Cardlytics, Inc. (NASDAQ: CDLX) today announced financial results for the fourth quarter and full year ended December 31, 2024.

“Reconciliation of GAAP Net Loss to Adjusted EBITDA.”

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"While 2024 was a challenging year for Cardlytics, we nevertheless planted the seeds and refocused our efforts to get back on track for growth this year," said Amit Gupta, CEO of Cardlytics. "We remain grounded in our vision for long-term and sustainable growth. We are focused on strengthening our competitive moat through our efforts to modernize our platform, enhance our product and tech capabilities, and expand our network of partners and advertisers."

"In 2025, we are focused on delivering sequential improvements and positive Adjusted EBITDA," said Alexis DeSieno, CFO of Cardlytics. "We remain confident in our ability to invest in our business while also satisfying all of our financial obligations."

Fourth Quarter 2024 Financial Results

• Total Revenue was $74.0 million, a decrease of 17.0% compared to $89.2 million in the fourth quarter of 2023, or a decrease of 16.0% excluding Entertainment.

• Billings, a non-GAAP metric, was $116.3 million, a decrease of 11.9% compared to $131.9 million in the fourth quarter of 2023, or a decrease of 11.2% excluding Entertainment.

• Adjusted Contribution, a non-GAAP metric, was $40.7 million, a decrease of 13.9% compared to $47.3 million in the fourth quarter of 2023, or a decrease of 12.0% excluding Entertainment.

• Net Loss was $(15.6) million, or $(0.31) per diluted share, based on 51.0 million weighted-average common shares outstanding, compared to a Net Loss of $(100.8) million, or $(2.56) per diluted share, based on 39.5 million weighted-average common shares outstanding in the fourth quarter of 2023.

• Adjusted EBITDA, a non-GAAP metric, was $6.4 million, a decrease of $3.6 million compared to $10.0 million in the fourth quarter of 2023, or a decrease of $3.9 million excluding Entertainment.

• Adjusted Net Income, a non-GAAP metric, was $0.2 million, or $0.00 per diluted share, based on 51.0 million weighted-average common shares outstanding in the fourth quarter of 2024, compared to an Adjusted Net Income of $5.7 million, or $0.14 per diluted share, based on 39.5 million weighted-average common shares outstanding in the fourth quarter of 2023.

• Net cash provided by operating activities was $3.0 million, an increase of $0.1 million compared to net cash provided by operating activities of $2.9 million in the fourth quarter of 2023.

• Free Cash Flow, a non-GAAP metric, was $(1.5) million, a decrease of $(0.7) million compared to $(0.8) million in the fourth quarter of 2023.

Fiscal Year 2024 Financial Results

• Total Revenue was $278.3 million, a decrease of 10.0% compared to $309.2 million in 2023, or a decrease of 8.0% excluding Entertainment.

• Billings, a non-GAAP metric, was $443.8 million, a decrease of 2.1% compared to $453.4 million in 2023, or a decrease of 0.7% excluding Entertainment.

• Adjusted Contribution, a non-GAAP metric, was $150.5 million, a decrease of 5.1% compared to $158.6 million in 2023, or a decrease of 1.0% excluding Entertainment.

• Net Loss was $(189.3) million, or $(3.91) per diluted share, based on 48.4 million weighted-average common shares outstanding, compared to a Net Loss of $(134.7) million, or $(3.69) per diluted share, based on 36.5 million weighted-average common shares outstanding in 2023.

• Adjusted EBITDA, a non-GAAP metric, was $2.5 million, a decrease of $1.2 million compared to $3.8 million in 2023, or a decrease of $1.9 million excluding Entertainment.

• Adjusted Net Loss, a non-GAAP metric, was $(18.9) million, or $(0.39) per diluted share, based on 48.4 million weighted-average common shares outstanding in 2024, compared to an Adjusted Net Loss of $(11.4) million, or $(0.31) per diluted share, based on 36.5 million weighted-average common shares outstanding in 2023.

• Net cash used in operating activities was $(8.8) million, a decrease of $(8.6) million compared to $(0.2) million in 2023.

• Free Cash Flow, a non-GAAP metric, was $(28.1) million a decrease of $(15.5) million compared to $(12.6) million in 2023.

Key Metrics

• Cardlytics MAUs in the quarter were 167.3 million, a decrease of 0.4% compared to 168.0 million in the fourth quarter of 2023. For full year 2024, Cardlytics MAUs were 166.9 million, an increase of 3.0% compared to 162.1 million in 2023.
• Cardlytics ARPU was $0.44, a decrease of 16.7% compared to $0.53 in the fourth quarters for 2024 and 2023. For the full year 2024 Cardlytics ARPU was $1.67, a decrease of 12.6% compared to $1.91 in 2023.

Definitions of MAUs and ARPU are included below under the caption “Non-GAAP Measures and Other Performance Metrics.”