ATLANTA, March 12, 2025--(BUSINESS WIRE)--Cardlytics, Inc. (NASDAQ: CDLX) today announced financial results for the fourth quarter and full year ended December 31, 2024.

"While 2024 was a challenging year for Cardlytics, we nevertheless planted the seeds and refocused our efforts to get back on track for growth this year," said Amit Gupta, CEO of Cardlytics. "We remain grounded in our vision for long-term and sustainable growth. We are focused on strengthening our competitive moat through our efforts to modernize our platform, enhance our product and tech capabilities, and expand our network of partners and advertisers."

"In 2025, we are focused on delivering sequential improvements and positive Adjusted EBITDA," said Alexis DeSieno, CFO of Cardlytics. "We remain confident in our ability to invest in our business while also satisfying all of our financial obligations."

Fourth Quarter 2024 Financial Results

Total Revenue was $74.0 million, a decrease of 17.0% compared to $89.2 million in the fourth quarter of 2023, or a decrease of 16.0% excluding Entertainment. Billings, a non-GAAP metric, was $116.3 million, a decrease of 11.9% compared to $131.9 million in the fourth quarter of 2023, or a decrease of 11.2% excluding Entertainment. Adjusted Contribution, a non-GAAP metric, was $40.7 million, a decrease of 13.9% compared to $47.3 million in the fourth quarter of 2023, or a decrease of 12.0% excluding Entertainment. Net Loss was $(15.6) million, or $(0.31) per diluted share, based on 51.0 million weighted-average common shares outstanding, compared to a Net Loss of $(100.8) million, or $(2.56) per diluted share, based on 39.5 million weighted-average common shares outstanding in the fourth quarter of 2023. Adjusted EBITDA, a non-GAAP metric, was $6.4 million, a decrease of $3.6 million compared to $10.0 million in the fourth quarter of 2023, or a decrease of $3.9 million excluding Entertainment. Adjusted Net Income, a non-GAAP metric, was $0.2 million, or $0.00 per diluted share, based on 51.0 million weighted-average common shares outstanding in the fourth quarter of 2024, compared to an Adjusted Net Income of $5.7 million, or $0.14 per diluted share, based on 39.5 million weighted-average common shares outstanding in the fourth quarter of 2023. Net cash provided by operating activities was $3.0 million, an increase of $0.1 million compared to net cash provided by operating activities of $2.9 million in the fourth quarter of 2023. Free Cash Flow, a non-GAAP metric, was $(1.5) million, a decrease of $(0.7) million compared to $(0.8) million in the fourth quarter of 2023.

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Fiscal Year 2024 Financial Results

Total Revenue was $278.3 million, a decrease of 10.0% compared to $309.2 million in 2023, or a decrease of 8.0% excluding Entertainment. Billings, a non-GAAP metric, was $443.8 million, a decrease of 2.1% compared to $453.4 million in 2023, or a decrease of 0.7% excluding Entertainment. Adjusted Contribution, a non-GAAP metric, was $150.5 million, a decrease of 5.1% compared to $158.6 million in 2023, or a decrease of 1.0% excluding Entertainment. Net Loss was $(189.3) million, or $(3.91) per diluted share, based on 48.4 million weighted-average common shares outstanding, compared to a Net Loss of $(134.7) million, or $(3.69) per diluted share, based on 36.5 million weighted-average common shares outstanding in 2023. Adjusted EBITDA, a non-GAAP metric, was $2.5 million, a decrease of $1.2 million compared to $3.8 million in 2023, or a decrease of $1.9 million excluding Entertainment. Adjusted Net Loss, a non-GAAP metric, was $(18.9) million, or $(0.39) per diluted share, based on 48.4 million weighted-average common shares outstanding in 2024, compared to an Adjusted Net Loss of $(11.4) million, or $(0.31) per diluted share, based on 36.5 million weighted-average common shares outstanding in 2023. Net cash used in operating activities was $(8.8) million, a decrease of $(8.6) million compared to $(0.2) million in 2023. Free Cash Flow, a non-GAAP metric, was $(28.1) million a decrease of $(15.5) million compared to $(12.6) million in 2023.

