Cardlytics ($CDLX) Research Notes: Updates #98 - #101
List of the most recent findings and updates in the CDLX Research Notes.
Note: Given this is a new type of email I will be sending out, I provided the reasoning for the email & structure below the list of updates that follows.
Recent Updates in the CDLX Research Notes
For all of you who are paid subscribers with access to the Research Notes, you can use the links to take you directly to the corresponding section containing the update (it may take a moment to load, given the size of the notes). This will work as long as you are signed into Substack in that browser.
If you are not a paid subscriber yet, you can upgrade here to access this detailed information related to the updates:
CDLX Research Notes: Update #98 (Qualitative Notes)
This is one of my favorite recent findings and additions to the notes
Added to "Company Risks: Chase Acquiring Figg" on 9.23.2022
Clues of Chase’s intentions with Figg
New Chase platform for SMBs + 1st party data + advertising (matches Chase’s stated intentions to CDLX)
Matching Figg jobs and timelines
Current direct link to the section containing this update (requires scrolling slightly down to the notes titled “9.23.2022 - Clues of Chase’s Intentions with Figg”, below the 9.26.2022 note, given the most recent notes are added to the top in a given section)
CDLX Research Notes: Update #99 (Quantitative Notes)
Added to "Q3 2022 Earnings Call: Notes and Thoughts Before the Call" on 9.25.2022
Good summary of the observations this quarter (Q3) related to advertisers and their ad spend
Macro thoughts in relation to observations seen in the channel (such as whether advertisers are cutting back ad spend with CDLX as a way to save money)
Lowes / Home Depot (and product level offers)
Dell / Best Buy (new use of a logo + product-level offer hint)
Walmart (new offer, why we may see product-level with Walmart before Target)
Fuel & Convenience (trends and whether users will redeem)
Travel (trends + new offer type)
Local (new tags + Chase observations)
Chase Sapphire Reserve exclusive offer
Panera (update on the 50% offer)
Starbucks (observations)
& more
Current direct link to section containing this update (requires scrolling slightly down to notes under “9/25/2022 Post #1 - Summary of Q3 Observations Related to Advertisers and Ad Spend”, right below the 9/26/2022 Post #2)
CDLX Research Notes: Update #100 (Quantitative Notes)
Added to "Q3 2022 Earnings Call: Notes and Thoughts Before the Call" on 9.25.2022
Details on layoffs / offices closing from comments by employees (comments on 9/3 and 9/5)
Employee comment on new CEO and ratings (comment on 9/20)
Current direct link to the section containing this update (under “9/25/2022 Post #2 - Details on layoffs, and employee comments on new CEO”)
CDLX Research Notes: Update #101 (Qualitative Notes)
Added to "Chase Acquiring Figg" on 9.26.2022
Information regarding Figg’s tech
Comment by a Figg employee regarding Figg’s tech (found last night)
Additional comments from different sources
Why this information is likely accurate
Why the information is important in the context of CDLX & Chase
Based on this, why Chase acquired Figg (supports clues of Chase’s intentions with Figg in update #98 above)
Current direct link to the section containing this update (under 9.26.2022 notes)
About These Update Emails
Why I am Sending Emails on Recent Updates in the Research Notes
I thought it would be best to provide an additional method to communicate the updates to the Research Notes, given how important some of these updates have been recently.
I have been adding a significant quantity of notes to the CDLX Research Notes lately. This is a function of me spending more time researching / investigating CDLX given the lower stock price + the higher number of changes occurring around the business.
While I do record the updates in the “Update Logs” in each set of notes, as well as tweet out the updates (which seems to work well), I thought there may be a number of you who are paid subscribers with access to the Research Notes but do not actively use Twitter or who may miss some of the updates. Therefore I wanted to create a third method to communicate these updates in the Research Notes (which is these summary emails).
While some of these more important additions to the Research Notes do become public posts (such as the recent “Chase Updates” post), I may not get the time to make some of these updates into a full public post (given it is a lengthy process to edit the write-ups, record and edit a video and podcast, and more), and some updates are more time-sensitive (where I personally would want to know the info as soon as possible).
What is Included in these Update Emails
These update emails will include:
A list of the recent updates
Rather than one email for every single update, unless there is a single update that is extremely important and time-sensitive
A summary of what is included in each update
So you know whether that update interests you to read more
Not including the contents in the email will keep the emails short
A direct link to the section with that update
This will take you directly to the related section as long as you are logged into Substack in that browser, and are a paid subscriber with access to the Research Notes
I feel this will decrease the risk of you missing an important update that is of interest to you, while still not sending too many emails from grouping the updates together.
Frequency of Emails
While I would like to have a set schedule when this summary of updates are sent, I also do not want to wait to notify you of more time-sensitive updates (such as some of the ones above). Therefore, the release of these emails will be a function of the contents.
Gain Access to Research Notes
For access to these updates, as well all my notes and thoughts on CDLX (which I continually update and are over 700 pages in my Qualitative and Quantitative Research Notes), upgrade to paid today:
(Given the quantity of new notes, leading to hitting Substack limits, I had to split the notes once again, with essentially a part #1 and #2 for both qualitative and quantitative notes)
Qualitative:
Cardlytics $CDLX: Qualitative Research Notes #1 (273 Pages, 99,429 words)
Cardlytics $CDLX: Qualitative Research Notes #2 (65 Pages, 20,166 words)
Quantitative:
Cardlytics $CDLX: Quantitative Research Notes #1 (239 Pages, 84,147 words)
Cardlytics $CDLX: Quantitative Research Notes #2 (143 Pages, 45,375 words)
These notes contain information I have not shared anywhere else. For more general information on Research Notes, see here.
I have been adding a significant quantity of new notes lately, given the many changes around the company. I expect this to continue. Once things settle down, I will shift my focus to releasing my Carvana notes, which for the large number of you who are already paid subscribers (and the substantial number of new paid subscribers this quarter), you will have access to with your current paid-subscription at no additional cost, as well all current and future notes. I have greatly appreciated your positive feedback lately, and I look forward to continuing adding to these notes, with intentions of expanding them to more companies over the years.