Cardlytics Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 2024-08-08
Cardlytics Reports Second Quarter 2024 Financial Results
Cardlytics, Inc. (NASDAQ: CDLX), a digital advertising platform, today announced its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| Total Revenue | $69.6 million | $76.7 million | -9% |
| Earnings per Share (EPS) | $(0.09) | $(0.67) | +86.6% |
| Adjusted EBITDA | $(2.3) million | $(4.1) million | +43.9% |
| Adjusted Net Loss | $(7.6) million | $(8.4) million | +9.5% |
Cardlytics' total revenue for Q2 2024 decreased by 9% year-over-year to $69.6 million, reflecting ongoing challenges in billings growth and increased consumer incentives. However, the company showed significant improvements in EPS, adjusted EBITDA, and adjusted net loss, highlighting better cost management.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | YoY Change |
|---|---|---|
| Cardlytics Advertising | $69.6 million | -9% |
The Cardlytics Advertising segment struggled, with a 9% drop in revenue compared to the previous year. Despite not meeting any previously given guidance, the growth in redemptions and the high consumer engagement indicate strong underlying business fundamentals.
Key Operational Data
| Metric | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| MAUs (millions) | 165.5 | 160.0 | +3% |
| ARPU | $0.42 | $0.48 | -12.5% |
Management Commentary
Amit Gupta, the incoming CEO, emphasized the importance of the company's transformation and long-term growth potential despite near-term challenges. CFO Alexis DeSieno noted the positive industry demand and consumer engagement, though slower billing growth and higher consumer incentives remain areas of concern.
Forward Guidance
For Q3 2024, Cardlytics anticipates:
| Lower Range | Upper Range | |
|---|---|---|
| Billings | $100 million | $110 million |
| Revenue | $55 million | $62 million |
| Adjusted Contribution | $30 million | $35 million |
| Adjusted EBITDA | $(4) million | $(1) million |
Stock Price Movement
Following the earnings announcement, Cardlytics' stock experienced a significant decrease of approximately 5.74%.
Conclusion: Cardlytics faced a challenging second quarter with a decline in revenues, but the improvements in various financial metrics and the positive outlook for Q3 indicate a potential recovery and substantial long-term growth opportunities.
The report has been organized into a more readable format, and unnecessary columns have been removed.