Marqeta Reports Third Quarter 2023 Financial Results
The global modern card issuer reported
The Company reported total processing volume (TPV) of
“Our Q3 results represent the new baseline for
Recent Business Updates:
-
Marqeta announced its new credit platform, adding intuitive credit card program management tools and creating a one-stop shop for launching consumer and commercial credit programs. ThroughMarqeta , customers won’t have to build credit cards with black box legacy infrastructure or from a patchwork of different solutions. Instead, through one single, modern tech stack that has been proven at scale, they can build out a credit product closely tailored to the needs of consumer and commercial cardholders.
-
Marqeta announced multiple updates to its long-standing relationship with Block. It extended the term of the Square Debit Card program throughJune 30, 2028 and extended the term of theCash App program for one additional year, also throughJune 30, 2028 . As part of the agreementMarqeta will be the default provider of issuing processing and related services in current or future markets outside of theU.S. where Block intends to operate and the Company is able to provide issuing and processing services.
-
Marqeta announced that with the Block extensions complete, it has now signed contract renewals in the last 6 quarters with customers accounting for over 75% of its TPV, securing a solid customer base to drive growth in the coming years.
-
Marqeta announced that consumer cards offered by Buy Now, Pay Later (BNPL) providers to give their customers the ability to pay in installments at any merchant that accepts cards, drove almost 10% of all BNPL TPV. This rapid growth is testament to the innovation and comprehensive nature of theMarqeta platform in both commercial and consumer programs.
Operating Highlights
In thousands, except percentages and per share data. % change is calculated over the comparable prior-year period (unaudited) |
Three Months Ended
|
|
% Change |
|
Nine Months Ended
|
|
% Change |
|||||||||||||
2023 |
|
2022 |
|
|
2023 |
|
2022 |
|
||||||||||||
Financial metrics: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net revenue |
$ |
108,891 |
|
|
$ |
191,621 |
|
|
(43)% |
|
$ |
557,349 |
|
|
$ |
544,401 |
|
|
2% |
|
Gross profit |
$ |
72,508 |
|
|
$ |
80,102 |
|
|
(9)% |
|
$ |
246,281 |
|
|
$ |
232,877 |
|
|
6% |
|
Gross margin |
|
67 |
% |
|
|
42 |
% |
|
|
|
|
44 |
% |
|
|
43 |
% |
|
|
|
Total operating expenses |
|
|
|
|
|
|
2% |
|
|
|
|
|
|
|
22% |
|||||
Net loss |
( |
) |
|
( |
) |
|
(3)% |
|
( |
) |
|
( |
) |
|
(15)% |
|||||
Net loss margin |
|
(51 |
)% |
|
|
(28 |
)% |
|
|
|
|
(33 |
)% |
|
|
(29 |
)% |
|
|
|
Net loss per share - basic and diluted |
( |
) |
|
( |
) |
|
—% |
|
( |
) |
|
( |
) |
|
(17)% |
|||||
Key operating metric and Non-GAAP financial measures: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total Processing Volume (TPV) (in millions) 1 |
$ |
56,650 |
|
|
$ |
42,473 |
|
|
33% |
|
$ |
