and Thanks good much, so Simon, afternoon, everybody.
that renewal was gross quarter last and expected, As due quarter. to profit the signed App net third contracted revenue growth Cash
to results lower However, shift were The new our than more Cash continued revenue mix expected, QX presentation our that in detail QX. anticipated, contraction a that initiatives will App change on EBITDA due particularly was business timing result of of the few some impacted and as execution as adjusted will mostly differences better contract. than efficiency get a into expenses in I part of the revenue the minutes. into
was financial QX third $XX row Partially the well, the but offsetting little for over which year-over-year did in growing The a track was wage comps continues last to newer tougher of us there putting few full TPV Xx vertical billion, QX XX% as and case diverse Marqeta. for volume ramp the points TPV a quarter of perform for a and was year. QX, from volume from comps $XXX rapid over is half tough our access, to vertical, delivered last billion the is accelerated $XX slow deliver year across those QX. TPV year billion use little this versus portfolio in which acceleration cases, as use a a in the on services the of faced exceeding
points X company Lending, including for reasons. growing total than accelerated QX growth Pay than from growth Later Buy and more faster the Now, primarily now XX is
X quarter. the First, lapped this partial loss program of we Klarna
due consumer our BNPL this decelerated increasingly vertical that can card which of accelerated delivery BNPL Second, on new pay a and deliver consumer quarter card-accepting any adoption newer matures. solutions, adoption On-demand used to proposition Expense value at this services growth as growth management of the merchants. merchant customers rapid due tougher comps several be of segments. to this their quarter
particularly mix decline nuances the presentation App's percentage headwind network presentation than growth This recognition, was networks. a necessarily revenue the with by in point not due impact nonprimary points still of the profit, net July. network do lower XX% we to contraction the the App We changes Cash bulk of App year-over-year, revenue Cash renewal. XX expected of it volume mix volume. Reg discussed million, associated including driven to Cash percentage revenue $XXX that that point revenue that we a higher growth this volume on shift led QX renewal TPV, a Cash The costs gross revenues XX prior effect impact a circumstance primary within App in several change the payment adheres is that to to attribute went related non-primary due translate higher to into on Because to greater this have past. II into in was
to growth additional As expected, an the the net drove renewal XX-point impact pricing Cash quarter. App revenue in
concentration Powered delivery growth XX% strong, from QX of revenue Marqeta. net renewal, App renewal. Excluding strength the QX, as contract points net in Cash a the Cash XX decreasing and was on-demand the by driven was Block revenue across particularly business, by result App
revenue rate XX take net Our points. basis was
rate quarter the the App, take consistent net Cash Excluding several revenue higher our and was total rate. bps than take with prior company
a this profit of gross on than by lowered pricing. better Cash the X impact expected. mid-XXs impact the X%, factors: points. Therefore, million, is profit solely Cash renewal in App primarily was driven has result profit. by is revenue Remember, growth QX percentage $XX App The renewal presentation the we change gross a little gross no contraction first, contracting
non-Block XX% QX 'XX. Second, QX we renewed approximately TPV 'XX between of and our
growth these to lap Although digits by mid-single did we the fully quarter. 'XX, this starting QX are low and in lower to renewals effects dissipate will this
this at 'XX. previous and to to QX low the Lastly, lost than growth those year, X of start by incentives in expect fluctuations of This the customers XXXX, quarters we lease digits. volume on lap customers we impact is our mid-single lowering last little X in fully to due lower impact a
of were profit the We situations contractual and in to see believe changes each expect due future we impacts us impacted these late this all starting not gross approach to discrete deals year. once. impacts language, do one at of that last We how in magnitude customer
take profit quarter total profit from X gross increased our several Cash basis XX was rate. take higher take is outside gross Our of gross point company The and App rate last rate bps points. profit than
caused net did not to Gross profit of cash was because to presentation change, lower net higher margin anticipated revenue profit. smaller XX% the revenue the be through out gross than impact but which of flow
gross projections take profit were margin gross rate on mostly Therefore, driven Our and the the is accurate. profit difference by the denominator.
