Cardlytics ($CDLX): Q2 2023 Earnings - First Thoughts (Research Note #186)

Discussions on results, improved liquidity position, free cash flow positive, new user experience, new potential banks, new offer constructs, new hires, lower billing share, and more.

Market Cap as of 8.3.2023: ~$13.76/ Share x 37.7 Shares ~ $519M Market Cap.

(#186) 8.3.2023: Q2 2023 Earnings - First Thoughts

Earlier this week was CDLX’s Q2 2023 earnings.

As you will see, there is a lot of information discussed below, due to the large number of updates provided by CDLX (both on the call, after the call, and in the 10-Q).

While I might end making a full public / free post about Q2 earnings, I wanted to at least first get out my early notes and thoughts to all of you with access to the Research Notes.

Below I discuss my notes and thoughts on the following (which includes most of the same items as those in CDLX Research Note #182 on possible announcements and updates, plus some more important information from before and after call):

1. New User Experience at Chase

2. Early Stats on the New User Experience*

3. BofA and Wells on the New Ad Server and New User Experience*

4. New Potential Banks*

5. Details on the Updated Chase Billing Share Agreement

6. Other Banks At a Lower Billing Share*

7. Naming a New CFO

8. Bridg RMN & CPG Products Update

9. Bridg Earnout Update

10. Product-Level Offers Update*

11. Results

12. Multi-Tier Pilot

13. Pricing Pilot (Dynamic Marketplace, Bidding, Dynamic Pricing, and more)

14. New Hires

15. Liquidity Analysis (Much better than expected, following the Q2 updates discussed in this post)

*This means this discussion item includes something important mentioned after the call by CDLX.

I discuss all of these in more depth below.