#1CARDLYTICS Q3 2023 Earnings Presentation November 8, 2023#22 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), earnings guidance for the fourth quarter of 2023, the short- and long-term success of our product initiatives and the opportunity for billings growth and future ARPU expansion for our platform following increases in MAUS, 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, including the impact of the COVID-19 pandemic; our ability to generate sufficient revenue to offset contractual commitments to Fls; our ability to attract new partners, including Fl 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 November 8, 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.#33 01 Company overview#44 We power a native ad platform in our partners' digital channels. PARACHUTE Parachute b World Market 10% cash back Brooklinen 5% cash back NOM NOM < Nom Nom 5:08 Shopping New COZY EARTH Chase Offers Travel Cozy Earth 10% cash back Home & Pet Farmer's The Farmer's Dog $25 cash back Entertain#5LO 5 Cardlytics provides a scaled solution based on purchase intelligence 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 162M+ Monthly Active Users(¹) $3.9T+ in Annual Spend(²) 1 in 2 U.S. Purchase Transactions (³) (1) Monthly active users ("MAUS") during the three months ended September 30, 2023. Please see appendix for definitions. (2) Based on data from our partners during the three months ended September 30, 2023. (3) Based on aggregated data of our current partners from the June 2022 Nielson Report.#66 02 Financial information & operating metrics#77 Trended consolidated results $76.3 $53.2 $24.3 Q121 $85.3 $58.9 $29.6 Q2 21 $98.4 $65.0 $31.6 Q3 21 $134.0 $90.0 $44.0 Q4 21 $98.2 $67.9 $32.8 Q1 22 $107.7 $75.4 $35.1 Q2 22 Revenue $110.4 $72.7 $35.1 Q3 22 $126.1 $82.5 $40.0 Q4 22 Adj. Contribution (¹1) $95.6 $64.3 $30.9 Q1 23 $109.4 $76.7 $37.5 Q2 23 Billings (¹) $116.4 $79.0 $42.9 Q3 23 (1) Adjusted contribution and billings are non-GAAP measures. Reconciliations of these non-GAAP measures to the most comparable GAAP measures are included in the appendix to this presentation, as well as the definitions of these non-GAAP measures. Q3 Billings 5.5% y/y Q3 Revenue 8.7% y/y Q3 Adj. Contribution 22.0% y/y#88 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#99 Q3 2023 year-over-year consolidated results Billings (1) Consumer Incentives Revenue Partner Share and other third-party costs Adjusted contribution (¹) Delivery costs Gross profit Net loss Adjusted EBITDA (1) Adjusted Contribution Margin Adjusted EBITDA margin 2022 $110,392 Three Months Ended September 30, 37,686 $72,706 37,563 $35,143 9,125 $26,018 $6,267 ($12,708) 48.3% (17.5%) 2023 $116,430 37,425 $79,005 36,144 $42,861 7,012 $35,849 ($23,966) $3,946 54.3% 5.0% $ $6,038 (261) $6,299 (1,419) $7,718 (2,113) $9,831 ($30,233) $16,654 5.9% 22.5% (Amounts in thousands) Change % 5.5% (0.7%) 8.7% (3.8%) 22.0% (23.2%) 37.8% (482.4%) 131.1% 12.2% (128.6%) (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 in the appendix under the headings "Reconciliation of GAAP Revenue to Billings", "Reconciliation of GAAP Gross Profit to Adjusted Contribution" and "Reconciliation of GAAP Net (Loss) Income to Adjusted EBITDA."