Marqeta Reports Third Quarter Net Revenue Increase of 46 Percent Year Over Year, Highlighting New Platform Expansion and Global Customer Momentum
Marqeta, a leading modern card issuing platform, reported a 46% increase in net revenue to $192 million for Q3 2022, driven by a 54% growth in total processing volume (TPV) to $42 billion. Gross profit also rose by 36% year-over-year to $80 million, although the gross margin decreased to 42%. Despite these gains, the company recorded a net loss of $53 million, increasing from $45 million in Q3 2021. Marqeta launched new banking products and expanded its European data residency program, aiming to enhance customer data protection.
- Net revenue increased by 46% to $192 million year-over-year.
- Total processing volume (TPV) rose 54% to $42 billion.
- Gross profit increased by 36% to $80 million.
- Net loss widened to $53 million from $45 million year-over-year.
- Increased operating expenses by 33% to $139.6 million.
The global modern card issuer generated net revenue of
"This recent quarter serves as a great example of our continued success and the tremendous market opportunity in front of
Recent Business Updates:
-
Marqeta announced the launch ofMarqeta for Banking, a portfolio of seven banking products, continuing the expansion of its modern card issuing platform.Marqeta for Banking provides customers with a full set of account, ACH, instant funding and direct deposit products offered through Marqeta’s bank partners, enabling its customers to build complete banking products for their end users on the company's platform.
-
Marqeta announced its new data residency offering inEurope , providing additional safeguards to store the most sensitive elements of its European customers' personal data on European data servers.
-
Marqeta announced a new partnership withRaiffeisen Centrobank , to power itsRaiffeisen Digital Bank , enabling customers inPoland andRomania to leverage a modern, comprehensive banking experience with streamlined digital accounts and debit cards.
-
Marqeta continued to be the card platform of choice for innovators looking to launch new card programs at scale, including the new Blockchain.comVisa card where user’s utilize available cryptocurrency balance to fund purchases in fiat currency, the new Uber Pro card, alongside Branch, and part of an ecosystem of partners working with Stash on itsStash Core banking system and upgraded Stock-Back® Debit Mastercard®.
Operating Highlights
In thousands, except percentages and per share data. % change is calculated over the comparable prior-year period (unaudited) |
|
Three Months Ended September
|
|
% Change |
|
Nine Months Ended September
|
|
% Change |
|||||||||||
|
2022 |
|
|
|
2021 |
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|||
Financial metrics: |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net revenue |
$ |
191,621 |
|
|
$ |
131,512 |
|
|
|
|
$ |
544,401 |
|
|
$ |
361,761 |
|
|
|
Gross profit |
$ |
80,102 |
|
|
$ |
59,074 |
|
|
|
|
$ |
232,877 |
|
|
$ |
155,906 |
|
|
|
Gross margin |
|
42 |
% |
|
|
45 |
% |
|
|
|
|
43 |
% |
|
|
43 |
% |
|
|
Total operating expenses |
$ |
139,598 |
|
|
$ |
104,712 |
|
|
|
|
$ |
388,362 |
|
|
$ |
280,181 |
|
|
|
Net loss |
$ |
(53,168 |
) |
|
$ |
(45,730 |
) |
|
(16)% |
|
$ |
(158,454 |
) |
|
$ |
(127,122 |
) |
|
(25)% |
Net loss margin |
|
(28 |
)% |
|
|
(35 |
)% |
|
|
|
|
(29 |
)% |
|
|
(35 |
)% |
|
|
Net loss per share - basic and diluted |
$ |
(0.10 |
) |
|
$ |
(0.08 |
) |
|
(25)% |
|
$ |
(0.29 |
) |
|
$ |
(0.42 |
) |
|
|
Key operating metric and Non-GAAP financial measures: |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total Processing Volume (TPV) (in millions) 1 |
$ |
42,473 |
|
|
$ |
27,569 |
|
|
|
|
$ |
119,556 |
|
|
$ |
78,087 |
|
|
|
Adjusted EBITDA 2 |
$ |
(13,631 |
) |
|
$ |
(4,939 |
) |
|
(176)% |
|
$ |
(34,308 |
) |
|
$ |
(13,928 |
) |
|
(146)% |
Adjusted EBITDA margin 2 |
|
(7 |
)% |
|
|
(4 |
)% |
|
|
|
|
(6 |
)% |
|
|
(4 |
)% |
|
|
Non-GAAP operating expenses 2 |
$ |
93,733 |
|
|
$ |
64,013 |
|
|
|
|
$ |
267,185 |
|
|
$ |
169,834 |
|
|
|
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. |
Third Quarter 2022 Financial Results:
Net revenue increased by
Gross profit increased by
Net loss increased by
Total Processing Volume increased by
Adjusted EBITDA in the third quarter of 2022 was
Financial Guidance
The following summarizes
|
Fourth Quarter 2022 |
Net Revenue Growth |
29 - |
|
|
Gross Profit Margin |
42 - |
|
|
Adjusted EBITDA Margin (1) |
Negative 5 - |
(1) See "Information Regarding Non-GAAP Measures" for the definition of Adjusted EBITDA and for information regarding non-availability of a forward reconciliation. |
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.
