• Cardlytics Announces First Quarter 2024 Financial Results

    المصدر: Nasdaq GlobeNewswire / 08 مايو 2024 16:05:01   America/New_York

    ATLANTA, May 08, 2024 (GLOBE NEWSWIRE) -- Cardlytics, Inc. (NASDAQ: CDLX), a digital advertising platform, today announced financial results for the first quarter ended March 31, 2024.

    “Our results in the first quarter reflect the progress we have made at delivering more value to both consumers and our advertising partners,” said Karim Temsamani, CEO of Cardlytics. “We are driving deeper engagement in the form of higher redemptions, demonstrating that our investments are working, and signaling the potential for higher billings growth in the future.”

    "Q1 was a good start to the year. We are seeing strong momentum in our international business and are making progress on our longer-term initiatives,” said Alexis DeSieno, CFO of Cardlytics. “Adjusted contribution, which reflects the money we keep after paying out rewards and partner share, grew 27% excluding Entertainment, and we delivered another quarter of positive Adjusted EBITDA, in addition to making material improvement to our balance sheet.”

    First Quarter 2024 Financial Results

    • Revenue was $67.6 million, an increase of 5% year-over-year, or 8% excluding Entertainment.
    • Billings, a non-GAAP metric, was $105.2 million, an increase of 10% year-over-year, or 12% excluding Entertainment.
    • Adjusted Contribution, a non-GAAP metric, was $37.1 million, an increase of 20% year-over-year, or 27% excluding Entertainment.
    • Net Loss was $(24.3) million, or $(0.56) per diluted share, based on 43.2 million fully diluted weighted-average common shares, compared to a Net Income of $13.6 million, or $0.40 per diluted share, based on 36.7 million fully diluted weighted-average common shares in the first quarter of 2023.
    • Adjusted EBITDA, a non-GAAP metric, was a gain of $0.2 million compared to a loss of $(6.1) million in the first quarter of 2023.
    • Adjusted Net Loss was $(4.1) million, or $(0.09) per diluted share, based on 43.2 million fully diluted weighted-average common shares, compared to Adjusted Net Loss of $(9.2) million, or $(0.25) per diluted share, based on 36.7 million fully diluted weighted-average common shares in the first quarter of 2023.
    • Net cash used in operating activities was $(17.6) million, a decrease of $7.6 million compared to net cash used in operating activities of $(10.1) million in the first quarter of 2023.
    • Free Cash Flow, a non-GAAP metric, was $(22.4) million, a decrease of $9.5 million compared to $(12.9) million in the first quarter of 2023.

    Key Metrics

    • Cardlytics MAUs were 168.5 million, an increase of 7% year-over-year, compared to 158.1 million in the first quarter of 2023.
    • Cardlytics ARPU was $0.40 compared to $0.41 in the first quarter of 2023.

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


    CARDLYTICS, INC.
    SUMMARY OF GAAP AND NON-GAAP RESULTS (UNAUDITED)
    (Dollars in thousands)
     
     Three Months Ended March 31,  
      2024   2023  2023 Results Excluding Entertainment(2) Change %  Change % Excluding Entertainment(2)
    Billings(1)$105,216  $95,626  $93,876  10.0% 12.1%
    Consumer Incentives 37,608   31,295   31,295  20.2% 20.2%
    Revenue 67,608   64,331   62,581  5.1% 8.0%
    Partner Share and other third-party costs 30,543   33,384   33,358  (8.5)% (8.4)%
    Adjusted Contribution(1) 37,065   30,947   29,223  19.8% 26.8%
    Delivery costs 6,173   6,424   6,424  (3.9)% (3.9)%
    Gross Profit$30,892  $24,523  $22,799  26.0% 35.5%
    Net (Loss) Income$(24,275) $13,608  $14,751  n/a n/a
    Adjusted EBITDA(1)$226  $(6,091) $(5,639) n/a n/a
              
    Adjusted Contribution         
    % of Billings 35.2%  32.4%  31.1%    
    % of Revenue 54.8%  48.1%  46.7%    
    Adjusted EBITDA         
    % of Billings 0.2%  (6.4)%  (6.0)%    
    % of Revenue 0.3%  (9.5)%  (9.0)%    
                    
    (1)   Billings, 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) Income to Adjusted EBITDA."
    (2)   The column excludes results from the Entertainment business. We sold and transferred substantially all of the assets of Entertainment in December 2023.


