Marqeta Inc (MQ) 2025 Q1 法說會逐字稿

Ladies and gentlemen, welcome to Marqeta Inc's first-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們，先生們，歡迎參加 Marqeta Inc 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Stacey Finerman, Vice President of Investor Relations. Please go ahead.

現在我很高興介紹主持人、投資者關係副總裁 Stacey Finerman。請繼續。

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, 2024, and our subsequent periodic filings with the SEC.

謝謝，接線生。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。這些前瞻性陳述受多種風險和不確定性的影響，包括我們向美國證券交易委員會 (SEC) 提交的文件中所述風險和不確定性，這些文件可在我們的投資者關係網站上查閱，包括我們截至 2024 年 12 月 31 日的 10-K 表年度報告，以及我們隨後向美國證券交易委員會 (SEC) 提交的定期文件。

Actual results may differ materially from any forward-looking statements we make here 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.

實際結果可能與我們今天在此做出的任何前瞻性陳述有重大差異。這些前瞻性陳述僅代表本次電話會議時的觀點，除法律要求外，本公司不承擔任何義務或打算更新這些前瞻性陳述。

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. Reconciliation to the most directly comparable GAAP measures can be found in today's earnings press release or earnings release supplemental material, which are available on our Investor Relations website.

此外，今天的電話會議還包括非公認會計準則財務指標。這些措施應被視為 GAAP 財務措施的補充，而不是替代。與最直接可比較的 GAAP 指標的對帳可以在今天的收益新聞稿或收益發布補充資料中找到，這些資料可以在我們的投資者關係網站上找到。

Hosting today's call is Mike Milotich, Marqeta's Interim CEO and CFO. With that, I'd like to turn the call over to Mike to begin.

主持今天電話會議的是 Marqeta 的臨時執行長兼財務長 Mike Milotich。現在，我想把電話交給麥克開始。

Thank you, Stacey, and thank you for joining us for Marqeta's first-quarter 2025 earnings call.

謝謝你，斯泰西，也謝謝你參加 Marqeta 2025 年第一季財報電話會議。

To start, I'll briefly highlight our Q1 results followed by an update on the progress we are making on deepening our platform breadth and expanding the solutions we offer. I'll conclude with more details about our Q1 financial results and our expectations for Q2 and full year 2025.

首先，我將簡要介紹我們的第一季業績，然後介紹我們在深化平台廣度和擴展我們提供的解決方案方面所取得的進展。最後，我將詳細介紹我們的第一季財務業績以及對第二季和 2025 年全年的預期。

Our first-quarter results demonstrate our ability to execute on our growth plans while simultaneously increasing our level of profitability. Total processing volume or TPV was $84 billion in the first quarter. This is a 27% increase compared to the same quarter of 2024, with the lapping of leap year reducing growth by 1 point.

我們第一季的業績證明了我們有能力執行成長計劃，同時提高獲利水準。第一季總處理量或TPV為840億美元。與 2024 年同期相比，這一數字成長了 27%，閏年重疊導致成長率下降了 1 個百分點。

Q1 net revenue of $139 million grew 18% year over year, driven by the wide variety of use cases we enable for our customers. Gross profit was $99 million, a 17% increase versus Q1 2024, resulting in a gross margin of 71%. Adjusted EBITDA was $20 million in the quarter, translating into a 14% margin fueled by both gross profit growth and operating expense discipline, efficiency, and scale.

第一季淨收入為 1.39 億美元，年增 18%，這得益於我們為客戶提供的各種用例。毛利為 9,900 萬美元，較 2024 年第一季成長 17%，毛利率為 71%。本季調整後的 EBITDA 為 2,000 萬美元，利潤率為 14%，這得益於毛利的成長以及營運費用的嚴格控制、效率和規模。

Marqeta has been at the forefront of modern issue of processing, which started many years ago with de novo programs predominantly for fintechs with innovative and disruptive initiatives that leveraged cards in new ways. Over the past couple of years, we have heard from many prospects with existing card programs that they're interested in the capabilities, flexibility, and control that modern issue of processing enables, yet are reluctant to undergo what they perceive to be a complex and risky migration.

Marqeta 一直處於現代處理問題的前沿，該領域多年前就開始了，主要針對金融科技公司推出的全新項目，具有創新和顛覆性的舉措，以新的方式利用信用卡。在過去的幾年裡，我們從許多擁有現有信用卡計畫的潛在客戶那裡聽說，他們對現代處理方式所能提供的功能、靈活性和控制力很感興趣，但又不願意經歷他們認為複雜且有風險的遷移。

In response, in 2024, we deepened our platform depth by building a product to facilitate migrations to reduce the burden and the risk of moving existing programs to Marqeta. We completed the migration of millions of cards for Klarna last year, and this quarter, we began migrating a US consumer credit program and an innovative debit program in Europe.

作為回應，我們在 2024 年透過建立一款產品來促進遷移，從而加深了我們的平台深度，以減輕將現有計畫遷移到 Marqeta 的負擔和風險。去年，我們完成了 Klarna 數百萬張卡的遷移，本季度，我們開始遷移美國消費者信貸計劃和歐洲創新借記卡計劃。

While migrations and flips are still relatively rare given their complexities, we are building expertise and our track record with regard to this capability. The combination of our advanced capabilities, scale, expertise, and experience smoothly executing migration makes Marqeta's platform a strong candidate for more established brands and programs that are looking for a modern provider.

儘管由於其複雜性，遷移和翻轉仍然相對罕見，但我們正在累積與此功能相關的專業知識和業績記錄。我們先進的能力、規模、專業知識和順利執行遷移的經驗相結合，使 Marqeta 平台成為尋求現代提供者的更成熟品牌和專案的有力候選者。

In Q1, we started migrating our first consumer credit program with Perpay, showcasing our ability to convert credit in addition to debit. Perpay has an excellent vetted finance offering as a unique credit builder card enables customers to earn rewards based on repayment via their paychecks. Perpay had already found product market fit in a significant client base. However, they were looking to switch from their processing provider to one that had more sophisticated, scalable, and responsive capabilities.

在第一季度，我們開始與 Perpay 合作遷移我們的第一個消費者信貸計劃，展示了我們除了借記卡之外還能轉換信用卡的能力。Perpay 擁有出色的經過審查的金融產品，其獨特的信用建設卡使客戶能夠透過薪資償還來獲得獎勵。Perpay 已經在龐大的客戶群中找到了適合的產品市場。然而，他們希望從現有的處理提供者轉換到具有更複雜、可擴展性和回應能力的提供者。

The program chose -- or the company chose Marqeta as due to our flexibility and ability to support their unique underwriting and repayment structure. As of February, Marqeta has been supporting all new issuances for Perpay and has started to migrate its active credit card accounts.

該計劃選擇——或者說公司選擇 Marqeta 是因為我們具有靈活性，並且能夠支持其獨特的承保和償還結構。截至 2 月，Marqeta 已支援 Perpay 的所有新發行，並已開始遷移其活躍的信用卡帳戶。

Platform Bread also means having product and solution parity when our customers operate in multiple geographies. We continue to see significant growth in Europe with TPV growth remaining over 100% in Q1. Adding program management is a key lever for enhancing our offering to provide a more holistic solution for customers operating in Europe.

當我們的客戶在多個地區開展業務時，Platform Bread 也意味著擁有同等的產品和解決方案。我們繼續看到歐洲的顯著成長，第一季 TPV 成長率仍超過 100%。新增專案管理是增強我們產品服務的關鍵槓桿，以便為在歐洲營運的客戶提供更全面的解決方案。

We started by partnering with TransactPay before moving to acquire the company late last year. The acquisition of TransactPay is currently on track to close by the end of Q3 and we expect it to be a significant step in delivering our program management offering that is comparable to other geographies like the US and Canada. The transaction is driving significant customer interest, and it means more control of the entire card offering and seamless geographic expansion.

我們最初與 TransactPay 合作，然後在去年年底收購了該公司。TransactPay 的收購目前預計在第三季末完成，我們預計這將是我們提供可與美國和加拿大等其他地區相媲美的專案管理服務的重要一步。這項交易極大地激發了客戶的興趣，這意味著對整個信用卡發行的更多控制和無縫的地理擴展。

Our second migration this quarter was Bitpanda, a European crypto platform. Of the three recently signed European customers that we will support with program management, this program is the first to launch. We have been powering cards that allow consumers to spend their cryptocurrency via card for several years. Our early innovations with just in time funding allow fiat currency to be spent at the point of sale using a crypto wallet.

我們本季的第二次遷移是歐洲加密平台 Bitpanda。在我們將透過專案管理支援的三個最近簽約的歐洲客戶中，該計劃是第一個啟動的。多年來，我們一直致力於為消費者提供透過銀行卡消費加密貨幣的服務。我們早期的創新是採用即時融資，允許使用加密錢包在銷售點使用法定貨幣。

This flip had a tight turnaround due to the previous partner wanting an accelerated timeline to fully migrate the program. Our commitment and willingness to work quickly was also a key reason for Bitpanda to choose Marqeta. Not only did we sign and launch the full program in the same quarter, but the launch was executed simultaneously in 26 countries and 10 currencies.

由於先前的合作夥伴希望加快時間表以完全遷移該程序，因此這次轉變來得非常緊迫。我們的承諾和快速工作的意願也是 Bitpanda 選擇 Marqeta 的關鍵原因。我們不僅在同一季度簽署並啟動了整個計劃，而且還在 26 個國家和 10 種貨幣同時執行了啟動。

In Q1, we also continued expanding our solutions to accelerate card program launches while minimizing customer development needs. A few quarters ago, we introduced our UX toolkit, a comprehensive library of pre-built UI components fully optimized for Marqeta's APIs and vetted for regulatory compliance. These SDKs make it easier for customers to embed payments into their existing mobile app or web experiences by offering product ready flows for onboarding, card management, transaction history, and more.

