Company: CDLX
Filing Date: 2025-04-03
Form Type: ARS
Source: 0001666071-25-000048
Chunk: 74

Company: Cardlytics, Inc.
Filing Date: 2025-04-03
Form: ARS
Chunk 74
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 2023 2022 Consolidated Revenue $ 278,298 $ 309,204 $ 298,542 Plus: Consumer Incentives 165,542 144,222 143,935 Billings $ 443,840 $ 453,426 $ 442,477 Cardlytics platform Revenue $ 255,615 $ 285,425 $ 277,185 Plus: Consumer Incentives 165,542 144,222 143,935 Billings $ 421,157 $ 429,647 $ 421,120 Bridg platform Revenue $ 22,683 $ 23,779 $ 21,357 Plus: Consumer Incentives — — — Billings $ 22,683 $ 23,779 $ 21,357 Adjusted Contribution The following table presents a reconciliation of Adjusted Contribution to gross profit, the most directly comparable GAAP measure, for each of the periods indicated (in thousands): Year Ended December 31, 2024 2023 2022 Revenue $ 278,298 $ 309,204 $ 298,542 Minus: Partner Share and other third-party costs 127,761 150,578 155,507 Delivery costs(1) 29,643 28,248 30,403 Gross Profit 120,894 130,378 112,632 Plus: Delivery costs(1) 29,643 28,248 30,403 Adjusted Contribution $ 150,537 $ 158,626 $ 143,035 (1) Stock-based compensation expense recognized in delivery costs totaled $2.7 million, $2.4 million and $2.7 million during 2024, 2023 and 2022, respectively. 44

Adjusted EBITDA The following table presents a reconciliation of Adjusted EBITDA to Net Loss, the most directly comparable GAAP measure, for each of the periods indicated (in thousands): Year Ended December 31, 2024 2023 2022 Net Loss $ (189,304) $ (134,702) $ (465,264) Plus: Interest expense, net 5,553 2,336 2,556 Depreciation and amortization 25,689 26,460 37,544 Stock-based compensation expense 40,367 40,980 44,686 Acquisition, integration and divestiture costs (benefits) 161 (6,313) (2,874) Change