Marqeta Reports Fourth Quarter and Full Year 2022 Financial Results
Marqeta reported strong financial results for Q4 and the full year 2022. Total processing volume (TPV) reached $47 billion, a 41% increase year-over-year, with net revenue hitting $204 million, up 31%. For the full year, TPV rose 50% to $166 billion, and annual revenue increased 45% to $748 million. Gross profit for Q4 stood at $87 million, a 15% rise, while the GAAP net loss was $26 million. The company announced Simon Khalaf as the new CEO and completed the acquisition of Power Finance Inc. for enhanced credit card capabilities.
- Q4 TPV increased by 41% year-over-year to $47 billion.
- Q4 net revenue rose 31% to $204 million.
- Full-year TPV grew 50% to $166 billion.
- Full-year revenue increased 45% to $748 million.
- Gross profit for 2022 was $320 million, up 38%.
- GAAP net loss for 2022 increased to $185 million, a 13% rise from 2021.
- Adjusted EBITDA loss widened to $42 million for 2022.
The global modern card issuing platform had
The company's annual total processing volume was up 50 percent year-over-year to
Total processing volume (TPV) was
For the full 2022 fiscal year, TPV was
"I am very proud of the scale our business reached in 2022," said
Recent Business Updates:
-
Marqeta announcedSimon Khalaf as its new CEO, with founding CEOJason Gardner shifting to the role of Executive Chairman. Khalaf is a veteran technology executive who originally joined the company inJune 2022 as Chief Product Officer. -
Marqeta announced and completed the acquisition ofPower Finance Inc. , a modern credit card program management platform, which will strengthen Marqeta’s credit capabilities and enhances its leadership in modern card issuing across all card types. -
Marqeta announced its new Web Push Provisioning Product, expanding its industry-leading tokenization offerings with new capabilities that allow cardholders to instantly tokenize a card into a mobile wallet without downloading a third-party application. -
Marqeta , alongside Mastercard, was chosen by Rakuten to support the launch of its Club R Pay product, an integrated digital card solution for Rakuten's 12 million loyalty members that allows them to shop on over 2,000 sites while enjoying their Rakuten rewards.
Operating Highlights
In thousands, except percentages and per share data. % change is calculated over the comparable prior-year period (unaudited) |
Three Months Ended
|
|
%
|
|
Twelve Months Ended
|
|
%
|
|||||||||||||||
2022 |
|
2021 |
|
|
2022 |
|
2021 |
|
||||||||||||||
Financial metrics: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net revenue |
$ |
203,805 |
|
|
$ |
155,414 |
|
|
31 |
% |
|
$ |
748,206 |
|
|
$ |
517,175 |
|
|
45 |
% |
|
Gross profit |
$ |
87,124 |
|
|
$ |
75,799 |
|
|
15 |
% |
|
$ |
320,001 |
|
|
$ |
231,705 |
|
|
38 |
% |
|
Gross margin |
|
43 |
% |
|
|
49 |
% |
|
(6) ppts |
|
|
43 |
% |
|
|
45 |
% |
|
(2) ppts |
|||
Total operating expenses |
$ |
141,447 |
|
|
$ |
113,529 |
|
|
25 |
% |
|
$ |
529,809 |
|
|
$ |
393,711 |
|
|
35 |
% |
|
Net loss |
$ |
(26,326 |
) |
|
$ |
(36,807 |
) |
|
(28 |
)% |
|
$ |
(184,780 |
) |
|
$ |
(163,929 |
) |
|
13 |
% |
|
Net loss margin |
|
(13 |
%) |
|
|
(24 |
%) |
|
11 ppts |
|
|
(25 |
%) |
|
|
(32 |
%) |
|
7 ppts |
|||
Net loss per share - basic and diluted |
$ |
(0.05 |
) |
|
$ |
(0.07 |
) |
|
(29 |
%) |
|
$ |
(0.34 |
) |
|
$ |
(0.45 |
) |
|
(24 |
%) |
|
Key operating metric and Non-GAAP financial measures: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Processing Volume (TPV) (in millions) 1 |
$ |
46,704 |
|
|
$ |
33,046 |
|
|
41 |
% |
|
$ |
166,260 |
|
|
$ |
111,133 |
|
|
50 |
% |
|
Adjusted EBITDA 2 |
$ |
(7,488 |
) |
|
$ |
1,162 |
|
|
(744 |
%) |
|
$ |
(41,796 |
) |
|
$ |
(12,767 |
) |
|
227 |
% |
|
Adjusted EBITDA margin 2 |
|
(4 |
%) |
|
|
1 |
% |
|
(5) ppts |
|
|
(6 |
%) |
|
|
(2 |
%) |
|
4 ppts |
|||
Non-GAAP operating expenses 2 |
