SEC Filing | Cardlytics

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cdlx-20230801

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 1, 2023

CARDLYTICS, INC.

(Exact Name of Registrant as Specified in its Charter)


Delaware	001-38386		26-3039436
(State or other jurisdiction of incorporation or organization)	(Commission File Number)		(I.R.S. Employer Identification No.)
675 Ponce de Leon Avenue NE, Suite 6000	Atlanta	Georgia	30308
(Address of principal executive offices, including zip code)
	(888)	798-5802
(Registrant's telephone, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:


Title of each class	Trading symbol	Name of each exchange on which registered
Common Stock	CDLX	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On August 1, 2023, Cardlytics, Inc. (the “Company”) issued a press release announcing its financial results for the three and six months ended June 30, 2023, as well as information regarding a conference call to discuss these financial results and the Company’s recent corporate highlights. The Company’s press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information included in this Item 2.02 and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

ITEM 7.01 OTHER EVENTS

On August 1, 2023, the Company is also posting a slide presentation on its website, which the Company will reference during the conference call described above.

A copy of the slide presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K. The information in this Item 7.01 and Exhibit 99.2 hereto shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits


Exhibit						Exhibit Description
99.1						Press release dated August 1, 2023
99.2						Presentation titled “Earnings Presentation Q2 2023"
104						The cover page from Cardlytics, Inc.’s Form 8-K filed on August 1, 2023, formatted in Inline XBRL.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		Cardlytics, Inc.

Date:	August 1, 2023	By:	/s/ Karim Temsamani
			Karim Temsamani
			Chief Executive Officer (Principal Executive, Financial and Accounting Officer)

Document

Exhibit 99.1

Cardlytics Announces Second Quarter 2023 Financial Results

Atlanta, GA – August 1, 2023 – Cardlytics, Inc. (NASDAQ: CDLX), a digital advertising platform, today announced financial results for the second quarter ended June 30, 2023. Supplemental information is available on the Investor Relations section of Cardlytics' website at http://ir.cardlytics.com/.

"Our results this quarter are a great sign that our strategy and priorities are moving the company towards achieving consistent growth and profitability." said Karim Temsamani, Chief Executive Officer. "We are moving forward with a disciplined approach and the organizational changes we are making continue to give our teams room to operate with speed and a clear focus."

Second Quarter 2023 Financial Results

•Revenue was $76.7 million, an increase of 2% year-over-year, compared to $75.4 million in the second quarter of 2022.

•Billings, a non-GAAP metric, was $109.4 million, an increase of 2% year-over-year, compared to $107.7 million in the second quarter of 2022.

•Gross profit was $30.5 million, an increase of 13% year-over-year, compared to $27.0 million in the second quarter of 2022.

•Adjusted contribution, a non-GAAP metric, was $37.5 million, an increase of 7% year-over-year, compared to $35.1 million in the second quarter of 2022.

•Net loss attributable to common stockholders was $(23.5) million, or $(0.67) per diluted share, based on 34.9 million fully diluted weighted-average common shares, compared to a net loss attributable to common stockholders of $(126.3) million, or $(3.75) per diluted share, based on 33.6 million fully diluted weighted-average common shares in the second quarter of 2022.

•Non-GAAP net loss was $(8.4) million, or $(0.24) per diluted share, based on 34.9 million fully diluted weighted-average common shares, compared to non-GAAP net loss of $(21.7) million, or $(0.65) per diluted share, based on 33.6 million fully diluted weighted-average common shares in the second quarter of 2022.

•Adjusted EBITDA, a non-GAAP metric, was a loss of $(4.1) million compared to a loss of $(15.8) million in the second quarter of 2022.

Key Metrics

•Cardlytics MAUs were 188.1 million, an increase of 5% year-over-year, compared to 179.9 million in the second quarter of 2022.

•Cardlytics ARPU was $0.38 in each of the second quarter of 2023 and 2022.

Definitions of MAUs, ARPU and ARR are included below under the caption “Non-GAAP Measures and Other Performance Metrics."

Third Quarter 2023 Financial Expectations

Cardlytics anticipates billings, revenue, adjusted contribution and adjusted EBITDA to be in the following ranges (in millions):


			Q3 2023 Guidance
Billings(1)			$111.0 - $123.0
Revenue			$75.0 - $84.0
Adjusted contribution(2)			$39.0 - $45.0
Adjusted EBITDA(2)			($2.0) - $2.0

(1)A reconciliation of billings to GAAP revenue on a forward-looking basis is presented below under the heading "Reconciliation of Forecasted GAAP Revenue to Billings."

(2)A reconciliation of adjusted contribution to GAAP gross profit and a reconciliation of adjusted EBITDA to net loss on a forward-looking basis is not available without unreasonable efforts due to the high variability, complexity and low visibility with respect to the items excluded from this non-GAAP measure.

Earnings Teleconference Information

Cardlytics will discuss its second quarter 2023 financial results during a teleconference today, August 1, 2023, at 5:00 PM ET / 2:00 PM PT. A live dial-in will be available after registering at http://ir.cardlytics.com/. Shortly after the conclusion of the call, a replay of this conference call will be available through 8:00 PM ET on August 8, 2023 on the Cardlytics Investor Relations website at http://ir.cardlytics.com/. Following the completion of the call, a recorded replay of the webcast will be available on Cardlytics’ website.

About Cardlytics

Cardlytics (NASDAQ: CDLX) is a digital advertising platform. We partner with financial institutions to run their banking rewards programs that promote customer loyalty and deepen banking relationships. In turn, we have a secure view into where and when consumers are spending their money. We use these insights to help marketers identify, reach, and influence likely buyers at scale, as well as measure the true sales impact of marketing campaigns. Headquartered in Atlanta, Cardlytics has offices in Menlo Park, New York, Los Angeles, and London. Learn more at www.cardlytics.com.

Cautionary Language Concerning Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, our financial guidance for the third quarter of 2023. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as "expect," "anticipate," "should," "believe," "hope," "target," "project," "goals," "estimate," "potential," "predict," "may," "will," "might," "could," "intend," or variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control.

Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: risks related to unfavorable conditions in the global economy and the industries that we serve; risks related to the fact that our quarterly operating results have fluctuated and may continue to vary from period to period; our ability to sustain our revenue growth and billings; risks related to the integration of Dosh, Bridg and Entertainment with our company; potential payments under the Merger Agreement with Bridg; risks related to our substantial dependence on our Cardlytics platform; risks related to our substantial dependence on JPMorgan Chase Bank, National Association (“Chase”), Bank of America, National Association ("Bank of America"), Wells Fargo Bank, National Association (“Wells Fargo”) and a limited number of other financial institution (“FI”) partners; risks related to our ability to maintain relationships with Chase, Wells Fargo and Bank of America; the amount and timing of budgets by marketers, which are affected by budget cycles, economic conditions and other factors, including the impact of the macroeconomic events; our ability to generate sufficient revenue to offset contractual commitments to FIs; our ability to attract new partners, including FI partners, and maintain relationships with bank processors and digital banking providers; our ability to maintain relationships with marketers; our ability to adapt to changing market conditions, including our ability to adapt to changes in consumer habits, negotiate fee arrangements with new and existing partners and retailers, and develop and launch new services and features; and other risks detailed in the “Risk Factors” section of our Form 10-Q filed with the Securities and Exchange Commission on August 1, 2023 and in subsequent periodic reports that we file with the Securities and Exchange Commission. Past performance is not necessarily indicative of future results.

The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

Non-GAAP Measures and Other Performance Metrics

To supplement the financial measures presented in our press release and related conference call or webcast in accordance with generally accepted accounting principles in the United States (“GAAP”), we also present the following non-GAAP measures of financial performance: billings, adjusted contribution, adjusted EBITDA, non-GAAP net loss and non-GAAP net loss per share as well as certain other performance metrics, such as monthly active users (“MAUs”) and average revenue per user (“ARPU”).

A “non-GAAP financial measure” refers to a numerical measure of our historical or future financial performance or financial position that is included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in our financial statements. We provide certain non-GAAP measures as additional information relating to our operating results as a complement to results provided in accordance with GAAP. The non-GAAP financial information presented herein should be considered in conjunction with, and not as a substitute for or superior to, the financial information presented in accordance with GAAP and should not be considered a measure of liquidity. There are significant limitations associated with the use of non-GAAP financial measures. Further, these measures may differ from the non-GAAP information, even where similarly titled, used by other companies and therefore should not be used to compare our performance to that of other companies.

We have presented billings, adjusted contribution, adjusted EBITDA, non-GAAP net loss and non-GAAP net loss per share as non-GAAP financial measures in this press release. Billings represents the gross amount billed to customers and marketers for advertising campaigns in order to generate revenue. Cardlytics platform billings is recognized gross of both Consumer Incentives and Partner Share. Cardlytics platform GAAP revenue is recognized net of Consumer Incentives and gross of Partner Share. Bridg platform billings is the same as Bridg platform GAAP revenue. We define adjusted contribution as a measure by which revenue generated from our marketers exceeds the cost to obtain the purchase data and the digital advertising space from our partners. Adjusted contribution demonstrates how incremental marketing spend on our platforms generates incremental amounts to support our sales and marketing, research and development, delivery costs, general and administration and other investments. Adjusted contribution is calculated by taking our total revenue less our Partner Share and other third-party costs. Adjusted contribution does not take into account all costs associated with generating revenue from advertising campaigns, including sales and marketing expenses, research and development expenses, delivery costs, general and administrative expenses and other expenses, which we do not take into consideration when making decisions on how to manage our advertising campaigns. We define adjusted EBITDA as our net loss before income taxes; interest expense, net; depreciation and amortization expense; stock-based compensation expense; foreign currency gain (loss); acquisition and integration (benefit) cost; loss (gain) in fair value of contingent consideration; goodwill impairment and restructuring and reduction of force. We define non-GAAP net loss as our net loss before stock-based compensation expense; foreign currency (gain) loss; acquisition and integration (benefit) cost; amortization of acquired intangibles; and loss (gain) in fair value of contingent consideration. Notably, any impacts related to minimum Partner Share commitments in connection with agreements with certain partners are not added back to net income in order to calculate adjusted EBITDA, adjusted contribution and non-GAAP net loss. We define non-GAAP net loss per share as non-GAAP net loss divided by weighted-average common shares outstanding, diluted.

We believe the use of non-GAAP financial measures, as a supplement to GAAP measures, is useful to investors in that they eliminate items that are either not part of our core operations or do not require a cash outlay, such as stock-based compensation expense. Management uses these non-GAAP financial measures when evaluating operating performance and for internal planning and forecasting purposes. We believe that these non-GAAP financial measures help indicate underlying trends in the business, are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing operating performance.

We define MAUs as targetable customers or accounts that have logged in and visited online or mobile applications containing offers, opened an email containing an offer, or redeemed an offer from the Cardlytics platform during a monthly period. We then calculate a monthly average of these MAUs for the periods presented. We define ARPU as the total revenue generated in the applicable period calculated in accordance with GAAP, divided by the average number of MAUs in the applicable period.

CARDLYTICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Amounts in thousands, except par value amounts)


	June 30, 2023		December 31, 2022
Assets
Current assets:
Cash and cash equivalents	$	92,069	$	121,905
Restricted cash	76		80
Accounts receivable and contract assets, net	97,279		115,609

Other receivables	4,466		4,470
Prepaid expenses and other assets	7,824		7,978
Total current assets	201,714		250,042
Long-term assets:
Property and equipment, net	3,401		5,916
Right-of-use assets under operating leases, net	4,510		6,571
Intangible assets, net	46,563		53,475
Goodwill	352,721		352,721
Capitalized software development costs, net	21,922		19,925

Other long-term assets, net	2,493		2,586
Total assets	$	633,324	$	691,236
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	1,698	$	3,765

Accrued liabilities:
Accrued compensation	8,609		10,486
Accrued expenses	10,466		21,335
Short-term debt	30,000		—
Partner Share liability	49,055		48,593
Consumer Incentive liability	43,090		53,983
Deferred revenue	3,015		1,751






Current operating lease liabilities	3,002		4,910

Current contingent consideration	18,987		104,121

Total current liabilities	167,922		248,944
Long-term liabilities:
Convertible senior notes, net	226,774		226,047
Deferred liabilities	84		334

Long-term operating lease liabilities	2,432		4,306



Total liabilities	397,212		479,631
Stockholders’ equity:
Common stock, $0.0001 par value—100,000 shares authorized and 37,088 and 33,477 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively.	9		9
Additional paid-in capital	1,219,530		1,182,568

Accumulated other comprehensive income	3,043		5,598
Accumulated deficit	(986,470)		(976,570)
Total stockholders’ equity	236,112		211,605
Total liabilities and stockholders’ equity	$	633,324	$	691,236

CARDLYTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(Amounts in thousands, except per share amounts)


