The global modern card issuer reported Total
Processing Volume of $71 billion with Net Revenue of $125 million
and Gross Profit of $79 million in the second quarter of 2024.
Marqeta, Inc. (NASDAQ: MQ), the global modern card
issuing platform, today reported financial results for the second
quarter ended June 30, 2024.
The Company reported Total Processing Volume (TPV) of $71
billion, representing a year-over-year increase of 32% driven by
volume growth across several use cases.
The Company reported Net Revenue of $125 million, a decrease of
46% year over year, which included a 60 percentage point negative
growth impact due to the change in revenue presentation resulting
from the new Cash App contract. The Company saw Gross Profit of $79
million for the quarter, down 6% year-over-year, primarily due to
the new pricing for Cash App. Marqeta's second quarter earnings
represent the last quarter where the Cash App contract renewal,
effective as of July 2023, will impact our year-over-year
comparisons.
GAAP Net Income for the quarter was $119 million, which includes
a $158 million one-time benefit for the reversal of share-based
compensation recognized in prior periods due to the forfeiture of
the Executive Chairman Long-Term Performance Award. Adjusted EBITDA
was negative $2 million.
"The second quarter demonstrates the great returns on our
reinvigorated go-to-market approach combined with our ability to
deliver innovation at scale. We signed a pioneering techbank,
launched a new payment innovation that reimagines what a card can
be, and deepened the array of services we can offer globally, all
while continuing to grow our TPV and operate with focused
efficiency,” said Simon Khalaf, CEO at Marqeta.
Marqeta highlighted several recent business updates that
demonstrate its current business momentum:
- Marqeta announced it has signed a five year deal with Varo
Bank, N.A., the first nationally-chartered consumer techbank in the
U.S., to become its issuer processor. Varo selected Marqeta for its
ability to combine sophisticated virtual, tokenized and physical
card issuing technology for the more than five million cards it has
in market, with faster speed to market, helping Varo achieve its
goals of helping people save and manage their money more
easily.
- We recently announced that we are the first US.
issuer-processor certified by Visa to support Visa Flexible
Credential, which will allow a single card product to toggle
between payment methods on each transaction, bringing multiple
funding sources to one card. Cardholders can choose whether to use
debit, credit or “pay-in-four” with Buy Now Pay Later. Currently,
we are partnering with Affirm, the first program announced in the
US to offer Visa Flexible Credential, to enable this capability for
their Affirm Card. This reinforces Marqeta’s commitment to
innovation and provides us with further differentiation in the BNPL
landscape.
- Marqeta signed Zoho, a global tech company serving over 700
thousand businesses, which transforms how SMBs and enterprises work
with a comprehensive suite of more than 50 business management
applications. Zoho selected Marqeta for its ability to deliver
expense management and embedded finance expertise to launch a card
solution that enables businesses to manage expenses efficiently
while also supporting their long-term growth.
Operating Highlights
In thousands, except percentages and
per share data. % change is calculated over the comparable
prior-year period (unaudited)
Three Months Ended June
30,
%
Change
Six Months Ended June
30,
%
Change
2024
2023
2024
2023
Financial metrics:
Net revenue
$
125,270
$
231,115
(46
%)
$
243,237
$
448,456
(46
%)
Gross profit
$
79,353
$
84,609
(6
%)
$
163,512
$
173,771
(6
%)
Gross margin
63
%
37
%
26 ppts
67
%
39
%
28 ppts
Total operating (benefit) expenses
($25,689
)
$
154,030
(117
%)
$
108,323
$
330,624
(67
%)
Net income (loss)
$
119,108
($58,797
)
303
%
$
83,048
($
127,598
)
165
%
Net income (loss) margin
95
%
(25
%)
120 ppts
34
%
(28
%)
62 ppts
Net income (loss) per share - basic and
diluted
$0.23
($0.11
)
309
%
$0.16
($0.24
)
167
%
Key operating metric and Non-GAAP
financial measures:
Total Processing Volume (TPV)
(in millions) 1
$
70,627
$
53,615
32
%
$
137,294
$
103,635
32
%
Adjusted EBITDA 2
($1,817
)
$
824
(321
%)
$
7,409
($3,521
)
310
%
Adjusted EBITDA margin 2
(1
%)
0.4
%
(2 ppts)
3
%
(1
%)
4 ppts
Non-GAAP operating expenses 2
$
81,170
$
83,785
(3
%)
$
156,103
$
177,292
(12
%)
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.
