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We operate a commerce media platform that is designed to make commerce smarter and rewarding for everyone. At the core of our commerce media platform is the financial media network that we run within our partners' digital channels, which includes online and mobile applications (the "Cardlytics platform").
The business is unprofitable at the operating level (-43.65% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 16.2% YoY. The question is whether this is cyclical or a structural shift.
Net debt of $170M represents 19.3x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$211M
▼ -16.2% YoY
Net Income (TTM)
-$95M
▲ +45.3% YoY
Op. Margin
-46.87%
▲ +26.6pp YoY
ROIC
-30.61%
▲ +14.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$10M
▲ +184.8% YoY
Op. Cash Flow (TTM)
$10M
▲ +205.3% YoY
Net Debt
$150M
Cash & Equiv.
$60M
5Y CAGR: +4.5%
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