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7/6
美国
证券交易委员会
华盛顿特区20549
表格 10-Q
(标记一个)
☒根据1934年证券交易法第13或15(d)条款的季度报告。
截至2024年6月30日季度结束 2024年9月30日
或
☐根据1934年证券交易法第13或15(d)条款的过渡报告
从__________到__________的过渡期
委员会档案编号： 001-40465
Marqeta, Inc.
（依凭章程所载的完整登记名称）
特拉华州27-4306690
(成立地或组织其他管辖区)（国税局雇主身份识别号码）
180大街, 6th Floor, 奥克兰, 加利福尼亚州
94612
(总部办公地址)（邮政编码）

(877) 962-7738
(注册公司之电话号码，包括区号)
根据法案第12(b)条规定注册的证券：
每种类别的名称交易标的（s）每个注册交易所的名称
每股面额为0.0001美元的A类普通股MQ
辉瑞公司面临数起分开的诉讼，这些诉讼仍在进行中，需等待第三项索赔条款的裁决。2023年9月，我们与辉瑞公司同意合并2022和2023年的诉讼，并将审判日期从2024年11月推迟至2025年上半年，具体时间将由法院确定。 纳斯达克 股票市场有限公司
(纳斯达克全球精选市场)
请以勾选标记表示，登记人：（1）在前述12个月内（或登记人要求提交这些报告的较短期间）是否已提交《1934年证券交易法案》（“交易所法案”）第13条或第15(d)条要求提交的所有报告，以及（2）是否已受到过去90天的申报要求约束。 是 否 ☒
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大型加速归档人☒加速归档人☐
非加速归档人☐小型报告公司☐
新兴成长型企业☐
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截至2024年10月31日，有 465,903,664 发行人的A类普通股股数为每股面值0.0001美元，已发行且 36,490,749 发行人的B类普通股股数为每股面值0.0001美元，已发行。


目 录

页面
2

关于前瞻性陈述的提示
本报告书Form 10-Q含有根据联邦证券法所述的前瞻性陈述，该陈述涉及重大风险和不确定性。前瞻性陈述一般与未来事件或我们未来的财务或营运表现有关。在某些情况下，您可以识别前瞻性陈述，因为它们包含「可能」、「将」、「应当」、「应该」、「期待」、「计划」、「预期」、「可能」、「打算」、「目标」、「专案」、「构思」、「相信」、「估计」、「预测」、「潜在」或「持续」等词语或其他类似词语或表达，涉及我们的期望、策略、计划或意图。本Form 10-Q季报中包含的前瞻性陈述包括但不限于关于的陈述：
•美国和全球经济不确定性对我们业务、营运结果和财务状况的影响;
•我们未来的财务表现，包括我们的净营业收入、营业成本、毛利润和营业费用，以及我们实现未来盈利能力的能力；
•我们客户协议的预期会计处理方式，以及该会计处理方式可能受进一步变动或发展的风险；
•我们有能力扩展新产品和服务，例如我们的信用卡平台；
•我们有效管理或维持增长并扩大业务的能力；
•我们有能力改进我们的平台和服务，发展和扩大我们的能力；
•我们进一步吸引、留住、多元化和扩大客户群的能力；
•我们能够保持和发卡银行以及信用卡网路的关系能力；
•我们的策略、计划、目标和目标;
•我们扩大国际的计划;
•我们有能力在现有市场和新市场以及产品中竞争；
•我们估计的市场机遇；
•经济和行业趋势，预测增长或趋势分析;
•政治、社会和/或经济不稳定或军工冲突的影响；
•我们开发和保护品牌的能力；
•我们遵守法律法规的能力；
•我们成功辩护针对我们提起的诉讼的能力；
•我们吸引和留住合格员工和关键人员的能力；
•我们有能力通过授权的股份回购计划回购股份，并获得预期的财务收益；以及
•我们有能力保持有效的信息披露控制和内部财务报告控制，包括我们能力补救内部财务报告控制中的实质缺陷。


