Cardlytics ($CDLX): Liquidity Analysis, Prior Use of SVB, 22Q4 Earnings, and More (Research Notes Updates #133 - #139)

The new notes include updated liquidity projections, prior use of SVB, thoughts on 22Q4 results and Q1 guidance, and much more.

Following CDLX’s latest 22Q4 earnings call + release of their 10-K, I added some notes and thoughts to the CDLX Research Notes.

Below is a list of the updates and related contents, including new liquidity analysis, information related to CDLX’s and Bridg’s prior use of SVB, the new user experience and the bank likely launching it, and much more.

For all of you who are paid subscribers with access to the Research Notes, you can use the link / button provided below to take you directly to the corresponding section containing all these updates. I also added the notes to the bottom of this email for convenience.

If you are not a paid subscriber yet, you can upgrade here to access this detailed information related to the updates:

The CDLX Research Notes Updates

All of the following notes are under "Q4 2022 Earnings: Notes and Thoughts After the Call”.

Use this direct link to the section containing these updates, or the button below.

For convenience, I also copied over the corresponding sections of the Research Notes and pasted them at the end of this post.

The most recent notes are added to the top in a given section. The list of updates below match that order, to sync up with how the notes are likely read (from top to bottom).

Note, I do tweet out when I make an update to the Research Notes. Therefore, if you want more real-time updates, follow me on Twitter.

CDLX Research Notes: Update #139

• Added on 3.11.2023

  • CDLX's and Bridg's Prior Use of SVB

  • Updated Liquidity Analysis (Under New VWAP + New Possibility)

CDLX Research Notes: Update #138

• Added on 3.9.2023

  • Chase and the New User Experience (on the new ad server)

  • Convertible Senior Notes (a change related to maturity)

CDLX Research Notes: Update #137

• Added on 3.8.2023

  • Insider Buying

  • Confirmation of Reporting Mistakes

  • Confirmation of an Executive Leaving

CDLX Research Notes: Update #136

• Added on 3.6.2023

  • Line of Credit (Changes)

  • Bridg Earnouts and Dispute (Updates)

  • Updated Liquidity Analysis (After Bridg Earnouts and Dispute)

CDLX Research Notes: Update #135

• Added on 3.5.2023

  • Actual/Guidance vs Expected Financials (used to update assumptions and model)

    • MAUs

    • Billings Margin

    • Revenue

    • Gross Profit Margin

    • Operating Expenses

    • EBITDA

    • FCF

CDLX Research Notes: Update #134

• Added on 3.4.2023

  • Potential Reporting Mistakes (x3)

    • Latest 10-K

    • Press Release

CDLX Research Notes: Update #133

• Added on 3.3.2023

  • New User Experience (+ new clue which bank is launching)

  • New Ad Server

  • Product-Level Offers

  • Category-Level Offers

  • Engagement Stats

  • New Advertisers

  • NOLs

  • Shares Outstanding

Again, use this direct link to the section containing these updates, the button below, or see the bottom of this email.

Gain Access to Research Notes

In addition to gaining access to the notes above, upgrading your subscription will give you access to all Research Notes.

Research Notes contain information I have collected while researching, investigating, analyzing, and thinking through businesses, such as CDLX.

This is where I continue to add additional notes, observations, and thoughts.

Some of the notes have never been made, nor will be made, into official posts that are public to read.

Cardlytics ($CDLX) Research Notes:

• Cardlytics ($CDLX): Qualitative Research Notes #1

• Cardlytics ($CDLX): Qualitative Research Notes #2

• Cardlytics ($CDLX): Quantitative Research Notes #1

• Cardlytics ($CDLX): Quantitative Research Notes #2

Carvana ($CVNA) Research Notes:

• Carvana ($CVNA): Qualitative Research Notes

• Carvana ($CVNA): Quantitative Research Notes

General Research Notes on Businesses, Investments, and CEOs (Historical to Current):

• General Research Notes

Reviews on the Research Notes

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Gain Access

If would like access all these “Research Notes”, upgrade your subscription here:

For convenience, I copied over the corresponding sections of the Research Notes and pasted them directly below. This may get cut off in an email, so you may want to read directly in the notes.

The Updates:

3.11.2023: CDLX’s and Bridg’s Prior Use of SVB, Updated Liquidity Analysis (Under New VWAP + New Possibility)

CDLX’s and Bridg’s Prior Use of SVB