Marqeta Second Quarter Net Revenue Jumps 53 Percent Year Over Year, Highlighting Customer Strength and New Innovation
Marqeta, Inc. (NASDAQ: MQ) reported impressive second-quarter results for 2022, with net revenue of $187 million, a 53% increase year-over-year, and gross profit of $78 million, up 66%. The total processing volume reached $40 billion, marking a 53% growth from Q2 2021. Despite a net loss of $45 million, a 35% decrease from the previous year, the company continues to expand its offerings, including a partnership with Western Union and enhancements to its credit platform. Guidance for Q3 indicates net revenue growth of 36-38%.
- Net revenue increased by 53% year-over-year to $187 million.
- Gross profit rose 66% year-over-year, reaching $78 million.
- Total processing volume reached $40 billion, reflecting 53% growth.
- Partnership with Western Union enhances global service offerings.
- Expansion of credit platform with over 40 new APIs.
- Guidance predicts 36-38% net revenue growth for Q3.
- GAAP net loss of $45 million, despite improvement from previous year.
- Adjusted EBITDA loss of $10 million remained flat year-over-year.
The global modern card issuer generated net revenue of
Total processing volume (TPV) was
“Marqeta’s platform continues to enable customers across many different verticals to build products on the cutting edge of payments, and serve as an accelerator for their growth. Our second quarter results are testament to that breadth and depth, as we again launched new products and bought on major new customers globally,” said
Recent Business Updates:
-
Marqeta announced a partnership with Western Union inEurope . The company integratedMarqeta into its next generation real-time, multi-currency digital wallet and digital banking platform, which allows Western Union’s full remittance service to be offered online, with funds disbursed to a physical or virtual debit card.
-
Marqeta announced a significant expansion to its credit platform with over 40 new credit APIs that will enable our customers to design, test, and launch differentiated credit card experiences. These enhancements will provide its customers with greater flexibility and control than legacy credit solutions, with customers also having the option to leverageFirst National Bank of Omaha’s leading program management and banking capabilities.
-
Marqeta was named as the payment processor of choice byMastercard Prepaid Management Services for Opal Plus, a new transit program inAustralia launched byTransport for NSW . This will allow subscribers to plan, book, and pay for a tailored commuter experience directly from their mobile device, and shows the adaptability of theMarqeta platform to service an ever-broadening array of use cases.
Operating Highlights
In thousands, except percentages and per share
|
Three Months Ended |
|
% Change |
|
Six Months Ended |
|
% Change |
||||||||||||||
|
2022 |
|
|
|
2021 |
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|||||
Financial metrics: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net revenue |
$ |
186,678 |
|
|
$ |
122,266 |
|
|
53 |
% |
|
$ |
352,780 |
|
|
$ |
230,249 |
|
|
53 |
% |
Gross profit |
$ |
78,049 |
|
|
$ |
46,975 |
|
|
66 |
% |
