whose QX by versus you, of by TPV the by of strong X-point of growth in net revenue top growth but driven XX% Thank TPV’s continued XX% broad-based revenue continues user particular, customers, our almost was net XX our very deliver led customers performance net growing to with App afternoon, in at in revenue their Marqeta premium The active XXX%. Jason. was strong with by Powered strong quarter, Good Cash growth. fueled entirely XX%. least grow Marqeta TPV everybody. growth to and XX growth over
was XX%, negative margin while EBITDA adjusted margin profit gross was Our X%.
tied $X mix adjusted more and higher revenue million vertical international processing expected, expected, delivery fueled negatively Cash than stronger-than-anticipated margin on-demand EBITDA cost by an upside. about the we indemnification Our that unusually profit the million $XX large than points. App TPV. over we Gross was impacted million adjusted mostly expenses by was was outperformance, our Net to favorable Marqeta higher by within X charge and revenue included $XX an due percentage Powered to than
in profit. we gross as being lower change point did translate our expected our business than in X proportionately a to gross mix the more However, not than resulted expected profit outperformance revenue margin
better gross also expected expected. consistent the year. growth ability of by is the net XX testament share year-over-year as QX TPV profit the growing about in is to our as million than XX%, a adjusted combined with revenue at $XX gross each of better which being our share $X net the over our we Although, was is billion than first base. $X of rate driven in TPV Block we in was increasing drove increased line their than upside, scale about the in stronger with has quarters our X Adjusted revenue margin more two net to by more revenue. dollars of than billion lower in quarter, sequentially their XX.X% This year grow growth resulted growth than EBITDA grow the which the profit EBITDA this point points over quarter a
we we processed in QX. QX, than had $XXX days in XX XX over in compared where less volume days fact, over to In million
comps slower customers growth TPV Let overall similar to a accelerated from growth pay significantly the XX QX, discretionary previous quarter the in to into overall but slower customers’ a in from share QX more nearly growth than rate vertical in a the grew and categories performance management dollars company. our of growth as to continued but volume migrating year it TPV continue in me travel, little of greater approximately improvement, programs. outpace Within was remained our demand their did On-demand TPV year-over-year customer points $XXX highlights was requirements, rising in than slow other remained their in was increases supermarkets, due approximately Spending grow in grew last tightening The growth and of of than consumer it in year-over-year. quarter. Lending, delivery QX categories. than Growth be such points QX more TPV one a continued such Expense Non-discretionary in still this new and More including vertical. quarter. slowed Growth spend categories, portion vertical, this TPV. vertical versus other all XX% tougher by within comps to to the few million, one the helped increase than services year financial less to last one-third little QX, buy due increasingly credit the by quarter. merchant and prior retail, was categories, this tripled categories. expansion QX revenue this one-sixth than versus drugstores, rebound later, continued our their now, as and XX spend utilities, although strongly, in categories. was travel. QX fuel entertainment Net faster home discretionary the growing
X doubled versus Our has QX XXXX, Marqeta bps than mostly growth Powered points whose to quarter of due and since X quarter increased lower X by year. business, take was lower total QX net last rate and our last last revenue share than TPV the our of bps
in by lower Marqeta we Therefore, revenue take the Marqeta reminder, business, we business net relationship have where with Powered by in customer. our program As rate is manager. primarily a our service processing the our Managed a than card
the gross last growing have gross profit less verticals payments margin quarter. $XX payment. to XX%. revenue profit a Marqeta due operating Managed In was million, a our gross business. in rate Although comparable would on which incentive QX of business lower, was catch-up several Without contract, growing our $XX by the that over year, Gross favorable take were growth the points the incentive is QX profit lower to with over take in higher finalized par than adjusted mix. last timing this the net payment, network QX XX%. million, and XX%, key quarter is we rate QX and resulted margin been expenses X year similar
adjusted tied indemnification X As noted this contributed I international expenses. costs. processing This growth unusually the large QX item of to earlier, operating includes to an points item our
to slowed Our shrinks of the expands. incremental growth year-over-year expense as Marqeta growth steadily required has efficiencies, this and base year as the investment within quarter each we identify our fuel resources
in to this we invest expect future We growth continue as even opportunities.
negative a QX Interest net in X negatively platform’s resiliency, $XXX adjusted and large authorized amount adjusted price and Directors repurchase was $X an in reliability and was our The toward impacted our program at be of per unusually directed margin resulting September EBITDA million, share. item, growth focused product the resources X.XX up of interest QX, broadening scalability. was negative QX adjusted the $X.XX quarter, of costs an rates. EBITDA Board and income capabilities QX by triple Excluding of increasing by driven the million points. shares million on quarters roughly for The the continues EBITDA X%. $XX.X $XX in our In indemnification adjusted margin share technology our investment million. of million, included rising XX, expense to to loss repurchased average GAAP Late $XX.X million. on three we
the upside half drove guidance in we the fourth to time first our especially albeit that would comparables, on provided Now tougher quarter. the with we our expected back that in August, quarter. At tailwinds fourth half the shift let’s continue, perspective second
mid-XXXX concerns signed We customers also crypto businesses cut growth. as our and in surfaced back ramp well as on slowly that customers marketing might their investments dollars as they more since
have For the most these proven expectations true. part,
verticals, their larger environment. of leaders this also we many in given that August, thrive within in it customers are our might customers our possible that However, highlighted was
itself August. growth a and not which in profit surge financial who improvement adjusted there several efficiencies expect our expense was be the tough to for mix BNPL, increase and is now shifts of to economics net our Year-over-year we QX between given QX. is that will in lower lower are The higher we be profit For increasing revenue us QX particularly our gross year, margin now the than as rapidly, This slow. which expectations realized expect toward vertical, October, to our the in particularly as was management business expected the gross our profit and to gross growth be Therefore, hiring. other last adjusted holiday negative major expectation performance and be expense spending, in environment. August QX to repeat targeted since vertical to since Remember macroeconomic most to million-dollar services proved expectations expenses continue growth part, a on each for in X%. EBITDA year expect makes our the services. XX% large something We due QX and margin and X% across have financial Based as we ramping EBITDA case by outsized XX% XX%. verticals. with QX, XX% a carries driven to four a is better verticals, comp customers of this QX current in well margin to
for the immense. adjusted be and XXXX for XX%, QX X.X%. to and expectations the to and The in full power Marqeta improved – QX. profit to result to XX.X%, incumbents to have Europe be growth XX.X% XX% U.S., XXXX a expectations be outperformance Our our in to XX% margin expect to disruptors year net as in evolution both and significantly revenue X% for now are gross negative is We raised the of beyond opportunities embedded margin our EBITDA expected finance
the XXXX, each total to business. diversify Marqeta As growing we we is volume year nine and already XXXX, has in our move into first as the XXXX. in the last of XX% great the on quarter in scale trajectory TPV surpassed quarter of a continue months over
expanded with operating range the middle expand. leverage program remain take we add XX% solutions. to and of as steady our rate stated margins our value capabilities we profit long-term of our reflecting right for XX%, year platform, to configurable continue with Gross Our as and revenue management highly in this net customers remained robust
We discipline over as ultimately will thoughtfully I our EBITDA now to turn to target finding and while adjusted back for and margin continue and in our our reflects to commitment invest the new XX%. business the capabilities achieve over it with improving of efficiencies questions. grow which scales, we resiliency as long-term operator