$ |
94,612 |
|
|
$ |
74,637 |
|
|
27 |
% |
|
$ |
361,797 |
|
|
$ |
244,472 |
|
|
48 |
% |
1 TPV represents the total dollar amount of payments processed through our platform, net of returns and chargebacks. We believe that TPV is a key indicator of the market adoption of our platform, growth of our brand, growth of our customers' businesses and scale of our business. |
2 See "Information Regarding Non-GAAP Measures" for definitions of Adjusted EBITDA, Adjusted EBITDA margin, and Non-GAAP operating expenses and the reconciliations of the net loss to Adjusted EBITDA, and of the total operating expenses to Non-GAAP operating expenses. |
Fourth Quarter 2022 Financial Results:
-
TPV increased by
41% year-over-year, from for the quarter ended$33 billion December 31, 2021 , to for the quarter ended$47 billion December 31, 2022 . -
Net revenue of
increased by$204 million , or$48 million 31% year-over-year, primarily driven by higher total processing volume, partially offset by changes in our card program mix, particularly the growth of the Powered byMarqeta offering. -
Gross profit increased by
15% year-over-year to from$87 million in the fourth quarter of 2021. Gross margin was$76 million 43% in the fourth quarter. -
Net loss decreased by
, or$10 million 28% , year-over-year to . The loss results from our increase in compensation, benefits and technology expenses as we continued our investment in our people and platform, offset by our increase in gross profit.$26 million -
Adjusted EBITDA in the fourth quarter of 2022 was a loss of
, a decline of$7 million year-over-year.$9 million
Full Year 2022 Financial Results:
-
TPV increased by
50% year-over-year, from in 2021, to$111 billion in 2022.$166 billion -
Net revenue increased by
, or$231 million 45% year-over-year, primarily driven by higher total processing volume, partially offset by changes in our card program mix, particularly the growth of the Powered byMarqeta offering. -
Gross profit increased by
, or$88 million 38% year-over-year. Gross margin was43% for the year endedDecember 31, 2022 . -
Net loss increased by
, or$21 million 13% , year-over-year to , primarily resulting from headcount growth.$185 million -
Adjusted EBITDA for the year ended
December 31, 2022 was a loss of , a decline of$42 million year-over-year.$29 million
Financial Guidance:
The following summarizes
|
First Quarter 2023 |
|
Net Revenue Growth |
26 |
|
|
|
|
Gross Profit Growth |
14 |
|
|
|
|
Adjusted EBITDA Margin (1) |
Negative 5 |
(1) See "Information Regarding Non-GAAP Measures" for the definition of Adjusted EBITDA. |
A reconciliation of Adjusted EBITDA to the comparable GAAP measure for the first quarter of 2023 is not available due to the challenges and impracticability with estimating some of the items, such as share-based compensation expense, depreciation and amortization expense, and payroll tax expense, as such items cannot be reasonably predicted and could be significant. Because of those challenges, reconciliations of such forward-looking non-GAAP financial measures are not available without unreasonable effort.
Conference Call
The telephone replay dial-in numbers are 1-844-512-2921 and 1-412-317-6671 and will be available until
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. Forward-looking statements expressed or implied in this press release include, but are not limited to, statements relating to Marqeta’s quarterly guidance; statements regarding Marqeta’s business plans, business strategy and the continued success and growth of our customers; statements and expectations regarding
The forward-looking statements in this press release are based on information available to
Disclosure Information
Investors and others should note that
Use of Non-GAAP Financial Measures
Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables titled "Information Regarding Non-GAAP Financial Measures".
