Marqeta Inc (MQ) 2021 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to the Marqeta Fourth Quarter 2021 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.

女士們、先生們，午安。謝謝你的支持。歡迎參加 Marqeta 2021 年第四季財報電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。

I'd now like to turn the call over to Stacey Finerman, Vice President of Investor Relations, to begin.

我現在想將電話轉給投資者關係副總裁史黛西·芬納曼 (Stacey Finerman)。

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 quarterly report on Form 10-Q for the quarterly period ended September 30, 2021, and our subsequent periodic filings with the SEC.

謝謝，接線生。在開始之前，我想提醒大家，今天的電話會議可能包含前瞻性陳述。這些前瞻性陳述受到許多風險和不確定性的影響，包括我們向SEC 提交的文件中列出的風險和不確定性，這些風險和不確定性可在我們的投資者關係網站上找到，包括我們截至9 月30 日的季度期間的10-Q 表格季度報告， 2021 年，以及我們隨後向 SEC 定期提交的文件。

Actual results may differ materially from any forward-looking statements we make today. These forward-looking statements speak only as the time of this call, and the company does not assume any obligation or intent to update them, except as required by law.

實際結果可能與我們今天所做的任何前瞻性陳述有重大差異。這些前瞻性聲明僅在本次電話會議時發表，本公司不承擔任何更新這些聲明的義務或意圖，除非法律要求。

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 the 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。這些措施應被視為對 GAAP 財務措施的補充而不是替代。與最直接可比較的 GAAP 衡量標準的調整可以在今天的收益新聞稿或收益發布補充資料中找到，這些資料可在投資者關係網站上找到。

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

主持今天電話會議的是 Marqeta 創辦人兼執行長 Jason Gardner；和 Marqeta 財務長 Mike Milotich。接下來，我想將電話轉給傑森開始。

Thank you, Stacey. Thank you, everyone, for joining us for Marqeta's Fourth Quarter of 2021 Earnings Call. We're excited to share our strong fourth quarter and full year results as well as our plans for 2022.

謝謝你，史黛西。感謝大家參加 Marqeta 的 2021 年第四季財報電話會議。我們很高興與大家分享我們強勁的第四季度和全年業績以及 2022 年的計劃。

I'd like to begin with our fourth quarter results. We ended the year in a position of strength, with financial results that serve as a true reflection of everything Marqeta accomplished in 2021 as a result of the strong execution and continued customer focus of all Marqetans across the world.

我想從我們第四季的業績開始。我們在這一年中處於強勢地位，財務業績真實反映了 Marqeta 在 2021 年所取得的一切成就，這是全球所有 Marqet 人強有力的執行力和持續關注客戶的結果。

Total processing volume, or TPV, was $33 billion in the fourth quarter, a 76% increase compared to the same quarter of 2020, an acceleration from the 60% growth rate in the third quarter. This represents the achievement of a significant milestone. In December, we saw our TPV for the first year cross the $100 billion threshold for the first time as we processed $111 billion for all of 2021. This demonstrates our ability to provide modern infrastructure that enables fast growing companies to deliver innovative, high-volume card programs globally.

第四季總處理量（TPV）為 330 億美元，較 2020 年同季成長 76%，較第三季 60% 的成長率加速。這代表著一個重要里程碑的實現。去年12 月，我們的TPV 第一年首次突破1000 億美元大關，2021 年全年處理額達1110 億美元。這表明我們有能力提供現代化基礎設施，使快速發展的公司能夠提供創新、大批量的服務全球卡計劃。

Our net revenue of $155 million in the quarter was a 76% increase from the previous year, representing an acceleration from the 56% growth rate in the third quarter. We saw significant outperformance from the buy now, pay later vertical as this mode of payment was extremely popular during the holidays. We witnessed another decline in our Block concentration from 68% of total net revenue in the third quarter to 63% in the fourth quarter of 2021.

本季我們的淨收入為 1.55 億美元，比上年增長 76%，較第三季 56% 的成長率加快。我們看到「先買後付」垂直支付方式的表現顯著優於這種支付方式，因為這種支付方式在假期期間非常受歡迎。我們見證了 Block 集中度再次下降，從第三季佔總淨收入的 68% 下降到 2021 年第四季的 63%。

Our phenomenal fourth quarter is a testament to the outstanding growth Marqeta has demonstrated over the last 3 years as our TPV grew over 400% from 2019 to 2021. Much of this growth was fueled by digital commerce disruptors that grew significantly due to shifts in consumer behavior during the pandemic. Our platform and products helped make much of this growth possible, enabling our customers to offer experiences that have changed commerce in remarkable ways. Our ability to help our customers scale successfully admit this unprecedented growth has earned us valuable trust.

我們驚人的第四季度證明了Marqeta 在過去3 年中表現出的出色增長，從2019 年到2021 年，我們的TPV 增長了400% 以上。這種增長很大程度上是由數位商務顛覆者推動的，這些顛覆者因消費者行為的變化而顯著增長疫情期間。我們的平台和產品在很大程度上幫助實現了這種成長，使我們的客戶能夠提供以顯著方式改變商業的體驗。我們幫助客戶成功擴大規模的能力承認這種前所未有的成長為我們贏得了寶貴的信任。

With 2022 underway, we are starting to see some stabilization regarding the pandemic. It is clear that the new commerce experiences, like on-demand delivery and buy now, pay later, are here to stay. And customers' trust in financial services offered by neobanks is increasingly on par with our trust in typical financial institutions. These commerce experiences play to Marqeta's strength.

隨著 2022 年的到來，我們開始看到疫情狀況穩定。顯然，按需交付和先買後付款等新的商務體驗將繼續存在。客戶對新型銀行提供的金融服務的信任越來越與我們對典型金融機構的信任持平。這些商業經驗發揮了 Marqeta 的優勢。

We have already built trusted relationships with companies that have become household names like Klarna and Cash App that have a track record of expanding on our platform. For the next sets of disruptors looking for a trusted partner who can help them scale, this serves as a proof point. Importantly, we have a foothold into large FIs like Marcus by Goldman Sachs, JPMorgan and now Citi that need a technology partner to deliver solutions consumers want.

我們已經與 Klarna 和 Cash App 等家喻戶曉的公司建立了信任關係，這些公司在我們的平台上擁有擴張的記錄。對於下一批正在尋找可以幫助他們擴大規模的值得信賴的合作夥伴的顛覆者來說，這可以作為一個證明點。重要的是，我們已經在大型金融機構中立足，例如高盛的 Marcus、摩根大通和現在的花旗，這些機構需要技術合作夥伴來提供消費者想要的解決方案。

As we look forward to the remainder of 2022, the remarkable growth we took part in during the pandemic required significant focus to help our customers scale. As a result, our newer solutions like credit and digital banking did not get as much focus as we would have liked because of how fast our existing customers were growing. We began to significantly ramp up hiring for these efforts towards the latter part of 2021.

當我們展望 2022 年剩餘時間時，我們在疫情期間實現的顯著成長需要專注於幫助我們的客戶擴大規模。結果，由於我們現有客戶的成長速度太快，我們的信貸和數位銀行等新解決方案並沒有得到我們希望的那麼多關注。到 2021 年下半年，我們開始大幅增加這些工作的招募。

Our approach in 2022 will be more balanced between fueling our existing customers' success and building for the future. Therefore, our focus areas in 2022 will be threefold. We will continue to fuel our customers' success. While we are focused on broadening our base, our existing customers still represent Marqeta's core and a significant source of future growth. These customers can tap into our modern card issuing expertise that allows them to build customized and contemporary payment solutions when paired with our platform's agility and scale. Our dollar-based net revenue retention rate of 175% for 2021 demonstrates how our customers grow in our platform. Let me share 2 examples.

