Marqeta Inc (MQ) 2023 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to Marqeta's First Quarter 2023 Earnings Conference Call. As a reminder, this conference is being recorded. I would like to turn the conference over to Stacey Finerman, Vice President of Investor Relations to begin.

女士們先生們，下午好，感謝你們的支持。歡迎來到 Marqeta 2023 年第一季度收益電話會議。提醒一下，這次會議正在錄製中。我想將會議轉交給投資者關係副總裁 Stacey Finerman 開始。

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, 2022, 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 intend to update them, except as required by law.

謝謝，運營商。在我們開始之前，我想提醒大家，今天的電話會議可能包含前瞻性陳述。這些前瞻性陳述受眾多風險和不確定性的影響，包括我們向美國證券交易委員會提交的文件中規定的風險和不確定性，這些風險和不確定性可在我們的投資者關係網站上獲取，包括我們截至 2022 年 12 月 31 日期間的 10-K 表格年度報告，以及我們隨後定期向美國證券交易委員會提交的文件。實際結果可能與我們今天所做的任何前瞻性陳述存在重大差異。這些前瞻性陳述僅在本次電話會議時有效，除法律要求外，公司不承擔任何義務或打算更新它們。

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.

此外，今天的電話會議還包括非 GAAP 財務指標。這些措施應被視為對 GAAP 財務措施的補充而非替代。與最直接可比的 GAAP 指標的調節可以在今天的收益新聞稿或收益發布補充材料中找到，這些材料可以在我們的投資者關係網站上找到。

Hosting today's call are Simon Khalaf, Marqeta's CEO; and Mike Milotich, Marqeta's Chief Financial Officer. With that, I'd like to turn the call over to Simon to begin.

主持今天的電話會議的是 Marqeta 的首席執行官 Simon Khalaf； Marqeta 的首席財務官 Mike Milotich。有了這個，我想把電話轉給西蒙開始。

Thank you, Stacey, and thank you, everyone, for joining us for Marqeta's First Quarter Call for 2023. Our first quarter results further demonstrate our ability to innovate at scale to drive growth while delivering operational efficiency. Our net revenue, gross profit and adjusted operating expenses were better than we expected.

謝謝 Stacey，也感謝大家加入我們，參加 Marqeta 2023 年第一季度的電話會議。我們的第一季度業績進一步證明了我們在實現運營效率的同時進行大規模創新以推動增長的能力。我們的淨收入、毛利潤和調整後的運營費用好於我們的預期。

Total processing volume, or TPV, increased 37% compared to the same quarter of 2022 and represented the first time our volumes surpassed USD 50 billion for the quarter. Our net revenue of $217 million in the quarter represented 31% growth year-over-year. Gross profit was $89 million in the quarter, a 19% increase versus Q1 2022. Our adjusted operating expenses were $94 million, a 10% increase versus Q1 2022.

與 2022 年同一季度相比，總加工量 (TPV) 增長了 37%，這是我們本季度的加工量首次超過 500 億美元。本季度我們的淨收入為 2.17 億美元，同比增長 31%。本季度毛利潤為 8900 萬美元，比 2022 年第一季度增長 19%。我們調整後的運營費用為 9400 萬美元，比 2022 年第一季度增長 10%。

We are pleased with our Q1 numbers and look forward to delivering even more with our great product market fit, market trends that play in our favor and clear strategic focus. The operational changes we started continue to improve our execution and ability to capture our full potential in the coming quarters.

我們對第一季度的數字感到滿意，並期待通過我們出色的產品市場契合度、對我們有利的市場趨勢和明確的戰略重點提供更多。我們開始的運營變革繼續提高我們的執行力和在未來幾個季度充分發揮潛力的能力。

Let me start with strategy and the big picture. Our industry is witnessing a major shift, one that plays directly into our strength. The expansion of the market to include embedded finance, in addition to fintech, is accelerating.

讓我從戰略和大局開始。我們的行業正在見證一場重大轉變，一場直接影響我們實力的轉變。除了金融科技之外，包括嵌入式金融在內的市場正在加速擴張。

First and foremost, let me explain what embedded finance means. We define embedded finance as companies whose primary business is not banking nor finance. It's companies that offer financial services to their consumers through seamless integration into their existing products. Embedded finance takes banking to consumers versus asking consumers to go to the bank.

首先，讓我解釋一下嵌入式金融的含義。我們將嵌入式金融定義為主要業務既不是銀行業也不是金融業的公司。它是通過無縫集成到現有產品中為其消費者提供金融服務的公司。嵌入式金融將銀行業務帶給消費者，而不是讓消費者去銀行。

Marqeta conducted a global survey of over 4,000 consumers this past quarter. The survey revealed that 47% of consumers would now consider using a nontraditional financial service provider. Our platform, which is comprehensive with debit, credit, money movement, risk control and program management is well positioned to serve this market, and we're already seeing a strong response from our prospects and customers.

Marqeta 在上個季度對 4,000 多名消費者進行了全球調查。調查顯示，47% 的消費者現在會考慮使用非傳統金融服務提供商。我們的平台綜合了借記、貸記、資金流動、風險控制和程序管理，可以很好地服務於這個市場，我們已經看到了我們的潛在客戶和客戶的強烈反響。

This shift is already evident in our numbers as more than 50% of our sales in the past year came from embedded finance customers. What is the most exciting about embedded finance is the number of companies that can choose to participate in the opportunity are almost limitless. The solutions can span multiple verticals, company sizes and geography, creating demand for our services in the horizontal and global fashion.

這種轉變在我們的數字中已經很明顯，因為過去一年我們超過 50% 的銷售額來自嵌入式金融客戶。嵌入式金融最令人興奮的是，可以選擇參與其中的公司數量幾乎是無限的。這些解決方案可以跨越多個垂直領域、公司規模和地域，從而在橫向和全球範圍內創造對我們服務的需求。

One of the embedded finance solutions we're excited about is accelerated wage access. Not only does it enable workers to access their wages sooner, but it also drives employer loyalty and goodwill without straining our company's working capital. This is a perfect match for Marqeta as it uses multiple aspects of our platform, including card issuance and Banking-as-a-Service capabilities. Accelerated wage access has already started contributing to our gross profit growth. Not only has the number of active users quadruple from the end of Q3 2022 to end of Q1, but TPV growth from the fourth quarter of 2022 doubled into the first quarter on a sequential basis. In addition, our pipeline for accelerated wage access is also rapidly growing.

我們感到興奮的嵌入式金融解決方案之一是加速獲得工資。它不僅使工人能夠更快地獲得工資，而且還提高了雇主的忠誠度和商譽，而不會佔用我們公司的營運資金。這與 Marqeta 完美匹配，因為它使用了我們平台的多個方面，包括發卡和銀行即服務功能。加速獲得工資已經開始促進我們的毛利潤增長。從 2022 年第三季度末到第一季度末，不僅活躍用戶數量翻了兩番，而且冠捷從 2022 年第四季度到第一季度的環比增長翻了一番。此外，我們加速獲得工資的管道也在迅速增長。

Another area where we're seeing traction in embedded finance is within marketplaces. This is an environment where money is constantly moving between supply and demand, creating the perfect scenario for financial tools to keep the ecosystem running smoothly. Marqeta makes a great marketplace partner because of the myriad of solutions we can offer: seller financing, accelerated seller payouts, bonus sale lending for consumers, co-branded cards and banking-as-a-service, just to name a few.

我們在嵌入式金融領域看到吸引力的另一個領域是市場。這是一個資金不斷在供需之間流動的環境，為金融工具創造了完美的場景，以保持生態系統的平穩運行。 Marqeta 是一個很好的市場合作夥伴，因為我們可以提供無數的解決方案：賣家融資、加速賣家付款、面向消費者的紅利銷售貸款、聯名卡和銀行即服務，僅舉幾例。

During the quarter, we signed a partnership with an online employment marketplace where health care and job seekers are matched with employers. Marqeta is powering a spending card linked to a loyalty program for workers placed using the platform. In addition to driving loyalty, the program enables better tracking of placement data. Also, employers only need to fund the cards when they're used to make a purchase, optimizing their working capital outlay.

在本季度，我們與在線就業市場簽署了合作夥伴關係，醫療保健和求職者與雇主相匹配。 Marqeta 正在為使用該平台的員工提供與忠誠度計劃相關聯的消費卡。除了提高忠誠度外，該計劃還可以更好地跟踪安置數據。此外，雇主只需要在信用卡用於購物時為其提供資金，從而優化他們的營運資金支出。

In addition to online marketplaces, we also see our products helping in-person marketplaces, also known as brick-and-mortar retail. During the quarter, we signed 2 deals with very large enterprises, one of whom was already a customer on our platform. These customers are using our capabilities to deliver innovative in-person, point-of-sale solutions that make things like authentication and just in-town financing, a much more seamless customer buying experience.

除了在線市場，我們還看到我們的產品有助於面對面的市場，也稱為實體零售。本季度，我們與大型企業簽署了 2 筆交易，其中一家已經是我們平台的客戶。這些客戶正在利用我們的能力提供創新的面對面銷售點解決方案，使諸如身份驗證和市內融資之類的事情成為更加無縫的客戶購買體驗。

There are a few reasons why Marqeta was chosen. These customers required a partner with significant scale and expertise in card issuing. Also, in both cases, the customer is using the Marqeta solution with an existing workflow, requiring extreme flexibility.

選擇 Marqeta 有幾個原因。這些客戶需要在發卡方面具有顯著規模和專業知識的合作夥伴。此外，在這兩種情況下，客戶都在現有工作流程中使用 Marqeta 解決方案，因此需要極大的靈活性。

Now let me turn to execution. First, our integration of Power Finance is ahead of schedule, and we expect to complete the process by the end of the quarter. With intention, we sold an asset whose technology was built in a similar way to Marqeta, so we could combine these 2 solutions quickly. Our prospects have responded well to the combined solution.

現在讓我轉向執行。首先，我們對 Power Finance 的整合提前完成，我們預計在本季度末完成這一過程。我們有意出售了一項資產，其技術構建方式與 Marqeta 類似，因此我們可以快速結合這兩種解決方案。我們的前景對組合解決方案反應良好。

In addition to demand for co-branded cards, which we actually anticipated, we're seeing demand for commercial credit cards, especially in the high interest rate environment that has made access to working capital difficult for small businesses.

除了我們實際預期的對聯名卡的需求外，我們還看到了對商業信用卡的需求，尤其是在高利率環境下，小企業難以獲得營運資金。

Second, in terms of how we go to market, the changes we made to the sales organization over the last 6 months continue to pay off. After a strong end to 2022, our bookings in Q1 exceeded our target. The number of deals closed in Q1 was approximately the same as the number of deals we closed in the entire second half of 2022, a testament to the built-up demand for our services, our strong competitive position and improvement in sales operations, all accomplished without a material increase in headcount.

