ATLANTA, Aug. 08, 2019 (GLOBE NEWSWIRE) -- Cardlytics, Inc. (NASDAQ: CDLX), a purchase intelligence platform that helps make marketing more relevant and measurable, today announced financial results for the second quarter ended June 30, 2019. Supplemental information is available on the Investor Relations section of the Cardlytics' website at http://ir.cardlytics.com/.

“I am pleased to announce that we delivered another strong quarter, with our Q2 results exceeding guidance,” said Scott Grimes, CEO & Co-Founder of Cardlytics. “We grew our reach to 120.1 million average FI MAUs, and saw positive year-over-year billings growth at 43%. Throughout the remainder of 2019, we will continue to focus on key priorities aimed at monetizing our significant scale.”

“In addition to completing the roll-out to Chase’s online banking channel in Q2, we made good progress against initiatives designed to drive multi-year growth,” said Lynne Laube, COO & Co-Founder of Cardlytics. “We’ve seen early success in new growth verticals such as travel and entertainment, grocery and e-commerce, and are laying the groundwork to move to a more automated, always-on buying model for marketers. We’re optimistic that these efforts are positioning us well for continued growth.”

Second Quarter 2019 Financial Results

• Revenue was $48.7 million, an increase of 37% year-over-year, compared to $35.6 million in the second quarter of 2018.
• Net loss attributable to common stockholders was $(6.5) million, or $(0.29) per diluted share, based on 22.7 million weighted-average common shares outstanding, compared to a net loss attributable to common stockholders of $(13.1) million, or $(0.64) per diluted share, based on 20.3 million weighted-average common shares outstanding in the second quarter of 2018.
• Non-GAAP net loss was $(2.7) million, or $(0.12) per diluted share, based on 22.7 million non-GAAP weighted-average common shares outstanding, compared to a non-GAAP net loss of $(4.3) million, or $(0.21) per diluted share, based on 20.3 million non-GAAP weighted-average common shares outstanding in the second quarter of 2018.
• Billings, a non-GAAP metric, was $73.8 million, an increase of 43% year-over-year, compared to $51.4 million in the second quarter of 2018.
• Adjusted contribution, a non-GAAP metric, was $21.8 million, an increase of 35% year-over-year, compared to $16.2 million in the second quarter of 2018.
• Adjusted EBITDA, a non-GAAP metric, was a loss of $(0.6) million compared to a loss of $(2.2) million in the second quarter of 2018.

“Our second quarter results exceeded our expectations, and we are seeing strong momentum and acceleration in our business,” said David Evans, CFO of Cardlytics. “Our ongoing efforts to expand advertising budgets with existing marketers and drive deeper penetration into new verticals are going well, and we continue to be excited about our prospects for 2019 and beyond.”

Key Metrics

• FI MAUs were 120.1 million, an increase of 104%, compared to 58.8 million in the second quarter of 2018.
• ARPU was $0.40, a decrease of (32)%, compared to $0.60 in the second quarter of 2018.

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

Third Quarter and the Fiscal Year 2019 Financial Expectations

Cardlytics anticipates billings, revenue, adjusted contribution and adjusted EBITDA to be in the following ranges (in millions):

(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 revenue on a forward-looking basis is presented below under the heading "Reconciliation of Forecasted GAAP Revenue to Adjusted Contribution."
(3) A reconciliation of adjusted EBITDA to GAAP 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.

About Cardlytics

Cardlytics (NASDAQ: CDLX) uses purchase intelligence to make marketing more relevant and measurable. We partner with financial institutions to run their banking rewards programs that promote customer loyalty and deepen banking relationships. In turn, we have a secure view into where and when consumers are spending their money. We use these insights to help marketers identify, reach, and influence likely buyers at scale, as well as measure the true sales impact of marketing campaigns. Headquartered in Atlanta, Cardlytics has offices in London, New York, San Francisco and Visakhapatnam. Learn more at www.cardlytics.com.