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7/6
美國
證券交易委員會
華盛頓特區20549
表格 10-Q
(標記一個)
☒根據1934年證券交易法第13或15(d)條款的季度報告。
截至2024年6月30日季度結束 2024年9月30日
或
☐根據1934年證券交易法第13或15(d)條款的過渡報告
從__________到__________的過渡期
委員會檔案編號： 001-40465
Marqeta, Inc.
（依憑章程所載的完整登記名稱）
特拉華州27-4306690
(成立地或組織其他管轄區)（國稅局雇主身份識別號碼）
180大街, 6th Floor, 奧克蘭, 加利福尼亞州
94612
(總部辦公地址)（郵政編碼）

(877) 962-7738
(註冊公司之電話號碼，包括區號)
根據法案第12(b)條規定註冊的證券：
每種類別的名稱交易標的（s）每個註冊交易所的名稱
每股面額為0.0001美元的A類普通股MQ
輝瑞公司面臨數起分開的訴訟，這些訴訟仍在進行中，需等待第三項索賠條款的裁決。2023年9月，我們與輝瑞公司同意合併2022和2023年的訴訟，並將審判日期從2024年11月推遲至2025年上半年，具體時間將由法院確定。 納斯達克 股票市場有限公司
(納斯達克全球精選市場)
請以勾選標記表示，登記人：（1）在前述12個月內（或登記人要求提交這些報告的較短期間）是否已提交《1934年證券交易法案》（“交易所法案”）第13條或第15(d)條要求提交的所有報告，以及（2）是否已受到過去90天的申報要求約束。 是 否 ☒
在前12個月內（或公司需要提交這些文件的較短時間內），公司是否已通過選中標記表明已閱讀並提交了應根據S-t法規第405條規定（本章第232.405條）提交的所有互動式數據文件？ 是 否 ☒
請勾選指示登記者是否為大型快速提交人、快速提交人、非快速提交人、較小的報告公司或新興成長型公司。請參閱交易所法規120億2條，了解「大型快速提交人」、「快速提交人」、「較小的報告公司」和「新興成長型公司」的定義。
大型加速歸檔人☒加速歸檔人☐
非加速歸檔人☐小型報告公司☐
新興成長型企業☐
如果是新興成長型企業，在符合任何依據證券交易法第13(a)條所提供的任何新的或修改的財務會計準則的遵循的延伸過渡期方面，是否選擇不使用核准記號進行指示。☐
在核准的名冊是否屬於殼公司（如股市法規第1202條所定義之意義）方面，請用勾選符號表示。是 ☐ 否 ☒
截至2024年10月31日，有 465,903,664 發行人的A類普通股股數為每股面值0.0001美元，已發行且 36,490,749 發行人的B類普通股股數為每股面值0.0001美元，已發行。


目 錄

頁面
2

關於前瞻性陳述的提示
本報告書Form 10-Q含有根據聯邦證券法所述的前瞻性陳述，該陳述涉及重大風險和不確定性。前瞻性陳述一般與未來事件或我們未來的財務或營運表現有關。在某些情況下，您可以識別前瞻性陳述，因為它們包含「可能」、「將」、「應當」、「應該」、「期待」、「計劃」、「預期」、「可能」、「打算」、「目標」、「專案」、「構思」、「相信」、「估計」、「預測」、「潛在」或「持續」等詞語或其他類似詞語或表達，涉及我們的期望、策略、計劃或意圖。本Form 10-Q季報中包含的前瞻性陳述包括但不限於關於的陳述：
•美國和全球經濟不確定性對我們業務、營運結果和財務狀況的影響;
•我們未來的財務表現，包括我們的淨營業收入、營業成本、毛利潤和營業費用，以及我們實現未來盈利能力的能力；
•我們客戶協議的預期會計處理方式，以及該會計處理方式可能受進一步變動或發展的風險；
•我們有能力擴展新產品和服務，例如我們的信用卡平台；
•我們有效管理或維持增長並擴大業務的能力；
•我們有能力改進我們的平台和服務，發展和擴大我們的能力；
•我們進一步吸引、留住、多元化和擴大客戶群的能力；
•我們能夠保持和發卡銀行以及信用卡網路的關係能力；
•我們的策略、計劃、目標和目標;
•我們擴大國際的計劃;
•我們有能力在現有市場和新市場以及產品中競爭；
•我們估計的市場機遇；
•經濟和行業趨勢，預測增長或趨勢分析;
•政治、社會和/或經濟不穩定或軍工衝突的影響；
•我們開發和保護品牌的能力；
•我們遵守法律法規的能力；
•我們成功辯護針對我們提起的訴訟的能力；
•我們吸引和留住合格員工和關鍵人員的能力；
•我們有能力通過授權的股份回購計劃回購股份，並獲得預期的財務收益；以及
•我們有能力保持有效的信息披露控制和內部財務報告控制，包括我們能力補救內部財務報告控制中的實質缺陷。


3

我們提醒您，上述清單可能不包含在本季度報告表格10-Q中提出的所有前瞻性陳述。您不應依賴前瞻性陳述來預測未來事件。我們在本季度報告表格10-Q中所包含的前瞻性陳述主要基於我們對可能影響我們業務、營運結果、財務狀況和前景的未來事件和趨勢的目前期望和預測。這些前瞻性陳述中描述的事件的結果受風險、不確定性和其他在名為“風險因素”一節以及本季度報告表格10-Q中描述或參考的因素所控制，同樣也在我們最近提交的年度報告表格10-K - 截至2023年12月31日的財政年度之內。此外，我們運營在一個競爭激烈和迅速變化的環境中。新的風險和不確定性不時出現，我們無法預測可能對本季度報告表格10-Q中所包含的前瞻性陳述產生影響的所有風險和不確定性。前瞻性陳述中反映的結果、事件和情況可能未能實現或發生，實際結果、事件或情況可能與前瞻性陳述中描述的有實質差異。本季度報告表格10-Q中提出的前瞻性陳述僅涉及發表陳述當天的事件。我們無需更新此本季度報告表格10-Q中的任何前瞻性陳述以反映本季度報告表格10-Q之後的事件或情況，或反映新資訊或不可預期的事件的發生，除非法律要求這樣做。除非另有指示或上下文要求，否則本文件中所有關於“Marqeta”、“公司”、“登記人”、“我們”、“我們”、“我們”或類似參考的所有引用均是指Marqeta, Inc. 在本季度報告表格10-Q中使用的大寫術語並未在上述範圍內定義，而是在本季度報告表格10-Q其他地方進行了定義。
4
目錄
第一部分 - 基本報表
項目1. 基本報表
Marqeta, Inc.
縮短的合併財務報表
（以千為單位，除每股金額外）
（未經審計）
九月三十日，
2024		12月31日，
2023
資產
流動資產:
現金及現金等價物$886,417 $980,972 
限制性現金8,500 8,500 
短期投資217,569 268,724 
應收帳款淨額26,373 19,540 
應收款項已結算，淨額11,817 29,922 
網絡獎勵應收款46,667 53,807 
預付費用及其他流動資產23,821 27,233 
全部流動資產1,221,164 1,388,698 
營運租賃權利資產，淨額
4,894 6,488 
物業及設備，扣除折舊後淨值
35,791 18,764 
無形資產，扣除累計攤銷
31,238 35,631 
商譽123,523 123,523 
其他資產19,226 16,587 
資產總額$1,435,836 $1,589,691 
負債及股東權益
流動負債：
應付賬款$1,026 $1,420 
營業收入份額應付款167,081 173,645 
應計費用及其他流動負債165,466 161,514 
流動負債合計333,573 336,579 
扣除當期償還後之經營租賃負債淨額2,082 5,126 
其他負債4,523 4,591 
總負債340,178 346,296 
承諾事項和或附帶條件（注8）
股東權益：
優先股，面額$0.01，授權股數為5,000,000股，發行且流通股數為截至2024年6月30日和2023年12月31日之184,668,188股和181,364,180股。0.0001 面額為0.0001； 100,000 和 100,000 股份已授權 無 自2024年9月30日及2023年12月31日期間，已發行並流通的股份分別如下
— — 
0.010.0001 每股面額： 1,500,000 和 1,500,000 授權 A 股 467,647 和 465,985 自2024年9月30日及2023年12月31日，分別發行並流通的股份數。 600,000 和 600,000 授權的B類股份。 36,503 和 54,358 自2024年9月30日及2023年12月31日期間，已發行並流通的股份分別如下
50 52 
資本公積額額外增資1,865,565 2,067,776 
其他綜合收益累計額
833 762 
累積虧損(770,790)(825,195)
股東權益總額1,095,658 1,243,395 
負債和股東權益總額$1,435,836 $1,589,691 
請參閱簡明綜合財務報表附註。
5
目錄
Marqeta, Inc.
簡明綜合營運報表及綜合（虧損）收入
（以千為單位，除每股金額外）
（未經審計）
截至9月30日的三個月截至9月30日的九個月
2024202320242023
營業收入$127,967 $108,891 $371,205 $557,349 
營收成本37,835 36,383 117,559 311,068 
毛利潤90,132 72,508 253,646 246,281 
營業費用（利益）：
薪資和福利100,964 102,433 299,120 350,592 
科技16,317 13,930 44,204 41,674 
專業服務4,759 4,197 13,437 14,507 
入住率1,178 1,074 3,476 3,285 
折舊與攤提4,448 3,108 11,941 7,582 
市場營銷和廣告582 346 1,688 1,348 
其他營業費用4,115 3,833 11,438 14,171 
執行主席長期表現獎
— 13,413 (144,617)39,801 
營業費用總計
132,363 142,334 240,687 472,960 
營運(虧損)收入(42,231)(69,826)12,959 (226,679)
其他收益，淨額
13,703 15,074 41,845 37,508 
(虧損) 稅前收入(28,528)(54,752)54,804 (189,171)
所得稅費用（利益） 115 238 399 (6,584)
淨（虧損）收益$(28,643)$(54,990)$54,405 $(182,587)
其他綜合收益（虧損），稅後淨額：
外匯翻譯調整的變動125 (200)(72)(81)
短期投資未實現（損失）收益的淨變動
1,981 (162)143 5,480 
其他綜合損益數（淨損失）
2,106 (362)$71 $5,399 
綜合（損失）收益$(26,537)$(55,352)$54,476 $(177,188)
歸屬於A類和B類普通股股東的每股稅後（虧損）收益
基礎
$(0.06)$(0.10)$0.11 $(0.34)
稀釋
$(0.06)$(0.10)$0.10 $(0.34)
權重平均股份用於計算每股淨（虧損）收益，歸屬於A類和B類普通股東。
基礎
507,160 529,489 513,678 535,797 
稀釋
507,160 529,489 522,394 535,797 
請參閱簡明綜合財務報表附註。
6
目錄
Marqeta, Inc.
縮短的股東權益變動合併報表：
（以千為單位）
（未經審計）
普通股資本公積金累積其他綜合收益（損失）累積虧損股東權益總額
股份金額
截至2023年12月31日的結餘520,343 $52 $2,067,776 $762 $(825,195)$1,243,395 
期權行使時發行普通股98 — 49 — — 49 
限制性股票單位淨結算時發行普通股2,806 — (10,917)— — (10,917)
普通股認股權證的授予— — 2,100 — — 2,100 
基於股份的報酬— — 33,393 — — 33,393 
執行主席長期表現獎— — 13,121 — — 13,121 
回購和養老普通股，包括稅款(5,238)— (32,830)— — (32,830)
累積其他全面收益（損失）變動— — — (1,586)— (1,586)
淨損失— — — — (36,060)(36,060)
截至2024年3月31日的餘額518,009 $52 $2,072,692 $(824)$(861,255)$1,210,665 
行使期權後發行普通股33 — 59 — — 59 
員工股票購買計劃下的普通股發行327 — 1,629 — — 1,629 
淨結算受限制股單位後發行普通股3,338 — (9,370)— — (9,370)
基於股份的報酬— — 38,209 — — 38,209 
執行主席長期表現獎— — (157,738)— — (157,738)
回購和養老普通股，包括避稅(10,959)(1)(59,737)— — (59,738)
其他綜合收益（損失）累積變動— — — (449)— (449)
凈利潤— — — — 119,108 119,108 
截至2024年6月30日的餘額510,748 $51 $1,885,744 $(1,273)$(742,147)$1,142,375 
行使期權後發行普通股11 — 13 — — 13 
發行普通股以清償受限制股份單位2,790 — (8,756)— — (8,756)
普通股認股權行使期— — 322 — — 322 
基於股份的報酬— — 37,145 — — 37,145 
回購和養老普通股，包括消費稅(9,399)(1)(48,903)— — (48,904)
其他累積全面收入（損失）變動— — — 2,106 — 2,106 
淨損失— — — — (28,643)(28,643)
截至2024年9月30日的餘額504,150 $50 $1,865,565 $833 $(770,790)$1,095,658 
7
目錄
普通股
額外的
實收資本
資本
其他累積
全面收益（虧損）
留存
赤字累計		總計
股東权益
股權
股份金額
截至2022年12月31日的资产负债表541,364 $53 $2,082,373 $(7,237)$(602,233)$1,472,956 
行使期權後發行普通股803 — 1,051 — — 1,051 
限制股單位清算後發行普通股1,470 — (3,746)— — (3,746)
普通股票認股權證的解凍— — 2,102 — — 2,102 
基於股份的報酬— — 33,906 — — 33,906 
執行主席長期表現獎— — 13,121 — — 13,121 
回購和退休普通股，包括消費稅(3,206)— (20,993)— (20,993)
其他綜合淨收益（損失）變動— — — 4,054 — 4,054 
淨損失— — — — (68,801)(68,801)
截至2023年3月31日之結餘540,432 $53 $2,107,814 $(3,183)$(671,034)$1,433,650 
行使期權後發行普通股828 — 1,310 — — 1,310 
員工股票購買計劃下的普通股發行446 — 1,775 — — 1,775 
發行普通股以清償限制性股票單位2,679 — (6,324)— — (6,324)
普通股權證的齊握— — 2,372 — — 2,372 
基於股份的報酬— — 32,152 — — 32,152 
執行主席長期表現獎— — 13,267 — 13,267 
回購和養老普通股，包括消費稅(10,168)(1)(48,496)— — (48,497)
其他累計綜合收益（損失）變動— — — 1,707 — 1,707 
淨損失— — — — (58,797)(58,797)
截至2023年6月30日的結餘534,217 $52 $2,103,870 $(1,476)$(729,831)$1,372,615 
行使期權後發行普通股1,189 — 1,675 — — 1,675 
$(3)— (6)— — (6)
在净结算受限制股份單位後發行普通股2,645 2 (8,483)— — (8,481)
普通股認股權盈餘— — 2,284 — — 2,284 
基於股份的報酬— — 33,383 — — 33,383 
執行主席長期表現獎— — 13,413 — — 13,413 
回購和養老普通股，包括消費稅(11,463)(1)(64,447)— — (64,448)
累積其他綜合收益（損失）的變動— — — (362)— (362)
淨損失— — — — (54,990)(54,990)
2023年9月30日的結餘526,586 $53 $2,081,689 $(1,838)$(784,821)$1,295,083 
8
目錄
Marqeta, Inc.
簡明合併現金流量量表
（以千為單位）
(未經審核)
截至九月三十日止九個月
20242023
經營活動的現金流量：
淨收入（虧損）
$54,405 $(182,587)
調整淨收入（虧損）與經營活動所提供的淨現金：
折舊和攤銷11,941 7,582 
基於股份的賠償費用103,258 95,911 
執行董事長長期績效獎
(144,617)39,801 
非現金組合後補償費用— 32,430 
非現金營運租賃費用1,017 1,870 
短期投資保費攤銷（增加折扣）(2,650)(5,525)
其他328 1,068 
營運資產及負債變動：
應收帳款(7,285)(1,108)
應收結算18,105 (1,477)
應收網絡獎勵7,140 8,086 
預付費用及其他資產3,195 7,760 
應付帳款(3,274)(4,350)
應付的收入分(6,564)4,289 
累計費用及其他負債545 3,331 
營運租賃負債(2,129)(2,499)
經營活動所提供的現金淨額
33,415 4,582 
投資活動的現金流量：
購買物業及設備(2,382)(722)
內部使用軟體的資本化(14,577)(9,488)
業務合併，除收購現金— (135,630)
購買短期投資— (972,430)
銷售可交易證券— 637,913 
短期投資的到期54,000 437,034 
投資實現盈利（虧損）
— (73)
投資活動提供（用於）的現金淨額
37,041 (43,396)
融資活動的現金流量：
行使股票期權 (包括早期行使股權) 所得的收益，除購回早期行使未授權期權121 4,081 
繳付與收購相關的可定代價
— (53,067)
有關僱員股票購買計劃發行股份之所得款項1,629 1,775 
與限制股份單位淨股結算有關已繳納的稅款(29,043)(18,553)
回購普通股(137,718)(131,519)
用於融資活動的現金淨額(165,011)(197,283)
現金、現金等值及限制現金淨減少(94,555)(236,097)
現金、現金等值及限制現金-期初989,472 1,191,646 
現金、現金等值及限制現金-期末$894,917 $955,549 
請參閱簡明綜合財務報表附註。
9
目錄
Marqeta, Inc.
簡明合併現金流量量表
（以千為單位）
(未經審核)
截至9月30日的九個月
20242023
現金、現金等價物和受限現金的調節
現金及現金等價物$886,417 $947,749 
限制性現金8,500 7,800 
現金、現金等價物和限制性現金總額$894,917 $955,549 
非現金投資和融資活動的額外披露：
已計提但尚未支付的購買資產和設備$2,240 $77 
分享基於薪酬的內部使用軟體的資本化$5,489 $3,530 
普通股的回購，包括應付但尚未支付的稅款$4,373 $2,417 
請參閱簡明綜合財務報表附註。
10
目錄
Marqeta, Inc.
基本報表註記
(金額以千計算，除每股金額、比例或特別註明外，均為表格形式)
（未經審計）

