EX-99.1 2 cdlx_form8-kx2023q2xex991.htm EX-99.1 Document
Exhibit 99.1
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Cardlytics Announces Second Quarter 2023 Financial Results
Atlanta, GA – August 1, 2023 – Cardlytics, Inc. (NASDAQ: CDLX), a digital advertising platform, today announced financial results for the second quarter ended June 30, 2023. Supplemental information is available on the Investor Relations section of Cardlytics' website at http://ir.cardlytics.com/.
"Our results this quarter are a great sign that our strategy and priorities are moving the company towards achieving consistent growth and profitability." said Karim Temsamani, Chief Executive Officer. "We are moving forward with a disciplined approach and the organizational changes we are making continue to give our teams room to operate with speed and a clear focus."
Second Quarter 2023 Financial Results
•Revenue was $76.7 million, an increase of 2% year-over-year, compared to $75.4 million in the second quarter of 2022.
•Billings, a non-GAAP metric, was $109.4 million, an increase of 2% year-over-year, compared to $107.7 million in the second quarter of 2022.
•Gross profit was $30.5 million, an increase of 13% year-over-year, compared to $27.0 million in the second quarter of 2022.
•Adjusted contribution, a non-GAAP metric, was $37.5 million, an increase of 7% year-over-year, compared to $35.1 million in the second quarter of 2022.
•Net loss attributable to common stockholders was $(23.5) million, or $(0.67) per diluted share, based on 34.9 million fully diluted weighted-average common shares, compared to a net loss attributable to common stockholders of $(126.3) million, or $(3.75) per diluted share, based on 33.6 million fully diluted weighted-average common shares in the second quarter of 2022.
•Non-GAAP net loss was $(8.4) million, or $(0.24) per diluted share, based on 34.9 million fully diluted weighted-average common shares, compared to non-GAAP net loss of $(21.7) million, or $(0.65) per diluted share, based on 33.6 million fully diluted weighted-average common shares in the second quarter of 2022.
•Adjusted EBITDA, a non-GAAP metric, was a loss of $(4.1) million compared to a loss of $(15.8) million in the second quarter of 2022.
Key Metrics
•Cardlytics MAUs were 188.1 million, an increase of 5% year-over-year, compared to 179.9 million in the second quarter of 2022.
•Cardlytics ARPU was $0.38 in each of the second quarter of 2023 and 2022.
Definitions of MAUs, ARPU and ARR are included below under the caption “Non-GAAP Measures and Other Performance Metrics."
Third Quarter 2023 Financial Expectations
Cardlytics anticipates billings, revenue, adjusted contribution and adjusted EBITDA to be in the following ranges (in millions):
Q3 2023 Guidance
Billings(1)
 $111.0 - $123.0
Revenue $75.0 - $84.0
Adjusted contribution(2)
 $39.0 - $45.0
Adjusted EBITDA(2)
 ($2.0) - $2.0
(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 and a reconciliation of adjusted EBITDA to net loss 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 2023 financial results during a teleconference today, August 1, 2023, at 5:00 PM ET / 2:00 PM PT. A live dial-in will be available after registering at http://ir.cardlytics.com/. Shortly after the conclusion of the call, a replay of this conference call will be available through 8:00 PM ET on August 8, 2023 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 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, Cardlytics has offices in Menlo Park, New York, Los Angeles, 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, our financial guidance for the third quarter of 2023. 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; risks related to the fact that 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; potential payments under the Merger Agreement with Bridg; 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 macroeconomic events; 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 1, 2023 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, non-GAAP net loss and non-GAAP net loss per share 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, 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, delivery costs, general and administration and other investments. Adjusted contribution is calculated by taking our total revenue less our Partner Share and other third-party costs. 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, delivery costs, 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 taxes; interest expense, net; depreciation and amortization expense; stock-based compensation expense; foreign currency gain (loss); acquisition and integration (benefit) cost; loss (gain) in fair value of contingent consideration; goodwill impairment and restructuring and reduction of force. We define non-GAAP net loss as our net loss before stock-based compensation expense; foreign currency (gain) loss; acquisition and integration (benefit) cost; amortization of acquired intangibles; and loss (gain) in fair value of contingent consideration. Notably, any impacts related to minimum Partner Share commitments in connection with agreements with certain partners are not added back to net income 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, 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.



CARDLYTICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Amounts in thousands, except par value amounts)
June 30, 2023December 31, 2022
Assets
Current assets:
Cash and cash equivalents$92,069 $121,905 
Restricted cash76 80 
Accounts receivable and contract assets, net97,279 115,609 
Other receivables4,466 4,470 
Prepaid expenses and other assets7,824 7,978 
Total current assets201,714 250,042 
Long-term assets:
Property and equipment, net3,401 5,916 
Right-of-use assets under operating leases, net4,510 6,571 
Intangible assets, net46,563 53,475 
Goodwill352,721 352,721 
Capitalized software development costs, net21,922 19,925 
Other long-term assets, net2,493 2,586 
Total assets$633,324 $691,236 
Liabilities and stockholders' equity
Current liabilities:
Accounts payable$1,698 $3,765 
Accrued liabilities:
Accrued compensation8,609 10,486 
Accrued expenses10,466 21,335 
Short-term debt30,000 — 
Partner Share liability49,055 48,593 
Consumer Incentive liability43,090 53,983 
Deferred revenue3,015 1,751 
Current operating lease liabilities3,002 4,910 
Current contingent consideration18,987 104,121 
Total current liabilities167,922 248,944 
Long-term liabilities:
Convertible senior notes, net226,774 226,047 
Deferred liabilities84 334 
Long-term operating lease liabilities2,432 4,306 
Total liabilities397,212 479,631 
Stockholders’ equity:
Common stock, $0.0001 par value—100,000 shares authorized and 37,088 and 33,477 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively.
9 9 
Additional paid-in capital1,219,530 1,182,568 
Accumulated other comprehensive income3,043 5,598 
Accumulated deficit(986,470)(976,570)
Total stockholders’ equity236,112 211,605 
Total liabilities and stockholders’ equity$633,324 $691,236 



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,
 2023202220232022
Revenue$76,701 $75,405 $141,032 $143,333 
Costs and expenses:
Partner Share and other third-party costs39,170 40,280 72,554 75,433 
Delivery costs7,015 8,162 13,439 14,695 
Sales and marketing expense15,205 21,983 29,153 39,631 
Research and development expense14,847 13,581 26,411 25,872 
General and administration expense16,276 20,984 29,346 41,409 
Acquisition and integration cost (benefit)(9,947)2,197 (8,224)(2,401)
Loss (gain) in fair value of contingent consideration11,258 (2,968)(23,326)(68,018)
Goodwill impairment— 83,149 — 83,149 
Depreciation and amortization expense7,200 10,356 13,775 20,227 
Total costs and expenses101,024 197,724 153,128 229,997 
Operating loss(24,323)(122,319)(12,096)(86,664)
Other expense (income):
Interest expense, net(574)(879)(582)(1,826)
Foreign currency gain (loss)1,389 (4,538)2,778 (6,208)
Total other expense (income)815 (5,417)2,196 (8,034)
Loss before income taxes(23,508)(127,736)(9,900)(94,698)
Income tax benefit— 1,446 — 1,446 
Net loss(23,508)(126,290)(9,900)(93,252)
Net loss attributable to common stockholders$(23,508)$(126,290)$(9,900)$(93,252)
Net loss per share attributable to common stockholders, basic and diluted$(0.67)$(3.75)$(0.29)$(2.77)
Weighted-average common shares outstanding, basic and diluted34,880 33,635 34,241 33,688 



CARDLYTICS, INC.
STOCK-BASED COMPENSATION EXPENSE (UNAUDITED)
(Amounts in thousands)
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Delivery costs$565 $914 $1,133 $1,496 
Sales and marketing3,751 3,633 6,804 7,337 
Research and development4,502 4,247 8,587 7,451 
General and administration2,921 4,048 3,183 10,143 
Total stock-based compensation$11,739 $12,842 $19,707 $26,427 






CARDLYTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Amounts in thousands)
 Six Months Ended
June 30,
 20232022
Operating activities
Net income$(9,900)$(93,252)
Adjustments to reconcile net income to net cash used in operating activities:
Credit loss expense744 1,041 
Depreciation and amortization13,775 20,227 
Amortization of financing costs charged to interest expense819 790 
Amortization of right-of-use assets2,205 2,939 
Stock-based compensation expense19,707 26,427 
Goodwill impairment— 83,149 
Gain in fair value of contingent consideration(23,326)(68,018)
Other non-cash (income) expense, net(3,147)6,087 
Income tax benefit— (1,446)
Change in operating assets and liabilities:
Accounts receivable18,069 19,663 
Prepaid expenses and other assets430 (1,885)
Accounts payable(2,046)(1,821)
Other accrued expenses(10,954)(5,770)
Partner Share liability269 (4,821)
Consumer Incentive liability(10,958)(9,679)
Net cash used in operating activities (4,313)(26,369)
Investing activities
Acquisition of property and equipment(342)(889)
Acquisition of patents— (57)
Capitalized software development costs(5,207)(6,083)
Business acquisitions, net of cash acquired— (2,274)
Net cash used in investing activities(5,549)(9,303)
Financing activities
Proceeds from issuance of debt30,000 — 
Settlement of contingent consideration(50,050)— 
Principal payments of debt(11)(21)
Proceeds from issuance of common stock11 393 
Repurchase of common stock— (40,000)
Deferred debt costs(45)— 
Deferred equity issuance costs— (174)
Net cash used in financing activities(20,095)(39,802)
Effect of exchange rates on cash, cash equivalents and restricted cash117 (969)
Net decrease in cash, cash equivalents and restricted cash(29,840)(76,443)
Cash, cash equivalents, and restricted cash — Beginning of period121,985 233,562 
Cash, cash equivalents, and restricted cash — End of period$92,145 $157,119 





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

 Three Months Ended
June 30,		ChangeSix Months Ended
June 30,		Change
 20232022$%20232022$%
Billings(1)
$109,424 $107,744 $1,680 2 %$205,050 $205,969 $(919)— %
Consumer Incentives32,723 32,339 384 1 64,018 62,636 1,382 2 
Revenue76,701 75,405 1,296 2 141,032 143,333 (2,301)(2)
Partner Share and other third-party costs(1)
39,170 40,280 (1,110)(3)72,554 75,433 (2,879)(4)
Adjusted contribution(1)
37,531 35,125 2,406 7 68,478 67,900 578 1 
Delivery costs7,015 8,162 (1,147)(14)13,439 14,695 (1,256)(9)
Gross profit$30,516 $26,963 $3,553 13 %$55,039 $53,205 $1,834 3 %
Net loss$(23,508)$(126,290)$102,782 81 %$(9,900)$(93,252)$83,352 (89)%
Adjusted EBITDA(1)
$(4,073)$(15,785)$11,712 74 %$(10,164)$(26,322)$16,158 (61)%
(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 to Adjusted EBITDA."

CARDLYTICS, INC.
RECONCILIATION OF GAAP REVENUE TO BILLINGS (UNAUDITED)
(Amounts in thousands)
Three Months Ended
June 30, 2023		Three Months Ended
June 30, 2022
 Cardlytics PlatformBridg PlatformConsolidatedCardlytics PlatformBridg PlatformConsolidated
Revenue$70,726 $5,975 $76,701 $69,270 $6,135 $75,405 
Plus:
Consumer Incentives32,723 — 32,723 32,339 — 32,339 
Billings$103,449 $5,975 $109,424 $101,609 $6,135 $107,744 

Six Months Ended
June 30, 2023		Six Months Ended
June 30, 2022
 Cardlytics PlatformBridg PlatformConsolidatedCardlytics PlatformBridg PlatformConsolidated
Revenue$129,756 $11,276 $141,032 $133,253 $10,080 $143,333 
Plus:
Consumer Incentives64,018 — 64,018 62,636 — 62,636 
Billings$193,774 $11,276 $205,050 $195,889 $10,080 $205,969 















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

Three Months Ended
June 30, 2023		Three Months Ended
June 30, 2022
 Cardlytics PlatformBridg PlatformConsolidatedCardlytics PlatformBridg PlatformConsolidated
Revenue$70,726 $5,975 $76,701 $69,270 $6,135 $75,405 
Minus:
Partner Share and other third-party costs39,086 84 39,170 39,403 877 40,280 
Delivery costs(1)
5,217 1,798 7,015 6,311 1,851 8,162 
Gross profit26,423 4,093 30,516 23,556 3,407 26,963 
Plus:
Delivery costs(1)
5,217 1,798 7,015 6,311 1,851 8,162 
Adjusted contribution$31,640 $5,891 $37,531 $29,867 $5,258 $35,125 
(1)Stock-based compensation expense recognized in consolidated delivery costs totaled $0.6 million and $0.9 million for the three months ended June 30, 2023 and 2022, respectively.
Six Months Ended
June 30, 2023		Six Months Ended
June 30, 2022
 Cardlytics PlatformBridg PlatformConsolidatedCardlytics PlatformBridg PlatformConsolidated
Revenue$129,756 $11,276 $141,032 $133,253 $10,080 $143,333 
Minus:
Partner Share and other third-party costs72,261 293 72,554 74,431 1,002 75,433 
Delivery costs(1)
9,910 3,529 13,439 11,218 3,477 14,695 
Gross profit47,585 7,454 55,039 47,604 5,601 53,205 
Plus:
Delivery costs(1)
9,910 3,529 13,439 11,218 3,477 14,695 
Adjusted contribution$57,495 $10,983 $68,478 $58,822 $9,078 $67,900 
(1)Stock-based compensation expense recognized in consolidated delivery costs totaled $1.5 million and $1.1 million for the six months ended June 30, 2022 and 2023, respectively.






















