Cardlytics (CDLX) came out with a quarterly loss of $0.13 per share versus the Zacks Consensus Estimate of a loss of $0.16. This compares to a loss of $0.15 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +18.75%. A quarter ago, it was expected that this company would post a loss of $0.27 per share when it actually produced a loss of $0.21, delivering a surprise of +22.22%.Over the last four quarters, the company has surpassed ...

Cardlytics (CDLX) Q2 2025 Earnings Call August 06, 2025 05:00 PM ET Speaker0Good afternoon, ladies and gentlemen, and welcome to the Second Quarter twenty twenty Earnings Conference Call. At this time, all lines are in listen only mode. Following the presentation, we will conduct a question and answer session. This call is being recorded on Wednesday, 08/06/2025.I would now like to turn the conference over to Nick Linton. Please go ahead.Speaker1Good evening, and welcome to the Cardlytics second quarter twe ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to _________________ Commission File Number: 001-38386 CARDLYTICS, INC. (Exact Name of Registrant as Specified in its Charter) Delaware ...

Exhibit 99.1 Cardlytics Announces Second Quarter 2025 Financial Results Atlanta, GA – August 6, 2025 – Cardlytics, Inc. (NASDAQ: CDLX), a commerce media platform, today announced financial results for the second quarter ended June 30, 2025. "Building on the progress we've made over the past year, we are navigating headwinds by doubling down on our diversification efforts and reinforcing our unique network capabilities," said Amit Gupta, CEO of Cardlytics. "We believe our strategic shifts will position us fo ...

Core Viewpoint - Momentum investing focuses on "buying high and selling higher," contrasting with traditional strategies of "buying low and selling high" [1] Group 1: Momentum Investing Characteristics - Momentum investing can be risky as stocks may lose momentum when their valuations exceed future growth potential, leading to potential losses for investors [2] - A safer approach involves investing in bargain stocks that exhibit recent price momentum, utilizing tools like the Zacks Momentum Style Score to identify such opportunities [3] Group 2: Cardlytics (CDLX) Analysis - Cardlytics (CDLX) has shown a four-week price change of 10.7%, indicating strong recent price momentum and growing investor interest [4] - Over the past 12 weeks, CDLX has gained 32.9%, demonstrating its ability to deliver positive returns over a longer timeframe [5] - CDLX has a beta of 1.21, suggesting it moves 21% more than the market in either direction, indicating fast-paced momentum [5] - The stock has a Momentum Score of B, suggesting it is an opportune time to invest in CDLX to capitalize on its momentum [6] - CDLX has a Zacks Rank 2 (Buy) due to upward revisions in earnings estimates, which typically attract more investor interest [7] - The stock is trading at a Price-to-Sales ratio of 0.36, indicating it is undervalued, as investors pay only 36 cents for each dollar of sales [7] Group 3: Additional Investment Opportunities - Besides CDLX, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, presenting further investment opportunities [8] - Investors can explore over 45 Zacks Premium Screens tailored to different investing styles to identify potential winning stocks [9]

Group 1 - Moretus Research provides high-quality equity research focused on U.S. public markets, aiming to deliver clarity, conviction, and alpha for serious investors [1] - The research framework identifies companies with durable business models, mispriced cash flow potential, and intelligent capital allocation, emphasizing a structured and repeatable approach [1] - Valuation methods are based on sector-relevant multiples tailored to each company's business model and capital structure, prioritizing comparability, simplicity, and relevance [1] Group 2 - Research coverage focuses on underappreciated companies experiencing structural changes or temporary dislocations, where disciplined analysis can yield asymmetric returns [1] - Moretus Research aims to elevate the standard for independent investment research by providing professional-grade insights and actionable valuation [1]

Cardlytics (CDLX) came out with a quarterly loss of $0.21 per share versus the Zacks Consensus Estimate of a loss of $0.27. This compares to loss of $0.09 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 22.22%. A quarter ago, it was expected that this company would post a loss of $0.24 per share when it actually produced break-even earnings, delivering a surprise of 100%.Over the last four quarters, the company has surpassed c ...

