Company: CDLX
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001666071-25-000159
Chunk: 137

Company: Cardlytics, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 137
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September 30,Nine Months EndedSeptember 30,in thousands except ACPU amounts2025202420252024Cardlytics MQUs230,329 190,233 226,419 190,085 Cardlytics ACPU$0.11 $0.16 $0.37 $0.49 

Cardlytics Monthly Qualified Users ("MQUs")

We define MQUs as targetable customers that have made a transaction using their account with primarily an FI Partner in a given month, excluding pilot supply during the ramp up period, and whose transaction data was shared with Cardlytics. We then calculate a monthly average of these MQUs for the periods presented. We believe that the number of MQUs is an indicator of the Cardlytics platform's ability to drive engagement and is reflective of the consumer base and insights that we offer to marketers.

 Three Months Ended September 30,ChangeNine Months Ended September 30,Changein thousands20252024#%20252024#%Cardlytics MQUs230,329 190,233 40,09621226,419 190,085 36,334 16

During the three months ended September 30, 2025, Cardlytics MQUs increased by 40.1 million compared to the three months ended September 30, 2024 primarily driven by organic growth of the existing FI partners in the U.K. and U.S. and new FI partners in the U.S. During the nine months ended September 30, 2025, Cardlytics MQUs increased by 36.3 million compared to the nine months ended September 30, 2024 primarily driven by organic growth of the existing FI Partners in the U.K. and U.S. and new FI Partners in the U.S.

Cardlytics Adjusted Contribution per User ("ACPU")

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.

 Three Months Ended September 30,ChangeNine Months Ended September 30,Change 20252024$%20252024$%Cardlytics ACPU$0.11 $0