Cardlytics, Inc., a purchase intelligence platform that helps make marketing more relevant and measurable, announced financial results for the fourth quarter and full year ended December 31, 2017.

“We are pleased to report solid fourth quarter and full year 2017 financial results, with annual 25% growth in Cardlytics Direct revenue. We are excited to begin a new chapter as a publicly traded company, and our 2017 performance reflects continued strong execution across the board, including increasing FI MAUs and expanding our base of advertisers and verticals,” said Scott Grimes, CEO & Co-Founder of Cardlytics. “Looking to 2018 and beyond, we are excited about the opportunities ahead of us for continued expansion of our purchase intelligence platform.”

Fourth Quarter 2017 Financial Results

Total revenue was $39.3 million compared to $36.4 million in the fourth quarter of 2016.

Cardlytics Direct revenue was $38.8 million, an increase of 22% compared to $31.8 million in the fourth quarter 2016.

GAAP net loss was $(4.1) million compared to a loss of $(7.0) million in the fourth quarter of 2016.

GAAP net loss attributable to common stockholders was $(4.4) million, or $(1.26) per share based on 3.50 million weighted-average common shares outstanding, compared to a loss of $(7.3) million, or $(2.82) per share based on 2.58 million weighted-average common shares outstanding in the fourth quarter of 2016.

Adjusted contribution, a non-GAAP metric, was $16.9 million compared to $15.1 million in the fourth quarter of 2016.

Adjusted EBITDA, a non-GAAP metric, was $0.5 million compared to a loss of $(0.2) million in the fourth quarter of 2016.

Non-GAAP net loss was $(2.6) million, or $(0.18) per share based on 14.14 million non-GAAP weighted-average common shares outstanding, compared to a loss of $(4.7) million, or $(0.41) per share based on 11.58 million non-GAAP weighted-average common shares outstanding in the fourth quarter of 2016.

Full Year 2017 Financial Results

Total revenue was $130.4 million compared to $112.8 million in 2016.

Cardlytics Direct revenue was $122.4 million, an increase of 25% compared to $97.8 million in 2016.

GAAP net loss was $(19.6) million, compared to a net loss of $(75.7) million in 2016.

GAAP net loss attributable to common stockholders was $(25.4) million, or $(7.86) per share based on 3.23 million weighted-average common shares outstanding, compared to a net loss of $(76.7) million, or $(32.48) per share based on 2.36 million weighted-average common shares outstanding in 2016.

Adjusted contribution, a non-GAAP metric, was $57.1 million compared to $46.5 million in 2016.

Adjusted EBITDA, a non-GAAP metric, was a loss of $(7.2) million compared to a loss of $(17.0) million in 2016.

Non-GAAP net loss was $(20.1) million, or $(1.51) per share based on 13.32 million non-GAAP weighted-average common shares outstanding, compared to a loss of $(29.1) million, or $(2.52) per share based on 11.57 million non-GAAP weighted-average common shares outstanding in 2016.

Cardlytics ended 2017 with $21.3 million in cash and cash equivalents, compared with $22.8 million at the end of 2016.  Subsequent to December 31, 2017, Cardlytics closed its initial public offering on February 8, 2018, which generated net proceeds to Cardlytics of $66.1 million.

“We ended 2017 on a high note, delivering strong fourth quarter financial results. We are excited to enter 2018 as a public company and look forward to ongoing collaboration with our FI partners and continued traction among our advertisers,” said David Evans, CFO of Cardlytics.

Key Metrics

FI MAUs were 54.9 million in 2017, an increase of 25% compared to 43.9 million in 2016. FI MAUs were 58.7 million in the fourth quarter of 2017, an increase of 24% compared to 47.5 million in the fourth quarter of 2016.

ARPU was $2.23 in both 2017 and 2016. ARPU was $0.66 in the fourth quarter of 2017 compared to $0.67 in the fourth quarter of 2016.

* Definitions of FI MAUs and ARPU are included below under the caption “Use of Non-GAAP Financial Measures.”