|
$ |
152,775 |
|
|
$ |
96,832 |
|
|
58 |
% |
Gross margin |
|
42 |
% |
|
|
38 |
% |
|
|
|
|
43 |
% |
|
|
42 |
% |
|
|
||
Net loss |
$ |
(44,688 |
) |
|
$ |
(68,554 |
) |
|
35 |
% |
|
$ |
(105,286 |
) |
|
$ |
(81,392 |
) |
|
(29 |
)% |
Net loss margin |
|
(24 |
)% |
|
|
(56 |
)% |
|
|
|
|
(30 |
)% |
|
|
(35 |
)% |
|
|
||
Net loss per share - basic and diluted |
$ |
(0.08 |
) |
|
$ |
(0.29 |
) |
|
72 |
% |
|
$ |
(0.19 |
) |
|
$ |
(0.44 |
) |
|
57 |
% |
Key operating metric and Non-GAAP financial measures: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Processing Volume (TPV) (in millions) 1 |
$ |
40,457 |
|
|
$ |
26,520 |
|
|
53 |
% |
|
$ |
77,083 |
|
|
$ |
50,518 |
|
|
53 |
% |
Adjusted EBITDA 2 |
$ |
(10,225 |
) |
|
$ |
(10,637 |
) |
|
4 |
% |
|
$ |
(20,678 |
) |
|
$ |
(8,990 |
) |
|
(130 |
)% |
Adjusted EBITDA margin 2 |
|
(5 |
)% |
|
|
(9 |
)% |
|
|
|
|
(6 |
) % |
|
|
(4 |
)% |
|
|
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 and Adjusted EBITDA margin and a reconciliation of the net loss to Adjusted EBITDA. |
Second Quarter 2022 Financial Results:
Net revenue increased by
Gross profit increased by
Net loss decreased by
Total Processing Volume increased by
Adjusted EBITDA in the second quarter of 2022 was
Financial Guidance
The following summarizes
|
Third Quarter 2022 |
Net Revenue Growth |
36 - |
|
|
Gross Profit Margin |
43- |
|
|
Adjusted EBITDA Margin (1) |
Negative 8 |
(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 |
|
Six Months Ended |
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net revenue |
$ |
186,678 |
|
|
$ |
122,266 |
|
|
$ |
352,780 |
|
|
$ |
230,249 |
|
Costs of revenue |
|
108,629 |
|
|
|
75,291 |
|
|
|
200,005 |
|
|
|
133,417 |
|
Gross profit |
|
78,049 |
|
|
|
46,975 |
|
|
|
152,775 |
|
|
|
96,832 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Compensation and benefits |
|
97,868 |
|
|
|
97,755 |
|
|
|
198,216 |
|
|
|
144,658 |
|
Technology |
|
13,154 |
|
|
|
7,569 |
|
|
|
24,538 |
|
|
|
13,195 |
|
Professional services |
|
5,794 |
|
|
|
3,831 |
|
|
|
10,564 |
|
|
|
8,028 |
|
Occupancy |
|
1,148 |
|
|
|
907 |
|
|
|
2,263 |
|
|
|
1,993 |
|
Depreciation and amortization |
|
921 |
|
|
|
874 |
|
|
|
1,900 |
|
|
|
1,781 |
|
Marketing and advertising |
|
886 |
|
|
|
495 |
|
|
|
1,445 |
|
|
|
990 |
|
Other operating expenses |
|
4,995 |
|
|
|
3,530 |
|
|
|
9,838 |
|
|
|
4,825 |
|
Total operating expenses |
|
124,766 |
|
|
|
114,961 |
|
|
|
248,764 |
|
|
|
175,470 |
|
Loss from operations |
|
(46,717 |
) |
|
|
(67,986 |
) |
|
|
(95,989 |
) |
|
|
(78,638 |
) |
Other income (expense), net |
|
1,802 |
|
|
|
(481 |
) |
|
|
(9,875 |
) |
|
|
(2,648 |
) |
Loss before income tax expense |
|
(44,915 |
) |
|
|
(68,467 |
) |
|
|
(105,864 |
) |
|
|
(81,286 |
) |
Income tax expense (benefit) |
|
(227 |
) |
|
|
87 |
|
|
|
(578 |
) |
|
|
106 |
|
Net loss |
$ |
(44,688 |
) |
|
$ |
(68,554 |
) |
|
$ |
(105,286 |
) |
|
$ |
(81,392 |
) |
Net loss per share attributable to common stockholders, basic and diluted |
$ |
(0.08 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.44 |
) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
|
544,704,146 |
|
|
|
234,669,664 |
|
|
|
543,524,008 |
|
|
|
183,784,697 |
|
Condensed Consolidated Balance Sheets (in thousands) |