1.    業務概述和報告基礎
Marqeta, Inc.（以下簡稱「公司」）於2010年在特拉華州成立，專注於為創新領域的領導者創建數字支付科技。該公司的現代卡片發行平台讓客戶能夠建立定制和創新的支付卡方案，為他們提供了可配置性和靈活性，打造更好的支付體驗。
公司為所有客戶提供發卡處理服務，對於大多數客戶，公司還充當卡片方案經理。公司主要從為客戶處理卡交易中獲得營業收入。
報告基礎
附註未經核數的簡明綜合基本報表，已按照美國通用會計準則（“GAAP”）和美國證券交易委員會（“SEC”）的適用規則和法規，編制供中期報告之用。根據該等規則和法規，已將公司依據GAAP編制的年度基本報表中包含的某些資訊和附註抽縮或省略。截至2023年12月31日的簡明綜合資產負債表，已從公司核數一致基本報表中獲得，該等報表包含在公司截至2023年12月31日結束的財政年度Form 10-K的年度報告內，此報告於2024年2月28日向SEC提交。應該同時閱讀附屬的簡明綜合基本報表以及公司合併基本報表和附註，這些內容包含在Form 10-K的年度報告內。
附表中的未經審核簡明綜合財務報表包括公司及其全資子公司的帳戶。所有子公司間的餘額和交易在合併中已被消除。據管理層看法，附表中的簡明綜合財務報表反映了為呈現公司合併財務狀況、經營成果、綜合(損失)收入和中間期間現金流量所必要考慮的一切正常且經常的調整。截至2024年9月30日的三個月和九個月的中期結果未必代表可能預期的截至2024年12月31日年終，或任何未來年度或中間期間的結果。
重新分類
相關於我們執行主席的長期績效獎金的前期數額已經重新分類，以符合當前期間的呈現方式。
估計的使用
根據GAAP要求，財務報表的準備需要管理層對資產和負債金額的報告、條款性負債的披露、收入和費用金額的報告進行各種估計和假設。重大估計和假設包括但不限於所取得的資產和通過業務組合承擔的負債的公允價值和使用壽命、條款性負債的估計、股權獎勵和認股權證的公允價值、股份報酬、與客戶合同中的變動考量的估計、合同事故和處理錯誤的儲備、網絡激勵金的估計以及收入稅的估值。實際結果可能與這些估算有重大差異。
11

業務風險和不確定性
公司自成立以來每季均虧損，唯一例外為截至2024年6月30日的季度。公司截至2024年9月30日的累積赤字為$770.8 百萬。公司預計在可預見的未來繼續從事營運活動的虧損，因為將產生與為客戶創建新產品，吸納新客戶，發展品牌，拓展至新地理區域以及持續發展現有平台製造行業相關的成本和費用。公司認為，截至2024年9月30日的$886.4 百萬現金及現金等價物和$217.6 百萬短期投資應足以為其營運提供資金，至少可支持自這些基本報表發出之日起的未來十二個月。
2.    重要會計政策摘要
基本報表的片段信息。
該公司作為一個單一營運環節和報告單位運作。該公司的首席營運決策者是其首席執行官，審核以合併方式呈現的財務信息，以作營運決策、評估財務績效、分配資源和評估公司的財務表現。
截至2024年9月30日及2023年，基於客戶的帳單地址，在美國以外地區的淨營業收入為 102024年6月30日和2023年12月31日的時間點，公司從Thrivel Earlier Detection Corporation（“Thrive”），Ashion Analytics，LLC（“Ashion”）和OmicEra的收購中記錄的關於監管和產品開發里程碑的待定支付負債的公允價值總和為2.779億和2.887億美元。公司使用概率加權情境折現現金流模型評估預期的待定支付負債和相應的與監管和產品開發里程碑相關的負債的公允價值，該方法與預期待定支付負債的初始計量一致。每個潛在情境應用成功概率，然後通過現值因子計算折扣，得出相應的現值。時間的流逝以及草擬的里程碑實現時間，現值因子，實現度（如適用）和成功概率的變化可能導致公允價值測量的調整。與監管和產品開發里程碑相關的待定支付負債的公允價值是以2024年6月30日和2023年12月31日的加權平均成功概率和現值因子計算的，成功概率分別為%和%，現值因子分別為%和%。付款範圍的預測財政年度範圍為2025年至2031年。所使用的不可觀察的輸入值按待定支付負債的相對公允價值加權。 9分別為%。截至2024年9月30日及2023年，基於客戶的帳單地址，在美國以外地區的淨營業收入為 10% 及 4%，分別。截至2024年9月30日及2013年12月31日，位於美國以外地區的長期資產並不重要。
限制性現金
受限現金包括與發卡銀行的存款，以便在客戶的資金未能及時存入發卡銀行以便與卡網絡進行交易結算時，提供發卡銀行抵押品的情況。受限現金還包括用於為公司在加利福尼亞奧克蘭總部的租賃提供信用證的現金。 「發卡銀行」是發行支付卡（信用卡、借記卡或預付卡）的金融機構，或以自己的名義發行，或代表一家企業發行。 「卡網絡」是為結算和卡付款信息流提供基礎設施的網路。
重要會計政策
自2023年12月31日結束的財年以來，我們的重要會計政策沒有發生重大變化。
最近的會計聲明
2023年11月，財務會計準則委員會（「FASB」）發佈了會計準則更新（「ASU」）2023-07，分部報告（主題280）：改進可報告分部披露。修訂後的指導要求增加可報告分部披露，主要涉及重要分部費用。修訂還要求具有單個可報告分部的實體提供這些修訂要求的所有披露，以及所有現有分部披露。修訂不會更改實體如何確定其經營分部，合併這些經營分部，或應用數量門檻來判斷其可報告分部。修訂將追溯應用於財務報表中呈現的所有前期，將於2023年12月15日之後開始的財政年度和2024年12月15日之後開始的財政年度內的中間期間生效，可提前採納。公司已評估了採納新披露要求的影響。雖然標準要求對公司的單個可報告分部進行額外披露，但標準不會對公司的綜合財務狀況、經營業績或現金流產生任何影響。

