Company: CDLX
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001666071-25-000069
Chunk: 263

Company: Cardlytics, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 2
Chunk 263
---
iture; change in contingent consideration; and, in applicable periods, certain other income and expense items, such as gain on debt extinguishment; acquisition, integration and divestiture costs (benefit); restructuring and reduction of force; impairment of goodwill and 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.

28

Free Cash Flow

We define Free Cash Flow as net cash 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.

Results of Non-GAAP Measures

Billings

 Three Months Ended March 31,Changein thousands20252024$%Billings$97,579 $105,216 $(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