Company: CDLX
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001666071-25-000069
Chunk: 191

Company: Cardlytics, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 191
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,216 $(7,637)(7)

During the three months ended March 31, 2025, Billings decreased by $7.6 million compared to the three months ended March 31, 2024, primarily driven by a $12.8 million decrease in net sales to existing marketers, partially offset by an increase of $5.2 million in sales to new marketers.

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

Three Months EndedMarch 31,in thousands20252024ConsolidatedRevenue$61,898 $67,608 Plus:Consumer Incentives35,681 37,608 Billings$97,579 $105,216 Cardlytics platformRevenue$56,435 $62,233 Plus:Consumer Incentives35,681 37,608 Billings$92,116 $99,841 Bridg platformRevenue$5,463 $5,375 Plus:Consumer Incentives— — Billings$5,463 $5,375 

29

Adjusted Contribution

The following table presents a reconciliation of Adjusted Contribution to gross profit, the most directly comparable GAAP measure, for each of the periods indicated:

 Three Months EndedMarch 31,in thousands20252024Revenue$61,898 $67,608 Minus:Partner Share and other third-party costs29,450 30,543 Delivery costs(1)7,288 6,173 Gross Profit25,160 30,892 Plus:Delivery costs(1)7,288 6,173 Adjusted Contribution$32,448 $37,065 

(1)Stock-based compensation expense recognized in consolidated delivery costs totaled $0.5 million and $0.6 million during the three months ended March 31, 2025 and 2024, respectively.

Adjusted EBITDA

The following table presents a reconciliation of Adjusted EBITDA to Net Loss, the most directly comparable GAAP measure: Three Months EndedMarch 31,in thousands20252024Net Loss$(13,282)$(24,275)Plus:Interest expense, net1,830 819 Depreciation and amortization6,291 6,250 Stock-based compensation expense8,694 10,985 Foreign currency (gain) loss(2,627)630 Loss (