Marqeta, Inc. (NASDAQ:MQ) Q3 2024 Earnings Conference Call November 4, 2024 4:30 PM ET

Company Participants

Stacey Finerman - Vice President, Investor Relations
Simon Khalaf - Chief Executive Officer
Mike Milotich - Chief Financial Officer

Conference Call Participants

Ramsey El-Assal - Barclays
Darrin Peller - Wolfe Research
Tien-Tsin Huang - JPMorgan
Timothy Chiodo - UBS
Sanjay Sakhrani - KBW
Andrew Schmidt - Citi
Andrew Bauch - Wells Fargo

Operator

Ladies and gentlemen, greetings, and welcome to the Marqeta, Inc. Third Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Stacey Finerman, Vice President of Investor Relations. 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, 2023, 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 Simon Khalaf, Marqeta's CEO; and Mike Milotich, Marqeta's CFO.

With that, I'd like to turn the call over to Simon to begin.

Simon Khalaf

Thank you, Stacey, and thank you for joining us for Marqeta's third quarter 2024 earnings call.

I will first briefly discuss our Q3 results at a high level followed by the progress we're making in our business to help transform payments and last, address the Q4 reduction in growth expectations. Marqeta's business is on solid ground and our fundamentals are strong. We have lapped the Cash App renewal, and as a result, the third quarter's net revenue, gross profit, and adjusted EBITDA now gives a more accurate view of our business trajectory as they demonstrated positive year-over-year gains.