Marqeta, Inc. (NASDAQ:MQ) Q3 2022 Earnings Conference Call November 9, 2022 4:30 PM ET

Company Participants

Stacey Finerman – Vice President-Investor Relations

Jason Gardner – Founder and Chief Executive Officer

Mike Milotich – Chief Financial Officer

Conference Call Participants

Tien-Tsin Huang – JPMorgan

Darrin Peller – Wolfe Research

Timothy Chiodo – Credit Suisse

Ramsey El-Assal – Barclays

James Faucette – Morgan Stanley

Ashwin Shirvaikar – Citi

Rayna Kumar – UBS

Josh Beck – KeyBanc

Mike Ng – Goldman Sachs

Andrew Bauch – SMBC Nikko Securities

Bob Napoli – William Blair

Operator

Good afternoon, ladies and gentlemen, thank you for standing by. Welcome to the Marqeta Third Quarter 2022 Earnings Conference Call. As a reminder, this conference call is being recorded.

I would now like to turn the conference over to Stacey Finerman, Vice President of Investor Relations, to begin. Please go ahead.

Stacey Finerman

Thanks, operator. Before we begin, I would like to remind everyone that today’s call may contain forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including those set forth in our filings with the SEC, which are available on our Investor Relations website, including our Annual Report on Form 10-K for the period ended December 31, 2021, and our subsequent periodic filings with the SEC. Actual results may differ materially from any forward-looking statements we make today. These forward-looking statements speak only as of the time of this call, and the company does not assume any obligation or intent to update them, except as required by law.

In addition, today’s call includes non-GAAP financial measures. These measures should be considered as a supplement to and not a substitute for GAAP financial measures. Reconciliations to the most directly comparable GAAP measures can be found in today’s earnings press release or earnings release supplemental materials, which are available on our Investor Relations website.

Hosting today’s call are Jason Gardner, Marqeta’s Founder and CEO; and Mike Milotich, Marqeta’s Chief Financial Officer.

With that, I’d like to turn the call over to Jason to begin.

Jason Gardner

Thank you, Stacey. Good afternoon, everyone, and thank you for joining us for Marqeta’s third quarter of 2022 earnings call. I’ll start with a brief overview of our results for the quarter. Total processing volume, or TPV was $42 billion in the quarter, representing a 54% year-over-year increase, continuing the rate of growth we saw in the first half of this year.