3

我们提醒您，上述清单可能不包含在本季度报告表格10-Q中提出的所有前瞻性陈述。您不应依赖前瞻性陈述来预测未来事件。我们在本季度报告表格10-Q中所包含的前瞻性陈述主要基于我们对可能影响我们业务、营运结果、财务状况和前景的未来事件和趋势的目前期望和预测。这些前瞻性陈述中描述的事件的结果受风险、不确定性和其他在名为“风险因素”一节以及本季度报告表格10-Q中描述或参考的因素所控制，同样也在我们最近提交的年度报告表格10-K - 截至2023年12月31日的财政年度之内。此外，我们运营在一个竞争激烈和迅速变化的环境中。新的风险和不确定性不时出现，我们无法预测可能对本季度报告表格10-Q中所包含的前瞻性陈述产生影响的所有风险和不确定性。前瞻性陈述中反映的结果、事件和情况可能未能实现或发生，实际结果、事件或情况可能与前瞻性陈述中描述的有实质差异。本季度报告表格10-Q中提出的前瞻性陈述仅涉及发表陈述当天的事件。我们无需更新此本季度报告表格10-Q中的任何前瞻性陈述以反映本季度报告表格10-Q之后的事件或情况，或反映新资讯或不可预期的事件的发生，除非法律要求这样做。除非另有指示或上下文要求，否则本文件中所有关于“Marqeta”、“公司”、“登记人”、“我们”、“我们”、“我们”或类似参考的所有引用均是指Marqeta, Inc. 在本季度报告表格10-Q中使用的大写术语并未在上述范围内定义，而是在本季度报告表格10-Q其他地方进行了定义。
4
目录
第一部分 - 基本报表
项目1. 基本报表
Marqeta, Inc.
缩短的合并财务报表
（以千为单位，除每股金额外）
（未经审计）
九月三十日，
2024		12月31日，
2023
资产
流动资产:
现金及现金等价物$886,417 $980,972 
限制性现金8,500 8,500 
短期投资217,569 268,724 
应收帐款净额26,373 19,540 
应收款项已结算，净额11,817 29,922 
网络奖励应收款46,667 53,807 
预付费用及其他流动资产23,821 27,233 
全部流动资产1,221,164 1,388,698 
营运租赁权利资产，净额
4,894 6,488 
物业及设备，扣除折旧后净值
35,791 18,764 
无形资产，扣除累计摊销
31,238 35,631 
商誉123,523 123,523 
其他资产19,226 16,587 
资产总额$1,435,836 $1,589,691 
负债及股东权益
流动负债：
应付账款$1,026 $1,420 
营业收入份额应付款167,081 173,645 
应计费用及其他流动负债165,466 161,514 
流动负债合计333,573 336,579 
扣除当期偿还后之经营租赁负债净额2,082 5,126 
其他负债4,523 4,591 
总负债340,178 346,296 
承诺事项和或附带条件（注8）
股东权益：
优先股，面额$0.01，授权股数为5,000,000股，发行且流通股数为截至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 面额为0.0001； 100,000 和 100,000 股份已授权 无 自2024年9月30日及2023年12月31日期间，已发行并流通的股份分别如下
— — 
0.010.0001 每股面额： 1,500,000 和 1,500,000 授权 A 股 467,647 和 465,985 自2024年9月30日及2023年12月31日，分别发行并流通的股份数。 600,000 和 600,000 授权的B类股份。 36,503 和 54,358 自2024年9月30日及2023年12月31日期间，已发行并流通的股份分别如下
50 52 
资本公积额额外增资1,865,565 2,067,776 
其他综合收益累计额
833 762 
累积亏损(770,790)(825,195)
股东权益总额1,095,658 1,243,395 
负债和股东权益总额$1,435,836 $1,589,691 
请参阅简明综合财务报表附注。
5
目录
Marqeta, Inc.
简明综合营运报表及综合（亏损）收入
（以千为单位，除每股金额外）
（未经审计）
截至9月30日的三个月截至9月30日的九个月
2024202320242023
营业收入$127,967 $108,891 $371,205 $557,349 
营收成本37,835 36,383 117,559 311,068 
毛利润90,132 72,508 253,646 246,281 
营业费用（利益）：
薪资和福利100,964 102,433 299,120 350,592 
科技16,317 13,930 44,204 41,674 
专业服务4,759 4,197 13,437 14,507 
入住率1,178 1,074 3,476 3,285 
折旧与摊提4,448 3,108 11,941 7,582 
市场营销和广告582 346 1,688 1,348 
其他营业费用4,115 3,833 11,438 14,171 
执行主席长期表现奖
— 13,413 (144,617)39,801 
营业费用总计
132,363 142,334 240,687 472,960 
营运(亏损)收入(42,231)(69,826)12,959 (226,679)
其他收益，净额
13,703 15,074 41,845 37,508 
(亏损) 税前收入(28,528)(54,752)54,804 (189,171)
所得税费用（利益） 115 238 399 (6,584)
净（亏损）收益$(28,643)$(54,990)$54,405 $(182,587)
其他综合收益（亏损），税后净额：
外汇翻译调整的变动125 (200)(72)(81)
短期投资未实现（损失）收益的净变动
1,981 (162)143 5,480 
其他综合损益数（净损失）
2,106 (362)$71 $5,399 
综合（损失）收益$(26,537)$(55,352)$54,476 $(177,188)
归属于A类和B类普通股股东的每股税后（亏损）收益
基础
$(0.06)$(0.10)$0.11 $(0.34)
稀释
$(0.06)$(0.10)$0.10 $(0.34)
权重平均股份用于计算每股净（亏损）收益，归属于A类和B类普通股东。
基础
507,160 529,489 513,678 535,797 
稀释
507,160 529,489 522,394 535,797 
请参阅简明综合财务报表附注。
6
目录
Marqeta, Inc.
简明综合股东权益表
（以千为单位）
（未经审计）
普通股资本公积金累积其他综合收益（损失）累积亏损股东权益总额
股份金额
截至2023年12月31日的结余520,343 $52 $2,067,776 $762 $(825,195)$1,243,395 
期权行使时发行普通股98 — 49 — — 49 
限制性股票单位净结算时发行普通股2,806 — (10,917)— — (10,917)
普通股认股权证的授予— — 2,100 — — 2,100 
基于股份的报酬— — 33,393 — — 33,393 
执行主席长期表现奖— — 13,121 — — 13,121 
回购和养老普通股，包括税款(5,238)— (32,830)— — (32,830)
累积其他全面收益（损失）变动— — — (1,586)— (1,586)
净损失— — — — (36,060)(36,060)
截至2024年3月31日的余额518,009 $52 $2,072,692 $(824)$(861,255)$1,210,665 
行使期权后发行普通股33 — 59 — — 59 
员工股票购买计划下的普通股发行327 — 1,629 — — 1,629 
净结算受限制股单位后发行普通股3,338 — (9,370)— — (9,370)
基于股份的报酬— — 38,209 — — 38,209 
执行主席长期表现奖— — (157,738)— — (157,738)
回购和养老普通股，包括避税(10,959)(1)(59,737)— — (59,738)
其他综合收益（损失）累积变动— — — (449)— (449)
净利润— — — — 119,108 119,108 
截至2024年6月30日的余额510,748 $51 $1,885,744 $(1,273)$(742,147)$1,142,375 
行使期权后发行普通股11 — 13 — — 13 
发行普通股以清偿受限制股份单位2,790 — (8,756)— — (8,756)
普通股认股权行使期— — 322 — — 322 
基于股份的报酬— — 37,145 — — 37,145 
回购和养老普通股，包括消费税(9,399)(1)(48,903)— — (48,904)
其他累积全面收入（损失）变动— — — 2,106 — 2,106 
净损失— — — — (28,643)(28,643)
截至2024年9月30日的余额504,150 $50 $1,865,565 $833 $(770,790)$1,095,658 
7
目录
普通股
额外的
实收资本
资本
其他累积
全面收益（亏损）
留存
赤字累计		总计
股东权益
股权
股份金额
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 
行使期权后发行普通股803 — 1,051 — — 1,051 
限制股单位清算后发行普通股1,470 — (3,746)— — (3,746)
普通股票认股权证的解冻— — 2,102 — — 2,102 
基于股份的报酬— — 33,906 — — 33,906 
执行主席长期表现奖— — 13,121 — — 13,121 
回购和退休普通股，包括消费税(3,206)— (20,993)— (20,993)
其他综合净收益（损失）变动— — — 4,054 — 4,054 
净损失— — — — (68,801)(68,801)
截至2023年3月31日之结余540,432 $53 $2,107,814 $(3,183)$(671,034)$1,433,650 
行使期权后发行普通股828 — 1,310 — — 1,310 
员工股票购买计划下的普通股发行446 — 1,775 — — 1,775 
发行普通股以清偿限制性股票单位2,679 — (6,324)— — (6,324)
普通股权证的齐握— — 2,372 — — 2,372 
基于股份的报酬— — 32,152 — — 32,152 
执行主席长期表现奖— — 13,267 — 13,267 
回购和养老普通股，包括消费税(10,168)(1)(48,496)— — (48,497)
其他累计综合收益（损失）变动— — — 1,707 — 1,707 
净损失— — — — (58,797)(58,797)
截至2023年6月30日的结余534,217 $52 $2,103,870 $(1,476)$(729,831)$1,372,615 
行使期权后发行普通股1,189 — 1,675 — — 1,675 
$(3)— (6)— — (6)
在净结算受限制股份单位后发行普通股2,645 2 (8,483)— — (8,481)
普通股认股权盈余— — 2,284 — — 2,284 
基于股份的报酬— — 33,383 — — 33,383 
执行主席长期表现奖— — 13,413 — — 13,413 
回购和养老普通股，包括消费税(11,463)(1)(64,447)— — (64,448)
累积其他综合收益（损失）的变动— — — (362)— (362)
净损失— — — — (54,990)(54,990)
2023年9月30日的结余526,586 $53 $2,081,689 $(1,838)$(784,821)$1,295,083 
8
目录
Marqeta, Inc.
简明合并现金流量量表
（以千为单位）
(未经审核)
截至九月三十日止九个月
20242023
经营活动的现金流量：
净收入（亏损）
$54,405 $(182,587)
调整净收入（亏损）与经营活动所提供的净现金：
折旧和摊销11,941 7,582 
基于股份的赔偿费用103,258 95,911 
执行董事长长期绩效奖
(144,617)39,801 
非现金组合后补偿费用— 32,430 
非现金营运租赁费用1,017 1,870 
短期投资保费摊销（增加折扣）(2,650)(5,525)
其他328 1,068 
营运资产及负债变动：
应收帐款(7,285)(1,108)
应收结算18,105 (1,477)
应收网络奖励7,140 8,086 
预付费用及其他资产3,195 7,760 
应付帐款(3,274)(4,350)
应付的收入分(6,564)4,289 
累计费用及其他负债545 3,331 
营运租赁负债(2,129)(2,499)
经营活动所提供的现金净额
33,415 4,582 
投资活动的现金流量：
购买物业及设备(2,382)(722)
内部使用软体的资本化(14,577)(9,488)
业务合并，除收购现金— (135,630)
购买短期投资— (972,430)
销售可交易证券— 637,913 
短期投资的到期54,000 437,034 
投资实现盈利（亏损）
— (73)
投资活动提供（用于）的现金净额
37,041 (43,396)
融资活动的现金流量：
行使股票期权 (包括早期行使股权) 所得的收益，除购回早期行使未授权期权121 4,081 
缴付与收购相关的可定代价
— (53,067)
有关雇员股票购买计划发行股份之所得款项1,629 1,775 
与限制股份单位净股结算有关已缴纳的税款(29,043)(18,553)
回购普通股(137,718)(131,519)
用于融资活动的现金净额(165,011)(197,283)
现金、现金等值及限制现金净减少(94,555)(236,097)
现金、现金等值及限制现金-期初989,472 1,191,646 
现金、现金等值及限制现金-期末$894,917 $955,549 
请参阅简明综合财务报表附注。
9
目录
Marqeta, Inc.
简明综合现金流量报表
（以千为单位）
(未经审核)
截至9月30日的九个月
20242023
现金、现金等价物和受限现金的调节
现金及现金等价物$886,417 $947,749 
限制性现金8,500 7,800 
现金、现金等价物和限制性现金总额$894,917 $955,549 
非现金投资和融资活动的额外披露：
已计提但尚未支付的购买资产和设备$2,240 $77 
分享基于薪酬的内部使用软体的资本化$5,489 $3,530 
普通股的回购，包括应付但尚未支付的税款$4,373 $2,417 
请参阅简明综合财务报表附注。
10
目录
Marqeta, Inc.
基本报表注记
(金额以千计算，除每股金额、比例或特别注明外，均为表格形式)
（未经审计）