Second Quarter 2024 Financial
Results:
Total Processing Volume increased by 32% year-over-year,
rising to $71 billion from $54 billion in the second quarter of
2023.
Net Revenue of $125 million decreased by $106 million, or
46% year-over-year, primarily due to a contract renewal with Cash
App, which resulted in a change in revenue presentation in addition
to reduced pricing. The revenue presentation change involves the
fees owed to Issuing Banks and Card Networks related to the Cash
App primary Card Network volume, which are netted against revenue
earned from the Cash App program within Net Revenue, resulting in a
reduction of $139 million, negatively impacting the growth rate by
60 percentage points. Prior to the third quarter of 2023, these
costs were included within Costs of Revenue.
Gross Profit decreased by 6% year-over-year, declining to
$79 million from $85 million in the second quarter of 2023
primarily due to reduced pricing from the Cash App renewal. Gross
Margin was 63% in the second quarter of 2024.
Net Income increased by $178 million year-over-year to
$119 million in the quarter due to the one-time reversal of
share-based compensation stemming from the forfeiture of the
Executive Chairman Long-Term Performance Award which included $158
million of expenses recognized in previous periods.
Adjusted EBITDA was negative $2 million in the second
quarter of 2024, decreasing by $3 million year-over year. Adjusted
EBITDA margin was (1%) in the second quarter of 2024, a decrease of
2 percentage points versus last year.
Conference Call
Marqeta will host a live conference call today at 1:30 p.m.
Pacific time (4:30 p.m. Eastern time). To join the call, please
dial-in 10 minutes in advance: toll-free at 1-844-826-3035 or
direct at 1-412-317-5195. The conference call will also be
available live via webcast online at
http://investors.marqeta.com.
The telephone replay dial-in numbers are 1-844-512-2921 and
1-412-317-6671 and will be available until August 14, 2024, 8:59
p.m. Pacific time (11:59 p.m. Eastern time). The confirmation code
for the replay is 10190091.
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
Marqeta's partnerships, new product introductions, and product
capabilities, including credit card issuing; and statements made by
Marqeta’s CEO and CFO. Actual results may differ materially from
the expectations contained in these statements due to risks and
uncertainties, including, but not limited to, the following: the
effect of uncertainties related to global politics and global
economies, our business, results of operations, financial
condition, and demand for our platform; the risk that Marqeta’s
anticipated accounting treatment may be subject to further changes
or developments; the risk that Marqeta is unable to further
attract, retain, diversify, and expand its customer base; the risk
that Marqeta is unable to drive increased profitable transactions
on its platform; the risk that consumers and customers will not
perceive the benefits of Marqeta’s products, including credit card
issuing, as Marqeta expects; the risk that Marqeta's platform does
not operate as intended resulting in system outages; the risk that
Marqeta will not be able to achieve the cost structure that Marqeta
currently expects; the risk that Marqeta’s solution will not
achieve the expected market acceptance; the risk that competition
could reduce expected demand for Marqeta’s services, including
credit card issuing; the risk that changes in the regulatory
landscape could adversely affect Marqeta's operations and revenues;
the risk that Marqeta may be unable to maintain relationships with
Issuing Banks and Card Networks; the risk that Marqeta is not able
to identify and recognize the anticipated benefits of any
acquisition; the risk that Marqeta is unable to successfully
integrate any acquisition to businesses and related operations; the
risk of financial services and banking sector instability and
follow on effects to fintech companies; the risk of general
economic conditions in either domestic or international markets,
including inflation and recessionary fears, conditions resulting
from geopolitical uncertainty and instability or war; and the risk
that Marqeta may be subject to additional risks due to its
international business activities. Detailed information about these
risks and other factors that could potentially affect Marqeta’s
business, financial condition and results of operations are
included or incorporated by reference in the “Risk Factors”
disclosed in Marqeta's Annual Report on Form 10-K for the year
ended December 31, 2023 and subsequent Quarterly Reports on Form
10-Q, as such risk factors may be updated from time to time in
Marqeta’s periodic filings with the SEC, available at www.sec.gov
and Marqeta’s website at http://investors.marqeta.com.