在第一季度，我們也持續擴展我們的解決方案，以加速卡片計畫的推出，同時最大限度地減少客戶開發需求。幾個季度前，我們推出了 UX 工具包，這是一個全面的預先建置 UI 元件庫，針對 Marqeta 的 API 進行了全面優化，並經過了法規遵循審查。這些 SDK 提供適用於入職、卡片管理、交易歷史等的產品就緒流程，使客戶能夠更輕鬆地將付款嵌入到他們現有的行動應用程式或網路體驗中。

While the UX toolkit serves customers ready to deeply embed financial products, some customers want to launch a card program quickly without relying on internal app engineering resources or taking on the day-to-day management of the cardholder experience. For these customers, we expect to have a standalone white label app available later this year, giving customers a fully branded out of the box solution managed by Marqeta.

雖然 UX 工具包為準備深度嵌入金融產品的客戶提供服務，但一些客戶希望快速啟動卡計劃，而不依賴內部應用工程資源或承擔持卡人體驗的日常管理。對於這些客戶，我們預計將在今年稍後推出獨立的白標應用程序，為客戶提供由 Marqeta 管理的完全品牌化的開箱即用解決方案。

This mobile app will incorporate the same SDK components from our UX toolkit, enhanced with expanded banking and rewards functionality along with preconfigured flows for onboarding, account set up, transaction monitoring, and support. Customers will be able to tailor the app to reflect their brand identity and launch it alongside their primary application with the option to embed it later using the same SDGs.

這款行動應用程式將整合我們 UX 工具包中的相同 SDK 組件，並增強擴展的銀行和獎勵功能以及用於入職、帳戶設定、交易監控和支援的預先配置流程。客戶將能夠自訂應用程式以反映他們的品牌標識，並將其與他們的主要應用程式一起啟動，並可以選擇稍後使用相同的 SDG 嵌入它。

The intended benefit for our customers will be the ability to establish a market presence quickly with our Marqeta managed app experience, then transition to a fully embedded solution over time without redoing compliance work or re-engineering core user flows. This dual path approach should not only accelerate speed to market, but also maintain continuity and consistency across the user experiences.

我們為客戶帶來的預期利益是能夠利用我們的 Marqeta 管理應用程式體驗快速建立市場地位，然後隨著時間的推移過渡到完全嵌入式解決方案，而無需重新進行合規工作或重新設計核心用戶流程。這種雙路徑方法不僅可以加快產品上市速度，還可以保持使用者體驗的連續性和一致性。

To wrap up before moving to the details of our financial results, the business had nice momentum ex in Q1 and puts us in a good trajectory for the remainder of 2025 and beyond. Specifically, both Perpay and Bitpanda showcase our ability to migrate programs in a timely and efficient manner, the core capability we added in late 2024. These program wins also demonstrate that our customer base and prospects in the market are looking for a technology partner that is flexible, responsive, and has experience with innovative solutions.

在介紹我們的財務業績細節之前，我們先來總結一下，除了第一季的業務表現良好之外，這為我們在 2025 年剩餘時間及以後的發展奠定了良好的基礎。具體來說，Perpay 和 Bitpanda 都展示了我們及時有效地遷移程式的能力，這是我們在 2024 年底添加的核心功能。這些專案的勝利也表明，我們的客戶群和市場前景正在尋找一個靈活、反應迅速且具有創新解決方案經驗的技術合作夥伴。

As the wave of card issuing modernization accelerates in the coming years, the experience of migrating platforms and programs while solving specific pain points with flexible solutions will serve us well in the future. These capabilities give us confidence that as more established brands with both de novo and existing card programs look to offer their customers new modern experiences, Marqeta will be the partner of choice.

隨著未來幾年發卡現代化浪潮的加速，遷移平台和程序同時以靈活的解決方案解決特定痛點的經驗將在未來為我們提供良好的服務。這些能力讓我們有信心，隨著更多擁有全新和現有卡計劃的成熟品牌尋求為客戶提供新的現代體驗，Marqeta 將成為首選合作夥伴。

Now let me transition to discussing our Q1 financial results which reflect a strong start to the year, outperforming our expectations across all metrics. Q1 TPV growth of 27% remains strong and steady, coupled with outperformance across net revenue, gross profit, and operating expense, delivering higher adjusted EBITDA of $20 million in a quarter.

現在，讓我轉而討論我們的第一季財務業績，該業績反映了今年的強勁開局，所有指標都超出了我們的預期。第一季 TPV 成長率為 27%，維持強勁穩定，再加上淨收入、毛利和營業費用的優異表現，本季調整後 EBITDA 達到 2,000 萬美元。

Net revenue and gross profit growth outperform the midline of our guidance by 3 and 5 points respectively, primarily due to favorable business mix. This business outperformance, combined with moderating expense, delivered an improved adjusted EBITDA margin of 14%.

淨收入和毛利成長分別超出我們預期的中線 3 個百分點和 5 個百分點，這主要歸功於良好的業務組合。業務表現優異，加上費用減少，使調整後的 EBITDA 利潤率提高至 14%。

G1 TPV was $84 billion, an increase of 27% year over year, despite a 1 point growth headwind due to the lapping of leap year. This growth on an ever-expanding base continues to show our ability to grow the business at scale. Non-Block TPV grew more than 2 times faster than Block TPV fueled by a wide range of customers across several use cases.

G1 TPV 為 840 億美元，年增 27%，儘管由於閏年重疊導致增長受到 1 個百分點的阻力。這種不斷擴大的成長繼續證明了我們大規模發展業務的能力。非塊狀 TPV 的成長速度比塊狀 TPV 快 2 倍以上，這得益於多個用例的廣泛客戶。

Consistent with the last several quarters, financial services, lending including buy now pay later, and expense management drove the bulk of our TPV growth. Growth within financial service use cases was in line with the overall company and continues to be fueled by the rapid expansion of our non-Block neobanking customers where our TPV almost doubled year over year. Both lending and expense management TPV continued to grow over 30%, and both accelerated a bit from last quarter.

與過去幾季一致，金融服務、貸款（包括先買後付）和費用管理推動了我們的 TPV 成長。金融服務用例的成長與公司整體的成長保持一致，並繼續受到非區塊新銀行客戶的快速擴張的推動，我們的 TPV 年比幾乎翻了一番。貸款和費用管理 TPV 均持續成長 30% 以上，且較上一季均略有加速。

Lending, including buy now pay later, growth is driven by the combination of Klarna's migration to our platform in Europe, our BMPL customers benefiting from the increased adoption of pay anywhere card solutions and distribution through wallets, both are supported in part by newly available flexible network credentials and strong user growth among SMB lending solutions.

貸款（包括先買後付）的增長是由 Klarna 遷移到我們在歐洲的平台、我們的 BMPL 客戶受益於隨處支付卡解決方案的日益普及以及通過錢包進行分銷等因素共同推動的，而這兩者在一定程度上都得到了新推出的靈活網絡憑證以及 SMB 貸款解決方案中強勁用戶增長的支持。

Expense management growth remains driven by our customers sustaining strong end user acquisition as AP automation and modern corporate card platforms continue to gain share. On-demand delivery growth remained in the single digits due to the maturity of the use case. Despite the changing macro environment, we did not see a shift in the mix of spend on our platform in Q1. Breaking down the spend by low, medium, and high discretionary TPV based on merchant category reveals no meaningful shift in the mix of spending in Q1 versus the past several quarters.

隨著 AP 自動化和現代公司卡平台的份額不斷增加，費用管理的成長仍然受到我們客戶維持強勁的最終用戶獲取的推動。由於用例的成熟，按需交付的成長仍保持在個位數。儘管宏觀環境發生了變化，但我們在第一季並未看到平台支出結構發生變化。根據商家類別按低、中、高可自由支配 TPV 對支出進行細分，可以發現第一季的支出結構與過去幾季相比沒有顯著變化。

G1 net revenue was $139 million, growing 18% year over year. Although this growth was approximately 3 points higher than we expected, the outperformance would have been 6 points, which is more in line with the gross profit beat, had it not been for one unplanned change in terms with a partner.

G1淨收入為1.39億美元，年增18%。儘管這一成長比我們預期的高出約 3 個百分點，但如果不是因為與合作夥伴的一次意外變更，業績表現將會超出預期 6 個百分點，這更符合毛利的超出預期。

Very similar last year, we recently renegotiated a platform partner agreement with reduced pricing, improving our economics. Based on the terms of the Cash App contract and the associated revenue presentation, we pass through the proportional savings to Cash App, which reduces our revenue but has no impact on gross profit. As a result, our net revenue growth was reduced by 3 points in Q1 versus our expectations.

與去年非常相似，我們最近重新談判了平台合作夥伴協議，降低了價格，改善了我們的經濟狀況。根據 Cash App 合約條款和相關收入列報，我們將按比例節省的費用轉嫁給 Cash App，這會減少我們的收入，但不會影響毛利。因此，我們第一季的淨收入成長比預期減少了 3 個百分點。

Again, this is a very similar situation to last year and another reminder why we focus more on our gross profit when discussing our business performance. Block net revenue concentration was 45% in Q1, decreasing 1 point from Q4 2024, and down 4 points from Q1 2024. Non-Block net revenue growth was on par with last quarter and remains over 10 points higher than block net revenue growth, driven mostly by strong performance among our larger non-Block customers and the ramping of new programs launched since the start of 2024.

再次，這與去年的情況非常相似，也再次提醒我們為什麼在討論業務績效時我們更加關注毛利。第一季區塊淨收入集中度為 45%，較 2024 年第四季下降 1 個百分點，較 2024 年第一季下降 4 個百分點。非區塊淨收入成長與上一季持平，且仍比區塊淨收入成長高出 10 個百分點以上，這主要得益於我們較大的非區塊客戶的強勁表現以及自 2024 年初以來推出的新項目的不斷增加。

Our net revenue take rate of 16 basis points was 1 bp lower than last quarter, which is the typical seasonality following the holidays. Q1 gross profit was $99 million, resulting in a year over year growth of 17% and a gross margin of 71%. This growth was approximately 5 points higher than we expected at the end of the last quarter, primarily driven by two factors.