Cardlytics (CDLX) Q1 2025 Earnings Call May 07, 2025 05:00 PM ET Company Participants Nick Lynton - Chief Legal & Privacy OfficerAmit Gupta - CEOAlexis DeSieno - Chief Financial OfficerRobert Coolbrith - Vice President, Internet Equity Research Conference Call Participants Jacob Stephan - Senior Research AnalystLuke Horton - VP - Senior Equity Research AnalystCal Bartyzal - Equity Research Analyst Operator Ladies and gentlemen, thank you for standing by, and welcome to the Cardlytics Inc. Q1 twenty twenty f ...

PART I. FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) The company reported decreased Q1 2025 revenue of $61.9 million but an improved net loss of $(13.3) million [Condensed Consolidated Balance Sheets (Unaudited)](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20(Unaudited)) Total assets decreased to $369.1 million and stockholders' equity declined to $64.1 million as of March 31, 2025 Condensed Consolidated Balance Sheets (in thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $156,829 | $177,983 | | **Total assets** | $369,073 | $392,711 | | **Total current liabilities** | $131,851 | $148,955 | | **Total liabilities** | $304,983 | $322,718 | | **Total stockholders' equity** | $64,090 | $69,993 | [Condensed Consolidated Statements of Operations (Unaudited)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20(Unaudited)) Q1 2025 revenue fell to $61.9 million, while the net loss improved to $(13.3) million from $(24.3) million YoY Statement of Operations Highlights (in thousands, except per share amounts) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Revenue** | $61,898 | $67,608 | | **Total costs and expenses** | $75,977 | $90,434 | | **Operating Loss** | $(14,079) | $(22,826) | | **Net Loss** | $(13,282) | $(24,275) | | **Net Loss per share, basic and diluted** | $(0.26) | $(0.56) | [Condensed Consolidated Statements of Comprehensive Loss (Unaudited)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss%20(Unaudited)) Total comprehensive loss for Q1 2025 improved to $(15.6) million, including a $(2.4) million foreign currency loss Comprehensive Loss (in thousands) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Net Loss** | $(13,282) | $(24,275) | | **Foreign currency translation adjustments** | $(2,355) | $580 | | **Total Comprehensive Loss** | $(15,637) | $(23,695) | [Condensed Consolidated Statements of Stockholders' Equity (Unaudited)](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity%20(Unaudited)) Stockholders' equity decreased by $5.9 million to $64.1 million in Q1 2025, driven by the quarterly net loss - Total stockholders' equity decreased by **$5.9 million** during Q1 2025, from $69,993 thousand to $64,090 thousand[17](index=17&type=chunk) [Condensed Consolidated Statements of Cash Flows (Unaudited)](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) Net cash used in operations improved to $(6.7) million, while cash and equivalents ended the quarter at $52.0 million Cash Flow Summary (in thousands) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(6,706) | $(17,617) | | **Net cash used in investing activities** | $(3,903) | $(4,747) | | **Net cash (used in) provided by financing activities** | $(3,034) | $28,321 | | **Net (decrease) increase in cash** | $(13,548) | $5,936 | | **Cash and cash equivalents — End of period** | $52,046 | $97,766 | [Notes to Condensed Consolidated Financial Statements (Unaudited)](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) Key disclosures include a gain from the Dosh app decommissioning and the non-renewal notice from Bank of America - The Dosh app was decommissioned on February 28, 2025, resulting in a **gain on disposal of $5.4 million** from the derecognition of the associated wallet liability[29](index=29&type=chunk) - On January 25, 2024, the company settled outstanding disputes related to the Bridg acquisition, agreeing to pay **$25.0 million in cash and issue 3.6 million shares** of common stock[33](index=33&type=chunk) - The top three FI partners accounted for **over 80% of total Partner Share** in Q1 2025; the company received a non-renewal notice from Bank of America, effective July 31, 2025[112](index=112&type=chunk)[113](index=113&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses an 8% revenue decline, an improved net loss, and