12
目錄
2023年12月，FASB發佈了ASU 2023-09《所得稅（第740號議題）：完善所得稅披露》，修改了有關所得稅披露的規定，要求實體披露（1）利潤調節中的具體類別，（2）稅前持續經營利潤或虧損（分爲國內和國外），以及（3）持續經營的稅費所得或利益（分爲聯邦、州和國外）。ASU 2023-09還要求實體披露其交納給國際、聯邦、州和地方司法管轄區的所得稅，以及其他變化。該指南適用於2024年12月15日後開始的年度期間。允許提前採納尚未發佈或可供發佈的年度財務報表。ASU 2023-09應按前瞻性基礎應用，但允許追溯應用。公司正在評估採納新披露要求的影響。
3.    營業收入
訂閱和支持收入包括以下內容（以百萬美元爲單位）：
平台服務收入淨額
截至9月30日的三個月截至9月30日的九個月
2024202320242023
平台服務收入，淨額$121,800 $104,332 $355,005 $540,862 
其他服務收入6,167 4,559 16,200 16,487 
淨收入總額$127,967 $108,891 $371,205 $557,349 
合同餘額
該表格提供了有關合同資產和遞延收入的信息:
合同餘額資產負債表項目參考September 30,
2024		12月31日
2023
流動合同資產預付費用和其他流動資產$1,464 $1,461 
長期合同資產其他9,557 9,397 
總合同資產$11,021 $10,858 
待攤收入 - 流動負債應計費用及其他流動負債$12,891 $11,829 
長期遞延收入其他負債2,752 4,071 
遞延收益總額$15,643 $15,900 
2024年9月30日和2023年結束的三個月內確認的淨營業收入包括各自期初遞延營業收入餘額中的$2.71百萬美元和3.8百萬，分別。2024年9月30日和2023年結束的九個月內確認的淨營業收入包括各自期初遞延營業收入餘額中的$7.2萬美元和10.62024年4月30日和2023年4月30日的六個月內的外匯重新計量淨收益分別爲$百萬。
剩餘績效承諾
公司與客戶合同中存在履約義務，將來需要處理交易以滿足合同期內的持續服務要求。截至2024年9月30日，分配給我們剩餘履約義務的交易價格總額爲$51.3的營業收入在未來兩年內確認，其餘的在未來三到五年內確認。 65 35%。
13
目錄
4.    無形資產，淨值
由下列業務組合產生的無形資產在給定日期爲：
September 30,
2024		12月31日
2023
開發的科技資產
$41,000 $41,000 
累計攤銷
(9,762)(5,369)
無形資產, 淨額
$31,238 $35,631 
年。無形資產的攤銷費用爲$ 7 。1.5百萬 截至2024年9月30日和2023年的三個月，以及$4.4百萬 和 $3.9 截至2024年9月30日和2023年，分別爲百萬美元。
預計截至2024年9月30日的無形資產未來攤銷費用如下所示：
2024年餘下的時間
$1,464 
2025
5,857 
2026
5,857 
2027
5,857 
2028
5,857 
此後6,345 
無形資產預期未來的總攤銷費用
$31,238 
5.    短期投資
公司的短期投資按可供出售證券進行覈算，並且被歸類爲流動資產，因爲公司可能會在到期前隨時賣出這些證券用於公司的經營活動。
公司的短期投資按攤餘成本、未實現收益（損失）及估計公允價值計算。公司的短期投資攤餘成本爲以下金額：
2024年9月30日
攤銷成本未實現收益未實現（虧損）估計公允價值
短期投資
美國國債$205,922 $1,101 $— $207,023 
資產支持證券10,443 103 — 10,546 
短期投資總額$216,365 $1,204 $— $217,569 
2023 年 12 月 31 日
攤銷成本未實現收益
未實現（虧損）
估計公允價值
短期投資
美國國債$239,297 $970 $(11)$240,256 
美國機構證券15,000 — (7)14,993 
資產支持證券10,438 62 — 10,500 
公司債務證券2,981 — (6)2,975 
短期投資總額$267,716 $1,032 $(24)$268,724 
14
目錄
截至2024年9月30日，公司未持有任何未實現損失頭寸的短期投資。公司持有 四個 分開的短期投資未實現損失頭寸截至2023年12月31日。一般而言，公司不打算賣出任何存在未實現損失的短期投資，也不預期公司有更大可能需要在全額攤銷成本回收之前出售此類證券。
截至2023年7月31日，續借貸款協議下未償還的借款額爲否 已實現來自短期投資的盈利或損失，在2024年9月30日結束的三個和九個月中，這些盈利或損失已重新分類出累計其他綜合收益中。 微不足道的 已經實現了一定金額的來自短期投資的盈利和損失，這些盈利和損失已在2023年9月30日結束的三個和九個月中重新分類到累計其他綜合虧損中。對於具有未實現損失的短期投資，公司評估了(i) 公司是否有意賣出其中任何投資，(ii) 在完全攤銷成本基礎之前，公司是否更有可能被要求賣出這些可供出售的債務證券中的任何一項，以及(iii) 投資的公允價值下降是由於信用或非信用相關因素造成的。根據這一評估，公司確定截至2024年9月30日，其短期投資中沒有重大的信用或非信用相關減值。
下表總結了公司短期投資的表述到期時間：
2024年9月30日2023 年 12 月 31 日
攤銷成本估計公允價值攤銷成本估計公允價值
一年內到期$134,285 $134,685 $90,438 $90,533 
一年至四年後到期
82,080 82,884 177,278 178,191 
總計$216,365 $217,569 $267,716 $268,724 
6.    公允價值衡量
下表列出了按公允價值計量的資產和負債的公允價值層次結構：
2024年9月30日
第 1 級第 2 級第 3 級公允價值總額
現金等價物
貨幣市場基金$483,640 $— $— $483,640 
美國國庫券199,150 — — 199,150 
商業票據— 16,603 — 16,603 
公司債務證券— 49,311 — 49,311 
存款證
— 22,003 — 22,003 
短期投資
美國國債207,023 — — 207,023 
資產支持證券— 10,546 — 10,546 
按公允價值計量的總資產
$889,813 $98,463 $— $988,276 
15
目錄
2023 年 12 月 31 日
第 1 級第 2 級第 3 級公允價值總額
現金等價物
貨幣市場基金$627,983 $— $— $627,983 
美國國庫券230,602 — — 230,602 
短期投資
美國國債240,256 — — 240,256 
美國機構證券— 14,993 — 14,993 
資產支持證券— 10,500 — 10,500 
公司債務證券— 2,975 — 2,975 
以公允價值計量的總資產
$1,098,841 $28,468 $— $1,127,309 
公司將貨幣市場基金、美國國債、商業票據、存款證明、美國國庫券、美國代理人證券、資產支持證券和公司債券分類爲公允價值層次結構中的一級或二級，因爲公司使用報價市場價格或替代定價來源和模型，利用市場可觀察的輸入來價值化這些投資。
在2024年9月30日及2023年12月31日結束的三個和九個月內，各級公平價值層次之間沒有金融工具的轉移。
7.    某些資產負債表項目
物業和設備，淨值
不動產、廠房和設備包括以下項目:
九月三十日，
2024		12月31日，
2023
租賃改良$8,110 $8,110 
計算機設備9,187 8,885 
傢具和裝置2,488 2,597 
內部開發和購買的軟體41,865 19,324 
61,650 38,916 
累積折舊和攤銷(25,859)(20,152)
物業及設備，扣除折舊後淨值$35,791 $18,764 
有關物業和設備的折舊和攤銷費用在截至2024年7月31日和2023年的三個月分別為$2.9 百萬美元和1.6 2024年和2023年截至9月30日三個月分別為$百萬。7.5 百萬美元和3.7 百萬。
該公司在2024年9月30日及2023年分別進行軟件開發，將金額資本化為$5.6 百萬美元和4.3 百萬，分別在截至2024年9月30日及2023年的三個月內進行了內部使用的軟件開發成本，以及$20.2 百萬美元和13.0 百萬分別在截至2024年9月30日及2023年的九個月內進行了軟件開發。

16
目錄
應計費用及其他流動負債

應計費用和其他流動負債包括以下項目：

九月三十日，
2024		2023年12月31日
營業成本的應計成本
$82,580 $74,357 
應計的薪資和福利費用
36,999 42,305 
逐步認列的收入
12,891 11,829 
技術成本的應計成本4,454 5,039 
由於發行銀行
7,957 7,892 
應付稅務負債
5,773 4,929 
應計的專業服務
2,734 4,559 
營運租賃負債，流動部分
4,527 3,908 
預留用於合約條款和處理錯誤
1,670 3,754 
其他應計負債
5,881 2,942 
應計費用及其他流動負債
$165,466 $161,514 
8.    承諾和條件
信用狀
就其公司總部辦公空間租賃，公司需要向房東提供信用證金，金額為$1.5百萬。公司通過將$存入資金於發卡金融機構，以取得此信用證金，此存入資金在簡明合併資產負債表中被歸類為受限制現金。1.5百萬。公司通過將$存入資金於發卡金融機構，以取得此信用證金，此存入資金在簡明合併資產負債表中被歸類為受限制現金。
法律訴訟
在業務正常運作的過程中，公司可能不時面臨各種法律事項，如受威脅或正在進行的索賠或訴訟。截至2024年9月30日和2023年12月31日，公司沒有法律爭議事項，無論是個別還是總體上，都可能對公司的財務狀況、營運成果或現金流量產生重大不利影響。鑒於法律程序的不可預測性，公司基於在財務報表可發布時的可用信息進行評估。隨著額外信息的出現，公司會重新評估潛在的責任，並可能修訂估算。
支付交易的結算
客戶將一定金額的預存資金存入發卡銀行設立的帳戶，以用於解決其付款交易。這些預存資金僅可用於解決客戶的付款交易，並不視為公司的資產。因此，發卡銀行客戶帳戶中持有的資金不反映在公司的精簡綜合資產負債表上。如果客戶未存入足夠的資金來解決交易，公司有責任向發卡銀行支付款項以解決交易，因此若無法從客戶後續收回此類款項，則公司將遭受損失。在截至2024年9月30日及2023年9月30日的三個月及九個月內，公司沒有因此而遭受損失。
17
目錄
賠償
在日常業務過程中，公司根據協議的不同範圍和條款與客戶、卡網路、發卡銀行、供應商、出租人和其他方達成協議，同意就某些事項進行賠償，包括但不限於由於違反該等協議、公司提供的服務或第三方提出的知識產權侵權索賠而產生的損失。對於發卡銀行，公司不時收到賠償請求，並且如該等損失是由於公司未能根據與發卡銀行的計劃協議履行而導致的，公司可能對發卡銀行進行賠償。
此外，公司已與董事、某些高級主管和員工訂立賠償協議，要求公司在某些情況下對他們承擔責任，包括對其擔任董事、主管或員工所帶來的特定責任進行賠償。公司尚未收到就此類協議提出賠償要求的情況，且公司亦沒有意識到可能對其簡明綜合財務報表產生實質影響的任何申索。
公司還向客戶提供服務水準承諾，保證一定水平的表現，並允許這些客戶在公司未能達到指定水平時獲得抵用額。
9.    公司的2017年股權激勵計劃（2017計劃），於2018年2月修改，允許授予期權、限制股票獎勵、股票增值權和限制股票單位。
2024年第一季度，公司根據2021年股票期權和激勵計劃，向公司某些員工授予了以績效爲基礎的限制性股票單位（「PSUs」），基於初始目標數量。可能結算的PSUs最終數量取決於公司在預定性能期間針對預先設定的績效指標表現，並且取決於薪酬委員會在財年結束時批准針對預先設定的績效目標的實現水平。授予的PSUs在 三年 相等的季度分期支付的服務條件下，剩餘的期權在年限內行使。 一年 績效期內的一段時間內，PSUs的數量和相關的基於股票的報酬費用會根據實現批准的績效目標的概率上下調整。一段時間後，發行的PSUs數量可在範圍內波動 0可以降低至0.75%每年200公司股票期權計劃的活動概況如下:
執行主席長期績效獎勵