我們的淨收入成長率為 16 個基點，比上一季低 1 個基點，這是假期後的典型季節性現象。第一季毛利為 9,900 萬美元，年增 17%，毛利率為 71%。這一增長比我們上個季度末預期的高出約 5 個百分點，主要受兩個因素推動。

First, more than half of the outperformance was due to favorable business mix. Our Q1 TPV growth was slightly above our expectations, despite the fact that a few of our largest customers underperformed. As a result, our gross profit take rate was higher than expected since our pricing is generally commensurate with the amount of volume on our platform.

首先，超過一半的優異表現歸功於良好的業務組合。儘管我們的一些最大客戶表現不佳，但我們第一季的 TPV 成長略高於我們的預期。因此，我們的毛利率高於預期，因為我們的定價通常與我們平台上的交易量相稱。

Second, as I mentioned earlier, we are pleased with our ability to migrate significant programs on our platform efficiently and expediently, enabling these new customers to benefit from the capabilities, flexibility, and scale of our modern platform. Unfortunately, one of our planned migrations later this year will no longer take place as we reach an agreement with Varo to terminate the deal we announced in 2024.

其次，正如我之前提到的，我們很高興能夠高效、便捷地遷移我們平台上的重要程序，使這些新客戶能夠受益於我們現代平台的功能、靈活性和規模。不幸的是，我們與 Varo 達成協議，終止我們在 2024 年宣布的交易，因此我們今年稍後計劃的其中一項遷移將不再進行。

Instead, Varo has chosen to focus on its existing products. The early termination lifted Q1 gross profit growth by approximately 1 point.

相反，Varo 選擇專注於其現有產品。提前終止使第一季毛利增加了約 1 個百分點。

Non-Block gross profit growth continues to grow many points faster than the overall company and is in line with non-Block revenue growth. Our gross profit take rate was 12 basis points consistent with last quarter. Q1 adjusted operating expenses were $79 million growing 5% year over year, a little better than expected. We continue to be focused in our hiring and utilizing multiple geographic locations to find the best talent.

非區塊毛利潤成長持續比公司整體成長快很多個百分點，並且與非區塊收入成長保持一致。我們的毛利率與上一季一致，為 12 個基點。第一季調整後的營運費用為 7,900 萬美元，年增 5%，略優於預期。我們將繼續專注於招募並利用多個地理位置來尋找最優秀的人才。

In addition, the combination of our size and growth continues to afford us better economies of scale. Q1 adjusted EBITDA was $20 million a margin of over 14%, a new all-time high for both metrics as we progress on our path to profitability. We feel the adjusted EBITDA margin on the basis of gross profit, which was 20%, better reflects the nature of our business and profitability.

此外，我們的規模和成長相結合繼續為我們帶來更好的規模經濟。第一季調整後的 EBITDA 為 2,000 萬美元，利潤率超過 14%，隨著我們在獲利道路上不斷前進，這兩個指標都創下了歷史新高。我們認為，基於毛利的調整後 EBITDA 利潤率為 20%，更能反映我們的業務性質和獲利能力。

The Q1 GAAP net loss was $8 million including $10 million of interest income. We ended the quarter with approximately $1 billion of cash and short-term investments.

第一季 GAAP 淨虧損為 800 萬美元，其中包括 1,000 萬美元的利息收入。本季末，我們擁有約 10 億美元的現金和短期投資。

Subsequent to reporting our Q4 2024 results, we restarted our share repurchase activity as we continue to believe the current valuation does not fairly represent the company's value or the market opportunity ahead of us. In Q1, we repurchased 26.2 million shares at an average price of $4.22. As of the quarter end, we had $270 million remaining on our buyback authorization.

在報告 2024 年第四季業績後，我們重新啟動了股票回購活動，因為我們仍然認為當前的估值不能公平地代表公司的價值或我們面臨的市場機會。第一季度，我們以平均每股4.22美元的價格回購了2620萬股。截至本季末，我們的回購授權金額剩餘2.7億美元。

Now let's transition to our expectations for Q2 2025. We expect Q2 net revenue growth to be between 11% and 13%. This is approximately 4 points lower than we anticipated at the time of our last call due to the impact of the renegotiated platform partner agreement I referenced earlier that has no impact on gross profit.

現在讓我們轉到對 2025 年第二季的預期。我們預計第二季淨收入成長率將在 11% 至 13% 之間。由於我之前提到的重新談判的平台合作夥伴協議對毛利沒有影響，因此這比我們上次電話會議時的預期低了大約 4 個百分點。

Consistent with what we shared last quarter, Q2 gross profit growth is expected to be in the range of 23% to 25%, with an 8 point lift from the incentive accounting change we discussed last quarter. As expected, even if you put the incentive accounting changes aside, we expect Q2 will be our highest gross profit growth quarter as new programs ramp and new services are adopted, but we don't yet have headwinds from renewals, and we have the easiest year-over-year comparison.

與我們上個季度分享的內容一致，預計第二季度毛利潤增長將在 23% 至 25% 之間，比我們上個季度討論的激勵會計變更高出 8 個百分點。正如預期的那樣，即使不考慮激勵會計變化，我們預計第二季度仍將是我們毛利成長最高的季度，因為新項目的增加和新服務的採用，但我們還沒有遇到續約帶來的阻力，而且我們擁有最容易的同比比較。

As a reminder, starting in Q2 2025, we will accrue incentives each quarter based on the forecasted annual contract tier we expect to achieve. As a result, we expect that there will be much less variation in the quarterly incentives recorded in the P&L even though this does not impact what we earn in any given incentive contract year. This change will create noise in our gross profit growth rates as we grow over the previous incentive methodology.

提醒一下，從 2025 年第二季開始，我們將根據預計實現的年度合約等級每季累積獎勵。因此，我們預計損益表中記錄的季度激勵變化將會小得多，儘管這不會影響我們在任何特定激勵合約年度的收益。隨著我們超越先前的激勵方法，這項變更將對我們的毛利成長率產生影響。

We continue to be focused with our investments which are primarily directed toward platform capabilities and innovation. We are also focused on hiring additional resources in key areas like go to market to meet growing demand and compliance to further enhance our expertise and service levels.

我們將繼續專注於投資，主要針對平台能力和創新。我們也專注於在市場等關鍵領域招募額外資源，以滿足不斷增長的需求和合規性，以進一步提高我們的專業知識和服務水準。

Q2 adjusted operating expenses are expected to grow in the low- to mid-single digits due to an easier year-over-year comparison. Q2 adjusted EBITDA margin is expected to be 10% to 11%, 1 point higher than we had shared last quarter due to lower adjusted operating expenses. We continue to improve the efficiency and effectiveness of our resources and technology investments.

由於年比更容易比較，預計第二季調整後的營運費用將成長低至個位數。由於調整後的營運費用降低，第二季調整後的 EBITDA 利潤率預計為 10% 至 11%，比我們上一季公佈的利潤率高出 1 個百分點。我們不斷提高資源和技術投資的效率和效益。

For the full year, while we recognize the increasing levels of macroeconomic uncertainty, we are not currently seeing any notable shift in spend behavior. As such, we are seeing consistent macroeconomic conditions for the remainder of the year, but noting the risk. We expect 2025 net revenue growth to be between 13% and 15%, 3 points lower than what we shared last quarter, due to the renegotiated platform partner agreement. I want to reiterate that this impact is accounting related based on our Cash App agreement and does not lower gross profit.

就全年而言，雖然我們認識到宏觀經濟不確定性不斷增加，但目前我們並未看到支出行為有任何顯著轉變。因此，我們預計今年剩餘時間的宏觀經濟狀況將保持穩定，但也存在風險。由於重新談判的平台合作夥伴協議，我們預計 2025 年淨收入成長率將在 13% 至 15% 之間，比上一季的預測低 3 個百分點。我想重申，根據我們的 Cash App 協議，這種影響與會計有關，不會降低毛利。

The impact of this new agreement should be relatively consistent each quarter. Therefore, we expect net revenue growth to be 13% to 15% in Q3 and 14% to 16% in Q4. Since the impact of this new platform partner agreement is due to our revenue presentation with no impact on gross profit, our expectations for the underlying business trajectory for 2025 remains unchanged from last quarter. We still expect 2025 gross profit growth to be between 14% and 16%.

這項新協議的影響每季應該相對一致。因此，我們預計第三季淨收入成長率為 13% 至 15%，第四季淨收入成長率為 14% 至 16%。由於這項新平台合作夥伴協議的影響源於我們的收入呈現，對毛利沒有影響，因此我們對 2025 年基本業務發展軌蹟的預期與上一季相比保持不變。我們仍預期2025年毛利成長率將介於14%至16%之間。

While Q1 did come in higher than expectations, the bp was not large enough for us to revise our gross profit out upwards for the entire year, given the new levels of macroeconomic uncertainty. We want to be clear that our gross profit projections for the remaining nine months of the year are essentially consistent with what we guided to at the time of our fourth-quarter call. Therefore, we expect to be on the higher end of the original 2025 gross profit growth range based on our Q1 outperformance.

儘管第一季的業績確實高於預期，但考慮到宏觀經濟不確定性的新水平，這一基點還不足以讓我們上調全年的毛利。我們要明確的是，我們對今年剩餘九個月的毛利預測與我們在第四季度電話會議上的預測基本一致。因此，根據我們第一季的優異表現，我們預計 2025 年毛利成長將達到原先範圍的高端。

We do, however, expect 2025 adjusted EBITDA margin to be approximately 1 point higher than what we shared last quarter at 10% to 11%. This upward revision of our expectations is due to lower expenses as we grow more efficiently as well as the smaller revenue denominator due to the accounting for the renegotiated platform partner agreement. The Q3 and Q4 adjusted EBITDA margin is expected to be in line with the full year.