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenue	$	76,701	$	75,405	$	141,032	$	143,333
Costs and expenses:
Partner Share and other third-party costs	39,170		40,280		72,554		75,433
Delivery costs	7,015		8,162		13,439		14,695
Sales and marketing expense	15,205		21,983		29,153		39,631
Research and development expense	14,847		13,581		26,411		25,872
General and administration expense	16,276		20,984		29,346		41,409
Acquisition and integration cost (benefit)	(9,947)		2,197		(8,224)		(2,401)
Loss (gain) in fair value of contingent consideration	11,258		(2,968)		(23,326)		(68,018)
Goodwill impairment	—		83,149		—		83,149
Depreciation and amortization expense	7,200		10,356		13,775		20,227

Total costs and expenses	101,024		197,724		153,128		229,997
Operating loss	(24,323)		(122,319)		(12,096)		(86,664)
Other expense (income):
Interest expense, net	(574)		(879)		(582)		(1,826)

Foreign currency gain (loss)	1,389		(4,538)		2,778		(6,208)
Total other expense (income)	815		(5,417)		2,196		(8,034)
Loss before income taxes	(23,508)		(127,736)		(9,900)		(94,698)
Income tax benefit	—		1,446		—		1,446
Net loss	(23,508)		(126,290)		(9,900)		(93,252)

Net loss attributable to common stockholders	$	(23,508)	$	(126,290)	$	(9,900)	$	(93,252)
Net loss per share attributable to common stockholders, basic and diluted	$	(0.67)	$	(3.75)	$	(0.29)	$	(2.77)
Weighted-average common shares outstanding, basic and diluted	34,880		33,635		34,241		33,688

CARDLYTICS, INC.

STOCK-BASED COMPENSATION EXPENSE (UNAUDITED)

(Amounts in thousands)


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Delivery costs	$	565	$	914	$	1,133	$	1,496
Sales and marketing	3,751		3,633		6,804		7,337
Research and development	4,502		4,247		8,587		7,451
General and administration	2,921		4,048		3,183		10,143
Total stock-based compensation	$	11,739	$	12,842	$	19,707	$	26,427

CARDLYTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Amounts in thousands)


	Six Months Ended June 30,
	2023		2022
Operating activities
Net income	$	(9,900)	$	(93,252)
Adjustments to reconcile net income to net cash used in operating activities:
Credit loss expense	744		1,041
Depreciation and amortization	13,775		20,227
Amortization of financing costs charged to interest expense	819		790


Amortization of right-of-use assets	2,205		2,939
Stock-based compensation expense	19,707		26,427
Goodwill impairment	—		83,149
Gain in fair value of contingent consideration	(23,326)		(68,018)
Other non-cash (income) expense, net	(3,147)		6,087

Income tax benefit	—		(1,446)
Change in operating assets and liabilities:
Accounts receivable	18,069		19,663
Prepaid expenses and other assets	430		(1,885)


Accounts payable	(2,046)		(1,821)
Other accrued expenses	(10,954)		(5,770)

Partner Share liability	269		(4,821)
Consumer Incentive liability	(10,958)		(9,679)
Net cash used in operating activities	(4,313)		(26,369)
Investing activities
Acquisition of property and equipment	(342)		(889)
Acquisition of patents	—		(57)
Capitalized software development costs	(5,207)		(6,083)




Business acquisitions, net of cash acquired	—		(2,274)
Net cash used in investing activities	(5,549)		(9,303)
Financing activities
Proceeds from issuance of debt	30,000		—

Settlement of contingent consideration	(50,050)		—
Principal payments of debt	(11)		(21)


Proceeds from issuance of common stock	11		393



Repurchase of common stock	—		(40,000)
Deferred debt costs	(45)		—
Deferred equity issuance costs	—		(174)


Net cash used in financing activities	(20,095)		(39,802)
Effect of exchange rates on cash, cash equivalents and restricted cash	117		(969)
Net decrease in cash, cash equivalents and restricted cash	(29,840)		(76,443)
Cash, cash equivalents, and restricted cash — Beginning of period	121,985		233,562
Cash, cash equivalents, and restricted cash — End of period	$	92,145	$	157,119

CARDLYTICS, INC.

SUMMARY OF GAAP AND NON-GAAP RESULTS (UNAUDITED)

(Dollars in thousands)


	Three Months Ended June 30,				Change				Six Months Ended June 30,				Change
	2023		2022		$		%		2023		2022		$		%
Billings(1)	$	109,424	$	107,744	$	1,680	2	%	$	205,050	$	205,969	$	(919)	—	%
Consumer Incentives	32,723		32,339		384		1		64,018		62,636		1,382		2
Revenue	76,701		75,405		1,296		2		141,032		143,333		(2,301)		(2)
Partner Share and other third-party costs(1)	39,170		40,280		(1,110)		(3)		72,554		75,433		(2,879)		(4)
Adjusted contribution(1)	37,531		35,125		2,406		7		68,478		67,900		578		1
Delivery costs	7,015		8,162		(1,147)		(14)		13,439		14,695		(1,256)		(9)
Gross profit	$	30,516	$	26,963	$	3,553	13	%	$	55,039	$	53,205	$	1,834	3	%
Net loss	$	(23,508)	$	(126,290)	$	102,782	81	%	$	(9,900)	$	(93,252)	$	83,352	(89)	%
Adjusted EBITDA(1)	$	(4,073)	$	(15,785)	$	11,712	74	%	$	(10,164)	$	(26,322)	$	16,158	(61)	%

(1)Billings, adjusted contribution and adjusted EBITDA are non-GAAP measures. Reconciliations of these non-GAAP measures to the most comparable GAAP measures are presented below under the headings "Reconciliation of GAAP Revenue to Billings," "Reconciliation of GAAP Gross Profit to Adjusted Contribution" and "Reconciliation of GAAP Net Loss to Adjusted EBITDA."

CARDLYTICS, INC.

RECONCILIATION OF GAAP REVENUE TO BILLINGS (UNAUDITED)

(Amounts in thousands)


	Three Months Ended June 30, 2023						Three Months Ended June 30, 2022
	Cardlytics Platform		Bridg Platform		Consolidated		Cardlytics Platform		Bridg Platform		Consolidated
Revenue	$	70,726	$	5,975	$	76,701	$	69,270	$	6,135	$	75,405
Plus:
Consumer Incentives	32,723		—		32,723		32,339		—		32,339
Billings	$	103,449	$	5,975	$	109,424	$	101,609	$	6,135	$	107,744


	Six Months Ended June 30, 2023						Six Months Ended June 30, 2022
	Cardlytics Platform		Bridg Platform		Consolidated		Cardlytics Platform		Bridg Platform		Consolidated
Revenue	$	129,756	$	11,276	$	141,032	$	133,253	$	10,080	$	143,333
Plus:
Consumer Incentives	64,018		—		64,018		62,636		—		62,636
Billings	$	193,774	$	11,276	$	205,050	$	195,889	$	10,080	$	205,969

CARDLYTICS, INC.

