Company: CDLX
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001666071-25-000034
Chunk: 85

Company: Cardlytics, Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 7
Chunk 85
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 periods indicated (in thousands):

 Year Ended December 31, 202420232022Net Loss$(189,304)$(134,702)$(465,264)Plus:Stock-based compensation expense40,367 40,980 44,686 Foreign currency loss (gain)1,269 (3,304)6,376 Acquisition, integration and divestiture costs (benefits)161 (6,313)(2,874)Amortization of acquired intangibles9,810 13,589 25,019 Change in contingent consideration210 1,246 (128,174)Impairment of goodwill and intangible assets131,595 70,518 453,288 Gain on debt extinguishment(13,017)— — Loss on divestiture— 6,550 — Restructuring and reduction of force— — 8,139 Income tax benefit— — (1,446)Adjusted Net Loss$(18,909)$(11,436)$(60,250)Weighted-average number of shares of common stock used in computing Adjusted net loss per share:Weighted-average common shares outstanding, diluted48,361 36,488 33,419 Adjusted Net Loss per share, diluted$(0.39)$(0.31)$(1.80)

45

Free Cash Flow

The following is a reconciliation of free cash flow to the most comparable GAAP measure, net cash used in operating activities (in thousands):

Year Ended December 31, 202420232022Net cash used in operating activities$(8,824)$(185)$(53,904)Plus:Acquisition of property and equipment(1,562)(667)(1,171)Acquisition of patents— — (175)Capitalized software development costs(17,736)(11,725)(12,140)Free Cash Flow$(28,122)$(12,577)$(67,390)

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