sufficient liquidity despite key partner risks [Non-GAAP Measures and Other Performance Metrics](index=27&type=section&id=Non-GAAP%20Measures%20and%20Other%20Performance%20Metrics) Key non-GAAP metrics show a 7% decrease in Billings and a decline in Adjusted EBITDA to negative $(4.4) million Key Performance Metrics | Metric | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Cardlytics MQUs (in thousands) | 214,891 | 191,206 | 12% | | Cardlytics ACPU | $0.13 | $0.17 | (24)% | Key Financial Metrics (Non-GAAP, in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Billings | $97,579 | $105,216 | | Adjusted Contribution | $32,448 | $37,065 | | Adjusted EBITDA | $(4,384) | $226 | | Free Cash Flow | $(10,809) | $(22,364) | [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Revenue decreased 8% YoY due to lower Billings, while operating loss improved due to reduced expenses and a one-time gain - Revenue decreased by **$5.7 million (8%) YoY**, primarily due to a $7.6 million decrease in Billings[157](index=157&type=chunk) - Stock-based compensation expense decreased by **$2.3 million (21%) YoY**, primarily due to higher forfeitures related to executive departures[164](index=164&type=chunk) - A **gain of $5.4 million** was realized in Q1 2025 from the decommissioning of the Dosh app[166](index=166&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) The company ended Q1 with $52.0 million in cash and believes its liquidity is sufficient for the next 12 months Liquidity Position (in thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $52,046 | $65,594 | | Working capital | $24,978 | $29,028 | | Unused available borrowings | $60,000 | $60,000 | - In April 2024, the company issued **$172.5 million of 4.25% Convertible Senior Notes due 2029** and used the proceeds to repurchase $183.9 million of its 2020 Convertible Senior Notes[180](index=180&type=chunk) - The company has a commitment to spend **$17.0 million each year for three years** with a cloud hosting provider, starting in January 2024[177](index=177&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are interest rate fluctuations on its credit line and foreign currency exchange risk - Interest rate risk is tied to the variable-rate 2018 Line of Credit; a **10% increase in the prime rate** would result in a $0.5 million annual increase in interest expense if fully drawn[199](index=199&type=chunk) - Foreign currency risk arises from UK operations; a **10% weakening of the British pound** in Q1 2025 would have decreased revenue by $0.6 million and operating expenses by $1.3 million[200](index=200&type=chunk) [Item 4. Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) The company's principal officers concluded that disclosure controls and procedures were effective as of March 31, 2025 - Management, including the CEO and CFO, concluded that the company's **disclosure controls and procedures were effective** as of March 31, 2025[201](index=201&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) A securities class action lawsuit was voluntarily dismissed without prejudice by the plaintiff in March 2025 - A securities class action lawsuit filed in January 2025 was **voluntarily dismissed by the plaintiff without prejudice** in March 2025, meaning similar claims could be refiled in the future[204](index=204&type=chunk)[205](index=205&type=chunk) [Item 1A. Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from FI partner dependency, economic conditions, debt, and data privacy regulations [Risks Related to our Business and Industry](index=43&type=section&id=Risks%20Related%20to%20our%20Business%20and%20Industry) Major risks include heavy reliance on a few FI partners, the non-renewal by Bank of America, and economic sensitivity - The company is **substantially dependent on Chase, Bank of America, and Wells Fargo**; in April 2025, it received a non-renewal notice from Bank of America for agreements expiring July 31, 2025[217](index=217&type=chunk)[218](index=218&type=chunk)[220](index=220&type=chunk) - **Unfavorable economic conditions**, such as inflation and tariffs, could limit business growth and negatively affect operating results by causing marketers to reduce spending[208](index=208&type=chunk) - The loss of one or more of its top five marketers, who accounted for **19% of revenue in Q1 2025**, could