Company: CDLX
Filing Date: 2025-04-03
Form Type: ARS
Source: 0001666071-25-000048
Chunk: 150

Company: Cardlytics, Inc.
Filing Date: 2025-04-03
Form: ARS
Chunk 150
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 3,075 Change in uncertain tax positions (625) (1,320) (587) Change in valuation allowance (13,717) (10,212) (45,867) Total deferred — — 1,446 Income tax benefit $ — $ — $ 1,446 The following table summarizes the significant differences between the U.S. federal statutory tax rate and our effective tax rate: Year Ended December 31, 2024 2023 2022 Tax benefit at federal statutory rate 21.00 % 21.00 % 21.00 % State income taxes, net of federal benefit — % (0.01) % 0.08 % Change in federal and state statutory rate 1.69 % 0.01 % 0.15 % Foreign rate differential 0.06 % (0.22) % 0.01 % Goodwill impairment (13.06) % (10.94) % (17.82) % Contingent liability remeasurement (0.78) % (0.81) % 5.71 % Other adjustments (1.61) % (1.40) % 1.03 % Valuation allowance (7.24) % (7.54) % (9.87) % Income tax benefit 0.06 % 0.09 % 0.29 % 97

The significant components of deferred income taxes are as follows (in thousands): December 31, 2024 2023 Net operating loss carry-forwards $ 161,418 $ 158,916 Allowance for credit losses 1,474 809 Depreciation and amortization 23,233 11,574 Stock-based compensation 3,025 3,566 Deferred costs 740 3,735 ROU asset (1,457) (1,565) Lease liability 1,867 1,856 Other tax credit carry-forward 11,625 9,641 Other temporary differences 1,451 1,129 Valuation allowance (203,377) (189,660) Net long-term deferred tax asset $ — $ — We have generated historical net losses and recorded a full valuation allowance against our net deferred tax assets, and we expect to maintain a full valuation allowance in the near term. Realization of any of our net deferred tax assets depends upon future earnings, the timing and amount of which are uncertain. During 2022, we released $1.4 million of our valuation allowance