160,285 |
|
|
$ |
119,556 |
|
|
34% |
|
Adjusted EBITDA 2 |
( |
) |
|
( |
) |
|
85% |
|
( |
) |
|
( |
) |
|
84% |
|||||
Adjusted EBITDA margin 2 |
|
(1.9 |
)% |
|
|
(7.0 |
)% |
|
|
|
|
(1.0 |
)% |
|
|
(6.0 |
)% |
|
|
|
Non-GAAP operating expenses 2 |
$ |
74,570 |
|
|
$ |
93,733 |
|
|
(20)% |
|
$ |
251,867 |
|
|
$ |
267,185 |
|
|
(6)% |
|
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 2023 Financial Results:
Net revenue decreased by
Gross profit decreased by 9% year-over-year, declining to
Net loss increased by
Total Processing Volume increased by 33% year-over-year, rising to
Adjusted EBITDA loss decreased by
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 expected accounting treatment and changes to revenue and gross profit; 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 |
|||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|||||||||
Net revenue |
$ |
108,891 |
|
|
$ |
191,621 |
|
|
$ |
557,349 |
|
|
$ |
544,401 |
|
|
Costs of revenue |
|
36,383 |
|
|
|
111,519 |
|
|
|
311,068 |
|
|
|
311,524 |
|
|
Gross profit |
|
72,508 |
|
|
|
80,102 |
|
|
|
246,281 |
|
|
|
232,877 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|||||||||
Compensation and benefits |
|
115,846 |
|
|
|
105,887 |
|
|
|
390,393 |
|
|
|
304,103 |
|
|
Technology |
|
13,930 |
|
|
|
13,422 |
|
|
|
41,674 |
|
|
|
37,960 |
|
|
Professional services |
|
4,197 |
|
|
|
6,620 |
|
|
|
14,507 |
|
|
|
17,184 |
|
|
Occupancy |
|
1,074 |
|
|
|
1,125 |
|
|
|
3,285 |
|
|
|
3,388 |
|
|
Depreciation and amortization |
|
3,108 |
|
|
|
934 |
|
|
|
7,582 |
|
|
|
2,834 |
|
|
Marketing and advertising |
|
346 |
|
|
|
688 |
|
|
|
1,348 |
|
|
|
2,133 |
|
|
Other operating expenses |
|
3,833 |
|
|
|
10,922 |
|
|
|
14,171 |
|
|
|
20,760 |
|
|
Total operating expenses |
|
142,334 |
|
|
|
139,598 |
|
|
|
472,960 |
|
|
|
388,362 |
|
|
Loss from operations |
|
(69,826 |
) |
|
|
(59,496 |
) |
|
|
(226,679 |
) |
|
|
(155,485 |
) |
|
Other income (expense), net |
|
15,074 |
|
|
|
6,333 |
|
|
|
37,508 |
|
|
|
(3,542 |
) |
|
Loss before income tax expense |
|
(54,752 |
) |
|
|
(53,163 |
) |
|
|
(189,171 |
) |
|
|
(159,027 |
) |
|
Income tax expense (benefit) |
|
238 |
|
|
|
5 |
|
|
|
(6,584 |
) |
|
|
(573 |
) |
|
Net loss |
$ |
(54,990 |
) |
|
$ |
(53,168 |
) |
|
$ |
(182,587 |
) |
|
$ |
(158,454 |
) |
|
Net loss per share attributable to common stockholders, basic and diluted |
$ |
(0.10 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.29 |
) |
|
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
|
529,488,986 |
|
|
|
548,990,212 |
|
|
|
535,797,471 |
|
|
|
545,614,599 |
|
|
Condensed Consolidated Balance Sheets (in thousands) |
||||||||
|
2023 |
|
2022 |
|||||
|
(unaudited) |
|
|
|||||
Assets |
|
|
|
|||||
Current assets: |
|
|
|
|||||
Cash and cash equivalents |
$ |
947,749 |
|
|
$ |
1,183,846 |
|
|
Restricted cash |
|
7,800 |
|
|
|
7,800 |
|
|
Short-term investments |
|
349,395 |
|
|
|
440,858 |
|
|
Accounts receivable, net |
|
15,656 |
|
|
|
15,569 |
|
|
Settlements receivable, net |
