Marqeta, Inc. (NASDAQ:MQ) Q2 2022 Earnings Conference Call August 10, 2022 4:30 PM ET

Company Participants

Stacey Finerman - Head of IR

Jason Gardner - CEO

Mike Milotich - CFO

Conference Call Participants

Tien-Tsin Huang - JPMorgan

Darrin Peller - Wolfe Research

Ramsey El-Assal - Barclays

Sanjay Sakhrani - KBW

Ashwin Shirvaikar - Citi

Timothy Chiodo - Credit Suisse

Bob Napoli - William Blair

Andrew Jeffrey - Truist Securities

Operator

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to the Marqeta Second Quarter 2022 Earnings Conference Call. At this time, lines have been placed on mute to prevent any background noise. After the speakers remarks we will open the line for your questions. As a reminder, this conference call is being recorded.

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

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 at 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 second quarter of 2022 earnings call. I'll start with an overview of our results for the quarter, and then I'll discuss an update on our three strategic priorities.

Total processing volume, or TPV, was $40 billion in the quarter, representing a 43% increase in alignment with the rise we posted in the first quarter. The scale of our platform continues to increase dramatically. Our TPV for the three months ending June of 2022 exceeds our TPV for the 12 months ending June of 2020. Our net revenue of $187 million in the quarter represents a 53% increase from the previous year. The main drivers of growth throughout 2021 and into the start of 2022 continue to propel our business. Payment habits that gained traction during the pandemic are still popular with consumers and driving our top line growth, including digital banking; buy now, pay later; and on-demand delivery. Expense management continues to scale as businesses look for efficiencies and business travel returns.