Company: CDLX
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001666071-25-000159
Chunk: 149

Company: Cardlytics, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 149
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 incremental performance for our advertisers.

37

Costs and Expenses

Partner Share and Other Third-Party Costs

 Three Months Ended September 30,ChangeNine Months Ended September 30,Changein thousands20252024$%20252024$%Partner Share and other third-party costs $22,001 $30,675 $(8,674)(28)%$78,554 $94,476 $(15,922)(17)%% of Revenue42 %46 %44 %46 %

Partner Share and other third-party costs decreased by $8.7 million during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily driven by lower top line billings and changes in Partner mix.

Partner Share and other third-party costs decreased by $15.9 million during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily driven by lower top line billings and changes in Partner mix.

Delivery Costs

 Three Months Ended September 30,ChangeNine Months Ended September 30,Changein thousands20252024$%20252024$%Delivery costs excluding stock-based compensation expense and reduction in force$5,290 $7,155 $(1,865)(26)%$18,214 $19,625 $(1,411)(7)%Plus:Stock-based compensation expense440 675 (235)(35)1,441 2,039 (598)(29)Reduction in force— — — n/a246 — 246 n/aTotal delivery costs$5,730 $7,830 $(2,100)(27)%$19,901 $21,664 $(1,763)(8)%% of Revenue11 %12 %11 %11 %

Total delivery costs decreased by $2.1 million during the three months ended September 30, 2025 compared to the three months ended September 30, 2024.  Delivery costs excluding stock-based compensation expense decreased by $1.9 million during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, driven by a $1.2 million decrease in staff expense and a $0.7 million decrease in data storage expense. The decrease in staff expense includes a $0.5 million benefit associated with the approval of