"We are gathering speed with each passing quarter - our platform is starting to look different and the collective improvements we are making to our product and operations are far exceeding our pace from prior years," said
"
Third Quarter 2023 Financial Results
- Revenue was
$79.0 million , an increase of 9% year-over-year, compared to$72.7 million in the third quarter of 2022. - Billings, a non-GAAP metric, was
$116.4 million , an increase of 5% year-over-year, compared to$110.4 million in the third quarter of 2022. - Gross profit was
$35.8 million , an increase of 38% year-over-year, compared to$26.0 million in the third quarter of 2022. - Adjusted contribution, a non-GAAP metric, was
$42.9 million , an increase of 22% year-over-year, compared to$35.1 million in the third quarter of 2022. - Net loss attributable to common stockholders was
$(24.0) million , or$(0.63) per diluted share, based on 38.0 million fully diluted weighted-average common shares, compared to a net income attributable to common stockholders of$6.3 million , or$0.19 per diluted share, based on 33.3 million fully diluted weighted-average common shares in the third quarter of 2022. - Non-GAAP net loss was
$0.3 million , or$0.01 per diluted share, based on 38.0 million fully diluted weighted-average common shares, compared to non-GAAP net loss of$(16.5) million , or$(0.50) per diluted share, based on 33.3 million fully diluted weighted-average common shares in the third quarter of 2022. - Adjusted EBITDA, a non-GAAP metric, was a gain of
$3.9 million compared to a loss of$(12.7) million in the third quarter of 2022.
Key Metrics
- Cardlytics MAUs were 162.5 million, an increase of 4% year-over-year, compared to 156.2 million in the third quarter of 2022.
- Cardlytics ARPU was
$0.49 compared to$0.47 in the third quarter of 2022.
Definitions of MAUs and ARPU are included below under the caption “Non-GAAP Measures and Other Performance Metrics."
Fourth Quarter 2023 Financial Expectations
Q4 2023 Guidance | |
Billings(1) | |
Revenue | |
Adjusted contribution(2) | |
Adjusted EBITDA(2) |
(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
About
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 fourth 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,
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
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.
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 that have logged in and visited online or mobile applications containing offers, opened an email containing an offer, or redeemed an offer from the
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Amounts in thousands, except par value amounts) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 90,067 | $ | 121,905 | |||
Restricted cash | 73 | 80 | |||||
Accounts receivable and contract assets, net | 103,324 | 115,609 | |||||
Other receivables | 4,865 | 4,470 | |||||
Prepaid expenses and other assets | 7,260 | 7,978 | |||||
Total current assets | 205,589 | 250,042 | |||||
Long-term assets: | |||||||
Property and equipment, net | 3,005 | 5,916 | |||||
Right-of-use assets under operating leases, net | 4,823 | 6,571 | |||||
Intangible assets, net | 43,116 | 53,475 | |||||
352,721 | 352,721 | ||||||
Capitalized software development costs, net | 23,721 | 19,925 | |||||
Other long-term assets, net | 1,941 | 2,586 | |||||
Total assets | $ | 634,916 | $ | 691,236 | |||
Liabilities and stockholders' equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 3,479 | $ | 3,765 | |||
Accrued liabilities: | |||||||
Accrued compensation | 11,086 | 10,486 | |||||
Accrued expenses | 9,666 | 21,335 | |||||
Short-term debt | 30,000 | — | |||||
