Marqeta Inc (STU:8QJ)

€ 3.86 0.38 (11.05%) Market Cap: 1.94 Bil Enterprise Value: 919.78 Mil PE Ratio: 206.50 PB Ratio: 1.90 GF Score: 59/100

Q2 2024 Marqeta Inc Earnings Call Transcript

Aug 7, 2024 / 08:30 PM GMT

Release Date Price: €4.46 (-1.33%)

Transcript 10-Q8-K

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
=====================
* 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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