2022 年，我們的策略將在促進現有客戶的成功和建立未來之間更加平衡。因此，我們 2022 年的重點領域將有三個。我們將繼續推動客戶的成功。雖然我們致力於擴大我們的基礎，但我們現有的客戶仍然代表 Marqeta 的核心和未來成長的重要來源。這些客戶可以利用我們的現代發卡專業知識，與我們平台的敏捷性和規模相結合，使他們能夠建立客製化的現代支付解決方案。 2021 年，我們以美元計算的淨收入保留率為 175%，這表明我們的客戶如何在我們的平台上成長。讓我分享2個例子。

After a competitive process, Divvy, a Bill.com company, began using Marqeta in late 2020. Divvy was in hyper-growth mode, and it was important for the company to have a card-issuing partner that could help them build best-in-class products and do so at scale. Once onboard the Marqeta platform, Divvy was able to ramp quickly. As a result, Divvy rapidly added new customers to their program and extended their service to even more businesses and cardholders. Divvy is one of the reasons we have seen the expense management vertical gain such significant traction, approaching $2 billion in TPV this quarter. In contrast, this segment was insignificant a year ago.

經過競爭過程後，Bill.com 旗下公司 Divvy 於 2020 年底開始使用 Marqeta。Divvy 正處於高速增長模式，對於該公司來說，擁有一個可以幫助他們打造最佳業務的發卡合作夥伴非常重要一流的產品並大規模地這樣做。一旦登上 Marqeta 平台，Divvy 就能迅速崛起。因此，Divvy 迅速為其計劃添加了新客戶，並將其服務擴展到更多企業和持卡人。 Divvy 是我們看到費用管理垂直領域獲得如此巨大吸引力的原因之一，本季 TPV 接近 20 億美元。相較之下，這一細分市場在一年前還微不足道。

After launching with Klarna in the U.S. in 2018 and supporting its launch in Australia and New Zealand in 2020 and 2021, Klarna chose to extend its partnership with Marqeta into 13 new European markets last November. Klarna is a digital disruptor experiencing tremendous market traction in the last few years, and Marqeta has provided vital support to their growth trajectory globally.

繼 2018 年與 Klarna 在美國推出並支持其於 2020 年和 2021 年在澳洲和紐西蘭推出後，Klarna 去年 11 月選擇將與 Marqeta 的合作夥伴關係擴展到 13 個新的歐洲市場。 Klarna 是數位顛覆者，在過去幾年中經歷了巨大的市場吸引力，Marqeta 為其全球成長軌跡提供了重要支持。

As a result of their success on our platform in the U.S. and APAC, the company recently expanded its partnership with Marqeta by moving over volume from another provider. Klarna has seen firsthand how they've been able to quickly make program improvements or launch new card products, often within complex markets and environments working with Marqeta. This expansion, especially in European markets where Klarna has a long track record of success, is a testament to the maturity of our European business and the strength of our partnership.

由於他們在美國和亞太地區我們的平台上取得了成功，該公司最近透過轉移另一家提供者的數量擴大了與 Marqeta 的合作夥伴關係。 Klarna 親眼目睹了他們如何能夠快速改進程序或推出新的卡產品，通常是在與 Marqeta 合作的複雜市場和環境中。擴張，尤其是在 Klarna 擁有長期成功記錄的歐洲市場，證明了我們歐洲業務的成熟度和合作夥伴關係的實力。

We will continue to build a resilient and reliable global platform. 2021 TPV of $111 billion represents more than 50x growth in 4 years. However, to truly connect the world through global money movement and unlock the potential in front of us, we must be thinking more extensively about the breadth and depth of what our platform can support.

我們將持續打造一個有彈性、可靠的全球平台。 2021 年 TPV 達到 1,110 億美元，代表 4 年內成長超過 50 倍。然而，為了透過全球貨幣流動真正連接世界並釋放我們面前的潛力，我們必須更廣泛地思考我們的平台可以支持的廣度和深度。

8 months into his role, our CTO, Randy Kern, has already made significant strides towards building our scale and resiliency to handle the next wave of growth. Proactive capacity planning with our customers, organizing our internal teams around a mandate to scale and new key infrastructure developments have had huge impacts on the degrees to which we can scale card programs.

我們的首席技術長蘭迪·科恩 (Randy Kern) 上任 8 個月後，在擴大我們的規模和彈性以應對下一波增長浪潮方面已經取得了重大進展。與客戶一起進行積極的容量規劃、圍繞擴展任務組織我們的內部團隊以及新的關鍵基礎設施開發，這些都對我們擴展卡專案的程度產生了巨大影響。

We expanded our platform globally by adding local network certification and card issuance capabilities in 3 new markets: the Philippines, Thailand and Singapore. The Philippines and Thailand are large, high-growth markets where digital payments adoption is still well below 50% and the younger populations are urbanizing steadily. The Marqeta platform is enabled in 39 countries with more countries to come later this year. The geographic expansion is an integral part of our road map as we want to allow our customers to build once and launch anywhere.

我們透過在菲律賓、泰國和新加坡這三個新市場增加本地網路認證和發卡功能，在全球擴展了我們的平台。菲律賓和泰國是龐大的高成長市場，其數位支付採用率仍遠低於 50%，且年輕人口正穩步城市化。 Marqeta 平台已在 39 個國家/地區啟用，今年稍後還會有更多國家/地區啟用。地域擴張是我們路線圖不可或缺的一部分，因為我們希望讓我們的客戶一次構建，隨處發布。

We will broaden our business in 3 ways: the customers we serve, the solutions we offer and the verticals we support. To truly diversify our business, we need to target large customers focusing on additional credit, digital banking and money movement offerings.

我們將透過三種方式拓展我們的業務：我們服務的客戶、我們提供的解決方案以及我們支援的垂直產業。為了真正實現業務多元化，我們需要瞄準大客戶，並專注於額外的信貸、數位銀行和貨幣流動產品。

Established financial institutions represent a large portion of the total issuer processing volume worldwide. While making significant inroads will likely take time, these customers are essential to achieving our goals of connecting the world through global money movement and achieving durable long-term growth.

成熟的金融機構佔全球發行人處理總量的很大一部分。雖然取得重大進展可能需要時間，但這些客戶對於實現我們透過全球資金流動連接世界和實現持久長期成長的目標至關重要。

We are thrilled about our new partnership with Citi and their Commercial Cards team. Citi plans use Marqeta's unique tokenization-as-a-service capabilities to power mobile wallet provisioning in more than 40 markets worldwide. Marqeta's modern card issuing platform will integrate with Citi's existing systems and enable Citi's global commercial cardholder base to seamlessly provision corporate plastic cards and virtual cards into mobile wallets.

我們對與花旗及其商務卡團隊的新合作關係感到非常興奮。花旗計劃利用 Marqeta 獨特的代幣化即服務功能為全球 40 多個市場的行動錢包配置提供支援。 Marqeta 的現代發卡平台將與花旗的現有系統集成，使花旗的全球商業持卡人群體能夠將公司塑膠卡和虛擬卡無縫地提供到行動錢包。

Citi recognizes Marqeta's leadership in card tokenization and the impact this can have on their commercial cardholders, especially against the backdrop of rapid change in payment preferences post-pandemic. We see this as an opening step of what we hope is a long and fruitful partnership.

花旗認識到 Marqeta 在卡代幣化方面的領導地位以及這可能對其商業持卡人產生的影響，特別是在疫情後支付偏好迅速變化的背景下。我們認為這是我們希望建立的長期且富有成果的夥伴關係的第一步。

As discussed last quarter, we see partnerships as an efficient way to broaden our product offering. Our partnership with the First National Bank of Omaha, FNBO, expands our credit ecosystem and allows Marqeta's customers to launch and design an embedded credit card program quickly. By partnering with FNBO, we combined FNBO's decades of deep experience in credit card programs with the flexibility and control of Marqeta's modern card issuing platform.