|||||||
|
|
|
|
||||
|
(unaudited) |
|
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
1,220,273 |
|
|
$ |
1,247,581 |
|
Restricted cash |
|
7,800 |
|
|
|
7,800 |
|
Marketable securities |
|
444,873 |
|
|
|
452,875 |
|
Accounts receivable, net |
|
8,109 |
|
|
|
13,187 |
|
Settlements receivable, net |
|
10,433 |
|
|
|
11,266 |
|
Network incentives receivable |
|
13,266 |
|
|
|
30,399 |
|
Prepaid expenses and other current assets |
|
38,642 |
|
|
|
35,617 |
|
Total current assets |
|
1,743,396 |
|
|
|
1,798,725 |
|
Property and equipment, net |
|
8,643 |
|
|
|
9,687 |
|
Operating lease right-of-use assets, net |
|
10,185 |
|
|
|
11,296 |
|
Equity method investment |
|
7,875 |
|
|
|
8,384 |
|
Other assets |
|
6,831 |
|
|
|
2,286 |
|
Total assets |
$ |
1,776,930 |
|
|
$ |
1,830,378 |
|
Liabilities and stockholders' equity |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable |
$ |
901 |
|
|
$ |
2,693 |
|
Revenue share payable |
|
117,087 |
|
|
|
121,179 |
|
Accrued expenses and other current liabilities |
|
110,517 |
|
|
|
114,096 |
|
Total current liabilities |
|
228,505 |
|
|
|
237,968 |
|
Operating lease liabilities, net of current portion |
|
10,786 |
|
|
|
12,427 |
|
Other liabilities |
|
3,082 |
|
|
|
6,557 |
|
Total liabilities |
|
242,373 |
|
|
|
256,952 |
|
Stockholders' equity : |
|
|
|
||||
Preferred stock |
|
— |
|
|
|
— |
|
Common stock |
|
54 |
|
|
|
54 |
|
Additional paid-in capital |
|
2,067,435 |
|
|
|
1,993,055 |
|
Accumulated other comprehensive loss |
|
(10,193 |
) |
|
|
(2,230 |
) |
Accumulated deficit |
|
(522,739 |
) |
|
|
(417,453 |
) |
Total stockholders’ equity |
|
1,534,557 |
|
|
|
1,573,426 |
|
Total liabilities and stockholders' equity |
$ |
1,776,930 |
|
|
$ |
1,830,378 |
|
Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) |
|||||||
|
Six Months Ended |
||||||
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(105,286 |
) |
|
$ |
(81,392 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
1,900 |
|
|
|
1,781 |
|
Share-based compensation expense |
|
72,153 |
|
|
|
66,928 |
|
Non-cash operating leases expense |
|
1,111 |
|
|
|
1,058 |
|
Amortization of premium on marketable securities |
|
338 |
|
|
|
716 |
|
Impairment of other financial instruments |
|
11,616 |
|
|
|
— |
|
Other |
|
326 |
|
|
|
2,974 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
5,067 |
|
|
|
2,416 |
|
Settlements receivable |
|
833 |
|
|
|
3,269 |
|
Network incentives receivable |
|
17,133 |
|
|
|
(17,415 |
) |
Prepaid expenses and other assets |
|
(14,982 |
) |
|
|
354 |
|
Accounts payable |
|
(1,609 |
) |
|
|
(18 |
) |
Revenue share payable |
|
(4,092 |
) |
|
|
3,824 |
|
Accrued expenses and other liabilities |
|
(6,987 |
) |
|
|
22,738 |
|
Operating lease liabilities |
|
(1,464 |
) |
|
|
(1,420 |
) |
Net cash (used in) provided by operating activities |
|
(23,943 |
) |
|
|
5,813 |
|
Cash flows from investing activities: |
|
|
|
||||
Purchases of property and equipment |
|
(868 |
) |
|
|
(1,096 |
) |
Purchases of marketable securities |
|
(12,999 |
) |
|
|
(13,145 |
) |
Maturities of marketable securities |
|
12,900 |
|
|
|
57,188 |
|
Net cash (used in) provided by investing activities |
|
(967 |
) |
|
|
42,947 |
|
