<SEC-DOCUMENT>0001193125-18-016848.txt : 20180309
<SEC-HEADER>0001193125-18-016848.hdr.sgml : 20180309
<ACCEPTANCE-DATETIME>20180123100356
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-18-016848
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180123

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Cardlytics, Inc.
		CENTRAL INDEX KEY:			0001666071
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
		IRS NUMBER:				263039436
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		675 PONCE DE LEON AVENUE, NE
		STREET 2:		SUITE 6000
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30308
		BUSINESS PHONE:		888-795-5802

	MAIL ADDRESS:	
		STREET 1:		675 PONCE DE LEON AVENUE, NE
		STREET 2:		SUITE 6000
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30308
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">VIA EDGAR </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" ROWSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Nicole C. Brookshire</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">T: +1 617 937
2357</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">nbrookshire@cooley.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>*FOIA Confidential Treatment Request*</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>Confidential Treatment Requested by</B></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>Cardlytics,&nbsp;Inc.</B></TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>in connection with Registration Statement</B></TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>on Form&nbsp;S-1 filed on January 12, 2018</B></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTAIN PORTIONS OF THIS LETTER AS FILED VIA EDGAR HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE
COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED PORTIONS. OMITTED INFORMATION HAS BEEN REPLACED IN THIS LETTER AS FILED VIA EDGAR WITH A PLACEHOLDER IDENTIFIED BY THE MARK [*]. </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 23, 2018 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporate Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C.&nbsp;20549 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention:&nbsp;&nbsp;Bernard Nolan
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Kathleen Collins </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>RE:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Cardlytics, Inc. </B></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Registration Statement on Form S-1 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Filed:&nbsp;&nbsp;January 12, 2018 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>CIK No.:&nbsp;&nbsp;0001666071 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>File No. 333-222531 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and
Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of Cardlytics, Inc. (the &#147;<B><I>Company</I></B>&#148;) and in connection with the Company&#146;s Registration Statement on Form
S-1 (File No. 333-222531), originally confidentially submitted to the Securities and Exchange Commission (the &#147;<B><I>Commission</I></B>&#148;) on April 5, 2017 and originally filed with the Commission on January 12, 2018 (the
&#147;<B><I>Registration Statement</I></B>&#148;), we submit this supplemental letter to the staff (the &#147;<B><I>Staff</I></B>&#148;) with respect to the Company&#146;s preliminary estimate of the price range for its initial public
offering.&nbsp;Capitalized terms used in this letter but otherwise not defined herein shall have the meanings assigned to such terms in the Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Due to the commercially sensitive nature of information contained in this letter, the Company hereby requests, pursuant to 17 C.F.R. &#167;200.83, that
certain portions of this letter be maintained in confidence, not be made part of any public record and not be disclosed to any person. The Company has filed a separate copy of this letter, marked to show the portions redacted from the version filed
via EDGAR and for which the Company is requesting confidential treatment. In accordance with 17 C.F.R. &#167;200.83(d)(1), if any person (including any governmental employee who is not an employee of the Commission) should request access to or an
opportunity to inspect this letter, we request that we be immediately notified of any such request, be furnished with a copy of all written materials pertaining to such request (including, but not limited to, the request itself) and be given at
least ten business days&#146; advance notice of any intended release so that the Company may, if it deems it to be necessary or appropriate, pursue any </P> <P STYLE="font-size:24pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Cardlytics,&nbsp;Inc.