RECONCILIATION OF GAAP GROSS PROFIT TO ADJUSTED CONTRIBUTION (UNAUDITED)

(Amounts in thousands)


	Three Months Ended June 30, 2023						Three Months Ended June 30, 2022
	Cardlytics Platform		Bridg Platform		Consolidated		Cardlytics Platform		Bridg Platform		Consolidated
Revenue	$	70,726	$	5,975	$	76,701	$	69,270	$	6,135	$	75,405
Minus:
Partner Share and other third-party costs	39,086		84		39,170		39,403		877		40,280
Delivery costs(1)	5,217		1,798		7,015		6,311		1,851		8,162
Gross profit	26,423		4,093		30,516		23,556		3,407		26,963
Plus:
Delivery costs(1)	5,217		1,798		7,015		6,311		1,851		8,162


Adjusted contribution	$	31,640	$	5,891	$	37,531	$	29,867	$	5,258	$	35,125

(1)Stock-based compensation expense recognized in consolidated delivery costs totaled $0.6 million and $0.9 million for the three months ended June 30, 2023 and 2022, respectively.


	Six Months Ended June 30, 2023						Six Months Ended June 30, 2022
	Cardlytics Platform		Bridg Platform		Consolidated		Cardlytics Platform		Bridg Platform		Consolidated
Revenue	$	129,756	$	11,276	$	141,032	$	133,253	$	10,080	$	143,333
Minus:
Partner Share and other third-party costs	72,261		293		72,554		74,431		1,002		75,433
Delivery costs(1)	9,910		3,529		13,439		11,218		3,477		14,695
Gross profit	47,585		7,454		55,039		47,604		5,601		53,205
Plus:
Delivery costs(1)	9,910		3,529		13,439		11,218		3,477		14,695


Adjusted contribution	$	57,495	$	10,983	$	68,478	$	58,822	$	9,078	$	67,900

(1)Stock-based compensation expense recognized in consolidated delivery costs totaled $1.5 million and $1.1 million for the six months ended June 30, 2022 and 2023, respectively.

CARDLYTICS, INC.

RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA (UNAUDITED)

(Amounts in thousands)


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net loss	$	(23,508)	$	(126,290)	$	(9,900)	$	(93,252)
Plus:
Income tax benefit	—		(1,446)		—		(1,446)
Interest expense, net	574		879		582		1,826
Depreciation and amortization	7,200		10,356		13,775		20,227
Stock-based compensation expense	11,739		12,842		19,707		26,427
Foreign currency (gain) loss	(1,389)		4,538		(2,778)		6,208

Acquisition and integration cost (benefit) cost	(9,947)		2,197		(8,224)		(2,401)
Loss (gain) in fair value of contingent consideration	11,258		(2,968)		(23,326)		(68,018)
Goodwill impairment	—		83,149		—		83,149
Restructuring and reduction of force	—		958		—		958
Adjusted EBITDA	$	(4,073)	$	(15,785)	$	(10,164)	$	(26,322)

CARDLYTICS, INC.

RECONCILIATION OF ADJUSTED CONTRIBUTION TO ADJUSTED EBITDA (UNAUDITED)

(Amounts in thousands)


	Three Months Ended June 30, 2023						Three Months Ended June 30, 2022
	Cardlytics Platform		Bridg Platform		Consolidated		Cardlytics Platform		Bridg Platform		Consolidated
Adjusted Contribution	$	31,640	$	5,891	$	37,531	$	29,867	$	5,258	$	35,125
Minus:
Delivery costs	5,217		1,798		7,015		6,311		1,851		8,162
Sales and marketing expense	12,834		2,371		15,205		20,908		1,075		21,983
Research and development expense	13,399		1,448		14,847		11,936		1,645		13,581
General and administration expense	15,117		1,159		16,276		21,232		(248)		20,984
Stock-based compensation expense	(10,605)		(1,134)		(11,739)		(13,944)		1,102		(12,842)
Restructuring and reduction of force	—		—		—		(958)		—		(958)
Adjusted EBITDA	$	(4,322)	$	249	$	(4,073)	$	(15,618)	$	(167)	$	(15,785)


	Six Months Ended June 30, 2023						Six Months Ended June 30, 2022
	Cardlytics Platform		Bridg Platform		Consolidated		Cardlytics Platform		Bridg Platform		Consolidated
Adjusted Contribution	$	57,495	$	10,983	$	68,478	$	58,822	$	9,078	$	67,900
Minus:
Delivery costs	9,910		3,529		13,439		11,218		3,477		14,695
Sales and marketing expense	24,382		4,771		29,153		36,816		2,815		39,631
Research and development expense	23,726		2,685		26,411		22,895		2,977		25,872
General and administration expense	28,447		899		29,346		40,441		968		41,409
Stock-based compensation expense	(18,708)		(999)		(19,707)		(25,879)		(548)		(26,427)
Restructuring and reduction of force	—		—		—		(958)		—		(958)
Adjusted EBITDA	$	(10,262)	$	98	$	(10,164)	$	(25,711)	$	(611)	$	(26,322)

CARDLYTICS, INC.

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET LOSS

AND NON-GAAP NET LOSS PER SHARE (UNAUDITED)

(Amounts in thousands, except per share amounts)


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net loss	$	(23,508)	$	(126,290)	$	(9,900)	$	(93,252)
Plus:
Stock-based compensation expense	11,739		12,842		19,707		26,427
Foreign currency (gain) loss	(1,389)		4,538		(2,778)		6,208
Acquisition and integration (benefit) cost	(9,947)		2,197		8,224		(2,401)


Amortization of acquired intangibles	3,441		7,207		6,898		14,353
Loss (gain) in fair value of contingent consideration	11,258		(2,968)		(23,326)		(68,018)
Goodwill impairment	—		83,149		—		83,149
Restructuring and reduction of force	—		(958)		—		(958)
Income tax benefit	—		(1,446)		—		(1,446)

Non-GAAP net loss	$	(8,406)	$	(21,729)	$	(1,175)	$	(35,938)
Weighted-average number of shares of common stock used in computing non-GAAP net loss per share:


Non-GAAP weighted-average common shares outstanding, diluted	34,880		33,635		34,241		33,688
Non-GAAP net loss per share attributable to common stockholders, diluted	$	(0.24)	$	(0.65)	$	(0.03)	$	(1.07)

CARDLYTICS, INC.