2021年4月和5月，公司的董事會授予公司的執行主席和當時的首席執行官以表現爲基礎的股票期權獎勵，涵蓋公司的B類普通股的19740923股和47267股，行權價格爲每股$ 。 19,740,923 和 47,267 2021年初次公開招股後鎖定期屆滿後的一段績效期內，達到特定股票價格障礙的要求後，執行主席長期績效獎勵即可解禁。21.49 和 $23.40 在2024年第二季度，公司執行主席從其職位中卸任，並因此轉入董事會的非僱員董事職位，導致執行主席長期績效獎勵根據其條款被取消，從而導致以前期間確認的股票基礎的賠償費用的一次性逆轉，金額爲$ 七年。 億。公司按照發生的取消進行會計。

每個計劃下公司的股票期權活動的總結如下:167.3萬美元用於推遲的承銷佣金和分配給衍生證券認購證明的發行成本，分別。144.6與前幾年確認的費用相關的一百萬美元。公司在發生時計提沒收。

18
目錄
公司根據計劃開展期權業務的情況如下：
期權數量加權平均每股行權價加權平均剩餘期限（年）
總內在價值(1)
2023年12月31日的餘額
36,671 $16.09 7.45$24,481 
已行權— — 
行使(141)0.86 
取消並沒收 (3)
(20,774)21.38 
2024年9月30日餘額15,756$9.24 7.14$10,862 
截至2024年9月30日可行使的期權 (2)
11,936 $9.96 6.80$9,787 
截至2024年9月30日已授予10,892$9.51 6.81$9,787 
(1) 內在價值是根據虛應用股票期權的執行價格與各自資產負債表日普通股公允價值之間的差異計算的。
(2) 2011年計劃允許提前行使期權。因此，根據該計劃授予的期權被視爲可行使的期權，無論是否已獲得權益狀態。
(3) 執行主席長期績效獎的取消導致 19,788
下表列出了在表現捆綁獎勵類型中承認的股權獎勵支出，該表在收益表和綜合損失的簡明合併以及在所提供的期間內的資產負債表中顯示。
截至9月30日的三個月截至9月30日的九個月
2024202320242023
限制性庫存單位$27,903 $25,021 $80,722 $74,991 
股票期權5,837 6,858 18,422 19,651 
性能限制型股票單位
1,631 — 3,239 — 
員工股票購買計劃
283 256 875 1,269 
基於股份的薪酬記錄在薪酬和福利中
35,654 32,135 103,258 95,911 
執行董事長長期績效獎
— 13,413 (144,617)39,801 
財產和設備（資本化內部使用軟件）
1,491 1,248 5,489 3,531 
基於股份的薪酬支出總額（福利）
$37,145 $46,796 $(35,870)$139,243 
2024年9月30日前未識別的按獎勵類型的補償成本：
未被認可的補償成本
加權平均承認期（年）
包括受限制的股票單位和PSU的股票單位
$216,246 2.0
股票期權22,964 1.5
總費用
$239,210 
19
目錄
10.    股東權益交易
股票回購計劃
2024年5月6日，公司董事會授權公司最多回購$億的A類普通股（「2024年回購計劃」）。在2024年回購計劃下，公司可根據適用的聯邦證券法規，在符合規定的開放市場交易、私下協商交易或其他方式下回購股票，包括根據《交易所法》第10b5-1條規則的交易計劃。回購股票的數量和時間取決於一般業務和市場情況以及其他因素，包括法律要求。2024年回購計劃沒有設定到期日期。2002024年6月30日三個月和六個月內，公司按照2024年回購計劃以開放市場交易的方式回購了約萬股，耗資$萬，平均價格爲$。回購股票的總價格及相關交易成本和燃油稅$萬，反映爲公司簡明合併資產負債表上普通股和附加資本的減少。截至2024年6月30日，2024年回購計劃下仍有$萬可用於未來回購股票。
截至2024年9月30日結束的三個和九個月，公司已回購大約 9.4和20.4萬股在公開市場和私下協商交易中，總計48.41百萬美元和107.5萬美元，平均價爲每股5.15 和 $5.28，回購股份的總價格以及相關的交易成本和貨物稅爲0.51百萬美元和1.22024年9月30日結束的三個月和九個月內的1500萬美元被反映爲公司簡明綜合資產負債表上的普通股和額外資本減少。截至2024年9月30日，仍有$92.52024年股份回購計劃下，尚有1500萬美元可用於未來的股份回購。
5.2在開放市場上以XX百萬股份爲價格32.8百萬美元，平均價格爲每股6.27 在2024年9月30日結束的九個月內。在2023年9月30日結束的三個月和九個月內，公司回購了 11.5和21.6在開放市場上以XX百萬股份爲價格64.41百萬美元和112.9以2023年回購計劃爲基礎，以平均價格爲$，回購了百萬股份。5.62 和 $5.222023年股份回購計劃的回購已於2024年3月31日完成。
普通股轉換
2024年第二季度，一名股東主動將未償還的萬股B類普通股轉換爲以一換一的A類普通股。A類普通股和B類普通股持有者的權利，包括清算和分紅權利，相同，除了投票權方面。A類普通股股東有1票/股的投票權，而B類普通股股東有2票/股的投票權。 17.7未償還的萬股B類普通股已被一名股東以一換一的價格轉換爲A類普通股。 之一A類普通股和B類普通股的權利，包括清算和分紅權利相同，除了投票權方面。A類普通股股東有1票/股的投票權，而B類普通股股東則有2票/股的投票權。 之一 A類普通股股東有1票/股的投票權。 10 B類普通股股東有2票/股的投票權。
11.    普通股東應占淨（損失）收益每股
每股基本淨收益（虧損）是指淨收益（虧損）除以期間內流通普通股加權平均數。每股攤薄淨收益（虧損）是指淨收益除以調整爲所有潛在的普通股帶來攤薄效應的流通普通股加權平均數。在公司報告淨虧損的週期中，攤薄每股淨虧損與基本每股淨虧損相同，因爲潛在攤薄項的影響是抗攤薄的。
20
目錄
公司按以下方式計算每股基本和稀釋後的淨（虧損）收益歸屬於普通股股東：
截至9月30日的三個月截至9月30日的九個月
2024
2023 (1)
2024
2023 (1)
A級
B類
A級
B類
A級
B類
A級
B類
分子
普通股股東應占（虧損）收益，基本$(26,581)$(2,062)$(49,222)$(5,768)$49,672 $4,733 $(163,352)$(19,235)
普通股股東應占（虧損）收益，攤薄$(26,581)$(2,062)$(49,222)$(5,768)$49,419 $4,986 $(163,352)$(19,235)
分母
基本普通股股東應占每股淨（虧損）收益計算所使用的加權平均股數470,642 36,518 473,949 55,540 468,994 44,684 479,352 56,445 
潛在普通股的攤薄效應— — — — 5,522 3,194 — — 
計算攤薄每股淨（虧損）收益歸屬於普通股股東的加權平均股份470,642 36,518 473,949 55,540 474,516 47,878 479,352 56,445 
每股淨（虧損）收益歸屬於普通股股東，基本$(0.06)$(0.06)$(0.10)$(0.10)0.11 0.11 (0.34)(0.34)
每股普通股淨(損)收益，攤薄$(0.06)$(0.06)$(0.10)$(0.10)0.10 0.10 (0.34)(0.34)
(1) 先前期間每股A類和B類普通股的淨（虧損）收入已分開呈現，以符合當前期間的呈現，對我們先前報告的基本或稀釋淨（虧損）收入每股沒有影響.
由於A類普通股和B類普通股的清算和分紅權利相同，因此未分配收益將按比例分配，因此每股的(損失)收入將在個別或綜合基礎上對於A類普通股和B類普通股都是相同的。
由於包含它們會產生抗稀釋效應，因此未計入計算稀釋每股淨（虧損）收益的有可能稀釋證券如下：
2024年9月30日止九個月
A級
B類
股票期權、限制性股票和員工股票購買計劃
27,821 17,327 
由於公司在此期間處於虧損狀態，因此在2024年9月30日結束的三個月及2023年9月30日結束的三個月和九個月內，從計算每股攤薄淨（虧損）收益中排除了以下可能具有攤薄效應的證券，因爲包括它們將產生抵消攤薄效果。
截至三個月結束
2024年9月30日
截至2023年9月30日
A級B類
A級
B類
購買Class B普通股的認股權證
— 1,900 — 1,900 
股票期權、限制性股票和員工股票購買計劃
45,983 7,464 50,333 29,453 
總費用45,983 9,364 50,333 31,353 
21
目錄
12.    所得稅
公司分別在截至 2024 年以及 2023 年的三個月期間記錄了 $0.1萬美元和0.2 分別爲2024年和2023年截至9月30日的三個月，公司記賬了所得稅費用爲$0.4百萬和$分別是2024年和2023年截至9月30日的九個月份的所得稅負債和所得稅盈利$6.6百萬爲2024年截至9月30日的九個月，主要歸因於盈利的外國司法管轄區的所得稅費用。而2023年截至9月30日的九個月的所得稅盈利主要歸因於$7.2百萬美元的盈餘0.6來自盈利的海外經營的百萬美元所得稅費用抵消了因Power Finance Inc.收購而部分釋放的估值準備金（達到百萬美元），因此2023年6月30日的所得稅費用爲百萬美元。
公司受到美國和國外司法轄區所得稅審計的約束。我們記錄了與不確定稅務立場有關的責任，並認爲我們已爲所有打開的稅務年度提供了充分的所得稅不確定性準備。
13.    集中風險和重要客戶
可能使公司面臨信用風險的金融工具包括現金及現金等價物，短期投資和應收賬款。存放在金融機構的現金可能超過聯邦保險限額。
截至2024年9月30日和2023年12月31日，短期投資分別爲$217.6萬美元和268.7 百萬，且不存在同一發行人證券集中持有量佔總餘額5%以上，除了美國國債，分別爲$207.02021年10月30日結束的九個月中，所得稅費用爲 美元，相比之下2020年10月31日結束的九個月中，所得稅費用爲 美元。我們的有效所得稅率爲%；主要原因是我們未能確認我們在特定外國和州轄區域內的當前期虧損和預測所需繳納的所得稅費用。2020年10月31日結束的九個月中，我們的有效稅率爲 %；主要原因是在該期間內記錄的一些與 CARES 法案相關的稅收減免及在該期間內記錄的重大減值撥備的大幅增加。95的短期投資餘額的255.2 %，分別爲2024年9月30日的$ 95百萬，佔2013年12月31日的短期投資餘額的%。截至2024年9月30日和2023年12月31日，所所有板塊內的債務證券均爲投資級別。
Marqeta的使命是通過讓整個支付體驗本地化和愉悅化來現代化金融服務。Marqeta的現代平台賦予我們的客戶創建定製化和創新性支付卡方案的能力，具有可配置性和靈活性。Marqeta的開放API爲高度可擴展的基於雲的支付基礎設施提供即時訪問，使客戶能夠將支付體驗嵌入應用程序或網站，實現個性化用戶體驗。客戶可以使用我們的平台啓動和管理自己的卡方案，發行卡片並快速授權和結算支付交易。我們還提供強大的卡方案管理，允許客戶在不必構建某些複雜的合規性元素或客戶支持服務的情況下將Marqeta嵌入其產品中。 之一 發行銀行，Sutton銀行。截至2024年9月30日和2023年的三個月， 69%和75總處理成交量的%，即通過公司平台處理的付款總金額減去退款和拒付款，分別結算通過Sutton銀行進行。截至2024年9月30日和2013年的九個月， 72%和77總處理成交量的%，即分別結算通過Sutton銀行進行。
公司營業收入的重大部分來自一位客戶。截至2024年9月30日和2023年，該客戶分別佔公司淨營業收入的 47%和50％。截至2024年9月30日和2023年的九個月，該客戶分別佔公司淨營業收入的 48%和72％。截至2024年9月30日，有三名獨立客戶佔公司淨營業收入的 16%, 13%和10%。
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目錄

