Q1 2024 Cardlytics Inc Earnings Call Transcript
Key Points
- Cardlytics Inc (CDLX) reported a 12% increase in billings over the first quarter of 2023, indicating strong advertiser interest.
- Adjusted contribution grew 27% over the first quarter of 2023, reflecting improved business performance after paying customer rewards and bank revenue share.
- Cardlytics Inc (CDLX) achieved positive adjusted EBITDA of $0.2 million for the first time in a first quarter, historically a seasonally lower billings period.
- The company successfully raised $50 million in cash and restructured debt, enhancing its capital structure and long-term financial stability.
- International business grew over 50% year-on-year in Q1, with strong growth potential in global markets highlighted for upcoming quarters.
- Despite overall growth, the company experienced some campaign cancellations and delays in the last two weeks of March.
- Operating cash flow was negative $17.6 million, influenced by seasonal factors such as annual bonus and interest payments.
- Free cash flow was negative $22.4 million in Q1, although it is expected to turn positive in the second half of 2024.
- The company anticipates continued high redemption rates, which may impact short-term financial metrics as they adjust targeting and ranking improvements.
- Operating expenses are expected to normalize in the mid to low 40s, reflecting increased investments in technology, product, and sales teams.
Good day and thank you for standing by, and welcome to the Cardlytics Earnings Conference Call. (Operator Instructions) Once again, please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Nick.
Listen, good evening, and welcome to the Cardlytics First Quarter 2024 financial results. Before we begin, let me remind everyone that today's discussion will contain forward looking statements based on our current assumptions, expectations and beliefs, including expectations regarding our future financial performance and results, including for the second quarter of 2024, our capital structure and various product initiatives and improvements. For a discussion of the specific risk factors that could cause our actual results to differ materially from today's discussion, please refer to the Risk Factors section of the Company's 10 Q for the quarter ended March 31st, 2024, which has been filed with the SEC. Also during this call, we
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