RECONCILIATION OF FORECASTED GAAP REVENUE TO BILLINGS (UNAUDITED)

(Amounts in thousands)


			Q3 2023
Revenue			$75.0 - $84.0
Plus:
Consumer Incentives			$36.0 - $39.0
Billings			$111.0 - $123.0

Contacts:

Public Relations:

Robert Robinson

pr@cardlytics.com

Investor Relations:

Robert Robinson

ir@cardlytics.com

earnings_sdxq22023x07312

CARDLYTICS Q2 2023 Earnings Presentation August 1, 2023

Disclaimer This presentation includes forward-looking statements. All statements contained in this presentation other than statements of historical facts, including statements regarding expectations about future financial performance or results of Cardlytics, Inc. (“Cardlytics,” “we,” “us,” or “our), such as including becoming cash flow positive, earnings guidance for the third quarter of 2023, the short- and long-term success of our product initiatives, our ability to achieve liquidity, long-term growth and profitability, the anticipated impact of our strategic initiatives to create shareholder value and growth in billings, MAUs and ARPU, are forward looking statements. The words “anticipate”,” believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements. The future events and trends discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: risks related to unfavorable conditions in the global economy and the industries that we serve; our quarterly operating results have fluctuated and may continue to vary from period to period; our ability to sustain our revenue growth and billings; risks related to the integration of Dosh, Bridg and Entertainment with our company; potential payments under the Merger Agreement with Bridg; risks related to our substantial dependence on our Cardlytics platform; risks related to our substantial dependence on JPMorgan Chase Bank, National Association (“Chase”), Bank of America, National Association ("Bank of America"), Wells Fargo Bank, National Association (“Wells Fargo”) and a limited number of other financial institution (“FI”) partners; risks related to our ability to maintain relationships with Chase, Wells Fargo and Bank of America; the amount and timing of budgets by marketers, which are affected by budget cycles, economic conditions and other factors; our ability to generate sufficient revenue to offset contractual commitments to FIs; our ability to attract new partners, including FI partners, and maintain relationships with current partners; our ability to maintain relationships with marketers; our ability to adapt to changing market conditions, including our abili ty to adapt to changes in consumer habits, negotiate fee arrangements with new and existing partners and retailers, and develop and launch new services and features; and other risks detailed in the “Risk Factors” section of our Form 10-Q filed with the Securities and Exchange Commission on August 1, 2023. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward- looking statements will occur. We are under no duty to update any of these forward-looking statements after the date of this presentation to conform these statements to actual results or revised expectations, except as required by law. In addition to U.S. GAAP financial information, this presentation includes billings, adjusted contribution, adjusted partner share and other third-party costs, adjusted EBITDA, adjusted EBITDA margin, non-GAAP net loss and non-GAAP net loss per share, each of which is a non-GAAP financial measure. These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. Reconciliations of billings, adjusted contribution, adjusted EBITDA, adjusted EBITDA margin, non-GAAP net loss and non-GAAP net loss per share to the most directly comparable GAAP measures are included in the appendix to this presentation. Please see appendix for definitions.

Company overview

Cardlytics provides a scaled solution based on purchase intelligence 188M+ Monthly Active Users(1) $4.1T+ in Annual Spend(2) 1 in 2 U.S. Purchase Transactions(3) Distinctive benefits for marketers + Reach valuable banking customers + Operate in a brand-safe, privacy-protected, trusted digital channel + Market to the most valuable customers based on their actual spending + Drive in-store and online traffic + Closed-loop solution measures marketing results to the penny

Cardlytics is focused on five strategic initiatives to create shareholder value + Connecting nearly all of MAUs to new Ad Server by the end of 2023 + Increasing adoption by agency, middle market and SMB clients Drive long-term growth & operating leverage + Upgraded UI / UX for more content and better offer constructs, and engagement solutions to drive engagement and spend Ad Server and Ads Manager adoption + Delivering product-level offers across wider retail to provide advertisers enhanced flexibility and optionality Next-gen customer experience + Scaled product-level offers from leading brands with a friction-free customer experience Product & category offers + Becoming consistently cash flow positive as soon as possible with continued self-funding of growth initiatives Grocery & CPG at scale

Financial information & operating metrics

Trended consolidated results Q2 Adj. Contribution 6.8% y/y Q2 Revenue 1.7% y/y Q2 Billings 1.6% y/y Revenue Adj. Contribution(1) Billings(1) $107.7 $110.4 $126.1 $24.3 $29.6 $31.6 $44.0 $32.8 $35.1 $35.1 $40.0 $30.9 $37.5 $53.2 $58.9 $65.0 $90.0 $67.9 $75.4 $72.7 $82.5 $64.3 $76.7 $76.3 $85.3 $98.4 $134.0 $98.2 $107.7 $110.4 $126.1 $95.6 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 $109.4

Billings and adjusted contribution best reflect performance Billings Total in aggregate paid by marketers Consumer incentive Set by CDLX to achieve marketing objectives; can fluctuate based on desired outcome Enhanced consumer incentive Additional Consumer Incentives funded by our Partners GAAP revenue Recognized as Revenue; to be split between CDLX & our Partners Partner share Portion of Revenue shared with our Partners Adjusted contribution Amount retained by CDLX; net of Partner Share

Q2 2023 year-over-year consolidated results Consumer Incentives $32,339 $ 32,723 Partner Share $39,170 $35,125 $37,531 BILLINGS REVENUE ADJ. CONTRIBUTION Adjusted Contribution 1.6% 1.7% 6.8% Q2 2022 Q2 2023 $40,280 Three Months Ended June 30, Change 2022 2023 $ % Billings(1) $107,744 $109,424 $1,680 1.6% Consumer Incentives 32,339 32,723 384 1.2% Revenue $75,405 $76,701 $1,296 1.7% Partner Share and other third-party costs 40,280 39,170 (1,110) (2.8%) Adjusted contribution(1) $35,125 $37,531 $2,406 6.8% Delivery costs 8,162 7,015 (1,147) (14.1%) Gross profit $26,963 $30,516 $3,553 13.2% Net loss ($126,290) ($23,508) $102,782 (81.4%) Adjusted EBITDA(1) ($15,785) ($4,073) $11,712 74.2%

Cardlytics platform advertiser spend by industry Industry % Change % of Advertiser Spend Three Months Ended June 30, Three Months Ended June 30, vs 2022 vs 2021 2023 2022 2021 Grocery & Gas > (5%) < 180% > 10% > 10% > 0% Restaurant > (10%) > (30%) > 15% > 20% > 30% Retail > (5%) < 15% > 30% < 35% < 35% Travel & Entertainment > 65% > 175% > 10% < 10% < 10% Other n/a n/a < 5% > 0% > 0% DTC > 0% > 35% < 30% > 25% > 25%

Cardlytics platform engagement metrics(1) There may be variation in future quarters due to factors such as global economic events, bank launches, new advertisers with significant spend, and growth in nascent or new verticals. Monthly log-in days(2) show that MAUs logged in 10 days per month in Q2 2023 and Q2 2022. Offer activation rates(2) show higher rates for small-ticket, volume-heavy offers versus large-ticket and subscription offers. Campaign spend ratios(2) show Cardlytics currently targets a small proportion of total MAU spend. + As budgets increase and more advertisers come onto the platform, more spend from MAUs can be targeted with offers. + There remains considerable room to target larger audiences in light of existing MAU engagement levels. Campaign Spend Ratios by Industry Offer Activation Rates by Industry Q2 2022 Q2 2023 Q2 2022 Q2 2023

Significant MAU increase precedes opportunity for expected billings growth and future ARPU expansion for the Cardlytics platform ARPU(1)MAUs(1) 168.6 167.6 170.6 175.4 178.5 179.9 184.7 186.7 188.8 188.1 $0.32 $0.34 $0.36 $0.49 $0.36 $0.38 $0.36 $0.45 $0.34 $0.38 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23

Appendix

Q2 2023 results Three Months Ended June 30, Change Six Months Ended June 30, Change 2023 2022 AMT % 2023 2022 AMT % Revenue $76,701 $75,405 $1,296 1.7% $141,032 $143,333 ($2,301) (1.6%) Billings(1) 109,424 107,744 1,680 1.6% 205,050 205,969 (919) (0.4%) Gross Profit 30,516 26,963 3,553 13.2% 55,039 53,205 1,834 3.4% Adjusted contribution(1) 37,531 35,125 2,406 6.8% 68,478 67,900 578 0.9% Net loss attributable to common stockholders (23,508) (126,290) 102,782 (81.4%) (9,900) (93,252) 83,352 n/a Net loss per share (EPS), diluted ($0.67) ($3.75) $3.08 (82.1%) ($0.29) ($2.77) $2.48 n/a Adjusted EBITDA(1) ($4,073) ($15,785) $11,712 (74.2%) ($10,164) ($26,322) $16,158 n/a Adjusted EBITDA margin(1)(2) (5.3%) (15.5%) 10.2% (65.8%) (7.2%) (4.6%) (2.6%) n/a Non-GAAP net loss(1) ($8,406) ($21,729) $13,323 (61.3%) ($1,175) ($35,938) $34,763 (96.7%) Non-GAAP net loss per share(1) ($0.24) ($0.65) $0.41 (63.1%) ($0.03) ($1.07) $1.04 (97.2%) Cardlytics MAUs (in millions) 188.1 179.9 8.2 4.6% 188.4 179.5 8.9 5.0% Cardlytics ARPU $0.38 $0.38 $0.00 0.0% $0.74 $0.72 $0.02 2.78%

Guidance Q3 2023 Guidance Billings(1) $111.0 - $123.0 Revenue $75.0 - $84.0 Adjusted Contribution(1) $39.0 - 45.0 Adjusted EBITDA(1) ($2.0) - $2.0

Reconciliation of GAAP revenue to billings Three Months Ended Mar 31, 2021 Jun 30, 2021 Sept 30, 2021 Dec 31, 2021 Mar 31, 2022 Jun 30, 2022 Sept 30, 2022 Dec 31, 2022 Mar 31, 2023 Jun 30, 2023 Cardlytics Platform Revenue $53,230 $56,763 $62,075 $86,686 $63,983 $69,270 $67,285 $76,647 $59,030 $70,726 Plus: Consumer Incentives 23,087 26,484 33,464 43,924 30,297 32,339 37,686 43,613 31,295 32,723 Billings $76,317 $83,247 $95,539 $130,610 $94,280 $101,609 $104,971 $120,260 $90,325 $103,449 Bridg Platform Revenue - $2,090 $2,909 $3,363 $3,945 $6,135 $5,421 $5,856 $5,301 $5,975 Plus: Consumer Incentives - - - - - - - - - - Billings - $2,090 $2,909 $3,363 $3,945 $6,135 $5,421 $5,856 $5,301 $5,975 Consolidated Revenue $53,230 $58,853 $64,984 $90,049 $67,928 $75,405 $72,706 $82,503 $64,331 $76,701 Plus: Consumer Incentives 23,087 26,484 33,464 43,924 30,297 32,339 37,686 43,613 31,295 32,723 Billings $76,317 $85,337 $98,448 $133,973 $98,225 $107,744 $110,392 $126,116 $95,626 $109,424

Reconciliation of GAAP gross profit to adjusted contribution Three Months Ended Mar 31, 2021 Jun 30, 2021 Sept 30, 2021 Dec 31, 2021 Mar 31, 2022 Jun 30, 2022 Sept 30, 2022 Dec 31, 2022 Mar 31, 2023 Jun 30, 2023Cardlytics Platform Revenue $53,230 $56,763 $62,075 $86,686 $63,983 $69,270 $67,285 $76,647 $59,030 $70,726 Minus: Partner Share and other third-party costs 29,771 29,890 33,929 47,274 35,027 39,403 37,399 42,375 33,175 39,086 Delivery costs 3,938 4,837 4,777 4,618 4,907 6,311 7,623 5,271 4,693 5,217 Gross Profit $19,521 $22,036 $23,369 $34,794 $24,049 $23,556 $22,263 $29,001 $21,162 $26,423 Plus: Delivery costs 3,938 4,837 4,777 4,618 4,907 6,311 7,623 5,271 4,693 5,217 Deferred implementation costs 882 730 731 1,442 - - - - - - Adjusted contribution $24,341 $27,603 $28,877 $40,854 $28,956 $29,867 $29,886 $34,272 $25,855 $31,640 Bridg Platform Revenue - $2,090 $2,909 $3,363 $3,945 $6,135 $5,421 $5,856 $5,301 $5,975 Minus: Partner Share and other third-party costs - 63 161 185 126 877 164 136 209 84 Delivery costs - 911 1,613 1,809 1,626 1,851 1,502 1,312 1,731 1,798 Gross Profit - $1,116 $1,135 $1,369 $2,193 $3,407 $3,755 $4,408 $3,361 $4,093 Plus: Delivery costs - 911 1,613 1,809 1,626 1,851 1,502 1,312 1,731 1,798 Adjusted contribution - $2,027 $2,748 $3,178 $3,819 $5,258 $5,257 $5,720 $5,092 $5,891 Consolidated Revenue $53,230 $58,853 $64,984 $90,049 $67,928 $75,405 $72,706 $82,503 $64,331 $76,701 Minus: Partner Share and other third-party costs 29,771 29,953 34,090 47,459 35,153 40,280 37,563 42,511 33,384 39,170 Delivery costs 3,938 5,748 6,390 6,427 6,533 8,162 9,125 6,583 6,424 7,015 Gross Profit $19,521 $23,152 $24,504 $36,163 $26,242 $26,963 $26,018 $33,409 $24,523 $30,516 Plus: Delivery costs 3,938 5,748 6,390 6,427 6,533 8,162 9,125 6,583 6,424 7,015 Deferred implementation costs 882 730 731 1,442 - - - - - - Adjusted contribution $24,341 $29,630 $31,625 $44,032 $32,775 $35,125 $35,143 $39,992 $30,947 $37,531