Key Metrics

Cardlytics MAUs in the quarter were 167.3 million, a decrease of 0.4% compared to 168.0 million in the fourth quarter of 2023. For full year 2024, Cardlytics MAUs were 166.9 million, an increase of 3.0% compared to 162.1 million in 2023. Cardlytics ARPU was $0.44, a decrease of 16.7% compared to $0.53 in the fourth quarters for 2024 and 2023. For the full year 2024 Cardlytics ARPU was $1.67, a decrease of 12.6% compared to $1.91 in 2023.

Definitions of MAUs and ARPU are included below under the caption "Non-GAAP Measures and Other Performance Metrics."

CARDLYTICS, INC. SUMMARY OF GAAP AND NON-GAAP RESULTS (UNAUDITED) (Dollars in thousands)  Three Months Ended December 31,  2024  2023  2023 Results

Excluding

Entertainment(2)  Change %  Change %

Excluding

Entertainment(2) Billings(1) $ 116,279   $ 131,947   $ 130,914    (11.9 )%   (11.2 )% Consumer Incentives  42,283    42,780    42,780    (1.2 )%   (1.2 )% Revenue  73,996    89,167    88,134    (17.0 )%   (16.0 )% Partner Share and other third-party costs  33,285    41,880    41,863    (20.5 )%   (20.5 )% Adjusted Contribution(1)  40,711    47,287    46,271    (13.9 )%   (12.0 )% Delivery costs  7,979    7,797    7,797    2.3 %   2.3 % Gross Profit $ 32,732   $ 39,490   $ 38,474    (17.1 )%   (14.9 )% Net Loss $ (15,590 )  $ (100,838 )  $ (96,557 )  $ 80,967   $ 80,967  Adjusted EBITDA(1) $ 6,398   $ 9,987   $ 10,315   $ (3,917 )  $ (3,917 )  Adjusted Contribution  % of Billings  35.0 %   35.8 %   35.3 %  % of Revenue  55.0 %   53.0 %   52.5 %  Adjusted EBITDA  % of Billings  5.5 %   7.6 %   7.9 %  % of Revenue  8.6 %   11.2 %   11.7 %

(1) Billings, Adjusted Contribution and Adjusted EBITDA are non-GAAP measures. Reconciliations of these non-GAAP measures to the most comparable GAAP measures are presented below under the headings "Reconciliation of GAAP Revenue to Billings," "Reconciliation of GAAP Gross Profit to Adjusted Contribution" and "Reconciliation of GAAP Net Loss to Adjusted EBITDA." (2) The column excludes results from the Entertainment business. We sold and transferred substantially all of the assets of Entertainment in December 2023.

Year Ended December 31,  2024  2023  2023 Results

Excluding

Entertainment(2)  Change %  Change %

Excluding

Entertainment(2) Billings(1) $ 443,840   $ 453,426   $ 446,801    (2.1 )%   (0.7 )% Consumer Incentives  165,542    144,222    144,222    14.8 %   14.8 % Revenue  278,298    309,204    302,579    (10.0 )%   (8.0 )% Partner Share and other third-party costs  127,761    150,578    150,469    (15.2 )%   (15.1 )% Adjusted Contribution(1)  150,537    158,626    152,110    (5.1 )%   (1.0 )% Delivery costs  29,643    28,248    28,248    4.9 %   4.9 % Gross Profit $ 120,894   $ 130,378   $ 123,862    (7.3 )%   (2.4 )% Net Loss $ (189,304 )  $ (134,702 )  $ (127,967 )  $ (54,602 )  $ (61,337 ) Adjusted EBITDA(1) $ 2,523   $ 3,771   $ 4,442   $ (1,248 )  $ (1,919 )  Adjusted Contribution  % of Billings  33.9 %   35.0 %   34.0 %  % of Revenue  54.1 %   51.3 %   50.3 %  Adjusted EBITDA  % of Billings  0.6 %   0.8 %   1.0 %  % of Revenue  0.9 %   1.2 %   1.5 %