The forward-looking statements in this press release are based
on information available to Marqeta as of the date hereof. Marqeta
disclaims any obligation to update any forward-looking statements,
except as required by law.
Disclosure Information
Investors and others should note that Marqeta announces material
financial information to its investors using its investor relations
website, SEC filings, press releases, public conference calls and
webcasts. Marqeta also uses social media to communicate with its
customers and the public about Marqeta, its products and services
and other matters relating to its business and market. It is
possible that the information Marqeta posts on social media could
be deemed to be material information. Therefore, Marqeta encourages
investors, the media, and others interested in Marqeta to review
the information we post on social media channels including the
Marqeta Twitter feed (@Marqeta), the Marqeta Instagram page
(@lifeatmarqeta), the Marqeta Facebook page, and the Marqeta
LinkedIn page. These social media channels may be updated from time
to time.
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, Inc.
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 headquartered in Oakland,
California and is certified to operate in more than 40 countries
globally.
Marqeta® is a registered trademark of Marqeta, Inc.
Marqeta, Inc.
Condensed Consolidated
Statements of Operations
(in thousands, except per
share amounts)
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Net revenue
$
125,270
$
231,115
$
243,237
$
448,456
Costs of revenue
45,917
146,506
79,725
274,685
Gross profit
79,353
84,609
163,512
173,771
Operating (benefit) expenses:
Compensation and benefits
103,166
113,521
198,156
248,159
Technology
14,769
13,154
27,887
27,744
Professional services
4,808
4,873
8,678
10,310
Occupancy
1,204
1,057
2,298
2,211
Depreciation and amortization
3,956
2,494
7,493
4,474
Marketing and advertising
728
561
1,106
1,002
Other operating expenses
3,418
5,103
7,322
10,336
Executive chairman long-term performance
award
(157,738
)
13,267
(144,617
)
26,388
Total operating (benefit) expenses
(25,689
)
154,030
108,323
330,624
Income (loss) from operations
105,042
(69,421
)
55,189
(156,853
)
Other income, net
14,216
10,762
28,143
22,434
Income (loss) before income tax
expense
119,258
(58,659
)
83,332
(134,419
)
Income tax expense (benefit)
150
138
284
(6,821
)
Net income (loss)
$
119,108
$
(58,797
)
$
83,048
$
(127,598
)
Net income (loss) per share
attributable to Class A and Class B common stockholders
Basic
$
0.23
$
(0.11
)
$
0.16
$
(0.24
)
Diluted
$
0.23
$
(0.11
)
$
0.16
$
(0.24
)
Weighted-average shares used in
computing net income (loss) per share attributable to Class A and
Class B common stockholders
Basic
515,959
538,267
516,973
538,989
Diluted
524,401
538,267
525,415
538,989
Marqeta, Inc.
Condensed Consolidated Balance
Sheets
(in thousands)
June 30, 2024
December 31,
2023
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
924,730
$
980,972
Restricted cash
8,500
8,500
Short-term investments
228,833
268,724
Accounts receivable, net
25,956
19,540
Settlements receivable, net
27,765
29,922
Network incentives receivable
34,168
53,807
Prepaid expenses and other current
assets
22,949
27,233
Total current assets
1,272,901
1,388,698
Operating lease right-of-use assets,
net
5,653
6,488
Property and equipment, net
33,011
18,764
Intangible assets, net
32,702
35,631
Goodwill
123,523
123,523
Other assets
20,493
16,587
Total assets
$
1,488,283
$
1,589,691
Liabilities and stockholders'
equity
Current liabilities
Accounts payable
$
3,685
$
1,420
Revenue share payable
176,425
173,645
Accrued expenses and other current
liabilities
157,736
161,514
Total current liabilities
337,846
336,579
Operating lease liabilities, net of
current portion
3,254
5,126
Other liabilities
4,808
4,591
Total liabilities
345,908