其次，就我們進入市場的方式而言，我們在過去 6 個月對銷售組織所做的改變繼續取得成效。在 2022 年結束後，我們在第一季度的預訂量超出了我們的目標。第一季度完成的交易數量與我們在整個 2022 年下半年完成的交易數量大致相同，這證明了對我們服務的累積需求、我們強大的競爭地位和銷售運營的改善，所有這些都已完成在沒有實質性增加員工人數的情況下。

While it usually takes 6 to 12 months to translate these bookings into material gross profit, the strength of our bookings gives us a good leading indicators of growth for 2024. 2/3 of the deals we closed in the quarter were expansions with existing customers, which speaks to our customers' affinity for the Marqeta platform and our land-and-expand go-to-market strategy. These expansion deals that fell mainly into 3 categories: the launch of a new product; expanding into a new geography; and the addition of managed services.

雖然通常需要 6 到 12 個月才能將這些預訂轉化為實質性毛利，但我們的預訂實力為我們提供了 2024 年增長的良好領先指標。我們在本季度完成的交易中有 2/3 是與現有客戶的擴展，這說明了我們的客戶對 Marqeta 平台的親和力以及我們的土地和擴展進入市場戰略。這些擴張交易主要分為 3 類：推出新產品；擴展到一個新的地理區域；以及添加託管服務。

In terms of new products, we signed 2 deals for point-of-sale lending this quarter, as I mentioned earlier. A new geography, we have 2 of our top 10 customers, 1 in e-commerce and the other one in on-demand delivery, sign expansion deals to take successful products to new markets in the EU and Latin America. Both of these customers have previously used us to expand into other geography, which is a testament to how seamless the process is on our platform.

在新產品方面，正如我之前提到的，本季度我們簽署了 2 筆銷售點貸款交易。一個新的地域，我們有 2 個我們的前 10 大客戶，一個在電子商務中，另一個在按需交付中，簽署擴展協議以將成功的產品帶到歐盟和拉丁美洲的新市場。這兩個客戶之前都曾使用我們擴展到其他地區，這證明了我們平台上的流程是多麼無縫。

Our work with Western Union is a great example of how customers expand on our platform. After a successful wallet launch in certain European countries, Western Union plan to launch its U.S. debit and prepaid card with Marqeta as part of the company's U.S. wallet launch. On the managed services side, the deals we signed for the quarter are for addition of risk control, our real time fraud detection platform and dispute management, as customers sought Marqeta's expertise to help them grow.

我們與西聯匯款的合作是客戶如何在我們的平台上擴展業務的一個很好的例子。在某些歐洲國家成功推出錢包後，西聯匯款計劃與 Marqeta 一起推出其美國借記卡和預付卡，作為該公司在美國推出錢包的一部分。在託管服務方面，我們本季度簽署的交易是為了增加風險控制、我們的實時欺詐檢測平台和爭議管理，因為客戶尋求 Marqeta 的專業知識來幫助他們成長。

While we're excited about expansion deals and our ability to serve our top customers, we are also focused on growing our customer base to diversify our revenue and gross profit growth. No single deal signed this quarter represented more than 15% of the total bookings value for the quarter.

雖然我們對擴張交易和我們為頂級客戶提供服務的能力感到興奮，但我們也專注於擴大我們的客戶群，以實現收入和毛利潤增長的多元化。本季度簽署的單筆交易占本季度總預訂價值的 15% 以上。

In addition, about 1/3 of our net new deals for the quarter came from the EU, which helps us diversify the geographic mix of our business. Lastly, the net new deals we saw in this quarter was also a healthy mix across our use cases with digital banking and expense management, both having multiple deals in the quarter.

此外，本季度約 1/3 的淨新交易來自歐盟，這有助於我們實現業務地域組合的多元化。最後，我們在本季度看到的淨新交易也是我們數字銀行和費用管理用例的健康組合，兩者在本季度都有多筆交易。

Now let me turn to operational and capital efficiency. This is an area where I see our commitment and focus as a business is really starting to pay off. Let me give you some example of our increased operational efficiency. We were able to renegotiate multiple contracts as well as optimize the usage of certain technology tools. As a result, we're able to save over $10 million of annualized expenses. At the same time, our focus on operational efficiency does not mean we're sacrificing the reliability of our platform. In fact, we are improving our reliability while also managing increased scale.

現在讓我談談運營和資本效率。在這個領域，我看到我們作為一家企業的承諾和關注真正開始得到回報。讓我舉一些我們提高運營效率的例子。我們能夠重新談判多項合同並優化某些技術工具的使用。因此，我們每年可以節省超過 1000 萬美元的開支。同時，我們對運營效率的關注並不意味著我們要犧牲平台的可靠性。事實上，我們在提高可靠性的同時也在管理不斷擴大的規模。

During the quarter, our authorizations increased by 9% from the fourth quarter of 2022, as our business continued to grow at scale. However, at the same time, our success rate improved by 6 basis points over the same time period. We were able to accomplish this without significant headcount additions, by focusing on increased figure and automation around engineering development.

本季度，隨著我們業務規模的持續增長，我們的授權比 2022 年第四季度增加了 9%。然而，與此同時，我們的成功率在同一時期提高了 6 個基點。通過專注於增加工程開發的數字和自動化，我們能夠在不增加大量員工的情況下實現這一目標。

While our focus is and has always been serving our customers and capitalizing on the tremendous market opportunity, we believe that the best way to accomplish these goals is by making Marqeta itself a more efficient company. A task we have already made great progress on. In Q2, we will accelerate our focus on efficiency and take focused action to reduce our adjusted operating expenses by $40 million to $45 million on an annual run rate basis. Unfortunately, this will result in approximately 15% reduction in headcount in Marqeta.

雖然我們的重點是並且一直是為我們的客戶服務並利用巨大的市場機會，但我們相信實現這些目標的最佳方式是讓 Marqeta 本身成為一家更有效率的公司。我們已經在一項任務上取得了很大進展。在第二季度，我們將加快對效率的關注，並採取有針對性的行動，將調整後的運營費用按年運行率減少 4000 萬至 4500 萬美元。不幸的是，這將導致 Marqeta 的員工人數減少約 15%。

This is not a decision we've made lightly, but it's a targeted move to help us capitalize on the tremendous opportunity in front of us, in the most aggressive and disciplined way possible. Based on the opportunity we're seeing unfold, along with improved execution, we believe our stock is undervalued, and our Board has authorized a $200 million share buyback program.

這不是我們輕易做出的決定，而是一個有針對性的舉措，旨在幫助我們以最積極和最有紀律的方式利用擺在我們面前的巨大機會。基於我們看到的機會以及執行力的提高，我們認為我們的股票被低估了，我們的董事會已批准一項 2 億美元的股票回購計劃。

Before turning it over to Mike, our CFO, I would like to reiterate our commitment: to capitalize to capitalizing on the growing embedded finance opportunity while serving our traditional fintech and engaging with large financial institutions modernizing that offering. We intend to achieve these goals through innovation at scale and laser focus on additional and capital efficiency.

在將其交給我們的首席財務官 Mike 之前，我想重申我們的承諾：利用不斷增長的嵌入式金融機會，同時為我們的傳統金融科技服務，並與大型金融機構合作實現該產品的現代化。我們打算通過大規模創新和專注於額外和資本效率來實現這些目標。

Our platform is a perfect fit for this market, and we're fully committed to serving our current list of customers to rapidly grow and diversify gross profit, while we progress on our path to sustainable profitability. We're well on our way in this journey. Now over to you, Mike.

我們的平台非常適合這個市場，我們完全致力於為我們當前的客戶名單提供服務，以實現毛利潤的快速增長和多元化，同時我們在實現可持續盈利的道路上取得進展。我們在這段旅程中進展順利。現在輪到你了，邁克。

Thank you, Simon, and good afternoon, everyone. Marqeta delivered a great quarter to start 2023 with net revenue growth of 31%, gross profit growth of 19% and adjusted EBITDA margin of negative 2%. All 3 performance indicators were above our expectations, driven by stronger volume growth from several of our top customers as well as accelerated execution of our cost efficiency efforts.

謝謝你，西蒙，大家下午好。 Marqeta 在 2023 年開局表現出色，淨收入增長 31%，毛利潤增長 19%，調整後的 EBITDA 利潤率為負 2%。所有 3 項績效指標均超出我們的預期，這得益於我們幾家頂級客戶的銷量增長強勁以及我們加快執行成本效率工作。

Q1 TPV was $50 billion, growing 37%, continuing to demonstrate our ability to grow at scale. Growth was stronger in the first 2 months of the quarter before slowing by several points in March, driven by 2 factors. Last year's comps were easier early in the quarter because of the Omicron outbreak but became more difficult when the post-pandemic recovery started later in the quarter. Also, spend per active card was stronger in the first 2 months of the quarter this year, which aligns with the shifts in consumer confidence.

第一季度 TPV 為 500 億美元，增長 37%，繼續展示我們實現規模增長的能力。在兩個因素的推動下，本季度前兩個月的增長更為強勁，然後在 3 月份放緩了幾個百分點。由於 Omicron 的爆發，去年的 comps 在本季度初比較容易，但在本季度晚些時候開始大流行後復蘇時變得更加困難。此外，今年本季度前兩個月，每張有效卡的支出更為強勁，這與消費者信心的變化一致。

Looking at our TPV performance by vertical. Growth in the financial services vertical continues to be the highest contributor to growth, decelerating by a few points versus Q4 but growing a little faster than the company as a whole. This was fueled by Cash App's rising card penetration among the rapidly growing users and increases in direct deposit usage driving higher spend per card user. Lending growth, including Buy Now Pay Later, accelerated a little versus Q4, driven by several customers expanding their use cases and merchant categories, with travel-related spending being particularly strong. Overall, BNPL continues to be hampered by Klarna's migration of a portion of 1 program in the third quarter of 2022. Excluding Klarna, BNPL growth was roughly similar to the overall company growth.

按垂直方向查看我們的 TPV 性能。金融服務垂直領域的增長仍然是增長的最大貢獻者，與第四季度相比下降了幾個百分點，但增長速度略快於整個公司。這是由於 Cash App 在快速增長的用戶中不斷提高的卡普及率以及直接存款使用量的增加推動了每位卡用戶的支出增加。與第四季度相比，包括“先買後付”在內的貸款增長略有加快，這是由於一些客戶擴大了他們的用例和商戶類別，其中與旅遊相關的支出特別強勁。總體而言，BNPL 繼續受到 Klarna 在 2022 年第三季度遷移部分 1 計劃的阻礙。不包括 Klarna，BNPL 的增長與公司整體增長大致相似。

Expense management TPV grew significantly faster than company as a whole but growth did slow compared to prior quarters due to tougher comps. 4 of our top 6 customers are growing faster than 75%.