Partner Share liability | 43,495 | 48,593 | |||||
Consumer Incentive liability | 48,922 | 53,983 | |||||
Deferred revenue | 3,323 | 1,751 | |||||
Current operating lease liabilities | 2,244 | 4,910 | |||||
Current contingent consideration | 27,268 | 104,121 | |||||
Total current liabilities | 179,483 | 248,944 | |||||
Long-term liabilities: | |||||||
Convertible senior notes, net | 227,139 | 226,047 | |||||
Deferred liabilities | 81 | 334 | |||||
Long-term operating lease liabilities | 2,878 | 4,306 | |||||
Total liabilities | 409,581 | 479,631 | |||||
Stockholders’ equity: | |||||||
Common stock, | 9 | 9 | |||||
Additional paid-in capital | 1,230,458 | 1,182,568 | |||||
Accumulated other comprehensive income | 5,304 | 5,598 | |||||
Accumulated deficit | (1,010,436 | ) | (976,570 | ) | |||
Total stockholders’ equity | 225,335 | 211,605 | |||||
Total liabilities and stockholders’ equity | $ | 634,916 | $ | 691,236 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Amounts in thousands, except per share amounts) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Revenue | $ | 79,005 | $ | 72,706 | $ | 220,037 | $ | 216,039 | |||||||
Costs and expenses: | |||||||||||||||
Partner Share and other third-party costs | 36,144 | 37,563 | 108,698 | 112,996 | |||||||||||
Delivery costs | 7,012 | 9,125 | 20,451 | 23,820 | |||||||||||
Sales and marketing expense | 14,161 | 18,289 | 43,314 | 57,920 | |||||||||||
Research and development expense | 12,430 | 13,762 | 38,841 | 39,634 | |||||||||||
General and administration expense | 15,561 | 19,972 | 44,907 | 61,381 | |||||||||||
Acquisition and integration cost (benefit) | 78 | (1,867 | ) | (8,146 | ) | (4,269 | ) | ||||||||
Loss (gain) in fair value of contingent consideration | 8,281 | (46,126 | ) | (15,045 | ) | (114,144 | ) | ||||||||
— | — | — | 83,149 | ||||||||||||
Depreciation and amortization expense | 5,990 | 10,468 | 19,765 | 30,695 | |||||||||||
Total costs and expenses | 99,657 | 61,186 | 252,785 | 291,182 | |||||||||||
Operating (loss) income | (20,652 | ) | 11,520 | (32,748 | ) | (75,143 | ) | ||||||||
Other expense: | |||||||||||||||
Interest expense, net | (915 | ) | (580 | ) | (1,497 | ) | (2,406 | ) | |||||||
Foreign currency (gain) loss | (2,399 | ) | (4,673 | ) | 379 | (10,882 | ) | ||||||||
Total other expense | (3,314 | ) | (5,253 | ) | (1,118 | ) | (13,288 | ) | |||||||
(Loss) income before income taxes | (23,966 | ) | 6,267 | (33,866 | ) | (88,431 | ) | ||||||||
Income tax benefit | — | — | — | 1,446 | |||||||||||
Net (loss) income | (23,966 | ) | 6,267 | (33,866 | ) | (86,985 | ) | ||||||||
Net (loss) income attributable to common stockholders | $ | (23,966 | ) | $ | 6,267 | $ | (33,866 | ) | $ | (86,985 | ) | ||||
Net (loss) income per share attributable to common stockholders, basic and diluted | $ | (0.63 | ) | $ | 0.19 | $ | (0.95 | ) | $ | (2.60 | ) | ||||
Weighted-average common shares outstanding, basic and dilutive | 37,982 | 32,950 | 35,502 | 33,455 |
STOCK-BASED COMPENSATION EXPENSE (UNAUDITED) (Amounts in thousands) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Delivery costs | $ | 667 | $ | 920 | $ | 1,800 | $ | 2,416 | |||||||
Sales and marketing | 2,683 | 1,428 | 9,487 | 8,765 | |||||||||||
Research and development | 3,661 | 1,968 | 12,248 | 9,419 | |||||||||||
General and administration | 3,238 | 1,451 | 6,421 | 11,594 | |||||||||||
Total stock-based compensation | $ | 10,249 | $ | 5,767 | $ | 29,956 | $ | 32,194 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Amounts in thousands) | |||||||
Nine Months Ended | |||||||
2023 | 2022 | ||||||
Operating activities | |||||||
Net loss | $ | (33,866 | ) | $ | (86,985 | ) | |