|
19,505 |
|
|
|
18,028 |
|
|
Network incentives receivable |
|
34,575 |
|
|
|
42,661 |
|
|
Prepaid expenses and other current assets |
|
32,535 |
|
|
|
38,007 |
|
|
Total current assets |
|
1,407,215 |
|
|
|
1,746,769 |
|
|
Property and equipment, net |
|
17,022 |
|
|
|
7,440 |
|
|
Operating lease right-of-use assets, net |
|
7,145 |
|
|
|
9,015 |
|
|
|
|
123,000 |
|
|
|
— |
|
|
Other assets |
|
48,867 |
|
|
|
7,122 |
|
|
Total assets |
$ |
1,603,249 |
|
|
$ |
1,770,346 |
|
|
Liabilities and stockholders' equity |
|
|
|
|||||
Current liabilities |
|
|
|
|||||
Accounts payable |
$ |
1,707 |
|
|
$ |
3,798 |
|
|
Revenue share payable |
|
146,483 |
|
|
|
142,194 |
|
|
Accrued expenses and other current liabilities |
|
148,677 |
|
|
|
136,887 |
|
|
Total current liabilities |
|
296,867 |
|
|
|
282,879 |
|
|
Operating lease liabilities, net of current portion |
|
6,145 |
|
|
|
9,034 |
|
|
Other liabilities |
|
5,154 |
|
|
|
5,477 |
|
|
Total liabilities |
|
308,166 |
|
|
|
297,390 |
|
|
Stockholders' equity : |
|
|
|
|||||
Preferred stock |
|
— |
|
|
|
— |
|
|
Common stock |
|
53 |
|
|
|
53 |
|
|
Additional paid-in capital |
|
2,081,689 |
|
|
|
2,082,373 |
|
|
Accumulated other comprehensive loss |
|
(1,838 |
) |
|
|
(7,237 |
) |
|
Accumulated deficit |
|
(784,821 |
) |
|
|
(602,233 |
) |
|
Total stockholders’ equity |
|
1,295,083 |
|
|
|
1,472,956 |
|
|
Total liabilities and stockholders' equity |
$ |
1,603,249 |
|
|
$ |
1,770,346 |
|
|
Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) |
||||||||
|
Nine Months Ended |
|||||||
|
2023 |
|
2022 |
|||||
Cash flows from operating activities: |
|
|
|
|||||
Net loss |
$ |
(182,587 |
) |
|
$ |
(158,454 |
) |
|
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|||||
Depreciation and amortization |
|
7,582 |
|
|
|
2,834 |
|
|
Share-based compensation expense |
|
135,712 |
|
|
|
115,662 |
|
|
Non-cash postcombination compensation expense |
|
32,430 |
|
|
|
— |
|
|
Non-cash operating leases expense |
|
1,870 |
|
|
|
1,689 |
|
|
Amortization of premium (accretion of discount) on short-term investments |
|
(5,525 |
) |
|
|
449 |
|
|
Impairment of other financial instruments |
|
— |
|
|
|
11,616 |
|
|
Other |
|
1,068 |
|
|
|
445 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|||||
Accounts receivable |
|
(1,108 |
) |
|
|
271 |
|
|
Settlements receivable |
|
(1,477 |
) |
|
|
916 |
|
|
Network incentives receivable |
|
8,086 |
|
|
|
3,336 |
|
|
Prepaid expenses and other assets |
|
7,760 |
|
|
|
(11,596 |
) |
|
Accounts payable |
|
(4,350 |
) |
|
|
(891 |
) |
|
Revenue share payable |
|
4,289 |
|
|
|
(5,084 |
) |
|
Accrued expenses and other liabilities |
|
3,331 |
|
|
|
13,144 |
|
|
Operating lease liabilities |
|
(2,499 |
) |
|
|
(2,231 |
) |
|
Net cash provided by (used in) operating activities |
|
4,582 |
|
|
|
(27,894 |
) |
|
Cash flows from investing activities: |
|
|
|
|||||
Purchases of property and equipment |
|
(722 |
) |
|
|
(1,700 |
) |
|
Capitalization of internal-use software |
