Research Notes: Cardlytics $CDLX (Qualitative #1)

Qualitative notes from researching, investigating, and thinking through Cardlytics.

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These are the CDLX Qualitative Research Notes #1. Use the following link to access the:

• CDLX Qualitative Research Notes: #1, #2, #3

• CDLX Quantitative Research Notes: #1, #2, #3

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• List of the the most recent updates in the CDLX Research Notes

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Research Notes: Cardlytics $CDLX (Qualitative #1)

Subject

• Cardlytics ($CDLX)

• Qualitative Research Notes #1

Last Updated

• Updated as of 4.11.2023

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  • List of the the most recent updates in the CDLX Research Notes

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Table of Contents for Notes #1

These are the notes on this page (for the remained of the notes, see Qualitative Research Notes #2 and #3).

1. Cardlytics

   • Background¹

   • Financial Definitions²

   • Benefits for the Parties Involved³

   • Comparison to Other Ad Platforms⁴

   • Consumer Value Propositions⁵

   • Competitive Advantages⁶

   • Psychological Factors⁷

2. Dosh

   1. Dosh Information⁸

3. Bridg

   1. Background on Bridg⁹

   2. Product-Level Offers Update¹⁰

   3. New Ad Server (Reason, Timing, and Engagement Stats)¹¹

   4. Example Calculation of Lower Rev Share and Higher Gross Profit Margins¹²

   5. Panera Possibilities and the CDLX Flywheel¹³

   6. Solves the Attribution Problem¹⁴

4. Conferences / Presentations:

   1. March 2022 Digital Commerce Alliance Forum - Bitcoin and Cryptocurrency: How the Roles of Currency and Technology Are Evolving (Cardlytics, Augeo, and more presented)¹⁵

   2. January 2022 Needham Growth Conference¹⁶

   3. December 2021 Raymond James Conference¹⁷

   4. September 2021 Acceleration Partners Conference with Cardlytics and Affirm¹⁸

   5. June 2021 CDLX Investor Day Presentation¹⁹

5. Partnerships

   1. Dosh Neobank / Fintech Partners

      1. Existing, Confirmed, Suspected and Potential²⁰

         • Includes BNPL, Cryptocurrency platforms, Mobile wallets, etc.

      2. Affirm²¹

      3. Who is the Best to Partner with Next?²²

      4. Google Pay vs Samsung Pay vs Apple Pay²³

      5. Partnering with Apple²⁴

      6. Utilizing Apple without a Partnership²⁵

   2. CDLX Bank Partners

      1. Existing, Confirmed, and Potential²⁶

   3. CDLX Other Partners

      1. Existing, Confirmed, and Potential)²⁷

         • Local Offers, Third-Party Content Providers

   4. Bridg Partners and Clients

      1. Existing, Confirmed, and Potential²⁸

      2. Partnering with Olo²⁹

      3. Growth from Adding Smaller Clients³⁰

      4. Partnering with POS Systems for SMB Content³¹

      5. Cardlytics’ Plans for SMB Content³²

      6. Bridg Connects to Most POS Systems and Has Existing Partnerships³³

      7. Key to Unlocking a Significant Number of SMBs³⁴

      8. High Likelihood of a POS Vender Partnering³⁵

      9. Likelihood of POS Wanting to Partner³⁶

      10. How to Partner with POS Venders and Why It’s Required (about APIs and Costs)³⁷

      11. Everyone Benefits from a Partnership with POS Systems³⁸

      12. Summary of Why Partnering with POS Systems is Possible and Likely³⁹

Update Log

• 4.11.2023

  • Bridg Partners and Clients: Existing, Confirmed, and Potential

    • (#162): 4.11.2023: Potential Bridg Clients

• 3.23.2023

  • Company Risks: General Company Risks: PacWest Deposits and Line of Credit

• 1.10.2023

  • CDLX Bank Partners: Existing, Confirmed, and Potential

• 11.1.2022

  • Dosh Neobank / Fintech Partners: Existing, Confirmed, Suspected and Potential

• 10.16.2022, 10.20.2022

  • Company Risks: Chase Acquiring Figg

    • 10.20.2022: How Different Information Has Led to Different Conclusions and Actions by Investors

    • 10.16.2022: New Observations (Good or Bad?)