#1010 Q3 2023 year-over-year reportable segments Cardlytics platform Revenue Minus: Partner Share and other third-party costs Adjusted contribution Bridg platform Revenue Minus: Partner Share and other third-party costs Adjusted contribution Total Revenue Minus: Partner Share and other third-party costs Adjusted contribution $ $ $ $ Three Months Ended September 30, 2022 $ 67,285 37,399 29,886 5,421 $ 5,257 164 72,706 37,563 35,143 $ $ $ $ $ 2023 73,064 36,011 37,053 5,941 133 5,808 79,005 36,144 42,861 $ $ $ $ $ es $ $ 5,779 (1,388) 7,167 520 (31) 551 6,299 (1,419) 7,718 (Amounts in thousands) Change % 8.6% (3.7%) 24.0% 9.6% (18.9%) 10.5% 8.7% (3.8%) 22.0%#1111 Cardlytics platform advertiser spend by industry Industry Grocery & Gas Restaurant Retail Travel & Entertainment Other DTC vs 2022 Three Months Ended September 30, > 65% < (35%) > (20%) > 20% n/a % Change > 0% vs 2021 < (20%) < (20%) < (10%) < 145% n/a > 5% 2023 > 10% < 20% < 25% < 15% > 5% > 25% % of Advertiser Spend Three Months Ended September 30, 2022 > 5% < 30% < 30% < 10% > 0% < 25% 2021 < 15% > 25% < 30% > 5% > 0% > 25%#1212 Historical MAU and ARPU Cardlytics Monthly Active Users(¹) (MAUS in millions) 178.5 152.6 I Q1'22 179.9 152.5 Q2'22 184.7 156.2 (1) Please see appendix for definitions. Q3'22 182.7 156.9 Q4'22 188.8 158.1 Q1'23 ■New MAU Definition Old MAU Definition 188.1 160.0 1 Q2'23 162.5 Q3'23 Cardlytics Average Revenue Per User(¹) $0.45 $0.36 Q1'22 $0.49 $0.38 Q2'22 $0.47 $0.36 Q3'22 $0.53 $0.45 Q4'22 $0.41 $0.34 Q1'23 Old ARPU Calculation ■New ARPU Calculation $0.48 $0.38 Q2'23 $0.49 Q3'23 Prior to September 30, 2023, we reported total number of unique targetable accounts and customers within each Fl. As of September 30, 2023, we are reporting only the total number of unique targetable customers within each FI, which we have applied to our reporting for current and prior periods.#1313 03 Appendix#1414 Q3 2023 results Revenue Billings (1) Gross Profit Adjusted contribution (¹) Net (loss) income attributable to common stockholders Net loss per share (EPS), diluted Adjusted EBITDA (1) (1)(2) Adjusted EBITDA margin Non-GAAP net income (loss) (¹) Non-GAAP net income (loss) per share (¹) Cardlytics MAUs (in millions) Cardlytics ARPU Three Months Ended September 30, 2023 $79,005 116,430 35,849 42,861 (23,966) ($0.63) $3,946 5.0% $318 $0.01 162.5 $0.49 2022 $72,706 110,392 26,018 35,143 6,267 $0.19 ($12,708) (17.5%) ($16,549) ($0.50) 156.2 $0.47 % 8.7% 5.5% 37.8% 22.0% n/a n/a n/a n/a n/a n/a 4.0% 4.3% (Amounts in thousands, except MAUS and per share amounts) Nine Months Ended September 30, 2023 $220,036 321,480 90,888 111,338 (33,866) ($0.95) ($6,218) (2.8%) ($857) ($0.02) 160.2 $1.37 2022 $216,039 316,361 79,223 103,043 (86,985) ($2.60) ($39,030) (18.1%) ($50,571) ($1.51) 153.8 $1.40 % 1.9% 1.6% 14.7% 8.1% (61.1%) (63.5%) (84.1%) (84.4%) (98.3%) n/a 4.2% (1) Billings, adjusted contribution, adjusted EBITDA, non-GAAP net loss and non-GAAP net loss per share are non-GAAP measures. Reconciliations of these non-GAAP measures to the most comparable GAAP measures are included in the appendix to this presentation, as well as definitions of these non-GAAP terms. (2) Adjusted EBITDA margin is calculated as adjusted EBITDA divided by revenue. (2.14%)#1515 Guidance Billings (1) Revenue Adjusted Contribution (¹) Adjusted EBITDA (1) (Amounts in millions) Q4 2023 Guidance $122.0 - $133.0 $82.0 - $90.0 $44.0 - $50.0 $4.0 - $8.0 (1) Billings, adjusted contribution and adjusted EBITDA are non-GAAP measures. Definitions of these non-GAAP measures are included in the appendix to this presentation. 