(1) Billings, Adjusted Contribution and Adjusted EBITDA are non-GAAP measures. Reconciliations of these non-GAAP measures to the most comparable GAAP measures are presented below under the headings "Reconciliation of GAAP Revenue to Billings," "Reconciliation of GAAP Gross Profit to Adjusted Contribution" and "Reconciliation of GAAP Net Loss to Adjusted EBITDA." (2) The column excludes results from the Entertainment business. We sold and transferred substantially all of the assets of Entertainment in December 2023.

First Quarter 2025 Financial Expectations

Cardlytics anticipates Billings, Revenue, Adjusted Contribution and Adjusted EBITDA to be in the following ranges (in millions, except for percentage change rates):

Q1 2025

Guidance  YoY Change Billings(1) $91.5 - $94.5  (13%) - (10%) Revenue $57.0 - $60.0  (16%) - (11%) Adjusted Contribution(2) $30.0 - $32.5  (19%) - (14%) Adjusted EBITDA(2) ($7.5) - ($4.0)  ($7.7) - ($4.2)

(1) A reconciliation of Billings to GAAP Revenue on a forward-looking basis is presented below under the heading "Reconciliation of Forecasted GAAP Revenue to Billings." (2) A reconciliation of Adjusted Contribution to GAAP Gross Profit and a reconciliation of Adjusted EBITDA to GAAP Net Loss on a forward-looking basis is not available without unreasonable efforts due to the high variability, complexity and low visibility with respect to the items excluded from this non-GAAP measure.

Earnings Teleconference Information

Cardlytics will discuss its fourth quarter and full year 2024 financial results during a teleconference today, March 12, 2025, at 5:00 PM ET / 2:00 PM PT. Following the completion of the call, a recorded replay of the webcast will be available on Cardlytics’ website.

About Cardlytics

Cardlytics (NASDAQ: CDLX) is a digital advertising platform. We partner with financial institutions to run their rewards programs that promote customer loyalty and deepen relationships. In turn, we have a secure view into approximately 1 of every 2 card-based transactions in the U.S., allowing us to see where and when consumers are spending their money. We use these insights to help marketers identify, reach, and influence likely buyers at scale, as well as measure the true sales impact of marketing campaigns. Headquartered in Atlanta, Cardlytics has offices in Menlo Park, Los Angeles, New York, and London. Learn more at www.cardlytics.com.

Cautionary Language Concerning Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements related to our growth opportunity, our ability to deliver stronger execution and shareholder value, our intention to strengthen our competitive position, enhance our product and tech capabilities and expand our network of partners and advertisers and our financial guidance for the first quarter of 2025. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as "expect," "anticipate," "should," "believe," "hope," "target," "project," "goals," "estimate," "potential," "predict," "may," "will," "might," "could," "intend," or variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control.

Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: risks related to unfavorable conditions in the global economy and the industries that we serve; our quarterly operating results have fluctuated and may continue to vary from period to period; our ability to sustain our revenue growth and billings; risks related to our substantial dependence on our Cardlytics platform; risks related to our substantial dependence on JPMorgan Chase Bank, National Association ("Chase"), Bank of America, National Association ("Bank of America"), Wells Fargo Bank, National Association ("Wells Fargo"), American Express Travel Related Services Company, Inc. ("American Express") and a limited number of other financial institution ("FI") partners; risks related to our ability to maintain relationships with Chase, Wells Fargo and Bank of America; the amount and timing of budgets by marketers, which are affected by budget cycles, economic conditions and other factors; our ability to generate sufficient revenue to offset contractual commitments to FI partners; our ability to attract new partners, including FI partners, and maintain relationships with bank processors and digital banking providers; our ability to maintain relationships with marketers; our ability to adapt to changing market conditions, including our ability to adapt to changes in consumer habits, negotiate fee arrangements with new and existing partners and retailers, and develop and launch new services and features; and other risks detailed in the "Risk Factors" section of our Form 10-K filed with the Securities and Exchange Commission on March 12, 2025 and in subsequent periodic reports that we file with the Securities and Exchange Commission. Past performance is not necessarily indicative of future results.