adversely impact the business as there are no material long-term commitments[241](index=241&type=chunk)[242](index=242&type=chunk) [Risks Related to our Indebtedness](index=57&type=section&id=Risks%20Related%20to%20our%20Indebtedness) The company's ability to service its significant debt obligations, including its convertible notes, is a key risk - Servicing debt requires significant cash, and the company **may not have sufficient cash flow** from its business to pay its indebtedness, including the 2020 and 2024 Convertible Senior Notes[285](index=285&type=chunk) - Holders of the Notes can require the company to repurchase them upon a 'fundamental change,' and the company **may not have enough available cash** or be able to obtain financing to do so[287](index=287&type=chunk) [Risks Related to Regulatory and Intellectual Property Matters](index=59&type=section&id=Risks%20Related%20to%20Regulatory%20and%20Intellectual%20Property%20Matters) The business is subject to complex data privacy laws like CCPA and GDPR and risks related to protecting its IP - The company is subject to complex and evolving data privacy laws like the CCPA and GDPR; non-compliance could lead to **significant fines (up to 4% of annual global revenue under GDPR)**[293](index=293&type=chunk)[297](index=297&type=chunk)[300](index=300&type=chunk) - **Failure to protect proprietary technology** and intellectual property rights could harm the business, as legal protections provide only limited coverage[308](index=308&type=chunk) [Risks Related to Ownership of our Common Stock](index=64&type=section&id=Risks%20Related%20to%20Ownership%20of%20our%20Common%20Stock) The company's common stock price is highly volatile, and no dividends are expected in the foreseeable future - The market price of the common stock has been **highly volatile**, with an intraday price range from $1.22 to $161.47 since its IPO in February 2018[320](index=320&type=chunk) - The company **does not intend to pay dividends** in the foreseeable future, so returns on investment depend solely on stock price appreciation[322](index=322&type=chunk) - **Anti-takeover provisions** in the company's charter and under Delaware law may delay or prevent a change in control or changes in management[323](index=323&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=66&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales or issuer repurchases of equity securities occurred during the quarter ended March 31, 2025 - There were **no unregistered sales of equity securities or issuer repurchases** during the quarter[337](index=337&type=chunk)[338](index=338&type=chunk) [Item 5. Other Information](index=66&type=section&id=Item%205.%20Other%20Information) There was no information to be reported under this item for the quarter - None[339](index=339&type=chunk) [Item 6. Exhibits](index=67&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the report, including agreement amendments and officer certifications - The exhibits filed with the report include amendments to the Loan and Security Agreement, officer certifications required by the Sarbanes-Oxley Act, and XBRL data[341](index=341&type=chunk)

[First Quarter 2025 Financial Highlights](index=1&type=section&id=First%20Quarter%202025%20Financial%20Results) Cardlytics reported Q1 2025 revenue of $61.9 million and billings of $97.6 million, both down, while significantly narrowing net loss and improving free cash flow - Management highlighted progress in 'platformizing' Cardlytics to become a leading commerce media platform, supported by an expanding ecosystem and tech investments[3](index=3&type=chunk) - The company is also focused on strengthening its balance sheet and implementing a disciplined approach to cost management while investing in growth areas[3](index=3&type=chunk) Q1 2025 Key Financial Metrics (YoY Comparison, in millions) | Metric | Q1 2025 | Q1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | $61.9 | $67.6 | -8% | | Billings (Non-GAAP) | $97.6 | $105.2 | -7% | | Adjusted Contribution (Non-GAAP) | $32.4 | $37.1 | -12% | | Net Loss | $(13.3) | $(24.3) | 45% improvement | | Adjusted EBITDA (Non-GAAP) | $(4.4) | $0.2 | N/A | | Net Loss per Diluted Share | $(0.26) | $(0.56) | 54% improvement | | Free Cash Flow (Non-GAAP) | $(10.8) | $(22.4) | 52% improvement | [Key Operating