不過，我們預計 2025 年調整後的 EBITDA 利潤率將比上一季的 10% 至 11% 高出約 1 個百分點。我們上調預期的原因是，隨著我們成長效率的提高，費用有所降低，而且由於重新談判的平台合作夥伴協議，收入分母較小。預計第三季和第四季調整後的 EBITDA 利潤率將與全年持平。

In conclusion, we are starting 2025 on solid foundation as our Q1 results outperform across all our primary metrics. Even as our TPV continues to rise, we are sustaining a relatively stable TPV growth rate with increasing levels of profitability, which keeps us on our desired path to profitability.

總而言之，我們為 2025 年打下了堅實的基礎，因為我們第一季的業績在所有主要指標上都表現出色。即使我們的 TPV 持續上升，我們仍保持著相對穩定的 TPV 成長率和不斷提高的獲利水平，這讓我們能夠繼續走在獲利的道路上。

Our confidence to continue this trajectory is primarily driven by four factors. First, our portfolio migration abilities and growing track record executing flips makes us a strong candidate for established programs and brands that are looking for the increased control and advanced capabilities of a modern provider with proven scale. The combination of de novo program wins and a shift toward modernization among existing programs should result in Marqeta capturing an increasing share of the market.

我們有信心繼續保持這股勢頭，主要原因有四。首先，我們的投資組合遷移能力和不斷增長的執行記錄使我們成為成熟計劃和品牌的有力候選人，這些計劃和品牌正在尋求具有成熟規模的現代供應商的增強控制力和先進能力。全新專案的勝利和現有專案的現代化轉變將使 Marqeta 佔據越來越大的市場份額。

Second, our customer base and large prospects in the market are looking for a true technology partner that is flexible, responsive, and innovative to solve the card issuing and money movement pain points, as well as driving increasing levels of engagement with their users. We believe Marqeta is relatively unique in our ability to meet those needs.

其次，我們的客戶群和龐大的市場前景正在尋找一個真正的技術合作夥伴，該合作夥伴必須靈活、反應迅速且具有創新精神，能夠解決發卡和資金流動的痛點，並提高與用戶的互動水平。我們相信 Marqeta 在滿足這些需求方面具有相對獨特的能力。

Third, our European business continues to expand rapidly, and our recent launch of program management in Europe is a promising and valuable expansion of Marqeta's platform breadth and capabilities.

第三，我們的歐洲業務繼續快速擴張，我們最近在歐洲推出的專案管理是 Marqeta 平台廣度和能力的一次有希望且有價值的擴展。

Finally, our platform continues to reach new levels of economies of scale. The rapid adjusted EBITDA margin expansion is evidence of our ability to reach our profitability potential and fuel long-term value creation as the business grows.

最後，我們的平台持續達到新的規模經濟水平。調整後的 EBITDA 利潤率的快速擴張證明了我們有能力發揮獲利潛力，並在業務成長的同時推動長期價值創造。

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

現在我將把問題交還給接線員。

(Operator Instructions) Timothy Chiodo, UBS.

（操作員指示）瑞銀 (UBS) 的 Timothy Chiodo。

Great, thank you for taking the question. I want to touch on something that was announced by both the card networks recently around their efforts in agentic commerce, and this is more of an industry question, Mike, if you could talk about it specific to Marqeta or broadly speaking within issuer processing. It would just seem that someone like Marqeta would be able to play a big role there given the importance of controls and potentially single use virtual cards and how that could all play a role in a future world where agentic commerce is a larger portion of purchases being made? Thank you.

太好了，謝謝你回答這個問題。我想談一談這兩家信用卡網絡最近宣布的有關代理商務方面的努力，這更像是一個行業問題，Mike，您能否具體談談 Marqeta 的情況，或者從發行商處理的角度廣泛談談這個問題。考慮到控制和潛在的一次性虛擬卡的重要性，以及在未來代理商務佔購買份額更大的世界中，這一切將如何發揮作用，像 Marqeta 這樣的人似乎能夠在那裡發揮重要作用？謝謝。

Yeah, thank you for your question, and we agree with your quick assessment. Yeah, this is exactly the kind of innovation that -- we have a track record of enabling and giving people's dynamic capabilities where they can make decisions in real time in taking data and making very quick responses from a platform perspective. So this is exactly the kind of innovations that we think we're well positioned to enable for people.

是的，感謝您的提問，我們同意您的快速評估。是的，這正是那種創新——我們在啟用和賦予人們動態能力方面有著良好的記錄，他們可以從平台的角度即時獲取數據並做出快速反應，做出決策。因此，我們認為這正是我們有能力為人們實現的創新。

And even just, I would say stepping back, if you look at where we're focused in AI as a business in general, there really are three areas that we're focused on from a strategy perspective. One is product innovation, agentic commerce obviously being one of them, where we're looking to add AI capabilities to new or existing products that create more value for our customers.

甚至只是，我想說，退一步來看，如果你看看我們在人工智慧業務的整體重點，從策略角度來看，我們確實專注於三個領域。一是產品創新，代理商務顯然是其中之一，我們希望為新產品或現有產品添加人工智慧功能，為我們的客戶創造更多價值。

And that includes areas like you're mentioning, but also areas like risk products that we have, program management offerings around disputes and fraud, as well as this ability to do dynamic rewards and very personalized offers and personalized experience for each individual cardholder.

這不僅包括您提到的領域，還包括我們的風險產品、圍繞糾紛和欺詐的計劃管理產品，以及為每個持卡人提供動態獎勵和個性化優惠和個性化體驗的能力。

The other areas that we're focused from an AI perspective are internal productivity, so making our employees improve efficiency and reducing manual work, and then also operational efficiencies in terms of the support we offer cardholders by leveraging AI automation. So those are things we're focused on, but we are excited about the potential for agentic commerce.

從人工智慧角度來看，我們關注的其他領域是內部生產力，從而使我們的員工提高效率並減少手動工作，然後透過利用人工智慧自動化為持卡人提供支持，提高營運效率。這些都是我們關注的重點，但我們對代理商務的潛力感到興奮。

Tien-Tsin Huang, JPMorgan.

摩根大通的黃天津。

Thank you so much. Mike, nice job. 20 straight minutes of talking, so I'll give you guys a little bit of a breath here. I want to ask -- Tim asked about agentic commerce. I want to ask just about conversions and you're talking about this shift towards modernization of programs.

太感謝了。麥克，幹得好。我已經連續講了 20 分鐘了，所以我在這裡給你們一點喘息的時間。我想問一下──提姆詢問了代理商業的問題。我只想問一下轉換問題，您正在談論向程式現代化的轉變。

Do you have the staff and the tools to do these conversions quickly, especially if these things start to level up or size up? Because it could be quite a bit of labor I think to drive that decision. And I'm curious, was that part of the Varo decision to terminate? I know you said they're going to focus more on products, but I didn't know if resourcing was also an issue in this uncertain time.

您是否擁有快速完成這些轉換的員工和工具，特別是當這些事物開始升級或擴大規模時？因為我認為做出這個決定可能需要花費相當多的精力。我很好奇，這是 Varo 終止決定的一部分嗎？我知道您說過他們會更注重產品，但我不知道在這個不確定的時期資源是否也是一個問題。

Yeah, so resourcing is not a concern for us, Tien-Tsin, so yes, these conversions can be a lot of work and require a lot of support which we're very prepared to provide as the opportunities come our way. So what we're really focused on is that migrations tended to be fairly rare in the past because a lot of times people weren't moving necessarily for a big difference in capability. It more had to do with relationship souring, or maybe a better price.

是的，所以資源對我們來說不是問題，Tien-Tsin，所以是的，這些轉換可能需要大量的工作，並且需要大量的支持，當機會來臨時，我們非常願意提供這些支持。因此，我們真正關注的是，過去的遷移往往相當罕見，因為很多時候人們遷移並不一定是為了能力的巨大差異。這更多的與關係惡化有關，或者可能是為了更好的價格。

But what we're really focused on is with our modern platform and all the capabilities we have across multiple use cases, both credit and debit, across many geographies, but there's a significant enough capability difference that we can make people interested. And if we show that we have the capability and the track record of executing well and providing them the kind of support that they need, as you mentioned, we can get them kind of past that hurdle and get them thinking about migrating to a modern platform like ourselves.

但我們真正關注的是我們的現代平台以及我們在多個用例（包括信用卡和借記卡）和多個地區擁有的所有功能，但存在足夠顯著的功能差異，可以引起人們的興趣。如果我們證明我們有能力和良好的執行記錄並為他們提供他們所需要的支持，正如你所提到的，我們可以幫助他們克服這個障礙，並讓他們考慮遷移到像我們這樣的現代平台。

This is something that we think is possible, but the resourcing required is not a barrier from our perspective.

我們認為這是可能的，但從我們的角度來看，所需的資源並不是障礙。

Got it. That's good to know. Mike, if you don't mind, just a quick follow-up. I'm glad to hear the consumers is not surprising you here. How about on the backlog and the pipeline, is there changes in conversation there? Is there any lengthening of cycles in the Varo side?

知道了。知道這一點很好。麥克，如果你不介意的話，我只是想快速跟進。我很高興聽到消費者在這裡並不感到驚訝。關於積壓工作和管道，對話有變化嗎？Varo 方面的週期是否有延長？

So no changes to cycles or level of investment right now. I mean, I think so far, and I think you've heard from many other payment companies, everything looks pretty good, stable right now and even if you look at our numbers in April, our TPV growth was a few points higher than what we saw in Q1. And so things look stable from that perspective. I think if there were risks that come about, they could take place in sort of two forms.

