Company: CDLX
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001666071-25-000159
Chunk: 141

Company: Cardlytics, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 141
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 intangible assets and income tax benefit. We define Adjusted Net Loss per share as Adjusted Net Loss divided by our weighted-average common shares outstanding, diluted.

Free Cash Flow

We define Free Cash Flow as net cash provided by (used in) operating activities, plus acquisition of property and equipment and capitalized software development costs and, in applicable periods, acquisition of patents. We believe free cash flow is useful to measure the funds generated in a given period that are available for distribution or to sustain the business. We believe this supplemental information enhances stockholders' ability to evaluate our performance.

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Results of Non-GAAP Measures

Billings

 Three Months Ended September 30,ChangeNine Months Ended September 30,Changein thousands20252024$%20252024$%Billings$89,193 $111,958 (22,765)(20)$290,822 $327,561 (36,739)(11)

During the three months ended September 30, 2025, Billings decreased by $22.8 million compared to the three months ended September 30, 2024, primarily driven by a $24.8 million decrease in net sales to existing marketers, partially offset by an increase of $2.0 million in sales to new marketers.

During the nine months ended September 30, 2025, Billings decreased by $36.7 million compared to the nine months ended September 30, 2024, primarily driven by a $51.7 million decrease in net sales to existing marketers, partially offset by an increase of $15.0 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 select advertisers, and in many cases will cause the marketing budgets for select 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 EndedSeptember 30,Nine Months EndedSeptember 30,in thousands2025202420252024ConsolidatedRevenue$52,031 $67,057 $177,178 $204,301 Plus:Consumer Incentives37,162 44,901 113,644 123