Company: CDLX
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001666071-25-000069
Chunk: 260

Company: Cardlytics, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 2
Chunk 260
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We define ACPU as the Cardlytics platform Adjusted Contribution generated in the applicable period, divided by Cardlytics average MQUs in the applicable period. We believe that Adjusted Contribution is the most relevant metric as it reflects the value Cardlytics keeps after subtracting out rewards, Partner Share and other third-party costs. We believe that ACPU measures the Cardlytics platform's efficiency in converting marketer budgets into the value generated by customer engagement. Beginning on March 31, 2025, we will no longer report Cardlytics Average Revenue per User. We have applied this change to our reporting for current and prior periods in this Quarterly Report on Form 10-Q.

 Three Months Ended March 31,Change 20252024$%Cardlytics ACPU$0.13 $0.17 $(0.04)(24)

The following table presents ACPU for the historical periods indicated:

Three Months Ended March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024Cardlytics ACPU$0.14 $0.17 $0.20 $0.21 $0.17 $0.16 $0.16 $0.18 

Key Financial Metrics (Including Non-GAAP Metrics)

 Three Months Ended March 31,in thousands20252024Revenue$61,898 $67,608 Consumer Incentives$35,681 $37,608 Billings$97,579 $105,216 Gross Profit$25,160 $30,892 Adjusted Contribution$32,448 $37,065 Net Loss$(13,282)$(24,275)Adjusted EBITDA$(4,384)$226 Adjusted Net Loss$(11,050)$(4,054)Net cash used in operating activities$(6,706)$(17,617)Free Cash Flow$(10,809)$(22,364)

Definitions of Non-GAAP Measures

Billings

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.