Research Notes: Cardlytics $CDLX (Quantitative #1)
Quantitative notes from researching, investigating, and thinking through Cardlytics.
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Research Notes: Cardlytics $CDLX (Quantitative #1)
Subject
Cardlytics ($CDLX)
Quantitative Research Notes #1
Last Updated
Updated as of 5.11.2023
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Table of Contents for Notes #1
These are the notes on this page (for the remained of the notes, see Quantitative Research Notes #2 and #3).
Earnings1
Q1 2023 Earnings Call
Notes and Thoughts After the Call
Notes and Thoughts Before the Call
Q4 2022 Earnings Call
Notes and Thoughts After the Call
Notes and Thoughts Before the Call
Q3 2022 Earnings Call
Notes and Thoughts After the Call
Notes and Thoughts Before the Call
Q2 2022 Earnings Call
Notes and Thoughts After the Call
Notes and Thoughts Before the Call
Q1 2022 Earnings Call
Notes and Thoughts After the Call
Notes Before the Call (Possible Management Changes, Third Party Content Providers, BofA, Numbers, Open Banking, Dosh, Bridg, New Ad Server, New Banks)
Q4 2021 Earnings Call
Notes From After the Call
Notes and Thoughts Before Q4 2021 Earnings Call (Thoughts on Possible Results and What Could be Released / Discussed / Announced. IDFA, CDLX, FB, and More)
Q3 2021 Earnings Call
Notes From After the Call
Notes and Thoughts Before Q3 2021 Earnings Call
Market Price / My Buying and Selling
Update Log
5.8.2023, 5.9.2023
Earnings: Q1 2023 Earnings Call: Notes and Thoughts After the Call
(#176) 5.11.2023: Thoughts After Q1 2023 Earnings Call (Part 3)
(#175) 5.9.2023: Thoughts After Q1 2023 Earnings Call (Part 2)
(#174) 5.8.2023: Thoughts After Q1 2023 Earnings Call (Part 1)
4.3.2023, 4.4.2023, 4.5.2023, 4.7.2023, 4.12.2023, 4.17.2023, 4.18.2023, 4.22.2023, 4.23.2023, 4.24.2023, 4.25.2023, 4.27.2023, 5.1.2023, 5.4.2023:
Earnings: Q1 2023 Earnings Call: Notes and Thoughts Before the Call
(#173) 5.4.2023: Final Thoughts Before Today's Earnings Call
(#171) 5.1.2023: First Thoughts on “Update to Bridg Earnout Payments”
(#170) 4.27.2023: Updated VWAP Projections (5 Days Remaining of 20) + Additional Bridg Earnout Payment Possibility
(#169) 4.25.2023: Updated VWAP Projections (7 Days Remaining of 20)
(#168) 4.24.2023: Follow-up Thoughts on the Timing of Q1 Earnings + Announcing the Bridg Resolution
(#167) 4.23.2023: Thoughts on the Timing of Q1 Earnings + Announcing Bridg Resolution
(#166) 4.22.2023: Updated VWAP Projections (9 Days Remaining of 20)
(#165) 4.18.2023: Updated VWAP Projections (12 Days Remaining of 20)
(#164) 4.17.2023: Current VWAP for 2nd Bridg Earnout Payment + VWAP (Stock Prices and Volume) Projections
(#163) 4.12.2023: Potential Stock Price After the Bridg Resolution
(#161) 4.7.2023: Interpreting the Possible Timings of Announcements
(#160) 4.5.2023: 2025 Convertible Senior Notes + Updated Liquidity Analysis / Share Count / Future Value (with 100% cash for 2nd earnout)
(#159) 4.4.2023: Updated Liquidity Analysis / Share Count / Future Value (Based on higher stock price for VWAP + updated guidance)
(#158) 4.3.2023: Dates for 2nd Bridg Earnout Payment VWAP, and Timing of Possible Announcements / Earnings
3.28.2023:
Thoughts on Market Price Over Time / My Actions
3.3.2023, 3.4.2023, 3.5.2023, 3.6.2023, 3.8.2023, 3.9.2023, 3.11.2023, 3.14.2023, 3.15.2023, 3.18.2023, 3.19.2023, 3.23.2023, 3.27.2023
Earnings: Q4 2022 Earnings Call: Notes and Thoughts After the Call
3.27.2023: Possible Upcoming Announcements that Could Increase the Stock Price for the 2nd Bridg Earnout
3.23.2023: Updated Bridg Dispute Thoughts (Offsetting Factors, Change in Probability, MNPI)
3.19.2023: Updated Liquidity Analysis, Future Share Count, Future Value Per Diluted Share
3.18.2023: New LOC Covenants Related to the Bridg Earnouts and the Dispute (Related to Partial Drawdown of Line of Credit)
3.15.2023: Limit from Accounts Receivable (Related to Partial Drawdown of Line of Credit)
3.14.2023: Partial Drawdown of Line of Credit, and Interest on the LOC (Related to Drawdown)
3.11.2023: CDLX’s and Bridg’s Prior Use of SVB, Updated Liquidity Analysis (Under New VWAP + New Possibility)
3.9.2023: Chase and the New User Experience (on the new ad server), Convertible Senior Notes (a change related to maturity)
3.8.2023: Insider Buying, Confirmation of Reporting Mistakes, Confirmation of an Executive Leaving
3.6.2023: Changes to the Line of Credit, Bridg Earnouts and Dispute Updates, Liquidity After Bridg Earnouts and Dispute
3.5.2023: Actual/Guidance vs Expected Financials (MAUs, Billings Margin, Revenue, Gross Profit, EBITDA, FCF)
3.4.2023: Potential Reporting Mistakes (x3): Latest 10-K, Press Release, etc.
