Company: CDLX
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001666071-25-000034
Chunk: 80

Company: Cardlytics, Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 7
Chunk 80
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.6 million during 2023 compared to 2022, primarily driven by organic growth of the existing FI partners in the U.K. and U.S. and a new FI Partner in the U.K.

Cardlytics Average Revenue per User ("ARPU")

We define ARPU as the total Revenue generated in the applicable period calculated in accordance with generally accepted accounting principles in the United States ("GAAP"), divided by the average number of MAUs in the applicable period. We believe that ARPU is an indicator of the value of our relationships with our FI partners with respect to the Cardlytics platform.

 Year Ended December 31,ChangeYear Ended December 31,Change20242023$%20232022$%Cardlytics ARPU$1.67 $1.91 (0.24)(13)$1.91 $1.93 (0.02)(1)

Cardlytics ARPU decreased by $0.24 during 2024 compared to 2023 as a result of a $21.3 million increase in Consumer Incentives due to changes to our targeting and ranking system that led to higher engagement.

Cardlytics ARPU decreased by $0.02 during 2023 compared to 2022 as a result of a $0.3 million increase in Consumer Incentives due to changes to our targeting and ranking system that led to higher engagement.

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Non-GAAP Metrics

 Year Ended December 31,in thousands202420232022Revenue$278,298 $309,204 $298,542 Billings$443,840 $453,426 $442,477 Gross Profit$120,894 $130,378 $112,632 Adjusted Contribution$150,537 $158,626 $143,035 Net Loss$(189,304)$(134,702)$(465,264)Adjusted EBITDA$2,523 $3,771 $(45,169)Adjusted Net Loss$(18,909)$(11,436)$(60,250)Net cash used in operating activities$(8,824)$(185)$(53,904)Free Cash Flow$(28,122)$(12,577)$(67,390)

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