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 |
|
3,407 |
|
|
|
2,539 |
|
Proceeds from shares issued in connection with employee stock purchase plan |
|
2,775 |
|
|
|
— |
|
Taxes paid related to net share settlement of restricted stock units |
|
(8,580 |
) |
|
|
(10,273 |
) |
Payment of deferred offering costs |
|
— |
|
|
|
(1,981 |
) |
Net cash (used in) provided by financing activities |
|
(2,398 |
) |
|
|
1,310,094 |
|
Net (decrease) increase in cash, cash equivalents, and restricted cash |
|
(27,308 |
) |
|
|
1,358,854 |
|
Cash, cash equivalents, and restricted cash- Beginning of period |
|
1,255,381 |
|
|
|
228,233 |
|
Cash, cash equivalents, and restricted cash - End of period |
$ |
1,228,073 |
|
|
$ |
1,587,087 |
|
Financial and Operating Highlights (in thousands, except per share data or as noted) (unaudited) |
|||||||||||||||||||||||
|
|
2022 |
|
2021 |
|
Year over
|
|||||||||||||||||
|
|
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
|
||||||||||||
Operating performance: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net revenue |
|
$ |
186,678 |
|
|
$ |
166,102 |
|
|
$ |
155,414 |
|
|
$ |
131,511 |
|
|
$ |
122,266 |
|
|
53 |
% |
Costs of revenue |
|
|
108,629 |
|
|
|
91,376 |
|
|
|
79,615 |
|
|
|
72,438 |
|
|
|
75,291 |
|
|
44 |
% |
Gross profit |
|
|
78,049 |
|
|
|
74,726 |
|
|
|
75,799 |
|
|
|
59,073 |
|
|
|
46,975 |
|
|
66 |
% |
Gross margin |
|
|
42 |
% |
|
|
45 |
% |
|
|
49 |
% |
|
|
45 |
% |
|
|
38 |
% |
|
4 pps |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Compensation and benefits |
|
|
97,868 |
|
|
|
100,348 |
|
|
|
88,995 |
|
|
|
84,462 |
|
|
|
97,755 |
|
|
— |
% |
Technology |
|
|
13,154 |
|
|
|
11,384 |
|
|
|
11,143 |
|
|
|
9,299 |
|
|
|
7,569 |
|
|
74 |
% |
Professional services |
|
|
5,794 |
|
|
|
4,770 |
|
|
|
5,712 |
|
|
|
4,703 |
|
|
|
3,831 |
|
|
51 |
% |
Occupancy and equipment |
|
|
1,148 |
|
|
|
1,115 |
|
|
|
1,097 |
|
|
|
1,091 |
|
|
|
907 |
|
|
27 |
% |
Depreciation and amortization |
|
|
921 |
|
|
|
979 |
|
|
|
967 |
|
|
|
786 |
|
|
|
874 |
|
|
5 |
% |
Marketing and advertising |
|
|
886 |
|
|
|
559 |
|
|
|
804 |
|
|
|
490 |
|
|
|
495 |
|
|
79 |
% |
Other operating expenses |
|
|
4,995 |
|
|
|
4,843 |
|
|
|
4,811 |
|
|
|
3,880 |
|
|
|
3,530 |
|
|
42 |
% |
Total operating expenses |
|
|
124,766 |
|
|
|
123,998 |
|
|
|
113,529 |
|
|
|
104,711 |
|
|
|
114,961 |
|
|
9 |
% |
Loss from operations |
|
|
(46,717 |
) |
|
|
(49,272 |
) |
|
|
(37,730 |
) |
|
|
(45,638 |
) |
|
|
(67,986 |
) |
|
(31 |
)% |
Other income (expense), net |
|
|
1,802 |
|
|
|
(11,677 |
) |
|
|
142 |
|
|
|
(57 |
) |
|
|
(481 |
) |
|
(475 |
)% |
Loss before income tax expense |
|
|
(44,915 |
) |
|
|
(60,949 |
) |
|
|
(37,588 |
) |
|
|
(45,695 |
) |
|
|
(68,467 |
) |
|
(34 |
)% |
Income tax expense (benefit) |
|
|
(227 |
) |
|
|
(351 |
) |
|
|
(781 |
) |
|
|
35 |
|
|
|
87 |
|
|
(361 |
)% |
Net loss |
|
$ |
(44,688 |
) |
|
$ |
(60,598 |
) |
|
$ |
(36,807 |
) |
|
$ |
(45,730 |
) |
|
$ |
(68,554 |
) |
|
(35 |
)% |
Loss per share - basic and diluted |
|
$ |
(0.08 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.29 |
) |
|
(72 |
)% |
TPV (in millions) |
|
$ |
40,457 |
|
|
$ |
36,626 |
|
|
$ |
33,046 |
|
|
$ |
27,569 |
|
|
$ |
26,520 |
|
|
53 |
% |
Adjusted EBITDA |
|
$ |
