Company: CDLX
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001666071-25-000159
Chunk: 138

Company: Cardlytics, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 138
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.16 $(0.05)(31)$0.37 $0.49 $(0.12)(32)

During the three months ended September 30, 2025, Cardlytics ACPU decreased by $0.05 compared to the three months ended September 30, 2024 as a result of lower billings and the ramp of our newest FI Partner. During the nine months ended September 30, 2025, Cardlytics ACPU decreased by $0.12 compared to the nine months ended September 30, 2024 as a result of lower billings and the ramp of our newest FI Partner.

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Key Financial Metrics (Including Non-GAAP Metrics)

 Three Months EndedSeptember 30,Nine Months EndedSeptember 30,in thousands2025202420252024Revenue$52,031 $67,057 $177,178 $204,301 Consumer Incentives$37,162 $44,901 $113,644 $123,260 Billings$89,193 $111,958 $290,822 $327,561 Gross Profit$24,300 $28,552 $78,723 $88,161 Adjusted Contribution$30,030 $36,382 $98,624 $109,825 Net Loss$(72,673)$(145,182)$(95,238)$(173,715)Adjusted EBITDA$3,204 $(1,816)$1,523 $(3,875)Adjusted Net Loss$(3,821)$(7,480)$(21,880)$(19,128)Net cash provided by (used in) operating activities$1,761 $1,388 $(3,720)$(11,803)Free Cash Flow$(2,703)$(3,869)$(16,945)$(26,665)

Definitions of Non-GAAP Measures

Billings

Billings represents the gross amount billed to customers and marketers for services in order to generate revenue. Cardlytics platform Billings is recognized gross of both Consumer Incentives and Partner Share. Cardlytics platform GAAP Revenue is recognized net of Consumer Incentives and gross of Partner Share. Bridg platform Billings is the same as Bridg platform GAAP Revenue. 

We review Billings for internal management purposes. We believe Billings is an important indicator for the current health of the business because it directly