The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

Non-GAAP Measures and Other Performance Metrics

To supplement the financial measures presented in our press release and related conference call or webcast in accordance with generally accepted accounting principles in the United States ("GAAP"), we also present the following non-GAAP measures of financial performance in this press release: Billings, Adjusted Contribution, Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted Net Income (Loss) per share and Free Cash Flow, as well as certain other performance metrics, such as monthly active users ("MAUs") and average revenue per user ("ARPU").

A "non-GAAP financial measure" refers to a numerical measure of our historical or future financial performance or financial position that is included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in our financial statements. We provide certain non-GAAP measures as additional information relating to our operating results as a complement to results provided in accordance with GAAP. The non-GAAP financial information presented herein should be considered in conjunction with, and not as a substitute for or superior to, the financial information presented in accordance with GAAP and should not be considered a measure of liquidity. There are significant limitations associated with the use of non-GAAP financial measures. Further, these measures may differ from the non-GAAP information, even where similarly titled, used by other companies and therefore should not be used to compare our performance to that of other companies.

We have presented Billings, Adjusted Contribution, Adjusted EBITDA, Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per share as non-GAAP financial measures in this press release. Billings represents the gross amount billed to customers and marketers for services in order to generate revenue. Cardlytics platform Billings is recognized gross of both Consumer Incentives and Partner Share. Cardlytics platform GAAP Revenue is recognized net of Consumer Incentives and gross of Partner Share. Bridg platform Billings is the same as Bridg platform GAAP Revenue. Adjusted Contribution measures the degree by which revenue generated from our marketers exceeds the cost to obtain the purchase data and the digital advertising space from our partners. Adjusted Contribution demonstrates how incremental Revenue on our platforms generates incremental amounts to support our sales and marketing, research and development, general and administrative and other investments. Adjusted Contribution is calculated by taking our total Revenue less our Partner Share 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. Adjusted EBITDA represents our Net Loss before interest expense, net; depreciation and amortization; stock-based compensation expense; acquisition, integration and divestiture costs (benefits); change in contingent consideration; foreign currency loss (gain); impairment of goodwill and intangible assets; gain on debt extinguishment; loss on divestiture; and, in applicable periods, certain other income and expense items, such as restructuring and reduction of force; income tax benefit; and deferred implementation costs. Adjusted Net Income (Loss) as our Net Loss before stock-based compensation expense; foreign currency loss (gain); acquisition, integration and divestiture costs (benefits); amortization of acquired intangibles; change in contingent consideration; impairment of goodwill and intangible assets; gain on debt extinguishment; and loss on divestiture, in applicable periods, certain other income and expense items, such as restructuring and reduction of force and income tax benefit. We define Adjusted Net Income (Loss) per share as Adjusted Net Income (Loss) divided by our weighted-average common shares outstanding, diluted. We define Free Cash Flow as net cash used in operating activities, plus acquisition of property and equipment, capitalized software development costs and acquisition of patents. We believe free cash flow is useful to measure the funds generated in a given period that are available for distribution or to sustain the business. We believe this supplemental information enhances stockholders' ability to evaluate our performance.

We believe the use of non-GAAP financial measures, as a supplement to GAAP measures, is useful to investors in that they eliminate items that are either not part of our core operations or do not require a cash outlay, such as stock-based compensation expense. Management uses these non-GAAP financial measures when evaluating operating performance and for internal planning and forecasting purposes. We believe that these non-GAAP financial measures help indicate underlying trends in the business, are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing operating performance.