正如上季所討論的，我們認為合作夥伴關係是擴大我們產品範圍的有效方式。我們與奧馬哈第一國民銀行 (FNBO) 的合作擴大了我們的信貸生態系統，並使 Marqeta 的客戶能夠快速啟動和設計嵌入式信用卡計劃。透過與 FNBO 合作，我們將 FNBO 在信用卡專案方面數十年的豐富經驗與 Marqeta 現代發卡平台的靈活性和控制力相結合。

Similar to our partnership with Deserve, FNBO will handle program management capabilities. At the same time, Marqeta will act as the issuer processor, bringing the technology that allows customers to create customized card experiences lacking in credit.

與我們與 Deserve 的合作關係類似，FNBO 將負責專案管理功能。同時，Marqeta 將充當發卡處理商，帶來允許客戶創建缺乏信用的客製化卡體驗的技術。

Our recent partnership with Plaid underscores our desire to move beyond modern card issuing into enabling global money movement. This partnership will simplify ACH transfers, allowing customers to seamlessly and securely authenticate their bank accounts and fund their accounts to power more immediate card shopping.

我們最近與 Plaid 的合作凸顯了我們超越現代發卡領域、實現全球貨幣流動的願望。此次合作將簡化 ACH 轉賬，讓客戶能夠無縫、安全地驗證其銀行帳戶並為其帳戶提供資金，以實現更即時的卡購物。

As a result, developers building on the Marqeta platform can quickly and easily authenticate users' bank accounts versus the traditional cumbersome ACH process. Plaid works with over 12,000 financial institutions. This scale, combined with its commitment to information security, makes them a perfect partner for Marqeta.

因此，與傳統繁瑣的 ACH 流程相比，基於 Marqeta 平台的開發人員可以快速輕鬆地驗證使用者的銀行帳戶。 Plaid 與超過 12,000 家金融機構合作。這種規模，加上對資訊安全的承諾，使他們成為 Marqeta 的完美合作夥伴。

I am excited about our progress in 2021, especially how we ended the year on such a solid foundation. With over $500 million in yearly revenue, we are capitalizing on the changes in consumer preferences to ensure the performance of the business for years to come.

我對我們在 2021 年取得的進展感到興奮，尤其是我們如何在如此堅實的基礎上結束這一年。我們的年收入超過 5 億美元，我們正在利用消費者偏好的變化來確保未來幾年的業務績效。

Mike will touch on our growth and additional investment in his remarks, which brings me to the vital role of CFO. I want to take a moment to recognize the work of our outgoing CFO, Tripp Faix. Tripp led Marqeta through a very successful IPO and 2 major fundraising rounds. His partnership and friendship have been important to me as a CEO and our company as a whole. I wish him every success for his next chapter. I am also thrilled to welcome Mike Milotich as our new incoming CFO, who will shepherd us into the next phase of our growth.

麥克將在演講中談到我們的成長和額外投資，這讓我想到了財務長的重要角色。我想花一點時間來表彰我們即將離任的財務長 Tripp Faix 的工作。 Tripp 帶領 Marqeta 成功完成了首次公開發行 (IPO) 和兩輪重大融資。他的夥伴關係和友誼對我作為執行長和整個公司都很重要。我祝他在下一個篇章中取得成功。我還很高興歡迎 Mike Milotich 擔任我們新任首席財務官，他將帶領我們進入下一階段的發展。

With that, I will turn the call over to Mike to discuss our results and outlook for 2022.

接下來，我將把電話轉給 Mike，討論我們的業績和 2022 年的前景。

Thank you, Jason. Although I know many of you on the call today, I'm excited to speak with you in my new capacity as the CFO of Marqeta after joining the company 2 weeks ago.

謝謝你，傑森。儘管我認識今天參加電話會議的許多人，但兩週前加入 Marqeta 後，我很高興以新任財務長的身份與大家交談。

While Marqeta has already reached significant scale with over $110 billion in TPV in 2021, there is still a massive opportunity to support innovative partners who are meeting evolving consumer needs in digital commerce and global money movement. I look forward to partnering with Jason, the executive team and all of our employees to help the disruptors scale and those at scale become more disruptive.

儘管 Marqeta 已達到 2021 年 TPV 超過 1,100 億美元的龐大規模，但仍有巨大的機會支持創新合作夥伴，滿足數位商務和全球資金流動中不斷變化的消費者需求。我期待與 Jason、管理團隊以及我們所有員工合作，幫助顛覆者擴大規模，並幫助擴大規模的公司變得更具顛覆性。

Marqeta delivered a very strong quarter to close out our first fiscal year as a public company, with both TPV and net revenue growth accelerating to 76%. Net revenue of $155 million and adjusted EBITDA of positive $1 million were meaningfully better than we expected primarily for 2 reasons: one, stronger holiday and overall consumer spending drove the majority of the upside, benefiting the BNPL and digital banking verticals in particular; and two, higher card network incentives as a result of reaching a new performance tier.

Marqeta 交付了非常強勁的季度業績，結束了我們作為上市公司的第一個財年，TPV 和淨收入增長加速至 76%。淨收入為1.55 億美元，調整後EBITDA 為正100 萬美元，明顯好於我們的預期，主要有兩個原因：第一，假期和整體消費者支出的強勁推動了大部分上漲，特別有利於BNPL和數位銀行垂直行業；第二，由於達到新的性能等級而獲得更高的卡網絡激勵。

So let's dive into the Q4 TPV, which was $33 billion, growing 76%, accelerating 16 points from Q3. BNPL benefited from the increased consumer spend during the holiday season, growing over 50% sequentially versus Q3. Digital banking growth accelerated 15 points versus Q3, in line with the overall TPV acceleration. Newer clients and growing verticals increased their contribution to our growth as we continue to diversify our customer base. Our top 5 customers continue to perform well with TPV growth over 50% in Q4, while the remaining customers grew over 200%.

那麼讓我們深入了解第四季的 TPV，該數字為 330 億美元，成長了 76%，比第三季成長了 16 個百分點。 BNPL 受益於節慶期間消費者支出的增加，與第三季相比連續成長超過 50%。數位銀行業務成長較第三季加快 15 個百分點，與整體 TPV 成長率一致。隨著我們不斷實現客戶群多元化，新客戶和不斷成長的垂直產業對我們的成長做出了更大的貢獻。我們的前 5 名客戶持續表現良好，冠捷在第四季度的成長率超過 50%，而其餘客戶的成長率超過 200%。

As further evidence of our growing diversification, newer customers who joined our platform since 2019 grew 3x faster than customers who joined the platform prior to 2019. The growth of these newer customers and outperformance from the BNPL vertical were a big reason why we saw another significant decline in our top customer concentration, which Jason highlighted earlier.

作為我們日益多元化的進一步證據，自2019 年以來加入我們平台的新客戶的成長速度是2019 年之前加入該平台的客戶的3 倍。這些新客戶的成長和BNPL 垂直產業的出色表現是我們看到另一個重要成長點的一個重要原因。我們的頂級客戶集中度下降，傑森之前強調了這一點。

Net revenue growth of 76% was consistent with TPV growth and accelerated 20 points versus Q3. The net revenue take rate declined less than 1 bp versus Q3 purely due to changes in the mix of volume. In fact, the Q4 take rate improved versus Q3 within several of our large verticals.

