Cardlytics Inc (Cardlytics) is an advertising and technology company, which provides card-linked marketing solutions. Its digital advertising solution, Cardlytics platforms, allows marketers to reach consumers through the FIs' trusted and frequently visited digital banking channels and online channels. It provides solutions, which enable marketing service providers and marketers to leverage the purchase intelligence outside the banking channel. Its Bridg Platform offers subscriptions to cloud-based customer-data platforms and professional services, including onboarding, implementation, and technical support. The company has relationships with marketers operating in various industries, such as retail, travel and entertainment, restaurant, direct-to-consumer, and grocery and gas.
Billings are the total sum of money billed to clients and marketers for marketing initiatives in order to generate revenue. They define gross billing as the aggregate dollar amount that the clients pay to the company, after deducting rebates paid and discounts given to clients. Gross billings for the Cardlytics platform include both consumer incentives and partner shares.
The company uses gross billing to assess its business growth, market share, and scale of operations, and the ability to generate gross billing is strongly correlated to the company's ability to generate net revenues.
Cardlytics gross billing rose from $263.4 million in FY2020 to $394.1 million in FY2021, an increase of 50%. The revenue growth was primarily due to sales of advertising via the Cardlytics platform. In 2021, revenue increased by $80.2 million above that of 2020, due to an increase in billings of $130.7 million. The increase in billings was comprised of an increase in sales of $65.0 million to current marketers and an increase in sales of $65.7 million to new marketers.
In 2021, consumer incentives grew faster than billings compared to 2020, primarily as a result of changes in the advertiser mix and an increase in Consumer Incentives funded by partners through a reduction in Partner Share. Due to a variety of issues, including decreasing demand for their solutions, rising competition, slowing growth of their broader industry, and their failure to attract and keep enough marketers, revenue and billings may suffer in the future.
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