About
Marqeta’s modern card issuing platform empowers its customers to create customized and innovative payment cards. Marqeta’s modern architecture gives its customers the ability to build more configurable and flexible payment experiences, accelerating time-to-market and democratizing access to card issuing technology. Marqeta’s open APIs provide instant access to highly scalable, cloud-based payment infrastructure that enables customers to launch and manage their own card programs, issue cards and authorize and settle payment transactions.
|
||||||||||||||||
Condensed Consolidated Statements of Operations |
||||||||||||||||
(in thousands, except share and per share amounts) |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended
|
|||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
Net revenue |
$ |
203,805 |
|
|
$ |
155,414 |
|
|
$ |
748,206 |
|
|
$ |
517,175 |
|
|
Costs of revenue |
|
116,681 |
|
|
|
79,615 |
|
|
|
428,205 |
|
|
|
285,470 |
|
|
Gross profit |
|
87,124 |
|
|
|
75,799 |
|
|
|
320,001 |
|
|
|
231,705 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|||||||||
Compensation and benefits |
|
110,991 |
|
|
|
88,995 |
|
|
|
415,094 |
|
|
|
318,116 |
|
|
Professional services |
|
6,295 |
|
|
|
5,712 |
|
|
|
23,479 |
|
|
|
18,443 |
|
|
Technology |
|
14,401 |
|
|
|
11,143 |
|
|
|
52,361 |
|
|
|
33,637 |
|
|
Occupancy |
|
1,126 |
|
|
|
1,097 |
|
|
|
4,514 |
|
|
|
4,181 |
|
|
Depreciation and amortization |
|
1,019 |
|
|
|
967 |
|
|
|
3,853 |
|
|
|
3,534 |
|
|
Marketing and advertising |
|
1,862 |
|
|
|
804 |
|
|
|
3,995 |
|
|
|
2,284 |
|
|
Other operating expenses |
|
5,753 |
|
|
|
4,811 |
|
|
|
26,513 |
|
|
|
13,516 |
|
|
Total operating expenses |
|
141,447 |
|
|
|
113,529 |
|
|
|
529,809 |
|
|
|
393,711 |
|
|
Loss from operations |
|
(54,323 |
) |
|
|
(37,730 |
) |
|
|
(209,808 |
) |
|
|
(162,006 |
) |
|
Other income (expense), net |
|
28,468 |
|
|
|
142 |
|
|
|
24,926 |
|
|
|
(2,563 |
) |
|
Loss before income tax expense |
|
(25,855 |
) |
|
|
(37,588 |
) |
|
|
(184,882 |
) |
|
|
(164,569 |
) |
|
Income tax expense (benefit) |
|
471 |
|
|
|
(781 |
) |
|
|
(102 |
) |
|
|
(640 |
) |
|
Net loss |
$ |
(26,326 |
) |
|
$ |
(36,807 |
) |
|
$ |
(184,780 |
) |
|
$ |
(163,929 |
) |
|
Net loss per share attributable to common stockholders, basic and diluted |
$ |
(0.05 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.45 |
) |
|
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
|
544,752,220 |
|
|
|
540,170,079 |
|
|
|
545,397,254 |
|
|
|
362,756,466 |
|
|
||||||||
Condensed Consolidated Balance Sheets |
||||||||
(in thousands) |
||||||||
(unaudited) |
||||||||
|
|
|
|
|||||
Assets |
|
|
|
|||||
Current assets: |
|
|
|
|||||
Cash and cash equivalents |
$ |
1,183,846 |
|
|
$ |
1,247,581 |
|
|
Restricted cash |
|
7,800 |
|
|
|
7,800 |
|
|
Marketable securities |
|
440,858 |
|
|
|
452,875 |
|
|
Accounts receivable, net |
|
15,569 |
|
|
|
13,187 |
|
|
Settlements receivable, net |
|
18,028 |
|
|
|
11,266 |
|
|
Network incentives receivable |
|
42,661 |
|
|
|
30,399 |
|
|
Prepaid expenses and other current assets |
|
38,007 |
|
|
|
35,617 |
|
|
Total current assets |