Marqeta® is a registered trademark of
Condensed Consolidated Statements of Operations (in thousands, except share and per share amounts) (unaudited) |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net revenue |
$ |
191,621 |
|
|
$ |
131,512 |
|
|
$ |
544,401 |
|
|
$ |
361,761 |
|
Costs of revenue |
|
111,519 |
|
|
|
72,438 |
|
|
|
311,524 |
|
|
|
205,855 |
|
Gross profit |
|
80,102 |
|
|
|
59,074 |
|
|
|
232,877 |
|
|
|
155,906 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Compensation and benefits |
|
105,887 |
|
|
|
84,462 |
|
|
|
304,103 |
|
|
|
229,121 |
|
Technology |
|
13,422 |
|
|
|
9,299 |
|
|
|
37,960 |
|
|
|
22,494 |
|
Professional services |
|
6,620 |
|
|
|
4,704 |
|
|
|
17,184 |
|
|
|
12,731 |
|
Occupancy |
|
1,125 |
|
|
|
1,091 |
|
|
|
3,388 |
|
|
|
3,083 |
|
Depreciation and amortization |
|
935 |
|
|
|
786 |
|
|
|
2,834 |
|
|
|
2,567 |
|
Marketing and advertising |
|
688 |
|
|
|
490 |
|
|
|
2,133 |
|
|
|
1,480 |
|
Other operating expenses |
|
10,921 |
|
|
|
3,880 |
|
|
|
20,760 |
|
|
|
8,705 |
|
Total operating expenses |
|
139,598 |
|
|
|
104,712 |
|
|
|
388,362 |
|
|
|
280,181 |
|
Loss from operations |
|
(59,496 |
) |
|
|
(45,638 |
) |
|
|
(155,485 |
) |
|
|
(124,275 |
) |
Other income (expense), net |
|
6,333 |
|
|
|
(57 |
) |
|
|
(3,542 |
) |
|
|
(2,706 |
) |
Loss before income tax expense |
|
(53,163 |
) |
|
|
(45,695 |
) |
|
|
(159,027 |
) |
|
|
(126,981 |
) |
Income tax expense (benefit) |
|
5 |
|
|
|
35 |
|
|
|
(573 |
) |
|
|
141 |
|
Net loss |
$ |
(53,168 |
) |
|
$ |
(45,730 |
) |
|
$ |
(158,454 |
) |
|
$ |
(127,122 |
) |
Net loss per share attributable to common stockholders, basic and diluted |
$ |
(0.10 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.42 |
) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
|
548,990,212 |
|
|
|
538,896,513 |
|
|
|
545,614,599 |
|
|
|
302,967,155 |
|
Condensed Consolidated Balance Sheets (in thousands) |
|||||||
|
|
|
|
||||
|
(unaudited) |
|
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
1,204,857 |
|
|
$ |
1,247,581 |
|
Restricted cash |
|
7,800 |
|
|
|
7,800 |
|
Marketable securities |
|
441,132 |
|
|
|
452,875 |
|
Accounts receivable, net |
|
12,800 |
|
|
|
13,187 |
|
Settlements receivable, net |
|
10,350 |
|
|
|
11,266 |
|
Network incentives receivable |
|
27,063 |
|
|
|
30,399 |
|
Prepaid expenses and other current assets |
|
38,930 |
|
|
|
35,617 |
|
Total current assets |
|
1,742,932 |
|
|
|
1,798,725 |
|
Property and equipment, net |
|
8,030 |
|
|
|
9,687 |
|
Operating lease right-of-use assets, net |
|
9,607 |
|
|
|
11,296 |
|
Equity method investment |
|
7,843 |
|
|
|
8,384 |
|
Other assets |
|
6,043 |
|
|
|
2,286 |
|
Total assets |
$ |
1,774,455 |
|
|
$ |
1,830,378 |
|
Liabilities and stockholders' equity |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable |
$ |
2,741 |
|
|
$ |
2,693 |
|
Revenue share payable |
|
116,095 |
|
|
|
121,179 |
|
Accrued expenses and other current liabilities |
|
131,398 |
|
|
|
114,096 |
|
Total current liabilities |
|
250,234 |
|
|
|
237,968 |
|
Operating lease liabilities, net of current portion |
|
9,928 |
|
|
|
12,427 |
|