費用管理 TPV 的增長速度明顯快於整個公司，但由於競爭更激烈，與前幾個季度相比增長確實放緩。我們的前 6 大客戶中有 4 家的增長速度超過 75%。

Q1 net revenue was $217 million, an increase of 31%, consistent with last quarter. Block continues to be a strong contributor to growth, driving our revenue concentration to 76% in Q1, up about 2 points from Q4. The increased concentration is mostly driven by the strength of Cash App as well as slower BNPL growth. Revenue growth remained strong within our Managed by Marqeta business, including the on-demand delivery vertical.

第一季度淨收入為 2.17 億美元，增長 31%，與上一季度持平。 Block 繼續為增長做出強大貢獻，推動我們在第一季度的收入集中度達到 76%，比第四季度提高了約 2 個百分點。集中度的提高主要是由 Cash App 的實力以及 BNPL 增長放緩所推動的。我們的 Managed by Marqeta 業務收入增長依然強勁，包括按需交付垂直領域。

The net revenue take rate was slightly lower than last quarter and 2 bps lower than Q1 2022. When comparing the take rate to last year, it is higher in 3 of the 4 major Managed by Marqeta verticals. However, that is more than offset by the volume mix shift toward the Powered by Marqeta business.

淨收入採用率略低於上一季度，比 2022 年第一季度低 2 個基點。與去年相比，Marqeta 管理的 4 個主要垂直領域中有 3 個更高。然而，這被數量組合轉向 Powered by Marqeta 業務所抵消。

Q1 gross profit was $89 million, growing 19% with a gross margin of 41%. The margin is lower than Q1 of last year due to an increase in Block revenue concentration, which has a margin almost 1/3 of the rest of the business and the Klarna volume migration, partly offset by the positive impact of our value-added services not directly tied to TPV.

第一季度毛利潤為 8900 萬美元，增長 19%，毛利率為 41%。利潤率低於去年第一季度，原因是 Block 收入集中度增加，其利潤率幾乎是其餘業務的 1/3 和 Klarna 批量遷移，部分被我們增值服務的積極影響所抵消與 TPV 沒有直接關係。

Our Q1 gross profit growth, excluding Block and Klarna is almost 3x higher than the overall company growth.

我們第一季度的毛利潤增長（不包括 Block 和 Klarna）幾乎是公司整體增長的 3 倍。

While the Block revenue concentration has steadily increased over the past 4 quarters, the Block gross profit concentration has remained consistent. This is due to less favorable volume mix within the Block business for both purchase and ATM transactions, combined with improving margins in the rest of the business.

雖然 Block 收入集中度在過去 4 個季度穩步上升，但 Block 毛利集中度保持一致。這是由於大宗業務中購買和 ATM 交易的交易量組合不太有利，再加上其他業務的利潤率有所提高。

The improving non-Block margins are primarily driven by better pricing from multiple bank partners, higher incentives with 1 network partner and a large card fulfillment benefit in the quarter. Q1 adjusted operating expenses were $94 million, essentially flat for the last 3 quarters but a year-over-year growth of 10%, approximately 1 point of which is inorganic, driven by the inclusion of Power starting in February.

非 Block 利潤率的提高主要是由於來自多個銀行合作夥伴的更好定價、與 1 個網絡合作夥伴的更高激勵以及本季度的大量信用卡履行收益。第一季度調整後的運營支出為 9400 萬美元，與過去 3 個季度基本持平，但同比增長 10%，其中約 1 個百分點是無機支出，這是受 2 月份開始納入 Power 的推動。

Our adjusted expense growth decelerated versus Q4 in each of our major expense categories due to realize efficiencies and the benefits of platform scale. We continue to exercise discipline in hiring as our automation and tooling efforts improve efficiency. We have also reached a healthy investment capacity. As a result, the incremental investment required to fuel our future growth and innovation is relatively small given the major platform expansions are behind us.

由於實現了效率和平台規模的好處，我們在每個主要費用類別中調整後的費用增長都比第四季度有所放緩。隨著我們的自動化和工具工作提高效率，我們將繼續在招聘方面遵守紀律。我們也達到了健康的投資能力。因此，鑑於主要的平台擴展已經過去，推動我們未來增長和創新所需的增量投資相對較小。

Scale, optimization and vendor negotiations are helping our technology tool-related expenses as our transaction growth of 45% is almost 20 points higher than our technology expense growth. We further reduced expenses by actively managing our use of external resources and better leveraging our internal expertise.

規模、優化和供應商談判正在幫助我們的技術工具相關費用，因為我們 45% 的交易增長比我們的技術費用增長高出近 20 個百分點。我們通過積極管理對外部資源的使用並更好地利用我們的內部專業知識進一步減少了開支。

Q1 adjusted EBITDA was negative $4 million, a margin of negative 2%. This result was better than we expected, driven almost equally between higher gross profit due to business performance and accelerated execution of our cost management efforts.

第一季度調整後的 EBITDA 為負 400 萬美元，利潤率為負 2%。這一結果好於我們的預期，業務績效帶來的更高毛利潤和我們成本管理工作的加速執行幾乎同等地推動了這一結果。

Interest income was $12 million, driven by continued rising interest rate.

在利率持續上升的推動下，利息收入為 1200 萬美元。

The Q1 GAAP net loss was $69 million, including a $32 million onetime noncash post-combination compensation expense related to the closing of the Power acquisition. Similar to prior quarters, we had positive cash flow, excluding the closing of the Power acquisition, including operating cash flow if you amortize bonus payouts. We ended the quarter with approximately $1.5 billion of cash and marketable securities.

第一季度 GAAP 淨虧損為 6900 萬美元，其中包括與完成 Power 收購相關的 3200 萬美元一次性非現金合併後補償費用。與前幾個季度類似，我們的現金流為正，不包括 Power 收購的結束，包括攤銷獎金支出時的運營現金流。本季度結束時，我們擁有大約 15 億美元的現金和有價證券。

Our Board has authorized a share repurchase program of up to $200 million. We believe that our current valuation does not properly reflect the following: one, the expansion of our market opportunity with the emergence of Embedded finance; two, our differentiated product platform with a comprehensive offering of debit, credit, money movement, risk control and program management for consumer and commercial use cases; three, sales momentum driven by our renewed go-to-market motion; and four, increasing expense discipline and a healthy investment capacity that will limit future expense growth.

我們的董事會已批准一項高達 2 億美元的股票回購計劃。我們認為，我們目前的估值並沒有恰當地反映以下幾點：一，嵌入式金融的出現擴大了我們的市場機會；第二，我們的差異化產品平台，為消費者和商業用例提供全面的借記、貸記、資金流動、風險控制和程序管理；第三，我們重新推向市場的舉措推動了銷售勢頭；第四，加強費用紀律和健康的投資能力，這將限制未來的費用增長。

At our current valuation, this attractive growth path, combined with our strong balance sheet and limited cash burn, make this buyback program a great opportunity to reduce dilution as we continue to manage the business for the long term. We expect this program to be roughly equivalent to both the stock-based comp shares vesting and issued in 2023.

以我們目前的估值，這種有吸引力的增長路徑，加上我們強大的資產負債表和有限的現金消耗，使該回購計劃成為減少稀釋的絕佳機會，因為我們將繼續長期管理業務。我們預計該計劃將大致相當於 2023 年授予和發行的基於股票的補償股份。

Now let's shift to our Q2 and full year outlook. As a reminder, although a Block renewal is a top priority for us and we would like to secure renewal in 2023, the various Block contracts run beyond this year. Therefore, we cannot indicate a potential impact to our financial performance until renewal is done and have assumed current contracts are in place throughout 2023.

現在讓我們轉向我們的第二季度和全年展望。提醒一下，雖然 Block 續約是我們的首要任務，並且我們希望在 2023 年確保續約，但各種 Block 合同將在今年之後運行。因此，在續簽完成並假設當前合同在整個 2023 年到位之前，我們無法表明對我們財務業績的潛在影響。

Q2 is off to a solid start. April TPV growth was consistent with March with the Managed by Marqeta business accelerating a bit, offset by the Powered by Marqeta business decelerating on a consistent trajectory we have seen as the comps toughened due to the rapidly growing base. We expect Q2 net revenue growth to be between 17% and 19%, consistent with the expectations we shared on our last call.

第二季度開局良好。 4 月份 TPV 增長與 3 月份一致，由 Marqeta 業務管理的業務略有加速，但被 Marqeta 業務提供支持的業務在一致的軌跡上減速所抵消，因為由於快速增長的基數，comps 變得更加堅韌。我們預計第二季度淨收入增長將在 17% 至 19% 之間，與我們在上次電話會議上分享的預期一致。

The 2 more significant factors driving the slowdown in growth versus Q1 are approximately 5 points, is driven by Q1 performance we don't expect to continue. Specifically, the stronger spend per user in January and February that did not sustain as well as a large card fulfillment benefit.

與第一季度相比，導致增長放緩的 2 個更重要的因素約為 5 個百分點，這是由我們預計不會持續的第一季度業績推動的。具體來說，1 月和 2 月每位用戶的支出增加並沒有帶來很大的信用卡履行收益。

Second, the results in Q2 last year benefited from a higher net revenue take rate due to favorable volume mix, both in terms of merchant mix as well as PIN versus signature debit mix, as well as the beginning of more robust usage of our additional services not tied directly to TPV and a resurgent corporate travel environment coming out of the pandemic.

其次，去年第二季度的業績得益於有利的交易量組合導致更高的淨收入採用率，無論是在商戶組合還是 PIN 與簽名借記組合方面，以及我們的附加服務開始更強勁地使用與 TPV 和因大流行而復甦的企業旅行環境沒有直接聯繫。

We expect Q2 gross profit growth to be in the 1% to 3% range. This is a slightly bigger step down in growth versus Q1 than we expect in revenue primarily for 2 reasons: First, a drop in the average transaction size that started in late March, which pressures our gross profit due to the interplay of the transaction and value-based components of interchange and network fees.

我們預計二季度毛利增速在 1%至 3%之間。與第一季度相比，收入的增長幅度比我們預期的略大，主要有兩個原因：首先，從 3 月下旬開始的平均交易規模下降，由於交易和價值的相互作用，這給我們的毛利潤帶來了壓力-基於交換和網絡費用的組成部分。

Second, the timing of incentive. Remember, Q2 is the start of our annual incentive contracts that run April to March. Therefore, the incentive benefits are lower as the volume tiers reset.

第二，激勵時機。請記住，第二季度是我們每年 4 月至 3 月的年度激勵合同的開始。因此，隨著交易量等級的重置，激勵收益會降低。

As we discussed last quarter, we lost some of the full lease incentives we were previously receiving, which will cause the step-down incentives to be more significant than what we experienced last year. And Q2, typically, is our lowest gross profit margin quarter for the year as the net revenue does not follow the same seasonality as incentive.

