SEGMENTS As of March 31, 2020 , we have two operating segments: Cardlytics Direct in the U.S. and U.K., as determined by the information that both our Chief Executive Officer and our President and Chief Operating Officer, who we consider our chief operating decision makers, use to make strategic goals and operating decisions. Our Cardlytics Direct operating segments in the U.S. and U.K. represent our proprietary native bank advertising channels and are aggregated into one reportable segment given their similar economic characteristics, nature of service, types of customers and method of distribution. Our chief operating decision makers allocate resources to, and evaluate the performance of, our operating segment based on revenue and adjusted contribution. The following table provides information regarding our Cardlytics Direct reportable segment (in thousands): Three Months Ended March 31, 2019 2020 Adjusted contribution $ 17,637 $ 20,379 Plus: Adjusted FI Share and other third-party costs (1) 18,351 25,130 Revenue $ 35,988 $ 45,509 (1) Adjusted FI Share and other third-party costs presented above represents GAAP FI Share and other third-party data costs less amortization of deferred FI implementation costs, which is detailed below in our reconciliation of GAAP loss before income taxes to adjusted contribution. Adjusted Contribution Adjusted contribution measures the degree by which revenue generated from our marketers exceeds the cost to obtain the purchase data and the digital advertising space from our FI partners. Adjusted contribution demonstrates how incremental marketing spend on our platform generates incremental amounts to support our sales and marketing, research and development, general and administration and other investments. Adjusted contribution is calculated by taking our total revenue less our FI Share and other third-party costs exclusive of amortization of deferred FI 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, general and administrative expenses and other expenses, which we do not take into consideration when making decisions on how to manage our advertising campaigns. The following table presents a reconciliation of loss before income taxes presented in accordance with GAAP to adjusted contribution (in thousands): Three Months Ended March 31, 2019 2020 Adjusted contribution $ 17,637 $ 20,379 Minus: Amortization of deferred FI implementation costs (1) 653 1,008 Delivery costs 3,246 3,406 Sales and marketing expense 9,337 10,968 Research and development expense 2,941 3,851 General and administration expense 7,000 10,744 Depreciation and amortization expense 961 2,331 Total other (income) expense (187 ) 1,602 Loss before income taxes $ (6,314 ) $ (13,531 ) (1) Amortization of deferred FI implementation costs is excluded from adjusted FI Share and other third party costs, which is shown above in our reconciliation of GAAP revenue to adjusted contribution. The following tables provide geographical information (in thousands): Three Months Ended March 31, 2019 2020 Revenue: United States $ 31,348 $ 40,028 United Kingdom 4,640 5,481 Total $ 35,988 $ 45,509 December 31, 2019 March 31, 2020 Property and equipment: United States $ 12,052 $ 11,022 United Kingdom 2,010 1,864 India 228 199 Total $ 14,290 $ 13,085 Capital expenditures within the United Kingdom and India were less than $0.1 million during the three months ended March 31, 2019 and 2020 , respectively. Concentrations of Risk Customers Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. Our cash and cash equivalents are held with three financial institutions, which we believe are of high credit quality. Our accounts receivable are diversified among a large number of marketers segregated by both geography and industry. One marketer represented 11% of our accounts receivable as of March 31, 2020 . Another marketer represented 11% or our accounts receivable as of March 31, 2020 , and this marketer also represented 11% and 14% of our revenue during the three months ended March 31, 2019 and 2020 , respectively. No other marketer accounted for over 10% of revenue or accounts receivable during the periods presented. FI Partners Our business is substantially dependent on a limited number of FI partners. We require participation from our FI partners in Cardlytics Direct and access to their purchase data in order to offer our solutions to marketers and their agencies. We must have FI partners with a sufficient number of customers and levels of customer engagement to ensure that we have robust purchase data and marketing space to support a broad array of incentive programs for marketers. Our agreements with a substantial majority of our FI partners have terms of three to seven years but are generally terminable by the FI partner on 90 days or less prior notice. If an FI partner terminates its agreement with us, we would lose that FI as a source of purchase data and online banking customers. During the three months ended March 31, 2019 and 2020 , Bank of America, National Association accounted for 45% and 31% of the total FI Share we paid to all FIs, respectively. JPMorgan Chase Bank, National Association accounted for 27% and 43% of the total FI Share we paid to all FIs during the three months ended March 31, 2019 and 2020 , respectively. No other FI partners accounted for over 10% of FI Share during the three months ended March 31, 2019 and 2020 .