Company: CDLX
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001666071-25-000159
Chunk: 212

Company: Cardlytics, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 212
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 three months ended September 30, 2025 compared to the three months ended September 30, 2024 primarily due to strategic decisions to drive incremental performance for our advertisers as well as optimization of our network.

The $27.1 million decrease in Revenue during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was comprised of a $36.7 million decrease in Billings and a $9.6 million decrease in Consumer Incentives. Consumer Incentives decreased at a lower rate than Billings during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 primarily due to strategic decisions to drive incremental performance for our advertisers.

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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