1.    业务概述和报告基础
Marqeta, Inc.（以下简称「公司」）于2010年在特拉华州成立，专注于为创新领域的领导者创建数字支付科技。该公司的现代卡片发行平台让客户能够建立定制和创新的支付卡方案，为他们提供了可配置性和灵活性，打造更好的支付体验。
公司为所有客户提供发卡处理服务，对于大多数客户，公司还充当卡片方案经理。公司主要从为客户处理卡交易中获得营业收入。
报告基础
附注未经核数的简明综合基本报表，已按照美国通用会计准则（“GAAP”）和美国证券交易委员会（“SEC”）的适用规则和法规，编制供中期报告之用。根据该等规则和法规，已将公司依据GAAP编制的年度基本报表中包含的某些资讯和附注抽缩或省略。截至2023年12月31日的简明综合资产负债表，已从公司核数一致基本报表中获得，该等报表包含在公司截至2023年12月31日结束的财政年度Form 10-K的年度报告内，此报告于2024年2月28日向SEC提交。应该同时阅读附属的简明综合基本报表以及公司合并基本报表和附注，这些内容包含在Form 10-K的年度报告内。
附表中的未经审核简明综合财务报表包括公司及其全资子公司的账户。所有子公司间的余额和交易在合并中已被消除。据管理层看法，附表中的简明综合财务报表反映了为呈现公司合并财务状况、经营成果、综合(损失)收入和中间期间现金流量所必要考虑的一切正常且经常的调整。截至2024年9月30日的三个月和九个月的中期结果未必代表可能预期的截至2024年12月31日年终，或任何未来年度或中间期间的结果。
重新分类
相关于我们执行主席的长期绩效奖金的前期数额已经重新分类，以符合当前期间的呈现方式。
估计的使用
根据GAAP要求，财务报表的准备需要管理层对资产和负债金额的报告、条款性负债的披露、收入和费用金额的报告进行各种估计和假设。重大估计和假设包括但不限于所取得的资产和通过业务组合承担的负债的公允价值和使用寿命、条款性负债的估计、股权奖励和认股权证的公允价值、股份报酬、与客户合同中的变动考量的估计、合同事故和处理错误的储备、网络激励金的估计以及收入税的估值。实际结果可能与这些估算有重大差异。
11

业务风险和不确定性
公司自成立以来每季均亏损，唯一例外为截至2024年6月30日的季度。公司截至2024年9月30日的累积赤字为$770.8 百万。公司预计在可预见的未来继续从事营运活动的亏损，因为将产生与为客户创建新产品，吸纳新客户，发展品牌，拓展至新地理区域以及持续发展现有平台制造行业相关的成本和费用。公司认为，截至2024年9月30日的$886.4 百万现金及现金等价物和$217.6 百万短期投资应足以为其营运提供资金，至少可支持自这些基本报表发出之日起的未来十二个月。
2.    重要会计政策摘要
基本报表的片段信息。
该公司作为一个单一营运环节和报告单位运作。该公司的首席营运决策者是其首席执行官，审核以合并方式呈现的财务信息，以作营运决策、评估财务绩效、分配资源和评估公司的财务表现。
截至2024年9月30日及2023年，基于客户的帐单地址，在美国以外地区的净营业收入为 102024年6月30日和2023年12月31日的时间点，公司从Thrivel Earlier Detection Corporation（“Thrive”），Ashion Analytics，LLC（“Ashion”）和OmicEra的收购中记录的关于监管和产品开发里程碑的待定支付负债的公允价值总和为2.779亿和2.887亿美元。公司使用概率加权情境折现现金流模型评估预期的待定支付负债和相应的与监管和产品开发里程碑相关的负债的公允价值，该方法与预期待定支付负债的初始计量一致。每个潜在情境应用成功概率，然后通过现值因子计算折扣，得出相应的现值。时间的流逝以及草拟的里程碑实现时间，现值因子，实现度（如适用）和成功概率的变化可能导致公允价值测量的调整。与监管和产品开发里程碑相关的待定支付负债的公允价值是以2024年6月30日和2023年12月31日的加权平均成功概率和现值因子计算的，成功概率分别为%和%，现值因子分别为%和%。付款范围的预测财政年度范围为2025年至2031年。所使用的不可观察的输入值按待定支付负债的相对公允价值加权。 9分别为%。截至2024年9月30日及2023年，基于客户的帐单地址，在美国以外地区的净营业收入为 10% 及 4%，分别。截至2024年9月30日及2013年12月31日，位于美国以外地区的长期资产并不重要。
限制性现金
受限现金包括与发卡银行的存款，以便在客户的资金未能及时存入发卡银行以便与卡网络进行交易结算时，提供发卡银行抵押品的情况。受限现金还包括用于为公司在加利福尼亚奥克兰总部的租赁提供信用证的现金。 「发卡银行」是发行支付卡（信用卡、借记卡或预付卡）的金融机构，或以自己的名义发行，或代表一家企业发行。 「卡网络」是为结算和卡付款信息流提供基础设施的网路。
重要会计政策
自2023年12月31日结束的财年以来，我们的重要会计政策没有发生重大变化。
最近的会计声明
2023年11月，财务会计准则委员会（“FASB”）发布了会计准则更新（“ASU”）2023-07，分部报告（主题280）：改进可报告分部披露。修订后的指导要求增加可报告分部披露，主要涉及重要分部费用。修订还要求具有单个可报告分部的实体提供这些修订要求的所有披露，以及所有现有分部披露。修订不会更改实体如何确定其经营分部，合并这些经营分部，或应用数量门槛来判断其可报告分部。修订将追溯应用于财务报表中呈现的所有前期，将于2023年12月15日之后开始的财政年度和2024年12月15日之后开始的财政年度内的中间期间生效，可提前采纳。公司已评估了采纳新披露要求的影响。虽然标准要求对公司的单个可报告分部进行额外披露，但标准不会对公司的综合财务状况、经营业绩或现金流产生任何影响。