(10,225 |
) |
|
$ |
(10,453 |
) |
|
$ |
1,162 |
|
|
$ |
(4,939 |
) |
|
$ |
(10,637 |
) |
|
(4 |
)% |
Adjusted EBITDA margin |
|
|
(5 |
)% |
|
|
(6 |
)% |
|
|
1 |
% |
|
|
(4 |
)% |
|
|
(9 |
)% |
|
4 pps |
|
Financial condition: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Cash and cash equivalents |
|
$ |
1,220,273 |
|
|
$ |
1,197,257 |
|
|
$ |
1,247,581 |
|
|
$ |
1,260,220 |
|
|
$ |
1,579,287 |
|
|
(23 |
)% |
Restricted cash |
|
$ |
7,800 |
|
|
$ |
7,800 |
|
|
$ |
7,800 |
|
|
$ |
7,800 |
|
|
$ |
7,800 |
|
|
— |
% |
Marketable securities |
|
$ |
444,873 |
|
|
$ |
447,046 |
|
|
$ |
452,875 |
|
|
$ |
408,954 |
|
|
$ |
105,053 |
|
|
323 |
% |
Total assets |
|
$ |
1,776,930 |
|
|
$ |
1,793,483 |
|
|
$ |
1,830,378 |
|
|
$ |
1,783,142 |
|
|
$ |
1,780,324 |
|
|
— |
% |
Total liabilities |
|
$ |
242,373 |
|
|
$ |
249,851 |
|
|
$ |
256,952 |
|
|
$ |
209,802 |
|
|
$ |
194,338 |
|
|
25 |
% |
Stockholders' equity |
|
$ |
1,534,557 |
|
|
$ |
1,543,632 |
|
|
$ |
1,573,426 |
|
|
$ |
1,573,340 |
|
|
$ |
1,585,986 |
|
|
(3 |
)% |
pps = percentage points
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 Adjusted 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 Adjusted 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 |
|
Six Months Ended |
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
GAAP net revenue |
$ |
186,678 |
|
|
$ |
122,266 |
|
|
$ |
352,780 |
|
|
$ |
230,249 |
|
GAAP net loss |
$ |
(44,688 |
) |
|
$ |
(68,554 |
) |
|
$ |
(105,286 |
) |
|
$ |
(81,392 |
) |
GAAP net loss margin |
|
(24 |
)% |
|
|
(56 |
)% |
|
|
(30 |
)% |
|
|
(35 |
)% |
GAAP total operating expenses |
$ |
124,766 |
|
|
$ |
114,961 |
|
|
$ |
248,764 |
|
|
$ |
175,470 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP net loss |
$ |
(44,688 |
) |
|
$ |
(68,554 |
) |
|
$ |
(105,286 |
) |
|
$ |
(81,392 |
) |
Depreciation and amortization expense |
|
921 |
|
|
|
874 |
|
|
|
1,900 |
|
|
|
1,781 |
|
Share-based compensation expense |
|
35,148 |
|
|
|
55,536 |
|
|
|
72,153 |
|
|
|
66,928 |
|
Payroll tax expense related to share-based compensation |
|
423 |
|
|
|
939 |
|
|
|
1,258 |
|
|
|
939 |
|
Other expense (income), net |
|
(1,802 |
) |
|
|
481 |
|
|
|
9,875 |
|
|
|
2,648 |
|
Income tax expense (benefit) |
|
(227 |
) |
|
|
87 |
|
|
|
(578 |
) |
|
|
106 |
|
Adjusted EBITDA |
$ |
(10,225 |
) |
|
$ |
(10,637 |
) |
|
$ |
(20,678 |
) |
|
$ |
(8,990 |
) |
Adjusted EBITDA Margin |
|
(5 |
)% |
|
|
(9 |
)% |
|
|
(6 |
)% |
|
|
(4 |
)% |
|
|
|
|
|
|
|
|
||||||||
GAAP Total operating expenses |
$ |
124,766 |
|
|
$ |
114,961 |
|
|
$ |
248,764 |
|
|
$ |
175,470 |
|
Depreciation and amortization expense |
|
921 |
|
|
|
874 |
|
|
|
1,900 |
|
|
|
1,781 |
|
Share-based compensation expense |
|
35,148 |
|
|
|
55,536 |
|
|
|
72,153 |
|
|
|
66,928 |
|
Payroll tax expense related to share-based compensation |
|
423 |
|
|
|
939 |
|
|
|
1,258 |
|
|
|
939 |
|
Adjusted operating expenses |
$ |
88,274 |
|
|
$ |
57,612 |
|
|
$ |
173,453 |
|
|
$ |
105,822 |
|
A reconciliation of Adjusted EBITDA to the comparable GAAP measure for the third 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/20220810005484/en/
IR Contact: Marqeta Investor Relations, IR@marqeta.com
Source:
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