Cardlytics Announces Third Quarter 2021 Financial Results

Atlanta, GA – November 2, 2021 – Cardlytics, Inc. (NASDAQ: CDLX), a digital advertising platform, today announced financial results for the third quarter ended September 30, 2021. Supplemental information is available on the Investor Relations section of Cardlytics' website at http://ir.cardlytics.com/.

“We had a solid quarter and delivered results above our guidance,” said Lynne Laube, CEO & Co-Founder of Cardlytics. “Execution remains our primary focus, and we have the team and resources to achieve our financial goals, be a strategic partner for our banks and continue our progress on our product and technology initiatives.”

“We saw the core business strengthen through the quarter as we achieved sequential billings growth each month,” said Andy Christiansen, CFO of Cardlytics. “We remain focused on the things we can control — developing and maintaining strong relationships with all of our partners and developing a technology platform that will unlock the massive potential of our channel.”

Third Quarter 2021 Financial Results

• Revenue was $65.0 million, an increase of 41% year-over-year, compared to $46.1 million in the third quarter of 2020.
• Billings, a non-GAAP metric, was $98.4 million, an increase of 59% year-over-year, compared to $62.1 million in the third quarter of 2020.
• Gross profit was $24.5 million, an increase of 68% year-over-year, compared to $14.6 million in the third quarter of 2020.
• Adjusted contribution, a non-GAAP metric, was $31.6 million, an increase of 60% year-over-year, compared to $19.7 million in the third quarter of 2020.
• Net loss attributable to common stockholders was $(44.5) million, or $(1.35) per diluted share, based on 33.1 million weighted-average common shares outstanding, compared to a net loss attributable to common stockholders of $(15.4) million, or $(0.56) per diluted share, based on 27.3 million weighted-average common shares outstanding in the third quarter of 2020.
• Non-GAAP net loss was $(11.0) million, or $(0.33) per diluted share, based on 33.1 million weighted-average common shares outstanding, compared to a non-GAAP net loss of $(4.5) million, or $(0.16) per diluted share, based on 27.3 million weighted-average common shares outstanding in the third quarter of 2020.
• Adjusted EBITDA, a non-GAAP metric, was a loss of $(5.2) million compared to a loss of $(0.6) million in the third quarter of 2020.

Key Metrics

• Cardlytics MAUs were 170.6 million, an increase of 6%, compared to 161.6 million in the third quarter of 2020.
• Cardlytics ARPU was $0.36, an increase of 24%, compared to $0.29 in the third quarter of 2020.
• Bridg ARR was $12.7 million in the third quarter of 2021.

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

Fourth Quarter 2021 Financial Expectations

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

 Q4 2021 Guidance FY 2021 GuidanceBillings⁽¹⁾$105.0 - $120.0  $365.1 - $380.1Revenue$70.0 - $80.0  $247.1 - $257.1Adjusted contribution⁽²⁾$33.0 - $38.0  $118.6 - $123.6

• 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."
• 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 third quarter 2021 financial results during a teleconference today, November 2, 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# 2781489. A replay of the conference call will be available through 8:00 PM ET / 5:00 PM PT on November 9, 2021 at (855) 859-2056 (domestic) or (404) 537-3406 (international). The replay passcode is 2781489. 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.