Marqeta, Inc. (NASDAQ:MQ) Q1 2022 Earnings Conference Call May 11, 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

Timothy Chiodo - Credit Suisse

James Faucette - Morgan Stanley

Darrin Peller - Wolfe Research

Tien-Tsin Huang - JPMorgan

Ramsey El-Assal - Barclays

Andrew Bauch - SMBC Nikko Securities

Dan Dolev - Mizuho

Sanjay Sakhrani - KBW

Bob Napoli - William Blair

Operator

Good afternoon. Ladies and gentlemen, thank you for standing by. Welcome to the Marqeta First Quarter 2022 Earnings Conference Call. [Operator Instructions] 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 call over to Stacey Finerman, Vice President of Investor Relations to begin.

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 year 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 today 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 first quarter of 2022 earnings call. I will start with a brief overview of our results for the quarter and then I will dive into a few of our key focus areas as we diversify and grow our business.

Total processing volume, or TPV, was $37 billion in the quarter, representing a 53% year-over-year increase. This growth rate is notable given that the first quarter of 2021 benefited from stimulus payments. Our 53% growth rate also represents an 11% growth on a sequential basis from the fourth quarter of 2021, an exceptionally strong quarter. Our growth is being driven by a more diverse set of customers as the number of customers with over $500 million in TPV doubled from the first quarter of 2021.