Cardlytics ($CDLX): New & Improved Feature, Final Thoughts Before Today's Earnings Call (Updates #172 - #173)

New notes regarding a new and improved feature on the new user experience, and my thoughts before the Q1 2023 earnings call today.

May 04, 2023

∙ Paid

Market Cap as of 5.4.2023: ~$8.21 / Share x 33.6M Shares ~ $276M Market Cap (I will wait to update the share count following earnings today)

Given CDLX’s 23Q1 10-Q will be released later today, followed by their earnings call, I wanted to record the most important items I will be looking out for. In a way, I am using this as a checklist to not miss anything. Or maybe it’s a bingo card! This is included in update #173 below.

Also at the end of this post, in update #172, is a discussion of one new and improved CDLX feature that could lead to near-term increases in engagement & ARPU (average revenue per user) and eventually produce cash flow that is multiples of today's market cap.

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. (I also have been posting on Substack Notes when there is an update.)

The order below matches how I copied them to the end of this post to read.

CDLX Research Notes: Update #173

Added on 5.4.2023

Thoughts Before Today's Earnings Call
- List of all the items I am looking out for (between the 10-Q, earnings call, investor follow-up calls, etc.)

CDLX Research Notes: Update #172

Added on 5.3.2023

New & Improved Feature (on the New User Experience, seen at Chase)
- Why this one feature could lead to:
  - Near-term increases in engagement & ARPU (average revenue per user)
  - Eventually produce cash flow that is multiples of today's market cap

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Cardlytics ($CDLX) Research Notes:

Cardlytics ($CDLX) Qualitative Research Notes: #1, #2, #3
Cardlytics ($CDLX) Quantitative Research Notes: #1, #2, #3

For all of you with a paid subscription, you can read some of the recent updates:

#171 (5.1.2023): First Thoughts on Bridg Dispute Outcome
#170 (4.27.2023): Updated VWAP Projections + Additional Bridg Earnout Payment Possibility
#166-169 (4.25.2023): Updated Bridg VWAP Projections, Thoughts on Timing of Earnings and the Bridg Resolution
#164-165 (4.19.2023): Bridg VWAP Projections (12 and 13 trading days remaining of 20)
#162-163 (4.12.2023): Potential Stock Price After the Bridg Resolution, Potential Bridg Clients
160-161 (4.7.2023): Timing of Announcements, Convertible Senior Notes, Updated Projections
#158-159 (4.4.2023): Updated Guidance + Updated Liquidity Analysis and Projections
#156-157 (4.3.2023): Potential for New Banks Signing Soon and/or Remaining Banks Moving to the New Ad Server Ahead of Schedule, Possibilities and Potential Impact of Images
#154-155 (3.30.2023): How Bridg Can Lower FI Revenue Share, My Latest Large Purchases of CDLX with Leverage
#150-153 (3.27.2023): Possible Upcoming Announcements that Could Increase the Stock Price, New User Experience on My Chase Account, Less-Considered Liquidity Resources
#145-149 (3.24.2023): PacWest Deposits and LOC, Bridg Dispute, Resignation of CFO
#140-144 (3.20.2023): Why I Bought More
#133-139 (3.12.2023): Liquidity Analysis, Prior Use of SVB, 22Q4 Earnings, and More

I have also added a page to keep track of these updates as well.

Carvana ($CVNA) Research Notes:

Carvana CVNA Qualitative Research Notes Swany407 Research Notes Analysis Austin Swanson, 2018 Analyst Day, Competition, CarMax, Vroom, Shift, AutoNation, GM, Local, Dealers, and more, Disadvantages, selection, delivery, inspection and reconditioning, IRCs, Financing, Vehicle Service Contracts, VSC, Extended Warranties, GAP, Fees, Commission, Site Visits, Footprint, capacity, size, processes, root, insurance, hertz, new cars, drivetime, silverrock, blueshore, short thesis, Twitter, resources, Valuation, Market Penetration, Total Addressable Market, SG&A, Valuation, Intrinsic Value, Advertising, Securitizations, Operating Leverage, Retail Margin, Gross profit per unit, GPU, $CVNA, Austin Swanson, Carvana CVNA Quantitative Research Notes Swany407 Research Notes Analysis Austin Swanson, 2018 Analyst Day, Competition, CarMax, Vroom, Shift, AutoNation, GM, Local, Dealers, and more, Disadvantages, selection, delivery, inspection and reconditioning, IRCs, Financing, Vehicle Service Contracts, VSC, Extended Warranties, GAP, Fees, Commission, Site Visits, Footprint, capacity, size, processes, root, insurance, hertz, new cars, drivetime, silverrock, blueshore, short thesis, Twitter, resources, Valuation, Market Penetration, Total Addressable Market, SG&A, Valuation, Intrinsic Value, Advertising, Securitizations, Operating Leverage, Retail Margin, Gross profit per unit, GPU, $CVNA, Austin Swanson

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For convenience, I copied over the corresponding sections of the Research Notes and pasted them directly below.

Swanson Investment Research