Company: CDLX
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001666071-25-000159
Chunk: 194

Company: Cardlytics, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 194
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. The following securities as of September 30, 2025 and 2024 have been excluded from the calculation of diluted weighted-average common shares outstanding because the effect is anti-dilutive (in thousands): September 30, 20252024Common stock options45 57 2020 Convertible Senior Notes— 541 2024 Convertible Senior Notes9,573 9,573 Unvested restricted stock units8,015 4,685 Common stock issuable pursuant to the 2018 ESPP148 324 

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11.     SEGMENTS

As of September 30, 2025, we have three operating segments: the Cardlytics platform in the U.S. and U.K. and the Bridg platform, as determined by the information that our Chief Executive Officer, who we consider our chief operating decision-maker ("CODM"), uses to make strategic goals and operating decisions. Our Cardlytics platform operating segments in the U.S. and U.K. represent our proprietary advertising channels and are aggregated into one reportable segment given their similar economic characteristics, nature of service, types of customers and method of distribution. Our CODM allocates resources to, and evaluates the performance of, our operating segments based on Adjusted Contribution. Our CODM uses Adjusted Contribution extensively to measure the efficiency of our advertising platform, make decisions to manage advertising campaigns and evaluate our operational performance. We view Adjusted Contribution as an important operating measure of our financial results. We believe that Adjusted Contribution provides useful information to investors and others in understanding and evaluating our results of operations in the same manner as our management and Board of Directors. Our CODM does not review assets by operating segment for the purposes of evaluating performance or allocating resources.Revenue can be directly attributable to each segment. With the exception of deferred implementation costs, Partner Share and other third-party costs is also directly attributable to each segment. The accounting policies of each of our reportable segments are the same as those described in the summary of significant accounting policies. Refer to Note 4—Revenue for further information.The following tables provide information regarding the Cardlytics platform and the Bridg platform reportable segments (in thousands): Three Months EndedSeptember 30,Nine Months EndedSeptember 30, 2025202420252024Cardlytics platformRevenue$46,962 $61,110 $161,438 $187,343 Minus: Adjusted Partner Share20,490 29,159 74,385