|
1,746,769 |
|
|
|
1,798,725 |
|
|
Property and equipment, net |
|
7,440 |
|
|
|
9,687 |
|
|
Operating lease right-of-use assets, net |
|
9,015 |
|
|
|
11,296 |
|
|
Equity method investment |
|
0 |
|
|
|
8,384 |
|
|
Other assets |
|
7,122 |
|
|
|
2,286 |
|
|
Total assets |
$ |
1,770,346 |
|
|
$ |
1,830,378 |
|
|
Liabilities and stockholders' equity |
|
|
|
|||||
Current liabilities |
|
|
|
|||||
Accounts payable |
$ |
3,798 |
|
|
$ |
2,693 |
|
|
Revenue share payable |
|
142,194 |
|
|
|
121,179 |
|
|
Accrued expenses and other current liabilities |
|
136,887 |
|
|
|
114,096 |
|
|
Total current liabilities |
|
282,879 |
|
|
|
237,968 |
|
|
Operating lease liabilities, net of current portion |
|
9,034 |
|
|
|
12,427 |
|
|
Other liabilities |
|
5,477 |
|
|
|
6,557 |
|
|
Total liabilities |
|
297,390 |
|
|
|
256,952 |
|
|
Stockholders' equity: |
|
|
|
|||||
Preferred stock |
|
— |
|
|
|
— |
|
|
Common stock |
|
53 |
|
|
|
54 |
|
|
Additional paid-in capital |
|
2,082,373 |
|
|
|
1,993,055 |
|
|
Accumulated other comprehensive loss |
|
(7,237 |
) |
|
|
(2,230 |
) |
|
Accumulated deficit |
|
(602,233 |
) |
|
|
(417,453 |
) |
|
Total stockholders’ equity |
|
1,472,956 |
|
|
|
1,573,426 |
|
|
Total liabilities and stockholders' equity |
$ |
1,770,346 |
|
|
$ |
1,830,378 |
|
|
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
(in thousands) |
||||||||
(unaudited) |
||||||||
|
Year Ended |
|||||||
|
2022 |
|
2021 |
|||||
Cash flows from operating activities: |
|
|
|
|||||
Net loss |
$ |
(184,780 |
) |
|
$ |
(163,929 |
) |
|
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|||||
Depreciation and amortization |
|
3,853 |
|
|
|
3,534 |
|
|
Share-based compensation expense |
|
160,743 |
|
|
|
142,660 |
|
|
Non-cash operating leases expense |
|
2,281 |
|
|
|
2,115 |
|
|
Amortization of premium on marketable securities |
|
277 |
|
|
|
1,162 |
|
|
Gain on sale of equity method investment |
|
(17,889 |
) |
|
|
— |
|
|
Impairment of other financial instruments |
|
11,616 |
|
|
|
— |
|
|
Other |
|
649 |
|
|
|
3,110 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|||||
Accounts receivable |
|
(2,577 |
) |
|
|
(4,940 |
) |
|
Settlements receivable |
|
(6,762 |
) |
|
|
1,601 |
|
|
Network incentives receivable |
|
(12,262 |
) |
|
|
(10,377 |
) |
|
Prepaid expenses and other assets |
|
(8,621 |
) |
|
|
(7,742 |
) |
|
Accounts payable |
|
254 |
|
|
|
190 |
|
|
Revenue share payable |
|
21,015 |
|
|
|
42,988 |
|
|
Accrued expenses and other liabilities |
|
22,257 |
|
|
|
49,372 |
|
|
Operating lease liabilities |
|
(3,020 |
) |
|
|
(2,772 |
) |
|
Net cash (used in) provided by operating activities |
|
(12,966 |
) |
|
|
56,972 |
|
|
Cash flows from investing activities: |
|
|
|
|||||
Purchases of property and equipment |
|
(2,319 |
) |
|
|
(2,743 |
) |
|
Purchase of patents |
|
(1,600 |
) |
|
|
— |
|
|
Purchases of marketable securities |
|
(70,495 |
) |
|
|
(455,266 |
) |
|
Sales of marketable securities |
|
— |
|
|
|
— |
|
|
Maturities of marketable securities |
|
77,400 |
|
|
|
148,888 |
|
|
Purchase of equity method investment and purchase option |
|
— |
|
|
|
(20,000 |
) |
|
Sale of equity method investment |
|
25,732 |
|
|
|
— |
|
|
Net cash provided by (used in) investing activities |
|
28,718 |
|
|
|
(329,121 |
) |
|
Cash flows from financing activities: |
|
|
|
|||||
Proceeds from initial public offering, net of underwriters' discounts and commissions |
|
— |
|
|
|
1,319,809 |
|
|
Proceeds from exercise of stock options, including early exercised stock options |
|
9,249 |
|
|
|
4,539 |
|
|
Proceeds from shares issued in connection with employee stock purchase plan |
|
4,762 |
|
|
|
3,201 |
|
|
Proceeds from exercise of warrants |
|
— |
|
|
|
60 |
|
|
Taxes paid related to net share settlement of restricted stock units |
|
(15,362 |
) |
|
|
(23,552 |
) |
|
Repurchase of common stock |
|
(78,136 |
) |
|
|
— |
|
|
Payment of deferred offering costs |
|
— |
|
|
|
(4,760 |
) |
|
Net cash (used in) provided by financing activities |
|
(79,487 |
) |
|
|
1,299,297 |
|
|
Net increase in cash, cash equivalents, and restricted cash |
|
(63,735 |
) |
|
|
1,027,148 |
|
|
Cash, cash equivalents, and restricted cash - Beginning of period |
|
1,255,381 |
|
|
|
228,233 |
|
|
Cash, cash equivalents, and restricted cash - End of period |
$ |
1,191,646 |
|
|
$ |
1,255,381 |
|
|
|||||||||||||||||||||||
Financial and Operating Highlights |
|||||||||||||||||||||||
(in thousands, except per share data or as noted) |
|||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||
|
|
2022 |
|
2021 |
|
Year over
|
|||||||||||||||||
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
||||||||||||
Operating performance: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net revenue |
|
$ |
203,805 |
|
|
$ |
191,621 |
|
|
$ |
186,678 |
|
|
$ |
166,102 |
|
|
$ |
155,414 |
|
|
31 |
% |
Costs of revenue |
|
|
116,681 |
|
|
|
111,519 |
|
|
|
108,629 |
|
|
|
91,376 |
|
|
|
79,615 |
|
|
47 |
% |
Gross profit |
|
|
87,124 |
|
|
|
80,102 |
|
|
|
78,049 |
|
|
|
74,726 |
|
|
|
75,799 |
|
|
15 |
% |
Gross profit margin |
|
|
43 |
% |
|
|
42 |
% |
|
|
42 |
% |
|
|
45 |
% |
|
|
49 |
% |
|
(6) pps |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Compensation and benefits |
|
|
110,991 |
|
|
|
105,887 |
|
|
|
97,868 |
|
|
|
100,348 |
|
|
|
88,995 |
|
|
25 |
% |
Professional services |
|
|
6,295 |
|
|
|
6,620 |
|
|
|
5,794 |
|
|
|
4,770 |
|
|
|
5,712 |
|
|
10 |
% |
Technology |
|
|
14,401 |
|
|
|
13,422 |
|
|
|
13,154 |
|
|
|
11,384 |
|
|
|
11,143 |
|
|
29 |
% |
Occupancy and equipment |
|
|
1,126 |
|
|
|
1,125 |
|
|
|
1,148 |
|
|
|
1,115 |
|
|
|
1,097 |
|
|
3 |
% |
Depreciation and amortization |
|
|
1,019 |
|
|
|
934 |
|
|
|
921 |
|
|
|
979 |
|
|
|
967 |
|
|
5 |
% |
Marketing and advertising |
|
|
1,862 |
|
|
|
688 |
|
|
|
886 |
|
|
|
559 |
|
|
|
804 |
|
|
132 |
% |
Other operating expenses |
|
|
5,753 |
|
|
|
10,922 |
|
|
|
4,995 |
|
|
|
4,843 |
|
|
|
4,811 |
|
|
20 |
% |
Total operating expenses |
|
|
141,447 |
|
|
|
139,598 |
|
|
|
124,766 |
|
|
|
123,998 |
|
|
|
113,529 |
|
|
25 |
% |
Loss from operations |
|
|
(54,323 |
) |
|
|
(59,496 |
) |
|
|
(46,717 |
) |
|
|
(49,272 |
) |
|
|
(37,730 |
) |
|
44 |
% |
Other income (expense), net |
|
|
28,468 |
|
|
|
6,333 |
|
|
|
1,802 |
|
|
|
(11,677 |
) |
|
|