3.3.2023: New User Experience, New Ad Server, Product-Level Offers, Category-Level Offers, Engagement Stats, NOLs, Shares Outstanding
2.5.2023
Earnings: Q4 2022 Earnings Call: Notes and Thoughts Before the Call
2.5.2023 #2: Bridg Dispute and Liquidity
2.5.2023 #1: Macro Ad Market, New Offers, New Ad Server, New Banks
11.1.2022, 11.2.2022, 11.10.2022, 11.11.2022, 11.12.2022, 11.16.2022, 11.18.2022, 12.4.2022, 12.5.2022, 12.7.2022
Earnings: Q3 2022 Earnings Call: Notes and Thoughts After the Call
12.7.2022: Dec 7 Raymond James Conference Notes / Thoughts
12.5.2022: Second Bridg Earnout + Upcoming Dec 7 Conference
12.4.2022: Charging for Engagement to "Better Optimize the Monetization"
11.18.2022: Revenue Share (Deferring vs Boosting Offers)
11.16.2022: Chase Offers Section Updates
11.12.2022: Increasing Pricing as one method to "Better Optimize the Monetization" (Near-Term Impact / Solution)
11.11.2022: Incorrect Cash Burn Assumptions/Concerns (Related to Macro / Lower Advertising Spend)
11.10.2022: Liquidity / Line of Credit / Bridg Dilution
10.20.2022, 10.25.2022, 10.27.2022
Earnings: Q3 2022 Earnings Call: Notes and Thoughts Before the Call
10.27.2022 - Cost Cutting: Closing Multiple Offices
10.27.2022 - Cost Cutting: Employee Headcount
10.25.2022: Insider Actions, Chase/Figg , Gain/Loss of Bank Partners
10.20.2022: Notes from “How Marketers are Achieving Measurement Confidence in a Time of Performance Pressure”
10.16.2022
Market Price: Thoughts on Market Price Over Time
9.20.2022, and 9.25.2022 x2
Earnings: Q3 2022 Earnings Call: Notes and Thoughts Before the Call
9.25.2022: Detail on layoffs, and employee comments on new CEO
9.25.2022: Current Observation of Actions by Advertisers During this Environment
9.20.2022: Chase updates (related to the new ad server)
9.6.2022 - 9.7.2022
Earnings: Q2 2022 Earnings Call: Notes and Thoughts After the Call
9.6.2022: Later in the day I added to this update, with an additional important observation related to new ad server and Chase migration
9.7.2022: Another update confirming which bank is scheduled to launch the new ad server in Q4 2022.
8.2.2022 - 8.3.2022
Earnings: Q2 2022 Earnings Call: Notes and Thoughts After the Call
7.29.2022
Earnings: Q2 2022 Earnings Call: Notes and Thoughts Before the Call
7.17.2022
Market Price: Thoughts on Market Price Over Time
7.16.2022
Earnings: Q2 2022 Earnings Call: Notes and Thoughts Before the Call
5.6.2022
Market Price: Thoughts on Market Price Over Time
Earnings: Q1 2022 Earnings Call: Notes and Thoughts After the Call
5.2.2022
Earnings: Q1 2022 Earnings Call: Notes and Thoughts After the Call
4.26.2022
Earnings: Q1 2022 Earnings Call: Notes Before the Call
Numbers
Management Changes
BofA Renewal
4.24.2022
Earnings: Q1 2022 Earnings Call: Notes Before the Call
Management Changes
4.22.2022
Earnings: Q1 2022 Earnings Call: Notes Before the Call
Numbers
Management Changes
Market Price: Thoughts on Market Price Over Time
4.20.2022
Earnings: Q1 2022 Earnings Call: Notes Before the Call
Management Changes
4.18.2022
Earnings: Q1 2022 Earnings Call: Notes Before the Call:
Possible Management Changes, Third Party Content Providers, BofA, Numbers, Open Banking, Dosh, Bridg, New Ad Server, New Banks
3.11.2022
Q4 2021 Earnings Notes From After the Call
3.8.2022
Q4 2021 Earnings Notes From After the Call
3.2.2022
Q4 2021 Earnings Notes From After the Call
2.25.2022 - 2.28.2022
Earnings. My Notes and Thoughts Before Q4 2021 Earnings Call. Thoughts on Possible Results and What Could be Released / Discussed / Announced
2.9.2022
Earnings. My Notes and Thoughts Before Q4 2021 Earnings Call. Thoughts on Possible Results and What Could be Released / Discussed / Announced
2.8.2022:
Sentiment by Other Investors Over Time
Thoughts on Market Price Over Time
2.6.2022
Earning. My Notes and Thoughts Before Q4 2021 Earnings Call. IDFA, CDLX, FB, and More
11.2.2021
Q3 2021 Earnings Call
10.12.2021
Sentiment by Other Investors Over Time
10.10.2021
My Notes and Thoughts Before Q3 Earnings Call
10.4.2021
Thoughts on Market Price Over Time
8.6.2021
Thoughts on Market Price Over Time
5.17.2021
Thoughts on Market Price Over Time
5.10.2021
Sentiment by Other Investors Over Time
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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.
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