第2項.管理層對財務狀況和經營業績的討論與分析
您應當閱讀我們對財務狀況和業務成果的討論和分析，連同在本季度報告表格10-Q中和在我們的2023年年度報告中包含的壓力位綜合財務報表和相關注釋。這段討論包含了基於當前預期的前瞻性陳述，它涉及各種風險和不確定性。正如我們在「關於前瞻性陳述」的章節中所討論的，由於各種因素，包括在本季度報告表格10-Q中和我們2023年年度報告中的「風險因素」中列出或引用的因素，我們的實際業績可能與這些前瞻性陳述所討論的業績有很大不同。
概述
Marqeta的使命是通過讓整個支付體驗本地化和愉悅化來現代化金融服務。Marqeta的現代平台賦予我們的客戶創建定製化和創新性支付卡方案的能力，具有可配置性和靈活性。Marqeta的開放API爲高度可擴展的基於雲的支付基礎設施提供即時訪問，使客戶能夠將支付體驗嵌入應用程序或網站，實現個性化用戶體驗。客戶可以使用我們的平台啓動和管理自己的卡方案，發行卡片並快速授權和結算支付交易。我們還提供強大的卡方案管理，允許客戶在不必構建某些複雜的合規性元素或客戶支持服務的情況下將Marqeta嵌入其產品中，包括爭議管理、欺詐評分、卡片滿足和持卡人支持服務。
Marqeta的創新產品是根據深入的領域專業知識和以客戶爲先的態度來開發、啓動和管理卡方案的。Marqeta向所有客戶提供髮卡處理服務，對於大多數客戶，它還充當卡方案管理員。根據客戶期望的控制和責任級別，Marqeta可以在多個不同配置中與公司合作： - 尤其爲Marqeta提供管理服務的方案：通過尤其爲Marqeta提供管理服務的方案（MxM），Marqeta爲客戶的卡方案提供髮卡銀行合作伙伴，代表髮卡銀行管理客戶的卡方案，並提供全方位的服務，包括配置客戶生產環境所需的許多關鍵資源。除了通過我們的API爲客戶提供訪問Marqeta儀表板的機會之外，Marqeta還管理啓動卡方案的許多主要任務，例如與卡網絡和髮卡銀行定義和管理方案，運營方案和管理某些盈利能力元素，以及管理適用規定、髮卡銀行和卡網絡規則的合規性。我們的Mxm客戶還可以使用各種託管服務，包括爭議管理、欺詐評分、卡片滿足和持卡人支持服務。 - 尤其爲Marqeta提供強化服務的方案：通過尤其爲Marqeta提供強化服務的方案（PxM），Marqeta還向客戶通過我們的API提供訪問Marqeta儀表板的機會，提供支付處理，並協助客戶處理啓動卡方案所需的某些配置元素。與我們的Mxm卡方案不同，我們的Pxm客戶需要負責卡方案的其他方面，包括與卡網絡和髮卡銀行定義和管理方案，以及管理適當的法規、髮卡銀行和卡網絡規則的合規性。
•在Marqeta管理:通過Marqeta提供的銀行合作伙伴（MxM），Marqeta爲客戶的卡方案提供了一個髮卡銀行的BIN贊助商，代表髮卡銀行管理客戶的卡方案，並提供一整套服務，包括配置客戶生產環境所需的許多關鍵資源。除了通過我們的API爲客戶提供訪問Marqeta-儀表的權限外，Marqeta還管理許多與啓動卡方案相關的主要任務，例如與卡組織和髮卡銀行定義和管理方案、運作方案以及管理某些盈利元件，並管理與適用法規、髮卡銀行和卡組織規則的合規性。我們的Mxm客戶還可以獲得各種託管服務，包括爭議管理、欺詐評分、卡片發放和持卡人支持服務。
•Marqeta提供的PxM（Powered By Marqeta）還向客戶提供訪問Marqeta特斯拉-儀表的權限，通過我們的API提供支付處理，並協助配置某些元素，以使客戶能夠獨立使用該平台。與我們的Mxm卡計劃不同，我們的Pxm客戶需負責銀行卡程序的其他方面，包括與銀行和髮卡銀行以及符合適用法規、髮卡銀行和銀行卡網絡規則的定義和管理。
考慮到Marqeta平台的模塊化，某些客戶還可以選擇在他們的Pxm卡方案中合併Mxm的元素，以創建一種自定義的Powered By Plus方案。
宏觀經濟因素的影響 我們無法預測宏觀經濟因素（包括以不同形式出現的各種地緣政治衝突、相關的不確定性、全球選舉、持續的供應鏈短缺、通貨膨脹和利率升高、全球經濟狀況的不確定性）對我們的支付處理量和未來業績的影響。宏觀經濟狀況的惡化可能增加消費者支出降低、消費者和商家破產、破產、業務失敗、更高的信貸損失、外匯波動或其他業務中斷的風險，這可能對我們的業務產生不利影響。我們將繼續監測這些情況，並可能採取改變我們的運營和業務實踐的行動，這些行動可能是聯邦、州或地方當局要求採取的行動，或者是我們認爲符合我們客戶、供應商和員工的最大利益的行動。有關進一步討論或合併的，請參閱本季度報告表格10-Q中的「風險因素」和我們的2023年年度報告。
我們無法預測宏觀經濟因素的影響，包括各種地緣政治衝突、與全球選舉相關的不確定性、通脹和利率期貨的變化以及全球經濟狀況的不確定性，這些因素可能對我們的處理量和未來業績產生影響。宏觀經濟條件惡化可能會增加消費者支出降低、消費者和商家破產、破產、業務失敗、信貸損失增加、外匯波動或其他業務中斷的風險，從而可能對我們的業務產生不利影響。我們會繼續監控這些情況，可能會採取行動改變我們的運營和業務實踐，以適應聯邦、州或地方當局的要求，或者我們認爲符合客戶、供應商和員工的最佳利益。請參閱本季度報告表格10-Q中名爲「風險因素」的部分，以及我們2023年年度報告，以深入討論可能
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目錄

這些宏觀經濟因素對我們業務的影響。
關鍵運營指標和非GAAP財務指標
我們審查大量經營和財務指標，包括以下列出的關鍵運營指標，以幫助我們評估業務和增長趨勢，制定預算，評估投資效果，並評估運營效率。除了按照GAAP確定的結果外，以下表格列出了關鍵運營指標和非GAAP財務指標，我們認爲這些指標在評估我們的業務表現上很有用。
截至9月30日的三個月截至9月30日的九個月
（除非另有說明，金額爲千美元）
2024202320242023
總處理量（以百萬計）$73,899 $56,650 $211,192 $160,285 
營業收入
$127,967 $108,891 $371,205 $557,349 
毛利潤
$90,132 $72,508 $253,646 $246,281 
毛利率70 %67 %68 %44 %
淨（虧損）利潤
$(28,643)$(54,990)$54,405 $(182,587)
淨（損）收益率
(22)%(51)%15 %(33)%
營業費用總計
$132,363 $142,334 $240,687 $472,960 
非依照普通會計準則衡量的指標：
調整後的EBITDA
$9,019 $(2,062)$16,429 $(5,586)
調整後的EBITDA率7 %(2)%4 %(1)%
非GAAP營業費用
$81,113 $74,570 $237,217 $251,867 
成交量（「TPV」） - TPV代表通過我們平台處理的總付款金額，扣除退款和退單。我們相信TPV是一個關鍵的運營指標，也是我們平台市場採納情況、品牌增長、客戶業務增長和業務規模的主要指標。
調整後的EBITDA - Adjusted EBITDA是一種非GAAP財務衡量指標，計算方法爲將淨（損）收益調整以排除折舊和攤銷；以股份爲基礎的補償費用；首席執行長長期績效獎勵；與以股份爲基礎的補償相關的工資稅；重組費用；收購相關費用，包括盡職調查費用，交易費用和與潛在或成功收購相關的整合費用，以及現金和非現金的後合併補償費用；所得稅費用（利益）；和其他收入（費用）淨額，其中包括來自我們短期投資的利息收入，實現的外幣匯兌收益和損失，我們在股權法下的關聯公司利潤或損失，關聯公司投資減值或其他金融工具，以及出售股權法下投資所得的收益。我們認爲Adjusted EBITDA是一個重要的運營績效指標，因爲它使管理層和我們的董事會能夠評估和比較我們的核心運營結果，包括我們的運營效率，從一個時期到另一個時期。此外，我們將Adjusted EBITDA用作我們的年度僱員獎金計劃和基於業績的限制性股票單位計算的輸入。請參閱下文中標題爲「使用非GAAP財務指標」的部分，以了解非GAAP指標的使用，演示的變化以及從淨（損）收益到Adjusted EBITDA的調節。
調整後的EBITDA利潤率n - 調整後的EBITDA利潤率是一項非通用會計原則財務指標，由調整後的EBITDA除以淨營業收入計算得出。董事會和管理層使用這一指標來評估我們的經營效率。請參閱下文「非通用會計原則財務指標使用」部分，了解非通用會計指標的使用以及淨（虧損）收入與調整後的EBITDA利潤率的調和情況。
非GAAP營業費用 - 非GAAP營業費用是一種非GAAP財務指標，計算方式爲總營業費用調整排除折舊和攤銷; 股權報酬費用; 執行主席長期績效獎勵; 與股權報酬相關的薪資稅; 重組費用; 以及收購相關費用，包括應付款
24
目錄

我們的淨收入有兩個組成部分：平台服務收入和其他服務收入。
我們目前沒有任何產品獲得銷售批准，也沒有產生任何營業收入。未來，我們可能會從我們與藥物候選品有關的合作伙伴或許可協議、以及任何獲得批准的產品的產品銷售中產生營業收入，而我們不希望在未來至少數年內（即便有可能）獲得批准。我們生成產品收入的能力將取決於成功開發和最終商業化AV-101以及我們可能追求的任何其他藥物候選品。如果我們未能及時完成AV-101的開發或獲得監管批准，我們未來營業收入和經營業績以及財務狀況將受到嚴重不利影響。
淨營業收入
處理量總額（「TPV」）- TPV 表示通過我們的平台處理的支付的總金額，扣除退貨和退款。我們認爲，TPV 是一個關鍵的經營指標，是我們平台的市場採用情況、我們品牌的增長、我們客戶業務的增長和我們業務規模的主要指標。
平台服務的淨營收. 平台服務營業收入包括淨手續費、扣除分成和其他向客戶支付的服務水平費用、以及在某些客戶安排中由公司作爲服務交付代理的信用卡網絡和髮卡銀行成本。平台服務營業收入還包括處理和其他費用。「手續費」是由信用卡網絡設定的基於交易和成交量的費用，由商戶銀行支付給髮卡銀行，後者發行用於從商戶購買商品或服務的付款卡。公司通過我們爲客戶處理的卡交易賺取手續費，手續費基於交易金額的一定比例加上每筆交易的固定金額。手續費是在相關交易結算時確認的。
「收入份額」支付是爲了激勵我們的客戶增加在我們平台上處理的交易量。通常，收益份額被計算爲所獲得淨換費或處理量的百分比，並且每月支付給我們的 Mxm 客戶。收益份額支付將作爲淨收益的減少記錄。通常，隨着客戶的處理量增加，我們分享收益的比率也會增加。
處理和其他收費按處理量的百分比或每筆交易收費，包括當付款卡在自動取款機上使用或用於跨境購買時賺取。處理和其他費用中也包括最低處理費用，當客戶處理量低於某些門檻時，也包括在處理和其他費用中。
我們認爲達成業績承諾並滿足業務義務後，我們的服務被視爲完成。當我們授權交易，驗證交易沒有錯誤並將數據接受併發送到我們的記錄後，我們的平台服務即被視爲完成。
其他服務收入。 其他服務收入主要包括卡片配送服務所賺取的收入。卡片配送費通常在客戶訂購卡片庫存時收取，並在卡片發運給客戶時確認爲營業收入。
營業成本
營業成本包括卡網絡費、髮卡銀行費用以及客戶安排中的卡片配送成本，公司在向客戶提供服務時是主體，不包括折舊和攤銷，這些在損益簡表和綜合損益表中另行報告。卡網絡費是通過各自的卡網絡處理的交易量的一定比例或每筆交易的固定金額。髮卡銀行費用是爲了向我們的客戶發行卡片並贊助我們與卡網絡的卡片計劃而補償我們的髮卡銀行，通常等於一定比例的處理量或每筆交易的固定金額。卡片配送成本包括實體卡片、包裝以及其他配送成本。
25
目錄