淨收入成長 76%，與 TPV 成長一致，比第三季成長 20 個百分點。淨收入佔比與第三季相比下降了不到 1 個基點，純粹是由於交易量組合的變化。事實上，在我們的幾個大型垂直領域中，第四季度的採用率比第三季有所提高。

Gross profit grew 108% on a year-over-year basis, over 30 points faster than revenue. The gross profit margin of 49% improved 4 points versus Q3 for 2 reasons, each contributing approximately 2 points. First, incentives. We amended one of our card network incentive agreements in Q2, and we hit a new volume tier in Q4 that resulted in a higher incentive being applied to volume over the past 3 quarters.

毛利年增 108%，較營收成長快 30 個百分點。 49%的毛利率比第三季增加了4個百分點，原因有兩個，每個原因貢獻了約2個百分點。第一，激勵措施。我們在第二季修改了一項卡片網路激勵協議，並在第四季度達到了新的交易量等級，這導致過去三個季度對交易量應用了更高的激勵措施。

Therefore, the 3-quarter catch-up benefit was booked in Q4, which made the impact more significant. These incentive agreements are a testament to our strategic relationships and strong alignment with network partners as well as the powerful operating leverage that can be achieved in our business as we scale.

因此，3季的追趕效益被記入了4個季度，影響更加顯著。這些激勵協議證明了我們的策略關係、與網路合作夥伴的緊密合作，以及隨著我們規模的擴大，我們的業務可以實現的強大營運槓桿。

The second factor was volume mix. The holiday season had a TPV mix that provided more favorable gross profit. Our GAAP net loss was $37 million, driven mostly by continued investment in people and technology that are fueling the growth of our business and the scaling of our platform. On a non-GAAP basis, adjusted EBITDA for the quarter was positive $1 million, which exceeded our expectations by roughly $10 million, entirely due to higher gross profit.

第二個因素是體積混合。假期季節的冠捷組合提供了更有利的毛利。我們的 GAAP 淨虧損為 3,700 萬美元，主要是由於對人員和技術的持續投資推動了我們業務的成長和平台的擴展。以非 GAAP 計算，本季調整後 EBITDA 為正 100 萬美元，超出我們的預期約 1000 萬美元，這完全是由於毛利增加。

To quickly summarize full year 2021 performance, TPV of $111 billion and net revenue of $517 million delivered robust growth of 85% and 78%, respectively. Gross profit grew 97%, with a gross profit margin of 45%, which is on the high end of our long-term target range of 40% to 45% due to improved scale and favorable network incentives. Adjusted EBITDA was negative $13 million, equating to a negative 2% adjusted EBITDA margin. We ended the year with over $1.7 billion in available liquidity in cash and marketable securities.

快速總結 2021 年全年業績，冠捷科技 (TPV) 的 1,110 億美元和淨收入 5.17 億美元分別實現了 85% 和 78% 的強勁增長。由於規模擴大和有利的網路激勵措施，毛利成長 97%，毛利率達到 45%，處於我們 40% 至 45% 長期目標範圍的高端。調整後 EBITDA 為負 1,300 萬美元，相當於調整後 EBITDA 利潤率為負 2%。截至年底，我們可用的現金和有價證券流動性超過 17 億美元。

Now let me move on to 2022. First, let me share some of the key assumptions informing our Q1 guidance that was noted in our press release. We expect Q1 net revenue growth to be between 48% and 50%. Our take rate should be relatively similar to last quarter. Therefore, the lower growth compared to Q4 '21 is related to volume growth, mostly due to 2 factors.

現在讓我談談 2022 年。首先，讓我分享我們在新聞稿中提到的第一季指導的一些關鍵假設。我們預計第一季淨收入成長將在 48% 至 50% 之間。我們的採用率應該與上季相對相似。因此，與 21 年第 4 季相比較低的成長與銷售成長有關，主要歸因於 2 個因素。

Q1 is facing tougher comps due to the government stimulus in the first quarter of 2021, and to a much smaller degree, the beginning of the ramp in BNPL volume. Our sequential net revenue growth last year from Q4 '20 to Q1 '21 was 22% compared to an average of 15% growth from Q4 to Q1 in 2019 and 2020. This tough comp is partially offset by the tax season returning to April this year, where the benefits of tax refunds are split across Q1 and Q2 versus last year when the benefit was mostly in Q2.

由於 2021 年第一季政府的刺激措施，以及在較小程度上，BNPL 交易量開始上升，第一季面臨更嚴峻的競爭。去年，從20 年第4 季到21 年第1 季度，我們的淨收入環比增長率為22%，而2019 年和2020 年第4 季到第1 季的平均成長率為15%。今年4 月份的報稅季部分抵消了這一嚴峻的形勢。 ，退稅的收益分佈在第一季度和第二季度，而去年的收益主要集中在第二季度。

Also, January got off to a bit of a slower start as Omicron likely impacted volume in many of our verticals, with the exception of on-demand delivery, which thrived as more people stayed home. Volume did pick up in February as the Omicron wave passed, with February volume comfortably exceeding January despite having 3 fewer days.

此外，一月份的開局有點慢，因為 Omicron 可能影響了我們許多垂直領域的銷量，但按需配送除外，隨著越來越多的人留在家裡，這項服務蓬勃發展。隨著 Omicron 浪潮的過去，2 月的成交量確實有所回升，儘管少了 3 天，但 2 月的成交量仍然輕鬆超過 1 月。

Q1 gross profit margin should be in the 43% to 44% range, which is consistent with the first 3 quarters of 2021. This is lower than Q4 '21, which benefited from the catch-up incentives and favorable volume mix during the holiday season.

第一季毛利率應在 43% 至 44% 範圍內，與 2021 年前 3 季度一致。這低於 21 年第四季度，受益於追趕激勵措施和假期期間有利的銷量組合。

We expect the Q1 adjusted EBITDA margin to be negative 8% to 9% due to elevated investment levels to drive long-term sustainably high net revenue growth. I will talk more about our investment priorities for 2022 in a minute.

我們預計第一季調整後 EBITDA 利潤率為負 8% 至 9%，原因是投資水準提高以推動長期持續的高淨收入成長。我稍後將詳細討論我們 2022 年的投資重點。

Amid the current economic uncertainty, I do want to share some preliminary thoughts on 2022, and we'll plan to share more next quarter once I'm completely settled in here at Marqeta. It remains to be seen whether Russia's invasion of Ukraine will have any broader implications that may impact our business.

在當前經濟不確定的情況下，我確實想分享一些關於 2022 年的初步想法，一旦我在 Marqeta 完全安頓下來，我們將計劃在下個季度分享更多內容。俄羅斯入侵烏克蘭是否會對我們的業務產生更廣泛的影響還有待觀察。

Similar to previous years, we expect the majority of our growth to come from our largest customers, which are spread across the digital banking, on-demand delivery, BNPL and expense management verticals. Our newer customers are growing several multiples faster than our top customers and therefore growing in share, but even our largest customers keep growing at a strong pace as evidenced by our high revenue retention of 175% in 2021.

與前幾年類似，我們預計大部分成長將來自我們最大的客戶，這些客戶遍布數位銀行、按需交付、BNPL 和費用管理垂直領域。我們的新客戶的成長速度比我們的頂級客戶快幾倍，因此份額也在成長，但即使是我們最大的客戶也能保持強勁的成長速度，2021 年我們的營收保留率高達175%，這就是證明。

Our business massively expanded during COVID. 2021 net revenue was more than 3.5x 2019 net revenue. The pandemic accelerated consumer adoption and usage of newer commerce experiences, such as on-demand delivery and BNPL, where Marqeta was an early innovator and market leader supporting many of the top companies in those categories.