requests that the information contained in this letter, marked by brackets, be </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>treated as confidential information pursuant to 17
C.F.R. &#167;200.83. </B></P>


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 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 23, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Two
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">remedies available to it. In such event, we request that you telephone the undersigned at (212) 479-6556 rather than rely on the U.S. mail for such
notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Company advises the Staff that the Company currently estimates a preliminary price range of $<B>[*] </B>&#151; $<B>[*]
</B>per share for its initial public offering (the &#147;<B><I>Preliminary Price Range</I></B>&#148;), which Preliminary Price Range takes into account a one-for-<B>[*] </B>reverse stock split of the Company&#146;s capital stock (the
&#147;<B><I>Reverse Stock Split</I></B>&#148;).&nbsp;The anticipated price range for this offering is based on a number of factors, including prevailing market conditions, estimates of the Company&#146;s business potential and preliminary
discussions with Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated and J.P. Morgan Securities LLC (collectively, the &#147;<B><I>Representatives</I></B>&#148;) representatives of the underwriters for the offering regarding potential valuations
of the Company. The actual bona fide price range to be included in a subsequent amendment to the Registration Statement has not yet been determined and remains subject to adjustment based on factors outside of the Company&#146;s control. However,
the Company believes that the actual bona fide price range will be within this estimated price range. In addition, the actual price range to be included in such amendment will comply with the Staff&#146;s interpretation regarding the parameters of a
bona fide price range. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following tables summarizes all stock options granted by the Company since January 1, 2017, after giving effect to the Reverse
Stock Split: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" ALIGN="center"><B>Grant Date</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number of Shares</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Common Stock (#)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exercise Price per</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Share ($)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Common Stock Fair</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Value per Share ($)</B></P></TD></TR>


<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">February 3, 2017</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[*]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[*]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[*]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">April 1, 2017</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[*]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[*]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[*]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">April 3, 2017</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[*]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[*]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[*]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">April 4, 2017</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[*]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[*]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[*]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">April 26, 2017(1)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[*]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[*]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[*]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">May 4, 2017(1)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[*]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[*]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[*]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">July 18, 2017</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[*]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[*]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[*]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">December 15, 2017</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[*]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[*]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[*]</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:13%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">(1) These
options were deemed granted for financial reporting purposes on July 7, 2017 when the exercise price was determined. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">(2) Exercise price per share and fair
value per share will be the greater of the estimated fair market value per share of our common stock as set forth in the most recent valuation performed by an unrelated third-party valuation firm or the initial public offering price of our common
stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A discussion of the general methodology used to determine the fair value of the Company&#146;s common stock for the purposes of the grants of
stock options set forth above is contained in the Registration Statement.&nbsp;Set forth below is additional information with respect to the application of this methodology with respect to each valuation used for the purposes of grants of stock
options in 2017. </P> <P STYLE="font-size:24pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Cardlytics,&nbsp;Inc.
requests that the information contained in this letter, marked by brackets, be </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>treated as confidential information pursuant to 17
C.F.R. &#167;200.83. </B></P>


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 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 23, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Three
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>April 26, 2017, May 4, 2017 and July 18, 2017 Stock Option Grants </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On each of April 26, 2017, May 4, 2017 and July 18, 2017, the Company granted options to acquire shares of common stock at an exercise price of $30.44 per
share.&nbsp;The Company&#146;s board of directors determined the fair value of the Company&#146;s common stock on the date of grant based on a number of factors, including a contemporaneous third-party valuation as of May 15, 2017 and the
Company&#146;s earnings history and financial performance, as well as its current prospects and expected operating results. More specifically, the Company&#146;s board of directors considered, among other things: (1) the present value of the
Company&#146;s anticipated future cashflows, (2) the value of the Company&#146;s tangible and intangible assets, (3) recent material events, (4) the Company&#146;s operating results, (5) the market value of equity interests in substantially similar
businesses, which equity interests can be valued through nondiscretionary, objective means, (6) recent arm&#146;s length transactions involving the sale or transfer of the Company&#146;s common stock or other equity interests, (7) changes in control
premiums or discounts for lack of marketability and (8) other factors that the Company&#146;s board of directors deemed material in order to determine in good faith the fair market value per share of the Company&#146;s common stock. In approving the
April 26, 2017, May 4, 2017 and July 18, 2017 stock option grants, the Company&#146;s board of directors determined that on the respective grant dates no material business or market developments had occurred since the valuation date of May 15, 2017
that would warrant a change in the valuation of the Company&#146;s common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The valuation as of May 15, 2017 first determined an equity value for
the Company using a combination of income and market valuation methods.&nbsp;Once the equity value was determined, the valuation employed the PWERM to allocate the overall equity value to the Company&#146;s various share classes.&nbsp;The PWERM
assumed a 70% probability of an IPO by March 30, 2018, a 20% probability of an acquisition of the Company by December 31, 2017 and a 10% probability of other outcomes.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the purposes of the IPO and acquisition scenarios under the PWERM, the Company relied on a market valuation method and estimated the equity value of the
Company by applying market multiples of comparable publicly-traded companies in similar lines of business. The market multiples that were applied were based on the price that investors had paid for the equity of the comparable publicly-traded
companies. Given the Company&#146;s focus on investing in and growing its business, the valuation primarily relied on forward-looking revenue multiples, although current-year revenue multiples were also considered.&nbsp;With respect to the IPO
scenario, the valuation determined the equity value of the Company assuming the occurrence of an IPO at various dates between July 30, 2017 and March 30, 2018 and discounted each value outcome back to present value using a discount rate of
22.5%.&nbsp;With respect to the IPO scenario, the valuation further applied an 11% discount for the lack of marketability.&nbsp;With respect to the acquisition scenario, the valuation determined the equity value of the Company assuming the
occurrence of an acquisition of the Company at various dates between July 30, 2017 and December 31, 2017 and discounted each value outcome back to present value using a discount rate of 22.5%.&nbsp;With respect to the acquisition scenario, the
valuation further applied a 12% discount for the lack of marketability.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the purposes of the other outcomes scenario under the PWERM, the Company
relied on an income valuation method (specifically, a discounted cash flow analysis).&nbsp;To determine the present value of future estimated cash flows, the valuation applied a weighted average cost of capital of 20%, less a terminal growth rate
estimated at 5%, to derive a terminal value off of projected cash flows at year 2026.&nbsp;After giving effect to net indebtedness, the valuation discounted the net terminal value and all cash flows back to present value using a discount rate of
21%.&nbsp;The valuation further applied a 21% discount for lack of marketability.</P> <P STYLE="font-size:24pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Cardlytics,&nbsp;Inc.
