Company: CDLX
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001666071-25-000034
Chunk: 91

Company: Cardlytics, Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 7
Chunk 91
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 Revenue19 %19 %

Total sales and marketing expenses decreased by $4.8 million during 2024 compared to 2023. Sales and marketing expenses excluding stock-based compensation decreased by $2.2 million during 2024 compared to 2023 primarily due to a $2.2 million decrease in staff expenses, mostly related to the divestiture of entertainment in December 2023, a $0.3 million decrease in training, dues and subscriptions expenses, and a $0.3 million decrease in travel and entertainment, partially offset by a $0.5 million increase in marketing events and a $0.1 million increase in software licenses.

50

Research and Development Expense

 Year Ended December 31,Changein thousands20242023$      %      Research and development expense excluding stock-based compensation expense$34,650 $34,960 $(310)(1)%Plus:Stock-based compensation expense14,957 16,392 (1,435)(9)Total research and development expense$49,607 $51,352 $(1,745)(3)%% of Revenue18 %17 %

Total research and development expenses decreased $1.7 million in 2024 compared to 2023. Research and development expenses excluding stock-based compensation decreased by $0.3 million during 2024 compared to 2023, primarily due to a $0.8 million decrease in professional fees, a $0.3 million decrease in administrative expenses, and a $0.2 million decrease in staff expenses partially offset by a $1.0 million increase in data storage and data center expense.

General and Administrative Expense

 Year Ended December 31,Changein thousands20242023$      %      General and administrative expense excluding stock-based compensation expense$43,769 $49,273 $(5,504)(11)%Plus:Stock-based compensation expense12,713 9,537 3,176 33 Total general and administrative expense$56,482 $58,810 $(2,328)(4)%% of Revenue20 %19 %

Total general and administrative expenses decreased by $2.3 million during 2024 compared to 2023. General and administrative expense excluding stock-based compensation decreased by $5.5 million during 2024 compared to 2023, primarily due to a $4.0 million decrease in software licenses and data storage related to our transition to the cloud