Cardlytics ($CDLX): Observations in Q2 2023 (Research Note #181)

Analysis on observations made during Q2 2023, and how they could impact CDLX (and specifically the Q2 results and future guidance).

Market Cap as of 7.12.2023: ~$8.67/ Share x 33.9M Shares ~ $294M Market Cap.

(#181) 7.12.2023: Observations in Q2 2023

With Q2 finished and earnings coming up, I wanted to focus on some recent observations that could have some impact on Q2 results or Q3 guidance.

Q2 Observations Discussed Below:

1. Rollout of the new user experience

2. Images on the new user experience

   1. A/B testing

3. New Offer Types

   1. New offer constructs may be live

   2. Evidence of another bank possibly reinvesting their rev share back to the user

4. JPM Chase

   1. Revisiting some investor day observations and comments (including Jamie Dimon’s comments on Offers) given the latest rev share update.

5. New higher-cash-back offers

   1. Could lead to higher ARPU

6. Wells Fargo Updates

7. CDLX Emails

8. New Bridg products

9. Dosh Updates

   1. Evidence of growth with higher gross profit

   2. Possible evidence of new revenue streams

   3. New partners

10. Venmo Updates

Below I go in depth on each of these observations. Feel free to skip around the sections / observations. I put this in bullet-point form to more quickly read / skim, since there is a lot here.