Other liabilities |
|
1,955 |
|
|
|
6,557 |
|
Total liabilities |
|
262,117 |
|
|
|
256,952 |
|
Stockholders' equity : |
|
|
|
||||
Preferred stock |
|
— |
|
|
|
— |
|
Common stock |
|
54 |
|
|
|
54 |
|
Additional paid-in capital |
|
2,098,764 |
|
|
|
1,993,055 |
|
Accumulated other comprehensive loss |
|
(10,573 |
) |
|
|
(2,230 |
) |
Accumulated deficit |
|
(575,907 |
) |
|
|
(417,453 |
) |
Total stockholders’ equity |
|
1,512,338 |
|
|
|
1,573,426 |
|
Total liabilities and stockholders' equity |
$ |
1,774,455 |
|
|
$ |
1,830,378 |
|
Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) |
|||||||
|
Nine Months Ended
|
||||||
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(158,454 |
) |
|
$ |
(127,122 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
2,834 |
|
|
|
2,567 |
|
Share-based compensation expense |
|
115,662 |
|
|
|
105,893 |
|
Non-cash operating leases expense |
|
1,689 |
|
|
|
1,579 |
|
Amortization of premium on marketable securities |
|
449 |
|
|
|
974 |
|
Impairment of other financial instruments |
|
11,616 |
|
|
|
— |
|
Other |
|
445 |
|
|
|
2,999 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
271 |
|
|
|
974 |
|
Settlements receivable |
|
916 |
|
|
|
(2,584 |
) |
Network incentives receivable |
|
3,336 |
|
|
|
(20,002 |
) |
Prepaid expenses and other assets |
|
(11,596 |
) |
|
|
(6,089 |
) |
Accounts payable |
|
(891 |
) |
|
|
282 |
|
Revenue share payable |
|
(5,084 |
) |
|
|
9,992 |
|
Accrued expenses and other liabilities |
|
13,144 |
|
|
|
34,037 |
|
Operating lease liabilities |
|
(2,231 |
) |
|
|
(2,147 |
) |
Net cash (used in) provided by operating activities |
|
(27,894 |
) |
|
|
1,353 |
|
Cash flows from investing activities: |
|
|
|
||||
Purchases of property and equipment |
|
(1,700 |
) |
|
|
(2,251 |
) |
Purchases of patents |
|
(600 |
) |
|
|
— |
|
Purchases of marketable securities |
|
(21,660 |
) |
|
|
(375,089 |
) |
Maturities of marketable securities |
|
24,900 |
|
|
|
114,688 |
|
Net cash (used in) provided by investing activities |
|
940 |
|
|
|
(262,652 |
) |
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 |
|
5,733 |
|
|
|
2,799 |
|
Proceeds from exercise of warrants |
|
— |
|
|
|
60 |
|
Proceeds from shares issued in connection with employee stock purchase plan |
|
2,775 |
|
|
|
— |
|
Taxes paid related to net share settlement of restricted stock units |
|
(11,576 |
) |
|
|
(18,448 |
) |
Repurchases of common stock |
|
(12,702 |
) |
|
|
— |
|
Payment of deferred offering costs |
|
— |
|
|
|
(3,134 |
) |
Net cash (used in) provided by financing activities |
|
(15,770 |
) |
|
|
1,301,086 |
|
Net (decrease) increase in cash, cash equivalents, and restricted cash |
|
(42,724 |
) |
|
|
1,039,787 |
|
Cash, cash equivalents, and restricted cash- Beginning of period |
|
1,255,381 |
|
|
|
228,233 |
|
Cash, cash equivalents, and restricted cash - End of period |
$ |
1,212,657 |
|
|
$ |
1,268,020 |
|
Financial and Operating Highlights (in thousands, except per share data or as noted) (unaudited) |
|||||||||||||||||||||||
|
|
2022 |
|
2021 |
|
Year over
|
|||||||||||||||||
|
|
Third
|
|
Second
|
|
First Quarter |
|
Fourth
|
|
