 ATLANTA, Aug. 04, 2020 GLOBE NEWSWIRE -- Cardlytics, Inc. NASDAQ: CDLX, an advertising platform in banks digital channels, today announced financial results for the second quarter ended June 30, 2020. Supplemental information is available on the Investor Relations section of the Cardlytics website at Despite the unprecedented environment in which we have been operating since mid-March, we have stayed focused and kept our foot on the accelerator, in terms of executing our plan for long-term revenue growth and profitability, said Lynne Laube, CEO Co-Founder of Cardlytics. Consumer spending recovered throughout the quarter, and despite a slight pause in recent weeks, we are optimistic that we can narrow our year-over-year declines in the second half of 2020. We continue to see encouraging and exciting signs in our business that will support our long-term growth. These include the completed launch of Wells Fargo, which expands our reach to more than 150 million MAUs, as well as the extensive progress on our product development initiatives. We are also happy to announce that our self-service and automation platform is now being tested with several agencies. For these reasons, we believe we are extraordinarily well positioned over the long-term as the economy continues its recovery.We remain committed to achieving our long-term goals and increasing shareholder value, said Andy Christiansen, CFO of Cardlytics. Our current capitalization and liquidity will provide us the financial flexibility to weather the economic downturn triggered by COVID-19 and continue with prudent, strategic investments.Second Quarter 2020 Financial Results Revenue was 28.2 million, a decrease of 42 year-over-year, compared to 48.7 million in the second quarter of 2019. Billings, a non-GAAP metric, was 39.5 million, a decrease of 46 year-over-year, compared to 73.8 million in the second quarter of 2019. Gross profit was 7.9 million, a decrease of 55 year-over-year, compared to 17.7 million in the second quarter of 2019. Adjusted contribution, a non-GAAP metric, was 12.4 million, a decrease of 43 year-over-year, compared to 21.8 million in the second quarter of 2019. Net loss attributable to common stockholders was 19.8 million, or 0.73 per diluted share, based on 27.1 million weighted-average common shares outstanding, compared to a net loss attributable to common stockholders of 6.5 million, or 0.29 per diluted share, based on 22.7 million weighted-average common shares outstanding in the second quarter of 2019. Non-GAAP net loss was 10.2 million, or 0.38 per diluted share, based on 27.1 million weighted-average common shares outstanding, compared to a non-GAAP net loss of 2.7 million, or 0.12 per diluted share, based on 22.7 million weighted-average common shares outstanding in the second quarter of 2019. Adjusted EBITDA, a non-GAAP metric, was a loss of 7.7 million compared to a loss of 0.6 million in the second quarter of 2019.Key Metrics FI MAUs were 157.2 million, an increase of 31, compared to 120.1 million in the second quarter of 2019. ARPU was 0.18, a decrease of 55, compared to 0.40 in the second quarter of 2019.Definitions of FI MAUs and ARPU are included below under the caption Non-GAAP Measures and Other Performance Metrics.Earnings Teleconference InformationCardlytics will discuss its second quarter 2020 financial results during a teleconference today, August 4, 2020, at 5:00 PM ET 2:00 PM PT. The conference call can be accessed at 866 385-4179 domestic or 210 874-7775 international, conference ID 4382929. A replay of the conference call will be available through 8:00 PM ET 5:00 PM PT on August 11, 2020 at 855 859-2056 domestic or 404 537-3406 international. The replay passcode is 4382929. The call will also be broadcast simultaneously at Following the completion of the call, a recorded replay of the webcast will be available on Cardlytics website.About CardlyticsCardlytics NASDAQ: CDLX is an advertising platform in banks digital channels. We partner with financial institutions to run their banking rewards programs that promote customer loyalty and deepen banking relationships. In turn, we have a secure view into where and when consumers are spending their money. We use these insights to help marketers identify, reach and influence likely buyers at scale, as well as measure the true sales impact of marketing campaigns. Headquartered in Atlanta, Cardlytics has offices in London, New York, San Francisco, and Visakhapatnam. Learn more at Language Concerning Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to the anticipated impact of COVID-19 on our, business, financial condition and results of operations, our ability to weather the economic downturn triggered by COVID-19 and continue with strategic investments, and narrowing year-over-year declines in the second half of 2020. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as expect, anticipate, should, believe, hope, target, project, goals, estimate, potential, predict, may, will, might, could, intend, variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control.Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: risks related to the uncertain impacts that COVID-19 may have on our business, financial condition, results of operations; unfavorable conditions in the global economy and the industries that we serve; our quarterly operating results have fluctuated and may continue to vary from period to period; our ability to sustain our revenue growth and billings; risks related to our substantial dependence on our Cardlytics Direct product; risks related to our substantial dependence on JPMorgan Chase Bank, National Association Chase, Bank of America, National Association Bank of America and a limited number of other financial institution FI partners; the timing of the phased launch of Cardlytics Direct by U.S. Bank; risks related to our ability to maintain relationships with Chase, Wells Fargo and Bank of America; the amount and timing of budgets by marketers, which are affected by budget cycles, economic conditions and other factors, including the impact of the COVID-19 pandemic; our ability to generate sufficient revenue to offset contractual commitments to FIs; our ability to attract new FI partners and maintain relationships with bank processors and digital banking providers; our ability to maintain relationships with marketers; our ability to adapt to changing market conditions, including our ability to adapt to changes in consumer habits, negotiate fee arrangements with new and existing FIs and retailers, and develop and launch new services and features; and other risks detailed in the Risk Factors section of our Form 10-K filed with the Securities and Exchange Commission on March 3, 2020 and in subsequent periodic reports that we file with the Securities and Exchange Commission, including our Form 10-Q for the quarter ended June 30, 2020. Past performance is not necessarily indicative of future results.The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.Non-GAAP Measures and Other Performance MetricsTo supplement the financial measures presented in our press release and related conference call or webcast in accordance with generally accepted accounting principles in the United States GAAP, we also present the following non-GAAP measures of financial performance: billings, adjusted contribution, adjusted EBITDA, adjusted FI Share and other third party costs, non-GAAP loss and non-GAAP loss per share as well as certain other performance metrics, such as FI monthly active users FI MAUs and average revenue per user ARPU.A non-GAAP financial measure refers to a numerical measure of our historical or future financial performance or financial position that is included in or excluded from the most directly comparable measure calculated and presented in accordance with GAAP in our financial statements. We provide certain non-GAAP measures as additional information relating to our operating results as a complement to results provided in accordance with GAAP. The non-GAAP financial information presented herein should be considered in conjunction with, and not as a substitute for or superior to, the financial information presented in accordance with GAAP and should not be considered a measure of liquidity. There are significant limitations associated with the use of non-GAAP financial measures. 