Company: CDLX
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001666071-25-000069
Chunk: 259

Company: Cardlytics, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 2
Chunk 259
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 our GAAP Revenue, which is reported net of Consumer Incentives.

Non-GAAP Measures and Other Performance Metrics

We regularly monitor a number of financial and operating metrics in order to measure our current performance and estimate our future performance. Our metrics may be calculated in a manner different than similar metrics used by other companies.

Key Performance Metrics

 Three Months EndedMarch 31,in thousands except ACPU amounts20252024Cardlytics MQUs214,891 191,206 Cardlytics ACPU$0.13 $0.17 

Cardlytics Monthly Qualified Users ("MQUs")

We define MQUs as targetable customers that have made a transaction using their account with an FI Partner or non-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. As of January 1, 2025, we will no longer report Cardlytics Monthly Active Users given we do not receive equivalent user data from our newer bank partners. 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,Changein thousands20252024#%Cardlytics MQUs214,891 191,206 23,68512

During the three months ended March 31, 2025, Cardlytics MQUs increased by 23.7 million compared to the three months ended March 31, 2024 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.S.

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Table of Contents

The following table presents MQUs for the historical periods indicated:

Three Months Ended in thousandsMarch 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024Cardlytics MQUs181,720 186,225 189,126 191,865 191,206 188,816 190,233 191,674 

Cardlytics Adjusted Contribution per User ("AC