Marqeta, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Marqeta, Inc. has filed its 2023 10-K report detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Marqeta, Inc. (MQ) filed a Annual Report (10-K) with the SEC on February 28, 2024. Marqeta, Inc. filed its 2023 Form 10-K on February 28, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 180 Grand Avenue, 6th Floor, Oakland, CA. Marqeta's Standard Industrial Classification is SERVICES-PREPACKAGED SOFTWARE [7372]. The filing includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking Marqeta, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Marqeta's financial health, operational performance, and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess the company's current standing and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's revenue streams, profitability, debt levels, and potential challenges, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — Marqeta, Inc. shows moderate risk based on this filing. The company operates in the software services sector, which can be subject to rapid technological changes and competitive pressures, as indicated by its SIC code 7372.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Marqeta's performance and potential challenges in the pre-packaged software industry.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-02-28 — Filing Date (Date of filing)
• 2021-01-01 — Start of Fiscal Period (Financial data range)
• 2023-12-31 — End of Fiscal Period (Financial data range)

Key Players & Entities

• Marqeta, Inc. (company) — Filer name
• 180 Grand Avenue, 6th Floor, Oakland, CA (location) — Business address
• 7372 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

Marqeta operates within the financial technology sector, providing card issuing and payment processing solutions. The company's SIC code indicates a focus on pre-packaged software services.

Regulatory Implications

As a publicly traded company, Marqeta is subject to the regulations of the Securities and Exchange Commission (SEC), requiring regular filings such as this 10-K.

What Investors Should Do

1. Analyze Marqeta's financial statements for the fiscal year 2023 to understand revenue, expenses, and profitability trends.
2. Examine the risk factors section to identify potential challenges and their impact on the company's operations and future growth.
3. Compare key financial metrics from the 2023 10-K with previous years to assess performance changes and identify areas of improvement or concern.

Key Dates

• 2023-12-31: Fiscal Year End — Covers the reporting period for the 10-K filing.
• 2024-02-28: Filing Date — Date Marqeta, Inc. submitted its 10-K report.

Year-Over-Year Comparison

This filing is the 2023 annual report, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.0001 — which registered Class A common stock, $0.0001 par value per share MQ The Nasdaq Stock
• $222.3 b — ume ("TPV") on the Marqeta Platform was $222.3 billion, $166.3 billion, and $111.1 billi
• $166.3 b — he Marqeta Platform was $222.3 billion, $166.3 billion, and $111.1 billion, respectively
• $111.1 b — was $222.3 billion, $166.3 billion, and $111.1 billion, respectively, which reflected ye
• $0.01 — ur common stock at an exercise price of $0.01 per share, which is exercisable upon at

Filing Documents

• mq-20231231.htm (10-K) — 1975KB
• exhibit1013-202310xk.htm (EX-10.13) — 819KB
• exhibit1015-202310xk.htm (EX-10.15) — 76KB
• exhibit211-202310xk.htm (EX-21.1) — 5KB
• exhibit231-202310xk.htm (EX-23.1) — 4KB
• exhibit311-202310xk.htm (EX-31.1) — 11KB
• exhibit312-202310xk.htm (EX-31.2) — 11KB
• exhibit321-202310xk.htm (EX-32.1) — 5KB
• exhibit322-202310xk.htm (EX-32.2) — 5KB
• exhibit971-202310xk.htm (EX-97.1) — 32KB
• exhibit991-202310xk.htm (EX-99.1) — 116KB
• image_0.jpg (GRAPHIC) — 17KB
• image_101a.jpg (GRAPHIC) — 0KB
• image_14a.jpg (GRAPHIC) — 0KB
• image_17a.jpg (GRAPHIC) — 0KB
• image_2.jpg (GRAPHIC) — 0KB
• image_9.jpg (GRAPHIC) — 0KB
• image_99a.jpg (GRAPHIC) — 0KB
• mq-20231231_g1.jpg (GRAPHIC) — 429KB
• mq-20231231_g2.jpg (GRAPHIC) — 114KB
• mq-20231231_g3.jpg (GRAPHIC) — 136KB
• 0001628280-24-007663.txt (&nbsp;) — 13021KB
• mq-20231231.xsd (EX-101.SCH) — 61KB
• mq-20231231_cal.xml (EX-101.CAL) — 126KB
• mq-20231231_def.xml (EX-101.DEF) — 317KB
• mq-20231231_lab.xml (EX-101.LAB) — 994KB
• mq-20231231_pre.xml (EX-101.PRE) — 621KB
• mq-20231231_htm.xml (XML) — 1368KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 17 Item 1B. Unresolved Staff Comments 43 I tem 1C. Cybersecurity 43 Item 2.