    Second Quarter 2024 Financial Expectations

    Cardlytics anticipates Billings, Revenue, Adjusted Contribution and Adjusted EBITDA to be in the following ranges (in millions, except for percentage change rates):

     Q2 2024 Guidance YoY Change % YoY Change % Excluding Entertainment(3)
    Billings(1)$115.0 - $126.0 5% - 15% 7% - 17%
    Revenue$73.0 - $81.0 (5%) - 6% (3%) - 8%
    Adjusted Contribution(2)$40.0 - $45.0 7% - 20% 12% - 25%
    Adjusted EBITDA(2)($3.0) - $1.0 $1.1 - $5.1 $0.8 - $4.8
          
    (1)   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."
    (2)   A reconciliation of Adjusted Contribution to GAAP Gross Profit and a reconciliation of Adjusted EBITDA to Net (Loss) Income 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.
    (3)   The column excludes results from the Entertainment business. We sold and transferred substantially all of the assets of Entertainment in December 2023.
     

    Earnings Teleconference Information

    Cardlytics will discuss its first quarter 2024 financial results during a live audio webcast today, May 8, 2024, at 5:00 PM ET / 2:00 PM PT. 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 Menlo Park, Los Angeles, New York, and London. 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, the potential for higher Billings growth in the future and our financial guidance for the second quarter of 2024. 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 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 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; our ability to generate sufficient revenue to offset contractual commitments to FI partners; 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 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 May 8, 2024 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 in this press release: Billings, Adjusted Contribution, Adjusted EBITDA, Adjusted Net Loss, Adjusted Net Loss per share and Free Cash Flow, as well as certain other performance metrics, such as monthly active users (“MAUs”) and average revenue per user (“ARPU”).

    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 Net Loss and Adjusted Net Loss per share as non-GAAP financial measures in this press release. Billings represents the gross amount billed to customers and marketers for services 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. Adjusted Contribution measures 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 Revenue 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. Adjusted EBITDA represents our Net (Loss) Income before interest expense, net; depreciation and amortization; stock-based compensation expense; foreign currency loss (gain); acquisition, integration and divestiture costs; and change in contingent consideration; and, in applicable periods, certain other income and expense items, such as impairment of goodwill and intangible assets; loss on divestiture; restructuring and reduction of force; income tax benefit; and deferred implementation costs. Adjusted Net Loss represents our Net (Loss) Income before stock-based compensation expense; foreign currency loss (gain); acquisition, integration and divestiture costs; amortization of acquired intangibles; and change in contingent consideration; and, in applicable periods, certain other income and expense items, such as impairment of goodwill and intangible assets; loss on divestiture; restructuring and reduction of force; and income tax benefit. We define Adjusted Net Loss per share as Adjusted Net Loss divided by our weighted-average common shares outstanding, diluted. We define Free Cash Flow as net cash used in operating activities, plus acquisition of property and equipment and capitalized software development costs and, in applicable periods, acquisition of patents. We believe free cash flow is useful to measure the funds generated in a given period that are available for distribution or to sustain the business. We believe this supplemental information enhances stockholders' ability to evaluate our performance.

    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 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 believe that MAUs is an indicator of the Cardlytics platform's ability to drive engagement and is reflective of the marketing base that we offer to marketers. 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.


