Just noticed that all the links in the Newsletter email sent to me contain "nlcode" parameter in the querystring, e.g.
https://meta.stackexchange.com/questions/296193/user-card-senses-danger-when-chasing-tricky-edit-tags-runs-for-dear-life?newsletter=1&nlcode=xxxxxx%7cyyyy
Not sure if it's private info so replaced actual details, the format is A|B, where A is some integer (not my user ID here on in the Network profile), and B is probably some hex value.
What is this value and what is it used for?
newsletter=1
already provides this, but perhaps the code identifies your particular subscription?