Marqeta's XXXX earnings quarter fourth call. Stacey, you, for for thank and us Thank joining you
and process management like to to CEO. speak behalf Khalaf Board and Marqeta. serve leadership our appointed employee about Before I team has company's to of of Simon leadership Directors our CEO dedication I as I'd get search to Marqeta's that identify into down Marqeta's Director. interim next the as have the like results, our our On thank today, I'd stepped his base, CEO we quarterly and as entire transition.
Earlier for Board, a first, to conducts been announced Simon a as comprehensive
him contributions well endeavor. to we our in of company, wish next and appreciative are his We his
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Then turn call XXXX. start, and let our me XXXX to conclude detail. quarterly for our by outline I'll QX update our on the and in financial by briefly key guidance results, our priorities accomplishments performance. over going for To followed quarter the additional Now highlight the quarter's an I'll results
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million XXXX, was XX% net XX%. $XX QX million, profit year-over-year. versus of increase gross margin QX XX% of grew revenue gross of Our in QX $XXX an a resulting
margin. X% in $XX was million EBITDA the translating adjusted quarter, Our into a
recent to achievements. In to our results, share I'm our addition excited
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emphasizing approach align of our a in more implementing for adding additional while We also interest bank the customers customers, and making adopt preapproved approach, changes program and to operations streamlining progress to bank additional partners our with with to banks our efficiency. while onboarding for existing with this partnered new structured this frameworks standards and are align maintain with introduction also that mid-process compliance guidelines.
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discussed call, the last delayed result of previously a programs X on remain As our pending launch.
than However, from a partners. X, capacity on our constraints rather for of the result bank our these customer part or decisions delays are
optimizing progress, While the great this while we experience. remain outcome focused represents on time launch our continuously customer overall lines enhancing
to innovation, had addition these In from underscore fourth and we advantages great operational wins scale. the competitive improvements, in several reach that our product quarter global
its located a secured base. U.S. customer well-established partnership the airline to co-brand capitalize we First, that outside a credit on with wants already U.S. consumer strong
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contribute combined In record processing in will is on proven our companies wins technology focus Europe. tech Our and a commercial the strong our to future. presence and the momentum growth program of to European this result fastest-growing innovative track which QX, This with offering, with has both management our continues scalability. that services with deal Eastern Europe's in align with we to one of our companies, European U.S. win elevating and Central card a our business QX notable well gain management had to XXX%. provide secured momentum TPV We've program over X to
in mean and U.S., first X time. Although, top one of XX launch utilize in I region, one typically, region and our and expand platform our customers by region, Canada Europe, more they over than
they select global typically our don't they utilize one although be start. of the Marqeta, from reasons So it the platform globally might key
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XXXX, platform our key meaningful expanding strategic payments and these deepening our offer are Less many look progress Marqeta into the on and for X are forward, XXXX. already leadership fronts. innovation. finance transformative previous through even of establish pillars: accomplishments strengthening partner making months we toward of more we we building year's aim solutions preferred our significant upon we all to As X innovations embedded make than to in fintech an strides breadth, as the We
For platform breadth, let me highlight X focus areas.
card to as Express later programs the excited welcome credit are for network for our in new option starting customers We XXXX. and American debit a
to unique provide their and to options even expertise, more on finance platform prospects. brand and offering our partners the choices differentiate With American and and assets embedded will Express further fintech widen
We network and cards customers have this an launch Express to American the later year, working other network. our make Express on American which American signed an agreement together and partners agile leveraging available are fintechs enables Express to the platform, to partnership
all also where card our means or XXXX, ability to the business. operate share the leverage with more no will this product chooses major matter completed as further to expand capabilities, breadth With having parity our closer get we launch. customer in will the Marqeta.
Platform We networks breadth to addition details their combined of differentiate
As for becoming offering embedded I key referenced especially another earlier, lever finance. offer our program to seeking in management is enhance to Europe, companies
payment issue to with companies and and online license needs. However, U.K. to licensing provide for partnered meet unlike virtual is and TransactPay wallets required money digital the cards including EMI electronically.
Previously, ability to the an store funds as U.S., and or such services Europe, in electronic transactions, money, customer transfers, the manage we cards prepaid
to However, several to offering. avoid contracting customer complexity later desire pipeline, I discuss multiple building opportunity which from when partners. for and we years to regulatory financial our up which in substantial would X expectations take the we European feedback licensing consistently than the associated impact to given acquire highlighted of the our is see TransactPay to subject take could The approvals, we decided acquisition with months our the close share our infrastructure, will Rather now. XXXX. the integrate
to on solutions. expertise Next, points, business scale our insights. specific let to customer and compliance solve expanding me will offering deepen our pain harness In and continue we XXXX, and specifically touch around risk,
product and higher costs. due decisioning XXXX to risk global revenue than more this transaction Our the now serving success to margins exemplifies carries approach stream revenue limited real-time XX significantly with gross from XXXX of customers.
