Company: CDLX
Filing Date: 2025-04-03
Form Type: ARS
Source: 0001666071-25-000048
Chunk: 80

Company: Cardlytics, Inc.
Filing Date: 2025-04-03
Form: ARS
Chunk 80
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's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2023. Revenue Year Ended December 31, Change in thousands 2024 2023 $ % Billings $ 443,840 $ 453,426 $ (9,586) (2) % Consumer Incentives 165,542 144,222 21,320 15 Revenue $ 278,298 $ 309,204 $ (30,906) (10) % % of Billings 63 % 68 % 49

The $30.9 million decrease in Revenue during 2024 compared to 2023 was comprised of a $9.6 million decrease in Billings and a $21.3 million increase in Consumer Incentives. In 2024, Consumer Incentives grew faster than Billings, due to higher engagement and a one-time $2.2 million rewards benefit that we realized in 2023. Costs and Expenses Partner Share and Other Third-Party Costs Year Ended December 31, Change in thousands 2024 2023 $ % Total Partner Share and other third-party costs $ 127,761 $ 150,578 $ (22,817) (15) % % of Revenue 46 % 49 % Partner Share and other third-party costs decreased by $22.8 million during 2024 compared to 2023, partially due to a decrease of $1.3 million from a Partner Share commitment shortfall accrual in 2023 that did not reoccur in 2024. Excluding this shortfall commitment, the balance in Partner Share and other third-party costs decreased by $21.5 million. The decrease is primarily driven by lower top line billings, a renegotiation of terms with a certain FI Partner and changes in Partner Share mix. Delivery Costs Year Ended December 31, Change in thousands 2024 2023 $ % Delivery costs excluding stock-based compensation expense $ 26,963 $ 25,821 $ 1,142 4 % Plus: Stock-based compensation expense 2,680 2,427 253 10 Total delivery costs $ 29,643 $ 28,248 $ 1,395 5 % % of Revenue 11 % 9 % Total delivery costs increased by $1.4 million during 2024 compared to 2023. Delivery costs excluding stock-based compensation increased by $1.1 million during 202