Metrics](index=1&type=section&id=Key%20Metrics) For Q1 2025, Cardlytics saw a 12% year-over-year increase in Monthly Qualified Users (MQUs) to 214.9 million, though monetization per user (ACPU) declined to $0.13 - Cardlytics Monthly Qualified Users (MQUs) increased by **12% year-over-year** to **214.9 million**[6](index=6&type=chunk) - Cardlytics Adjusted Contribution Per User (ACPU) decreased to **$0.13** in Q1 2025, compared to **$0.17** in Q1 2024[6](index=6&type=chunk) Historical Monthly Qualified Users (MQUs) (in thousands) | Period | MQUs | | :--- | :--- | | Mar 31, 2023 | 181,720 | | Jun 30, 2023 | 186,225 | | Sep 30, 2023 | 189,126 | | Dec 31, 2023 | 191,865 | | Mar 31, 2024 | 191,206 | | Jun 30, 2024 | 188,816 | | Sep 30, 2024 | 190,233 | | Dec 31, 2024 | 191,674 | Historical Adjusted Contribution Per User (ACPU) | Period | ACPU | | :--- | :--- | | Mar 31, 2023 | $0.17 | | Jun 30, 2023 | $0.14 | | Sep 30, 2023 | $0.20 | | Dec 31, 2023 | $0.21 | | Mar 31, 2024 | $0.17 | | Jun 30, 2024 | $0.16 | | Sep 30, 2024 | $0.16 | | Dec 31, 2024 | $0.18 | [Second Quarter 2025 Financial Expectations](index=2&type=section&id=Second%20Quarter%202025%20Financial%20Expectations) Cardlytics projects continued year-over-year declines for the second quarter of 2025, with Billings expected between $100.0 million and $108.0 million and Revenue between $61.0 million and $67.0 million Q2 2025 Guidance (in millions) | Metric | Q2 2025 Guidance | YoY Change | | :--- | :--- | :--- | | Billings | $100.0 - $108.0 | (9%) - (2%) | | Revenue | $61.0 - $67.0 | (12%) - (4%) | | Adjusted Contribution | $32.5 - $36.5 | (11%) - 0% | | Adjusted EBITDA | ($4.0) - $1.0 | ($1.7) - $3.3 | [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the period ended March 31, 2025, including the Balance Sheets, Statements of Operations, and Statements of Cash Flows, providing a detailed view of the company's financial position and performance [Condensed Consolidated Balance Sheets](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS%20%28UNAUDITED%29) This section details Cardlytics' financial position, presenting assets, liabilities, and equity as of March 31, 2025, and December 31, 2024 Condensed Consolidated Balance Sheets (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $52,046 | $65,594 | | Total current assets | $156,829 | $177,983 | | Total assets | $369,073 | $392,711 | | **Liabilities and Stockholders' Equity** | | | | Total current liabilities | $131,851 | $148,955 | | Total liabilities | $304,983 | $322,718 | | Total stockholders' equity | $64,090 | $69,993 | | Total liabilities and stockholders' equity | $369,073 | $392,711 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS%20%28UNAUDITED%29) This section outlines Cardlytics' financial performance for Q1 2025, detailing revenue, expenses, and net loss Condensed Consolidated Statements of Operations (in thousands, except per share amounts) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Revenue | $61,898 | $67,608 | | Total costs and expenses | $75,977 | $90,434 | | Operating Loss | $(14,079) | $(22,826) | | Net Loss | $(13,282) | $(24,275) | | Net Loss per share, basic and diluted | $(0.26) | $(0.56) | | Weighted-average common shares outstanding | 51,863 | 43,248 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS%20%28UNAUDITED%29) This section details Cardlytics' cash flows from operating, investing, and financing activities for Q1 2025 Condensed Consolidated Statements of Cash Flows (in thousands) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(6,706) | $(17,617) | | Net cash used in investing activities | $(3,903) | $(4,747) | | Net cash (used in) provided by financing activities | $(3,034) | $28,321 | | Net (decrease) increase in cash and cash equivalents | $(13,548) | $5,936 | | Cash and cash equivalents — End of period | $52,046 | $97,766 | [Non-GAAP Financial Measures and Reconciliations](index=3&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section defines the non-GAAP metrics used by Cardlytics, such as Billings, Adjusted Contribution, and Adjusted EBITDA, to supplement GAAP results, and provides detailed reconciliations to their most directly comparable GAAP counterparts [Definitions of Non-GAAP Measures and Other Performance Metrics](index=3&type=section&id=Non-GAAP%20Measures%20and%20Other%20Performance%20Metrics) This