Properties

Properties 44 Item 3.

Legal Proceedings

Legal Proceedings 44 Item 4. Mine Safety Disclosures 44 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 45 Item 6. Reserved 46 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 47 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 60 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 61 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 99 Item 9A.

Controls and Procedures

Controls and Procedures 99 Item 9B. Other Information 101 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 101 PART III Item 10. Directors, Executive Officers and Corporate Governance 102 Item 11.

Executive Compensation

Executive Compensation 102 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 102 Item 13. Certain Relationships and Related Transactions and Director Independence 102 Item 14. Principal Accountant Fees and Services 102 PART IV Item 15. Exhibits and Financial Statements Schedules 103 Item 16. Form 10-K Summary 105

Signatures

Signatures 2 Table of Contents Note About Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of the federal securities laws, which are statements that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "shall," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements contained in this Annual Report on Form 10-K include, but are not limited to, statements about: uncertainties related to U.S. and global economies and the effect on our business, results of operations, and financial condition; our future financial performance, including our net revenue, costs of revenue, gross profit, and operating expenses and our ability to achieve future profitability; the anticipated accounting treatment of our customer agreements and the risk that such accounting treatment may be subject to further changes or developments; our ability to scale new products and services, such as our credit card platform; our ability to effectively manage or sustain our growth and expand our operations; our ability to enhance our platform and services and develop and expand our capabilities; our ability to further attract, retain, diversify, and expand our customer base; our ability to maintain our relationships with Issuing Banks and Card Networks; our strategies, plans, objectives, and goals; our plans to expand internationally; our ability to compete in existing and new markets and offerings; our estimated market opportunity; economic and ind

BUSINESS

ITEM 1. BUSINESS Our Business Marqeta's mission is modernizing financial services by making the entire payment experience native and delightful. Marqeta's modern platform empowers our customers to create customized and innovative payment card programs, giving them configurability and flexibility. When our customers come to us to build a payments solution, they are not just building a card, they are building a payments experience. Our platform encompasses debit, prepaid, and credit programs, and provides banking and money movement, risk management, and rewards products. We deliver a scaled solution to our customers to maximize the benefit of their card programs while also providing the tech layer that bridges the bank and the customer. Marqeta's open APIs provide instant access to a highly scalable, cloud-based payment infrastructure that enables customers to embed the payments experience into apps or websites for a personalized user experience. Customers can launch and manage their own card programs, issue cards, and authorize and settle payment transactions quickly using our platform. We also deliver robust card program management, allowing our customers to embed Marqeta in their offering without having to build certain complex elements or customer support services. Our customers can focus on their areas of expertise, with more control over their card programs, while we manage the complexity of running the card programs with our Issuing Bank and Card Network partners (each as defined below). In the years ended December 31, 2023, 2022, and 2021, total processing volume ("TPV") on the Marqeta Platform was $222.3 billion, $166.3 billion, and $111.1 billion, respectively, which reflected year-over-year growth of 34% and 50%, respectively. TPV is the total dollar amount of payments processed through the Marqeta platform, net of returns and chargebacks. See "Management's Discussion and Analysis of Financial Condition and Results of Operations" for a more detailed d

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View this 10-K filing on SEC EDGAR