Company: CDLX
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001666071-25-000069
Chunk: 268

Company: Cardlytics, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 2
Chunk 268
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24$%Billings$97,579 $105,216 $(7,637)(7)%Consumer Incentives35,681 37,608 (1,927)(5)Revenue$61,898 $67,608 $(5,710)(8)%% of Billings63 %64 %

The $5.7 million decrease in Revenue during the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was comprised of a $7.6 million decrease in Billings and a $1.9 million decrease in Consumer Incentives. Consumer Incentives decreased at a lower rate than Billings during the three months ended March 31, 2025 compared to the three months ended March 31, 2024 primarily due to advertiser mix and lower billings than previous quarter.

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Costs and Expenses

Partner Share and Other Third-Party Costs

 Three Months Ended March 31,Changein thousands20252024$%Partner Share and other third-party costs $29,450 $30,543 $(1,093)(4)%% of Revenue48 %45 %

Partner Share and other third-party costs decreased by $1.1 million during the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily driven by lower top line billings and changes in Partner mix.

Delivery Costs

 Three Months Ended March 31,Changein thousands20252024$%Delivery costs excluding stock-based compensation expense$6,751 $5,530 $1,221 22 %Plus:Stock-based compensation expense537 643 (106)(16)Total delivery costs$7,288 $6,173 $1,115 18 %% of Revenue12 %9 %

Total delivery costs increased by $1.1 million during the three months ended March 31, 2025 compared to the three months ended March 31, 2024.  Delivery costs excluding stock-based compensation increased by $1.2 million during the three months ended March 31, 2025 compared to the three months ended March 31, 2024, driven by $1.5 million increase in data storage expense, partially offset by a $0.2 million decrease in desktop software and data center expense and a $0.1 million decrease in staff expense.

Sales and Marketing Expense

 Three