Company: CDLX
Filing Date: 2025-04-03
Form Type: ARS
Source: 0001666071-25-000048
Chunk: 159

Company: Cardlytics, Inc.
Filing Date: 2025-04-03
Form: ARS
Chunk 159
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 and other third-party costs. Adjusted Contribution does not take into account all costs associated with generating Revenue from advertising campaigns, including sales and marketing expenses, research and development expenses, general and administrative expenses and other expenses, which we do not take into consideration when making decisions on how to manage our advertising campaigns. Management views Adjusted Contribution as the most relevant metric to measure the financial performance as it reflects the dollars we keep after all of our partners are paid. The following table presents a reconciliation of loss before income taxes presented in accordance with GAAP to Adjusted Contribution (in thousands): Year Ended December 31, 2024 2023 2022 Adjusted Contribution $ 150,537 $ 158,626 $ 143,035 Minus: Delivery costs 29,643 28,248 30,403 Sales and marketing expense 52,649 57,425 74,745 Research and development expense 49,607 51,352 54,435 General and administrative expense 56,482 58,810 81,446 Change in contingent consideration 210 1,246 (128,174) Impairment of goodwill and intangible assets 131,595 70,518 453,288 Acquisition, integration and divestiture costs (benefits) 161 (6,313) (2,874) Loss on divestitures — 6,550 — Depreciation and amortization expense 25,689 26,460 37,544 Total non-operating (income) expense(1) (6,195) (968) 8,932 Loss before income taxes $ (189,304) $ (134,702) $ (466,710) (1) Non-operating (income) expense includes interest income, interest expense and foreign currency loss. 103

As a percentage of our total consolidated revenues, revenues from external customers in the United States for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 was 92%, 94% and 91%, respectively. Revenues from external customers are attributed to individual countries based on the location of the customer arrangements. Our results of operations and our financial condition are not significantly reliant upon any single customer. The following tables provide geographical information (in thousands): Year Ended December 31, 2024 2023 2022 Revenue: United States $ 254,081 $ 291,420 $ 275,256 United Kingdom