Company: CDLX
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001666071-25-000069
Chunk: 187

Company: Cardlytics, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 187
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Us 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.

26

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 ("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. 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, 2023