346,296
Stockholders' equity :
Preferred stock
—
—
Common stock
51
52
Additional paid-in capital
1,885,744
2,067,776
Accumulated other comprehensive (loss)
income
(1,273
)
762
Accumulated deficit
(742,147
)
(825,195
)
Total stockholders’ equity
1,142,375
1,243,395
Total liabilities and stockholders'
equity
$
1,488,283
$
1,589,691
Marqeta, Inc.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Six Months Ended June
30,
2024
2023
Cash flows from operating
activities:
Net income (loss)
$
83,048
$
(127,598
)
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating activities:
Depreciation and amortization
7,493
4,474
Share-based compensation expense
67,604
63,776
Executive chairman long-term performance
award
(144,617
)
26,388
Non-cash postcombination compensation
expense
—
32,430
Non-cash operating leases expense
258
1,231
Amortization of premium (accretion of
discount) on short-term investments
(1,823
)
(2,311
)
Other
(45
)
499
Changes in operating assets and
liabilities:
Accounts receivable
(6,692
)
63
Settlements receivable
2,157
7,513
Network incentives receivable
19,639
(24,402
)
Prepaid expenses and other assets
2,478
14,467
Accounts payable
1,413
(3,239
)
Revenue share payable
2,780
(16,341
)
Accrued expenses and other liabilities
(6,484
)
(11,828
)
Operating lease liabilities
(1,075
)
(1,642
)
Net cash provided by (used in) operating
activities
26,134
(36,520
)
Cash flows from investing
activities:
Purchases of property and equipment
(2,193
)
(668
)
Capitalization of internal-use
software
(10,471
)
(6,395
)
Business combination, net of cash
acquired
—
(131,914
)
Purchases of short-term investments
—
(279,548
)
Maturities of short-term investments
40,000
296,000
Net cash provided by (used in) investing
activities
27,336
(122,525
)
Cash flows from financing
activities:
Proceeds from exercise of stock options,
including early exercised stock options, net of repurchase of early
exercised unvested options
108
2,299
Proceeds from shares issued in connection
with employee stock purchase plan
1,629
1,775
Taxes paid related to net share settlement
of restricted stock units
(20,287
)
(10,070
)
Repurchase of common stock
(91,162
)
(67,073
)
Net cash used in financing activities
(109,712
)
(73,069
)
Net decrease in cash, cash equivalents,
and restricted cash
(56,242
)
(232,114
)
Cash, cash equivalents, and restricted
cash- Beginning of period
989,472
1,191,646
Cash, cash equivalents, and restricted
cash - End of period
$
933,230
$
959,532
Marqeta, Inc.
Financial and Operating
Highlights
(in thousands, except per
share data or as noted)
(unaudited)
2024
2023
Year over Year Change Q2'24 vs
Q2'23
Second Quarter
First Quarter
Fourth Quarter
Third Quarter
Second Quarter
Operating performance:
Net revenue
$
125,270
$
117,968
$
118,822
$
108,891
$
231,115
(46
%)
Costs of revenue
45,917
33,807
35,589
36,383
146,506
(69
%)
Gross profit
79,353
84,161
83,233
72,508
84,609
(6
%)
Gross margin
63
%
71
%
70
%
67
%
37
%
26 ppts
Operating (benefit) expenses:
Compensation and benefits
103,166
94,990
95,790
102,433
113,521
(9
%)
Technology
14,769
13,118
13,938
13,930
13,154
12
%
Professional services
4,808
3,870
7,172
4,197
4,873
(1
%)
Occupancy and equipment
1,204
1,094
1,076
1,074
1,057
14
%
Depreciation and amortization
3,956
3,537
3,159
3,108
2,494
59
%
Marketing and advertising
728
378
1,219
346
561
30
%
Other operating expenses
3,418
3,905
3,804
3,833
5,103
(33
%)
Executive chairman long-term performance
award
(157,738
)
13,121
13,413
13,413
13,267
(1289
%)
Total operating (benefit) expenses
(25,689
)
134,013
139,571
142,334
154,030
(117
%)
Income (loss) from operations
105,042
(49,852
)
(56,338
)
(69,826
)
(69,421
)
251
%
Other income (expense), net
14,216
13,926
14,932
15,074
10,762
32
%
Income (loss) before income tax
expense
119,258
(35,926
)
(41,406
)
(54,752
)
(58,659
)
303
%
Income tax expense (benefit)
150
134
(1,030
)