and impacted our cost targeting our $XX were quarter are inclusion uptime a initiatives from the not realized driven growth These decrease by the by services late expenses and operating adjusted performance million, from power. rationalizations have our year-over-year in savings and QX of volumes. technology XX% efficiency restructuring driven expenses. despite These May our XX% primarily decrease X inorganic of a professional approximately despite declines an of platform last or point fast-growing
million $XX X X timing are reasons, related. of which than almost we expenses were operating lower for Adjusted expected
professional technology larger migrations achieving such diligently third-party few execute we million to A other expense services in Therefore, were curtailed management enhancements processors volume to expenditures than initially planned We $X program to expenses, shift of our benefits and from QX. anticipated. million delayed our support $X as expect and we of QX. have to
also we in intended few our we in areas. a priority when to reduced by XX% May, workforce approximately Finally, hire
the net to just reduction plan a headcount XX% of As our a over result, of end plan. we year pre-restructuring with
in set jurisdiction, are of hires the However, delayed cost up consider being of additions some middle year. thought we lower work through office as these next to we a and an these
was $XX income X%. cost successes. expense This the The driven rates. result by million, QX $X was adjusted management million, expected, including driven acquisition. a was Power than elevated a $XX net QX we noncash GAAP post-combination mostly Interest margin was of EBITDA better related negative million $XX negative by million, interest loss to
of buyback million. announced $XXX QX, stock a we During
for price investments. end, we $X.XX the million. with for $XXX quarter As $X.X shares of of XX.X billion short-term an quarter cash ended QX million We purchased and of average
of aside, the underlying business year. renewals As QX, has throughout we the performance the Block ahead performing been well all to setting look the
with now June Square a growth we additional have through for and of potential Cash App foundation default solid to from provider, the With build. the as and new business secured from programs XXXX a which
impact the and not renewal accounting App the revenue Square the come it Although percentage gross by Cash of aligns volumes in approximately the the tiering price QX, reduce Cash with which does App will with renewal. profit contract, growth X points
We on QX, for mid-XX gross in XXs percentage be expect points low for revenue is in to profit revenue with profit. and App the points percentage Cash line QX gross which renewal and impacts
expect also on the QX. a to similar of business We Block perform as outside trajectory
follows: XX% points in due with from the by renewal is percentage and Square we few are is contract Our X% of as QX between mostly is for Square and to tier. a expected renewals is between contract XX% expectations profit Net the QX. points QX deceleration as from of growth new XX%, revenue Gross drag expected headwind to to X non-Block approximately and less offset reach additional incentives The line renewal.
margin high be the in XXs. gross Our should
are volumes better performance to expense efficiency the is adjusted lower shift technology our $X year with Therefore, With shared million the except to timing margin our discipline. organic costs QX. XX% negative we adjusted from our margin timing during higher adjusted QX full X% is operating with expectations come basis shift of The expect to EBITDA what expected about the impact to we for that negative X% last success adjusted $X for year-over-year QX of the decline consistent season. a and driven Therefore, to margin, excluding expense an XXXX Power quarter, into the including expense by acquisition. date, X the EBITDA with be efforts by on holiday million point EBITDA consistent versus elevated
low low approximately percentage the of profit an is margin Adjusted treatment. EBITDA Cash Gross acquisition. including accounting be in an high point Power be expected XXs to percentage expected to point renewal, on change mostly App digits digits. due single the expected organic revenue basis, single Net positive the impact to margin negative is to with due X growth contract double-digit is by low to the negative decline
over sets renewal in our strong to is that to profitable which drive up quarter This wrap us we TPV XX% adjusted up, renewed growth the our the last To Cash continue Despite delivered bookings new now first long-term long-term have put company positioning X growth in us the results, initiatives headwinds QX success. for App we show of a believe close we and incorporating and our quarters, sustained, breakeven as baseline to on growth, our renewal established XXXX. exit the will efficiency as EBITDA our sales momentum. a
we available our think Relations it of understand you is to the Time November Before Investor will website. X:XX at of to minutes business everyone on be over great turn we Pacific Investor the of materials longer-term helpful. We Day X, on interest our will Q&A, trajectory Thursday, the and XXX content find
today results such, questions that a and Thank you. XXXX be as QX ask As whole. we to limited
take it's questions. Now to time