Marqeta Inc (NAS:MQ)
$ 5.1 0.04 (0.79%) Market Cap: 2.60 Bil Enterprise Value: 1.44 Bil PE Ratio: 0 PB Ratio: 2.28 GF Score: 57/100
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Q2 2024 Marqeta Inc Earnings Call Transcript

Aug 7, 2024 / 08:30 PM GMT
Release Date Price: $4.93 (+0.82%)

Key Points

Positve
  • Marqeta Inc (MQ) reported second-quarter results that exceeded expectations in net revenue, gross profit, and adjusted EBITDA.
  • Total processing volume (TPV) increased by 32% year-over-year, reaching $71 billion.
  • The company signed a significant five-year exclusive contract with Varo Bank, which has 5 million cards in the market.
  • Marqeta Inc (MQ) continues to innovate, becoming the first US issuer processor certified by Visa to support Visa Flexible Credential.
  • Non-GAAP adjusted operating expenses decreased by 3% year-over-year due to effective cost discipline and optimization.
Negative
  • Net revenue contracted by 46% year-over-year, primarily due to a 60 percentage point decrease from the revenue presentation change related to the Cash App contract renewal.
  • Gross profit contracted by 6% compared to the same quarter in 2023, mainly due to the Cash App renewal pricing.
  • Adjusted EBITDA was negative $2 million for the quarter.
  • The company faces challenges in the expense management space due to virtual card acceptance costs for some suppliers.
  • The impact of the Cash App renewal will continue to affect comparisons until Q3 2024.


Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

MQ.OQ - Marqeta Inc
Q2 2024 Marqeta Inc Earnings Call
Aug 07, 2024 / 08:30PM GMT

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Conference Call Participants
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* Stacey Finerman
Marqeta Inc - VP, IR
* Simon Khalaf
Marqeta Inc - Chief Executive Officer, Director
* Michael Milotich
Marqeta Inc - Chief Financial Officer
* Timothy Chiodo
UBS Equities - Analyst
* Tien-Tsin Huang
JPMorgan - Analyst
* Darrin Peller
Wolfe Research - Analyst
* Craig Maurer
FT Partners - Analyst
* Ramsey El-Assal
Barclays - Analyst
* Will Nance
Goldman Sachs - Analyst
* Andrew Schmidt
Citi - Analyst
* Andrew Bauch
Wells Fargo Securities, LLC - Analyst
* Bryan Keane
Deutsche Bank - Analyst

=====================
Presentation
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Operator [1]
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