Reconciliation of GAAP partner share and other third-party costs to adjusted partner share and other third-party costs Three Months Ended Mar 31, 2021 Jun 30, 2021 Sept 30, 2021 Dec 31, 2021 Mar 31, 2022 Jun 30, 2022 Sept 30, 2022 Dec 31, 2022 Mar 31, 2023 Mar 31, 2023 Jun 30, 2023 Cardlytics Platform Partner Share and other third-party costs $29,771 $29,890 $33,929 $47,274 $35,027 $39,403 $37,399 $42,375 $33,175 $39,086 $39,086 Minus: Deferred implementation costs 882 730 731 1,442 - - - - - - - Adjusted Partner Share and other third-party costs $28,889 $29,160 $33,198 $45,832 $35,027 $39,403 $37,399 $42,375 $33,175 $39,086 $39,086 Bridg Platform Partner Share and other third-party costs - $63 $161 $185 $126 $877 $164 $136 $209 $84 $84 Minus: Deferred implementation costs - - - - - - - - - - - Adjusted Partner Share and other third-party costs - $63 $161 $185 $126 $877 $164 $136 $209 $84 $84 Consolidated Partner Share and other third-party costs $29,771 $29,953 $34,090 $47,459 $35,153 $40,280 $37,563 $42,511 $33,384 $39,170 $39,170 Minus: Deferred implementation costs 882 730 731 1,442 - - - - - - - Adjusted Partner Share and other third-party costs $28,889 $29,223 $33,359 $46,017 $35,153 $40,280 $37,563 $42,511 $33,384 $39,170 $39,170

(Amounts in thousands) Reconciliation of GAAP net (loss) income to adjusted EBITDA Three Months Ended Mar 31, 2021 Jun 30, 2021 Sept 30, 2021 Dec 31, 2021 Mar 31, 2022 Jun 30, 2022 Sept 30, 2022 Dec 31, 2022 Mar 31, 2023 Jun 30, 2023 Net (loss) income ($24,895) ($47,306) ($44,529) ($11,834) $33,038 ($126,290) $6,267 ($378,279) $13,608 ($23,508) Plus: Income tax benefit - - - (7,864) - (1,446) - - - - Interest expense, net 3,045 3,078 3,193 3,247 947 879 580 150 8 574 Depreciation and amortization expense 3,065 8,833 8,375 9,598 9,871 10,356 10,468 6,849 6,575 7,200 Stock-based compensation expense 7,248 13,337 16,830 12,849 13,585 12,842 5,767 12,492 7,968 11,739 Foreign currency (gain) loss (319) - 1,543 43 1,671 4,538 4,673 (4,506) (1,389) (1,389) Deferred implementation costs 882 730 731 1,442 - - - - - - Acquisition and integration costs (benefit) 7,030 14,182 1,714 1,446 (4,599) 2,197 (1,867) 1,395 1,723 (9,947) (Gain) loss in fair value of contingent consideration - 1,480 6,261 (6,367) (65,050) (2,968) (46,126) (14,030) (34,584) 11,258 Impairment of goodwill and intangible assets - - - - - 83,149 - 370,139 - - Restructuring and reduction of force - - 713 - - 958 7,530 (347) - - Adjusted EBITDA ($3,944) ($5,666) ($5,169) $2,560 ($10,537) ($15,785) ($12,708) ($6,137) ($6,091) ($4,073)

Reconciliation of adjusted contribution to adjusted EBITDA (Amounts in thousands) Three Months Ended Mar 31, 2021 Jun 30, 2021 Sept 30, 2021 Dec 31, 2021 Mar 31, 2022 Jun 30, 2022 Sept 30, 2022 Dec 31, 2022 Mar 31, 2023 Jun 30, 2023 Cardlytics Platform Adjusted Contribution $24,341 $27,603 $28,877 $40,854 $28,956 $29,867 $29,886 $34,272 $25,855 $31,640 Minus: Delivery costs 3,938 4,837 4,777 4,618 4,907 6,311 7,623 5,271 4,693 5,217 Sales and marketing expense 13,202 16,665 15,469 17,435 16,384 20,908 16,529 14,484 11,547 12,834 Research and development expense 6,218 8,481 10,163 10,531 11,313 11,936 11,682 13,002 10,327 13,399 General and administration expense 12,175 16,454 19,039 15,708 19,391 21,232 19,558 19,070 13,330 15,117 Stock-based compensation expense (7,248) (13,179) (15,627) (11,169) (12,382) (13,944) (5,302) (12,309) (8,103) (10,605) Restructuring and reduction of force - - (713) - - (958) (7,530) 347 - - Adjusted EBITDA ($3,944) ($5,656) ($4,231) $3,731 ($10,657) ($15,618) ($12,674) ($5,593) ($5,939) ($4,322) Bridg Platform Adjusted Contribution - $2,027 $2,748 $3,178 $3,819 $5,258 $5,257 $5,720 $5,092 $5,891 Minus: Delivery costs - 911 1,613 1,809 1,626 1,851 1,502 1,312 1,731 1,798 Sales and marketing expense - 398 1,264 1,564 1,264 1,075 1,760 2,341 2,401 2,371 Research and development expense - 453 978 1,280 978 1,645 2,080 1,799 1,237 1,448 General and administration expense - 434 1,034 1,376 1,034 (248) 414 995 (260) 1,159 Stock-based compensation expense - (158) (1,203) (1,681) (1,203) 1,102 (465) (183) 135 (1,134) Restructuring and reduction of force - - - - - - - - - - Adjusted EBITDA - ($11) ($938) ($1,170) $120 ($167) ($34) ($544) ($152) $249 Consolidated Adjusted Contribution $24,341 $29,630 $31,625 $44,032 $32,775 $35,125 $35,143 $39,992 $30,947 $37,531 Minus: Delivery costs 3,938 5,748 6,390 6,427 6,533 8,162 9,125 6,583 6,424 7,015 Sales and marketing expense 13,202 17,063 16,733 18,998 17,648 21,983 18,289 16,825 13,948 15,205 Research and development expense 6,218 8,934 11,141 11,811 12,291 13,581 13,762 14,801 11,564 14,847 General and administration expense 12,175 16,888 20,073 17,085 20,425 20,984 19,972 20,065 13,070 16,276 Stock-based compensation expense (7,248) (13,337) (16,830) (12,849) (13,585) (12,842) (5,767) (12,492) (7,968) (11,739) Restructuring and reduction of force - - (713) - - (958) (7,530) 347 - - Adjusted EBITDA ($3,944) ($5,666) ($5,169) $2,560 ($10,537) ($15,785) ($12,708) ($6,137) ($6,091) ($4,073)