Adjustments to reconcile net income to net cash used in operating activities: | |||||||
Credit loss expense | 1,153 | 949 | |||||
Depreciation and amortization | 19,765 | 30,695 | |||||
Amortization of financing costs charged to interest expense | 1,234 | 1,192 | |||||
Amortization of right-of-use assets | 2,807 | 4,230 | |||||
Stock-based compensation expense | 29,956 | 32,194 | |||||
— | 83,149 | ||||||
Gain in fair value of contingent consideration | (15,044 | ) | (114,144 | ) | |||
Other non-cash (income) expense, net | (613 | ) | 10,524 | ||||
Income tax benefit | — | (1,446 | ) | ||||
Change in operating assets and liabilities: | |||||||
Accounts receivable | 10,991 | 15,082 | |||||
Prepaid expenses and other assets | 1,114 | (456 | ) | ||||
Accounts payable | (265 | ) | 111 | ||||
Other accrued expenses | (10,282 | ) | (5,814 | ) | |||
Partner Share liability | (4,994 | ) | (5,836 | ) | |||
Consumer Incentive liability | (5,075 | ) | (4,248 | ) | |||
Net cash used in operating activities | (3,119 | ) | (40,803 | ) | |||
Investing activities | |||||||
Acquisition of property and equipment | (393 | ) | (1,090 | ) | |||
Acquisition of patents | — | (73 | ) | ||||
Capitalized software development costs | (8,302 | ) | (9,170 | ) | |||
Business acquisitions, net of cash acquired | — | (2,274 | ) | ||||
Net cash used in investing activities | (8,695 | ) | (12,607 | ) | |||
Financing activities | |||||||
Proceeds from issuance of debt | 30,000 | — | |||||
Settlement of contingent consideration | (50,050 | ) | — | ||||
Principal payments of debt | (21 | ) | (24 | ) | |||
Proceeds from issuance of common stock | 55 | 397 | |||||
Repurchase of common stock | — | (40,000 | ) | ||||
Deferred debt costs | (58 | ) | — | ||||
Deferred equity issuance costs | — | (181 | ) | ||||
Net cash used in financing activities | (20,074 | ) | (39,808 | ) | |||
Effect of exchange rates on cash, cash equivalents and restricted cash | 43 | (1,756 | ) | ||||
Net decrease in cash, cash equivalents and restricted cash | (31,845 | ) | (94,974 | ) | |||
Cash, cash equivalents, and restricted cash — Beginning of period | 121,985 | 233,562 | |||||
Cash, cash equivalents, and restricted cash — End of period | $ | 90,140 | $ | 138,588 |
SUMMARY OF GAAP AND NON-GAAP RESULTS (UNAUDITED) (Dollars in thousands) | |||||||||||||||||||||||||||||||
Three Months Ended | Change | Nine Months Ended | Change | ||||||||||||||||||||||||||||
2023 | 2022 | $ | % | 2023 | 2022 | $ | % | ||||||||||||||||||||||||
Billings(1) | $ | 116,430 | $ | 110,392 | $ | 6,038 | 5 | % | $ | 321,480 | $ | 316,361 | $ | 5,119 | 2 | % | |||||||||||||||
Consumer Incentives | 37,425 | 37,686 | (261 | ) | (1 | ) | 101,443 | 100,322 | 1,121 | 1 | |||||||||||||||||||||
Revenue | 79,005 | 72,706 | 6,299 | 9 | 220,037 | 216,039 | 3,998 | 2 | |||||||||||||||||||||||
Partner Share and other third-party costs(1) | 36,144 | 37,563 | (1,419 | ) | (4 | ) | 108,698 | 112,996 | (4,298 | ) | (4 | ) | |||||||||||||||||||
Adjusted contribution(1) | 42,861 | 35,143 | 7,718 | 22 | 111,339 | 103,043 | 8,296 | 8 | |||||||||||||||||||||||
Delivery costs | 7,012 | 9,125 | (2,113 | ) | (23 | ) | 20,451 | 23,820 | (3,369 | ) | (14 | ) | |||||||||||||||||||
Gross profit | $ | 35,849 | $ | 26,018 | $ | 9,831 | 38 | % | $ | 90,888 | $ | 79,223 | $ | 11,665 | 15 | % | |||||||||||||||
Net (loss) income | $ | (23,966 | ) | $ | 6,267 | $ | (30,233 | ) | n/a | $ | (33,866 | ) | $ | (86,985 | ) | $ | 53,119 | (61 | )% | ||||||||||||
Adjusted EBITDA(1) | $ | 3,946 | $ | (12,708 | ) | $ | 16,654 | n/a | $ | (6,218 | ) | $ | (39,030 | ) | $ | 32,812 | (84 | )% |
(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."
