Cardlytics $CDLX: PacWest Deposits and LOC, Bridg Dispute, Resignation of CFO (Research Notes #145 - #149)
New notes on PacWest deposits and LOC, the Bridg dispute, and the resignation of the CFO.
Market Cap as of 3.24.2023: ~$2.81 / Share x 33.6M Shares ~ $94M Market Cap.
The following analysis and thoughts are separate from those included under “Why I Bought More” (which continued updated liquidity analysis, future share count, future value per diluted share, and more). Therefore this post could have been called, “What Led Me to Buy Even More”.
While I prefer to wait longer between update emails for the notes, I want to make sure I deliver timely information to all of you with access to the Research Notes, especially given the all-time-low stock price.
The CDLX Research Notes Updates
At this time, all of the following notes are under
For convenience, I copied over the corresponding sections of the Research Notes and pasted them at the end of this post.
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.
The order below matches how I copied them to the end of this post to read.
CDLX Research Notes: Update #149
Added on 3.23.2023
Added to "General Company Risks"
PacWest Deposits and Line of Credit
(and recent actions by CDLX)
CDLX Research Notes: Update #147
Added on 3.23.2023
Updated Bridg Dispute Thoughts
Offsetting factors
Change in my probability with dispute outcome
MNPI and insider buying
CDLX Research Notes: Update #145, #146, #148
Added on 3.22.2023 and 3.23.2023
"Resignation of Andy Christiansen, CFO"
Added my first thoughts (#145)
Updated and additional thoughts (#146)
New thought on timing, related to the earnouts (#148)
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For convenience, I copied over the corresponding sections of the Research Notes and pasted them directly below.
The Updates:
(#149) 3.23.2023: PacWest Deposits and Line of Credit (and recent actions by CDLX)
I have already discussed this topic in the Research Notes following the press release of CDLX drawing down on their LOC and diversifying deposits, but given this keeps being discussed by others, and CDLX seems to keep trading in step with PacWest, I wanted to add some additional details and thoughts.
It is possible CDLX has been trading somewhat in sync with PacWest given the fear with the banking system including regionals like PacWest, where CDLX’s line of credit (LOC) and some deposits are located.