在新冠疫情期間，我們的業務大幅擴展。 2021 年淨收入是 2019 年淨收入的 3.5 倍以上。這場流行病加速了消費者對新商業體驗的採用和使用，例如按需交付和 BNPL，Marqeta 是其中的早期創新者和市場領導者，為這些類別的許多頂級公司提供支援。

The increased shift to digital payments during COVID has also led to increases in consumers using digital bank or neobank offerings, which tend to provide great digital user experiences. Again, this is a market where Marqeta established early leadership. As a result, we are growing off a much larger base of business in 2022. The pandemic recovery is now well underway, and consumers' new commerce habits are sticking and stabilizing. Therefore, we expect our net revenue growth to be at least mid-30s for full year 2022.

新冠疫情期間向數位支付的轉變也導致越來越多的消費者使用數位銀行或新銀行產品，這些產品往往會提供出色的數位用戶體驗。 Marqeta 再次在這個市場上建立了早期的領導地位。因此，到 2022 年，我們的業務基礎將更加龐大。疫情復甦目前正在順利進行，消費者的新商業習慣正在堅持並穩定下來。因此，我們預計 2022 年全年的淨收入成長至少在 30 多歲左右。

To put the change in scale during the pandemic into context, let me share one fact. We expect our year-over-year revenue growth in dollars in 2022 to be larger than our total net revenue just 3 years ago in 2019. Consistent with the scaling over time, net revenue will grow the fastest in Q1, step down several points sequentially in both Q2 and Q3 before a larger step down in Q4 as we lap the incredible quarter we just finished.

為了了解大流行期間規模的變化，讓我分享一個事實。我們預計2022 年以美元計算的同比收入增長將高於三年前的2019 年淨收入總額。與隨著時間的推移而擴大的規模一致，淨收入將在第一季增長最快，然後依次下降幾個百分點在第二季度和第三季度，在第四季度出現更大的下降之前，我們剛剛完成了令人難以置信的季度。

Also note that Block's acquisition of Afterpay, who is also a meaningful client for us, means we don't expect to make progress on our Block concentration as we add Afterpay performance to Block starting in Q1 2022. If we were to normalize for the acquisition and combine the companies for past years, we do expect a minor reduction in our concentration.

另請注意，Block 收購Afterpay（對我們來說也是一個有意義的客戶）意味著，隨著我們從2022 年第一季開始在Block 中加入Afterpay 效能，我們預計我們的Block 集中度不會取得進展。如果我們要讓收購正常化並將過去幾年的公司合併起來，我們確實預期我們的集中度會略有下降。

We expect 2022 TPV to grow faster than net revenue at over 40%, with take rates declining slightly on a year-over-year basis, on par with the decline in 2021 as customers who grow in our platform enjoy better pricing. This is partially offset within gross profit by achieving better pricing from our card network and bank partners. We expect our gross profit margin to be in the low to mid-40s, consistent with our long-term guidance of 40% to 45% on an annual basis.

我們預計 2022 年冠捷的成長速度將快於淨收入成長，超過 40%，而採用率同比略有下降，與 2021 年的下降幅度相當，因為在我們平台上成長的客戶享受到了更好的定價。透過我們的卡片網路和銀行合作夥伴實現更好的定價，這在毛利中被部分抵消。我們預計毛利率將在 40 左右，與我們每年 40% 至 45% 的長期指導一致。

Network incentives can be inconsistent as we just saw in Q4 '21. So let me share a few more details to help with the quarterly cadence. Our incentives operate on a contract year that runs from April through March, which means volume tiers reset in Q2 of each year. This means Q2 will typically be a lower gross profit margin quarter, generally at the bottom of our long-term range, while Q3 to Q1 of the following year typically benefit from growing cumulative volumes. If we hit certain volume milestones, an individual quarter can be above the long-term range.

正如我們在 21 年第 4 季看到的那樣，網路激勵可能不一致。因此，讓我分享更多細節，以幫助調整季度節奏。我們的激勵措施以從四月到三月的合約年份為基礎，這意味著數量等級會在每年第二季重置。這意味著第二季度通常是毛利率較低的季度，通常處於我們長期範圍的底部，而第二年的第三季至第一季通常受益於累積銷售量的成長。如果我們達到某些銷售里程碑，單一季度可能會高於長期範圍。

Based on our client pipeline and because of the time it takes to onboard and ramp new clients, we need to invest in advance of the revenue to best position us for success. Therefore, we expect the adjusted EBITDA margin to be negative high single digits in 2022 and relatively consistent with each quarter, except Q2 will be a few points lower due to the lower gross profit margin.

根據我們的客戶管道，並且由於吸引和增加新客戶需要時間，我們需要在收入之前進行投資，以便為我們的成功做好最佳準備。因此，我們預計 2022 年調整後的 EBITDA 利潤率為負高個位數，並且與每個季度相對一致，只是第二季度由於毛利率較低而降低幾個百分點。

While the investments we make in 2022 will result in negative EBITDA in the short term, we are looking to achieve sustainably rapid growth while also being committed to a path to profitability. In the long run, we remain confident the business will operate at a 20%-plus adjusted EBITDA margin once we have captured more of the immense market opportunity.

雖然我們在 2022 年進行的投資將在短期內導致 EBITDA 為負，但我們希望實現可持續快速成長，同時致力於獲利之路。從長遠來看，一旦我們抓住了更多巨大的市場機會，我們仍然有信心業務將以 20% 以上的調整後 EBITDA 利潤率運作。

We began stepping up our level of investment as we progressed through 2021 as it became clear our revenue and gross profit were scaling rapidly. We plan to stay on that investment cadence through 2022. The investment is mostly directed towards technology and product, primarily through hiring in those areas as well as increasing software and services to support our platform.

隨著 2021 年的進展，我們開始增加投資水平，因為我們的收入和毛利正在迅速擴大。我們計劃在 2022 年之前保持這種投資節奏。投資主要針對技術和產品，主要是透過在這些領域進行招募以及增加支援我們平台的軟體和服務。

The primary focus of the investment is new capabilities in digital banking and credit, international expansion and platform scale. Once the volume is captured, our unit economics are very attractive due to low marginal operating costs, with the ability to generate positive EBITDA as we did in this most recent quarter.

投資的主要重點是數位銀行和信貸、國際擴張和平台規模的新能力。一旦獲得銷售，由於邊際營運成本較低，我們的單位經濟效益就非常有吸引力，並且能夠像我們最近一個季度那樣產生正的 EBITDA。

To close, Marqeta just completed a fantastic year, surpassing $500 million in net revenue. Looking ahead, we have a wealth of opportunities ahead of us, including new products, geographies and verticals, all while our existing customers thrive on our platform. We believe our differentiated offering will continue to be the destination for disruptors as digital commerce and global money movement rapidly evolve, fueling strong growth for many years to come.

最後，Marqeta 剛完成了出色的一年，淨收入超過 5 億美元。展望未來，我們面臨大量機遇，包括新產品、地理和垂直領域，而我們的現有客戶則在我們的平台上蓬勃發展。我們相信，隨著數位商務和全球資金流動的迅速發展，我們的差異化產品將繼續成為顛覆者的目的地，推動未來許多年的強勁成長。

I will now turn the call back over to Stacey and the operator for questions.

我現在將把電話轉回史黛西和接線員詢問問題。

(Operator Instructions) Our first question is from Sanjay Sakhrani with KBW.

（操作員說明）我們的第一個問題來自 KBW 的 Sanjay Sakhrani。

Congrats, Mike. Maybe a question about the investments in tech and product. As we think about the different channels that Marqeta can grow into, can you help us think about where internationally that will come from?