12
目录
2023年12月，FASB发布了ASU 2023-09《所得税（第740号议题）：完善所得税披露》，修改了有关所得税披露的规定，要求实体披露（1）利润调节中的具体类别，（2）税前持续经营利润或亏损（分为国内和国外），以及（3）持续经营的税费所得或利益（分为联邦、州和国外）。ASU 2023-09还要求实体披露其交纳给国际、联邦、州和地方司法管辖区的所得税，以及其他变化。该指南适用于2024年12月15日后开始的年度期间。允许提前采纳尚未发布或可供发布的年度财务报表。ASU 2023-09应按前瞻性基础应用，但允许追溯应用。公司正在评估采纳新披露要求的影响。
3.    营业收入
订阅和支持收入包括以下内容（以百万美元为单位）：
平台服务收入净额
截至9月30日的三个月截至9月30日的九个月
2024202320242023
平台服务收入，净额$121,800 $104,332 $355,005 $540,862 
其他服务收入6,167 4,559 16,200 16,487 
净收入总额$127,967 $108,891 $371,205 $557,349 
合同余额
该表格提供了有关合同资产和递延收入的信息:
合同余额资产负债表项目参考September 30,
2024		12月31日
2023
流动合同资产预付费用和其他流动资产$1,464 $1,461 
长期合同资产其他9,557 9,397 
总合同资产$11,021 $10,858 
待摊收入 - 流动负债应计费用及其他流动负债$12,891 $11,829 
长期递延收入其他负债2,752 4,071 
递延收益总额$15,643 $15,900 
2024年9月30日和2023年结束的三个月内确认的净营业收入包括各自期初递延营业收入余额中的$2.71百万美元和3.8百万，分别。2024年9月30日和2023年结束的九个月内确认的净营业收入包括各自期初递延营业收入余额中的$7.2万美元和10.62024年4月30日和2023年4月30日的六个月内的外汇重新计量净收益分别为$百万。
剩余绩效承诺
公司与客户合同中存在履约义务，将来需要处理交易以满足合同期内的持续服务要求。截至2024年9月30日，分配给我们剩余履约义务的交易价格总额为$51.3的营业收入在未来两年内确认，其余的在未来三到五年内确认。 65 35%。
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目录
4.    无形资产，净值
由下列业务组合产生的无形资产在给定日期为：
September 30,
2024		12月31日
2023
开发的科技资产
$41,000 $41,000 
累计摊销
(9,762)(5,369)
无形资产, 净额
$31,238 $35,631 
年。无形资产的摊销费用为$ 7 。1.5百万 截至2024年9月30日和2023年的三个月，以及$4.4百万 和 $3.9 截至2024年9月30日和2023年，分别为百万美元。
预计截至2024年9月30日的无形资产未来摊销费用如下所示：
2024年余下的时间
$1,464 
2025
5,857 
2026
5,857 
2027
5,857 
2028
5,857 
此后6,345 
无形资产预期未来的总摊销费用
$31,238 
5.    短期投资
公司的短期投资按可供出售证券进行核算，并且被归类为流动资产，因为公司可能会在到期前随时卖出这些证券用于公司的经营活动。
公司的短期投资按摊余成本、未实现收益（损失）及估计公允价值计算。公司的短期投资摊余成本为以下金额：
2024年9月30日
摊销成本未实现收益未实现（亏损）估计公允价值
短期投资
美国国债$205,922 $1,101 $— $207,023 
资产支持证券10,443 103 — 10,546 
短期投资总额$216,365 $1,204 $— $217,569 
2023 年 12 月 31 日
摊销成本未实现收益
未实现（亏损）
估计公允价值
短期投资
美国国债$239,297 $970 $(11)$240,256 
美国机构证券15,000 — (7)14,993 
资产支持证券10,438 62 — 10,500 
公司债务证券2,981 — (6)2,975 
短期投资总额$267,716 $1,032 $(24)$268,724 
14
目录
截至2024年9月30日，公司未持有任何未实现损失头寸的短期投资。公司持有 四个 分开的短期投资未实现损失头寸截至2023年12月31日。一般而言，公司不打算卖出任何存在未实现损失的短期投资，也不预期公司有更大可能需要在全额摊销成本回收之前出售此类证券。
截至2023年7月31日，续借贷款协议下未偿还的借款额为否 已实现来自短期投资的盈利或损失，在2024年9月30日结束的三个和九个月中，这些盈利或损失已重新分类出累计其他综合收益中。 微不足道的 已经实现了一定金额的来自短期投资的盈利和损失，这些盈利和损失已在2023年9月30日结束的三个和九个月中重新分类到累计其他综合亏损中。对于具有未实现损失的短期投资，公司评估了(i) 公司是否有意卖出其中任何投资，(ii) 在完全摊销成本基础之前，公司是否更有可能被要求卖出这些可供出售的债务证券中的任何一项，以及(iii) 投资的公允价值下降是由于信用或非信用相关因素造成的。根据这一评估，公司确定截至2024年9月30日，其短期投资中没有重大的信用或非信用相关减值。
下表总结了公司短期投资的表述到期时间：
2024年9月30日2023 年 12 月 31 日
摊销成本估计公允价值摊销成本估计公允价值
一年内到期$134,285 $134,685 $90,438 $90,533 
一年至四年后到期
82,080 82,884 177,278 178,191 
总计$216,365 $217,569 $267,716 $268,724 
6.    公允价值衡量
下表列出了按公允价值计量的资产和负债的公允价值层次结构：
2024年9月30日
第 1 级第 2 级第 3 级公允价值总额
现金等价物
货币市场基金$483,640 $— $— $483,640 
美国国库券199,150 — — 199,150 
商业票据— 16,603 — 16,603 
公司债务证券— 49,311 — 49,311 
存款证
— 22,003 — 22,003 
短期投资
美国国债207,023 — — 207,023 
资产支持证券— 10,546 — 10,546 
按公允价值计量的总资产
$889,813 $98,463 $— $988,276 
15
目录
2023 年 12 月 31 日
第 1 级第 2 级第 3 级公允价值总额
现金等价物
货币市场基金$627,983 $— $— $627,983 
美国国库券230,602 — — 230,602 
短期投资
美国国债240,256 — — 240,256 
美国机构证券— 14,993 — 14,993 
资产支持证券— 10,500 — 10,500 
公司债务证券— 2,975 — 2,975 
以公允价值计量的总资产
$1,098,841 $28,468 $— $1,127,309 
公司将货币市场基金、美国国债、商业票据、存款证明、美国国库券、美国代理人证券、资产支持证券和公司债券分类为公允价值层次结构中的一级或二级，因为公司使用报价市场价格或替代定价来源和模型，利用市场可观察的输入来价值化这些投资。
在2024年9月30日及2023年12月31日结束的三个和九个月内，各级公平价值层次之间没有金融工具的转移。
7.    某些资产负债表项目
物业和设备，净值
不动产、厂房和设备包括以下项目:
九月三十日，
2024		12月31日，
2023
租赁改良$8,110 $8,110 
计算机设备9,187 8,885 
家具和装置2,488 2,597 
内部开发和购买的软体41,865 19,324 
61,650 38,916 
累积折旧和摊销(25,859)(20,152)
物业及设备，扣除折旧后净值$35,791 $18,764 
有关物业和设备的折旧和摊销费用在截至2024年7月31日和2023年的三个月分别为$2.9 百万美元和1.6 2024年和2023年截至9月30日三个月分别为$百万。7.5 百万美元和3.7 百万。
该公司在2024年9月30日及2023年分别进行软件开发，将金额资本化为$5.6 百万美元和4.3 百万，分别在截至2024年9月30日及2023年的三个月内进行了内部使用的软件开发成本，以及$20.2 百万美元和13.0 百万分别在截至2024年9月30日及2023年的九个月内进行了软件开发。