我們與卡網絡有單獨的營銷和激勵安排，爲我們提供貨幣激勵，以建立我們的客戶卡計劃並通過各自的卡網絡路由交易量。激勵金額通常基於一段時間內處理量的百分比或路由交易的數量而決定。在公司是主體的客戶安排中，我們將這些激勵記錄爲卡網絡費用的減少。通常情況下，隨着處理量的增加，我們從這些安排中獲得更高的貨幣激勵率，同時需要在年度衡量期內達到一定的量閾值。對於某些具有年度衡量期的激勵安排，一年期間可能與我們的財年不一致。此外，對激勵最終年度達成的不確定性可能導致卡網絡費用出現非正常波動，並且可能在達到交易量閾值的季度出現，因爲更高的激勵率會適用於整個衡量期內的交易量，這可能需要經過六個或十二個月。通常情況下，第一季度我們的貨幣激勵率較高，因爲年度衡量期最接近完成和高的交易量閾值已被達到。在第二季度，我們通常獲得最低的貨幣激勵率，因爲年度衡量期和交易量閾值已重置。
Operating Expenses (Benefit)
Compensation and Benefits consists primarily of salaries, employee benefits, severance and other termination benefits, incentive compensation, contractors’ cost, and share-based compensation.
Technology consists primarily of third-party hosting fees, software licenses, and hardware purchases below our capitalization threshold, and support and maintenance costs.
Professional Services consists primarily of consulting, legal, audit, and recruiting fees.
Occupancy consists primarily of rent expense, repairs, maintenance, and other building related costs.
Depreciation and Amortization consists primarily of depreciation of our fixed assets and amortization of capitalized Internal-use software and developed technology intangible assets.
Marketing and Advertising consists primarily of costs of general marketing and promotional activities.
Other Operating Expenses consists primarily of insurance costs, indemnification costs, travel-related expenses, indirect state and local taxes, and other general office expenses.
Executive Chairman Long-Term Performance Award consists of share-based compensation related to the Executive Chairman Long-Term Performance Award including the impact of forfeiture.
Other Income, net
Other income, net consists primarily of interest income from our short-term investments and cash deposits, gain from sale of equity method investments, impairment of equity method investments or other financial instruments, equity method investment share of loss, and realized foreign currency gains and losses.
Income Tax Expense (Benefit)
Income tax expense consists of U.S. federal and state income taxes, and income taxes related to certain foreign jurisdictions. We maintain a full valuation allowance against our U.S. federal and state net deferred tax assets as we have concluded that it is not more likely than not that we will realize our net deferred tax assets.
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Results of Operations

The following table sets forth our results of operations for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2024202320242023
Net revenue$127,967 $108,891 $371,205 $557,349 
Costs of revenue37,835 36,383 117,559 311,068 
Gross profit90,132 72,508 253,646 246,281 
Operating expenses (benefit):
Compensation and benefits100,964 102,433 299,120 350,592 
Technology16,317 13,930 44,204 41,674 
Professional services4,759 4,197 13,437 14,507 
Occupancy1,178 1,074 3,476 3,285 
Depreciation and amortization4,448 3,108 11,941 7,582 
Marketing and advertising582 346 1,688 1,348 
Other operating expenses4,115 3,833 11,438 14,171 
Executive chairman long-term performance award
— 13,413 (144,617)39,801 
Total operating expenses
132,363 142,334 240,687 472,960 
(Loss) income from operations
(42,231)(69,826)12,959 (226,679)
Other income, net
13,703 15,074 41,845 37,508 
(Loss) income before income tax expense
(28,528)(54,752)54,804 (189,171)
Income tax expense (benefit)115 238 399 (6,584)
Net (loss) income
$(28,643)$(54,990)$54,405 $(182,587)


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Comparison of the Three Months Ended September 30, 2024 and 2023
Net Revenue
Three Months Ended September 30,
(dollars in thousands)20242023$ Change% Change
Net revenue:
Total platform services, net$121,800$104,332$17,468 17 %
Other services6,1674,5591,608 35 %
Total net revenue$127,967$108,891$19,076 18 %
Total Processing Volume (TPV) (in millions)$73,899$56,650$17,249 30 %
Total net revenue increased by $19.1 million, or 18%, for the three months ended September 30, 2024 compared to the same period in 2023, of which an increase of $5.1 million was attributable to our largest customer, Block, Inc. The overall increase in net revenue was primarily driven by a 30% increase in TPV partially offset by the impact of a renegotiated platform partnership and unfavorable changes in the mix of our card programs, particularly the growth of our PxM offering.
Other services revenue increased $1.6 million, or 35%, in the three months ended September 30, 2024 compared to the same period in 2023. This growth was driven by a rise in card-related fulfillments, which included both one-time card replacements and increased customer card shipments compared to the same period in 2023.
The increase in TPV was driven by growth across all our major verticals, particularly financial services, with PxM customers outperforming MxM customers. The growth in TPV for our top five customers, as determined by their individual processing volume in each respective period, was 23% in the three months ended September 30, 2024 compared to the same period in 2023, while TPV from all other customers, as a group, grew by 67% in the three months ended September 30, 2024 compared to the same period in 2023. Note that the top five customers may differ between the two periods.
Costs of Revenue and Gross Margin
Three Months Ended September 30,
(dollars in thousands)20242023$ Change% Change
Costs of revenue:
Card Network fees, net$29,676$29,799$(123)— %
Issuing Bank fees3,3882,912476 16 %
Other4,7713,6721,099 30 %
Total costs of revenue$37,835$36,383$1,452 4 %
Gross profit$90,132$72,508$17,624 24 %
Gross margin70 %67 %
Costs of revenue increased by $1.5 million, or 4%, for the three months ended September 30, 2024 compared to the same period in 2023. The increase in costs is attributed to higher Card Network and Issuing Bank fees stemming from the 30% increase in TPV, partially offset by higher network incentives earned during the current year. Card Network fees are presented net of monetary incentives from Card Networks for processing volume through the respective Card Networks during the period.
As a result of the increases in costs of revenue being less than the increases in net revenue explained above, our gross profit increased by $17.6 million, or 24%, in the three months ended September 30, 2024 compared to the same period in 2023, and our gross margin increased by 3 percentage points in the three months ended September 30, 2024 compared to the same period in 2023.
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Operating Expenses
Three Months Ended September 30,
(dollars in thousands)20242023$ Change% Change
Operating expenses:
Salaries, bonus, benefits and payroll taxes$65,310 $70,298 $(4,988)(7)%
Share-based compensation35,654 32,135 3,519 11 %
Total compensation and benefits100,964 102,433 (1,469)(1)%
Percentage of net revenue79 %94 %
Technology16,317 13,930 2,387 17 %
Percentage of net revenue13 %13 %
Professional services4,759 4,197 562 13 %
Percentage of net revenue4 %4 %
Occupancy1,178 1,074 104 10 %
Percentage of net revenue1 %1 %
Depreciation and amortization4,448 3,108 1,340 43 %
Percentage of net revenue3 %3 %
Marketing and advertising582 346 236 68 %
Percentage of net revenue— %— %
Other operating expenses4,115 3,833 282 7 %
Percentage of net revenue3 %4 %
Executive chairman long-term performance award
—13,413(13,413)(100)%
Percentage of net revenue— %12 %
Total operating expenses
$132,363$142,334$(9,971)(7)%
Percentage of net revenue103%131%
Salaries, bonus, benefits, and payroll taxes decreased by $5.0 million, or 7%, for the three months ended September 30, 2024 compared to the same period in 2023. The decrease was driven by lower postcombination compensation costs to former employees of Power Finance and an increase in salaries, bonus, and benefits costs capitalized for internal-use software development in 2024, partially offset by increased salaries and benefits costs as a result of higher headcount in the three-months ended September 30, 2024 compared to the same period in 2023.
Share-based compensation increased by $3.5 million in the three months ended September 30, 2024 compared to the same period in 2023 mainly due to an increase in the number of employees and awards granted.
Technology expenses increased by $2.4 million, or 17% for the three months ended September 30, 2024 compared to the same period in 2023. The increase was due to higher licensing and hosting costs to support our continued growth as we implement and support our systems and tools.
Professional services expenses increased by $0.6 million or 13% for the three months ended September 30, 2024 compared to the same period in 2023 due to an increase in consulting fees.
Occupancy expense remained relatively flat for the three months ended September 30, 2024 compared to the same period in 2023.
Depreciation and amortization expense increased by $1.3 million, or 43%, for the three months ended September 30, 2024 compared to the same period in 2023. The increase was primarily due to an increase in the amortization of internally developed software as more projects have been capitalized and placed into service.
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Marketing and advertising expenses increased by $0.2 million, or 68% for the three months ended September 30, 2024 compared to the same period in 2023 due to an increase in branding spend.
Other operating expenses increased by $0.3 million, or 7% for the three months ended September 30, 2024 compared to the same period in 2023.
Executive chairman long-term performance award decreased by 100% for the three months ended September 30, 2024 compared to the same period in 2023 as the Executive Chairman Long-Term Performance Award was forfeited in the second quarter of 2024 as a result of the Company’s Executive Chairman transitioning to a non-employee director role on the board of directors.
Other Income, net
Three Months Ended September 30,
(dollars in thousands)20242023$ Change% Change
Other income, net
$13,703 $15,074 $(1,371)(9)%
Percentage of net revenue11 %14 %
Other income, net decreased by $1.4 million, or 9%, for the three months ended September 30, 2024 compared to the same period in 2023. The decrease was primarily due to a decrease in interest income earned on our short-term investments portfolio as we had smaller portfolio balances during the third quarter of 2024. Interest rates remained relatively flat during the comparable periods.
Income Tax Expense
Income tax expense remained relatively flat for the three months ended September 30, 2024 compared to the same period in 2023.
Customer Concentration
We generated 47% and 50% of our net revenue from our largest customer, Block, during the three months ended September 30, 2024 and 2023, respectively.
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Comparison of the Nine Months Ended September 30, 2024 and 2023
Net Revenue
Nine Months Ended September 30,
(dollars in thousands)20242023$ Change% Change
Net revenue:
Total platform services, net$355,005$540,862(185,857)(34)%
Other services16,20016,487(287)(2)%
Total net revenue$371,205$557,349$(186,144)(33)%
Total Processing Volume (TPV) (in millions)$211,192$160,285$50,907 32 %
Total net revenue decreased by $186.1 million, or 33%, for the nine months ended September 30, 2024 compared to the same period in 2023, of which $223.1 million of this decrease was attributable to Block, Inc. The decrease in net revenue was primarily driven by the amendment to the Block agreement in August 2023 (the “August 2023 Block Amendment”) which allowed for reduced pricing and impacted the revenue presentation for the Cash App Program as fees owed to Issuing Banks and Card Networks related to the Cash App primary Card Network volume are recorded as a reduction to the revenue earned from the Cash App program within Net revenue effective as of July 1, 2023. In prior periods, these costs were included within Costs of revenue. The impact of these fees for the nine months ended September 30, 2024 was a $264.7 million reduction to Net revenue, negatively impacting the growth rate by 47 ppts. These decreases in net revenue were partially offset by increased TPV from Block’s programs. Revenue from other customers increased $37.2 million, primarily driven by an increase in TPV partially offset by the impact of contract renewals and unfavorable changes in the mix of our card programs, particularly the growth of our PxM offering.