因此，目前週期或投資水準沒有變化。我的意思是，我認為到目前為止，而且我想您已經從許多其他支付公司那裡聽說，現在一切看起來都很好，很穩定，即使您查看我們 4 月份的數據，我們的 TPV 增長也比第一季度高出幾個百分點。從這個角度來看，情況看起來很穩定。我認為，如果出現風險，它們可能以兩種形式出現。

One that you mentioned, which is programs that have either signed and not launched, or even people who are in our pipeline holding back or taking a pause to see how the macroenvironment shakes out. We haven't seen that yet, but that is something we're certainly watching out for.

您提到的一個方面是，已經簽署但尚未啟動的項目，甚至包括我們頻道中的項目，它們正在等待或暫停，以觀察宏觀環境如何發展。我們還沒有看到這種情況，但這是我們肯定會關注的事情。

And the second area where it could impact us would be just if there -- we get to more of a recession situation, obviously spending can be impacted, which would impact any of our existing programs, but today we're not seeing that. And if anything, we have several people in our pipeline now who are actually looking to move more quickly.

它可能對我們產生影響的第二個領域是，如果我們陷入更嚴重的經濟衰退，顯然支出會受到影響，這將影響我們現有的任何項目，但今天我們還沒有看到這種情況。不管怎樣，我們現在有幾個人才正在尋求更快的行動。

So I think as we talked to larger brands who maybe have spent a lot of time sort of planning and thinking about how to execute, we're having many conversations with people who are -- we're still talking to them now, but they are very motivated to launch within the year. So that's a little bit of a change. Well, we'll see what happens, but that's the kind of inputs we're getting from the market.

因此，我認為，當我們與一些較大的品牌交談時，他們可能花了很多時間進行規劃和思考如何執行，我們也與許多人進行了交談——我們現在仍在與他們交談，但他們非常有動力在年內推出產品。所以這是一個小小的改變。好吧，我們會看看會發生什麼，但這就是我們從市場獲得的投資。

Ramsey El-Assal, Barclays.

巴克萊銀行的拉姆齊‧埃爾-阿薩勒 (Ramsey El-Assal)。

Hi, good results here and thanks for taking my question.

你好，結果很好，謝謝你回答我的問題。

So I wanted to follow up on Tien-Tsin's question, but with a little bit of a different overlay which is regulation or rather deregulation, have you seen any impact in terms of the behavior of your bank partners in the context of a lot of the deregulation that we're seeing on the financial services side? Are you sensing they can move a bit faster with things like due diligence or onboarding, or are we still sort of back in the environment that you guys called out a couple quarters ago?

所以我想繼續回答 Tien-Tsin 的問題，但是從稍微不同的角度來看，也就是監管或更確切地說是放鬆管制，在金融服務方面我們看到的大量放鬆管制的背景下，您是否看到您的銀行合作夥伴的行為受到了任何影響？您覺得他們可以在盡職調查或入職等方面採取更快的行動，還是我們仍然處於您幾個季度前所說的環境中？

Thanks for your question, Ramsey. Yeah, some of the changes that have been announced or there have been others that have been signaled, but right now I'd say the execution, still sort of getting pushed down through the ecosystem, I'd say it's still relatively slow and moves at a slow pace. So at this point, we're not seeing any change in how our banks are operating.

謝謝你的提問，拉姆齊。是的，有些變化已經宣布，或者其他變化已經發出信號，但就目前而言，我認為執行仍然在透過生態系統進行，我認為它仍然相對較慢，而且進展緩慢。因此，目前我們還沒有看到銀行營運方式有任何變化。

And I would say together, both of us are continuing to just be focused on optimizing the onboarding to be sort of the raised bar that happened over in the last year or two. So that's what we are seeing. We continue to believe that the possible lighter touch from regulators, if you will, would be beneficial to us, but more in the form of innovation. People looking to do more innovative programs because they feel like they have a little bit more freedom to operate. And just given our track record and the type of platform we have that really caters to disruptive innovative companies, that would be a benefit to us.

我想說的是，我們雙方都將繼續專注於優化入職流程，以達到過去一兩年來提高的標準。這就是我們所看到的。我們仍然相信，監管機構可能採取更寬鬆的監管措施，這將對我們有利，但更多的是以創新的形式。人們希望開展更具創新性的項目，因為他們覺得自己擁有更多的操作自由。鑑於我們的業績記錄和我們真正迎合顛覆性創新公司的平台類型，這對我們來說是一個優勢。

Okay, a quick follow-up from me, good to hear about the Bitpanda card. I was wondering if you could comment a little bit further on the pipeline in Europe ? Is that the type of thing where you've got a lot of pressure building up in the sort of sales pipe, such that you get one of these implementations under your belt and we could see quite a few on the heels of it? Maybe a little more color there would be helpful, thanks.

好的，我快速跟進一下，很高興聽到 Bitpanda 卡的消息。我想知道您是否可以進一步評論歐洲的管道？您是否在銷售管道中承受著巨大的壓力，以至於您完成了其中一項實施工作，並且我們可能看到許多後續工作緊隨其後？也許多一點顏色會有幫助，謝謝。

Sure, yeah, our European pipeline is strong. We definitely are getting -- we have a lot of good traction that we can demonstrate and a lot of customers who are quite well respected, who are performing well on our platform and utilizing the capabilities to the fullest. So I think that's creating momentum and then our announcement last quarter of the pending acquisition of TransactPay also helps because it makes our solution even more complete, a little more holistic offering we can offer customers.

當然，是的，我們的歐洲管道很強大。我們確實取得了進展——我們擁有許多可以展示的良好牽引力，並且有很多非常受尊重的客戶，他們在我們的平台上表現良好，並充分利用了這些功能。所以我認為這正在創造勢頭，而我們上個季度宣布即將收購 TransactPay 也有幫助，因為它使我們的解決方案更加完整，我們可以為客戶提供更全面的服務。

We do have a strong pipeline. I think the thing that's encouraging about Bitpanda is that we are obviously building capabilities and talking a lot about our ability to migrate platforms. We want that availability to be there for potential customers, but it's still relatively rare. I think what's very promising though about Bitpanda is that it does demonstrate that it if everyone is very aligned and focused and doesn't make changes, you can actually move very quickly.

我們確實擁有強大的管道。我認為 Bitpanda 令人鼓舞的地方在於我們顯然正在建立能力並大量談論我們遷移平台的能力。我們希望潛在客戶能夠獲得這種服務，但這種情況仍然相對罕見。我認為 Bitpanda 非常有前途的地方在於，它確實證明，如果每個人都步調一致、注意力集中，並且不做出任何改變，那麼你實際上可以快速前進。

So this was sort of a deal done in record time where we literally signed and launched the program in Q1, which is probably the first for Marqeta. I can't remember that ever happening, so it moved very quickly and part of that was out of need, but it also shows that when everyone is very motivated and focused, it can happen quickly. That's probably the exception rather than the rule at this point, but it is encouraging to see that it can be done.

因此，這是一項在創紀錄的時間內完成的交易，我們實際上在第一季簽署並啟動了該計劃，這可能是 Marqeta 的第一次。我不記得發生過這樣的事情，所以它進展得非常快，部分原因是出於需要，但它也表明，當每個人都非常有動力和專注時，它可以很快發生。目前這可能是例外而不是規則，但看到它可以做到還是令人鼓舞的。

And their launch was not easy, as I mentioned, many geographies, many currencies at the same time. So we felt great about executing that well and it's good for Bitpanda. I think their business is doing great.

而且他們的推出並不容易，正如我所提到的，同時涉及多個地區、多種貨幣。因此，我們很高興能夠順利執行這項計劃，這對 Bitpanda 來說也是一件好事。我認為他們的生意做得很好。

Darren Peller, Wolfe Research.

達倫·佩勒（Darren Peller），沃爾夫研究公司。

Hey, thanks, guys. Nice results. Mike, I think I heard you say that you're looking at the -- obviously the EBITDA guidance is raised for the year, and you're looking towards the high end of the range for gross profit outlook just given the beat in the quarter if I heard that correctly. And then just thinking about what's incorporated into that now, I mean, you're correct me if I'm wrong, but you're taking the current trends, flowing it through for the rest of the year more or less with what you know.

嘿，謝謝大家。效果不錯。麥克，我想我聽到你說你正在考慮——顯然，今年的 EBITDA 指引已經上調，而且考慮到本季度的業績超出預期，你正在考慮毛利潤前景的高端，如果我沒有聽錯的話。然後想想現在融入其中的內容，我的意思是，如果我錯了，你會糾正我，但你會採取當前的趨勢，或多或少地用你所知道的知識將其貫穿到今年剩餘的時間裡。

So could we just revisit, in terms of the opportunities and the range of outcomes and that range of guidance based on different macro scenarios and remind us again of what you perceive as the opportunities that are idiosyncratic versus the macro categories of your business that could potentially be the most notable swing factors to the downside as well and a tougher macro?

那麼，我們能否重新審視一下機會、結果範圍以及基於不同宏觀情景的指導範圍，並再次提醒我們，您認為哪些機會是特殊的，哪些是您的業務的宏觀類別，哪些可能是最顯著的下行波動因素，以及更嚴峻的宏觀形勢？

Sure. So first you didn't hear correctly, so we have raised our EBITDA projections for the year, we just continued to really execute well in terms of being very much more just efficient and effective, it's an area we've been improving a lot in the last couple of years and we continue to do so. And on a gross profit basis, we essentially kept Q2 to Q4 the same as what we told you last quarter. And so with the Q1 beat, we essentially are at the high end -- higher end of the range of what we said for a full year, but although we did keep the range the same.