16
目录
应计费用及其他流动负债

应计费用和其他流动负债包括以下项目：

九月三十日，
2024		2023年12月31日
营业成本的应计成本
$82,580 $74,357 
应计的薪资和福利费用
36,999 42,305 
逐步认列的收入
12,891 11,829 
技术成本的应计成本4,454 5,039 
由于发行银行
7,957 7,892 
应付税务负债
5,773 4,929 
应计的专业服务
2,734 4,559 
营运租赁负债，流动部分
4,527 3,908 
预留用于合约条款和处理错误
1,670 3,754 
其他应计负债
5,881 2,942 
应计费用及其他流动负债
$165,466 $161,514 
8.    承诺和条件
信用状
就其公司总部办公空间租赁，公司需要向房东提供信用证金，金额为$1.5百万。公司通过将$存入资金于发卡金融机构，以取得此信用证金，此存入资金在简明合并资产负债表中被归类为受限制现金。1.5百万。公司通过将$存入资金于发卡金融机构，以取得此信用证金，此存入资金在简明合并资产负债表中被归类为受限制现金。
法律诉讼
在业务正常运作的过程中，公司可能不时面临各种法律事项，如受威胁或正在进行的索赔或诉讼。截至2024年9月30日和2023年12月31日，公司没有法律争议事项，无论是个别还是总体上，都可能对公司的财务状况、营运成果或现金流量产生重大不利影响。鉴于法律程序的不可预测性，公司基于在财务报表可发布时的可用信息进行评估。随著额外信息的出现，公司会重新评估潜在的责任，并可能修订估算。
支付交易的结算
客户将一定金额的预存资金存入发卡银行设立的账户，以用于解决其付款交易。这些预存资金仅可用于解决客户的付款交易，并不视为公司的资产。因此，发卡银行客户账户中持有的资金不反映在公司的精简综合资产负债表上。如果客户未存入足够的资金来解决交易，公司有责任向发卡银行支付款项以解决交易，因此若无法从客户后续收回此类款项，则公司将遭受损失。在截至2024年9月30日及2023年9月30日的三个月及九个月内，公司没有因此而遭受损失。
17
目录
赔偿
在日常业务过程中，公司根据协议的不同范围和条款与客户、卡网路、发卡银行、供应商、出租人和其他方达成协议，同意就某些事项进行赔偿，包括但不限于由于违反该等协议、公司提供的服务或第三方提出的知识产权侵权索赔而产生的损失。对于发卡银行，公司不时收到赔偿请求，并且如该等损失是由于公司未能根据与发卡银行的计划协议履行而导致的，公司可能对发卡银行进行赔偿。
此外，公司已与董事、某些高级主管和员工订立赔偿协议，要求公司在某些情况下对他们承担责任，包括对其担任董事、主管或员工所带来的特定责任进行赔偿。公司尚未收到就此类协议提出赔偿要求的情况，且公司亦没有意识到可能对其简明综合财务报表产生实质影响的任何申索。
公司还向客户提供服务水准承诺，保证一定水平的表现，并允许这些客户在公司未能达到指定水平时获得抵用额。
9.    公司的2017年股权激励计划（2017计划），于2018年2月修改，允许授予期权、限制股票奖励、股票增值权和限制股票单位。
2024年第一季度，公司根据2021年股票期权和激励计划，向公司某些员工授予了以绩效为基础的限制性股票单位（“PSUs”），基于初始目标数量。可能结算的PSUs最终数量取决于公司在预定性能期间针对预先设定的绩效指标表现，并且取决于薪酬委员会在财年结束时批准针对预先设定的绩效目标的实现水平。授予的PSUs在 三年 相等的季度分期支付的服务条件下，剩余的期权在年限内行使。 一年 绩效期内的一段时间内，PSUs的数量和相关的基于股票的报酬费用会根据实现批准的绩效目标的概率上下调整。一段时间后，发行的PSUs数量可在范围内波动 0可以降低至0.75%每年200公司股票期权计划的活动概况如下:
执行主席长期绩效奖励

2021年4月和5月，公司的董事会授予公司的执行主席和当时的首席执行官以表现为基础的股票期权奖励，涵盖公司的B类普通股的19740923股和47267股，行权价格为每股$ 。 19,740,923 和 47,267 2021年初次公开招股后锁定期届满后的一段绩效期内，达到特定股票价格障碍的要求后，执行主席长期绩效奖励即可解禁。21.49 和 $23.40 在2024年第二季度，公司执行主席从其职位中卸任，并因此转入董事会的非雇员董事职位，导致执行主席长期绩效奖励根据其条款被取消，从而导致以前期间确认的股票基础的赔偿费用的一次性逆转，金额为$ 七年。 亿。公司按照发生的取消进行会计。

每个计划下公司的股票期权活动的总结如下:167.3万美元用于推迟的承销佣金和分配给衍生证券认购证明的发行成本，分别。144.6与前几年确认的费用相关的一百万美元。公司在发生时计提没收。