RECONCILIATION OF GAAP REVENUE TO BILLINGS (UNAUDITED) (Amounts in thousands) | |||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||
Platform | Bridg Platform | Consolidated | Platform | Bridg Platform | Consolidated | ||||||||||||||||||
Revenue | $ | 73,064 | $ | 5,941 | $ | 79,005 | $ | 67,285 | $ | 5,421 | $ | 72,706 | |||||||||||
Plus: | |||||||||||||||||||||||
Consumer Incentives | 37,425 | — | 37,425 | 37,686 | — | 37,686 | |||||||||||||||||
Billings | $ | 110,489 | $ | 5,941 | $ | 116,430 | $ | 104,971 | $ | 5,421 | $ | 110,392 |
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||
Platform | Bridg Platform | Consolidated | Platform | Bridg Platform | Consolidated | ||||||||||||||||||
Revenue | $ | 202,820 | $ | 17,217 | $ | 220,037 | $ | 200,538 | $ | 15,501 | $ | 216,039 | |||||||||||
Plus: | |||||||||||||||||||||||
Consumer Incentives | 101,443 | — | 101,443 | 100,319 | — | 100,319 | |||||||||||||||||
Billings | $ | 304,263 | $ | 17,217 | $ | 321,480 | $ | 300,857 | $ | 15,501 | $ | 316,358 |
RECONCILIATION OF GAAP GROSS PROFIT TO ADJUSTED CONTRIBUTION (UNAUDITED) (Amounts in thousands) | |||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||
Platform | Bridg Platform | Consolidated | Platform | Bridg Platform | Consolidated | ||||||||||||||||||
Revenue | $ | 73,064 | $ | 5,941 | $ | 79,005 | $ | 67,285 | $ | 5,421 | $ | 72,706 | |||||||||||
Minus: | |||||||||||||||||||||||
Partner Share and other third-party costs | 36,011 | 133 | 36,144 | 37,399 | 164 | 37,563 | |||||||||||||||||
Delivery costs(1) | 5,510 | 1,502 | 7,012 | 7,623 | 1,502 | 9,125 | |||||||||||||||||
Gross profit | 31,543 | 4,306 | 35,849 | 22,263 | 3,755 | 26,018 | |||||||||||||||||
Plus: | |||||||||||||||||||||||
Delivery costs(1) | 5,510 | 1,502 | 7,012 | 7,623 | 1,502 | 9,125 | |||||||||||||||||
Adjusted contribution | $ | 37,053 | $ | 5,808 | $ | 42,861 | $ | 29,886 | $ | 5,257 | $ | 35,143 |
(1) Stock-based compensation expense recognized in consolidated delivery costs totaled
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||
Platform | Bridg Platform | Consolidated | Platform | Bridg Platform | Consolidated | ||||||||||||||||||
Revenue | $ | 202,820 | $ | 17,217 | $ | 220,037 | $ | 200,538 | $ | 15,501 | $ | 216,039 | |||||||||||
Minus: | |||||||||||||||||||||||
Partner Share and other third-party costs | 108,272 | 426 | 108,698 | 111,829 | 1,167 | 112,996 | |||||||||||||||||
Delivery costs(1) | 15,420 | 5,031 | 20,451 | 18,841 | 4,979 | 23,820 | |||||||||||||||||
Gross profit | 79,128 | 11,760 | 90,888 | 69,868 | 9,355 | 79,223 | |||||||||||||||||
Plus: | |||||||||||||||||||||||
Delivery costs(1) | 15,420 | 5,031 | 20,451 | 18,841 | 4,979 | 23,820 | |||||||||||||||||
Adjusted contribution | $ | 94,548 | $ | 16,791 | $ | 111,339 | $ | 88,709 | $ | 14,334 | $ | 103,043 |
(1) Stock-based compensation expense recognized in consolidated delivery costs totaled
RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA (UNAUDITED) (Amounts in thousands) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Net (loss) income | $ | (23,966 | ) | $ | 6,267 | $ | (33,866 | ) | $ | (86,985 | ) | ||||
Plus: | |||||||||||||||
Income tax benefit | — | — | — | (1,446 | ) | ||||||||||
Interest expense, net | 915 | 580 | 1,497 | 2,406 | |||||||||||
Depreciation and amortization | 5,990 | 10,468 | 19,765 | 30,695 | |||||||||||
Stock-based compensation expense | 10,249 | 5,767 | 29,956 | 32,194 | |||||||||||
Foreign currency loss (gain) | 2,399 | 4,673 | (379 | ) | 10,882 | ||||||||||
Acquisition and integration cost (benefit) | 78 | (1,867 | ) | (8,146 | ) | (4,269 | ) | ||||||||
Loss (gain) in fair value of contingent consideration | 8,281 | (46,126 | ) | (15,045 | ) | (114,144 | ) | ||||||||
— | — | — | 83,149 | ||||||||||||
Restructuring and reduction of force | — | 7,530 | — | 8,488 | |||||||||||
Adjusted EBITDA | $ | 3,946 | $ | (12,708 | ) | $ | (6,218 | ) | $ | (39,030 | ) |
