Cardlytics(CDLX) - 2024 Q4 - Annual Results

Financial Performance - Total Revenue for Q4 2024 was $74.0 million, a decrease of 17.0% compared to $89.2 million in Q4 2023[7] - Billings for Q4 2024 were $116.3 million, a decrease of 11.9% compared to $131.9 million in Q4 2023[7] - Adjusted EBITDA for Q4 2024 was $6.4 million, a decrease of $3.6 million compared to $10.0 million in Q4 2023[7] - Net Loss for Q4 2024 was $(15.6) million, significantly improved from a Net Loss of $(100.8) million in Q4 2023[7] - For the full year 2024, Total Revenue was $278.3 million, a decrease of 10.0% compared to $309.2 million in 2023[7] - Net loss for the year ended December 31, 2024, was $189,304,000, compared to a net loss of $134,702,000 in 2023, representing a 40.5% increase in losses[27] - Total revenue for the year ended December 31, 2024, was $278.3 million, down from $309.2 million in 2023, reflecting a decrease of about 10%[33] - Adjusted EBITDA for the year ended December 31, 2024, was $2.5 million, a decline from $3.8 million in 2023[36] - The company reported free cash flow of $(28.1) million for the year ended December 31, 2024, compared to $(12.6) million in 2023, indicating a worsening cash flow situation[40] User Metrics - Cardlytics MAUs in Q4 2024 were 167.3 million, a slight decrease of 0.4% compared to 168.0 million in Q4 2023[11] - Cardlytics ARPU for Q4 2024 was $0.44, a decrease of 16.7% compared to $0.53 in Q4 2023[11] - Monthly Active Users (MAUs) and Average Revenue Per User (ARPU) metrics were highlighted as key performance indicators, although specific figures were not disclosed[19][23] Guidance and Expectations - The company anticipates Q1 2025 Billings to be in the range of $91.5 - $94.5 million, representing a year-over-year decline of 10% to 13%[13] - Adjusted Contribution for Q1 2025 is expected to be between $30.0 - $32.5 million, a decrease of 14% to 19% year-over-year[13] - The company aims to deliver sequential improvements and positive Adjusted EBITDA in 2025[4] - For Q1 2025, Cardlytics provided guidance for revenue between $57.0 million and $60.0 million, with billings expected to be between $91.5 million and $94.5 million[43] Asset and Liability Changes - Total assets decreased from $574,144,000 in 2023 to $392,711,000 in 2024, reflecting a decline of approximately 31.6%[25] - Total liabilities decreased from $439,346,000 in 2023 to $322,718,000 in 2024, a reduction of approximately 26.5%[25] - Cash and cash equivalents decreased from $91,830,000 in 2023 to $65,594,000 in 2024, a decline of approximately 28.6%[25] - Cash, cash equivalents, and restricted cash decreased to $65.6 million at the end of 2024 from $91.8 million at the end of 2023, a decline of approximately 28.5%[31] - The net cash used in operating activities for the year ended December 31, 2024, was $(8.8) million, compared to $(0.2) million in 2023[31] Expenses and Impairments - Partner Share and other third-party costs for Q4 2024 were $33,285,000, down from $41,880,000 in Q4 2023, indicating a reduction of about 20.7%[27] - Stock-based compensation expense totaled $8,673,000 for Q4 2024, compared to $11,024,000 in Q4 2023, a decrease of approximately 21.4%[29] - The company reported a significant impairment of goodwill and intangible assets amounting to $131,595,000 for the year 2024[27] - The company incurred an impairment of goodwill and intangible assets amounting to $131.6 million for the year ended December 31, 2024, compared to $70.5 million in 2023[36] - The company reported stock-based compensation expense of $40.4 million for the year ended December 31, 2024, slightly down from $41.0 million in 2023[36] Consumer Incentives - Consumer incentives for the year ended December 31, 2024, increased to $165.5 million from $144.2 million in 2023, marking a growth of approximately 14.5%[33]