123 
    Depreciation and amortization 10,356   8,833   20,227   11,898 
    Stock-based compensation expense 12,842   13,337   26,427   20,585 
    Foreign currency loss (gain) 4,538   —   6,208   (319)
    Deferred implementation costs —   730   —   1,612 
    Acquisition and integration costs (benefit) 2,197   14,182   (2,401)  21,212 
    Change in fair value of contingent consideration (2,968)  1,480   (68,018)  1,480 
    Goodwill impairment 83,149   —   83,149   — 
    Restructuring costs 958   —   958   — 
    Adjusted EBITDA$(15,785) $(5,666) $(26,322) $(9,610)
                    
                    

    CARDLYTICS, INC.
    RECONCILIATION OF ADJUSTED CONTRIBUTION TO ADJUSTED EBITDA (UNAUDITED)
    (Amounts in thousands)

        
     Three Months Ended
    June 30, 2022    		 Three Months Ended
    June 30, 2021
     Cardlytics Platform Bridg Platform Consolidated Cardlytics Platform Bridg Platform Consolidated
    Adjusted Contribution$29,867  $5,258  $35,125  $27,603  $2,027  $29,630 
    Minus:           
    Delivery costs 6,311   1,851   8,162   4,837   911   5,748 
    Sales and marketing expense 20,908   1,075   21,983   16,665   398   17,063 
    Research and development expense 11,936   1,645   13,581   8,481   453   8,934 
    General and administration expense 21,232   (248)  20,984   16,454   434   16,888 
    Stock-based compensation expense (13,944)  1,102   (12,842)  (13,179)  (158)  (13,337)
    Restructuring costs (958)  —   (958)  —   —   — 
    Adjusted EBITDA$(15,618) $(167) $(15,785) $(5,655) $(11) $(5,666)
                            
                            


        
     Six Months Ended
    June 30, 2022    		 Six Months Ended
    June 30, 2021
     Cardlytics Platform Bridg Platform Consolidated Cardlytics Platform Bridg Platform Consolidated
    Adjusted Contribution$58,822  $9,078  $67,900  $51,944  $2,027 $53,971 
    Minus:           
    Delivery costs 11,218   3,477   14,695   9,686   —  9,686 
    Sales and marketing expense 36,816   2,815   39,631   28,524   1,741  30,265 
    Research and development expense 22,895   2,977   25,872   14,994   158  15,152 
    General and administration expense 40,441   968   41,409   29,063   —  29,063 
    Stock-based compensation expense (25,879)  (548)  (26,427)  (20,585)  —  (20,585)
    Restructuring costs (958)  —   (958)  —   —  — 
    Adjusted EBITDA$(25,711) $(611) $(26,322) $(9,738) $128 $(9,610)
                           
                           

    CARDLYTICS, INC.
    RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET LOSS
    AND NON-GAAP NET LOSS PER SHARE (UNAUDITED)
    (Amounts in thousands, except per share amounts)

        
     Three Months Ended
    June 30,    		 Six Months Ended
    June 30,
      2022   2021   2022   2021 
    Net loss$(126,290) $(47,306) $(93,252) $(72,201)
    Plus:       
    Stock-based compensation expense 12,842   13,337   26,427   20,585 
    Foreign currency loss 4,538   —   6,208   (319)
    Acquisition and integration costs (benefit) 2,197   14,182   (2,401)  21,212 
    Amortization of acquired intangibles 7,207   5,522   14,353   6,511 
    Change in fair value of contingent consideration (2,968)  1,480   (68,018)  1,480 
    Goodwill impairment 83,149   —   83,149   — 
    Restructuring costs (958)  —   (958)  — 
    Income tax benefit (1,446)  —   (1,446)  — 
    Non-GAAP net loss$(21,729) $(12,785) $(35,938) $(22,732)
    Weighted-average number of shares of common stock used in computing non-GAAP net loss per share:       
    Non-GAAP weighted-average common shares outstanding, diluted 33,635   32,977   33,688   31,145 
    Non-GAAP net loss per share attributable to common stockholders, diluted$(0.65) $(0.39) $(1.07) $(0.73)
                    
                    

    Contacts:

    Public Relations:
    Angie Amberg
    Cardlytics, Inc.
    aamberg@cardlytics.com

    Investor Relations:
    Robert Robinson
    Corporate Development & IR
    ir@cardlytics.com


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