• 10.7.2022

  • Bridg Partners and Clients: Existing, Confirmed, and Potential

• 9.6.2022, 9.20.2022, 9.23.2022, 9.26.2022

  • Company Risks: Chase Acquiring Figg

    • 9.26.2022: Figg Tech (Comment by a Figg Employee, BofA Info and Comment, Comment by a Separate Party)

    • 9.23.2022: Clues of Chase’s Intentions with Figg

      • New Chase Platform for SMBs + 1st Party Transactional Data + Advertising

    • 9.20.2022: Clue of Chase Testing Figg’s Local Offers? Or a Sign of Chase Moving to the New Ad Server?

    • 9.6.2022: Two Chase Job Listings for Chase Offers

• 9.1.2022

  • Dosh Neobank / Fintech Partners: Existing, Confirmed, Suspected and Potential

• 8.22.2022

  • Company Risks: General Company Risks

• 8.10.2022

  • Dosh Neobank / Fintech Partners: Existing, Confirmed, Suspected and Potential

• 7.31.2022 - 8.1.2022

  • Company Risks: Chase Acquiring Figg

• 7.21.2022

  • Company Risks: Update on BofA Renewal and Terms

• 7.17.2022

  • Company Risks: Chase Acquiring Figg

• 7.16.2022

  • Company Risks: Chase Acquiring Figg

  • Company Risks: Update on BofA Renewal and Terms

• 7.13.2022 - 7.14.2022

  • Company Risks: Update on BofA Renewal and Terms

• 7.8.2022 - 7.12.2022

  • Company Risks: Chase Acquiring Figg

• 7.1.2022

  • General Company Risks

  • Bridg: Product-Level Offers Update

• 6.26.2022

  • General Company Risks: Includes Extreme Risks regarding PII, Bridg, and Open Banking

• 6.17.2022, 6.20.2022 - 6.21.2022

  • Dosh Neobank / Fintech Partners: Existing, Confirmed, Suspected and Potential

• 6.8.2022

  • Dosh Neobank / Fintech Partners: Existing, Confirmed, Suspected and Potential

• 5.19.2022

  • Dosh Neobank / Fintech Partners: Existing, Confirmed, Suspected and Potential

• 5.18.2022

  • Cardlytics: Competitive Advantages

• 5.16.2022

  • Dosh Neobank / Fintech Partners: Existing, Confirmed, Suspected and Potential

  • Same update added to both of the following sections:

    • Company Risks: Update on BofA Renewal and Terms

    • Notes on Competitors: Figg

• 5.10.2022

  • Company Risk: Inflation and Recessions

• 5.3.2022

  • Dosh Neobank / Fintech Partners: Existing, Confirmed, Suspected and Potential

• 4.28.2022

  • Notes on Competitors: Groupon (and How CDLX is Different)

  • Company Risks: Inflation

  • Company Risks: Current Negative Cash Flow

• 4.18.2022

  • Dosh Neobank / Fintech Partners: Existing, Confirmed, Suspected and Potential

• 4.5.2022

  • General Company Risks: Includes Extreme Risks regarding PII, Bridg, and Open Banking

  • Dosh Neobank / Fintech Partners: Existing, Confirmed, Suspected and Potential

• 3.31.2022

  • Dosh Neobank / Fintech Partners: Existing, Confirmed, Suspected and Potential

  • March 2022 Digital Commerce Alliance Forum - Update with New Crypto.com Partnership

• 3.23.2022

  • March 2022 Digital Commerce Alliance Forum - Bitcoin and Cryptocurrency: How the Roles of Currency and Technology Are Evolving (Cardlytics, Augeo, and more presented)