Reconciliation of GAAP net income to non-GAAP net loss and non-GAAP net loss per share Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Net loss ($23,508) ($126,290) ($9,900) ($93,252) Plus: Stock-based compensation expense 11,739 12,842 19,707 26,427 Foreign currency (gain) loss (1,389) 4,538 (2,778) 6,208 Acquisition and integration (benefit) cost (9,947) 2,197 8,224 (2,401) Amortization of acquired intangibles 3,441 7,207 6,898 14,353 Loss (gain) in fair value of contingent consideration 11,258 (2,968) (23,326) (68,018) Goodwill impairment - 83,149 - 83,149 Restructuring and reduction of force - (958) - (958) Income tax benefit - (1,446) - (1,446) Non-GAAP net loss ($8,406) ($21,729) ($1,175) ($35,938) Weighted-average number of shares of common stock used in computing non-GAAP net loss per share: Weighted-average common shares outstanding, diluted 34,880 33,635 34,214 33,688 Non-GAAP net loss per share attributable to common stockholders, diluted ($0.24) ($0.65) ($0.03) ($1.07)

Reconciliation of forecasted GAAP revenue to billings Q3 2023 Guidance Revenue $75.0 - $84.0 Plus: Consumer Incentives $36.0 - $39.0 Billings $111.0 - $123.0

Definitions Adjusted contribution: We define adjusted contribution measures of the degree by which revenue generated from our marketers exceeds the cost to obtain the purchase data and the digital advertising space from our partners. Adjusted contribution demonstrates how incremental marketing on our platform generates incremental amounts to support our sales and marketing, research and development, delivery costs, general and administration and other investments. Adjusted contribution is calculated by taking our total revenue less our Partner Share and other third-party costs exclusive of deferred implementation costs, which is a non-cash cost. Adjusted contribution does not take into account all costs associated with generating revenue from advertising campaigns, including sales and marketing expenses, research and development expenses, delivery costs, general and administrative expenses and other expenses, which we do not take into consideration when making decisions on how to manage our advertising campaigns. Adjusted EBITDA: We define adjusted EBITDA as our Net (loss) income before income taxes; interest expense, net; depreciation and amortization expense; stock-based compensation expense; foreign currency gain (loss); deferred implementation costs; restructuring and reduction of force; acquisition and integration cost (benefit); Impairment of goodwill and intangible assets; and gain (loss) in fair value of contingent considerations. Cardlytics ARPU: We define ARPU as the total Cardlytics platform revenue generated in the applicable period calculated in accordance with GAAP, divided by the average number of MAUs in the applicable period. Billings: Billings represents the gross amount billed to customers and marketers for advertising campaigns in order to generate revenue. Cardlytics platform billings is recognized gross of both Consumer Incentives and Partner Share. Cardlytics platform GAAP revenue is recognized net of Consumer Incentives and gross of Partner Share. Bridg platform billings is the same as Bridg platform GAAP revenue. Campaign spend ratio: We define campaign spend ratio as the amount of spend from MAUs that is associated with the campaigns in which they were targeted with offers divided by the total amount of spend from MAUs in the industries in which MAUs were targeted with offers during the applicable period. Cardlytics MAUs: We define MAUs as targetable customers or accounts that have logged in and visited online or mobile applications containing offers, opened an email containing an offer, or redeemed an offer from the Cardlytics platform during a monthly period. We then calculate a monthly average of these MAUs for the periods presented. Monthly log-in days: We define monthly log-in days as the number of days in which MAUs logged in and visited the online or mobile banking applications of, or opened an email containing our offers from, our partners during a monthly period. We then calculate an average of the monthly log-in days for the periods presented. Non-GAAP net loss: We define non-GAAP net loss as our net loss before stock-based compensation expense; foreign currency loss (gain); acquisition and integration (benefit) cost; amortization of acquired intangibles; and Loss (gain) in fair value of contingent considerations. Notably, any impacts related to minimum Partner Share commitments in connection with agreements with certain Partners are not added back to net loss in order to calculate adjusted EBITDA. Non-GAAP net loss per share: We define non-GAAP net loss per share as non-GAAP net loss divided by GAAP weighted-average common shares outstanding, diluted. Offer activation rate: We define offer activation rate as the total number of offers activated by MAUs divided by the total number of offers served to MAUs in the applicable period.

Industry and account definitions Segment Segment Constituents Entertainment Amusement Parks, Cinema/Video, Concerts/Theater, Gaming, Golf, Miscellaneous Recreation Services, Museums/Parks, Radio, Sporting & Sporting Venues/Other, Ticket Providers Grocery & Gas Convenience, Grocery Other Business Services, Financial Institutions, Gyms/Fitness, Home/ Maintenance, Online Education/ Distance Learning, Other Services, Salon/Spa Restaurant Banquet/Caterers, Bars/Night Clubs/Taverns, Fast Food/ Quick Serve, Full Service Restaurants, Quick Serve Light Fares Retail Accessories, Apparel, Auto Services and Products, Beauty Products/Cosmetics, Books/ Magazine, Child/ Infant Care, Drug Store/Pharmacy, General/Multi-Line, Home & Garden, Office Supplies, Other Retail, Pets, Shoes & Athletic Footwear, Specialty Gifts, Sporting & Outdoor Goods Subscription Bundled, Insurance/Real Estate, Internet, Phone, Professional Services, Television Travel & Entertainment Airlines, Car Rental, Cruise Lines, Gas Stations, Hotels/Lodging, Other Travel, Parking Services, Personal Transportation, Tour Operators/Agencies, Travel Aggregators and Agencies Merchants on the Cardlytics platform in which we interact with an advertising agency that we believe holds significant influence over the decision-making process as it relates to the design and management of advertising campaigns Agency