Cardlytics, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Cardlytics, Inc. has filed its 2023 10-K report detailing its fiscal year operations and financial standing.</b>

AI Summary

Cardlytics, Inc. (CDLX) filed a Annual Report (10-K) with the SEC on March 14, 2024. Cardlytics, Inc. filed its 2023 Form 10-K on March 14, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 675 Ponce de Leon Avenue, NE, Suite 4100, Atlanta, GA 30308. Cardlytics, Inc. is incorporated in Delaware. The Standard Industrial Classification code is 7370 (Services-Computer Programming, Data Processing, etc.).

Why It Matters

For investors and stakeholders tracking Cardlytics, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Cardlytics' financial performance, business operations, and risk factors for the fiscal year 2023, crucial for investors to assess the company's health and future prospects. The detailed financial statements and disclosures within the 10-K are essential for understanding the company's revenue streams, profitability, and balance sheet, informing investment decisions.

Risk Assessment

Risk Level: medium — Cardlytics, Inc. shows moderate risk based on this filing. The company's business is subject to risks associated with the digital advertising and financial technology industries, including competition and technological changes, as indicated by its SIC code and the nature of its operations.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Cardlytics' performance and potential challenges in the evolving digital advertising landscape.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-14 — Filing Date (Filed as of date)
• 001-38386 — SEC File Number (SEC file number)

Key Players & Entities

• Cardlytics, Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• March 14, 2024 (date) — Filing date
• 675 Ponce de Leon Avenue, NE, Suite 4100, Atlanta, GA 30308 (address) — Business address
• DE (state) — State of incorporation
• 7370 (sic_code) — Standard Industrial Classification

FAQ

Industry Context

Cardlytics operates in the services sector, specifically computer programming and data processing, indicating a focus on technology-driven solutions within the financial and advertising industries.

Regulatory Implications

The company is subject to SEC regulations as a publicly traded entity, requiring adherence to reporting standards like the Form 10-K.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze the risk factors section for potential challenges and uncertainties.
3. Compare 2023 performance metrics with previous years to identify trends.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-14: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing is the 2023 annual report (10-K), following previous filings which would include quarterly reports (10-Q) and potentially other current reports (8-K).

Key Financial Figures

• $0.0001 — he registrant's common stock, par value $0.0001 per share. DOCUMENTS INCORPORATED BY R
• $4.7 — lytics platform analyzed approximatel y $4.7 trillion in purchases across all catego

Filing Documents

• cdlx-20231231.htm (10-K) — 2458KB
• cdlx_form10-kx2023xex1048.htm (EX-10.48) — 79KB
• cdlx_form10-kx2023xex1049.htm (EX-10.49) — 41KB
• cdlx_form10-kx2023xex1051.htm (EX-10.51) — 55KB
• cdlx_form10-kx2023xex1052.htm (EX-10.52) — 27KB
• cdlx_form10-kx2023xex1053.htm (EX-10.53) — 17KB
• cdlx_form10-kx2023xex231.htm (EX-23.1) — 2KB
• cdlx_form10-kx2023xex311.htm (EX-31.1) — 11KB
• cdlx_form10-kx2023xex312.htm (EX-31.2) — 11KB
• cdlx_form10-kx2023xex321.htm (EX-32.1) — 10KB
• cdlx_form10-kx2023xex971.htm (EX-97.1) — 37KB
• cdlx-20231231_g1.jpg (GRAPHIC) — 26KB
• cdlx-20231231_g2.jpg (GRAPHIC) — 138KB
• image_0.jpg (GRAPHIC) — 6KB
• image_0a.jpg (GRAPHIC) — 6KB
• image_2.jpg (GRAPHIC) — 6KB
• image_3.jpg (GRAPHIC) — 6KB
• image_4.jpg (GRAPHIC) — 54KB
• image_6.jpg (GRAPHIC) — 46KB
• 0001666071-24-000037.txt (&nbsp;) — 10895KB
• cdlx-20231231.xsd (EX-101.SCH) — 59KB
• cdlx-20231231_cal.xml (EX-101.CAL) — 99KB
• cdlx-20231231_def.xml (EX-101.DEF) — 325KB
• cdlx-20231231_lab.xml (EX-101.LAB) — 682KB
• cdlx-20231231_pre.xml (EX-101.PRE) — 564KB
• cdlx-20231231_htm.xml (XML) — 1391KB

Risk Factors

Item 1A. Risk Factors 12

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 37

Cybersecurity

Item 1C. Cybersecurity 37

Properties

Item 2. Properties 38

Legal Proceedings

Item 3. Legal Proceedings 38

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 39 PART II. 40

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 40

[Reserved]

Item 6. [Reserved] 40

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 41

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 63

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 64

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 110

Controls and Procedures

Item 9A. Controls and Procedures 110

Other Information

Item 9B. Other Information 112

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 112 PART III. 113

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 113

Executive Compensation

Item 11. Executive Compensation 113

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 113

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 113

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 113 PART IV. 113

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 114

Form 10-K Summary

Item 16. Form 10-K Summary 119

Signatures

Signatures 119 1 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K ("Annual Report") contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"), that reflect our current expectations regarding future events, our strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives of management. Forward-looking statements include any statement that does not directly relate to a current or historical fact. In some cases, you can identify forward-looking statements by the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "objective," "ongoing," "plan," "predict," "project," "potential," "should," "will," or "would," or the negative of these terms, or other comparable terminology intended to identify statements about the future. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. The forward-looking statements and opinions contained in this Annual Report are based upon information available to us as of the date of this Annual Report and, while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. Forward-looking statements include statements about: our ability to continue to add new financial institution partners ("FI partners"), merchant data partners and marketers and maintain our relationships with existing FI partners, merchant da

BUSINESS

ITEM 1. BUSINESS Overview Our company's mission is to make commerce smarter and rewarding for everyone. We work to accomplish this mission by operating an advertising platform within our own and our partners' digital channels, which includes online, mobile applications, email and various real-time notifications (the "Cardlytics platform"). We also operate a customer data platform that utilizes point-of-sale ("POS") data, including product-level purchase data, to enable marketers to perform analytics and targeted loyalty marketing and also measure the impact of their marketing (the "Bridg platform"). The partners for the Cardlytics platform are predominantly financial institutions ("FI partners") that provide us with access to their anonymized purchase data and digital banking customers. The partners for the Bridg platform are predominantly merchants ("merchant data partners") that provide us with access to their POS data, including product-level purchase data. By applying advanced analytics to the purchase data we receive, we make it actionable, helping marketers reach potential buyers at scale and measure the true sales impact of their marketing spend. We have strong relationships with leading marketers across a variety of industries, including retail, restaurant, travel and entertainment, direct-to-consumer, and grocery and gas. Our purchase intelligence, coupled with our access to customers using our and our partners' digital channels, enables us to help solve fundamental problems for marketers. Marketers increasingly have access to data on the purchase behavior of their customers in their own stores, websites and loyalty programs. However, they lack insight into their customers' purchase behavior outside of their stores and websites, as well as the purchase behavior of individuals who are not yet their customers. The reality is, no matter how robust their own customer data, marketers only see a small portion of their customers' overall spending patterns. As a

View Full Filing

View this 10-K filing on SEC EDGAR