We define MAUs as targetable customers that have logged in and visited online or mobile applications containing offers, opened an email containing an offer, or redeemed an offer from the Cardlytics platform during a monthly period. We then calculate a monthly average of these MAUs for the periods presented. We define ARPU as the total revenue generated in the applicable period calculated in accordance with GAAP, divided by the average number of MAUs in the applicable period.

CARDLYTICS, INC. CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except par value amounts)  December 31, 2024  2023 Assets  Current assets:  Cash and cash equivalents $ 65,594   $ 91,830  Accounts receivable and contract assets, net  103,252    120,622  Other receivables  3,801    5,379  Prepaid expenses and other assets  5,336    6,097  Total current assets  177,983    223,928  Long-term assets:  Property and equipment, net  2,596    3,323  Right-of-use assets under operating leases, net  6,341    7,310  Intangible assets, net  11,371    35,003  Goodwill  159,429    277,202  Capitalized software development costs, net  33,341    24,643  Other long-term assets, net  1,650    2,735  Total assets $ 392,711   $ 574,144  Liabilities and stockholders' equity  Current liabilities:  Accounts payable $ 3,689   $ 4,425  Accrued liabilities:  Accrued compensation  5,494    11,662  Accrued expenses  7,175    9,587  Partner Share liability  32,479    48,867  Consumer Incentive liability  45,513    52,678  Deferred revenue  2,154    2,405  Short-term debt  45,863    —  Current operating lease liabilities  2,025    2,127  Current contingent consideration  4,563    39,398  Total current liabilities  148,955    171,149  Long-term liabilities:  Convertible senior notes, net  167,729    227,504  Line of credit  —    30,000  Long-term deferred revenue  —    67  Long-term operating lease liabilities  6,034    6,391  Long-term contingent consideration  —    4,162  Other long-term liabilities  —    73  Total liabilities  322,718    439,346  Stockholders’ equity:  Common stock, $0.0001 par value—100,000 shares authorized and 51,257 and 39,728 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively  10    9  Additional paid-in capital  1,366,958    1,243,594  Accumulated other comprehensive income  3,601    2,467  Accumulated deficit  (1,300,576 )   (1,111,272 ) Total stockholders’ equity  69,993    134,798  Total liabilities and stockholders’ equity $ 392,711   $ 574,144

CARDLYTICS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands except per share amounts)  Three Months Ended

December 31,  Year Ended

December 31, 2024  2023  2024  2023 Revenue $ 73,997   $ 89,167   $ 278,298   $ 309,204  Costs and expenses:  Partner Share and other third-party costs  33,285    41,880    127,761    150,578  Delivery costs  7,979    7,797    29,643    28,248  Sales and marketing expense  11,343    14,111    52,649    57,425  Research and development expense  9,895    12,512    49,607    51,352  General and administrative expense  13,770    13,904    56,482    58,810  Acquisition, integration and divestiture costs (benefits)  —    1,833    161    (6,313 ) Change in contingent consideration  100    16,291    210    1,246  Impairment of goodwill and intangible assets  —    70,518    131,595    70,518  Loss on divestiture  —    6,550    —    6,550  Depreciation and amortization expense  5,940    6,695    25,689    26,460  Total costs and expenses  82,312    192,091    473,797    444,874  Operating loss  (8,315 )   (102,924 )   (195,499 )   (135,670 ) Other income (expense):  Interest expense, net  ...