RECONCILIATION OF ADJUSTED CONTRIBUTION TO ADJUSTED EBITDA (UNAUDITED) (Amounts in thousands) | |||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||
Platform | Bridg Platform | Consolidated | Platform | Bridg Platform | Consolidated | ||||||||||||||||||
Adjusted Contribution | $ | 37,053 | $ | 5,808 | $ | 42,861 | $ | 29,886 | $ | 5,257 | $ | 35,143 | |||||||||||
Minus: | |||||||||||||||||||||||
Delivery costs | 5,510 | 1,502 | 7,012 | 7,623 | 1,502 | 9,125 | |||||||||||||||||
Sales and marketing expense | 12,041 | 2,120 | 14,161 | 16,529 | 1,760 | 18,289 | |||||||||||||||||
Research and development expense | 11,046 | 1,384 | 12,430 | 11,682 | 2,080 | 13,762 | |||||||||||||||||
General and administration expense | 14,874 | 687 | 15,561 | 19,558 | 414 | 19,972 | |||||||||||||||||
Stock-based compensation expense | (9,127 | ) | (1,122 | ) | (10,249 | ) | (5,302 | ) | (465 | ) | (5,767 | ) | |||||||||||
Restructuring and reduction of force | — | — | — | (7,530 | ) | — | (7,530 | ) | |||||||||||||||
Adjusted EBITDA | $ | 2,709 | $ | 1,237 | $ | 3,946 | $ | (12,674 | ) | $ | (34 | ) | $ | (12,708 | ) |
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||
Platform | Bridg Platform | Consolidated | Platform | Bridg Platform | Consolidated | ||||||||||||||||||
Adjusted Contribution | $ | 94,548 | $ | 16,791 | $ | 111,339 | $ | 88,709 | $ | 14,334 | $ | 103,043 | |||||||||||
Minus: | |||||||||||||||||||||||
Delivery costs | 15,420 | 5,031 | 20,451 | 18,841 | 4,979 | 23,820 | |||||||||||||||||
Sales and marketing expense | 36,422 | 6,892 | 43,314 | 53,345 | 4,575 | 57,920 | |||||||||||||||||
Research and development expense | 34,772 | 4,069 | 38,841 | 34,577 | 5,057 | 39,634 | |||||||||||||||||
General and administration expense | 43,321 | 1,586 | 44,907 | 59,999 | 1,382 | 61,381 | |||||||||||||||||
Stock-based compensation expense | (27,835 | ) | (2,121 | ) | (29,956 | ) | (31,181 | ) | (1,013 | ) | (32,194 | ) | |||||||||||
Restructuring and reduction of force | — | — | — | (8,488 | ) | — | (8,488 | ) | |||||||||||||||
Adjusted EBITDA | $ | (7,552 | ) | $ | 1,334 | $ | (6,218 | ) | $ | (38,384 | ) | $ | (646 | ) | $ | (39,030 | ) |
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET (LOSS) INCOME AND NON-GAAP NET INCOME (LOSS) PER SHARE (UNAUDITED) (Amounts in thousands, except per share amounts) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Net (loss) income | $ | (23,966 | ) | $ | 6,267 | $ | (33,866 | ) | $ | (86,985 | ) | ||||
Plus: | |||||||||||||||
Stock-based compensation expense | 10,249 | 5,767 | 29,956 | 32,194 | |||||||||||
Foreign currency loss (gain) | 2,399 | 4,673 | (379 | ) | 10,882 | ||||||||||
Acquisition and integration cost (benefit) | (78 | ) | (1,867 | ) | 8,146 | (4,269 | ) | ||||||||
Amortization of acquired intangibles | 3,433 | 7,207 | 10,331 | 21,560 | |||||||||||
(Gain) loss in fair value of contingent consideration | 8,281 | (46,126 | ) | (15,045 | ) | (114,144 | ) | ||||||||
— | — | — | 83,149 | ||||||||||||
Restructuring and reduction of force | — | 7,530 | — | 8,488 | |||||||||||
Income tax benefit | — | — | — | (1,446 | ) | ||||||||||
Non-GAAP net income (loss) | $ | 318 | $ | (16,549 | ) | $ | (857 | ) | $ | (50,571 | ) | ||||
Weighted-average number of shares of common stock used in computing non-GAAP net income (loss) per share: | |||||||||||||||
Non-GAAP weighted-average common shares outstanding, diluted | 37,982 | 33,269 | 35,502 | 33,455 | |||||||||||
Non-GAAP net income (loss) per share attributable to common stockholders, diluted | $ | 0.01 | $ | (0.50 | ) | $ | (0.02 | ) | $ | (1.51 | ) |
RECONCILIATION OF FORECASTED GAAP REVENUE TO BILLINGS (UNAUDITED) (Amounts in thousands) | |||
Q4 2023 | |||
Revenue | |||
Plus: | |||
Consumer Incentives | |||
Billings |
Contacts:
Public Relations:
pr@cardlytics.com
Investor Relations:
ir@cardlytics.com
Source:
2023 GlobeNewswire, Inc., source