requests that the information contained in this letter, marked by brackets, be </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>treated as confidential information pursuant to 17
C.F.R. &#167;200.83. </B></P>


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 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 23, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Four
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>April 1, 2017, April 3, 2017 and April 4, 2017 Stock Option Grants </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On each of April 1, 2017, April 3, 2017 and April 4, 2017, the Company granted options to acquire shares of common stock at an exercise price of $24.48 per
share.&nbsp;The Company&#146;s board of directors determined the fair value of the Company&#146;s common stock on the date of grant based on a number of factors, including a contemporaneous third-party valuation as of February 28, 2017 and the
Company&#146;s earnings history and financial performance, as well as its current prospects and expected operating results. More specifically, the Company&#146;s board of directors considered, among other things: (1) the present value of the
Company&#146;s anticipated future cashflows, (2) the value of the Company&#146;s tangible and intangible assets, (3) recent material events, (4) the Company&#146;s operating results, (5) the market value of equity interests in substantially similar
businesses, which equity interests can be valued through nondiscretionary, objective means, (6) recent arm&#146;s length transactions involving the sale or transfer of the Company&#146;s common stock or other equity interests, (7) changes in control
premiums or discounts for lack of marketability and (8) other factors that the Company&#146;s board of directors deemed material in order to determine in good faith the fair market value per share of the Company&#146;s common stock. In approving the
April 1, 2017, April 3, 2017 and April 4, 2017 stock option grants, the Company&#146;s board of directors determined that on the grant date no material business or market developments had occurred since the valuation date of February 28, 2017 that
would warrant a change in the valuation of the Company&#146;s common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The valuation as of February 28, 2017 first determined an equity value for
the Company using a combination of income and market valuation methods.&nbsp;Once the equity value was determined, the valuation employed the PWERM to allocate the overall equity value to the Company&#146;s various share classes.&nbsp;The PWERM
assumed a 70% probability of an IPO by March 31, 2018, a 20% probability of an acquisition of the Company by March 31, 2018 and a 10% probability of other outcomes.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the purposes of the IPO and acquisition scenarios under the PWERM, the Company relied on a market valuation method and estimated the equity value of the
Company by applying market multiples of comparable publicly-traded companies in similar lines of business. The market multiples that were applied were based on the price that investors had paid for the equity of the comparable publicly-traded
companies. Given the Company&#146;s focus on investing in and growing its business, the valuation primarily relied on forward-looking revenue multiples, although current-year revenue multiples were also considered.&nbsp;With respect to the IPO
scenario, the valuation determined the equity value of the Company assuming the occurrence of an IPO at various dates between June 30, 2017 and March 31, 2018 and discounted each value outcome back to present value using a discount rate of
24.6%.&nbsp;With respect to the IPO scenario, the valuation further applied a 13% discount for the lack of marketability.&nbsp;With respect to the acquisition scenario, the valuation determined the equity value of the Company assuming the occurrence
of an acquisition of the Company at various dates between June 30, 2017 and March 31, 2018 and discounted each value outcome back to present value using a discount rate of 24.6%.&nbsp;With respect to the acquisition scenario, the valuation further
applied a 15% discount for the lack of marketability.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the purposes of the other outcomes scenario under the PWERM, the Company relied on an income
valuation method (specifically, a discounted cash flow analysis).&nbsp;To determine the present value of future estimated cash flows, the valuation applied a weighted average cost of capital of 22%, less a terminal growth rate estimated at 5%, to
derive a terminal value off of projected cash flows at year 2026.&nbsp;After giving effect to net indebtedness, the valuation discounted the net terminal value and all cash flows back to present value using a discount rate of 22.8%.&nbsp;The
valuation further applied a 22% discount for lack of marketability.</P> <P STYLE="font-size:24pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Cardlytics,&nbsp;Inc.