(1,694 )   (839 )   (5,553 )   (2,336 ) Foreign currency (loss) gain  (5,581 )   2,925    (1,269 )   3,304  Gain on debt extinguishment  —    —    13,017    —  Total other (expense) income  (7,275 )   2,086    6,195    968  Loss before income taxes  (15,590 )   (100,838 )   (189,304 )   (134,702 ) Income tax benefit  —    —    —    —  Net Loss  (15,590 )   (100,838 )   (189,304 )   (134,702 ) Net Loss per share, basic and diluted $ (0.31 )  $ (2.56 )  $ (3.91 )  $ (3.69 ) Weighted-average common shares outstanding, basic and diluted  51,005    39,454    48,361    36,488

CARDLYTICS, INC. STOCK-BASED COMPENSATION EXPENSE (Amounts in thousands)  Three Months Ended

December 31,  Year Ended

December 31, 2024  2023  2024  2023 Delivery costs $ 641  $ 627  $ 2,680  $ 2,427 Sales and marketing expense  1,877   3,137   10,017   12,624 Research and development expense  2,926   4,144   14,957   16,392 General and administrative expense  3,229   3,116   12,713   9,537 Total stock-based compensation expense $ 8,673  $ 11,024  $ 40,367  $ 40,980

CARDLYTICS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands)  Year Ended

December 31, 2024  2023 Operating activities  Net Loss $ (189,304 )  $ (134,702 ) Adjustments to reconcile net loss to net cash (used in) provided by operating activities:  Credit loss expense  6,106    1,704  Depreciation and amortization  25,689    26,460  Amortization of financing costs charged to interest expense  1,633    1,648  Amortization of right-of-use asset  2,187    3,055  Impairment of goodwill and intangible assets  131,595    70,518  Loss on divestiture  —    6,550  Gain on debt extinguishment  (13,017 )   —  Stock-based compensation expense  40,367    40,980  Change in contingent consideration  210    1,246  Other non-cash expense (income), net  1,481    (4,170 ) Change in operating assets and liabilities:  Accounts receivable and contracts assets, net  12,497    (7,725 ) Prepaid expenses and other assets  1,360    2,492  Accounts payable  499    239  Other accrued expenses  (6,644 )   (7,492 ) Partner Share liability  (16,350 )   405  Customer Incentive liability  (7,133 )   (1,393 ) Net cash used in operating activities  (8,824 )   (185 ) Investing activities  Acquisition of property and equipment  (1,562 )   (667 ) Capitalized software development costs  (17,736 )   (11,725 ) Proceeds from divestitures, net of cash divested  552    2,330  Net cash used in investing activities  (18,746 )   (10,062 ) Financing activities  Proceeds from issuance of debt  172,500    30,000  Principal payments of debt  (199,303 )   (31 ) Proceeds from termination of capped calls related to convertible notes  115    —  Proceeds from issuance of common stock  48,645    55  Settlement of contingent consideration  (14,167 )   (50,050 ) Deferred equity issuance costs  (309 )   —  Debt issuance costs  (6,037 )   —  Net cash provided by (used in) financing activities  1,444    (20,026 ) Effect of exchange rates on cash, cash equivalents and restricted cash  (110 )   118  Net decrease in cash, cash equivalents and restricted cash  (26,236 )   (30,155 ) Cash, cash equivalents, and restricted cash — Beginning of period  91,830    121,985  Cash, cash equivalents, and restricted cash — End of period $ 65,594   $ 91,830

CARDLYTICS, INC. RECONCILIATION OF GAAP REVENUE TO BILLINGS (Amounts in thousands)  Three Months Ended

December 31,  Year Ended

December 31, 2024  2023  2024  2023 Revenue $ 73,996  $ 89,167  $ 278,298  $ 309,204 Plus:  Consumer Incentives  42,283   42,780   165,542   144,222 Billings $ 116,279  $ 131,947  $ 443,840  $ 453,426

CARDLYTICS, INC. RECONCILIATION OF GAAP GROSS PROFIT TO ADJUSTED CONTRIBUTION (Amounts in thousands)  Three Months Ended

December 31,  Year Ended

December 31, 2024  2023  2023  2022 Revenue $ 73,996  $ 89,167  $ 278,298  $ 309,204 Minus:  Partner Share and other third-party costs  33,285   41,880   127,761   150,578 Delivery costs(1)  7,979   7,797   29,643   28,248 Gross Profit  32,732   39,490   120,894   130,378 Plus:  Delivery costs(1)  7,979   7,797   29,643   28,248 Adjusted Contribution $ 40,711  $ 47,287  $ 150,537  $ 158,626

(1) Stock-based compensation expense recognized in delivery costs totaled $0.6 million and $0.6 million during the three months ended December 31, 2024 and 2023, respectively. Stock-based compensation expense recognized in consolidated delivery costs totaled $2.7 million and $2.4 million during the year ended December 31, 2024 and 2023, respectively.

