Company: CDLX
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001666071-25-000069
Chunk: 192

Company: Cardlytics, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 192
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gain) on disposal or divestiture(5,350)— Change in contingent consideration60 5,817 Adjusted EBITDA$(4,384)$226 

30

Adjusted Net Loss

The following table presents a reconciliation of Adjusted Net Loss to Net Loss, the most directly comparable GAAP measure, for each of the periods indicated:

 Three Months EndedMarch 31,in thousands20252024Net Loss$(13,282)$(24,275)Plus:Stock-based compensation expense8,694 10,985 Foreign currency (gain) loss(2,627)630 Amortization of acquired intangibles1,455 2,789 Loss (gain) on disposal or divestiture(5,350)— Change in contingent consideration60 5,817 Adjusted Net Loss$(11,050)$(4,054)Weighted-average number of shares of common stock used in computing Adjusted Net Loss per share:Weighted-average common shares outstanding, diluted51,863 43,248 Adjusted Net Loss per share, diluted$(0.21)$(0.09)

Free Cash Flow

The following is a reconciliation of free cash flow to net cash used in operating activities, the most directly comparable GAAP measure, for each of the periods indicated:

Three Months EndedMarch 31,in thousands20252024Net cash used in operating activities$(6,706)$(17,617)Plus:Acquisition of property and equipment(119)(651)Capitalized software development costs(3,984)(4,096)Free Cash Flow$(10,809)$(22,364)

Components of Results of Operations

Revenue

We sell our Cardlytics platform solution by entering into agreements directly with marketers or their marketing agencies, generally through the execution of insertion orders. The insertion orders state the terms of the arrangement, the negotiated fee, payment terms and the fixed period of time of the campaign. We generally invoice marketers monthly based on the qualifying purchases of our partners' customers as reported by our partners during the month or based on the engagement of our partners' customers with our offers during the month. We report our Revenue net of Consumer Incentives and gross of Partner Share and other third-party costs. The Bridg platform generates Revenue through the sale of subscriptions to our cloud-based customer-data platform and the delivery of professional services, such as implementation, onboarding and technical support in connection with each subscription. We recognize subscription Revenue on a ratable basis over the contract term beginning on the