正如我們上個季度所討論的那樣，我們失去了一些我們之前獲得的全部租賃激勵措施，這將導致降級激勵措施比我們去年經歷的更為重要。第二季度通常是我們今年毛利率最低的季度，因為淨收入不遵循與獎勵相同的季節性。

As Simon mentioned, we plan to take further actions to reduce our operating expenses with a restructuring in Q2, which reduced our workforce by approximately 15%. This is part of the current management team's broader prioritization of organizational efficiency in order to put our company on a sustainable long-term path to profitability. We expect this will result in a $40 million to $45 million reduction in our annual adjusted operating expense run rate as well as lower future share-based compensation. We do not anticipate any impact to our service, products and operations primarily for 3 reasons.

正如西蒙所提到的，我們計劃採取進一步行動，通過在第二季度進行重組來減少我們的運營費用，這使我們的員工人數減少了約 15%。這是當前管理團隊更廣泛優先考慮組織效率的一部分，目的是使我們的公司走上可持續的長期盈利之路。我們預計這將使我們的年度調整後運營費用運行率減少 4000 萬至 4500 萬美元，並降低未來基於股份的薪酬。我們預計不會對我們的服務、產品和運營產生任何影響，主要有 3 個原因。

One, we plan to be hyper-focused on a relatively limited number of opportunities we feel would generate the most value for customers and, therefore, the highest return on investment. Second, the major components of our platform are already in place; debit, credit, risk and authentication and banking and money movement solutions. And third, we have a significant -- we have made significant progress on our automation and tooling efforts that make us less dependent on large numbers of people to complete important tasks. We plan to execute the restructuring in the next few weeks, so there will be a small benefit to Q2 adjusted operating expense.

第一，我們計劃高度關注數量相對有限的機會，我們認為這些機會會為客戶帶來最大價值，因此投資回報率最高。第二，我們平台的主要組件已經到位；借記、貸記、風險和認證以及銀行和資金流動解決方案。第三，我們有一個重要的——我們在自動化和工具方面取得了重大進展，這使我們減少了對大量人員來完成重要任務的依賴。我們計劃在未來幾週內執行重組，因此對第二季度調整後的運營費用會有一點好處。

We expect Q2 adjusted operating expense growth to be in the low to mid-single digits. We will also incur a onetime restructuring charge of $9 million to $11 million. Therefore, we expect Q2 adjusted EBITDA margin to be negative 4% to 6% on an organic basis excluding a 1 point negative margin impact of the Power acquisition.

我們預計第二季度調整後的營業費用增長將處於中低個位數。我們還將承擔 900 萬至 1100 萬美元的一次性重組費用。因此，我們預計第二季度調整後的 EBITDA 利潤率在有機基礎上為負 4% 至 6%，不包括 Power 收購帶來的 1 個百分點的負利潤率影響。

Our expectations for the full year 2023 largely remain unchanged with the exception of our adjusted EBITDA margin. Although the Q1 outperformance gave us a small boost for the full year, we still expect 2023 net revenue growth to be in the low 20s, given the level of macroeconomic uncertainty caused by the rising interest rates, tightening credit and banking turmoil.

我們對 2023 年全年的預期基本保持不變，但調整後的 EBITDA 利潤率除外。儘管第一季度的出色表現為我們全年帶來了小幅提振，但考慮到利率上升、信貸緊縮和銀行業動盪導致宏觀經濟不確定性水平，我們仍預計 2023 年淨收入增長率將處於 20% 左右。

We expect Q3 growth to be similar to Q2 before accelerating into the low 20s in Q4 once we have fully lapped the Klarna volume migration, and we begin to lap the impact of heavy renewal activity. Similar to revenue, we still expect 2023 gross profit growth to be in the mid-teens. We expect Q3 growth to be in the mid-teens and then accelerate into the low 20s in Q4 in alignment with accelerating revenue growth.

我們預計第三季度的增長將與第二季度相似，然後在第四季度加速到 20 年代的低點，一旦我們完全超越了 Klarna 的體積遷移，並且我們開始應對大量更新活動的影響。與收入類似，我們仍然預計 2023 年的毛利增長將在十幾歲左右。我們預計第三季度的增長率將達到 15% 左右，然後在第 4 季度加速至 20% 左右，與加速的收入增長保持一致。

Before taking into account the cost benefits of restructuring, we expect the 2023 adjusted EBITDA margin to be negative low single digits on an organic basis, excluding the approximately 1 point negative margin impact of the Power acquisition. This is a result of our increased cost discipline as well as our realized efficiencies and platform scale.

在考慮重組的成本效益之前，我們預計 2023 年調整後的 EBITDA 利潤率將有機地為負的低個位數，不包括 Power 收購帶來的約 1 個百分點的負利潤率影響。這是我們提高成本紀律以及實現效率和平台規模的結果。

Including the revised cost base post the restructuring, we now anticipate our 2023 adjusted EBITDA margin will be around breakeven. We expect adjusted EBITDA margin to be slightly positive in Q3 and positive mid-single digits in Q4.

包括重組後修訂後的成本基礎，我們現在預計我們 2023 年調整後的 EBITDA 利潤率將達到盈虧平衡。我們預計調整後的 EBITDA 利潤率在第三季度略為正，在第四季度為正中個位數。

To wrap up, our strong Q1 performance across both financial and operational indicators has us on track to accomplish our goals for this year. Marqeta is at an inflection point in 2023 with exciting progress on several dimensions. I would highlight 3 in particular.

總而言之，我們第一季度在財務和運營指標方面的強勁表現使我們有望實現今年的目標。 Marqeta 在 2023 年處於拐點，在多個方面取得了令人振奮的進展。我要特別強調 3。

First, improvements to our go-to-market approach are driving a significant acceleration in bookings, which coincides with the massive broadening of our market opportunities due to the emergence of embedded finance. While we will still focus on specific fintech verticals, embedded finance is a horizontal trend cutting across a wide variety of industries, making almost any company with an engaged user base a potential customer. Our highly flexible and configurable platform, operating at a scale for consumer and commercial use cases is tailor-made to serve the demand. The bookings will take several quarters to impact the P&L but are a strong indicator of future growth.

首先，我們對進入市場方法的改進正在推動預訂量的顯著加速，這與嵌入式金融的出現大大擴大了我們的市場機會相吻合。雖然我們仍將專注於特定的金融科技垂直領域，但嵌入式金融是橫跨多個行業的橫向趨勢，幾乎任何擁有參與用戶群的公司都成為潛在客戶。我們高度靈活和可配置的平台，在消費者和商業用例的規模上運行，是為滿足需求而量身定制的。預訂將需要幾個季度才能影響損益，但它是未來增長的有力指標。

The integration of Power's credit program management capabilities by the end of June, less than 5 months after completing the acquisition, is a foundational addition to our single stack platform. We will serve the full spectrum of credit including B2B seller financing, consumer credit building, charge cards, transaction underwriting and revolving credit. Our pipeline suggests the opportunity to innovate is large and moving quickly, again, another positive sign for future growth.

在完成收購後不到 5 個月的 6 月底，Power 的信用計劃管理功能的集成是對我們單一堆棧平台的基礎補充。我們將提供全方位的信貸服務，包括 B2B 賣家融資、消費者信貸建設、借記卡、交易承銷和循環信貸。我們的管道表明創新機會很大，而且發展迅速，這又是未來增長的另一個積極信號。

Lastly, we are making meaningful progress on operational efficiency, reducing waste and the use of professional services, leveraging our scale and optimizing technology usage and incorporating automation and tooling efforts, all to accelerate our path to profitability. Our restructuring in Q2 will only enhance our focus on key priorities to sustainably deliver customer and shareholder value.

最後，我們在運營效率、減少浪費和專業服務的使用、利用我們的規模和優化技術使用以及整合自動化和工具方面取得了有意義的進展，所有這些都是為了加速我們的盈利之路。我們在第二季度的重組只會加強我們對關鍵優先事項的關注，以可持續地為客戶和股東創造價值。

I will now turn it over to the operator for questions.

我現在將其轉交給接線員提問。

(Operator Instructions) Our first question comes from the line of Bryan Keane with Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的 Bryan Keane。

Mike, I just wanted to ask, growth in the second quarter, it seems to be a little bit lower than Street expectations at 1% to 3%, but yet you're reiterating it for the year. So I guess, just trying to think about your expectations going into the year. Did you think that the second quarter would be lower and have the same trajectory because, again, the guidance is still the same, for fiscal year '23 for gross profit growth? And how much of the weaker economy transaction size is built into the model going forward in the back half of the year?

邁克，我只是想問，第二季度的增長似乎略低於華爾街預期的 1% 至 3%，但你在今年重申了這一點。所以我想，只是想想想你對這一年的期望。您是否認為第二季度會更低並且具有相同的軌跡，因為對於 23 財年毛利潤增長的指導仍然相同？下半年的模型中建立了多少較弱的經濟交易規模？

Yes. Thanks for the question, Bryan. So a few things to unpack there. So the first thing is, last quarter, what we had expected our Q2 gross profit growth was to be in the mid-single digits. So it is a little bit lower. What we're expecting now is a little bit lower than we thought a few months ago. And that's really due to 2 reasons. One is that the mix of business within Block is not generating gross profit quite as much as we had expected. So the margin is decreasing a little bit, which is why as the revenue increases, it's not increasing the concentration of gross profit. So that's one factor.

是的。謝謝你的問題，布萊恩。所以有一些東西要在那裡打開。所以第一件事是，上個季度，我們預期我們第二季度的毛利潤增長將達到中等個位數。所以它有點低。我們現在的預期比幾個月前的預期要低一些。這實際上是由於兩個原因。一是 Block 內部的業務組合所產生的毛利潤不如我們預期的那麼多。所以利潤率有點下降，這就是為什麼隨著收入的增加，它並沒有增加毛利潤的集中度。所以這是一個因素。

And the second factor is this, the lower ticket sizes, which we started to see in around the mid-March time frame and continued through April. And this just puts a little bit of pressure on our gross profit, but it's not something that we would expect to continue. In January and February, things were a little better than we had expected previously. So it's not something that we've assumed will continue to pressure in the second half.

第二個因素是，我們在 3 月中旬左右開始看到並一直持續到 4 月的機票尺寸較小。這只會對我們的毛利造成一點壓力，但我們不會期望這種情況會持續下去。一月和二月，情況比我們之前預期的要好一些。因此，我們認為這不會在下半年繼續施壓。

And therefore, we still expect that our full year numbers combined with our outperformance in Q1 will not change. If anything, within the range that we shared last quarter for full year we would say we're maybe on the higher end of those ranges than we were a couple of months ago based on the trajectory of business and new things that are going to be coming on to the platform in the second half.