238
138
9
%
Net income (loss)
$
119,108
$
(36,060
)
$
(40,376
)
$
(54,990
)
$
(58,797
)
303
%
Income (loss) per share - basic
$
0.23
$
(0.07
)
$
(0.08
)
$
(0.10
)
$
(0.11
)
309
%
Income (loss) per share - diluted
$
0.23
$
(0.07
)
$
(0.08
)
$
(0.10
)
$
(0.11
)
309
%
TPV (in millions)
$
70,627
$
66,666
$
61,979
$
56,650
$
53,615
32
%
Adjusted EBITDA
$
(1,817
)
$
9,228
$
3,292
$
(2,062
)
$
824
321
%
Adjusted EBITDA margin
(1
%)
8
%
3
%
(2
%)
0.4
%
(2 ppts)
Financial condition:
Cash and cash equivalents
$
924,730
$
970,357
$
980,972
$
947,749
$
950,157
(3
%)
Restricted cash
$
8,500
$
8,500
$
8,500
$
7,800
$
9,375
(9
%)
Short-term investments
$
228,833
$
228,324
$
268,724
$
349,395
$
432,354
(47
%)
Total assets
$
1,488,283
$
1,558,361
$
1,589,691
$
1,603,249
$
1,704,143
(13
%)
Total liabilities
$
345,908
$
347,696
$
346,296
$
308,166
$
331,528
4
%
Stockholders' equity
$
1,142,375
$
1,210,665
$
1,243,395
$
1,295,083
$
1,372,615
(17
%)
ppts = percentage points
Marqeta, Inc.
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 the United States
(“GAAP”), this press release contains certain non-GAAP financial
measures. Marqeta considers Adjusted EBITDA, Adjusted EBITDA
Margin, and Non-GAAP operating expenses as supplemental measures of
the company’s performance that are not required by, nor presented
in accordance with GAAP.
We define Adjusted EBITDA as net income (loss) adjusted to
exclude depreciation and amortization; share-based compensation
expense; executive chairman long-term performance award; 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 and performance-based restricted stock
units.
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; executive chairman long-term
performance award; 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 Marqeta does, which limits its usefulness in comparing
Marqeta’s financial results with those of other companies.
The following table shows Marqeta's GAAP results reconciled to
non-GAAP results included in this release:
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
GAAP net revenue
$
125,270
$
231,115
$
243,237
$
448,456
GAAP net income (loss)
$
119,108
$
(58,797
)
$
83,048
$
(127,598
)
GAAP net income (loss) margin
95
%
(25
%)
34
%
(28
%)
GAAP total operating (benefit)
expenses
$
(25,689
)
$
154,030
$
108,323
$
330,624
GAAP net income (loss)
$
119,108
$
(58,797
)
$
83,048
$
(127,598
)
Depreciation and amortization expense
3,956
2,494
7,493
4,474
Share-based compensation expense(1)
36,291
33,789
67,604
66,667
Executive chairman long-term performance
award(1)
(157,738
)
13,267
(144,617
)
26,388
Payroll tax expense related to share-based
compensation
702
638
1,867
1,278
Acquisition-related expenses (2)
9,930
11,684
19,873
46,152
Restructuring
—
8,373
—
8,373
Other income, net
(14,216
)
(10,762
)
(28,143
)
(22,434
)
Income tax expense (benefit)
150
138
284
(6,821
)
Adjusted EBITDA
$
(1,817
)
$
824
$
7,409
$
(3,521
)
Adjusted EBITDA Margin
(1
%)
0.4
%
3
%
(1
%)
GAAP Total operating (benefit)
expenses
$
(25,689
)
$
154,030
$
108,323
$
330,624
Depreciation and amortization expense
(3,956
)
(2,494
)
(7,493
)
(4,474
)
Share-based compensation expense(1)
(36,291
)
(33,789
)
(67,604
)
(66,667
)
Executive chairman long-term performance
award(1)
157,738
(13,267
)
144,617
(26,388
)
Payroll tax expense related to share-based
compensation
(702
)
(638
)
(1,867
)
(1,278
)
Restructuring
—
(8,373
)
—
(8,373
)
Acquisition-related expenses (2)
(9,930
)
(11,684
)
(19,873
)
(46,152
)
Non-GAAP operating expenses
$
81,170
$
83,785
$
156,103
$
177,292
(1)
Prior period amounts related to the
Executive Chairman Long-Term Performance Award have been
reclassified to conform to the current period presentation.
(2)
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/20240807410535/en/
IR Contact: Marqeta Investor Relations, IR@marqeta.com
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