requests that the information contained in this letter, marked by brackets, be </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>treated as confidential information pursuant to 17
C.F.R. &#167;200.83. </B></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g338035g86q17.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 23, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Five
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>February 3, 2017 Stock Option Grants </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On February 3, 2017, the Company granted options to acquire shares of common stock at an exercise price of $17.84 per share.&nbsp;The Company&#146;s board of
directors determined the fair value of the Company&#146;s common stock on the date of grant based on a number of factors, including a contemporaneous third-party valuation as of September 30, 2016 and the Company&#146;s earnings history and
financial performance, as well as its current prospects and expected operating results. More specifically, the Company&#146;s board of directors considered, among other things: (1) the present value of the Company&#146;s anticipated future
cashflows, (2) the value of the Company&#146;s tangible and intangible assets, (3) recent material events, (4) the Company&#146;s operating results, (5) the market value of equity interests in substantially similar businesses, which equity interests
can be valued through nondiscretionary, objective means, (6) recent arm&#146;s length transactions involving the sale or transfer of the Company&#146;s common stock or other equity interests, (7) changes in control premiums or discounts for lack of
marketability and (8) other factors that the Company&#146;s board of directors deemed material in order to determine in good faith the fair market value per share of the Company&#146;s common stock. In approving the February 3, 2017 stock option
grants, the Company&#146;s board of directors determined that on the grant date no material business or market developments had occurred since the valuation date of September 30, 2016 that would warrant a change in the valuation of the
Company&#146;s common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The valuation as of September 30, 2016 employed the Option Pricing Method (&#147;<B><I>OPM</I></B>&#148;) to allocate the
overall equity value to the Company&#146;s various share classes.&nbsp;The OPM treats common stock and convertible preferred stock as call options on a company&#146;s enterprise value with exercise prices based on the liquidation preferences of the
convertible preferred stock. Under this method, the common stock only has value if the funds available for distribution to stockholders exceed the value of the liquidation preference at the time of an assumed liquidity event. The value assigned to
the common stock is the remaining value after the convertible preferred stock is liquidated. The OPM prices the call option using the Black-Scholes model. The OPM assumed a 60% probability of an IPO by June 30, 2018, a 30% probability of an
acquisition of the Company by June 30, 2018 and a 10% probability of an IPO or acquisition of the Company by December 31, 2018.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the purposes of the
OPM, the Company relied on both a market and income valuation methods to estimate the enterprise value of the Company. Under the market approach, the Company applied market multiples that were applied were based on the price that investors had paid
for the equity of the comparable publicly-traded companies. Given the Company&#146;s focus on investing in and growing its business, the valuation primarily relied on forward-looking revenue multiples, although current-year revenue multiples were
also considered. Under the income approach, the Company utilized a discounted cash flow (&#147;<B><I>DCF</I></B>&#148;) methodology to derive the value of enterprise value. With respect to the present value of future estimated cash flows under the
DCF, the Company applied a weighted average cost of capital of 20%, less a terminal growth rate estimated at 5%, to derive a terminal value off of projected cash flows at year 2026. After giving effect to net indebtedness, we discounted the net
terminal value and all cash flows back to present value with a 25% discount rate. To arrive at a weighted average equity value, the Company averaged values derived under both of the market and income approaches. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With respect to the pre-June 30, 2018 IPO and acquisition scenarios, the valuation determined the equity value of the Company assuming the occurrence of an
IPO or acquisition at various dates between March 30, 2017 and June 30, 2018, with a weighted average time to IPO or acquisition of 1.17 years.&nbsp;The valuation applied at 54% estimate for standard deviation and further applied a 19% discount for
the lack of marketability.&nbsp;With respect to the pre-December 31, 2018 IPO and acquisition scenarios, the valuation applied the same assumptions as set forth above, but with a weighted average time to IPO or acquisition of 2.25 years. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Conclusions </U></I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company respectfully
submits to the Staff that the fact that the Preliminary Price Range is [*] than the price at which the Company has historically granted stock options does not undermine the validity of the Company&#146;s determination of the fair value of the common
stock underlying such options as of the date of grant.&nbsp;The historical valuations of the Company&#146;s common stock were conducted in accordance with the Practice Aid and were based on assumptions that the Company deemed to be reasonable at the
time.</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Cardlytics,&nbsp;Inc.
requests that the information contained in this letter, marked by brackets, be </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>treated as confidential information pursuant to 17
C.F.R. &#167;200.83. </B></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g338035g86q17.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 23, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Six
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Further, the Company respectfully submits to the Staff that the Preliminary Price Range is [*].&nbsp;The Company&#146;s board of directors, in its
business judgement, is [*]. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please contact the undersigned at (617) 937-2357 or Richard C. Segal at (617) 937-2332 with any questions regarding the
above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:67%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:67%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">/s/ Nicole C. Brookshire </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:67%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Nicole C. Brookshire </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">David Evans, Cardlytics, Inc. </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman">Kirk Somers, Cardlytics, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman">Richard C. Segal, Cooley LLP </P> <P STYLE="font-size:24pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Cardlytics,&nbsp;Inc.
requests that the information contained in this letter, marked by brackets, be </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>treated as confidential information pursuant to 17
C.F.R. &#167;200.83. </B></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