    CARDLYTICS, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
    (Amounts in thousands, except par value amounts)
     
     March 31, 2024 December 31, 2023
    Assets   
    Current assets:   
    Cash and cash equivalents$97,766  $91,830 
    Accounts receivable and contract assets, net 105,164   120,622 
    Other receivables 5,834   5,379 
    Prepaid expenses and other assets 9,491   6,097 
    Total current assets 218,255   223,928 
    Long-term assets:   
    Property and equipment, net 2,906   3,323 
    Right-of-use assets under operating leases, net 8,342   7,310 
    Intangible assets, net 32,218   35,003 
    Goodwill 277,202   277,202 
    Capitalized software development costs, net 27,005   24,643 
    Other long-term assets, net 3,023   2,735 
    Total assets$568,951  $574,144 
    Liabilities and stockholders' equity   
    Current liabilities:   
    Accounts payable$3,974  $4,425 
    Accrued liabilities:   
    Accrued compensation 8,091   11,662 
    Accrued expenses 4,317   9,587 
    Partner Share liability 35,536   48,867 
    Consumer Incentive liability 43,964   52,678 
    Deferred revenue 1,994   2,405 
    Current operating lease liabilities 2,079   2,127 
    Current contingent consideration 2,595   39,398 
    Total current liabilities 102,550   171,149 
    Long-term liabilities:   
    Convertible senior notes, net 227,870   227,504 
    Long-term operating lease liabilities 7,652   6,391 
    Long-term deferred revenue 51   67 
    Long-term debt 30,024   30,073 
    Long-term contingent consideration 1,667   4,162 
    Total liabilities$369,814  $439,346 
    Stockholders’ equity:   
    Common stock, $0.0001 par value—100,000 shares authorized, 48,174 and 39,728 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively$9  $9 
    Additional paid-in capital 1,331,628   1,243,594 
    Accumulated other comprehensive income 3,047   2,467 
    Accumulated deficit (1,135,547)  (1,111,272)
    Total stockholders’ equity 199,137   134,798 
    Total liabilities and stockholders’ equity$568,951  $574,144 
      


    CARDLYTICS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
    (Amounts in thousands, except per share amounts)
     
     Three Months Ended
    March 31,
      2024   2023 
    Revenue$67,608  $64,331 
    Costs and expenses:   
    Partner Share and other third-party costs 30,543   33,384 
    Delivery costs 6,173   6,424 
    Sales and marketing expense 14,118   13,948 
    Research and development expense 13,048   11,564 
    General and administration expense 14,485   13,070 
    Acquisition, integration and divestiture cost —   1,723 
    Change in contingent consideration 5,817   (34,584)
    Depreciation and amortization expense 6,250   6,575 
    Total costs and expenses 90,434   52,104 
    Operating (Loss) Income (22,826)  12,227 
    Other expense (income):   
    Interest expense, net (819)  (8)
    Foreign currency (loss) gain (630)  1,389 
    Total other (expense) income (1,449)  1,381 
    (Loss) Income before income taxes (24,275)  13,608 
    Net (Loss) Income$(24,275) $13,608 
    Net (Loss) Income per share, basic$(0.56) $0.41 
    Net (Loss) Income per share, diluted$(0.56) $0.40 
    Weighted-average common shares outstanding, basic 43,248   33,595 
    Weighted-average common shares outstanding, diluted 43,248   36,727 
     


    CARDLYTICS, INC.
    STOCK-BASED COMPENSATION EXPENSE (UNAUDITED)
    (Amounts in thousands)
     
     Three Months Ended
    March 31,
     2024 2023
    Delivery costs$643 $568
    Sales and marketing expense 3,141  3,053
    Research and development expense 3,950  4,085
    General and administration expense 3,251  262
    Total stock-based compensation expense$10,985 $7,968
     


    CARDLYTICS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
    (Amounts in thousands)
     
     Three Months Ended
    March 31,
     2024 2023
    Operating activities   
    Net (Loss) Income$(24,275) $13,608 
    Adjustments to reconcile net loss to net cash used in operating activities:   
    Credit loss expense (gain) 1,570   (246)
    Depreciation and amortization 6,250   6,575 
    Amortization of financing costs charged to interest expense 445   407 
    Amortization of right-of-use assets 549   1,235 
    Stock-based compensation expense 10,985   7,968 
    Change in contingent consideration 5,817   (34,584)
    Other non-cash expense (income), net 667   (905)
    Change in operating assets and liabilities:   
    Accounts receivable 13,323   21,405 
    Prepaid expenses and other assets (3,450)  (369)
    Accounts payable 125   (1,691)
    Other accrued expenses (7,634)  (3,136)
    Partner Share liability (13,291)  (9,701)
    Consumer Incentive liability (8,698)  (10,630)
    Net cash used in operating activities (17,617)  (10,064)
    Investing activities   
    Acquisition of property and equipment (651)  (360)
    Capitalized software development costs (4,096)  (2,442)
    Net cash used in investing activities (4,747)  (2,802)
    Financing activities   
    Proceeds from issuance of debt —   30,000 
    Settlement of contingent consideration (20,074)  — 
    Principal payments of debt —   (4)
    Proceeds from issuance of common stock 48,634   — 
    Deferred financing costs (239)  (15)
    Net cash provided by financing activities 28,321   29,981 
    Effect of exchange rates on cash, cash equivalents and restricted cash (21)  176 
    Net increase in cash, cash equivalents and restricted cash 5,936   17,291 
    Cash, cash equivalents, and restricted cash — Beginning of period 91,830   121,985 
    Cash, cash equivalents, and restricted cash — End of period$97,766  $139,276 
     


    CARDLYTICS, INC.
    RECONCILIATION OF GAAP REVENUE TO BILLINGS (UNAUDITED)
    (Amounts in thousands)
     
     Three Months Ended
    March 31,
     2024 2023
    Consolidated   
    Revenue$67,608 $64,331
    Plus:   
    Consumer Incentives 37,608  31,295
    Billings$105,216 $95,626
    Cardlytics platform   
    Revenue$62,233 $59,030
    Plus:   
    Consumer Incentives 37,608  31,295
    Billings$99,841 $90,325
    Bridg platform   
    Revenue$5,375 $5,301
    Plus:   
    Consumer Incentives —  —
    Billings$5,375 $5,301
     


    CARDLYTICS, INC.
    RECONCILIATION OF GAAP GROSS PROFIT TO ADJUSTED CONTRIBUTION (UNAUDITED)
    (Amounts in thousands)
     
     Three Months Ended
    March 31,
     2024 2023
    Consolidated   
    Revenue$67,608 $64,331
    Minus:   
    Partner Share and other third-party costs 30,543  33,384
    Delivery costs(1) 6,173  6,424
    Gross Profit 30,892  24,523
    Plus:   
    Delivery costs(1) 6,173  6,424
    Adjusted Contribution$37,065 $30,947
    Cardlytics platform   
    Revenue$62,233 $59,030
    Minus:   
    Partner Share and other third-party costs 30,412  33,175
    Delivery costs(1) 4,723  4,693
    Gross Profit 27,098  21,162
    Plus:   
    Delivery costs(1) 4,723  4,693
    Adjusted Contribution$31,821 $25,855
    Bridg platform   
    Revenue$5,375 $5,301
    Minus:   
    Partner Share and other third-party costs 131  209
    Delivery costs(1) 1,450  1,731
    Gross Profit 3,794  3,361
    Plus:   
    Delivery costs(1) 1,450  1,731
    Adjusted Contribution$5,244 $5,092
     
    (1)   Stock-based compensation expense recognized in consolidated delivery costs totaled $0.6 million for each of the three months ended March 31, 2024 and 2023.


    CARDLYTICS, INC.
    RECONCILIATION OF GAAP NET (LOSS) INCOME TO ADJUSTED EBITDA (UNAUDITED)
    (Amounts in thousands)
     
     Three Months Ended
    March 31,
      2024   2023 
    Net (Loss) Income$(24,275) $13,608 
    Plus:   
    Interest expense, net 819   8 
    Depreciation and amortization 6,250   6,575 
    Stock-based compensation expense 10,985   7,968 
    Foreign currency loss (gain) 630   (1,389)
    Acquisition, integration and divestiture cost —   1,723 
    Change in contingent consideration 5,817   (34,584)
    Adjusted EBITDA$226  $(6,091)
            


    CARDLYTICS, INC.
    RECONCILIATION OF ADJUSTED CONTRIBUTION TO ADJUSTED EBITDA (UNAUDITED)
    (Amounts in thousands)
     
     Three Months Ended
    March 31,
      2024   2023 
    Consolidated   
    Adjusted Contribution$37,065  $30,947 
    Minus:   
    Delivery costs 6,173   6,424 
    Sales and marketing expense 14,118   13,948 
    Research and development expense 13,048   11,564 
    General and administration expense 14,485   13,070 
    Stock-based compensation expense (10,985)  (7,968)
    Adjusted EBITDA$226  $(6,091)
    Cardlytics platform   
    Adjusted Contribution$31,821  $25,855 
    Minus:   
    Delivery costs 4,723   4,693 
    Sales and marketing expense 11,414   11,547 
    Research and development expense 11,115   10,327 
    General and administration expense 13,427   13,330 
    Stock-based compensation expense (9,779)  (8,103)
    Adjusted EBITDA$921  $(5,939)
    Bridg platform   
    Adjusted Contribution$5,244  $5,092 
    Minus:   
    Delivery costs 1,450   1,731 
    Sales and marketing expense 2,704   2,401 
    Research and development expense 1,933   1,237 
    General and administration expense 1,058   (260)
    Stock-based compensation expense (1,206)  135 
    Adjusted EBITDA$(695) $(152)
     


    CARDLYTICS, INC.
    RECONCILIATION OF GAAP NET (LOSS) INCOME TO ADJUSTED NET LOSS
    AND ADJUSTED NET LOSS PER SHARE (UNAUDITED)
    (Amounts in thousands, except per share amounts)
     
     Three Months Ended
    March 31,
      2024   2023 
    Net (Loss) Income$(24,275) $13,608 
    Plus:   
    Stock-based compensation expense 10,985   7,968 
    Foreign currency loss (gain) 630   (1,389)
    Acquisition, integration and divestiture costs —   1,723 
    Amortization of acquired intangibles 2,789   3,458 
    Change in contingent consideration 5,817   (34,584)
    Adjusted Net Loss$(4,054) $(9,216)
    Weighted-average number of shares of common stock used in computing Adjusted Net Loss per share:   
    Weighted-average common shares outstanding, diluted 43,248   36,727 
    Adjusted Net Loss per share, diluted$(0.09) $(0.25)
     


    CARDLYTICS, INC.
    RECONCILIATION OF NET CASH USED IN OPERATING ACTIVITIES TO FREE CASH FLOW (UNAUDITED)
    (Amounts in thousands)
     
     Three Months Ended
    March 31,
      2024   2023 
    Net cash used in operating activities$        (17,617) $        (10,064)
    Plus:   
    Acquisition of property and equipment         (651)          (360)
    Capitalized software development costs         (4,096)          (2,442)
    Free Cash Flow$        (22,364) $        (12,866)
     


    CARDLYTICS, INC.
    RECONCILIATION OF FORECASTED GAAP REVENUE TO BILLINGS (UNAUDITED)
    (Amounts in thousands)
     
     Q2 2024
    Revenue$73.0 - $81.0
    Plus: 
    Consumer Incentives$42.0 - $45.0
    Billings$115.0 - $126.0


    Contacts:

    Public Relations:
    pr@cardlytics.com 

    Investor Relations:
    ir@cardlytics.com 


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