當然。首先，您沒有聽清楚，所以我們提高了今年的 EBITDA 預測，我們只是在效率和效力方面繼續表現良好，這是我們在過去幾年中一直在不斷改進的領域，而且我們會繼續這樣做。從毛利來看，我們第二季至第四季的毛利與上個季度公佈的毛利基本持平。因此，就第一季的業績而言，我們基本上處於高端 - 全年預期範圍的高端，但儘管如此，我們確實保持了相同的範圍。

In terms of where we could see things going well or the risk, I think the things that are promising about the business from my perspective is a few of the things we highlighted. So first, this migration expertise, this is now a migration we completed last quarter. We had two in Q1, so we're definitely showing that we have that capability and customers are taking advantage of it.

就我們可能看到的事情進展順利或存在的風險而言，我認為從我的角度來看，業務上值得期待的事情是我們強調的一些事情。首先，這種遷移專業知識，這是我們上個季度完成的遷移。我們在第一季就推出了兩款產品，因此我們確實證明了我們擁有這種能力，而且客戶也在利用它。

In Europe, the fact that our TPV continues to grow over 100% and we have sort of more capabilities on the way, as we still assume the TransactPay acquisition will close by the end of Q3, and we are -- we've signed three programs already in program management, one of them being Bigpanda is the first to launch.

在歐洲，我們的 TPV 繼續以超過 100% 的速度成長，而且我們正在不斷增強自身能力，我們仍然認為 TransactPay 收購將在第三季末完成，而且我們已經在專案管理中籤署了三個項目，其中一個是 Bigpanda，它是第一個推出的項目。

We're also, just all this efficiency and EBITDA, we feel like positions us well to grow and probably have some upside. The macro risk that you mentioned, it's something -- again, we haven't seen anything yet, and even in the month of April, the mix of spending between how we bucket things between sort of high, medium, low discretionary, we're not seeing big changes.

我們也覺得，所有這些效率和 EBITDA 都為我們帶來了良好的成長條件，並且可能具有一定的上升空間。您提到的宏觀風險是——我們還沒有看到任何變化，即使在四月份，我們在高、中、低可自由支配支出之間的組合，我們也沒有看到大的變化。

If anything, in April, the higher discretionary actually increased a little bit, which just could be the timing from Easter or any of the other changes, but that's really what drove the acceleration and growth. So we're not really seeing anything. I think from our perspective, what could be idiosyncratic to us is that when we look at our business, because of the base of business that we have, we're less exposed to direct discretionary spending than most.

如果有什麼不同的話，那就是四月份，可自由支配支出實際上有所增加，這可能是復活節或其他任何變化的時間安排，但這才是推動加速和成長的真正原因。所以我們其實什麼也沒看到。我認為，從我們的角度來看，我們的獨特之處在於，當我們審視我們的業務時，由於我們現有的業務基礎，我們受到的直接可自由支配支出的影響比大多數人都要小。

A lot of our use cases sort of target a little bit of the underserved who spend just generally it's less discretionary in nature. And so when we look at our spending, less than a quarter of the spending on our platform, we view to be in high discretionary categories. So I think that everyday spending tends to hold up well even in economic slowdowns. So I think that could be a benefit to us relative to other people in the ecosystem.

我們的許多用例都針對那些服務不足的人群，他們的消費一般來說不太隨意。因此，當我們查看我們的支出時，我們認為我們平台上的支出中只有不到四分之一屬於高度可自由支配的類別。因此我認為即使在經濟放緩的情況下日常支出也往往保持良好。因此我認為這對我們相對於生態系統中的其他人來說是一個好處。

We're still a spend-based economic model. So we would feel some pain, but we might have a little less than others whose exposure might be more to the higher end consumer where there's more discretionary spending.

我們的經濟模式仍以支出為基礎。因此，我們會感受到一些痛苦，但與其他面向高端消費者、可自由支配支出較多的公司相比，我們受到的痛苦可能要小一些。

And just my quick follow-up on the banks, just where are you on adding incremental partners? I know that was something you guys were hoping to get down to the next couple of quarters going back from fourth quarter, third quarter, I think it was --

我想快速跟進一下銀行的情況，你們在增加增量合作夥伴方面進展如何？我知道你們希望在接下來的幾個季度實現這一點，從第四季度到第三季度，我想--

That's right. So we plan to add two new banks before the end of the year. I'll say both of them are progressing well. With one of them, the technology work is essentially done. So a lot of the connectivity is placed and now we're kind of moving on to more of the testing and sort of the finer points, so we're very far along.

這是正確的。因此我們計劃在年底前增加兩家新銀行。我想說他們兩個都進展順利。有了其中一個，技術工作基本上就完成了。因此，許多連接都已建立，現在我們正在進行更多的測試和更精細的點，所以我們已經取得了很大的進展。

The other one is there's just been some kickoff meetings just in the last few weeks, so both of those are on track and we feel good about not only the capacity that that adds to our business, but also some of the capabilities that some of those banks bring that we can pass on to our customers and offer an even more compelling value proposition for them.

另一個是，過去幾週剛剛舉行了一些啟動會議，因此這兩項工作都在按計劃進行，我們不僅對這為我們的業務增加的能力感到滿意，而且對其中一些銀行帶來的一些功能感到滿意，我們可以將這些功能傳遞給我們的客戶，並為他們提供更具吸引力的價值主張。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

Great. Thank you so much. I just wanted to follow up on your comments around kind of increasing your -- or essentially decreasing your reliance on Block and that kind of thing. Can you give us a little more color on what types of customers are -- or implementations are showing faster growth? And I guess I'm wondering how much of a contributor things like earn wage access are and how we should think about that and other programs out of traditional debit or even credit as long-term drivers?

偉大的。太感謝了。我只是想跟進一下您的評論，關於增加或從本質上減少對 Block 的依賴之類的事情。您能否向我們詳細介紹哪些類型的客戶或實施情況顯示出更快的成長？我想知道諸如賺取工資之類的事情有多大貢獻，以及我們應該如何看待它以及傳統借記甚至信用之外的其他計劃作為長期驅動力？

Yeah, I think -- thanks for your question, James. What we kind of always shared with you is we still think there's a lot of growth still to come from Block and we think we can actually help with -- help them with that and enable that, but so to really judge our non-Block growth in terms of how we lower our concentration, because of course we still want to support Block and help them thrive.

是的，我想——謝謝你的提問，詹姆斯。我們一直與大家分享的是，我們仍然認為 Block 有很大的發展空間，我們認為我們實際上可以提供幫助 - 幫助他們實現這一目標，但真正判斷我們非 Block 的增長取決於我們如何降低我們的注意力，因為我們當然仍然希望支持 Block 並幫助他們蓬勃發展。

But our non-Block business, we want to be growing at a good clip, which is what we've been doing up to this point. I would say the growth is really coming across all the different use cases. So even within financial services, which is a lot of neobanking and wage access use cases like you mentioned, that is growing. The volume almost doubled in Q1 versus Q1 a year ago, so that continues to grow really well.

但我們希望非區塊業務能夠快速成長，這也是我們迄今為止一直在做的事情。我想說的是，成長確實體現在所有不同的用例中。因此，即使在金融服務領域，正如您所提到的，許多新銀行和薪資獲取用例也在增長。與去年同期相比，第一季的交易量幾乎翻了一番，因此成長動能依然良好。

Buy now, pay later, and expense management, both those businesses, the TPV is growing over 30%. And just to give you a sense for -- I talked about the outperformance and our gross profit really coming from favorable business mix. When we look at the TPV for customers who are outside of our top five customers, that TPV grew at more than twice the rate of the company as a whole.

先買後付和費用管理這兩項業務的 TPV 成長率都超過 30%。只是為了讓您了解——我談到了優異的業績和我們的毛利確實來自有利的業務組合。當我們查看前五大客戶以外的客戶的 TPV 時，我們發現這些客戶的 TPV 成長率是公司整體成長率的兩倍以上。

So it really is a fairly broad based in -- and it's a combination of both existing customers who have been our customers for a while who are expanding with us and either their business is just thriving or they're also launching new products or new geographies with us, as well as getting a little bit more contribution from new programs as those begin to ramp up. So it really is broad-based, which is what's the most encouraging.

因此，它確實是一個相當廣泛的基礎——它是現有客戶的結合，這些客戶已經是我們一段時間的客戶，他們正在與我們一起擴張，他們的業務要么蓬勃發展，要么也與我們一起推出新產品或新地區，並且隨著新項目的啟動，他們從新項目中獲得更多的貢獻。因此，它確實是基礎廣泛的，這是最令人鼓舞的。

Yeah, no, I'm sure it is. And then separately, you mentioned in terms of some of the changes in renegotiation with customers, et cetera, that you've improved your economics. So you can see that in the way that your guidance and outlook for the rest of the year has come together.

是的，不，我確信如此。然後，您另外提到，在與客戶重新談判等方面的一些變化方面，您已經改善了財務狀況。因此，您可以從今年剩餘時間的指導和展望中看出這一點。

Can you talk a little bit about like how we should think about what the moving parts are that allow you to improve the economics and what you're doing either from a cost perspective or something like that? Just trying to make sure that we're sensitive to make focusing on the profitability and the bottom line, if you will.

您能否稍微談談我們應該如何思考哪些活動部件可以使您改善經濟效益，以及從成本角度或類似角度您正在做什麼？如果你願意的話，只是想確保我們能夠敏感地關注盈利能力和底線。

Sure. So just to be clear, I guess the renegotiation that we talked about is for a platform partner of ours, so not a customer, and so the improving economics are good for us in terms of improving our gross profit. And because of the way we've structured our relationship with Cash App post renewal, we also pass on the proportional benefit to them where their volume is also a driving force of those savings. So that's what's causing the impact to our revenue that does not impact gross profit because there's a corresponding offset within our cost of revenue.