恭喜，麥克。也許是關於技術和產品投資的問題。當我們思考 Marqeta 可以發展的不同管道時，您能否幫助我們思考國際上的管道將來自哪裡？

Yes. Thank you for your question, Sanjay. I mean as we talked about, modern card issuing is a global phenomenon, and we're actively working to attack the large addressable market. A couple of things that we're doing is, I think, number one is we're constantly assessing where our customers are looking to launch, what markets they want to launch in and hold the most immediate potential for our technology.

是的。謝謝你的提問，桑傑。我的意思是，正如我們所討論的，現代發卡是一種全球現象，我們正在積極努力進攻大型潛在市場。我認為，我們正在做的幾件事是，第一個是我們不斷評估我們的客戶希望在哪裡推出產品，他們希望在哪些市場推出產品，並為我們的技術提供最直接的潛力。

So as we've talked about, we are in 39 countries today. We recently announced Singapore, Thailand, the Philippines, and we'll look to set up an APAC hub probably in Singapore. And as we go international, we found that modern card issuing is a global phenomenon. And if we talk about what our rallying cry this year is for Marqeta is to connect the world through global money movement.

正如我們所討論的，我們今天在 39 個國家/地區開展業務。我們最近宣佈在新加坡、泰國、菲律賓設立一個亞太中心，我們可能會在新加坡設立一個亞太地區中心。當我們走向國際時，我們發現現代發卡是一種全球現象。如果我們談論今年 Marqeta 的戰鬥口號是透過全球貨幣流動連接世界。

Our customers truly come to us to unlock value, not just here in the U.S., Canada, Europe and Asia, but in many countries, cities and continents where they're looking to really bring their business. And we'll continue to focus on the verticals that have done really well for us, like buy now, pay later, digital banking, expense management and many others.

我們的客戶真正來找我們是為了釋放價值，不僅在美國、加拿大、歐洲和亞洲，而且在他們希望真正開展業務的許多國家、城市和大陸。我們將繼續關注對我們來說非常有效的垂直行業，例如立即購買、稍後付款、數位銀行、費用管理等等。

So we're really excited about the process we've made to date. As Mike talked about, we did $517 million in net revenue, which is a solid, solid foundation. And look forward to updating you with new market announcements, international partnerships in future quarters.

因此，我們對迄今為止所做的流程感到非常興奮。正如麥克所說，我們的淨收入為 5.17 億美元，這是一個堅實的基礎。並期待在未來幾季向您通報新的市場公告和國際合作夥伴關係。

Great. And just a follow-up on BNPL. Obviously, it's seen tremendous growth for you guys and as an industry. But as we go into 2022, there's difficult comps. There's probably a little bit more competition on the margin for those types of loans from the incumbents and perhaps even shifting merchant preferences. I guess when we think about the growth potential of BNPL, specifically for you guys, is it that you're just expanding inside your existing relationships? Or should we expect some pressure on growth?

偉大的。這只是 BNPL 的後續行動。顯然，你們以及整個產業都取得了巨大的成長。但當我們進入 2022 年時，競爭就會變得困難。來自現有企業的此類貸款的邊際競爭可能會更加激烈，甚至可能會改變商家的偏好。我想當我們考慮 BNPL 的成長潛力時，特別是對你們來說，你們只是在現有的關係範圍內擴張嗎？或者我們應該預期成長會面臨一些壓力嗎？

So when we started -- we started working in buy now, pay later about 5 years ago. When I was at Money 20/20 in Europe, we met with this company named Klarna, which today is a household name. But at the time, we really didn't know what they specifically did, and we heard this concept called buy now, pay later.

所以，當我們開始時——大約 5 年前，我們開始致力於「立即購買，稍後付款」。當我在歐洲參加 Money 20/20 時，我們遇到了這家名為 Klarna 的公司，如今已是家喻戶曉的名字。但當時我們真的不知道他們具體是做什麼的，我們聽到了這個概念，叫做「先買後付」。

What we do, and we've been really successful at this, is we've actually built purpose for specific verticals. So now Klarna; Affirm; Sezzle, which announces buying Zip; Afterpay, which is now part of Block, really speaks to the strength and competitive position for Marqeta's platform. So I'll start there.

我們所做的，並且我們在這方面確實取得了成功，是我們實際上為特定的垂直領域建立了目標。所以現在克拉納；確認; Sezzle，宣布收購 Zip； Afterpay 現在已成為 Block 的一部分，真正體現了 Marqeta 平台的實力和競爭地位。所以我將從這裡開始。

Buy now, pay later continues to be an important and significant growth driver for Marqeta at well over 10% of TPV. And so other highlights. We -- a launch partner for Mastercard's new installments program. We're working with Sezzle and their deal with Target. The Amount partnership, bringing buy now, pay later to FIs. We're powering Figure's new Figure Pay product, which is a digital payments account with native BNPL functionality.

先買後付仍然是 Marqeta 的重要且顯著的成長動力，佔 TPV 的比例遠超 10%。等等其他亮點。我們是萬事達卡新分期付款計劃的啟動合作夥伴。我們正在與 Sezzle 合作以及他們與 Target 的交易。金額合作關係，為金融機構帶來「先買後付」的服務。我們正在為Figure 的新Figure Pay 產品提供支持，該產品是具有原生BNPL 功能的數位支付帳戶。

So what we're finding is a couple of growth vectors. There's international, which we're enabling them to take advantage of more and more merchants on the platform. New, obviously, geographies, new technologies, we see where now customers are getting into tokenization. They're getting into actual physical card products, and they're coming to Marqeta to do that. So I wouldn't look at buy now, pay later functionality in a sort of single focus as just virtual cards. There's many different card types they're looking to build on our platform as they begin to diversify their businesses in the coming quarters.

所以我們發現的是一些成長向量。在國際上，我們使他們能夠利用平台上越來越多的商家。顯然，新的地域、新技術，我們看到客戶現在在哪些地方進入代幣化。他們正在進入實際的實體卡產品，他們來到 Marqeta 就是為了做到這一點。因此，我不會將「先買後付」功能視為單一焦點，就像虛擬卡一樣。隨著他們在未來幾個季度開始實現業務多元化，他們希望在我們的平台上建立許多不同的卡片類型。

Our next question is from Mike Ng with Goldman Sachs.

我們的下一個問題來自高盛的 Mike Ng。

I appreciate all the detail when you talked about TPV performance by vertical. I was just wondering if you could talk a little bit about some of the assumptions as you think about the 40% TPV growth in 2022. Any qualitative or quantitative detail would be very helpful.

當您談論冠捷垂直性能時，我很欣賞所有細節。我只是想知道您是否可以談談您在考慮 2022 年 TPV 增長 40% 時的一些假設。任何定性或定量的細節都會非常有幫助。

Yes. Thank you for your question. It really is more of the same just with tougher comparisons. Obviously, as even Sanjay just pointed out on the previous question, I mean, BNPL had explosive growth during 2021. And as the base is bigger, the growth will slow a little bit. But we still think most of our growth is going to be fueled by the primary use cases, with everything roughly comparable to 2021 with just maybe a little bit of a slower rate. And that's in digital banking, BNPL, expense management being some of the big ones.

是的。謝謝你的問題。只是經過更嚴格的比較，它確實更加相似。顯然，正如桑傑剛剛在上一個問題中指出的那樣，我的意思是，BNPL 在 2021 年出現了爆炸性增長。隨著基數更大，增長會稍微放緩。但我們仍然認為我們的大部分成長將由主要用例推動，一切與 2021 年大致相當，只是速度可能會慢一些。這就是數位銀行、BNPL、費用管理等重要領域。

So I would say the mix of the business, we're not expecting to fundamentally change a lot. It's just tougher comps bringing the growth rate down a little bit.

所以我想說的是，我們預期業務組合不會有太大變化。只是比較困難，導致成長率略有下降。

Great. That's very helpful. And I just wanted to ask a housekeeping question. The mix benefit to gross margins in the fourth quarter, could you just give a little bit more detail around that? And should we see a sequential improvement from that mix every fourth quarter?