Third
|
|
||||||||||||
Operating performance: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net revenue |
|
$ |
191,621 |
|
|
$ |
186,678 |
|
|
$ |
166,102 |
|
|
$ |
155,414 |
|
|
$ |
131,512 |
|
|
46 |
% |
Costs of revenue |
|
|
111,519 |
|
|
|
108,629 |
|
|
|
91,376 |
|
|
|
79,615 |
|
|
|
72,438 |
|
|
54 |
% |
Gross profit |
|
|
80,102 |
|
|
|
78,049 |
|
|
|
74,726 |
|
|
|
75,799 |
|
|
|
59,074 |
|
|
36 |
% |
Gross margin |
|
|
42 |
% |
|
|
42 |
% |
|
|
45 |
% |
|
|
49 |
% |
|
|
45 |
% |
|
(3) pps |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Compensation and benefits |
|
|
105,887 |
|
|
|
97,868 |
|
|
|
100,348 |
|
|
|
88,995 |
|
|
|
84,462 |
|
|
25 |
% |
Technology |
|
|
13,422 |
|
|
|
13,154 |
|
|
|
11,384 |
|
|
|
11,143 |
|
|
|
9,299 |
|
|
44 |
% |
Professional services |
|
|
6,620 |
|
|
|
5,794 |
|
|
|
4,770 |
|
|
|
5,712 |
|
|
|
4,704 |
|
|
41 |
% |
Occupancy and equipment |
|
|
1,125 |
|
|
|
1,148 |
|
|
|
1,115 |
|
|
|
1,097 |
|
|
|
1,091 |
|
|
3 |
% |
Depreciation and amortization |
|
|
935 |
|
|
|
921 |
|
|
|
979 |
|
|
|
967 |
|
|
|
786 |
|
|
19 |
% |
Marketing and advertising |
|
|
688 |
|
|
|
886 |
|
|
|
559 |
|
|
|
804 |
|
|
|
490 |
|
|
40 |
% |
Other operating expenses |
|
|
10,921 |
|
|
|
4,995 |
|
|
|
4,843 |
|
|
|
4,811 |
|
|
|
3,880 |
|
|
181 |
% |
Total operating expenses |
|
|
139,598 |
|
|
|
124,766 |
|
|
|
123,998 |
|
|
|
113,529 |
|
|
|
104,712 |
|
|
33 |
% |
Loss from operations |
|
|
(59,496 |
) |
|
|
(46,717 |
) |
|
|
(49,272 |
) |
|
|
(37,730 |
) |
|
|
(45,638 |
) |
|
30 |
% |
Other income (expense), net |
|
|
6,333 |
|
|
|
1,802 |
|
|
|
(11,677 |
) |
|
|
142 |
|
|
|
(57 |
) |
|
n/m |
|
Loss before income tax expense |
|
|
(53,163 |
) |
|
|
(44,915 |
) |
|
|
(60,949 |
) |
|
|
(37,588 |
) |
|
|
(45,695 |
) |
|
16 |
% |
Income tax expense (benefit) |
|
|
5 |
|
|
|
(227 |
) |
|
|
(351 |
) |
|
|
(781 |
) |
|
|
35 |
|
|
(86 |
)% |
Net loss |
|
$ |
(53,168 |
) |
|
$ |
(44,688 |
) |
|
$ |
(60,598 |
) |
|
$ |
(36,807 |
) |
|
$ |
(45,730 |
) |
|
16 |
% |
Loss per share - basic and diluted |
|
$ |
(0.10 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.08 |
) |
|
25 |
% |
TPV (in millions) |
|
$ |
42,473 |
|
|
$ |
40,457 |
|
|
$ |
36,626 |
|
|
$ |
33,046 |
|
|
$ |
27,569 |
|
|
54 |
% |
Adjusted EBITDA |
|
$ |
(13,631 |
) |
|
$ |
(10,225 |
) |
|
$ |
(10,453 |
) |
|
$ |
1,162 |
|
|
$ |
(4,939 |
) |
|
176 |
% |
Adjusted EBITDA margin |
|
|
(7 |
)% |
|
|
(5 |
)% |
|
|
(6 |
)% |
|
|
1 |
% |
|
|
(4 |
)% |
|
(3) pps |
|
Financial condition: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Cash and cash equivalents |
|
$ |
1,204,857 |
|
|
$ |
1,220,273 |
|
|
$ |
1,197,257 |
|
|
$ |
1,247,581 |
|
|
$ |
1,260,220 |
|
|
(4 |
)% |
Restricted cash |
|
$ |
7,800 |
|
|
$ |
7,800 |
|
|
$ |
7,800 |
|
|
$ |
7,800 |
|
|
$ |
7,800 |
|
|
— |
% |
Marketable securities |
|
$ |
441,132 |
|
|
$ |
444,873 |
|
|
$ |
447,046 |
|
|
$ |
452,875 |
|
|
$ |
408,954 |
|
|
8 |
% |
Total assets |
|
$ |
1,774,455 |
|
|
$ |
1,776,930 |
|
|
$ |
1,793,483 |
|
|
$ |
1,830,378 |
|
|
$ |
1,783,142 |
|
|
— |
% |
Total liabilities |
|
$ |
262,117 |
|
|
$ |
242,373 |
|
|
$ |