因此，我們仍然預計我們的全年數據以及我們在第一季度的出色表現不會改變。如果有的話，在我們上個季度全年共享的範圍內，我們會說，根據業務軌跡和即將發生的新事物，我們可能比幾個月前處於這些範圍的高端下半場走上講台。

Got it. And then just as a follow-up, if I look at the acceleration in bookings and the impact it's going to have, it looks like it starts to maybe a little bit in Q4, but probably mostly impacted in fiscal year '24, how do we think about the push on margins? Is there any kind of initial ramp-up costs that might impact margins in fiscal year '24 just from the strong bookings and the acceleration of the revenue?

知道了。然後作為後續行動，如果我看一下預訂的加速及其將產生的影響，看起來它可能在第四季度開始有一點點，但可能在 24 財年受到的影響最大，如何我們考慮推動利潤率？是否有任何類型的初始提升成本可能僅因強勁的預訂和收入加速而影響 24 財年的利潤率？

No. We don't expect that. If anything, it will help. As I mentioned in my remarks, the Block margin is almost 1/3 of the margin for the rest of the business. And so as we diversify the revenue streams with the incredible sales that we've been closing and we expect to come on to the platform in the coming quarters, that should help the overall blended gross profit margin for the business. So we don't expect there to be any challenges related to that.

不，我們不希望那樣。如果有的話，它會有所幫助。正如我在評論中提到的，大宗保證金幾乎是其餘業務保證金的 1/3。因此，隨著我們通過我們已經關閉的令人難以置信的銷售使收入來源多樣化，我們預計將在未來幾個季度進入該平台，這應該有助於業務的整體混合毛利率。所以我們預計不會有任何與此相關的挑戰。

The other thing that I would mention related to in Q4, we do expect gross profit growth to be over 20%. And one of the reasons for that is that we had a lot of renewal activity last year. As we mentioned last quarter, we had renewed about 50% of our non-Block business in the last few quarters. And so as we start to lap that, the comps just get much easier for us to deliver gross profit growth. And so what the business is going to look like in the fourth quarter with growth in revenue and gross profit in the 20s, we think, is a good indication of where we expect to exit 2023.

我要提到的另一件事與第四季度有關，我們確實預計毛利潤增長將超過 20%。原因之一是去年我們進行了很多更新活動。正如我們上個季度提到的，我們在過去幾個季度更新了大約 50% 的非 Block 業務。因此，當我們開始超越這一點時，我們就更容易實現毛利潤增長。因此，我們認為，隨著收入和毛利潤在 20 年代的增長，第四季度的業務情況很好地表明了我們預計 2023 年退出的位置。

Our next question comes from the line of Tien-Tsin Huang with JPMorgan.

我們的下一個問題來自 Tien-Tsin Huang 與摩根大通的對話。

I know there's a lot going on here. So Simon, I thought maybe just to ask you here, you've been in the CEO seat now for what, a quarter? So do you want to give us a progress report on your impressions and any surprises to call out that's shaping your call to action here?

我知道這裡發生了很多事情。所以西蒙，我想也許只是想在這裡問你，你現在擔任首席執行官的時間是什麼，四分之一？那麼，您是否想向我們提供一份關於您的印象的進度報告，以及您在此呼籲採取行動的任何驚喜？

Thank you for the question, Tien-Tsin. Actually, the good news is that there are no surprises, so which is the great news here. And that's part of the advantage of me being an insider taking on the CEO seat.

謝謝你的問題，Tien-Tsin。實際上，好消息是沒有意外，所以這是個好消息。這就是我作為內部人士擔任 CEO 職位的部分優勢。

So I'd say the first thing is we are absolutely focused on the right thing. In embedded finance, the market is very receptive to our message, and our bookings are showing that there is wide reception. So over 50% of our bookings are embedded finance.

所以我想說的第一件事是我們絕對專注於正確的事情。在嵌入式金融領域，市場非常容易接受我們的信息，我們的預訂表明受到了廣泛的歡迎。因此，我們超過 50% 的預訂都是嵌入式金融。

So in addition to the 2 strong quarters of bookings, we have not depleted our pipeline, quite the contrary. So our pipeline has increased 80% in the U.S. from Q4 and 40% in the EU just sequentially. So we're meeting and exceeding the goals without draining the pipeline.

因此，除了 2 個強勁的預訂季度外，我們還沒有耗盡我們的渠道，恰恰相反。因此，我們的管道從第四季度開始在美國增加了 80%，在歐盟僅連續增加了 40%。因此，我們在不耗儘管道的情況下實現並超越了目標。

The third thing I'd say is we're strengthening the management team. We've added a CRO, who's taken up the helms of the go-to-market organization without missing a beat and also chief legal officer. So we've got a very strong team.

我要說的第三件事是我們正在加強管理團隊。我們增加了一名 CRO，他在不失時機的情況下接管了上市組織，同時也是首席法律官。所以我們有一個非常強大的團隊。

And the last thing I'd say is the focus on efficiency is starting to pay off. We're very happy with the operational efficiency, which is reflected in our operating expenses but also the action we announced today is further testament that this management team is committed to exactly what we said we'll do, which is a scaling of the business in a sustainable manner. So through automation and as well capital and operational efficiencies. So all in all, we all understood what the trajectory for 2023 is. But as Mike mentioned, the bookings that we are seeing, the customer reception as well as the laser focus of the company gives us very strong confidence for the, I'd say, tail end of 2023 and 2024.

我要說的最後一件事是，對效率的關注開始得到回報。我們對運營效率感到非常滿意，這反映在我們的運營費用中，而且我們今天宣布的行動進一步證明了這個管理團隊致力於我們所說的我們會做的事情，這是業務的擴展以可持續的方式。因此，通過自動化以及資本和運營效率。所以總而言之，我們都明白 2023 年的軌跡是什麼。但正如 Mike 所提到的，我們看到的預訂、客戶接待以及公司的激光焦點讓我們對 2023 年和 2024 年的尾聲充滿信心。

Perfect. No, that's great. As a segue to my follow-up then on just the exit rate that, Mike, you mentioned the 20% for gross profit growth. Is that a good jumping up point to assume a baseline growth rate for 2024? I know you're not going to give guidance. I know the Block renewal is still outstanding. But I just want to understand because there's so many moving pieces to the gross profit piece, like for example, we -- I assume we wouldn't expect another network incentive surprise other than just the earn-out piece as an example. So just trying to understand the puts and takes as we recast for '24 off of '23.

完美的。不，那太好了。作為我後續行動的後續行動，關於退出率，邁克，你提到了 20% 的毛利潤增長。這是假設 2024 年基準增長率的一個很好的跳躍點嗎？我知道你不會給出指導。我知道 Block 更新仍然未完成。但我只是想了解，因為毛利部分有很多移動部分，例如，我們 - 我假設我們不會期待另一個網絡激勵驚喜，除了作為例子的賺錢部分。因此，當我們為 23 年的 24 年重鑄時，只是想了解看跌期權和看跌期權。

Yes. We think that's a good indicator, Tien-Tsin, at least. If you think about even this year, even with a lot of renewal activity, we're -- our gross profit growth, we expect to be in the mid-teens. And that includes, as you mentioned, roughly 5 points coming from the change in the Visa incentive. So if you take that out, we would have grown around 20% even with heavy renewal activity. So if we look at going into next year with accelerated sales and diversifying our business, we feel good about growing at that rate, if not a little stronger. It's still our goal to grow gross profit on a regular basis of over 30%. And we'll obviously talk a lot about 2024 in a couple of quarters.

是的。我們認為這是一個很好的指標，至少 Tien-Tsin。如果你想想今年，即使有很多更新活動，我們的毛利潤增長，我們預計會達到十幾歲左右。正如您提到的，這包括來自 Visa 激勵措施變化的大約 5 分。所以如果你把它去掉，即使有大量的更新活動，我們也會增長 20% 左右。因此，如果我們著眼於明年加速銷售和業務多元化，我們對以這樣的速度增長感到滿意，如果不是更強一點的話。毛利保持30%以上的常態化增長仍然是我們的目標。顯然，我們將在幾個季度內大量討論 2024 年。

Our next question comes from the line of Timothy Chiodo with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Timothy Chiodo。

So you gave some great context on the bookings with the Q1 bookings roughly equal to the second half of 2022. You talked about diversification by size, geo, there wasn't a lot of concentration there. But could you -- and maybe I missed it, I apologize. Could you put some rough sizing on the size of maybe the volumes associated or potential volumes associated with that cohort of customers that came on in terms of that Q1 bookings group, even if just directionally?

因此，您在第一季度的預訂量大致等於 2022 年下半年的預訂量方面提供了一些很好的背景。您談到了規模、地域的多元化，那裡沒有太多的集中度。但是你能不能——也許我錯過了，我道歉。您能否粗略估計與第一季度預訂組相關的客戶群相關的數量或潛在數量，即使只是定向的？

Yes. I mean I guess, Tim, I would say that, I guess, a decent indicator would be that we said that our goals for this year in bookings were about 70% above last year. So obviously, that volume sort of comes in over time and ramps, but it gives you a sense for the sort of the size of the increase in bookings that we're expecting.

是的。我的意思是，蒂姆，我想說，我想，一個不錯的指標是我們說今年的預訂目標比去年高出約 70%。很明顯，這種數量會隨著時間的推移而增加，但它讓你了解我們預期的預訂量增長的規模。

The business will obviously get bigger in 2023. So that doesn't mean we're going to grow 70%. But as those new customers come in, we would expect them to meaningfully contribute. It's hard to tell you specifically right now.

到 2023 年，業務顯然會變得更大。所以這並不意味著我們將增長 70%。但隨著這些新客戶的加入，我們希望他們做出有意義的貢獻。現在很難具體告訴你。

Okay. No problem. I appreciate the context you gave earlier. And then the brief follow-up is around, is there anything to call out in terms of with in terms of having to have 2 unaffiliated debit networks for any of the debit cards that you're issuing that are being used online? Is there any implication there in terms of the interchange that you might earn associated with those cards? Is there anything mechanically that you could call out there in terms of if any change at all?

好的。沒問題。我很欣賞你之前給出的上下文。然後是簡短的後續行動，就必須為您發行的在線使用的任何借記卡擁有 2 個獨立的借記卡網絡而言，是否有任何需要注意的地方？就您可能獲得的與這些卡相關的交換而言，是否有任何暗示？如果有任何變化，是否有任何機械性的東西可以呼喚出來？

Yes, Tim, we've looked at this very closely, studied it over the last several months and quarters, and we do not expect to see a big impact. As you know from prior experiences when changes like this are made, one, the implementation of it tends to be relatively slow. But secondly, when we look at the makeup of our business and the different interchange categories that we could expect to potentially be qualifying for when changes are made, we really don't expect to see a major impact to our business in 2023.

