Cardlytics Announces Second Quarter 2021 Financial Results

Atlanta, Georgia, UNITED STATES


ATLANTA, Aug. 03, 2021 (GLOBE NEWSWIRE) -- Cardlytics, Inc. (NASDAQ: CDLX), a digital advertising platform, today announced financial results for the second quarter ended June 30, 2021. Supplemental information is available on the Investor Relations section of the Cardlytics' website at http://ir.cardlytics.com/.

“While we grew Cardlytics platform billings 111% and adjusted contribution 123% year-over-year, we fell below our guidance. This was driven by us forecasting a faster recovery than was realized due to labor shortage and supply chain challenges in retail, restaurant and travel,” said Lynne Laube, CEO & Co-Founder of Cardlytics. “Our core business remains on a very solid foundation and we continue to make significant progress on all of our strategic initiatives, including the integration of Dosh and Bridg.”

“We believe we will still be dealing with an uneven recovery in Q3 as each industry we operate in is still working through unique macroeconomic challenges,” said Andy Christiansen, CFO of Cardlytics. “We remain very excited about the long-term potential of Cardlytics and continue to make immense progress on our product and technology initiatives.”

Second Quarter 2021 Financial Results

  • Revenue was $58.9 million, an increase of 109% year-over-year, compared to $28.2 million in the second quarter of 2020.
  • Billings, a non-GAAP metric, was $85.3 million, an increase of 116% year-over-year, compared to $39.5 million in the second quarter of 2020.
  • Gross profit was $23.2 million, an increase of 193% year-over-year, compared to $7.9 million in the second quarter of 2020.
  • Adjusted contribution, a non-GAAP metric, was $29.6 million, an increase of 139% year-over-year, compared to $12.4 million in the second quarter of 2020.
  • Net loss attributable to common stockholders was $(47.3) million, or $(1.43) per diluted share, based on 33.0 million weighted-average common shares outstanding, compared to a net loss attributable to common stockholders of $(19.8) million, or $(0.73) per diluted share, based on 27.1 million weighted-average common shares outstanding in the second quarter of 2020.
  • Non-GAAP net loss was $(12.8) million, or $(0.39) per diluted share, based on 33.0 million weighted-average common shares outstanding, compared to a non-GAAP net loss of $(10.2) million, or $(0.38) per diluted share, based on 27.1 million weighted-average common shares outstanding in the second quarter of 2020.
  • Adjusted EBITDA, a non-GAAP metric, was a loss of $(5.7) million compared to a loss of $(7.7) million in the second quarter of 2020.

Key Metrics

  • Cardlytics MAUs were 167.6 million, an increase of 7%, compared to 157.2 million in the second quarter of 2020.
  • Cardlytics ARPU was $0.34, an increase of 89%, compared to $0.18 in the second quarter of 2020.
  • Bridg ARR was $12.5 million in the second quarter of 2021.

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

Third Quarter 2021 Financial Expectations

Cardlytics anticipates billings, revenue, and adjusted contribution to be in the following ranges (in millions):

 Q3 2021 Guidance
Billings(1)$85.0 - $95.0
Revenue$57.0 - $66.0
Adjusted contribution(2)$27.0 - $32.0


(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 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.

Earnings Teleconference Information

Cardlytics will discuss its second quarter 2021 financial results during a teleconference today, August 3, 2021, at 5:00 PM ET / 2:00 PM PT. The conference call can be accessed at (866) 385-4179 (domestic) or (210) 874-7775 (international), conference ID# 3993796. A replay of the conference call will be available through 8:00 PM ET / 5:00 PM PT on August 10, 2021 at (855) 859-2056 (domestic) or (404) 537-3406 (international). The replay passcode is 3993796. The call will also be broadcast simultaneously 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 banking rewards programs that promote customer loyalty and deepen banking 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, we have offices in London, New York, San Francisco, Austin and Visakhapatnam. In March 2021, we acquired Dosh, a transaction-based advertising platform, and in May 2021 we acquired Bridg, a customer data platform. 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, our financial guidance for the third quarter of 2021, future growth, the integration of Dosh and Bridg, 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 and Bridg with our company; risks related to our substantial dependence on our Cardlytics Direct product; risks related to our substantial dependence on JPMorgan Chase Bank, National Association (“Chase”), Bank of America, National Association ("Bank of America") and a limited number of other financial institution (“FI”) partners; the timing of the phased launch of the Cardlytics platform by U.S. Bank; 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 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 3, 2021 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 platform 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 net loss before income tax benefit; interest expense, net; depreciation and amortization expense; stock-based compensation expense; foreign currency (loss) gain; deferred implementation costs; restructuring costs, acquisition and integration costs and change in fair value of contingent consideration. 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 income as our net loss before stock-based compensation expense; foreign currency (loss) gain; acquisition and integration 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 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 non-GAAP weighted-average common shares outstanding, basic and diluted, which includes our GAAP weighted-average common shares outstanding, basic and diluted, and our weighted-average preferred shares outstanding, assuming conversion.