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

 Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Net loss$(23,508)$(126,290)$(9,900)$(93,252)
Plus:
Income tax benefit— (1,446)— (1,446)
Interest expense, net574 879 582 1,826 
Depreciation and amortization7,200 10,356 13,775 20,227 
Stock-based compensation expense11,739 12,842 19,707 26,427 
Foreign currency (gain) loss(1,389)4,538 (2,778)6,208 
Acquisition and integration cost (benefit) cost(9,947)2,197 (8,224)(2,401)
Loss (gain) in fair value of contingent consideration11,258 (2,968)(23,326)(68,018)
Goodwill impairment— 83,149 — 83,149 
Restructuring and reduction of force— 958 — 958 
Adjusted EBITDA$(4,073)$(15,785)$(10,164)$(26,322)


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


Three Months Ended
June 30, 2023		Three Months Ended
June 30, 2022
 Cardlytics PlatformBridg PlatformConsolidatedCardlytics PlatformBridg PlatformConsolidated
Adjusted Contribution$31,640 $5,891 $37,531 $29,867 $5,258 $35,125 
Minus:
Delivery costs5,217 1,798 7,015 6,311 1,851 8,162 
Sales and marketing expense12,834 2,371 15,205 20,908 1,075 21,983 
Research and development expense13,399 1,448 14,847 11,936 1,645 13,581 
General and administration expense15,117 1,159 16,276 21,232 (248)20,984 
Stock-based compensation expense(10,605)(1,134)(11,739)(13,944)1,102 (12,842)
Restructuring and reduction of force— — — (958)— (958)
Adjusted EBITDA$(4,322)$249 $(4,073)$(15,618)$(167)$(15,785)



Six Months Ended
June 30, 2023		Six Months Ended
June 30, 2022
 Cardlytics PlatformBridg PlatformConsolidatedCardlytics PlatformBridg PlatformConsolidated
Adjusted Contribution$57,495 $10,983 $68,478 $58,822 $9,078 $67,900 
Minus:
Delivery costs9,910 3,529 13,439 11,218 3,477 14,695 
Sales and marketing expense24,382 4,771 29,153 36,816 2,815 39,631 
Research and development expense23,726 2,685 26,411 22,895 2,977 25,872 
General and administration expense28,447 899 29,346 40,441 968 41,409 
Stock-based compensation expense(18,708)(999)(19,707)(25,879)(548)(26,427)
Restructuring and reduction of force— — — (958)— (958)
Adjusted EBITDA$(10,262)$98 $(10,164)$(25,711)$(611)$(26,322)

CARDLYTICS, INC.
RECONCILIATION OF GAAP NET INCOME 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,
 2023202220232022
Net loss$(23,508)$(126,290)$(9,900)$(93,252)
Plus:
Stock-based compensation expense11,739 12,842 19,707 26,427 
Foreign currency (gain) loss(1,389)4,538 (2,778)6,208 
Acquisition and integration (benefit) cost(9,947)2,197 8,224 (2,401)
Amortization of acquired intangibles3,441 7,207 6,898 14,353 
Loss (gain) in fair value of contingent consideration
11,258 (2,968)(23,326)(68,018)
Goodwill impairment— 83,149 — 83,149 
Restructuring and reduction of force— (958)— (958)
Income tax benefit— (1,446)— (1,446)
Non-GAAP net loss$(8,406)$(21,729)$(1,175)$(35,938)
Weighted-average number of shares of common stock used in computing non-GAAP net loss per share:
Non-GAAP weighted-average common shares outstanding, diluted34,880 33,635 34,241 33,688 
Non-GAAP net loss per share attributable to common stockholders, diluted$(0.24)$(0.65)$(0.03)$(1.07)




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


 Q3 2023
Revenue$75.0 - $84.0
Plus:
Consumer Incentives$36.0 - $39.0
Billings$111.0 - $123.0




Contacts:

Public Relations:
Robert Robinson
pr@cardlytics.com

Investor Relations:
Robert Robinson
ir@cardlytics.com