Company: CDLX
Filing Date: 2025-04-03
Form Type: ARS
Source: 0001666071-25-000048
Chunk: 91

Company: Cardlytics, Inc.
Filing Date: 2025-04-03
Form: ARS
Chunk 91
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 quarter of the calendar year. 56

Historical Cash Flows In this section, we discuss the activity of our cash flows for the year ended December 31, 2024 and the year ended December 31, 2023. For a discussion of the year ended December 31, 2023, please refer to Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Liquidity and Capital Resources" in our Annual Report on Form 10-K for the year ended December 31, 2022. The following table shows a summary of our cash flows for the periods presented (in thousands): Year Ended December 31, 2024 2023 Cash, 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 activities 1,444 (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