142 |
|
|
19948 |
% |
Loss before income tax expense |
|
|
(25,855 |
) |
|
|
(53,163 |
) |
|
|
(44,915 |
) |
|
|
(60,949 |
) |
|
|
(37,588 |
) |
|
(31 |
)% |
income tax expense (benefit) |
|
|
471 |
|
|
|
5 |
|
|
|
(227 |
) |
|
|
(351 |
) |
|
|
(781 |
) |
|
(160 |
)% |
Net loss |
|
$ |
(26,326 |
) |
|
$ |
(53,168 |
) |
|
$ |
(44,688 |
) |
|
$ |
(60,598 |
) |
|
$ |
(36,807 |
) |
|
(28 |
)% |
Loss per share - basic and diluted |
|
$ |
(0.05 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.07 |
) |
|
(29 |
)% |
TPV (in millions) |
|
$ |
46,704 |
|
|
$ |
42,473 |
|
|
$ |
40,457 |
|
|
$ |
36,626 |
|
|
$ |
33,046 |
|
|
41 |
% |
Adjusted EBITDA |
|
$ |
(7,488 |
) |
|
$ |
(13,630 |
) |
|
$ |
(10,225 |
) |
|
$ |
(10,453 |
) |
|
$ |
1,162 |
|
|
(744 |
)% |
Adjusted EBITDA margin |
|
|
(4 |
)% |
|
|
(7 |
)% |
|
|
(5 |
)% |
|
|
(6 |
)% |
|
|
1 |
% |
|
(5) pps |
|
Financial condition: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Cash and cash equivalents |
|
$ |
1,183,846 |
|
|
$ |
1,204,857 |
|
|
$ |
1,220,273 |
|
|
$ |
1,197,257 |
|
|
$ |
1,247,581 |
|
|
(5 |
)% |
Restricted cash |
|
$ |
7,800 |
|
|
$ |
7,800 |
|
|
$ |
7,800 |
|
|
$ |
7,800 |
|
|
$ |
7,800 |
|
|
— |
% |
Marketable securities |
|
$ |
440,858 |
|
|
$ |
441,132 |
|
|
$ |
444,873 |
|
|
$ |
447,046 |
|
|
$ |
452,875 |
|
|
(3 |
)% |
Total assets |
|
$ |
1,770,346 |
|
|
$ |
1,774,455 |
|
|
$ |
1,776,930 |
|
|
$ |
1,793,483 |
|
|
$ |
1,830,378 |
|
|
(3 |
)% |
Total liabilities |
|
$ |
297,390 |
|
|
$ |
262,117 |
|
|
$ |
242,373 |
|
|
$ |
249,851 |
|
|
$ |
256,952 |
|
|
16 |
% |
Stockholders' equity |
|
$ |
1,472,956 |
|
|
$ |
1,512,338 |
|
|
$ |
1,534,557 |
|
|
$ |
1,543,632 |
|
|
$ |
1,573,426 |
|
|
(6 |
)% |
pps = percentage points |
Reconciliation of GAAP to NON-GAAP Measures
(in thousands)
Information Regarding Non-GAAP Measures
In addition to the financial measures prepared in accordance with generally accepted accounting principles in
We define Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortization; share-based compensation expense; payroll tax related to share-based compensation; acquisition related expenses which consists of due diligence costs related to potential acquisitions, and transaction costs, integration costs and amortization of intangible assets related to successful acquisitions; income tax expense (benefit); and other expense (income) net, which consists of changes in the fair value of redeemable convertible preferred stock warrant liabilities (for periods prior to the IPO), realized foreign currency gains and losses, interest income from our marketable securities, our share of equity method investments’ profit or loss, impairment of equity method investments or other financial instruments, and gain from sale of equity method investments. We believe that Adjusted EBITDA is an important measure of operating performance because it allows management and our board of directors to evaluate and compare our core operating results, including our operating efficiencies, from period to period. Additionally, we utilize Adjusted EBITDA as an input into our calculation of certain annual employee bonus plans.
Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by net revenue. This measure is used by management and our board of directors to evaluate our operating efficiency.
We define Non-GAAP operating expenses as total operating expenses adjusted to exclude depreciation and amortization; share-based compensation expense; payroll tax related to share-based compensation; and acquisition related expenses which consists of due diligence costs related to potential acquisitions, and transaction costs, integration costs and amortization of intangible assets related to successful acquisitions.
Adjusted EBITDA, Adjusted EBITDA Margin, and Non-GAAP operating expenses should not be considered in isolation, or construed as an alternative to net loss, or any other performance measures derived in accordance with GAAP, or as an alternative to cash flow from operating activities or as a measure of the company's liquidity. In addition, other companies may calculate Adjusted EBITDA differently than
The following table shows
|
Three Months Ended
|
|
Twelve Months Ended
|
|||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
GAAP net revenue |
$ |
203,805 |
|
|
$ |
155,414 |
|
|
$ |
748,206 |
|
|
$ |
517,175 |
|
|
GAAP net loss |
$ |
(26,326 |
) |
|
$ |
(36,807 |
) |
|
$ |
(184,780 |
) |
|
$ |
(163,929 |
) |
|
GAAP net loss margin |
|
(13 |
)% |
|
|
(24 |
)% |
|
|
(25 |
)% |
|
|
(32 |
)% |
|
GAAP total operating expenses |
$ |
141,447 |
|
|
$ |
113,529 |
|
|
$ |
529,809 |
|
|
$ |
393,711 |
|
|
|
|
|
|
|
|
|
|
|||||||||
GAAP net loss |
$ |
(26,326 |
) |
|
$ |
(36,807 |
) |
|
$ |
(184,780 |
) |
|
$ |
(163,929 |
) |
|
Depreciation and amortization expense |
|
1,019 |
|
|
|
967 |
|
|
|
3,853 |
|
|
|
3,534 |
|
|
Share-based compensation expense |
|
45,081 |
|
|
|
36,767 |
|
|
|
160,743 |
|
|
|
142,660 |
|
|
Payroll tax expense related to share-based compensation |
|
209 |
|
|
|
403 |
|
|
|
1,977 |
|
|
|
1,956 |
|
|
Acquisition related expenses |
|
526 |
|
|
|
755 |
|
|
|
1,439 |
|
|
|
1,089 |
|
|
Other expense (income), net |
|
(28,468 |
) |
|
|
(142 |
) |
|
|
(24,926 |
) |
|
|
2,563 |
|
|
Income tax expense (benefit) |
|
471 |
|
|
|
(781 |
) |
|
|
(102 |
) |
|
|
(640 |
) |
|
Adjusted EBITDA |
$ |
(7,488 |
) |
|
$ |
1,162 |
|
|
$ |
(41,796 |
) |
|
$ |
(12,767 |
) |
|
Adjusted EBITDA Margin |
|
(4 |
)% |
|
|
1 |
% |
|
|
(6 |
)% |
|
|
(2 |
)% |
|
|
|
|
|
|
|
|
|
|||||||||
GAAP Total operating expenses |
$ |
141,447 |
|
|
$ |
113,529 |
|
|
$ |
529,809 |
|
|
$ |
393,711 |
|
|
Depreciation and amortization expense |
|
(1,019 |
) |
|
|
(967 |
) |
|
|
(3,853 |
) |
|
|
(3,534 |
) |
|
Share-based compensation expense |
|
(45,081 |
) |
|
|
(36,767 |
) |
|
|
(160,743 |
) |
|
|
(142,660 |
) |
|
Payroll tax expense related to share-based compensation |
|
(209 |
) |
|
|
(403 |
) |
|
|
(1,977 |
) |
|
|
(1,956 |
) |
|
Acquisition related expenses |
|
(526 |
) |
|
|
(755 |
) |
|
|
(1,439 |
) |
|
|
(1,089 |
) |
|
Non-GAAP operating expenses |
$ |
94,612 |
|
|
$ |
74,637 |
|
|
$ |
361,797 |
|
|
$ |
244,472 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230228006269/en/
IR: Marqeta Investor Relations, IR@marqeta.com
Source:
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