Company: CDLX
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001666071-25-000034
Chunk: 101

Company: Cardlytics, Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 7
Chunk 101
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 (in thousands):

 Year Ended December 31, 20242023Cash, cash equivalents and restricted cash at beginning of period$91,830 $121,985 Net cash used in operating activities(8,824)(185)Net cash used in investing activities(18,746)(10,062)Net cash provided by (used in) financing activities1,444 (20,026)Effect of exchange rates on cash, cash equivalents and restricted cash(110)118 Cash, cash equivalents and restricted cash at end of period$65,594 $91,830 

Operating Activities

Historically, we have experienced negative operating cash flows, which reflects our investments to grow our business. Over time, we expect our business to generate positive operating cash flows. Given the seasonal nature of our marketer's advertising spending and our continued investment in our business, we may experience periods of negative operating cash flows from operations.

Operating activities used $8.8 million of cash in 2024, which reflected our net loss of $189.3 million, $196.3 million of which were non-cash charges, and a $15.8 million change in our net operating assets and liabilities. The non-cash charges primarily related to stock-based compensation expense, depreciation and amortization expense (including the amortization of acquired intangible assets), impairment of goodwill and intangible assets, amortization of right-of-use assets, changes in contingent consideration, and credit loss expense. The change in our net operating assets and liabilities was primarily due to a $12.5 million increase in accounts receivable and contract assets, a $6.6 million decrease in other accrued expenses, and a $7.1 million decrease in our Consumer Incentive liability, partially offset by a $1.4 million decrease in prepaid expense and other assets and a $16.4 million increase in Partner Share liability.

Operating activities used $0.2 million of cash in 2023, which reflected our net loss of $134.7 million, $148.0 million of which were non-cash charges, and a $13.5 million change in our net operating assets and liabilities. The non-cash charges primarily related to stock-based compensation expense, depreciation and amortization expense (including the amortization of acquired intangible assets) impairment of goodwill and intangible assets, amortization of right-of-use assets, changes in the fair value of our contingent consideration, and credit loss expense. The change in our net operating assets and liabilities was primarily