Company: CDLX
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001666071-25-000069
Chunk: 146

Company: Cardlytics, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 1
Chunk 146
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 assets.

Interest Expense, Net

 Three Months Ended March 31,Changein thousands20252024$%Interest expense$(2,376)$(1,731)$(645)37 %Interest income546 816 (270)(33)Interest expense, net$(1,830)$(819)$(1,011)n/a% of Revenue(3)%(1)%

Interest expense, net increased by $1.0 million during the three months ended March 31, 2025 compared to the three months ended March 31, 2024 primarily due to an increase in our interest expense related to our 2024 Convertible Senior Notes, partially offset by repayment of our 2018 Line of Credit. Refer to Note 6—Debt and Financing Arrangements to our consolidated financial statements for additional information regarding the 2024 Convertible Senior Notes.

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Foreign Currency Gain (Loss) 

 Three Months Ended March 31,Changein thousands20252024$%Foreign currency gain (loss)$2,627 $(630)$3,257 (517)%% of Revenue4 %(1)%

Foreign currency gain (loss) was a gain of $2.6 million during the three months ended March 31, 2025 compared to a loss of $0.6 million during the three months ended March 31, 2024, primarily due to the change in the value of the British pound relative to the U.S. dollar.

Liquidity and Capital Resources

The following table summarizes our cash and cash equivalents, working capital, accounts receivable and contract assets, net and unused available borrowings:

in thousandsMarch 31, 2025December 31, 2024Cash and cash equivalents$52,046 $65,594 Working capital(1)24,978 29,028 Accounts receivable and contract assets, net96,094 103,252 Unused available borrowings(2)60,000 60,000 

(1)We define working capital as current assets less current liabilities. See our consolidated financial statements for further details regarding our current assets and current liabilities.

(2)As part of our amended and restated Loan and Security Agreement, we are required to maintain a minimum unrestricted cash of $25.0 million in demand deposit accounts.

Our cash and cash equivalents are available for working capital purposes. We do not enter into investments for trading purposes, and our investment policy is to invest any excess cash in