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." A reconciliation of adjusted contribution to GAAP gross profit and a reconciliation of adjusted EBITDA to GAAP 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.#1616 Reconciliation of GAAP revenue to billings Cardlytics Platform Revenue Plus: Consumer Incentives Billings Bridg Platform Revenue Plus: Consumer Incentives Billings Consolidated Revenue Plus: Consumer Incentives Billings Mar 31, 2021 $53,230 23,087 $76,317 $53,230 23,087 $76,317 Jun 30, 2021 $56,763 26,484 $83,247 $2,090 $2,090 $58,853 26,484 $85,337 Sept 30, 2021 $62,075 33,464 $95,539 $2,909 $2,909 $64,984 33,464 $98,448 Dec 31, 2021 $86,686 43,924 $130,610 $3,363 $3,363 $90,049 43,924 $133,973 Mar 31, 2022 $63,983 30,297 $94,280 $3,945 $3,945 $67,928 30,297 $98,225 Three Months Ended Jun 30, 2022 $69,270 32,339 $101,60 $6,135 $6,135 $75,405 32,339 $107,744 Sept 30, 2022 $67,285 37,686 $104,971 $5,421 $5,421 $72,706 37,686 $110,392 Dec 31, 2022 $76,647 43,613 $120,260 $5,856 $5,856 $82,503 43,613 $126,116 Mar 31, 2023 $59,030 31,295 $90,325 $5,301 $5,301 $64,331 31,295 $95,626 (Amounts in thousands) Jun 30, 2023 $70,726 32,723 $103,449 $5,975 $5,975 $76,701 32,723 $109,424 Sept 30, 2023 $73,064 37,425 $110,489 $5,941 0 $5,941 $79,005 37,425 $116,430#1717 Reconciliation of GAAP gross profit to adjusted contribution Cardlytics Platform Revenue Minus: Partner Share and other third-party costs Delivery costs Gross Profit Plus: Delivery costs Deferred implementation costs Adjusted contribution Bridg Platform Revenue Minus: Partner Share and other third-party costs Delivery costs Gross Profit Plus: Delivery costs Adjusted contribution Consolidated Revenue Minus: Partner Share and other third-party costs Delivery costs Gross Profit Plus: Delivery costs Deferred implementation costs Adjusted contribution. Mar 31, 2021 $53,230 29,771 3,938 $19,521 3,938 882 $24,341 $53,230 29,771 3,938 $19,521 3,938 882 $24,341 Jun 30, 2021 $56,763 29,890 4,837 $22,036 4,837 730 $27,603 $2,090 63 911 $1,116 911 $2,027 $58,853 29,953 5,748 $23,152 5,748 730 $29,630 Sept 30, 2021 $62,075 33,929 4,777 $23,369 4,777 731 $28,877 $2,909 161 1,613 $1,135 1,613 $2,748 $64,984 34,090 6,390 $24,504 6,390 731 $31,625 Dec 31, 2021 $86,686 47,274 4,618 $34,794 4,618 1,442 $40,854 $3,363 185 1,809 $1,369 1,809 $3,178 $90,049 47,459 6,427 $36,163 6,427 1,442 $44,032 Mar 31, 2022 $63,983 35,027 4,907 $24,049 4,907 $28,956 $3,945 126 1,626 $2,193 1,626 $3,819 $67,928 35,153 6,533 $26,242 6,533 $32,775 Three Months Ended Jun 30, 2022 $69,270 39,403 6,311 $23,556 6,311 $29,867 $6,135 877 1,851 $3,407 1,851 $5,258 $75,405 40,280 8,162 $26,963 8,162 $35,125 Sept 30, 2022 $67,285 37,399 7,623 $22,263 7,623 $29,886 $5,421 164 1,502 $3,755 1,502 $5,257 $72,706 37,563 9,125 $26,018 9,125 $35,143 Dec 31, 2022 $76,647 42,375 5,271 $29,001 5,271 $34,272 $5,856 136 1,312 $4,408 1,312 $5,720 $82,503 42,511 6,583 $33,409 6,583 $39,992 Mar 31, 2023 $59,030 33,175 4,693 $21,162 4,693 $25,855 $5,301 209 1,731 $3,361 1,731 $5,092 $64,331 33,384 6,424 $24,523 6,424 $30,947 (Amounts in thousands) Jun 30, 2023 $70,726 39,086 5,217 $26,423 5,217 $31,640 $5,975 84 1,798 $4,093 1,798 $5,891 $76,701 39,170 7,015 $30,516 7,015 $37,531 Sept 30, 2023 $73,064 36,011 5,510 $31,543 5,510 $37,053 $5,941 133 1,502 $4,306 1,502 $5,808 $79,005 36,144 7,012 $35,849 7,012 $42,861#1818 Reconciliation of GAAP partner share and other third-party costs to adjusted partner share and other third-party costs Cardlytics Platform Partner Share and other third-party costs Minus: Deferred implementation costs Adjusted Partner Share and other third-party costs Bridg Platform Partner Share and other third-party costs Minus: Deferred implementation costs Adjusted Partner Share and other third-party costs Consolidated Partner Share and other third-party costs Minus: Deferred implementation costs Adjusted Partner Share and other third-party costs Mar 31, 2021 $29,771 882 $28,889 882 Jun 30, 2021 $28,889 $29,890 730 $29,160 $63 $29,771 $29,953 $63 730 $29,223 Sept 30, 2021 $33,929 731 $33,198 $161 $161 $34,090 731 $33,359 Dec 31, 2021 $47,274 1,442 $45,832 $185 $185 $47,459 1,442 Mar 31, 2022 $35,027 $126 $126 $35,153 Three Months Ended $46,017 $35,153 Jun 30, 2022 $35,027 $39,403 $37,399 $39,403 $877 $877 $40,280 Sept 30, 2022 $40,280 $37,399 $164 $164 $37,563 Dec 31, 2022 $42,375 $42,375 $136 $136 $42,511 $37,563 $42,511 Mar 31, 2023 $33,175 $33,175 $209 $209 $33,384 $33,384 Mar 31, 2023 $39,086 $39,086 $84 $84 $39,170 $39,170 (Amounts in thousands) Jun 30, 2023 $39,086 $39,086 $84 $84 $39,170 $39,170 Sept 30, 2023 $36,011 $36,011 $133 $133 $36,144 $36,144#1919 Reconciliation of GAAP net (loss) income to adjusted EBITDA Net (loss) income Plus: Income tax benefit Interest expense, net Depreciation and amortization expense Stock-based compensation expense Foreign currency (gain) loss Deferred implementation costs Acquisition and integration costs (benefit) (Gain) loss in fair value of contingent consideration Impairment of goodwill and intangible assets Restructuring and reduction of force Adjusted EBITDA Mar 31, 2021 ($24,895) 3,045 3,065 7,248 (319) 882 7,030 Jun 30, 2021 ($47,306) 3,078 8,833 13,337 730 14,182 1,480 ($3,944) ($5,666) Sept 30, 2021 ($44,529) 3,193 8,375 16,830 1,543 731 1,714 6,261 713 ($5,169) Dec 31, 2021 ($11,834) (7,864) 3,247 9,598 12,849 43 1,442 1,446 (6,367) Mar 31, 2022 $33,038 947 9,871 13,585 1,671 (4,599) (65,050) Three Months Ended Jun 30, 2022 ($126,290) (1,446) 879 10,356 12,842 4,538 2,197 (2,968) 83,149 Sept 30, 2022 958 $6,267 580 10,468 5,767 4,673 (1,867) (46,126) Dec 31, 2022 ($378,279) 150 6,849 12,492 (4,506) (14,030) 370,139 7,530 (347) $2,560 ($10,537) ($15,785) ($12,708) ($6,137) 1,395 Mar 31, 2023 $13,608 8 6,575 7,968 (1,389) 1,723 (34,584) (Amounts in thousands) Jun 30, 2023 ($23,508) 574 7,200 11,739 (1,389) (9,947) 11,258 ($6,091) ($4,073) Sept 30, 2023 ($23,966) 915 5,990 10,249 2,399 78 8,281 $3,946#2020 Reconciliation of adjusted contribution to adjusted EBITDA Cardlytics Platform Adjusted Contribution Minus: Delivery costs Sales and marketing expense Research and development expense General and administration expense Stock-based compensation expense Restructuring and reduction of force Adjusted EBITDA Bridg Platform Adjusted Contribution. Minus: Delivery costs Sales and marketing expense Research and development expense General and administration expense Stock-based compensation expense Restructuring and reduction of force