CARDLYTICS, INC. RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA (Amounts in thousands)  Three Months Ended

December 31,  Year Ended

December 31, 2024  2023  2024  2023 Net Loss $ (15,590 )  $ (100,838 )  $ (189,304 )  $ (134,702 ) Plus:  Interest expense, net  1,694    839    5,553    2,336  Depreciation and amortization  5,940    6,695    25,689    26,460  Stock-based compensation expense  8,673    11,024    40,367    40,980  Acquisition, integration and divestiture costs (benefits)  —    1,833    161    (6,313 ) Change in contingent consideration  100    16,291    210    1,246  Foreign currency loss (gain)  5,581    (2,925 )   1,269    (3,304 ) Impairment of goodwill and intangible assets  —    70,518    131,595    70,518  Gain on debt extinguishment  —    —    (13,017 )   —  Loss on divestiture  —    6,550    —    6,550  Adjusted EBITDA $ 6,398   $ 9,987   $ 2,523   $ 3,771

CARDLYTICS, INC. RECONCILIATION OF GAAP NET LOSS TO ADJUSTED NET INCOME (LOSS) AND ADJUSTED NET INCOME (LOSS) PER SHARE (Amounts in thousands except per share amounts)   Three Months

Ended December 31,  Year Ended

December 31, 2024  2023  2024  2023 Net Loss $ (15,590 )  $ (100,838 )  $ (189,304 )  $ (134,702 ) Plus:  Stock-based compensation expense  8,673    11,024    40,367    40,980  Foreign currency loss (gain)  5,581    (2,925 )   1,269    (3,304 ) Acquisition, integration and divestiture costs (benefits)  —    1,833    161    (6,313 ) Amortization of acquired intangibles  1,455    3,258    9,810    13,589  Change in contingent consideration  100    16,291    210    1,246  Impairment of goodwill and intangible assets  —    70,518    131,595    70,518  Gain on debt extinguishment  —    —    (13,017 )   —  Loss on divestiture  —    6,550    —    6,550  Adjusted Net Income (Loss) $ 219   $ 5,711   $ (18,909 )  $ (11,436 ) Weighted-average number of shares of common stock used in computing Adjusted Net Income (Loss) per share:  Weighted-average common shares outstanding, diluted  51,005    39,454    48,361    36,488  Adjusted Net Income (Loss) per share, diluted $ —   $ 0.14   $ (0.39 )  $ (0.31 )

CARDLYTICS, INC. RECONCILIATION OF NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES TO FREE CASH FLOW (Amounts in thousands)  Three Months Ended

December 31,  Year Ended

December 31, 2024  2023  2024  2023 Net cash provided by (used in) operating activities $ 2,977   $ 2,934   $ (8,824 )  $ (185 ) Plus:  Acquisition of property and equipment  (123 )   (274 )   (1,562 )   (667 ) Capitalized software development costs  (4,313 )   (3,423 )   (17,736 )   (11,725 ) Free Cash Flow $ (1,459 )  $ (763 )  $ (28,122 )  $ (12,577 )

CARDLYTICS, INC. RECONCILIATION OF FORECASTED GAAP REVENUE TO BILLINGS (Amounts in millions)  Q1 2025

Guidance Revenue $57.0 - $60.0 Plus:  Consumer Incentives $31.5 - $37.5 Billings $91.5 - $94.5

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