是的，蒂姆，我們在過去的幾個月和幾個季度裡非常仔細地研究過這個問題，我們預計不會產生重大影響。正如你從以往的經驗中了解到的，當做出這樣的改變時，第一，它的實施往往相對緩慢。但其次，當我們審視我們的業務構成以及我們預期在進行更改時可能符合條件的不同交換類別時，我們真的不希望在 2023 年對我們的業務產生重大影響。

And obviously, once we have a couple of quarters in our -- under our belt in the second half of this year, we'll have a better indication. But at this point, at least for 2023, we do not expect it to be significant.

很明顯，一旦我們在今年下半年有幾個季度 - 在我們的帶領下，我們就會有更好的跡象。但在這一點上，至少在 2023 年，我們預計它不會很重要。

Our next question comes from the line of Craig Maurer with FT Partners.

我們的下一個問題來自 FT Partners 的 Craig Maurer。

First question is considering the refocus or new focus on embedded finance, it's a space that we've actually seen a lot of focus on over the last 5 to 10 years by other players in the market. And so I'm wondering where you're seeing the most intense competition from. And has it been a challenge coming back to this focus again?

第一個問題是考慮對嵌入式金融的重新關注或新關注，在過去的 5 到 10 年裡，我們實際上已經看到市場上其他參與者非常關注這個領域。所以我想知道你從哪裡看到最激烈的競爭。再次回到這個焦點是否是一個挑戰？

And secondly, wanted to ask if there's been any change in behavior that you've seen at all from Block considering the scrutiny on the company when it comes to things like KYC with regards to the Cash App business? And are you concerned that any potential regulation along those lines could hinder the business falling to Marqeta?

其次，想問一下，在涉及現金應用程序業務的 KYC 之類的事情時，考慮到對公司的審查，你是否從 Block 那裡看到了任何行為變化？您是否擔心沿著這些方向的任何潛在監管可能會阻礙業務落入 Marqeta？

Sure. Craig, thank you for the question. Let me address your first question about embedded finance. I would say there are no material changes in terms of the expectations from the customers. Quite the contrary. So our -- the comprehensiveness of the suite we have actually eliminates a lot of competition. So -- and by comprehensive, I mean we can do credit, we can do debit and then we can do money movement. And at the same time, we can do program management.

當然。克雷格，謝謝你的提問。讓我來回答你關於嵌入式金融的第一個問題。我會說客戶的期望沒有實質性變化。恰恰相反。所以我們 - 我們擁有的套件的全面性實際上消除了很多競爭。所以 - 綜合而言，我的意思是我們可以進行信貸，我們可以進行借記，然後我們可以進行貨幣流動。同時，我們可以進行項目管理。

And we can do that in the United States and outside the United States. So it's those 2 dimensions that actually eliminate a lot of the traditional competitors that we tend to compete with in fintech or pure fintech. So it plays actually to our strength.

我們可以在美國和美國以外的地方這樣做。因此，正是這兩個維度實際上消除了我們傾向於在金融科技或純金融科技領域與之競爭的許多傳統競爭對手。所以它實際上發揮了我們的優勢。

The second question, we don't see any change in the behavior of Block, neither in terms of KYC or anything else. I think Block has responded to the allegations, and we don't see any change in behavior. Okay.

第二個問題，我們沒有看到 Block 的行為有任何變化，無論是在 KYC 方面還是其他任何方面。我認為 Block 已經對這些指控做出回應，我們沒有看到任何行為上的改變。好的。

Our next question comes from the line of Darrin Peller with Wolfe Research.

我們的下一個問題來自 Darrin Peller 與 Wolfe Research 的合作。

Maybe we start off with just a reminder of the mix of the business beyond obviously the, let's call it, 55-ish percent of gross profit from Block. I guess helping us understand the contribution from, by vertical, whether it's expense management, BNPL or maybe on-demand delivery. And I guess, more importantly, I mean, some of those are going to have continued growth. Some of them are going to have tough comps and decelerate.

也許我們從提醒業務組合開始，顯然超出了 Block 毛利潤的 55%。我想幫助我們了解垂直的貢獻，無論是費用管理、BNPL 還是按需交付。而且我想，更重要的是，我的意思是，其中一些將繼續增長。他們中的一些人將有艱難的比賽並減速。

And so I'd love to hear an update on the newer areas that you can see supplementing or replacing the areas that are going to decelerate, whether that's credit card now, given the deal you guys just finished. And you talked about having a lot of really good pipeline in new verticals. Can you just give us some color on those areas?

因此，鑑於你們剛剛完成的交易，我很想听聽有關新領域的更新，你們可以看到補充或替換將要減速的領域，無論現在是信用卡。你談到在新的垂直領域有很多非常好的管道。你能給我們一些關於這些領域的顏色嗎？

Yes. Darrin, thank you for the question. There's quite a few. But again, part of what we're doing is focusing on a few use cases that can expand. So I'd say the first one is accelerated wage access. That's something that is starting to contribute to our gross profit growth, and we expect that to significantly increase.

是的。達林，謝謝你的提問。有很多。但同樣，我們正在做的部分工作是專注於一些可以擴展的用例。所以我想說第一個是加速獲得工資。這是開始為我們的毛利潤增長做出貢獻的東西，我們預計它會顯著增加。

The second thing is around credit. So we did talk about the co-branded cards, which is something we anticipated. But the area where we're seeing also really good traction, and we expect that to be a growth contributor, is commercial credit and especially with small businesses and seller financing. And most of that is driven by the difficulty and the cost increase of working capital.

第二件事是關於信用。所以我們確實談到了聯名卡，這是我們預料之中的事情。但我們也看到非常好的牽引力的領域，我們預計這將成為增長的貢獻者，是商業信貸，尤其是小企業和賣方融資。其中大部分是由營運資金的難度和成本增加所驅動的。

So for example, if you are, let's say, a seller and you list your products or services on an online marketplace, you do need financing. And no one is better off understanding your potential other than the marketplace. So the marketplace working with us on seller financing is, I think, something we expect to see growth in.

因此，例如，如果您是賣家，並且您在在線市場上列出您的產品或服務，那麼您確實需要融資。除了市場之外，沒有人能更好地了解您的潛力。因此，我認為，與我們合作進行賣方融資的市場是我們期望看到增長的地方。

So I'd say in the consumer space, accelerated wage access and co-brand is strong on the commercial side. Seller financing and point-of-sale financing would be areas where we expect good growth going forward. And we're seeing corresponding traction on the sell side.

所以我想說在消費領域，加速工資准入和聯合品牌在商業方面很強大。賣方融資和銷售點融資將是我們預計未來會有良好增長的領域。我們在賣方看到了相應的牽引力。

In terms of the mix of the business, Darrin, I would say two things. One, the gross profit concentration of Block is now closer to 25 points, lower than the revenue concentration. And then when you look at the non-Block business, both for revenue and gross profit, it's relatively similar in size for on-demand delivery, BNPL and expense management. They're all roughly the same size, as we talked about with volumes. They're all over 10% of our volume. And so they're all similar in size, and then you have some small verticals that make up the rest. But that's sort of the state of the mix of the business.

就業務組合而言，Darrin，我想說兩件事。一是現在Block的毛利集中度接近25個點，低於收入集中度。然後當你查看非區塊業務時，無論是收入還是毛利潤，它在按需交付、BNPL 和費用管理方面的規模都比較相似。正如我們談到的捲一樣，它們的大小都大致相同。它們都超過了我們數量的 10%。所以它們的大小都相似，然後你有一些小的垂直線組成其餘部分。但這就是業務組合的狀態。

That's really helpful, Mike. Just a quick follow-up would be on the proactivity. It's nice to see the proactivity on expense management now and the obvious focus on profitability as early as this relative to what we were kind of thinking is would wait until the Block renewal before you got more proactive on that or at least outward on that. When you think about, a, what drove the decision to start now, does that signify anything on the coming Block renewal? And maybe just a quick update on your thoughts on timing on that for what it's worth.

這真的很有幫助，邁克。只需快速跟進即可主動採取行動。很高興看到現在對費用管理的積極主動性，以及早在這時就明顯關注盈利能力，相對於我們的想法，我們會等到 Block 更新，然後你才能更積極主動地解決這個問題，或者至少向外看。當你想一想，是什麼促使你決定現在開始，這對即將到來的 Block 更新有什麼意義嗎？也許只是快速更新您對時間安排的想法，以了解它的價值。

Sure. Thanks, Darrin. Again, this is Simon, and let me give you a quick answer. So I mean, we're running the business based on how we run the business. So we have scenarios. And as Mike mentioned, we will share those when we have a little bit more clarity in terms of what I would call sustainable path to profitability. Of course, given the concentration with Block on gross profit, even if it's significantly lower than revenue, it still has an impact. But in terms of the measures we've taken, is to actually put us on the right path or much closer to the path that we believe would be the most rational path going forward.

當然。謝謝，達林。再一次，我是西蒙，讓我給你一個快速的回答。所以我的意思是，我們根據我們經營業務的方式經營業務。所以我們有場景。正如 Mike 所提到的，當我們對我所說的可持續盈利路徑有了更清晰的認識時，我們將分享這些內容。當然，考慮到 Block 對毛利的關注，即使它明顯低於收入，它仍然有影響。但就我們採取的措施而言，實際上是讓我們走上正確的道路，或者更接近我們認為最合理的前進道路。

In terms of Block and timing, look, we have multiple work streams with Block. They refer to their system as ecosystem. We work with them with Cash App. We work with them with Afterpay, and we work with them on the seller side. And I'd say that the majority of the contracts go beyond 4 quarters. So the relationship we have with them is very dynamic. Just from my stay at Marqeta, right, we've had close to approximately about 20 change orders to the contract and to the products that have moved forward. So it's a very dynamic relationship, and our focus remain on making them very successful.

在 Block 和時間方面，看，我們有多個 Block 工作流。他們將他們的系統稱為生態系統。我們通過 Cash App 與他們合作。我們通過 Afterpay 與他們合作，並在賣方方面與他們合作。而且我會說大多數合同都超過 4 個季度。因此，我們與他們的關係非常活躍。就在我在 Marqeta 的逗留期間，對了，我們已經收到了將近 20 份合同變更單和向前推進的產品。所以這是一個非常動態的關係，我們的重點仍然是讓他們非常成功。

If you look at what they -- if you follow, what they have announced last week, they announced over 20 million cards. So this doesn't happen by accident. I'd say it's good execution on their part but also leveraging good partners like ourselves. So something is going well. So -- and I think that is something that will remain.