18
目录
公司根据计划开展期权业务的情况如下：
期权数量加权平均每股行权价加权平均剩余期限（年）
总内在价值(1)
2023年12月31日的余额
36,671 $16.09 7.45$24,481 
已行权— — 
行使(141)0.86 
取消并没收 (3)
(20,774)21.38 
2024年9月30日余额15,756$9.24 7.14$10,862 
截至2024年9月30日可行使的期权 (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) 内在价值是根据虚应用股票期权的执行价格与各自资产负债表日普通股公允价值之间的差异计算的。
(2) 2011年计划允许提前行使期权。因此，根据该计划授予的期权被视为可行使的期权，无论是否已获得权益状态。
(3) 执行主席长期绩效奖的取消导致 19,788
下表列出了在表现捆绑奖励类型中承认的股权奖励支出，该表在收益表和综合损失的简明合并以及在所提供的期间内的资产负债表中显示。
截至9月30日的三个月截至9月30日的九个月
2024202320242023
限制性库存单位$27,903 $25,021 $80,722 $74,991 
股票期权5,837 6,858 18,422 19,651 
性能限制型股票单位
1,631 — 3,239 — 
员工股票购买计划
283 256 875 1,269 
基于股份的薪酬记录在薪酬和福利中
35,654 32,135 103,258 95,911 
执行董事长长期绩效奖
— 13,413 (144,617)39,801 
财产和设备（资本化内部使用软件）
1,491 1,248 5,489 3,531 
基于股份的薪酬支出总额（福利）
$37,145 $46,796 $(35,870)$139,243 
2024年9月30日前未识别的按奖励类型的补偿成本：
未被认可的补偿成本
加权平均承认期（年）
包括受限制的股票单位和PSU的股票单位
$216,246 2.0
股票期权22,964 1.5
总费用
$239,210 
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目录
10.    股东权益交易
股票回购计划
2024年5月6日，公司董事会授权公司最多回购$亿的A类普通股（“2024年回购计划”）。在2024年回购计划下，公司可根据适用的联邦证券法规，在符合规定的开放市场交易、私下协商交易或其他方式下回购股票，包括根据《交易所法》第10b5-1条规则的交易计划。回购股票的数量和时间取决于一般业务和市场情况以及其他因素，包括法律要求。2024年回购计划没有设定到期日期。2002024年6月30日三个月和六个月内，公司按照2024年回购计划以开放市场交易的方式回购了约万股，耗资$万，平均价格为$。回购股票的总价格及相关交易成本和燃油税$万，反映为公司简明合并资产负债表上普通股和附加资本的减少。截至2024年6月30日，2024年回购计划下仍有$万可用于未来回购股票。
截至2024年9月30日结束的三个和九个月，公司已回购大约 9.4和20.4万股在公开市场和私下协商交易中，总计48.41百万美元和107.5万美元，平均价为每股5.15 和 $5.28，回购股份的总价格以及相关的交易成本和货物税为0.51百万美元和1.22024年9月30日结束的三个月和九个月内的1500万美元被反映为公司简明综合资产负债表上的普通股和额外资本减少。截至2024年9月30日，仍有$92.52024年股份回购计划下，尚有1500万美元可用于未来的股份回购。
5.2在开放市场上以XX百万股份为价格32.8百万美元，平均价格为每股6.27 在2024年9月30日结束的九个月内。在2023年9月30日结束的三个月和九个月内，公司回购了 11.5和21.6在开放市场上以XX百万股份为价格64.41百万美元和112.9以2023年回购计划为基础，以平均价格为$，回购了百万股份。5.62 和 $5.222023年股份回购计划的回购已于2024年3月31日完成。
普通股转换
2024年第二季度，一名股东主动将未偿还的万股B类普通股转换为以一换一的A类普通股。A类普通股和B类普通股持有者的权利，包括清算和分红权利，相同，除了投票权方面。A类普通股股东有1票/股的投票权，而B类普通股股东有2票/股的投票权。 17.7未偿还的万股B类普通股已被一名股东以一换一的价格转换为A类普通股。 之一A类普通股和B类普通股的权利，包括清算和分红权利相同，除了投票权方面。A类普通股股东有1票/股的投票权，而B类普通股股东则有2票/股的投票权。 之一 A类普通股股东有1票/股的投票权。 10 B类普通股股东有2票/股的投票权。
11.    普通股东应占净（损失）收益每股
每股基本净收益（亏损）是指净收益（亏损）除以期间内流通普通股加权平均数。每股摊薄净收益（亏损）是指净收益除以调整为所有潜在的普通股带来摊薄效应的流通普通股加权平均数。在公司报告净亏损的周期中，摊薄每股净亏损与基本每股净亏损相同，因为潜在摊薄项的影响是抗摊薄的。
20
目录
公司按以下方式计算每股基本和稀释后的净（亏损）收益归属于普通股股东：
截至9月30日的三个月截至9月30日的九个月
2024
2023 (1)
2024
2023 (1)
A级
B类
A级
B类
A级
B类
A级
B类
分子
普通股股东应占（亏损）收益，基本$(26,581)$(2,062)$(49,222)$(5,768)$49,672 $4,733 $(163,352)$(19,235)
普通股股东应占（亏损）收益，摊薄$(26,581)$(2,062)$(49,222)$(5,768)$49,419 $4,986 $(163,352)$(19,235)
分母
基本普通股股东应占每股净（亏损）收益计算所使用的加权平均股数470,642 36,518 473,949 55,540 468,994 44,684 479,352 56,445 
潜在普通股的摊薄效应— — — — 5,522 3,194 — — 
计算摊薄每股净（亏损）收益归属于普通股股东的加权平均股份470,642 36,518 473,949 55,540 474,516 47,878 479,352 56,445 
每股净（亏损）收益归属于普通股股东，基本$(0.06)$(0.06)$(0.10)$(0.10)0.11 0.11 (0.34)(0.34)
每股普通股净(损)收益，摊薄$(0.06)$(0.06)$(0.10)$(0.10)0.10 0.10 (0.34)(0.34)
(1) 先前期间每股A类和B类普通股的净（亏损）收入已分开呈现，以符合当前期间的呈现，对我们先前报告的基本或稀释净（亏损）收入每股没有影响.
由于A类普通股和B类普通股的清算和分红权利相同，因此未分配收益将按比例分配，因此每股的(损失)收入将在个别或综合基础上对于A类普通股和B类普通股都是相同的。
由于包含它们会产生抗稀释效应，因此未计入计算稀释每股净（亏损）收益的有可能稀释证券如下：
2024年9月30日止九个月
A级
B类
股票期权、限制性股票和员工股票购买计划
27,821 17,327 
由于公司在此期间处于亏损状态，因此在2024年9月30日结束的三个月及2023年9月30日结束的三个月和九个月内，从计算每股摊薄净（亏损）收益中排除了以下可能具有摊薄效应的证券，因为包括它们将产生抵消摊薄效果。
三个月已结束
2024年9月30日
截至2023年9月30日
A 级B 级
A 级
B 级
购买b类普通股的认股权证
— 1,900 — 1,900 
股票期权、限制性股票和员工股票购买计划
45,983 7,464 50,333 29,453 
总计45,983 9,364 50,333 31,353 
21
目录
12.    所得税
公司分别在截至 2024 年以及 2023 年的三个月期间记录了 $0.1万美元和0.2 分别为2024年和2023年截至9月30日的三个月，公司记账了所得税费用为$0.4百万和$分别是2024年和2023年截至9月30日的九个月份的所得税负债和所得税盈利$6.6百万为2024年截至9月30日的九个月，主要归因于盈利的外国司法管辖区的所得税费用。而2023年截至9月30日的九个月的所得税盈利主要归因于$7.2百万美元的盈余0.6来自盈利的海外经营的百万美元所得税费用抵消了因Power Finance Inc.收购而部分释放的估值准备金（达到百万美元），因此2023年6月30日的所得税费用为百万美元。
公司受到美国和国外司法辖区所得税审计的约束。我们记录了与不确定税务立场有关的责任，并认为我们已为所有打开的税务年度提供了充分的所得税不确定性准备。
13.    集中风险和重要客户
可能使公司面临信用风险的金融工具包括现金及现金等价物，短期投资和应收账款。存放在金融机构的现金可能超过联邦保险限额。
截至2024年9月30日和2023年12月31日，短期投资分别为$217.6万美元和268.7 百万，且不存在同一发行人证券集中持有量占总余额5%以上，除了美国国债，分别为$207.02021年10月30日结束的九个月中，所得税费用为 美元，相比之下2020年10月31日结束的九个月中，所得税费用为 美元。我们的有效所得税率为%；主要原因是我们未能确认我们在特定外国和州辖区域内的当前期亏损和预测所需缴纳的所得税费用。2020年10月31日结束的九个月中，我们的有效税率为 %；主要原因是在该期间内记录的一些与 CARES 法案相关的税收减免及在该期间内记录的重大减值拨备的大幅增加。95的短期投资余额的255.2 %，分别为2024年9月30日的$ 95百万，占2013年12月31日的短期投资余额的%。截至2024年9月30日和2023年12月31日，所所有板块内的债务证券均为投资级别。
Marqeta的使命是通过让整个支付体验本地化和愉悦化来现代化金融服务。Marqeta的现代平台赋予我们的客户创建定制化和创新性支付卡方案的能力，具有可配置性和灵活性。Marqeta的开放API为高度可扩展的基于云的支付基础设施提供即时访问，使客户能够将支付体验嵌入应用程序或网站，实现个性化用户体验。客户可以使用我们的平台启动和管理自己的卡方案，发行卡片并快速授权和结算支付交易。我们还提供强大的卡方案管理，允许客户在不必构建某些复杂的合规性元素或客户支持服务的情况下将Marqeta嵌入其产品中。 之一 发行银行，Sutton银行。截至2024年9月30日和2023年的三个月， 69%和75总处理成交量的%，即通过公司平台处理的付款总金额减去退款和拒付款，分别结算通过Sutton银行进行。截至2024年9月30日和2013年的九个月， 72%和77总处理成交量的%，即分别结算通过Sutton银行进行。
公司营业收入的重大部分来自一位客户。截至2024年9月30日和2023年，该客户分别占公司净营业收入的 47%和50％。截至2024年9月30日和2023年的九个月，该客户分别占公司净营业收入的 48%和72％。截至2024年9月30日，有三名独立客户占公司净营业收入的 16%, 13%和10%。
22
目录

