Company: CDLX
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001666071-25-000159
Chunk: 226

Company: Cardlytics, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 226
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 fourth quarter of the calendar year to coincide 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:

 Nine Months EndedSeptember 30,in thousands20252024Cash and cash equivalents  — Beginning of period$65,594 $91,830 Net cash used in operating activities(3,720)(11,803)Net cash used in investing activities(13,025)(14,660)Net cash (used in) provided by financing activities(5,105)1,646 Effect of exchange rates on cash and cash equivalents217 (25)Cash and cash equivalents  — End of period$43,961 $66,988 

Operating Activities

Operating activities used $3.7 million of cash during the nine months ended September 30, 2025, which reflected our Net Loss of $95.2 million, including $94.3 million of non-cash charges, offset by a $2.8 million change in our net operating assets and liabilities. The non-cash charges primarily related to stock-based compensation expense, depreciation and amortization expense, amortization of right-of-use assets, amortization of financing costs charged to interest expense, credit losses expense, gain on disposal or divestiture and impairment of goodwill and intangible assets. The change in our net operating assets and liabilities was primarily due to a $8.0 million decrease in our Consumer Incentive liability, a $10.9 million decrease in Partner Share liability, a $0.2 million decrease in accounts payable and a $0.2 million increase in prepaid expenses and other assets, partially offset by a $14.8 million decrease in accounts receivable and a $1.8 million increase in other accrued expense. These fluctuations are primarily driven by the quarterly seasonality of our business.

Operating activities used $11.8 million of cash during the nine months ended September 30, 2024, which reflected our Net Loss of $173.7 million, including $172.7 million of non-cash charges, offset by a $10.9 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,