Company: CDLX
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001666071-25-000126
Chunk: 142

Company: Cardlytics, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 1
Chunk 142
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 30,ChangeSix Months Ended June 30,Changein thousands20252024$%20252024$%Billings$104,048 $110,389 $(6,341)(6)$201,627 $215,606 $(13,979)(6)

During the three months ended June 30, 2025, Billings decreased by $6.3 million compared to the three months ended June 30, 2024, primarily driven by a $8.6 million decrease in net sales to existing marketers, partially offset by an increase of $2.3 million in sales to new marketers.

During the six months ended June 30, 2025, Billings decreased by $14.0 million compared to the six months ended June 30, 2024, primarily driven by a $27.0 million decrease in net sales to existing marketers, partially offset by an increase of $13.0 million in sales to new marketers.

In the near term, we expect our Billings to decrease compared to applicable prior year periods, primarily related to our largest FI partner recently restricting us from publishing offers for certain marketers on its channels. We expect that these restrictions will impact our ability to grow marketing budgets for these selected advertisers, and in many cases will cause the marketing budgets for these selected advertisers to decrease significantly. We intend to work with our other FI partners to shift such marketers to other channels.

The following table presents a reconciliation of Billings to Revenue, the most directly comparable GAAP measure, for each of the periods indicated:

Three Months EndedJune 30,Six Months EndedJune 30,in thousands2025202420252024ConsolidatedRevenue$63,249 $69,636 $125,147 $137,244 Plus:Consumer Incentives40,799 40,753 76,480 78,362 Billings$104,048 $110,389 $201,627 $215,606 Cardlytics platformRevenue$58,041 $64,002 $114,476 $126,235 Plus:Consumer Incentives40,799 40,753 76,480 78,362 Billings$98,840 $104,755 $190,956 $204,597 Bridg platformRevenue$5,208 $5,634 $10,671 $11,009 Plus:Consumer Incentives— — —