偉大的。這非常有幫助。我只是想問一個家政問題。這種組合對第四季的毛利率有利，您能否提供更多細節？我們是否應該在每個第四季看到這種組合的連續改善？

Yes. I mean, I guess, it's hard to say -- to predict the future exactly. So I don't know if I can answer the second part of your question. But if you think about interchange dynamics, right, it's predicated on all different scenarios in terms of what type of card is being used, is it consumer commercial credit, debit, prepaid, what type of merchant is being used at, what's the size of the ticket. So there's -- a lot of those factors will ultimately end up impacting what's the rate that applies.

是的。我的意思是，我想，很難說——準確地預測未來。所以我不知道是否可以回答你問題的第二部分。但是，如果您考慮交換動態，對吧，它取決於所使用的卡片類型的所有不同場景，是消費者商業信用卡、金融卡、預付卡、正在使用的商家類型、卡片的規模是多少門票。所以，很多因素最後都會影響適用的稅率。

And then on top of that, we have different types of agreements with our customers in terms of how do we work with them, in terms of how much we share with them versus how much is kept here at Marqeta. So those are kind of all the different levers and variables that play into that number. And so what happened, at least in this case, in the holiday season is really the type of spend in terms of where it was directed in terms of merchants and the types of products that were used is what drove the benefit for us.

除此之外，我們與客戶簽訂了不同類型的協議，涉及我們如何與他們合作、我們與他們分享多少以及 Marqeta 保留多少。這些都是影響該數字的所有不同槓桿和變數。因此，至少在這種情況下，假期期間發生的事情實際上是針對商家的支出類型以及所使用的產品類型為我們帶來了利益。

Our next question is from Ramsey El-Assal with Barclays.

我們的下一個問題來自巴克萊銀行的拉姆齊·阿薩爾。

I wanted to ask about the Citi partnership. And if you could describe sort of the path from a project like this, kind of into a deeper issuance relationship at a large bank like Citi, what challenges kind of stand in your way to sort of moving a little deeper into an organization like this?

我想問一下與花旗的合作關係。如果你能描述一下從這樣的專案到像花旗這樣的大型銀行建立更深層的發行關係的路徑，那麼在你更深入地進入這樣的組織的過程中，有哪些挑戰會阻礙你？

Thanks, Ramsey. Yes, it's -- winning the business of large FIs is a major strategic initiative for Marqeta. And as we've talked about in the past, I mean, we really had this DNA match with commerce disruptors. We then went into large digital banks like Cash App and Lydia in France. We then went to large tech giants like Uber and Google. And we always have been focusing on sort of the long game within large FIs.

謝謝，拉姆齊。是的，贏得大型金融機構的業務是 Marqeta 的一項重大策略舉措。正如我們過去所討論的，我的意思是，我們確實與商業顛覆者進行了DNA匹配。然後我們進入了法國的 Cash App 和 Lydia 等大型數位銀行。然後我們去了 Uber 和 Google 等大型科技巨頭。我們一直專注於大型金融機構內的長期遊戲。

So we -- as we talked about in my opening remarks, excited to announce the Citi deal and their Commercial Cards team. So what they're doing in 40 markets is using our tokenization-as-a-service capabilities to power the mobile wallet provisioning. And obviously, Citi recognizes Marqeta's leadership in card tokenization. And we see these deals really just the beginning of what we hope is a long-term partnership.

因此，正如我們在開場白中談到的那樣，我們很高興宣布花旗交易及其商務卡團隊。因此，他們在 40 個市場所做的就是使用我們的代幣化即服務功能來支援行動錢包配置。顯然，花旗認可了 Marqeta 在卡代幣化方面的領導地位。我們認為這些交易實際上只是我們希望的長期合作夥伴關係的開始。

Large FIs typically don't move fast nor do they make decisions quickly. Our goal with these programs truly is over time just to get a foot in the door and then expand our relationship, as you referred to, like more issuance. As we've seen, these are very large, from a technology perspective, complex environments. So bringing us into that is something that's pretty significant for us.

大型金融機構通常不會快速行動，也不會快速決策。我們對這些計劃的目標確實是隨著時間的推移，邁出第一步，然後擴大我們的關係，正如您所提到的，例如更多的發行。正如我們所看到的，從技術角度來看，這些環境非常龐大且複雜。因此，讓我們參與其中對我們來說非常重要。

And then we're there to really prove our relationship, prove our technology, prove our services, so we can expand throughout and beyond tokenization-as-a-service. So we help them in areas where they can help them be more innovative, and we want to see value where we're really adding to their business and obviously trusting us. So while making inroads will take time, these customers are absolutely critical to achieving our goal of building out more durable long-term growth.

然後我們在那裡真正證明我們的關係，證明我們的技術，證明我們的服務，這樣我們就可以擴展到代幣化即服務之外。因此，我們在可以幫助他們更具創新性的領域為他們提供幫助，我們希望看到我們真正為他們的業務增加價值並明顯信任我們的地方。因此，雖然取得進展需要時間，但這些客戶對於實現我們建立更持久的長期成長的目標絕對至關重要。

Okay. And on the higher card network incentives, I'm just curious, how should we think about the cadence of those types of opportunities to renegotiate those contracts, which is to say, can you go back and kind of renegotiate at will as you grow? Or are there sort of fixed contract time lines that when those expire is the time that you go back and can kind of take another bite of the apple in terms of renegotiating those fees?

好的。關於更高的卡片網路激勵措施，我只是很好奇，我們應該如何考慮這些類型的機會重新談判這些合約的節奏，也就是說，隨著您的成長，您可以回去隨意重新談判嗎？或者是否有某種固定的合約期限，當這些期限到期時，您就可以回去並在重新協商這些費用方面再咬一口蘋果？

Yes. Yes, I would say it's a little bit of both, right? You can't just -- there are contract terms and time lines. So it's not like you can go back at any time you want. But obviously, as the business grows and you try to do more things together, new card programs, there's always ways to look for additional opportunities for us. And then, of course, as the business, if it continues to grow as rapidly as we expect, then you can end up doing early renewals and changes as you see fit.

是的。是的，我想說兩者都有一點，對吧？你不能只是——有合約條款和時間表。所以並不是說你想什麼時候回去就什麼時候回去。但顯然，隨著業務的成長，大家嘗試一起做更多的事情，新的卡片計劃，總有辦法為我們尋找更多的機會。當然，作為業務，如果它繼續像我們預期的那樣快速成長，那麼您最終可以根據需要進行早期更新和更改。

So I would say it's a little bit of both. There are obviously terms that have been agreed to, but there's always ways to look at those and, as we get into new opportunities, see if we can work the economics that we have with our -- both our network and bank partners.

所以我想說兩者兼具。顯然，有些條款已經達成一致，但總有辦法看待這些條款，當我們遇到新的機會時，看看我們是否可以與我們的網路和銀行合作夥伴一起發揮經濟作​​用。

I guess you would know better than most. So I appreciate your answer.

我想你會比大多數人更清楚。所以我很欣賞你的回答。

Indeed.

的確。

Our next question is from Dan Dolev with Mizuho.

我們的下一個問題來自瑞穗的 Dan Dolev。

Congrats, Mike. Great results. Can you maybe -- and I'm sorry if I missed this. Can you give some more specifics -- I think last quarter, you gave about sort of the growth of the top 5 versus not top 5 from a TPV perspective.