section defines Cardlytics' key non-GAAP financial measures and operational metrics, including Billings, Adjusted Contribution, and MQUs - Billings represents the gross amount billed to customers for services[17](index=17&type=chunk) - Adjusted Contribution is Revenue less Partner Share and other third-party costs, viewed by management as a key metric for financial performance[17](index=17&type=chunk) - Adjusted EBITDA excludes items like interest, depreciation, amortization, and stock-based compensation from Net Loss[17](index=17&type=chunk) - MQUs (Monthly Qualified Users) are defined as targetable customers who made a transaction with a partner in a given month[19](index=19&type=chunk) - ACPU (Adjusted Contribution Per User) is the platform's Adjusted Contribution divided by the average MQUs for the period[19](index=19&type=chunk) [Reconciliation of GAAP Revenue to Billings](index=8&type=section&id=RECONCILIATION%20OF%20GAAP%20REVENUE%20TO%20BILLINGS%20%28UNAUDITED%29) This section reconciles Cardlytics' GAAP revenue to its non-GAAP billings for the three months ended March 31, 2025 and 2024 Reconciliation of Revenue to Billings (in thousands) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Revenue | $61,898 | $67,608 | | Plus: Consumer Incentives | $35,681 | $37,608 | | **Billings** | **$97,579** | **$105,216** | [Reconciliation of GAAP Gross Profit to Adjusted Contribution](index=8&type=section&id=RECONCILIATION%20OF%20GAAP%20GROSS%20PROFIT%20TO%20ADJUSTED%20CONTRIBUTION%20%28UNAUDITED%29) This section reconciles Cardlytics' GAAP gross profit to its non-GAAP adjusted contribution for Q1 2025 and Q1 2024 Reconciliation of Gross Profit to Adjusted Contribution (in thousands) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Gross Profit | $25,160 | $30,892 | | Plus: Delivery costs | $7,288 | $6,173 | | **Adjusted Contribution** | **$32,448** | **$37,065** | [Reconciliation of GAAP Net Loss to Adjusted EBITDA](index=9&type=section&id=RECONCILIATION%20OF%20GAAP%20NET%20LOSS%20TO%20ADJUSTED%20EBITDA%20%28UNAUDITED%29) This section reconciles Cardlytics' GAAP net loss to its non-GAAP adjusted EBITDA for Q1 2025 and Q1 2024 Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net Loss | $(13,282) | $(24,275) | | Plus: Interest expense, net | $1,830 | $819 | | Plus: Depreciation and amortization | $6,291 | $6,250 | | Plus: Stock-based compensation expense | $8,694 | $10,985 | | Plus: Other adjustments | $(7,917) | $6,447 | | **Adjusted EBITDA** | **$(4,384)** | **$226** | [Reconciliation of GAAP Net Loss to Adjusted Net Loss](index=9&type=section&id=RECONCILIATION%20OF%20GAAP%20NET%20LOSS%20TO%20ADJUSTED%20NET%20LOSS%20AND%20ADJUSTED%20NET%20LOSS%20PER%20SHARE%20%28UNAUDITED%29) This section reconciles Cardlytics' GAAP net loss to its non-GAAP adjusted net loss and per share amounts for Q1 2025 and Q1 2024 Reconciliation of Net Loss to Adjusted Net Loss (in thousands) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net Loss | $(13,282) | $(24,275) | | Plus: Stock-based compensation expense | $8,694 | $10,985 | | Plus: Other adjustments | $(6,468) | $9,236 | | **Adjusted Net Loss** | **$(11,050)** | **$(4,054)** | [Reconciliation of Net Cash Used in Operating Activities to Free Cash Flow](index=10&type=section&id=RECONCILIATION%20OF%20NET%20CASH%20USED%20IN%20OPERATING%20ACTIVITIES%20TO%20FREE%20CASH%20FLOW%20%28UNAUDITED%29) This section reconciles Cardlytics' net cash used in operating activities to its non-GAAP free cash flow for Q1 2025 and Q1 2024 Reconciliation to Free Cash Flow (in thousands) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(6,706) | $(17,617) | | Plus: Acquisition of property and equipment | $(119) | $(651) | | Plus: Capitalized software development costs | $(3,984) | $(4,096) | | **Free Cash Flow** | **$(10,809)** | **$(22,364)** | [Reconciliation of Forecasted GAAP Revenue to Billings](index=10&type=section&id=RECONCILIATION%20OF%20FORECASTED%20GAAP%20REVENUE%20TO%20BILLINGS%20%28UNAUDITED%29) This section reconciles Cardlytics' forecasted GAAP revenue to its non-GAAP billings for Q2 2025 guidance Q2 2025 Forecasted Reconciliation (in millions) | Account | Q2 2025 | | :--- | :--- | | Revenue | $61.0 - $67.0 | | Plus: Consumer Incentives | $33.0 - $47.0 | | **Billings** | **$100.0 - $108.0** |