當然。所以需要明確的是，我們談論的重新談判是針對我們的平台合作夥伴，而不是客戶，因此經濟狀況的改善對我們提高毛利是有利的。而且由於我們與 Cash App 續約後的關係結構，我們也將相應的利益轉嫁給他們，而他們的交易量也是這些節省的驅動力。這就是對我們的收入造成影響但不會影響毛利的原因，因為我們的收入成本中有相應的抵銷。

I would say generally when it comes to the customer renegotiations, we mentioned last quarter, we have a couple of big ones this year. But generally, what we tend to focus on is the value we're adding and the benchmarks in the market and looking to in some cases, our sort of core price where the bps on volume that they have, we might come down, we might add a tier or two if they've grown a lot that they can move into.

我想說的是，一般來說，當談到客戶重新談判時，我們上個季度提到過，今年我們有幾個重大的談判。但一般來說，我們傾向於關注的是我們增加的價值和市場基準，在某些情況下，我們會關注我們的核心價格，他們擁有的成交量的基點，我們可能會降低，如果他們已經成長了很多，我們可能會增加一兩個層級，他們可以進入。

But we're working pretty effectively to offset some of that with additional services that we're selling. So as we add a lot more capabilities, either more program management services that can be purchased on an a la carte basis or value added services like our risk services tokenization, even some of the things I mentioned with this white label app that we're building to help customers.

但我們正在透過銷售附加服務來有效地抵消其中的部分影響。因此，隨著我們添加更多功能，無論是可以按點菜方式購買的更多項目管理服務，還是像我們的風險服務標記化這樣的增值服務，甚至是我提到的我們正在構建的用於幫助客戶的白標應用程序的一些功能。

These are all things that add additional value that we can charge for that also is an effort to offset some of the just reduced core economics that just generally happen as the volume grows more and more typically people are going to continue to get a little bit of a favorable price change from you.

這些都是可以增加額外價值的東西，我們可以為此收取費用，這也是為了抵消一些核心經濟效益的下降，這種下降通常發生在交易量越來越大的時候，而且通常人們會繼續從你那裡得到一點有利的價格變化。

Craig Maurer, FT Partners.

克雷格·莫雷爾（Craig Maurer），FT Partners。

Yes, hi, thanks for taking the question. I wanted to ask about the US neobanking environment. We've seen some significant underperformance from several players. You talked about Varo choosing not to move forward with the program with you. I was wondering if US neobanking has the potential to become a drag on growth, if things don't accelerate? Thanks.

是的，你好，謝謝你回答這個問題。我想詢問一下美國新銀行的環境。我們發現有些球員的表現明顯不佳。您談到瓦羅選擇不再與您一起推進該計劃。我想知道，如果情況沒有加速發展，美國新銀行業是否有可能成為經濟成長的拖累因素？謝謝。

Thank you for your question, Craig. I think that there's -- I think, I guess from our perspective, what we're seeing is that just a lot more people looking to launch a neobanking like offering, right? It might not be a standalone neobank, but it might be a a large brand that has another business where they are looking to offer banking services to their customers and or their employees. So I would say it is becoming more competitive for the -- to drive the growth because consumers do have more options than they had a few years back.

謝謝你的提問，克雷格。我認為——我想，從我們的角度來看，我們看到的是，越來越多的人希望推出類似新銀行的服務，對嗎？它可能不是一家獨立的新銀行，但它可能是一個擁有其他業務的大型品牌，他們希望為其客戶和/或員工提供銀行服務。因此，我想說，推動成長的競爭正在變得更具競爭力，因為消費者確實比幾年前有了更多的選擇。

So I think from our perspective, as long as we can capture our fair share of that and enable a lot of these newer people who may be launching, then I think we don't see that as something that could be a drag on our growth, and again, like our neobanking use cases outside of Block, are continuing to grow very quickly.

因此，我認為從我們的角度來看，只要我們能夠獲得公平的份額，並為許多可能推出的新人提供支持，那麼我認為我們不會認為這會阻礙我們的增長，而且，就像我們在 Block 之外的新銀行用例一樣，它們正在繼續快速增長。

So I think it is getting more competitive, but we are trying to demonstrate our leadership and our capabilities in this area so that we can power as many of those as possible and therefore that increased competition, that should minimize the impact on us if we're successful doing that.

所以我認為競爭會越來越激烈，但我們正在努力展示我們在這一領域的領導力和能力，以便我們能夠為盡可能多的企業提供動力，從而增加競爭，如果我們成功做到這一點，這應該會將對我們的影響降到最低。

Cassie Chan, Bank of America.

美國銀行的 Cassie Chan。

I just wanted to follow up just again to make sure I'm understanding the gross profit outlook for 2025. So you guys kind of said that it was -- you kept it at 14% and 16%, but obviously, if there's macro deterioration from here, it seems like it can accommodate that so fair to say at the midpoint it can accommodate some of the further macro deterioration.

我只是想再次跟進，以確保我了解 2025 年的毛利前景。所以你們好像是說——你們把它保持在 14% 和 16%，但顯然，如果從現在開始宏觀經濟惡化，它似乎可以適應這種情況，所以可以說在中間點它可以適應一些進一步的宏觀經濟惡化。

And how much is the borrowed termination having an impact on 2025? And can you also just talk a little bit about if there were any updated expectations for Block's performance within your guidance expectations just given, obviously, they've revised their forecast and well and there's still a significant portion of your revenue. Thank you.

借用終止對2025年的影響有多大？您能否簡單談談，在剛才給出的指導預期中，對 Block 的業績是否有任何更新的預期，顯然，他們已經修改了預測，但這仍然佔您收入的很大一部分。謝謝。

Sure, so just to clarify the gross profit, so yes, we maintained our full year gross profit growth guidance of 14% to 16%. What we said is we now believe we'll be on the high end of that range just based on our Q1 outperformance and essentially holding Q2 to Q4 consistent with where we were last quarter. So that's kind of where we are, so at the higher end of that range.

當然，只是為了澄清毛利，是的，我們維持全年毛利成長預期 14% 至 16%。我們所說的是，我們現在相信，僅基於我們第一季的優異表現，我們將處於該範圍的高端，並且基本上使第二季度至第四季度與上一季的水平保持一致。這就是我們所處的位置，處於該範圍的高端。

And we are assuming macroeconomic stability in that assumption is we're not seeing any changes in spend trajectory or even the spend mix in our business at this point. So we feel like that's the best assumption to be making at this time, but obviously, there's a lot of uncertainty out there and we're going to watch closely.

我們假設宏觀經濟穩定，即我們目前沒有看到支出軌跡甚至業務支出組合發生任何變化。因此，我們認為這是目前最好的假設，但顯然，還存在著許多不確定性，我們將密切關注。

The borrow termination impact, the early termination we reached did raise our gross profit growth in Q1 by approximately 1 point. And there will be some, I guess, lower growth in Q3, Q4. We had expected that to launch in the second half of the year, and so we will be losing some revenue and gross profit associated with that, but we did not change the trajectory of our projections in total because we're seeing a better part -- other parts of our business perform better than we had expected.

借款終止的影響，我們達成的提前終止確實使我們第一季的毛利增加了約 1 個百分點。我預計第三季和第四季的成長將會有所放緩。我們原本預計該產品將於今年下半年推出，因此我們將損失一些相關的收入和毛利，但我們總體上並沒有改變預測的軌跡，因為我們看到了更好的部分——我們業務的其他部分錶現比我們預期的要好。

So we are essentially absorbing that impact in the second half and we still believe that we can deliver the growth expectations that we discussed last quarter. There are a lot of -- in addition to, I guess, what we feel good about, there's even -- as I referenced to earlier, new opportunities that have surfaced recently where there are prospects who are looking to move quickly and therefore could contribute in 2025. So we feel like based on the visibility we have that we feel good about the range we've set being on the high end of our 14% to 16%, and we'll continue to monitor it and absorbing the viral termination.

因此，我們基本上在下半年吸收了這種影響，我們仍然相信我們能夠實現上個季度討論的成長預期。除了我們感覺良好的之外，還有很多——正如我之前提到的，最近出現了一些新的機會，有潛在客戶希望快速行動，因此可以在 2025 年做出貢獻。因此，我們覺得，基於我們所掌握的可見性，我們對設定的範圍感到滿意，處於 14% 到 16% 的高端，我們將繼續對其進行監控並吸收病毒終止的影響。

The last piece, the last question you asked was about Block expectations. Obviously, we're very close partners and so we're in very regular contact, and so anything that they have shared publicly, absolutely it has been factored into our projections of (inaudible). We're in contact with them on a, if not daily, then certainly weekly basis and so we're in pretty close sync in terms of how we think about the trajectory of their business and how that impacts our performance.

您問的最後一部分、最後一個問題是關於 Block 的期望。顯然，我們是非常親密的合作夥伴，因此我們保持著非常頻繁的聯繫，因此他們公開分享的任何資訊都絕對被納入了我們的預測中。（聽不清楚）。我們與他們保持聯繫，即使不是每天，也肯定是每週，因此我們在如何看待他們的業務發展軌跡以及這對我們業績的影響方面保持著相當密切的同步。

Okay, that's helpful. And just to follow up on credit, obviously, Perpay was a really nice win. It's nice to see that go live. Can you just talk a little bit about what you're expecting credit to contribute to 2025 now with this? And in general, how do those volumes transactions look like relative to obviously your traditional debit business in terms of what that looks like on the impact of the P&L and what we -- maybe it changed the shape of that a little bit going forward as it becomes a more meaningful part of the business?

好的，這很有幫助。就信用跟進而言，顯然，Perpay 取得了真正的勝利。很高興看到它上線。您能否簡單談談您期望信貸對 2025 年做出哪些貢獻？總的來說，這些交易量相對於您的傳統借記業務而言，對損益表的影響如何？也許它會隨著它成為業務中更有意義的一部分而稍微改變其形態？

Thank you.

謝謝。

Yeah, so we're excited about Perpay coming onto the platform and again, we've been doing the new issuance for them since late February and we're starting to migrate their existing cardholders. Just kind of stepping back where we are from a credit standpoint is with Perpay doing new issuance, and we already had a commercial customer live, so we now have a commercial and a consumer program live on the platform and then we already have signed another consumer co-brand that we talked about last quarter as well as there's another commercial program as well that has been signed and is in implementation.

