Company: CDLX
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001666071-25-000069
Chunk: 277

Company: Cardlytics, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 2
Chunk 277
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 with consumer holiday spending and reduce marketing spend in the first quarter of the calendar year. Any lag between the timing of our payment of Consumer Incentives and our receipt of payment from marketers and their agencies can exacerbate our need for working capital during the first quarter of the calendar year.

The following table summarizes our cash flows for the periods presented:

 Three Months EndedMarch 31,in thousands20252024Cash and cash equivalents  — Beginning of period$65,594 $91,830 Net cash used in operating activities(6,706)(17,617)Net cash used in investing activities(3,903)(4,747)Net cash (used in)  provided by financing activities(3,034)28,321 Effect of exchange rates on cash and cash equivalents95 (21)Cash and cash equivalents  — End of period$52,046 $97,766 

Operating Activities

Operating activities used $6.7 million of cash during the three months ended March 31, 2025, which reflected our Net Loss of $13.3 million, including $8.7 million of non-cash charges, offset by a $2.2 million change in our net operating assets and liabilities. The non-cash charges primarily related to stock-based compensation expense, depreciation and amortization expense, amortization of right-of-use assets, amortization of financing costs charged to interest expense and credit losses expense. The change in our net operating assets and liabilities was primarily due to a $8.2 million decrease in our Consumer Incentive liability, a $3.9 million decrease in Partner Share liability and a $0.1 million increase in prepaid expenses and other assets, partially offset by a $1.9 million increase in other accrued expense, a $7.5 million decrease in accounts receivable and a $0.6 million increase in accounts payable. These fluctuations are primarily driven by the quarterly seasonality of our business.

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Operating activities used $17.6 million of cash during the three months ended March 31, 2024, which reflected our Net Loss of $24.3 million, including $20.5 million of non-cash charges and a $5.8 million change in estimated contingent consideration, offset by a $19.6 million change in our net operating assets and liabilities. The non-cash charges primarily related to stock-based compensation expense, depreciation and amortization expense, amortization of right-of-use assets, amortization of financing costs charged to interest expense