Adjusted EBITDA Consolidated Adjusted Contribution Minus: Delivery costs Sales and marketing expense Research and development expense General and administration expense Stock-based compensation expense Restructuring and reduction of force Adjusted EBITDA Mar 31, 2021 $24,341 3,938 13,202 6,218 12,175 (7,248) ($3,944) $24,341 3,938 13,202 12,175 (7,248) ($3,944) Jun 30, 2021 $27,603 4,837 16,665 8,481 16,454 (13,179) ($5,656) $2,027 911 398 453 434 (158) ($11) $29,630 5,748 17,063 8,934 16,888 (13,337) ($5,666) Sept 30, 2021 $28,877 4,777 15,469 10,163 19,039 (15,627) (713) ($4,231) $2,748 1,613 1,264 978 1,034 (1,203) ($938) $31,625 6,390 16,733 141 20,073 (16,830) (713) ($5,169) Dec 31, 2021 $40,854 4,618 17,435 10,531 15,708 (11,169) $3,731 $3,178 1,809 1,564 1,280 1,376 (1,681) ($1,170) $44,032 6,427 18,998 11,811 17,085 (12,849) $2,560 Mar 31, 2022 $28,956 4,907 16,384 11,313 19,391 (12,382) ($10,657) $3,819 1,626 1,264 978 1,034 (1,203) $120 $32,775 6,533 17,648 2,291 20,425 (13,585) ($10,537) Three Months Ended Jun 30, 2022 $29,867 6,311 20,908 11,936 21,232 (13,944) (958) ($15,618) $5,258 1,851 1,075 1,645 (248) 1,102 ($167) $35,125 8,162 21,983 13,581 20,984 (12,842) (958) ($15,785) Sept 30, 2022 $29,886 7,623 16,529 11,682 19,558 (5,302) (7,530) ($12,674) $5,257 1,502 1,760 2,080 414 (465) ($34) $35,143 9,125 18,289 13,762 19,972 (5,767) (7,530) ($12,708) Dec 31, 2022 $34,272 5,271 14,484 13,002 19,070 (12,309) 347 ($5,593) $5,720 1,312 2,341 1,799 995 (183) ($544) $39,992 6,583 16,825 14,801 20,065 (12,492) 347 ($6,137) Mar 31, 2023 $25,855 4,693 11,547 10,327 13,330 (8,103) ($5,939) $5,092 1,731 2,401 1,237 (260) 135 ($152) $30,947 6,424 13,948 11,564 13,070 (7,968) ($6,091) (Amounts in thousands) Jun 30, 2023 $31,640 5,217 12,834 13,399 15,117 (10,605) ($4,322) $5,891 1,798 2,371 1,448 1,159 (1,134) $249 $37,531 7,015 15,205 14,847 16,276 (11,739) ($4,073) Sept 30, 2023 $37,053 5,510 12,041 11,046 14,874 (9,127) $2,709 $5,808 1,502 2,120 1,384 687 (1,122) $1,237 $42,861 7,012 14,161 12,430 15,561 (10,249) $3,946#2121 Reconciliation of GAAP net (loss) income to non-GAAP net income (loss) and non-GAAP net income (loss) per share Net (loss) income Plus: Stock-based compensation expense Foreign currency (gain) loss Acquisition and integration (benefit) cost Amortization of acquired intangibles Loss (gain) in fair value of contingent consideration Goodwill impairment Restructuring and reduction of force Income tax benefit Non-GAAP net income (loss) Weighted-average number of shares of common stock used in computing non-GAAP net income (loss) per share: Weighted-average ommon shares outstanding, diluted Non-GAAP net income (loss) per share attributable to common stockholders, diluted Three Months Ended September 30, 2023 ($23,966) 10,249 2,399 (78) 3,433 8,281 $318 37,982 $0.01 2022 $6,267 5,767 4,673 (1,867) 7,207 (46,126) 7,530 ($16,549) 33,269 ($0.50) (Amounts in thousands, except per share amounts) Nine Months Ended September 30, 2023 ($33,866) 29,956 (379) 8,146 10,331 (15,045) ($857) 35,502 ($0.02) 2022 ($86,985) 32,194 10,882 (4,269) 21,560 (114,144) 83,149 8,488 (1,446) ($50,571) 33,455 ($1.51)#2222 Reconciliation of forecasted GAAP revenue to billings Revenue Plus: Consumer Incentives Billings (Amounts in millions) Q4 2023 Guidance $82.0 - $90.0 $40.0-$43.0 $122.0 - $133.0