如果你看看他們——如果你關注他們上周宣布的內容，他們宣布了超過 2000 萬張卡片。所以這不是偶然發生的。我想說他們的執行力很好，但也利用了像我們這樣的好合作夥伴。所以事情進展順利。所以——我認為這將繼續存在。

So in terms of timing, it is a priority. But again, the priority we have is continue the wow success with them. Mike, anything?

所以在時間上，它是一個優先事項。但同樣，我們的首要任務是繼續與他們一起取得令人驚嘆的成功。邁克，有什麼事嗎？

The only thing I'd add in terms of the timing of the restructuring, I think there's 3 components to it that I would, I guess, add to what Simon said, one, is we've made a lot of progress on automation efforts. So we've been working on that pretty -- in a pretty focused way for the last several quarters, and we now feel like we're in a position where we're not quite as people-dependent, and we can be a little more efficient in the operation and not be concerned about the reliability and performance of the platform. So that's one.

就重組的時間而言，我唯一要補充的是，我想我想在 Simon 所說的基礎上補充 3 個組成部分，第一，我們在自動化方面取得了很大進展.因此，在過去的幾個季度裡，我們一直在以一種非常專注的方式致力於這一點，我們現在覺得我們處於一個不太依賴於人的位置，我們可以有點操作更高效，無需擔心平台的可靠性和性能。這就是一個。

The second thing is that we -- when we think about the path, the trajectory of the business, we're getting just a lot more focused. So we know exactly where the large opportunities are, which is informed by this growing pipeline and we can be a little more targeted in where our investments are going, and that obviously allows us to be a little more efficient in how we deploy resources.

第二件事是我們 - 當我們考慮路徑，業務軌跡時，我們變得更加專注。因此，我們確切地知道巨大的機會在哪裡，這是由不斷增長的管道提供的信息，我們可以更有針對性地確定投資的方向，這顯然使我們能夠更有效地部署資源。

And the last piece that I would say that I also want to keep stressing is the anchor tenants of our platform are in place. And that's not to say we don't have improvements and enhancements to make. But the big anchors are there, and that's quite helpful because we have a -- even post restructuring, we're going to have a good amount of investment capacity to make those enhancements, but we're not doing large new builds at this time to meet the demands that are filling our pipeline.

我要說的最後一點我也想繼續強調的是我們平台的主要租戶已經到位。這並不是說我們沒有改進和增強功能。但是大錨在那裡，這非常有幫助，因為我們有 - 甚至在重組後，我們將有大量的投資能力來進行這些增強，但我們目前不進行大型新構建以滿足我們管道中的需求。

Your next question comes from the line of Ramsey El-Assal with Barclays.

你的下一個問題來自 Ramsey El-Assal 與巴克萊銀行的合作。

You mentioned signing deals with 2 large customers using Marqeta to deliver in-person solutions. Could you give us a little more color on those deals and also just how you view the broader opportunity or addressable market for you to actually provide in-store type solutions?

您提到使用 Marqeta 與 2 個大客戶簽署交易以提供面對面的解決方案。您能否給我們更多關於這些交易的顏色，以及您如何看待更廣泛的機會或潛在市場，以便您實際提供店內類型的解決方案？

Absolutely, Ramsey. Thank you for the question. So yes, so this is more in the line of just-in-time financing at the point of sale. It's kind of taking the BNPL use case, which is one form of point-of-sale lending and expanding to it exactly where the customer is, which is at the checkout counter basically. So the same way you can experience that in an online marketplace, you would experience that at the point-of-sale terminal. Let's say, in a supermarket or the retailer which is you'll get there and then you will actually scan a QR code, and you're able to receive some form of just-in-time financing and does not have to be in a form of Buy Now Pay Later as in Pay in 4.

當然，拉姆齊。感謝你的提問。所以是的，所以這更符合銷售點的即時融資。它有點採用 BNPL 用例，這是一種銷售點貸款形式，並擴展到客戶所在的地方，基本上是在結賬櫃檯。因此，就像您在在線市場中體驗到的一樣，您也可以在銷售點終端上體驗到。比方說，在超市或零售商那裡，你會到達那裡，然後你會真正掃描二維碼，你就能夠獲得某種形式的即時融資，而不必在與 4 中的 Pay 中的 Buy Now Pay Later 形式。

It could be something like that but also some form of a duration-based loan that you qualify for. That is something that is ideal with our platform because you're effectively not underwriting a person, you're underwriting a transaction. So the marketplace or the retailer, in that case, is taking a little bit less risk than a revolver or a co-brand. So that's something that we expect that thing to grow.

它可能是類似的東西，但也可能是您有資格獲得的某種形式的基於期限的貸款。這是我們平台的理想選擇，因為您實際上不是在承保一個人，而是在承保交易。因此，在這種情況下，市場或零售商所承擔的風險比左輪手槍或聯合品牌要小一些。所以這就是我們期望它增長的東西。

It does make sense for the retailer. It does make sense for the consumer as they're not piling up more debt, and it suits this economy very well because it also reduces the debt stack on the consumer. So you're not effectively giving the consumer fully working capital to go spend anywhere they want, they're actually spending it in the marketplace. And last but not least, it adds loyalty. So to make a long story short, we do see this as something that we see the retailers be excited about.

這對零售商來說確實有意義。這對消費者來說確實有意義，因為他們沒有積累更多的債務，而且它非常適合這種經濟，因為它也減少了消費者的債務。所以你並沒有有效地為消費者提供充分的營運資金去他們想去的任何地方消費，他們實際上是在市場上消費。最後但同樣重要的是，它增加了忠誠度。因此，長話短說，我們確實認為這是讓零售商感到興奮的事情。

Ramsey, I would say a good parallel to maybe think about is one of the reasons why these types of retailers are utilizing our platform is because they can get the customer experience they want without having to make changes to their own operations and point of sale. So if you think about how we support our BNPL customers today, right, the primary use case that we're serving was to allow a consumer to use BNPL without the merchant having to integrate to that BNPL provider's platform, right? So the consumer feels like they're using that platform, but actually behind the scenes, that's not how it's working. And our platform is sort of bridging that gap.

Ramsey，我想說一個很好的相似之處可能是這些類型的零售商使用我們平台的原因之一是因為他們可以獲得他們想要的客戶體驗，而無需改變他們自己的運營和銷售點。因此，如果您考慮一下我們今天如何支持我們的 BNPL 客戶，對吧，我們服務的主要用例是允許消費者使用 BNPL，而商家不必集成到 BNPL 提供商的平台，對嗎？因此，消費者感覺他們正在使用該平台，但實際上在幕後，它並不是這樣運作的。而我們的平台正在彌合這一差距。

And so if you think about that as an example, you can start to think about how retailers would look at those kind of capabilities and say, "Wow, I could start impacting what my customer experience is without having to fundamentally change how my point-of-sale operates. And once you kind of get there, it can unlock a lot of innovation.

因此，如果您以此為例，您可以開始思考零售商將如何看待這些功能並說，“哇，我可以開始影響我的客戶體驗，而不必從根本上改變我的觀點-銷售運作。一旦你到達那裡，它可以釋放很多創新。

Interesting. A quick follow-up for me is just more broadly on the credit pipeline. You mentioned some credit founding elements in the context of the marketplace's opportunity. It kind of interwoven in some of the offerings that you're talking about today, but just how is the credit pipeline shaping up?

有趣的。對我來說，快速跟進只是更廣泛地關注信貸渠道。您在市場機會的背景下提到了一些信用基礎要素。它有點交織在你今天談論的一些產品中，但信貸管道是如何形成的？

It's actually very strong. Some of it we anticipated because -- and Marqeta, I mean, we were in the credit business. We were simply not the program manager. So there was pent-up demand. I would say the positive surprise is the demand on the commercial credit side. So we were expecting kind of like the new [genre] of co-brands to be live and strong, but the pipeline we're seeing in terms of seller financing and in terms of commercial credit for small- to medium-sized businesses that are supported by large marketplaces or online providers that have very strong balance sheet. So that's something that was a very positive surprise to us and a growing demand once, I'd say, the market quite understood what the combination of Power and Marqeta gives them.

它實際上非常強大。其中一些是我們預料到的，因為 - 我的意思是 Marqeta，我們從事信貸業務。我們根本不是項目經理。因此存在被壓抑的需求。我想說的是，令人驚訝的是商業信貸方面的需求。因此，我們期待有點像新 [類型] 的聯合品牌能夠活躍和強大，但我們在賣方融資和中小型企業的商業信貸方面看到的管道是由資產負債表非常強大的大型市場或在線提供商提供支持。所以這對我們來說是一個非常積極的驚喜，而且需求不斷增長，我想說，市場非常理解 Power 和 Marqeta 的結合給他們帶來了什麼。

So I mean, point-of-sale financing, seller financing, creative economy financing, labor marketplace, folks who do have labor supply. So that's the area that we're seeing some very good traction that I'd say we were not expecting before.

所以我的意思是，銷售點融資、賣方融資、創意經濟融資、勞動力市場以及確實有勞動力供應的人們。所以這就是我們看到一些非常好的牽引力的領域，我想說我們以前沒有預料到。

Our next question comes from the line of Sanjay Sakhrani with KBW.

我們的下一個問題來自 Sanjay Sakhrani 與 KBW 的對話。

Obviously, very encouraging. You guys had a strong quarter of new business bookings. I'm just curious if there was something specific that drove the strength and how the pipeline looks from here for the rest of the year.

顯然，非常鼓舞人心。你們有一個強勁的季度新業務預訂。我只是好奇是否有什麼具體的因素推動了實力，以及在今年餘下的時間裡管道從這裡看起來如何。

Thank you for the question, Sanjay. Of course, yes. I mean we started putting the changes in the go-to-market organization around the Q4 time frame, which is reorganizing our teams around pod, and that gave them kind of the autonomy. So -- and the pods are very focused, right? They're focused on the right segment and they're focused on the right markets.

謝謝你的問題，桑傑。當然，是的。我的意思是，我們開始在第四季度左右對進入市場的組織進行更改，這是圍繞 pod 重組我們的團隊，這給了他們某種自主權。所以——豆莢非常集中，對吧？他們專注於正確的細分市場和正確的市場。

So in terms of the bookings themselves, I mean, we've done 2 bank deals that are modernizing. We've done 2 flip deals. They moved off competitors. We've done 2 large retailers. We've done 2 accelerated wage access. So definitely, we're seeing the traction from embedded finance play in our favor because of the comprehensive nature of our platform. So you do have the improved organization. We also made changes to the compensation structure of our sales organization that also improved the operation. And I'd say, last but not least is, having credit made our solution more comprehensive to the target market.