是的，我們很高興 Perpay 能夠加入該平台，而且自 2 月底以來，我們一直在為他們辦理新卡發行，並且我們開始遷移他們現有的持卡人。從信貸角度來看，我們現在的情況是，Perpay 正在進行新的發行，我們已經有一個商業客戶上線，所以我們現在在平台上有一個商業和消費者計劃，然後我們已經簽署了上個季度討論過的另一個消費者聯合品牌，還有另一個商業計劃已經簽署並正在實施中。

So we know there are at least two additional programs that we expect to launch later in 2025. So we're getting some traction. We're getting the experience driving some volume so we can show what our capabilities can deliver and have more proof points for prospective customers. Its impact in 2025 is still small, and I would say even in 2026, it would be relatively small.

因此，我們知道我們預計將在 2025 年稍後啟動至少兩個附加項目。因此我們獲得了一些進展。我們正在累積一定數量的銷售經驗，以便展示我們的能力，並為潛在客戶提供更多的證明點。它在2025年的影響仍然很小，我想說即使到2026年，它的影響也會相對較小。

I mean, Perpay is a migration, so that's nice. You get the volume immediately, but the other three programs are all new programs that will take some time to ramp. So I would expect that contribution from credit to our revenue and gross profit won't really be meaningful until probably late '26 or even into 2027 when these programs have ramped up more fully and maybe we've onboarded a few additional ones in addition to just those four.

我的意思是，Perpay 是一種遷移，所以這很好。您可以立即獲得音量，但其他三個程序都是新程序，需要一些時間來提升。因此，我預期信貸對我們的收入和毛利的貢獻可能要到 2026 年末甚至到 2027 年才會真正有意義，屆時這些項目將更加全面地展開，也許除了這四個項目之外，我們還會加入一些其他項目。

In terms of human economics, typically, in credit, it's going to be a little bit better than debit, as you just said, there's a lot more complexity and a lot more opportunity to add value. In terms of what you're doing from a ledgering perspective, the (inaudible) the reward support, these are all areas that are just a little more complicated and involved than they are in debit and typically the unit economics reflect that.

就人類經濟學而言，通常情況下，信貸會比借記好一點，正如你剛才所說，它更加複雜，也有更多的增值機會。就你所做的事情而言，從分類帳的角度來看，（聽不清楚）獎勵支持，這些都是比借記更複雜和更複雜的領域，通常單位經濟學反映了這一點。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Hey, thank you. Hey, Mike, could you just talk about where you are with the CEO search?

嘿，謝謝你。嘿，麥克，你能談談執行長搜尋工作的進展嗎？

Happy to, Sanjay. Thank you for the question. So the Board is committed to taking the time it needs to find the right CEO for Marqeta, so the search process is ongoing, and we'll update you when there's news. But I think what the Board feels comfortable with is with me in the interim and the rest of the executive team here in place that the business can continue to perform well and not miss a beat in this interim period. And so they're going to take the time that they feel they need to hire the right candidate.

很高興，桑傑。謝謝你的提問。因此，董事會致力於花時間為 Marqeta 尋找合適的首席執行官，因此搜尋過程仍在進行中，我們會在有消息時向您更新。但我認為，董事會感到滿意的是，在此期間，我和其他執行團隊成員能夠繼續在位，公司業務能夠繼續表現良好，不會有任何問題。因此，他們會花時間來聘請合適的候選人。

Okay, great. You're doing a great job, by the way. But specific to the question, the line of questioning on Block and sort of how it ties into your performance, could you maybe just talk a little bit about just the difference in spending behavior they're seeing versus you're seeing? Because it seemed like that consumer that they're exposed to kind of looks a lot like your consumer but the spending behaviors are different. Any analysis there that you guys have done?

好的，太好了。順便說一句，你做得很好。但具體到這個問題，關於布洛克的提問以及它與您的表現有何關聯，您能否稍微談談他們所看到的與您看到的消費行為之間的差異？因為他們接觸到的消費者看起來很像你的消費者，但消費行為卻不一樣。你們做過什麼分析嗎？

Yeah, I mean, obviously, I can't speak to their business specifically. I'll leave that to them, but I would say what we see on a broad basis is that we're seeing the whole neobanking market based on many customers who use our platform, for example, so it's a bigger population. There's also, for us like for an example, for some detail is like when we look at all the buy now pay later use cases as an example, and we look at the breakdown in spending between high discretionary and medium discretionary and low discretionary, one of the areas we see growing a little faster and taking share within buy now pay later is actually the low discretionary.

是的，我的意思是，顯然我不能具體談論他們的業務。我會把這個問題留給他們，但我想說，從廣泛的角度來看，我們看到整個新銀行市場是基於許多使用我們平台的客戶，因此它的人口規模更大。對我們來說，例如，當我們將所有「先買後付」的用例作為示例時，我們會查看高自由支配、中等自由支配和低自由支配之間的支出細分，我們看到在「先買後付」中增長較快且佔有份額的領域之一實際上是低自由支配的領域。

That use case is being applied in -- the footprint of it is expanding. And particularly as we enable these customers with these pay anywhere cards where essentially the buy now pay later functionality is embedded in a card rather than the merchant accepting that buy now pay later, that gives consumers a little more flexibility in terms of where they apply it.

該用例正在被應用——它的足跡正在擴大。特別是當我們為這些客戶提供這些隨時隨地付款的卡片時，本質上先買後付的功能嵌入在卡片中，而不是商家接受先買後付的功能，這為消費者在使用方面提供了更多的靈活性。

So that's just an example where just based on our much broader view, the behaviors may be a little different for us. So I mean, there's still obviously a whole very large customer for us and drive 45% of our revenue, but that means that's more than half of our business that is coming from other customers that might have a slightly different mix or target audience.

這只是一個例子，僅基於我們更廣泛的視角，我們的行為可能會有些不同。所以我的意思是，對我們來說顯然仍然是一個非常大的客戶，並為我們帶來了 45% 的收入，但這意味著我們一半以上的業務來自其他客戶，這些客戶可能擁有略微不同的組合或目標受眾。

Andrew Bauch, Wells Fargo.

富國銀行的安德魯·鮑赫。

Hey, guys, I'll just bookend it here with a thematic question. Good to hear about your facilitation of cryptocurrency spend through your ecosystem.

嘿，夥計們，我在這裡用一個主題問題來結束它。很高興聽到您透過生態系統促進加密貨幣消費。

How does this all kind of dovetail around stablecoins? And are you hearing more demand for stablecoin functionality from your client base? How do you see Marqeta fitting into the stablecoin trend? It seems to be a lot more topical today than it has been in years past and wonder how Marqeta would fit in that type of environment.

這一切如何與穩定幣相契合？您是否聽到客戶群對穩定幣功能有更多需求？您認為 Marqeta 如何融入穩定幣趨勢？與過去幾年相比，今天它似乎更具話題性，並且不知道 Marqeta 將如何適應這種環境。

Yeah, no, thanks for your question, Andrew. And yeah, so obviously, things have really heated up again in the last few months from a crypto and stablecoin perspective. I think that the way we look at it is because of the way our platform works and the flexibility we provide as well as the way we use our just-in-time funding, we've always been a pioneer in crypto that allows cards to be spending in the fiat currency, but have the stored balance essentially be in something else, a crypto or it could be a stablecoin.

是的，不，謝謝你的提問，安德魯。是的，顯然，從加密貨幣和穩定幣的角度來看，過去幾個月的情況確實再次升溫。我認為我們看待這個問題的方式是因為我們的平台運作方式和我們提供的靈活性以及我們使用即時融資的方式，我們一直是加密貨幣的先驅，允許卡以法定貨幣消費，但存儲的餘額本質上是其他東西，加密貨幣或可能是穩定幣。

So I think where we could see a opportunity for us is assuming -- if you assume that acceptance is going to be like how people transact with stablecoins, if they're going to use it for kind of everyday spending, either consumers or small, medium sized businesses where it might be a card like use case. If the acceptance isn't there and how it works for both the merchant and the issuer, then transacting in fiat is obviously a much easier way to do it and just have the balance come from a stablecoin, and that's something given our track record in crypto and the types of customers that we have and who we support for that offering, we think that's very applicable, obviously.

因此，我認為我們可以看到一個機會，那就是假設——如果你假設接受度將像人們使用穩定幣進行交易一樣，如果他們將使用它進行日常消費，無論是消費者還是中小型企業，它都可能是一種類似卡的用例。如果沒有接受度，以及它對商家和發行人如何運作，那麼以法定貨幣進行交易顯然是一種更簡單的方式，只需讓餘額來自穩定幣即可，這是考慮到我們在加密貨幣方面的業績記錄以及我們擁有的客戶類型以及我們支持該產品的對象，我們認為這顯然非常適用。

And we certainly demonstrated leadership, and that was a part of why Bitpanda in Europe selected us. It's still early, but obviously there's a lot of activity and assuming people want to go down that path, even if it's in the more short to medium term until maybe there is broader adoption of acceptance or issuance of products that would use stablecoin directly, we could be a bridge to that later state.

我們確實展現了領導力，這也是歐洲 Bitpanda 選擇我們的部分原因。現在還為時過早，但顯然有很多活動，假設人們願意沿著這條路走下去，即使是在短期到中期內，直到可能更廣泛地採用或發行直接使用穩定幣的產品，我們也可以成為通往後期狀態的橋樑。

Great. Congrats on the quarter.

偉大的。恭喜本季取得佳績。

Thank you.

謝謝。

Thank you. Ladies and gentlemen, with that, the conference of Marqeta Inc. has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。女士們、先生們，Marqeta Inc. 的會議到此結束。感謝您的參與。現在您可以斷開線路了。