Other services revenue decreased $0.3 million, or 2% in the nine months ended September 30, 2024 compared to the same period in 2023 due to a one-time card fulfillment order which occurred in the prior year.
The increase in TPV was mainly driven by growth across all our major verticals, particularly financial services and PxM customers. The growth in TPV for our top five customers, as determined by their individual processing volume in each respective period, was 25% in the nine months ended September 30, 2024 compared to the same period in 2023, while TPV from all other customers, as a group, grew by 69% in the nine months ended September 30, 2024 compared to the same period in 2023. Note that the top five customers may differ between the two periods.
Costs of Revenue and Gross Margin
Nine Months Ended September 30,
(dollars in thousands)20242023$ Change% Change
Costs of revenue:
Card Network fees, net94,859281,436$(186,577)(66)%
Issuing Bank fees9,68417,964(8,280)(46)%
Other13,01611,6681,348 12 %
Total costs of revenue$117,559$311,068$(193,509)(62)%
Gross profit$253,646$246,281$7,365 3 %
Gross margin68 %44 %
Costs of revenue decreased by $193.5 million for the nine months ended September 30, 2024 compared to the same period in 2023. The decrease was primarily due to the revenue presentation change as a result of the August 2023 Block Amendment. These decreases were partially offset by increases in Issuing Bank and Network fees driven by the 32% increase in TPV.
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As a result of the decreases in costs of revenue being more than the decreases in net revenue explained above, our gross profit increased by $7.4 million, or 3%, for the nine months ended September 30, 2024 compared to the same period in 2023. Our gross margin increased by 24 percentage points in the nine months ended September 30, 2024 compared to the same period in 2023.
Operating Expenses (Benefit)
Nine Months Ended September 30,
(dollars in thousands)20242023$ Change% Change
Operating expenses (benefit):
Salaries, bonus, benefits and payroll taxes$195,862 $254,681 $(58,819)(23)%
Share-based compensation103,258 95,911 7,347 8 %
Total compensation and benefits299,120 350,592 (51,472)(15)%
Percentage of net revenue81 %63 %
Technology44,204 41,674 2,530 6 %
Percentage of net revenue12 %7 %
Professional services13,437 14,507 (1,070)(7)%
Percentage of net revenue4 %3 %
Occupancy3,476 3,285 191 6 %
Percentage of net revenue1 %1 %
Depreciation and amortization11,941 7,582 4,359 57 %
Percentage of net revenue3 %1 %
Marketing and advertising1,688 1,348 340 25 %
Percentage of net revenue— %— %
Other operating expenses11,438 14,171 (2,733)(19)%
Percentage of net revenue3 %3 %
Executive chairman long-term performance award
$(144,617)$39,801(184,418)(463)%
Percentage of net revenue(39)%7 %
Total operating expenses
$240,687$472,960$(232,273)(49)%
Percentage of net revenue65%85%
Salaries, bonus, benefits, and payroll taxes decreased by $58.8 million or 23%, for the nine months ended September 30, 2024 compared to the same period in 2023. The decrease was driven by lower postcombination compensation costs to former employees of Power Finance, lower severance costs as a restructuring occurred in 2023, lower headcount year over year and an increase in salaries, bonus, and benefits costs capitalized for internal-use software development in 2024.
Share-based compensation increased by $7.3 million in the nine months ended September 30, 2024 compared to the same period in 2023 mainly due to an increase in the number of employees and awards granted in 2024 and due to the forfeiture of awards related to the prior year restructuring which lowered share-based compensation costs recorded in 2023.
Technology expenses increased by $2.5 million or 6% for the nine months ended September 30, 2024 compared to the same period in 2023 mainly due to higher licensing and hosting costs to support our continued growth as we implement and support our systems and tools.
Professional services expenses decreased by $1.1 million, or 7%, for the nine months ended September 30, 2024 compared to the same period in 2023. The decrease was primarily due to decreased consulting fees.
Occupancy expense remained relatively flat for the nine months ended September 30, 2024 compared to the same period in 2023.
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Depreciation and amortization increased by $4.4 million, or 57%, for the nine months ended September 30, 2024 compared to the same period in 2023. The increase was primarily due to the amortization of internally developed software and to the amortization of developed technology intangible assets originating from the Power Finance acquisition.
Marketing and advertising expenses increased by $0.3 million or 25% for the nine months ended September 30, 2024 compared to the same period in 2023 due to an increase in branding spend.
Other operating expenses decreased by $2.7 million, or 19%, for the nine months ended September 30, 2024 compared to the same period in 2023. The decrease was primarily due to cost optimization initiatives impacting the current year.
Executive chairman long-term performance award decreased for the nine months ended September 30, 2024 compared to the prior year comparable period primarily due to a one-time reversal of share-based compensation expense of $167.3 million, of which $144.6 million related to prior year periods, as the Executive Chairman Long-Term Performance Award was forfeited in the second quarter of 2024 as a result of the Company’s Executive Chairman transitioning to a non-employee director role on the board of directors.
Other Income, net
Nine Months Ended September 30,
(dollars in thousands)20242023$ Change% Change
Other income, net
$41,845 $37,508 $4,337 12 %
Percentage of net revenue11 %7 %
Other income, net increased by $4.3 million, or 12%, for the nine months ended September 30, 2024 compared to the same period in 2023. The increase was primarily attributable to an increase in interest income earned on our short-term investments portfolio due to higher interest rates during the nine months ended September 30, 2024.
Income Tax Expense (Benefit)
Income tax expense increased by $7.0 million for the nine months ended September 30, 2024 compared to the same period in 2023 primarily due to a $7.2 million partial valuation allowance release in the prior year stemming from the acquisition of Power Finance Inc.
Customer Concentration
We generated 48% and 72% of our net revenue from our largest customer, Block, during the nine months ended September 30, 2024 and 2023, respectively.
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Use of Non-GAAP Financial Measures
Our non-GAAP measures have limitations as analytical tools and you should not consider them in isolation. These non-GAAP measures should not be viewed as a substitute for, or superior to, measures prepared in accordance with GAAP. In evaluating these non-GAAP measures, you should be aware that in the future we will incur expenses similar to the adjustments in the presentation of our non-GAAP measures set forth under “Key Operating Metric and Non-GAAP Financial Measures”. There are a number of limitations related to the use of these non-GAAP measures versus their most directly comparable GAAP measures, including the following:
•other companies, including companies in our industry, may calculate adjusted EBITDA and non-GAAP operating expenses differently than how we calculate this measure or not at all; this reduces its usefulness as a comparative measure;
•although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditures; and
•adjusted EBITDA does not reflect the effect of income taxes that may represent a reduction in cash available to us.
We encourage investors to review the related GAAP financial measures and the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measures.
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A reconciliation of Net (loss) income to adjusted EBITDA and GAAP operating expenses to non-GAAP operating expenses for the periods presented is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2024202320242023
Net revenue$127,967 $108,891 $371,205 $557,349 
Net (loss) income
$(28,643)$(54,990)$54,405 $(182,587)
Net (loss) income margin
(22)%(51)%15 %(33)%
Total operating expenses
$132,363 $142,334 $240,687 $472,960 
Net (loss) income
$(28,643)$(54,990)$54,405 $(182,587)
Depreciation and amortization expense4,448 3,108 11,941 7,582 
Share-based compensation expense(1)
35,654 32,135 103,258 98,802 
Executive chairman long-term performance award(1)
— 13,413 (144,617)39,801 
Payroll tax expense related to share-based compensation440 541 2,307 1,818 
Acquisition-related expenses (2)
10,708 18,270 30,581 64,420 
Restructuring— 297 — 8,670 
Other income, net
(13,703)(15,074)(41,845)(37,508)
Income tax expense (benefit)115 238 399 (6,584)
Adjusted EBITDA$9,019 $(2,062)$16,429 $(5,586)
Adjusted EBITDA Margin7 %(2)%4 %(1)%
Total operating expenses
$132,363 $142,334 $240,687 $472,960 
Depreciation and amortization expense(4,448)(3,108)(11,941)(7,582)
Share-based compensation expense
(35,654)(32,135)(103,258)(98,802)
Executive chairman long-term performance award
— (13,413)144,617 (39,801)
Payroll tax expense related to share-based compensation(440)(541)(2,307)(1,818)
Restructuring— (297)— (8,670)
Acquisition-related expenses (2)
(10,708)(18,270)(30,581)(64,420)
Non-GAAP operating expenses$81,113 $74,570 $237,217 $251,867 
(1) Prior period amounts related to our 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.
Liquidity and Capital Resources
As of September 30, 2024, our principal sources of liquidity included cash, cash equivalents, and short-term investments totaling $1.1 billion, with such amounts held for working capital purposes. Our cash equivalents and short-term investments were comprised primarily of bank deposits, money market funds, U.S. treasury bills, U.S. treasury securities, U.S. agency securities, asset-backed securities, commercial paper, certificates of deposit, and corporate debt securities. We have generated significant operating losses as reflected in our accumulated deficit. We expect to continue to incur operating losses for the foreseeable future.
On May 6, 2024, the Company’s board of directors unanimously authorized the repurchase of up to $200 million of the Company’s Class A common stock (the "2024 Share Repurchase Program") as the prior program (the "2023 Share Repurchase Program," authorized for $200 million on May 8, 2023) had been
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exhausted during the first quarter of 2024. Both plans have the same repurchase conditions. Under the 2024 Repurchase Program, the Company is authorized to repurchase shares through open market purchases, in privately negotiated transactions or by other means, in accordance with applicable federal securities laws, including through trading plans under Rule 10b5-1 of the Exchange Act. The number of shares repurchased and the timing of purchases will be based on general business and market conditions, and other factors, including legal requirements. The 2024 Share Repurchase Program has no set expiration date and may be canceled or suspended at any time without notice.
On February 3, 2023, we acquired all outstanding stock of Power Finance Inc. (“Power Finance”). As part of the terms of the acquisition, we entered into postcombination cash compensation arrangements with certain key acquired employees whereby we shall pay them $85.1 million of cash over a weighted average 2.2 year service period following the acquisition date (subject to forfeiture upon termination). As of September 30, 2024, $24.2 million of the postcombination cash compensation arrangements remained outstanding.
We believe our existing cash and cash equivalents, and our short-term investments will be sufficient to meet our working capital and capital expenditure needs for more than the next 12 months. As of the date of filing this Quarterly Report on Form 10-Q, we have access to and control over all our cash, cash equivalents and short-term investments, except amounts held as restricted cash. Our future capital requirements will depend on many factors, including our planned continuing investment in product development, platform infrastructure, share repurchases, and global expansion. We will use our cash for a variety of needs, including for ongoing investments in our business, potential strategic acquisitions, capital expenditures and investment in our infrastructure, including our non-cancellable purchase commitments with cloud-computing service providers and certain Issuing Banks.
As of September 30, 2024, we had $8.5 million in restricted cash which included a deposit held at an Issuing Bank to provide the Issuing Bank collateral in the event that our customers' funds are not deposited at the Issuing Bank in time to settle our customers' transactions with the Card Networks. Restricted cash also includes cash held at a bank to secure our payments under a lease agreement for our office space.
Cash Flows
The following table summarizes our cash flows for the periods indicated:
Nine Months Ended September 30,
20242023
(in thousands)
Net cash provided by operating activities
$33,415 $4,582 
Net cash provided by (used in) investing activities
37,041 (43,396)
Net cash used in financing activities(165,011)(197,283)
Net decrease in cash, cash equivalents, and restricted cash$(94,555)$(236,097)
Operating Activities
Our largest source of cash provided by our operating activities is our net revenue. Our primary uses of cash in our operating activities are for Card Network and Issuing Bank fees, and employee-related compensation. The timing of settlement of certain operating assets and liabilities, including revenue share payments, bonus payments, prepayments made to cloud-computing service providers, settlement receivables and network incentive receivables can affect the amounts reported as Net cash provided by or used in operating activities in the Condensed Consolidated Statement of Cash Flows.
Net cash provided by operating activities was $33.4 million in the nine months ended September 30, 2024 compared to $4.6 million in the same period in 2023. The increase in net cash provided by operating activities is due mainly to generating net income in the current period and the timing of collections of settlement receivables and payments of revenue share payables, partially offset by decreased non-cash expenses due to the forfeiture of the Executive Chairman Long-Term Performance Award.
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Investing Activities
Net cash provided by investing activities consists primarily of maturities of our short-term investments. Net cash used in investing activities consists primarily of purchases of short-term investments, purchases of property and equipment, capitalization of internal-use software and cash consideration for business combinations.
Net cash provided by investing activities in the nine months ended September 30, 2024 was $37.0 million compared to net cash used in the same period in 2023 of $43.4 million. The increase in net cash provided by investing activities is primarily due to the Power Finance acquisition which occurred in 2023 partially offset by decreased cash inflows from the maturities and sales of short-term investments and increased capitalization of internal-use-software in the current year.
Financing Activities
Net cash used in financing activities consists primarily of net payments related to share-based compensation activities and our share repurchase programs.
Net cash used in financing activities in the nine months ended September 30, 2024 was $165.0 million compared to $197.3 million in the same period in 2023. The decrease in net cash used in financing activities is primarily due to the payment of the contingent consideration from our Power Finance acquisition in the prior year offset by increased payments to repurchase our Class A common stock under the 2024 and 2023 Share Repurchase Programs and increased tax withholdings related to net share settlement of share-based compensation awards.
Obligations and Other Commitments
There were no material changes in our obligations and other commitments from those disclosed in our 2023 Annual Report.
For additional information about our contractual obligations and other commitments, see Note 8 “Commitments and Contingencies” to our condensed consolidated financial statements.
Critical Accounting Policies and Estimates
Our Condensed Consolidated Financial Statements are prepared in accordance with GAAP. The preparation of these Condensed Consolidated Financial Statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, costs, and expenses, and related disclosures. On an ongoing basis, we evaluate our estimates and assumptions. Our actual results may differ from these estimates under different assumptions or conditions.
There have been no material changes to our critical accounting estimates as compared to the critical accounting estimates described in “Management's Discussion and Analysis of Financial Condition and Results of Operations” set forth in our 2023 Annual Report.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk
We have operations within the United States and globally, and are exposed to market risks in the ordinary course of our business. Information relating to quantitative and qualitative disclosures about these market risks is described below.
Interest Rate Risk
We had cash, cash equivalents, and short-term investments totaling $1.1 billion as of September 30, 2024. Such amounts included cash deposits, money market funds, U.S. treasury bills, U.S. treasury securities, U.S, agency securities, commercial paper, certificate of deposits, asset-backed securities and corporate debt securities. The fair value of our cash, cash equivalents, and short-term investments would not be significantly affected by either an increase or decrease in interest rates due to the short-term maturities of the majority of these instruments. Because we classify our short-term investments as “available-for-sale”, no gains or losses are recognized in the Condensed Consolidated Statement of Operations and Comprehensive Loss due to changes in interest rates unless such securities are sold prior to maturity or declines in fair value are due to credit losses. We have the ability to hold all short-term investments until their maturities. A hypothetical 100 basis point increase or decrease in interest rates would not have a material effect on our financial results or financial condition.
Foreign Currency Exchange Risk
Most of our sales and operating expenses are denominated in U.S. dollars, and therefore our results of operations are not currently subject to significant foreign currency risk. As of September 30, 2024, a hypothetical 10% change in foreign currency exchange rates applicable to our business would not have had a material impact on our Condensed Consolidated Financial Statements.
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Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, have evaluated the effectiveness of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of the end of the period covered by this Quarterly Report on Form 10-Q. Disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
Based on such evaluation, our management has concluded our disclosure controls and procedures were not effective at a reasonable assurance level as of September 30, 2024, due to the material weaknesses in internal control over financial reporting described below.
Material Weaknesses
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis.
In the period ended March 31, 2023, management identified a material weakness related to the accounting for our acquisition of Power Finance (the “Business Combination Material Weakness”), including a lack of sufficient precision in the performance of reviews supporting the purchase price allocation accounting, and a lack of timely oversight over third-party specialists and the reports they produced to support the accounting for the Power Finance acquisition. The material weakness resulted in an error related to the allocation of merger consideration between purchase consideration and post-combination expense that was not detected on a timely basis. The error was corrected by management in the Condensed Consolidated Financial Statements as of and for the three months ended March 31, 2023.
For the period ended December 31, 2023, management identified a material weakness related to information technology general controls (“ITGCs”) (the “ITGC Material Weakness” and together with the Business Combination Material Weakness, the “2023 Material Weaknesses”) in user access over certain information technology (“IT”) systems that support the Company’s revenue and related financial reporting processes. As a result, the related process-level IT dependent manual controls, certain change management controls, and automated application controls for certain key IT systems were also deemed ineffective for the period ended September 30, 2024.
The 2023 Material Weaknesses did not result in any material misstatements in our previously issued financial statements, nor in the financial statements included in this Quarterly Report on Form 10-Q.
Management’s Plan to Remediate the Material Weaknesses
Our management is committed to maintaining a strong internal control environment. As it relates to the Business Combination Material Weakness, we have and will continue to take actions to enhance the design of our business combination controls with the level of precision required to operate them in an effective manner. We will continue to enhance our management review control activities, including the review of inputs, assumptions and reports produced by third-party specialists supporting the purchase price allocation accounting and the application of technical accounting principles.
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To remediate the ITGC Material Weakness, we enhanced the design of our ITGCs over the IT systems that support the Company’s revenue and related financial reporting processes, including, (i) developed and implemented additional training and awareness which addressed ITGCs and policies, including educating control owners concerning the principles and requirements of each control, with a focus on user access; (ii) increased the extent of oversight and verification checks included in operation of user access controls and processes; (iii) deployed additional tools to support administration of user access; and (iv) enhanced quarterly management reporting on the remediation measures to the audit committee of the board of directors. Although we intend to complete the remediation process as promptly as possible, we will not be able to fully remediate the ITGC Material Weakness until we validate the consistent operating effectiveness of newly implemented controls.
Changes in Internal Control Over Financial Reporting
Other than the remediation efforts noted above, there have been no changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the third quarter of fiscal 2024 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. We are continuing the remediation efforts described above.
Limitations on Effectiveness of Controls and Procedures
The effectiveness of any internal control over financial reporting is subject to inherent limitations, including the exercise of judgment in designing, implementing, operating, and evaluating the controls and procedures, and the inability to eliminate misconduct completely. Accordingly, any system of internal control over financial reporting, no matter how well designed and operated, can only provide reasonable, not absolute assurance that its objectives will be met. In addition, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. We intend to continue to monitor and upgrade our internal controls as necessary or appropriate for our business, but cannot assure you that such improvements will be sufficient to provide us with effective internal control over financial reporting.
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PART II - Other Information
Item 1. Legal Proceedings
We are not currently a party to any material pending legal proceedings. From time to time, we may be subject to legal proceedings and claims arising in the ordinary course of business.
Item 1A. Risk Factors