因此，就預訂本身而言，我的意思是，我們已經完成了 2 筆現代化的銀行交易。我們已經完成了 2 次翻轉交易。他們擺脫了競爭對手。我們做過 2 家大型零售商。我們已經完成了 2 次加速工資訪問。因此，毫無疑問，由於我們平台的綜合性，我們看到了嵌入式金融對我們有利的吸引力。所以你確實有改進的組織。我們還改變了銷售組織的薪酬結構，這也改善了運營。我要說的是，最後但並非最不重要的一點是，擁有信譽使我們的解決方案對目標市場更加全面。

So in terms of the future, like I mentioned, we have beaten our internal targets, but we did not drain the pipeline. Quite the contrary. Our pipeline is very strong. We've grown at 80% in the United States quarter-over-quarter on a sequential basis, and we've grown it 40% in Europe on a sequential basis. So while we're beating our numbers, we're actually creating a lot of top-of-funnel and middle-of-funnel demand in order for us to continue that trajectory going forward.

所以就未來而言，就像我提到的那樣，我們已經超過了我們的內部目標，但我們並沒有耗儘管道。恰恰相反。我們的管道非常強大。我們在美國環比增長了 80%，在歐洲環比增長了 40%。因此，雖然我們正在擊敗我們的數字，但我們實際上正在創造大量的漏斗頂部和漏斗中部需求，以便我們繼續向前發展。

Okay. That's impressive. Mike, just a couple of clarification questions for you. So you mentioned the share buyback offsetting the stock vesting dilution. Is there something different about this year? Maybe you could just help us with sort of the run rate of vesting as we look beyond this year, just to get a sense of what kind of dilution we should think about in years, in future years?

好的。這很讓人佩服。邁克，只是想問你幾個問題。所以你提到股票回購抵消了股票歸屬稀釋。今年有什麼不同嗎？也許你可以幫助我們了解今年以後的行權運行率，只是為了了解我們在未來幾年應該考慮什麼樣的稀釋？

And then secondly, in terms of the guide and your assumptions on the macro, did I hear that right that you're assuming sort of no change to the macro? Or are you incorporating some of the weakness you saw later in the quarter?

其次，就指南和您對宏觀的假設而言，我是否聽到您假設對宏觀沒有任何變化的說法是對的？或者您是否正在合併您在本季度晚些時候看到的一些弱點？

Yes. So thanks, Sanjay. So on the dilution, I think that if you go back and look at what was happening kind of in late 2021 and early 2022, I guess maybe the height of the frenzy of fintech and it being very competitive for the type of subject matter expertise that we'd be looking for. We were issuing a lot of equity to employees, both who are here and new talent we're bringing to the organization. Let's say, in the last several quarters, we've gotten much more disciplined and we intend to be more disciplined going forward.

是的。所以謝謝，桑傑。因此，關於稀釋，我認為，如果你回頭看看 2021 年底和 2022 年初發生的事情，我想這可能是金融科技狂熱的高峰期，而且它在主題專業知識方面非常具有競爭力我們會尋找。我們向這裡的員工和我們為組織帶來的新人才發放了大量股權。比方說，在過去的幾個季度裡，我們變得更加自律，我們打算在未來更加自律。

And we're -- for this year in 2023, for example, we set a budget and said, this is what we're going to do based on what we're willing to have for dilution because of the input and feedback we get for shareholders and our desire to drive shareholder value. And we're going to live within those means.

我們——例如，今年 2023 年，我們設定了預算，並說，這就是我們將根據我們得到的投入和反饋而願意稀釋的內容來做的事情為股東和我們推動股東價值的願望。我們將生活在這些手段之內。

So I think we have a little bit of a wave coming, which we think we're going to help offset with this buyback this year, but we are managing it much tighter for the go forward. And in terms of the macro, what we've assumed is we have assumed much change. We're seeing things got a little bit weaker in March and April, but nothing to be of concern, and that's what we've assumed going forward. We haven't assumed a major slowdown or the opposite.

所以我認為我們有一點浪潮即將到來，我們認為我們將通過今年的回購來幫助抵消這一浪潮，但我們正在對其進行更嚴格的管理。就宏觀而言，我們假設的是我們假設了很多變化。我們看到 3 月和 4 月的情況有所減弱，但無需擔心，這就是我們對未來的假設。我們沒有假設會出現重大放緩或相反的情況。

Our final question comes from the line of Ashwin Shirvaikar with Citi.

我們的最後一個問題來自花旗銀行的 Ashwin Shirvaikar。

I guess when I look at sort of how you maintain your non-GAAP operating expenses to reasonably steady in the last 3 quarters and incorporating the impact of the restructuring, is that where we should see the primary benefit? And where can you get the kind of the quarterly run rate of operating expenses down to? It's kind of one part of the question.

我想當我看看你如何在過去 3 個季度保持你的非 GAAP 運營費用合理穩定並考慮重組的影響時，我們應該看到主要好處嗎？你在哪裡可以得到運營費用的季度運行率？這是問題的一部分。

And then kind of the second part of the question is with regards to the big renewal that's on deck with Block. I mean where should we expect -- assuming it happens, where should we expect the impact of that? Is that kind of spread all across the P&L? Or is it primarily a lower revenues impact on gross profit type of thing? How should we think of some of the parameters around that and the restructuring would help?

然後問題的第二部分是關於 Block 的重大更新。我的意思是我們應該在哪裡預期——假設它發生了，我們應該在哪裡預期它的影響？這種分佈在整個損益表中嗎？或者它主要是較低的收入對毛利潤類型的影響？我們應該如何考慮圍繞它的一些參數，而重組會有所幫助嗎？

Yes. So thanks for your question, Ashwin. So on the first one, yes, the last 3 quarters, our adjusted operating expenses have been relatively flat after growing at a pretty good clip for several quarters before that. So we feel good about even before the restructuring that we were starting to manage our expenses quite well and getting more efficient without having any business impact. And so we felt good about that.

是的。謝謝你的問題，Ashwin。因此，在第一個季度，是的，在過去的三個季度中，我們調整後的運營支出在之前的幾個季度以相當不錯的速度增長之後一直相對平穩。因此，即使在重組之前，我們就開始很好地管理我們的開支並提高效率，而不會對業務產生任何影響，這讓我們感覺良好。所以我們對此感覺很好。

The restructuring will drop that run rate. So as we mentioned, we estimate the impact to be in the $40 million to $45 million on an annual basis. So you can think of that as $10 million roughly lower run rate on the expenses than we would have had otherwise. So that's what you can expect.

重組將降低該運行率。因此，正如我們提到的，我們估計每年的影響在 4000 萬至 4500 萬美元之間。因此，您可以將其視為 1000 萬美元，費用的運行率比我們原本要低大約 1000 萬美元。這就是您可以期待的。

From a Block perspective, the biggest impact will be in gross profit because the deal -- our cost of revenue is based on our cost of banks and what we pay the networks, and that will change as a result of the deal.

從 Block 的角度來看，最大的影響將是毛利潤，因為這筆交易——我們的收入成本是基於我們的銀行成本和我們支付給網絡的費用，這將因交易而改變。

So you will see it in revenue, of course, it will -- assuming they would get a better price from us, it will impact revenue. But I would say the bigger impact is you'll see it in gross profit and not significant impacts in our expense base.

所以你會在收入中看到它，當然，它會 - 假設他們會從我們這裡得到更好的價格，它會影響收入。但我想說更大的影響是你會在毛利潤中看到它，而不是對我們的費用基礎產生重大影響。

Got it. Got it. And then you guys had announced the web push provisioning product, we see quite interesting with the instant organization of cards into wallet. I'm assuming that, that sort of functionality is kind of incorporated when you go out bookings, embedded finance-related bookings and so on and so forth. But I just wanted to check with regards to any comments on traction of the product. Anything you can provide there?

知道了。知道了。然後你們宣布了網絡推送配置產品，我們看到將卡片即時組織到錢包中非常有趣。我假設，當您進行預訂、嵌入式金融相關預訂等時，這種功能會被整合進來。但我只是想檢查關於產品牽引力的任何評論。你能在那裡提供什麼嗎？

Yes, absolutely. So no question that web push provisioning actually expands the opportunity beyond, I'd say, the application on a mobile device. You do have a lot of retailers that actually do not have an app. So you actually have to go to the mobile website and then that's something that expands the market. So no questions asked, but this is helping.

是的，一點沒錯。所以毫無疑問，Web 推送配置實際上擴展了機會，我想說，是移動設備上的應用程序。您確實有很多實際上沒有應用程序的零售商。所以你實際上必須去移動網站，然後才能擴大市場。所以沒有問題，但這是有幫助的。

But I'd say in terms of what are the major technology changes that we're working on in terms of embedded finance, the integration of credit is something that we should finish this quarter, ahead of schedule. That will give us the full suite that is expected from us, from an embedded finance perspective and adding a single program management layer on top with one place to do KYC and KYB across credit, across debit and across banking and money movement, and so that helps a lot.

但我要說的是，就我們在嵌入式金融方面正在進行的主要技術變革而言，信貸整合是我們應該在本季度提前完成的事情。這將為我們提供我們期望的全套服務，從嵌入式金融的角度來看，並在頂部添加一個單一的程序管理層，在一個地方進行跨信貸、跨借記、跨銀行和貨幣流動的 KYC 和 KYB，這樣幫助很大。

And the second thing I'd say is credit is not just your traditional consumer revolver card. There's a lot of things we're adding on the commercial side. But even on the consumer side, there's a lot of innovation that we're building to allow, I'd say, the underbank or the new generation that is getting into the financial independence to build credit from a simple debit program. So we've kind of like thinking about credit as a comprehensive suite and something that we will work with the consumers as they graduate into full financial independence. And we'll work with small businesses as they graduate towards really strong financial health of their businesses.

我要說的第二件事是，信用卡不僅僅是您傳統的消費左輪手槍卡。我們在商業方面添加了很多東西。但即使是在消費者方面，我們也正在構建許多創新，以允許，我想說，銀行不足或正在實現財務獨立的新一代從簡單的借記程序中建立信貸。因此，我們有點想將信貸視為一個綜合套件，以及我們將在消費者逐步實現完全財務獨立時與他們合作的東西。我們與小型企業合作，因為他們將朝著真正強大的企業財務健康方向發展。

So I think there's a lot that we have already built in terms of technology that we're packaging in terms of solutions that we can take to the embedded finance market now that, honestly, the aperture has opened so much in terms of where we can take our solution given the addition of credit.

所以我認為我們已經在技術方面建立了很多我們正在打包的解決方案，我們可以將這些解決方案帶到嵌入式金融市場，老實說，就我們可以採取的措施而言，孔徑已經打開了很多考慮到增加信用，請採用我們的解決方案。

We have reached the end of our question-and-answer session and the conclusion of today's call. Thank you for your participation. You may disconnect your lines, and have a wonderful day.

我們的問答環節已經結束，今天的電話會議也結束了。感謝您的參與。您可以斷開線路，度過美好的一天。