|
(9,488 |
) |
|
|
— |
|
|
Business combination, net of cash acquired |
|
(135,630 |
) |
|
|
— |
|
|
Purchases of patents |
|
— |
|
|
|
(600 |
) |
|
Purchases of short-term investments |
|
(972,430 |
) |
|
|
(21,660 |
) |
|
Sales of marketable securities |
|
637,913 |
|
|
|
— |
|
|
Maturities of short-term investments |
|
437,034 |
|
|
|
24,900 |
|
|
Realized gain/loss on investments |
|
(73 |
) |
|
|
— |
|
|
Net cash (used in) provided by investing activities |
|
(43,396 |
) |
|
|
940 |
|
|
Cash flows from financing activities: |
|
|
|
|||||
Proceeds from exercise of stock options, including early exercised stock options, net of repurchase of early exercised unvested options |
|
4,081 |
|
|
|
5,733 |
|
|
Payment on acquisition-related contingent consideration |
|
(53,067 |
) |
|
|
— |
|
|
Proceeds from shares issued in connection with employee stock purchase plan |
|
1,775 |
|
|
|
2,775 |
|
|
Taxes paid related to net share settlement of restricted stock units |
|
(18,553 |
) |
|
|
(11,576 |
) |
|
Repurchase of common stock |
|
(131,519 |
) |
|
|
(12,702 |
) |
|
Net cash used in financing activities |
|
(197,283 |
) |
|
|
(15,770 |
) |
|
Net decrease in cash, cash equivalents, and restricted cash |
|
(236,097 |
) |
|
|
(42,724 |
) |
|
Cash, cash equivalents, and restricted cash- Beginning of period |
|
1,191,646 |
|
|
|
1,255,381 |
|
|
Cash, cash equivalents, and restricted cash - End of period |
$ |
955,549 |
|
|
$ |
1,212,657 |
|
|
Financial and Operating Highlights (in thousands, except per share data or as noted) (unaudited) |
|||||||||||||||||||||||
|
|
2023 |
|
2022 |
|
Year over Year Change Q3'23 vs Q3'22 |
|||||||||||||||||
|
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|
||||||||||||
Operating performance: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net revenue |
|
$ |
108,891 |
|
|
$ |
231,115 |
|
|
$ |
217,343 |
|
|
$ |
203,805 |
|
|
$ |
191,621 |
|
|
(43 |
)% |
Costs of revenue |
|
|
36,383 |
|
|
|
146,506 |
|
|
|
128,179 |
|
|
|
116,681 |
|
|
|
111,519 |
|
|
(67 |
)% |
Gross profit |
|
|
72,508 |
|
|
|
84,609 |
|
|
|
89,164 |
|
|
|
87,124 |
|
|
|
80,102 |
|
|
(9 |
)% |
Gross margin |
|
|
67 |
% |
|
|
37 |
% |
|
|
41 |
% |
|
|
43 |
% |
|
|
42 |
% |
|
25 pps |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Compensation and benefits |
|
|
115,846 |
|
|
|
126,788 |
|
|
|
147,759 |
|
|
|
110,991 |
|
|
|
105,887 |
|
|
9 |
% |
Technology |
|
|
13,930 |
|
|
|
13,154 |
|
|
|
14,590 |
|
|
|
14,401 |
|
|
|
13,422 |
|
|
4 |
% |
Professional services |
|
|
4,197 |
|
|
|
4,873 |
|
|
|
5,437 |
|
|
|
6,295 |
|
|
|
6,620 |
|
|
(37 |
)% |
Occupancy and equipment |
|
|
1,074 |
|
|
|
1,057 |
|
|
|
1,154 |
|
|
|
1,126 |
|
|
|
1,125 |
|
|
(5 |
)% |
Depreciation and amortization |
|
|
3,108 |
|
|
|
2,494 |
|
|
|
1,980 |
|
|
|
1,019 |
|
|
|
934 |
|
|
233 |
% |
Marketing and advertising |
|
|
346 |
|
|
|
561 |
|
|
|
441 |
|
|
|
1,862 |
|
|
|
688 |
|
|
(50 |
)% |
Other operating expenses |
|
|
3,833 |
|
|
|
5,103 |
|
|
|
5,236 |