In addition to the other information set forth in this Quarterly Report on Form 10-Q, our business, financial condition, results of operations, cash flows, future prospects, and the trading price of our Class A common stock can be affected by a number of factors, whether currently known or unknown, including but not limited to those described in Part I, Item 1A of our 2023 Annual Report under the heading "Risk Factors," which are incorporated herein by reference, any one or more of which could, directly or indirectly, materially and adversely affect our business, financial condition, results of operations, cash flows, future prospects, and the trading price of our Class A common stock, or cause them to vary materially from past or anticipated future results. There have been no material changes to our risk factors since the 2023 Annual Report.
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Recent Sales of Unregistered Securities
None.
Purchase of Equity Securities
The following table contains information relating to the repurchases of our Class A common stock made by us in the three months ended September 30, 2024 (in thousands, except per share amounts):
PeriodTotal Number of
 Shares Purchased
Average Price
Paid per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (1)
July 1 - 31, 2024
2,058 $5.40 2,058 $129,783 
August 1 - 31, 2024
4,026 $5.13 4,026 $109,149 
September 1 - 30, 2024
3,315 $5.02 3,315 $92,510 
Total9,399 9,399 
(1) On May 6, 2024, the Company’s board of directors authorized a share repurchase program of up to $200 million of the Company’s Class A common stock (the “2024 Share Repurchase Program”). Under the 2024 Share Repurchase Program, the Company is authorized to repurchase shares through open market purchases, in privately negotiated transactions or by other means, in accordance with applicable federal securities laws, including through trading plans under Rule 10b5-1 of the Exchange Act. The number of shares repurchased and the timing of purchases are based on general business and market conditions, and other factors, including legal requirements. The 2024 Share Repurchase Program has no set expiration date.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
(c) During our last fiscal quarter, on September 11, 2024, The Gardner 2008 Living Trust dated March 22, 2008 (the “Gardner Trust”) adopted a “Rule 10b5-1 trading arrangement” as defined in Item 408 of Regulation S-K providing for the sale from time to time of an aggregate of up to 3,001,000 shares of our Class A Common Stock, provided that the sale price meets a minimum range per share which is at a premium to the volume weighted average pricing for the time period from August 12 - September 11, 2024. The shares held by the Gardner Trust may be deemed to be beneficially owned by Jason Gardner, a member of our board of directors, and represent 5.8% of the aggregate Class A shares and Class B shares beneficially held by Mr. Gardner, assuming an as-converted basis. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until November 28, 2025, or earlier if all transactions under the trading arrangement are completed, but in no case earlier than one year or later than two years from September 11, 2024.
No other officers, as defined in Rule 16a-1(f), or directors adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” each as defined in Item 408 of Regulation S-K, during our last fiscal quarter.

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Item 6. Exhibits
The following exhibits are filed herewith or incorporated by reference herein:
Incorporated by Reference
Exhibit No.DescriptionFormFile No.Exhibit No.Filing Date
31.1*
31.2*
32.1**
32.2**
101.INS*Inline XBRL Instance Document.
101.SCH*Inline XBRL Taxonomy Extension Schema Document.
101.CAL*Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB*Inline XBRL Taxonomy Extension Labels Linkbase Document.

101.PRE*Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104*Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

*Filed herewith.
**Furnished herewith. The certifications attached as Exhibits 32.1 and 32.2 that accompany this Quarterly Report on Form 10-Q are deemed furnished and not filed with the SEC and are not to be incorporated by reference into any filing of the Company under the Securities Act or the Exchange Act, whether made before or after the date of this Quarterly Report on Form 10-Q, irrespective of any general incorporation language contained in such filing.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

MARQETA, INC.
Date: November 4, 2024
By:/s/ Simon Khalaf
Name:Simon Khalaf
Title:
Chief Executive Officer (Principal Executive Officer)
Date: November 4, 2024
By:/s/ Michael (Mike) Milotich
Name:Michael (Mike) Milotich
Title:
Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)
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