第2项.管理层对财务状况和经营业绩的讨论与分析
您应当阅读我们对财务状况和业务成果的讨论和分析，连同在本季度报告表格10-Q中和在我们的2023年年度报告中包含的压力位综合财务报表和相关注释。这段讨论包含了基于当前预期的前瞻性陈述，它涉及各种风险和不确定性。正如我们在“关于前瞻性陈述”的章节中所讨论的，由于各种因素，包括在本季度报告表格10-Q中和我们2023年年度报告中的“风险因素”中列出或引用的因素，我们的实际业绩可能与这些前瞻性陈述所讨论的业绩有很大不同。
概述
Marqeta的使命是通过让整个支付体验本地化和愉悦化来现代化金融服务。Marqeta的现代平台赋予我们的客户创建定制化和创新性支付卡方案的能力，具有可配置性和灵活性。Marqeta的开放API为高度可扩展的基于云的支付基础设施提供即时访问，使客户能够将支付体验嵌入应用程序或网站，实现个性化用户体验。客户可以使用我们的平台启动和管理自己的卡方案，发行卡片并快速授权和结算支付交易。我们还提供强大的卡方案管理，允许客户在不必构建某些复杂的合规性元素或客户支持服务的情况下将Marqeta嵌入其产品中，包括争议管理、欺诈评分、卡片满足和持卡人支持服务。
Marqeta的创新产品是根据深入的领域专业知识和以客户为先的态度来开发、启动和管理卡方案的。Marqeta向所有客户提供发卡处理服务，对于大多数客户，它还充当卡方案管理员。根据客户期望的控制和责任级别，Marqeta可以在多个不同配置中与公司合作： - 尤其为Marqeta提供管理服务的方案：通过尤其为Marqeta提供管理服务的方案（MxM），Marqeta为客户的卡方案提供发卡银行合作伙伴，代表发卡银行管理客户的卡方案，并提供全方位的服务，包括配置客户生产环境所需的许多关键资源。除了通过我们的API为客户提供访问Marqeta仪表板的机会之外，Marqeta还管理启动卡方案的许多主要任务，例如与卡网络和发卡银行定义和管理方案，运营方案和管理某些盈利能力元素，以及管理适用规定、发卡银行和卡网络规则的合规性。我们的Mxm客户还可以使用各种托管服务，包括争议管理、欺诈评分、卡片满足和持卡人支持服务。 - 尤其为Marqeta提供强化服务的方案：通过尤其为Marqeta提供强化服务的方案（PxM），Marqeta还向客户通过我们的API提供访问Marqeta仪表板的机会，提供支付处理，并协助客户处理启动卡方案所需的某些配置元素。与我们的Mxm卡方案不同，我们的Pxm客户需要负责卡方案的其他方面，包括与卡网络和发卡银行定义和管理方案，以及管理适当的法规、发卡银行和卡网络规则的合规性。
•在Marqeta管理:通过Marqeta提供的银行合作伙伴（MxM），Marqeta为客户的卡方案提供了一个发卡银行的BIN赞助商，代表发卡银行管理客户的卡方案，并提供一整套服务，包括配置客户生产环境所需的许多关键资源。除了通过我们的API为客户提供访问Marqeta-仪表的权限外，Marqeta还管理许多与启动卡方案相关的主要任务，例如与卡组织和发卡银行定义和管理方案、运作方案以及管理某些盈利元件，并管理与适用法规、发卡银行和卡组织规则的合规性。我们的Mxm客户还可以获得各种托管服务，包括争议管理、欺诈评分、卡片发放和持卡人支持服务。
•Marqeta提供的PxM（Powered By Marqeta）还向客户提供访问Marqeta特斯拉-仪表的权限，通过我们的API提供支付处理，并协助配置某些元素，以使客户能够独立使用该平台。与我们的Mxm卡计划不同，我们的Pxm客户需负责银行卡程序的其他方面，包括与银行和发卡银行以及符合适用法规、发卡银行和银行卡网络规则的定义和管理。
考虑到Marqeta平台的模块化，某些客户还可以选择在他们的Pxm卡方案中合并Mxm的元素，以创建一种自定义的Powered By Plus方案。
宏观经济因素的影响 我们无法预测宏观经济因素（包括以不同形式出现的各种地缘政治冲突、相关的不确定性、全球选举、持续的供应链短缺、通货膨胀和利率升高、全球经济状况的不确定性）对我们的支付处理量和未来业绩的影响。宏观经济状况的恶化可能增加消费者支出降低、消费者和商家破产、破产、业务失败、更高的信贷损失、外汇波动或其他业务中断的风险，这可能对我们的业务产生不利影响。我们将继续监测这些情况，并可能采取改变我们的运营和业务实践的行动，这些行动可能是联邦、州或地方当局要求采取的行动，或者是我们认为符合我们客户、供应商和员工的最大利益的行动。有关进一步讨论或合并的，请参阅本季度报告表格10-Q中的“风险因素”和我们的2023年年度报告。
我们无法预测宏观经济因素的影响，包括各种地缘政治冲突、与全球选举相关的不确定性、通胀和利率期货的变化以及全球经济状况的不确定性，这些因素可能对我们的处理量和未来业绩产生影响。宏观经济条件恶化可能会增加消费者支出降低、消费者和商家破产、破产、业务失败、信贷损失增加、外汇波动或其他业务中断的风险，从而可能对我们的业务产生不利影响。我们会继续监控这些情况，可能会采取行动改变我们的运营和业务实践，以适应联邦、州或地方当局的要求，或者我们认为符合客户、供应商和员工的最佳利益。请参阅本季度报告表格10-Q中名为“风险因素”的部分，以及我们2023年年度报告，以深入讨论可能
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目录