|
|
|
5,753 |
|
|
|
10,922 |
|
|
(65 |
)% |
Total operating expenses |
|
|
142,334 |
|
|
|
154,030 |
|
|
|
176,597 |
|
|
|
141,447 |
|
|
|
139,598 |
|
|
2 |
% |
Loss from operations |
|
|
(69,826 |
) |
|
|
(69,421 |
) |
|
|
(87,433 |
) |
|
|
(54,323 |
) |
|
|
(59,496 |
) |
|
17 |
% |
Other income (expense), net |
|
|
15,074 |
|
|
|
10,762 |
|
|
|
11,672 |
|
|
|
28,468 |
|
|
|
6,333 |
|
|
n/m |
|
Loss before income tax expense |
|
|
(54,752 |
) |
|
|
(58,659 |
) |
|
|
(75,761 |
) |
|
|
(25,855 |
) |
|
|
(53,163 |
) |
|
3 |
% |
Income tax expense (benefit) |
|
|
238 |
|
|
|
138 |
|
|
|
(6,960 |
) |
|
|
471 |
|
|
|
5 |
|
|
4660 |
% |
Net loss |
|
$ |
(54,990 |
) |
|
$ |
(58,797 |
) |
|
$ |
(68,801 |
) |
|
$ |
(26,326 |
) |
|
$ |
(53,168 |
) |
|
3 |
% |
Loss per share - basic and diluted |
|
$ |
(0.10 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.10 |
) |
|
— |
% |
TPV (in millions) |
|
$ |
56,650 |
|
|
$ |
53,615 |
|
|
$ |
50,020 |
|
|
$ |
46,704 |
|
|
$ |
42,473 |
|
|
33 |
% |
Adjusted EBITDA |
|
$ |
(2,062 |
) |
|
$ |
824 |
|
|
$ |
(4,346 |
) |
|
$ |
(7,488 |
) |
|
$ |
(13,630 |
) |
|
(85 |
)% |
Adjusted EBITDA margin |
|
|
(1.9 |
)% |
|
|
0.4 |
% |
|
|
(2.0 |
)% |
|
|
(4.0 |
)% |
|
|
(7.0 |
)% |
|
5 pps |
|
Financial condition: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Cash and cash equivalents |
|
$ |
947,749 |
|
|
$ |
950,157 |
|
|
$ |
1,050,414 |
|
|
$ |
1,183,846 |
|
|
$ |
1,204,857 |
|
|
(21 |
)% |
Restricted cash |
|
$ |
7,800 |
|
|
$ |
9,375 |
|
|
$ |
7,800 |
|
|
$ |
7,800 |
|
|
$ |
7,800 |
|
|
— |
% |
Short-term investments |
|
$ |
349,395 |
|
|
$ |
432,354 |
|
|
$ |
408,675 |
|
|
$ |
440,858 |
|
|
$ |
441,132 |
|
|
(21 |
)% |
Total assets |
|
$ |
1,603,249 |
|
|
$ |
1,704,143 |
|
|
$ |
1,774,183 |
|
|
$ |
1,770,346 |
|
|
$ |
1,774,455 |
|
|
(10 |
)% |
Total liabilities |
|
$ |
308,166 |
|
|
$ |
331,528 |
|
|
$ |
340,533 |
|
|
$ |
297,390 |
|
|
$ |
262,117 |
|
|
18 |
% |
Stockholders' equity |
|
$ |
1,295,083 |
|
|
$ |
1,372,615 |
|
|
$ |
1,433,650 |
|
|
$ |
1,472,956 |
|
|
$ |
1,512,338 |
|
|
(14 |
)% |
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; restructuring charges; acquisition-related expenses which consist of due diligence costs, transaction costs and integration costs related to potential or successful acquisitions, and cash and non-cash postcombination compensation expenses; income tax expense (benefit); and other income (expense), net, which consists of interest income from our short-term investments, realized foreign currency gains and losses, 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 our 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; restructuring charges; and acquisition-related expenses which consists of due diligence costs, transaction costs and integration costs related to potential or successful acquisitions, and cash and non-cash postcombination compensation expenses. We believe that non-GAAP operating expenses 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.