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 from, opened an email containing offers from, 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)

 June 30, 2021 December 31, 2020
Assets   
Current assets:   
Cash and cash equivalents$250,603  $293,239 
Restricted cash111  110 
Accounts receivable, net73,468  81,249 
Other receivables6,142  5,306 
Prepaid expenses and other assets8,132  5,687 
Total current assets338,456  385,591 
Long-term assets:   
Property and equipment, net13,095  13,865 
Right-of-use assets under operating leases, net11,694  10,764 
Intangible assets, net137,185  447 
Goodwill718,490   
Capitalized software development costs, net9,157  6,299 
Deferred implementation costs, net2,173  3,785 
Other long-term assets, net2,617  1,786 
Total assets$1,232,867  $422,537 
Liabilities and stockholders' equity   
Current liabilities:   
Accounts payable$5,217  $1,363 
Accrued liabilities:   
Accrued compensation9,090  7,582 
Accrued expenses8,207  5,502 
Partner Share liability28,688  37,457 
Consumer Incentive liability36,561  24,290 
Deferred revenue2,777  349 
Current operating lease liabilities6,000  4,718 
Current finance lease liabilities23  13 
Current contingent consideration164,952   
Other current liabilities1,457   
Total current liabilities262,972  81,274 
Long-term liabilities:   
Convertible senior notes, net179,113  174,011 
Long-term finance lease liabilities44   
Long-term operating lease liabilities8,218  9,381 
Long-term contingent consideration67,449   
Other long-term liabilities679  679 
Total liabilities518,475  265,345 
Stockholders’ equity:   
Common stock, $0.0001 par value—100,000 shares authorized and 27,861 and 33,023 shares issued and outstanding as of December 31, 2020 and June 30, 2021, respectively.8  8 
Additional paid-in capital1,181,290  551,429 
Accumulated other comprehensive income(652) (192)
Accumulated deficit(466,254) (394,053)
Total stockholders’ equity714,392  157,192 
Total liabilities and stockholders’ equity$1,232,867  $422,537 



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,
 2021 2020 2021 2020
Revenue$58,853  $28,222  $112,083  $73,731 
Costs and expenses:       
Partner Share and other third-party costs29,953  16,811  59,724  42,949 
Delivery costs5,748  3,499  9,686  6,905 
Sales and marketing expense17,063  10,405  30,265  21,373 
Research and development expense8,934  3,966  15,152  7,817 
General and administration expense16,888  11,734  29,063  22,478 
Acquisition and integration costs14,182    21,212   
Depreciation and amortization expense8,833  1,545  11,898  3,876 
Total costs and expenses101,601  47,960  177,000  105,398 
Operating loss(42,748) (19,738) (64,917) (31,667)
Other income (expense):       
Interest (expense) income, net(3,078) (10) (6,123) 274 
Change in fair value of contingent consideration(1,480)   (1,480)  
Foreign currency (loss) gain  (10) 319  (1,896)
Total other expense(4,558) (20) (7,284) (1,622)
Loss before income taxes(47,306) (19,758) (72,201) (33,289)
Income tax benefit       
Net loss(47,306) (19,758) (72,201) (33,289)
Net loss attributable to common stockholders$(47,306) $(19,758) $(72,201) $(33,289)
Net loss per share attributable to common stockholders, basic and diluted$(1.43) $(0.73) $(2.32) $(1.24)
Weighted-average common shares outstanding, basic and diluted32,977  27,072  31,145  26,898 



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

 Three Months Ended
June 30,
 Six Months Ended
June 30,
 2021 2020 2021 2020
Delivery costs$521  $357  $830  $532 
Sales and marketing expense3,655  2,567  6,087  3,836 
Research and development expense2,448  1,401  3,962  2,004 
General and administrative expense6,713  4,783  9,706  6,861 
Total stock-based compensation expense$13,337  $9,108  $20,585  $13,233 



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

 Six Months Ended
June 30,
 2021 2020
Operating activities   
Net loss$(72,201) $(33,289)
Adjustments to reconcile net loss to net cash used in operating activities:   
Credit loss expense1,156  1,326 
Depreciation and amortization11,898  3,876 
Amortization of financing costs charged to interest expense448  48 
Accretion of debt discount and non-cash interest expense4,680   
Amortization of right-of-use assets2,354  1,731 
Stock-based compensation expense20,585  13,233 
Change in fair value of contingent consideration1,480   
Other non-cash expense, net(279) 2,073 
Amortization of deferred implementation costs1,612  1,999 
Change in operating assets and liabilities:   
Accounts receivable10,209  42,460 
Prepaid expenses and other assets(1,896) (603)
Accounts payable2,021  (163)
Other accrued expenses2,021  (6,922)
Partner Share liability(8,768) (22,665)
Consumer Incentive liability(2,830) (10,748)
Net cash used in operating activities(27,510) (7,644)
Investing activities   
Acquisition of property and equipment(1,790) (1,225)
Acquisition of patents(58) (30)
Capitalized software development costs(4,431) (2,132)
Business acquisition, net of cash acquired(494,131)  
Net cash used in investing activities(500,410) (3,387)
Financing activities   
Principal payments of debt(11) (11)
Proceeds from issuance of common stock485,690  5,435 
Deferred equity issuance costs(190)  
Debt issuance costs(86) (13)
Net cash received from financing activities485,403  5,411 
Effect of exchange rates on cash, cash equivalents and restricted cash(118) (492)
Net increase in cash, cash equivalents and restricted cash(42,635) (6,112)
Cash, cash equivalents, and restricted cash — Beginning of period293,349  104,587 
Cash, cash equivalents, and restricted cash — End of period$250,714  $98,475 



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
 2021 2020 $ % 2021 2020 $ %
Billings(1)$85,337  $39,521  $45,816  116 % $161,654  $107,297  $54,357  51 %
Consumer Incentives26,484  11,299  15,185  134  49,571  33,566  16,005  48 
Revenue58,853  28,222  30,631  109  112,083  73,731  38,352  52 
Adjusted Partner Share and other third-party costs(1)29,223  15,820  13,403  85  58,112  40,950  17,162  42 
Adjusted contribution(1)29,630  12,402  17,228  139  53,971  32,781  21,190  65 
Delivery costs5,748  3,499  2,249  64  9,686  6,905  2,781  40 
Deferred implementation costs730  991  (261) (26) 1,612  1,999  (387) (19)
Gross profit$23,152  $7,912  $15,240  193 % $42,673  $23,877  $18,796  79 %
Net loss$(47,306) $(19,758) $(27,548) 139 % $(72,201) $(33,289) $(38,912) 117 %
Adjusted EBITDA(1)$(5,666) $(7,693) $2,027  (26)% $(9,610) $(11,676) $2,066  (18)%


(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, 2021
 Six Months Ended
June 30, 2021
 Cardlytics Platform Bridg
Platform
 Consolidated Cardlytics
Platform
 Bridg
Platform
 Consolidated
Revenue$56,763  $2,090  $58,853  $109,993  $2,090  $112,083 
Plus:           
Consumer Incentives26,484    26,484  49,571    49,571 
Billings$83,247  $2,090  $85,337  $159,564  $2,090  $161,654 


 Three Months Ended
June 30, 2020
 Six Months Ended
June 30, 2020
 Cardlytics
Platform
 Bridg
Platform
 Consolidated Cardlytics
Platform
 Bridg
Platform
 Consolidated
Revenue$28,222  $  $28,222  $73,731  $  $73,731 
Plus:           
Consumer Incentives11,299    11,299  33,566    33,566 
Billings$39,521  $  $39,521  $107,297  $  $107,297 



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

 Three Months Ended
June 30, 2021
 Six Months Ended
June 30, 2021
 Cardlytics
Platform
 Bridg
Platform
 Consolidated Cardlytics
Platform
 Bridg
Platform
 Consolidated
Revenue$56,763   $2,090   $58,853   $109,993   $2,090   $112,083  
Minus:           
Partner Share and other third-party costs29,890   63   29,953   59,661   63   59,724  
Delivery costs(1)4,837   911   5,748   8,775   911   9,686  
Gross profit22,036   1,116   23,152   41,557   1,116   42,673  
Plus:           
Delivery costs(1)4,837   911   5,748   8,775   911   9,686  
Deferred implementation costs(2)730   —   730   1,612   —   1,612  
Adjusted contribution$27,603   $2,027   $29,630   $51,944   $2,027   $53,971  


(1) Stock-based compensation expense recognized in consolidated delivery costs totaled $0.5 million and $0.8 million for the three and six months ended June 30, 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, 2021
 Six Months Ended
June 30, 2021
 Cardlytics
Platform
 Bridg
Platform
 Consolidated Cardlytics
Platform
 Bridg
Platform
 Consolidated
Partner Share and other third-party costs$29,890  $63  $29,953  $59,661  $63  $59,724 
Minus:           
Deferred implementation costs730    730  1,612    1,612 
Adjusted Partner Share and other third-party costs$29,160  $63  $29,223  $58,049  $63  $58,112 



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

 Three Months Ended
June 30, 2020
 Six Months Ended
June 30, 2020
 Cardlytics
Platform
 Bridg
Platform
 Consolidated Cardlytics
Platform
 Bridg
Platform
 Consolidated
Revenue$28,222  $  $28,222  $73,731  $  $73,731 
Minus:           
Partner Share and other third-party costs16,811    16,811  42,949    42,949 
Delivery costs(1)3,499    3,499  6,905    6,905 
Gross profit7,912    7,912  23,877    23,877 
Plus:           
Delivery costs(1)3,499    3,499  6,905    6,905 
Deferred implementation costs(2)991    991  1,999    1,999 
Adjusted contribution$12,402  $  $12,402  $32,781  $  $32,781 


(1) Stock-based compensation expense recognized in consolidated delivery costs totaled $0.4 million and $0.5 million for the three and six months ended June 30, 2020, 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, 2020
 Six Months Ended
June 30, 2020
 Cardlytics
Platform
 Bridg
Platform
 Consolidated Cardlytics
Platform
 Bridg
Platform
 Consolidated
Partner Share and other third-party costs$16,811  $  $16,811  $42,949  $  $42,949 
Minus:           
Deferred implementation costs991    991  1,999    1,999 
Adjusted Partner Share and other third-party costs$15,820  $  $15,820  $40,950  $  $40,950 



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

 Three Months Ended
June 30, 2021
 Six Months Ended
June 30, 2021
 Cardlytics
Platform
 Bridg
Platform
 Consolidated Cardlytics
Platform
 Bridg
Platform
 Consolidated
Net loss$(45,328) $(1,978) $(47,306) $(70,223) $(1,978) $(72,201)
Plus:           
Interest expense, net3,078    3,078  6,123    6,123 
Depreciation and amortization expense7,092  1,741  8,833  10,157  1,741  11,898 
Stock-based compensation expense13,179  158  13,337  20,427  158  20,585 
Foreign currency gain      (319)   (319)
Deferred implementation costs730    730  1,612    1,612 
Acquisition and integration costs14,114  68  14,182  21,144  68  21,212 
Change in fair value of contingent consideration 1,480      1,480   1,480      1,480 
Adjusted EBITDA$(5,655) $(11) $(5,666) $(9,599) $(11) $(9,610)


 Three Months Ended
June 30, 2020
 Six Months Ended
June 30, 2020
 Cardlytics
Platform
 Bridg
Platform
 Consolidated Cardlytics
Platform
 Bridg
Platform
 Consolidated
Net loss$(19,758) $  $(19,758) $(33,289) $  $(33,289)
Plus:           
Interest expense (income), net10    10  (274)   (274)
Depreciation and amortization expense1,545    1,545  3,876    3,876 
Stock-based compensation expense9,108    9,108  13,233    13,233 
Foreign currency loss8    8  1,894    1,894 
Deferred implementation costs991    991  1,999    1,999 
Restructuring costs403    403  885    885 
Adjusted EBITDA$(7,693) $  $(7,693) $(11,676) $  $(11,676)



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,
 2021 2020 2021 2020
Net loss$(47,306) $(19,758) $(72,201) $(33,289)
Plus:       
Stock-based compensation expense13,337  9,108  20,585  13,233 
Foreign currency loss (gain)  8  (319) 1,894 
Acquisition and integration costs14,182    21,212   
Amortization of acquired intangibles5,522    6,511   
Change in fair value of contingent consideration1,480    1,480   
Restructuring costs  403    885 
Non-GAAP net loss$(12,785) $(10,239) $(22,732) $(17,277)
Weighted-average number of shares of common stock used in computing non-GAAP net loss per share:       
GAAP weighted-average common shares outstanding, diluted32,977  27,072  31,145  26,898 
Non-GAAP net loss per share attributable to common stockholders, diluted$(0.39) $(0.38) $(0.73) $(0.64)



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

 Q3 2021 Guidance
Revenue$57.0 - $66.0
Plus: 
Consumer Incentives$28.0 - $29.0
Billings$85.0 - $95.0

Contacts:

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

Investor Relations:
Robert Robinson
Corporate Development & IR
(256) 653-2097
ir@cardlytics.com

William Maina
ICR, Inc.
(646) 277-1236
ir@cardlytics.com