这些宏观经济因素对我们业务的影响。
关键运营指标和非GAAP财务指标
我们审查大量经营和财务指标，包括以下列出的关键运营指标，以帮助我们评估业务和增长趋势，制定预算，评估投资效果，并评估运营效率。除了按照GAAP确定的结果外，以下表格列出了关键运营指标和非GAAP财务指标，我们认为这些指标在评估我们的业务表现上很有用。
截至9月30日的三个月截至9月30日的九个月
（除非另有说明，金额为千美元）
2024202320242023
总处理量（以百万计）$73,899 $56,650 $211,192 $160,285 
营业收入
$127,967 $108,891 $371,205 $557,349 
毛利润
$90,132 $72,508 $253,646 $246,281 
毛利率70 %67 %68 %44 %
净（亏损）利润
$(28,643)$(54,990)$54,405 $(182,587)
净（损）收益率
(22)%(51)%15 %(33)%
营业费用总计
$132,363 $142,334 $240,687 $472,960 
非依照普通会计准则衡量的指标：
调整后的EBITDA
$9,019 $(2,062)$16,429 $(5,586)
调整后的EBITDA率7 %(2)%4 %(1)%
非GAAP营业费用
$81,113 $74,570 $237,217 $251,867 
成交量（“TPV”） - TPV代表通过我们平台处理的总付款金额，扣除退款和退单。我们相信TPV是一个关键的运营指标，也是我们平台市场采纳情况、品牌增长、客户业务增长和业务规模的主要指标。
调整后的EBITDA - Adjusted EBITDA是一种非GAAP财务衡量指标，计算方法为将净（损）收益调整以排除折旧和摊销；以股份为基础的补偿费用；首席执行长长期绩效奖励；与以股份为基础的补偿相关的工资税；重组费用；收购相关费用，包括尽职调查费用，交易费用和与潜在或成功收购相关的整合费用，以及现金和非现金的后合并补偿费用；所得税费用（利益）；和其他收入（费用）净额，其中包括来自我们短期投资的利息收入，实现的外币汇兑收益和损失，我们在股权法下的关联公司利润或损失，关联公司投资减值或其他金融工具，以及出售股权法下投资所得的收益。我们认为Adjusted EBITDA是一个重要的运营绩效指标，因为它使管理层和我们的董事会能够评估和比较我们的核心运营结果，包括我们的运营效率，从一个时期到另一个时期。此外，我们将Adjusted EBITDA用作我们的年度雇员奖金计划和基于业绩的限制性股票单位计算的输入。请参阅下文中标题为“使用非GAAP财务指标”的部分，以了解非GAAP指标的使用，演示的变化以及从净（损）收益到Adjusted EBITDA的调节。
调整后的EBITDA利润率n - 调整后的EBITDA利润率是一项非通用会计原则财务指标，由调整后的EBITDA除以净营业收入计算得出。董事会和管理层使用这一指标来评估我们的经营效率。请参阅下文“非通用会计原则财务指标使用”部分，了解非通用会计指标的使用以及净（亏损）收入与调整后的EBITDA利润率的调和情况。
非GAAP营业费用 - 非GAAP营业费用是一种非GAAP财务指标，计算方式为总营业费用调整排除折旧和摊销; 股权报酬费用; 执行主席长期绩效奖励; 与股权报酬相关的薪资税; 重组费用; 以及收购相关费用，包括应付款
24
目录

我们的净收入有两个组成部分：平台服务收入和其他服务收入。
我们目前没有任何产品获得销售批准，也没有产生任何营业收入。未来，我们可能会从我们与药物候选品有关的合作伙伴或许可协议、以及任何获得批准的产品的产品销售中产生营业收入，而我们不希望在未来至少数年内（即便有可能）获得批准。我们生成产品收入的能力将取决于成功开发和最终商业化AV-101以及我们可能追求的任何其他药物候选品。如果我们未能及时完成AV-101的开发或获得监管批准，我们未来营业收入和经营业绩以及财务状况将受到严重不利影响。
净营业收入
处理量总额（“TPV”）- TPV 表示通过我们的平台处理的支付的总金额，扣除退货和退款。我们认为，TPV 是一个关键的经营指标，是我们平台的市场采用情况、我们品牌的增长、我们客户业务的增长和我们业务规模的主要指标。
平台服务的净营收. 平台服务营业收入包括净手续费、扣除分成和其他向客户支付的服务水平费用、以及在某些客户安排中由公司作为服务交付代理的信用卡网络和发卡银行成本。平台服务营业收入还包括处理和其他费用。“手续费”是由信用卡网络设定的基于交易和成交量的费用，由商户银行支付给发卡银行，后者发行用于从商户购买商品或服务的付款卡。公司通过我们为客户处理的卡交易赚取手续费，手续费基于交易金额的一定比例加上每笔交易的固定金额。手续费是在相关交易结算时确认的。
“收入份额”支付是为了激励我们的客户增加在我们平台上处理的交易量。通常，收益份额被计算为所获得净换费或处理量的百分比，并且每月支付给我们的 Mxm 客户。收益份额支付将作为净收益的减少记录。通常，随着客户的处理量增加，我们分享收益的比率也会增加。
处理和其他收费按处理量的百分比或每笔交易收费，包括当付款卡在自动取款机上使用或用于跨境购买时赚取。处理和其他费用中也包括最低处理费用，当客户处理量低于某些门槛时，也包括在处理和其他费用中。
我们认为达成业绩承诺并满足业务义务后，我们的服务被视为完成。当我们授权交易，验证交易没有错误并将数据接受并发送到我们的记录后，我们的平台服务即被视为完成。
其他服务收入。 其他服务收入主要包括卡片配送服务所赚取的收入。卡片配送费通常在客户订购卡片库存时收取，并在卡片发运给客户时确认为营业收入。
营业成本
营业成本包括卡网络费、发卡银行费用以及客户安排中的卡片配送成本，公司在向客户提供服务时是主体，不包括折旧和摊销，这些在损益简表和综合损益表中另行报告。卡网络费是通过各自的卡网络处理的交易量的一定比例或每笔交易的固定金额。发卡银行费用是为了向我们的客户发行卡片并赞助我们与卡网络的卡片计划而补偿我们的发卡银行，通常等于一定比例的处理量或每笔交易的固定金额。卡片配送成本包括实体卡片、包装以及其他配送成本。
25
目录

我们与卡网络有单独的营销和激励安排，为我们提供货币激励，以建立我们的客户卡计划并通过各自的卡网络路由交易量。激励金额通常基于一段时间内处理量的百分比或路由交易的数量而决定。在公司是主体的客户安排中，我们将这些激励记录为卡网络费用的减少。通常情况下，随着处理量的增加，我们从这些安排中获得更高的货币激励率，同时需要在年度衡量期内达到一定的量阈值。对于某些具有年度衡量期的激励安排，一年期间可能与我们的财年不一致。此外，对激励最终年度达成的不确定性可能导致卡网络费用出现非正常波动，并且可能在达到交易量阈值的季度出现，因为更高的激励率会适用于整个衡量期内的交易量，这可能需要经过六个或十二个月。通常情况下，第一季度我们的货币激励率较高，因为年度衡量期最接近完成和高的交易量阈值已被达到。在第二季度，我们通常获得最低的货币激励率，因为年度衡量期和交易量阈值已重置。
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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Table of Contents

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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Table of Contents

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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Table of Contents

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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