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 |
|||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|||||||||
GAAP net revenue |
$ |
108,891 |
|
|
$ |
191,621 |
|
|
$ |
557,349 |
|
|
$ |
544,401 |
|
|
GAAP net loss |
$ |
(54,990 |
) |
|
$ |
(53,168 |
) |
|
$ |
(182,587 |
) |
|
$ |
(158,454 |
) |
|
GAAP net loss margin |
|
(51 |
)% |
|
|
(28 |
)% |
|
|
(33 |
)% |
|
|
(29 |
)% |
|
GAAP total operating expenses |
$ |
142,334 |
|
|
$ |
139,598 |
|
|
$ |
472,960 |
|
|
$ |
388,362 |
|
|
|
|
|
|
|
|
|
|
|||||||||
GAAP net loss |
$ |
(54,990 |
) |
|
$ |
(53,168 |
) |
|
$ |
(182,587 |
) |
|
$ |
(158,454 |
) |
|
Depreciation and amortization expense |
|
3,108 |
|
|
|
934 |
|
|
|
7,582 |
|
|
|
2,834 |
|
|
Share-based compensation expense |
|
45,548 |
|
|
|
43,509 |
|
|
|
138,603 |
|
|
|
115,662 |
|
|
Payroll tax expense related to share-based compensation |
|
541 |
|
|
|
509 |
|
|
|
1,818 |
|
|
|
1,768 |
|
|
Acquisition-related expenses (1) |
|
18,270 |
|
|
|
913 |
|
|
|
64,420 |
|
|
|
913 |
|
|
Restructuring |
|
297 |
|
|
|
— |
|
|
|
8,670 |
|
|
|
— |
|
|
Other (income) expense, net |
|
(15,074 |
) |
|
|
(6,333 |
) |
|
|
(37,508 |
) |
|
|
3,542 |
|
|
Income tax expense (benefit) |
|
238 |
|
|
|
5 |
|
|
|
(6,584 |
) |
|
|
(573 |
) |
|
Adjusted EBITDA |
$ |
(2,062 |
) |
|
$ |
(13,631 |
) |
|
$ |
(5,586 |
) |
|
$ |
(34,308 |
) |
|
Adjusted EBITDA Margin |
|
(1.9 |
)% |
|
|
(7.0 |
)% |
|
|
(1.0 |
)% |
|
|
(6.0 |
)% |
|
|
|
|
|
|
|
|
|
|||||||||
GAAP Total operating expenses |
$ |
142,334 |
|
|
$ |
139,598 |
|
|
$ |
472,960 |
|
|
$ |
388,362 |
|
|
Depreciation and amortization expense |
|
(3,108 |
) |
|
|
(934 |
) |
|
|
(7,582 |
) |
|
|
(2,834 |
) |
|
Share-based compensation expense |
|
(45,548 |
) |
|
|
(43,509 |
) |
|
|
(138,603 |
) |
|
|
(115,662 |
) |
|
Payroll tax expense related to share-based compensation |
|
(541 |
) |
|
|
(509 |
) |
|
|
(1,818 |
) |
|
|
(1,768 |
) |
|
Restructuring |
|
(297 |
) |
|
|
— |
|
|
|
(8,670 |
) |
|
|
— |
|
|
Acquisition-related expenses |
|
(18,270 |
) |
|
|
(913 |
) |
|
|
(64,420 |
) |
|
|
(913 |
) |
|
Non-GAAP operating expenses |
$ |
74,570 |
|
|
$ |
93,733 |
|
|
$ |
251,867 |
|
|
$ |
267,185 |
|
_______________ |
(1) Acquisition-related expenses, which include transaction costs, integration costs and cash and non-cash postcombination compensation expense, have been excluded from Adjusted EBITDA as such expenses are not reflective of our ongoing core operations and are not representative of the ongoing costs necessary to operate our business; instead, these are costs specifically associated with a discrete transaction. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20231107682613/en/
IR Contact: Marqeta Investor Relations, IR@marqeta.com
Source: