Cardlytics Announces Third Quarter 2024 Financial Results

Core Viewpoint - Cardlytics, Inc. reported third quarter 2024 financial results that exceeded the high end of their guidance, indicating a focus on overcoming short-term challenges while emphasizing the need for time to transform the business and enhance consumer engagement and rewards [2]. Financial Results - Revenue for Q3 2024 was $67.1 million, a decrease of 15% year-over-year, or 13% when excluding the Entertainment segment [2][3]. - Billings were $112.0 million, down 4% year-over-year, or 2% excluding Entertainment [2][3]. - Adjusted Contribution was $36.4 million, reflecting a 15% decrease year-over-year, or 11% excluding Entertainment [2][3]. - The net loss was $(145.2) million, or $(2.90) per diluted share, compared to a net loss of $(24.0) million, or $(0.63) per diluted share in Q3 2023 [2][3]. - Adjusted EBITDA was a loss of $(1.8) million, compared to a gain of $3.9 million in Q3 2023 [2][3]. Key Metrics - Monthly Active Users (MAUs) increased to 166.4 million, up 2% year-over-year [3]. - Average Revenue Per User (ARPU) decreased to $0.40 from $0.49 in Q3 2023 [3]. Future Expectations - For Q4 2024, Cardlytics anticipates Billings to be in the range of $102.0 - $108.0 million, representing a year-over-year decline of 23% to 18% [9]. - Revenue is expected to be between $62.0 - $67.0 million, reflecting a year-over-year decrease of 30% to 25% [9]. - Adjusted Contribution is projected to be between $33.0 - $36.0 million, indicating a year-over-year decline of 30% to 24% [9]. - Adjusted EBITDA is expected to range from $(5.0) million to $(1.0) million [9].