249,851 |
|
|
$ |
256,952 |
|
|
$ |
209,802 |
|
|
25 |
% |
Stockholders' equity |
|
$ |
1,512,338 |
|
|
$ |
1,534,557 |
|
|
$ |
1,543,632 |
|
|
$ |
1,573,426 |
|
|
$ |
1,573,340 |
|
|
(4 |
) % |
pps = percentage points |
|||||||||||||||||||||||
n/m = not meaningful |
Reconciliation of GAAP to NON-GAAP Measures
(in thousands)
(unaudited)
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; legal, financial, and tax due diligence costs related to potential 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, and impairment of equity method investments or other financial instruments. 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 legal, financial, and tax due diligence costs related to potential 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
|
|
Nine Months Ended
|
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
GAAP net revenue |
$ |
191,621 |
|
|
$ |
131,512 |
|
|
$ |
544,401 |
|
|
$ |
361,761 |
|
GAAP net loss |
$ |
(53,168 |
) |
|
$ |
(45,730 |
) |
|
$ |
(158,454 |
) |
|
$ |
(127,122 |
) |
GAAP net loss margin |
|
(28 |
)% |
|
|
(35 |
)% |
|
|
(29 |
)% |
|
|
(35 |
)% |
GAAP total operating expenses |
$ |
139,598 |
|
|
$ |
104,712 |
|
|
$ |
388,362 |
|
|
$ |
280,181 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP net loss |
$ |
(53,168 |
) |
|
$ |
(45,730 |
) |
|
$ |
(158,454 |
) |
|
$ |
(127,122 |
) |
Depreciation and amortization expense |
|
935 |
|
|
|
786 |
|
|
|
2,834 |
|
|
|
2,567 |
|
Share-based compensation expense |
|
43,509 |
|
|
|
38,965 |
|
|
|
115,662 |
|
|
|
105,893 |
|
Payroll tax expense related to share-based compensation |
|
508 |
|
|
|
614 |
|
|
|
1,768 |
|
|
|
1,553 |
|
Due diligence costs related to potential acquisitions |
|
913 |
|
|
|
334 |
|
|
|
913 |
|
|
|
334 |
|
Other expense (income), net |
|
(6,333 |
) |
|
|
57 |
|
|
|
3,542 |
|
|
|
2,706 |
|
Income tax expense (benefit) |
|
5 |
|
|
|
35 |
|
|
|
(573 |
) |
|
|
141 |
|
Adjusted EBITDA |
$ |
(13,631 |
) |
|
$ |
(4,939 |
) |
|
$ |
(34,308 |
) |
|
$ |
(13,928 |
) |
Adjusted EBITDA Margin |
|
(7 |
)% |
|
|
(4 |
)% |
|
|
(6 |
)% |
|
|
(4 |
)% |
|
|
|
|
|
|
|
|
||||||||
GAAP Total operating expenses |
$ |
139,598 |
|
|
$ |
104,712 |
|
|
$ |
388,362 |
|
|
$ |
280,181 |
|
Depreciation and amortization expense |
|
(935 |
) |
|
|
(786 |
) |
|
|
(2,834 |
) |
|
|
(2,567 |
) |
Share-based compensation expense |
|
(43,509 |
) |
|
|
(38,965 |
) |
|
|
(115,662 |
) |
|
|
(105,893 |
) |
Payroll tax expense related to share-based compensation |
|
(508 |
) |
|
|
(614 |
) |
|
|
(1,768 |
) |
|
|
(1,553 |
) |
Due diligence costs related to potential acquisitions |
|
(913 |
) |
|
|
(334 |
) |
|
|
(913 |
) |
|
|
(334 |
) |
Non-GAAP operating expenses |
$ |
93,733 |
|
|
$ |
64,013 |
|
|
$ |
267,185 |
|
|
$ |
169,834 |
|
A reconciliation of Adjusted EBITDA to the comparable GAAP measure for the fourth quarter of 2022 is not available due to the challenges and impracticability with estimating some of the items 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221109005990/en/
IR Contact: Marqeta Investor Relations, IR@marqeta.com
Source:
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