Company: CDLX
Filing Date: 2025-04-03
Form Type: ARS
Source: 0001666071-25-000048
Chunk: 82

Company: Cardlytics, Inc.
Filing Date: 2025-04-03
Form: ARS
Chunk 82
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 2024 2023 $ % General and administrative expense excluding stock-based compensation expense $ 43,769 $ 49,273 $ (5,504) (11) % Plus: Stock-based compensation expense 12,713 9,537 3,176 33 Total general and administrative expense $ 56,482 $ 58,810 $ (2,328) (4) % % of Revenue 20 % 19 % Total general and administrative expenses decreased by $2.3 million during 2024 compared to 2023. General and administrative expense excluding stock-based compensation decreased by $5.5 million during 2024 compared to 2023, primarily due to a $4.0 million decrease in software licenses and data storage related to our transition to the cloud and the divestiture of Entertainment, a $3.8 million decrease in professional fees, a $1.2 million decrease in staff expenses and a $1.2 million decrease in lease expenses, partially offset by a $4.3 million increase in bad debt and a $0.4 million increase in travel and entertainment expense. Stock-based Compensation Expense The following table summarizes the allocation of stock-based compensation in the consolidated statements of operations (dollars in thousands): Year Ended December 31, Change 2024 2023 $ % Delivery costs $ 2,680 $ 2,427 $ 253 10 % Sales and marketing expense 10,017 12,624 (2,607) (21) Research and development expense 14,957 16,392 (1,435) (9) General and administrative expense 12,713 9,537 3,176 33 Total stock-based compensation expense $ 40,367 $ 40,980 $ (613) (1) % % of Revenue 15 % 13 % Stock-based compensation expense decreased by $0.6 million during 2024 compared to 2023. In 2024, we reversed the expense associated with the 2022 PSUs, the second tranche of the 2022 Bridg PSUs, and the restricted share awards related to the departure of a key executive. In 2024, we also granted restricted share awards to a key executive. In 2023, we reversed the expense associated with the 2021 PSUs and restricted share awards related to certain executive departures. Refer to Note 10— Stock-based Compensation to our consolidated financial statements for additional information regarding the change in stock compensation