• 3.13.2022

  • Dosh Neobank / Fintech Partners: Existing, Confirmed, Suspected and Potential

• 3.2.2022

  • Dosh Neobank / Fintech Partners: Existing, Confirmed, Suspected and Potential

• 2.26.2022

  • Investor Day Presentation - Follow-Up

• 2.25.2022

  • Investor Day Presentation - Follow-Up

• 2.24.2022

  • Dosh Neobank / Fintech Partners: Existing, Confirmed, Suspected and Potential

• 2.20.2022

  • Bridg Partners: Existing, Confirmed, and Potential

  • Dosh Neobank / Fintech Partners: Existing, Confirmed, and Potential

  • CDLX Bank Partners: Existing, Confirmed, and Potential

• 2.18.2022

  • Bridg Partners: Partnering with Olo

• 2.10.2022

  • Investor Day Presentation - Follow-Up

• 2.8.2022:

  • Dosh Information

• 2.7.2022:

  • Bridg Partners (Existing, Confirmed, and Potential)

• 2.6.2022

  • Google/FB vs Cardlytics

  • Dosh Neobank / Fintech Partners (Existing, Confirmed, and Potential)

  • CDLX Bank Partners (Existing, Confirmed, and Potential)

  • CDLX Other Partners Existing, Confirmed, and Potential)

  • Bridg Partners (Existing, Confirmed, and Potential)

• 1.19.2022

  • Culture (Glassdoor Ratings)

• 1.16.2022

  • CDLX / Industry Insights

  • Figg

  • Bridg Needs the New Ad Server (Reason, Timing, and Engagement Stats)

  • Example Calculation of Lower Rev Share and Higher Gross Profit Margins

  • Panera Possibilities and the CDLX Flywheel

  • Solves the Attribution Problem

• 1.11.2022

  • January 2022 Needham Growth Conference

• 1.5.2022

  • Update on BofA Renewal and Terms

• 12.28.2021

  • Product-Level Offers Update

• 12.26.2021

  • Losing BofA / BofA Non-renewal

• 12.16.2021

  • Figg

• 12.15.2021

  • Dosh Neobank / Fintech Partners (Existing, Confirmed, and Potential)

• 12.14.2021

  • Visa / Mastercard

• 12.6.2021

  • December 2021 Raymond James Conference

• 12.1.2021

  • Dosh Neobank / Fintech Partners (Existing, Confirmed, and Potential)

• 12.5.201

  • Affirm

• 12.1.2021

  • General Company Risks

• 11.8.2021

  • Insider Selling

• 10.25.2021

  • Facebook Advertising

• 10.11.2021

  • Miscellaneous Notes

• 10.10.2021

  • General Company Risks

• 10.8.2021

  • CDLX / Industry Insights

• 10.7.2021

  • Amazon Advertising

• 10.5.2021

  • Figg

• 9.20.2021 (this is the approx. date of the conference)

  • September 2021 Acceleration Partners Conference with Cardlytics and Affirm

• 9.17.2021

  • Dosh Neobank / Fintech Partners (Existing, Confirmed, and Potential)

  • Who is the Best to Partner with Next?

  • Google Pay vs Samsung Pay vs Apple Pay

  • Partnering with Apple

  • Utilizing Apple without a Partnership

• 6.11.2021

  • June 2021 CDLX Investor Day Presentation

• 4.29.2021:

  • General Company Risks

  • Background

    Financial Definitions

    Benefits for the Parties Involved

    Comparison to Other Ad Platforms

    Consumer Value Propositions

    Competitive Advantages

    Psychological Factors

  • Dosh Information

  • Bridg Information

• 3/1/2021

  • Culture (Glassdoor Ratings)

• May - End of 2020, 10/7/2020, 12/9/2020, 1/5/2021, 1/20/2021, 1/21/2021

  • Miscellaneous Notes

Disclaimer for Research Notes

• There may be incorrect information, outdated information, or errors in the following contents, as the following are notes that I wrote down while researching. I include dates where I have them, making it easier to know when the notes / thoughts were written down. The older the notes, the more likely I have changed my mind or found new information.

• This is not investment advice.

• This is for educational / informational purposes only.

• Please see the Disclaimer page for more details.

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