This over doubling
Over the insights compliance business into that plan additional key performance visibility we services course of improve activities. will to into program enable and offer XXXX,
Marqeta platform we believe opportunity this to the will result, more give a more holistic a way. in the As customers use
mover on first unique we to help will customers propositions. innovations continue a deliver value our be Lastly, payments to
instant Early they already evident U.S., solutions. we to accepted.
Recently, more been have multiple processor across work in Marqeta on the a virtual the of on, were helped credentials adoption first to via BNPL. this ease issue, anywhere has with which first card Visa proposition making multiple are BNPL cards. for card the burden and BNPL customers were wallet available that issuance deliver the help we providers is the Nowhere flexible showing launched value Then with than merchant traction
our are many partner One with Mastercard to recent and credentials of deliver on their announcement We Mastercard card excited to of flexible more customers.
BNPL progress and payment making operational the focus apps also can payment with ability the on on Flex an flow.
From servicing how options QX needs customer are a prioritize existing be delivered when of navigate and demonstrated our wallets, to scale. strong payment enhancing challenges, maintain goal them We needed within inside Marqeta perspective,
focused by Looking are platform, fintech strengthening ahead, compliance. payment embedded while accelerating in we innovations prioritizing our finance on and leading
and financial trajectory are However, transition our in now and over with growth on focused I'm more results diversified.
With driving is to detail. we that, discussing QX that profitable sustainable to XXXX going a guidance equally
revenue, $XX combined much of EBITDA to and finish of QX year. programs delivering X in stronger-than-expected of for X expense results of financial a better little and coupled mix, EBITDA new gross reflect efficiency in a X%. achievement strong revenue business by million initiatives, steady, execution QX a outperformance the Net due with XX% of a continued performance primarily net profit adjusted moderating outperformance, than the gross adjusted growth with a expected and and quarter. expense, the Our TPV points, with an performing delivered remained the season the favorable margin partner. higher growth to growth a across improved profit holiday to The incentive business outperformed
XX billion the in customers some quarters, steady Buy maturity well through October, in our grew the strong services XX% BNPL financial $X customers as time the discussing whose X XXXX. billion, of adoption as services, now, block, fueled including share TPV $XX QX, call.
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point that benefits. achieving other of a The unexpected unforeseen contributed earned an factors milestone. were performance X after growth We X incentive
overall also mix growth use our our of outperformed expectations.
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multiple locations to on best services. find be professional focused in to continue hiring, utilizing We on the talent, part less geographic rely our to
quarter investments. $XX from post-combination to continue costs $XX adjusted cash increased company acquisition, underlying for million, positive loss We income renewal profit.
QX which transactions contracted full-year ended are by to all-time short-term we margin profit the than our benefiting over
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a We discussing restrictions. or million was expired XXbX-X earnings new to as currently QX not There on position company in plan into prior transition enter because buyback to expectations Before At QX little spend of time, release. the was after our legal remaining plan XXbX-X XXXX shortly trade that the November the authorization. in I have a me buybacks. a let minute for activity share XXXX, our $XX very
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let's our Now XXXX. transition expectations for to
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One the achieving expected better over gross at profitability. mid-teens, adjusted reflects margin to be with to investment scale.
agreement to management our to As reached offering I mentioned earlier, an Europe. acquire enhance program in we TransactPay
One, drive X additional tied management to parity than of together in of new EURXX more in is adopt even be on the European more with our as to customers receive offerings For purchase the acquisition licenses. product Canada more the approval will and meaningfully EMI more XXXX, from believe when visible program price Two, value offerings Europe. attract program purposes, we we Marqeta regulatory additional start dependent to we of incentives.
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any be variation the contract P&L, implement impacted in the what in expect not that will year. in incentives in in year-over-year much we rate differences does gross the less profit As comparison. due impact will we growth be even recorded XXXX, result, earn quarterly to there a change, this as the Therefore, the we this quarterly given though
net to so an provide revenue quarter growth what it cadence. basis.
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innovation, to QX resources capabilities Our XXXX expenses on platform investments primarily additional single digits, go-to-market operating grow expected XXXX in line meet adjusted and compliance. high QX of growing growth. roughly in demand and are with focused the standards mid-to-high are maintaining to
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enable solid for expect to conclusion, coming impactful come. are sustainable, remaining a and at XXXX point that us years of profitable exiting be foundation quarters growth We lower deliver XXXX X with XX%.
In will with to the to X% to we many business enhancements in XXXX
confidence is primarily and driven factors. X excitement Our by
suggests existing close solutions First, engagement already offering of their getting to our drive user enhance and finance out, monetization to the embedded is issuing breaking sales pipeline card bases.
leadership. map we will This with our customers, platform value road not the the deliver but our can increases also innovation XXXX of strengthen and Our provide we payment customer. services our significant strengthens only the ties offer technology expansion
questions. Europe business levels and of finally, profitability.
I higher Our And comprehensive to XXXX growth with it profit enhancing fast, creation for what our will proposition capabilities new reach and economies we adjusted our GAAP fuel will turn we rapid back continues strong combination U.S. The and scale program as margins grow well drive now very to to the EBITDA operator in make gross continues over platform in of offer accelerate profit as are of our XXXX value strive the to as growth we value beyond. margin exit expansion to to beyond our management