恭喜，麥克。很好的結果。你可以嗎——如果我錯過了，我很抱歉。您能否提供更多具體資訊？我認為上個季度，您從 TPV 的角度給出了前 5 名與非前 5 名的增長情況。

Yes. So what we said was in terms of the top 5 that they grew over 50% in Q4, and then the remaining customers grew over 200%. And then just, Dan, the other way we also look at it in terms of -- as we're looking to diversify our customer base, the other one that we shared was just that our customers that have come on to the platform since 2019 grew more than 3x faster than the customers who came onboard prior to that time.

是的。所以我們所說的是前 5 名客戶在第四季成長超過 50%，然後其餘客戶成長超過 200%。 Dan，我們也從另一個角度來看待這個問題，因為我們正在尋求使我們的客戶群多樣化，我們分享的另一個是自 2019 年以來進入該平台的客戶增長速度比之前加入的客戶快3 倍以上。

Got it. So not as specific of a number as the last quarter, right? I think last quarter, you like [threw] some number [on the non-tokenfy] over 200%.

知道了。所以數字不像上季那麼具體，對吧？我認為上個季度，您喜歡[在非代幣上][拋出]一些超過 200% 的數字。

Yes. I guess I can't specify. But yes, I guess maybe I'll have to take the blame for that one then, Dan, before being less specific.

是的。我想我無法具體說明。但是，是的，我想也許我得為那件事承擔責任，丹，在不太具體之前。

Okay. Yes, yes, no worries. And then on Plaid, I mean, it looks like it definitely helps you diversify away from the reliance on debit cards. Like what are you seeing in terms of the opportunity there with the partnership?

好的。是的，是的，不用擔心。然後，在格子圖案上，我的意思是，它看起來肯定可以幫助您實現多元化，擺脫對借記卡的依賴。您認為合作關係中存在哪些機會？

I'm sorry, Dan, which partnership?

抱歉，丹，哪個合作夥伴？

Plaid.

格子呢。

Plaid. Yes. So what Plaid does is Plaid is working with 12,000 banks. So it makes it really easy for our customers to leverage Plaid through Marqeta's platform to go build better experiences. So our business is truly predicated on money in, money out. So money in is ACH, and money out is through card, which is predominantly where we make our revenue.

格子呢。是的。 Plaid 所做的就是與 12,000 家銀行合作。因此，我們的客戶可以輕鬆地透過 Marqeta 平台利用 Plaid 來建立更好的體驗。因此，我們的業務確實以資金流入和資金流出為基礎。因此，資金透過 ACH 流入，資金透過卡片流出，這也是我們收入的主要來源。

So what this does is that it actually shortens time to market significantly for customers to bring more dollars into Marqeta's platform. So instead of a consumer knowing what their ABA routing number and account number is, now they just need their user name and password for their bank account to begin bringing money into Marqeta's ecosystem through our customers.

因此，這樣做實際上可以顯著縮短上市時間，讓客戶將更多資金帶入 Marqeta 平台。因此，消費者現在不需要知道他們的 ABA 路由號碼和帳號是什麼，而只需提供銀行帳戶的使用者名稱和密碼，即可開始透過我們的客戶將資金帶入 Marqeta 的生態系統。

Our next question is from Tien-Tsin Huang with JPMorgan.

我們的下一個問題來自摩根大通的黃天欽。

Great results as well from my side. And welcome to the call, Mike. It's good to hear from you. Just want to ask on the visibility. I know Sanjay and others asked about buy now, pay later. It seemed like that carried a lot of growth in '21. On-demand delivery, I think of in 2020 being a big contributor. What about in '22? What verticals do you think will step up and sort of carry the load here? And I'm curious where banking-as-a-service might rank as an example for good growth this year?

我這邊也取得了很好的成績。歡迎致電，麥克。很高興收到你的來信。只是想問能見度。我知道 Sanjay 和其他人詢問過“現在購買，稍後付款”的問題。看起來這在 21 年帶來了很大的成長。我認為按需交付將在 2020 年做出巨大貢獻。 22年呢？您認為哪些垂直領域會加強並承擔這裡的負載？我很好奇銀行即服務今年可能會成為良好成長的例子嗎？

Yes. I'll start with this, Tien-Tsin. Good to see you -- good to hear from you. Marqeta customers care deeply about global money movement, where they can really use specific tools to solve a business need to unlock value. So as we think about the specific verticals like buy now, pay later, expense management, on-demand delivery, digital banking, I mean, these are the areas and the new verticals that we're looking to enter into where that methodology is the same.

是的。我就從這個開始吧，田津。很高興見到你——很高興收到你的來信。 Marqeta 客戶非常關心全球資金流動，他們可以真正使用特定工具來解決業務需求以釋放價值。因此，當我們考慮現在購買、稍後付款、費用管理、按需交付、數位銀行等特定垂直領域時，我的意思是，這些是我們希望進入的領域和新垂直領域，其中該方法論是相同的。

So if we wake up every morning here thinking about how do we connect the world through global money movement, it really comes down to solving a business need within a specific vertical. We still see growth in our core verticals. Our business has been growing significantly over the years. Mike talked about some specific data in regards to simple volume on our platform within these verticals. And our methodology, our strategy is to really identify those verticals early, build technology that's pretty unique and help our customers really, really spread their wings.

因此，如果我們每天早上醒來都在思考如何透過全球貨幣流動連接世界，那麼它實際上歸結為解決特定垂直領域內的業務需求。我們仍然看到核心垂直領域的成長。多年來，我們的業務一直在顯著成長。麥克談到了有關我們平台上這些垂直領域的簡單交易量的一些具體數據。我們的方法論和策略是儘早真正識別這些垂直領域，建立非常獨特的技術，並幫助我們的客戶真正、真正地展翅翱翔。

So if I look at the strategy for the year in regards to where we're headed, it's international. So our customer is looking to build more globally, adding new features and functionalities to specific verticals. So as they begin to grow and go into new areas of the market, we look to support them with our technology. And then really fuel our existing customers' success in areas like the Bill.com acquisition of Divvy, making sure that Divvy has what they need, then connecting that strategy to Bill.com.

因此，如果我看今年的策略，我們的發展方向是國際化的。因此，我們的客戶希望在全球範圍內進行更多構建，為特定的垂直行業添加新的功能和功能。因此，當他們開始成長並進入新的市場領域時，我們希望用我們的技術來支持他們。然後真正推動我們現有客戶在 Bill.com 收購 Divvy 等領域取得成功，確保 Divvy 滿足他們的需求，然後將該策略與 Bill.com 聯繫起來。

So as we look to broaden our market -- broaden our revenue opportunities, it's those core areas that I've talked about. It's commerce disruptors, where the new verticals we can enter and having the DNA match and seeing continued growth, especially in buy now, pay later as we saw in the fourth quarter.

因此，當我們尋求擴大我們的市場——擴大我們的收入機會時，我談到的就是這些核心領域。它是商業顛覆者，我們可以進入新的垂直領域，並具有 DNA 匹配並看到持續增長，特別是在“立即購買，稍後付款”方面，正如我們在第四季度看到的那樣。

Then we go into digital banking, more capabilities there. We had Block -- for instance, Cash App launched the teen card last year. Then going into large tech giants and then the large FIs.

然後我們進入數位銀行，那裡有更多的功能。我們有 Block——例如，Cash App 去年推出了青少年卡。然後進入大型科技巨頭，然後是大型金融機構。

As we begin to move upmarket, especially landing companies like Citi in regards to tokenization-as-a-service and launching that in 40 markets, we're really excited about more we're going to be talking about in the future around large FIs, but really focusing on the core 4 areas of where we've been able to really grow, landing new verticals and then helping our customers expand.

隨著我們開始向高端市場進軍，尤其是像花旗這樣的公司在代幣化即服務方面落地並在 40 個市場推出該服務，我們對未來將圍繞大型金融機構討論更多內容感到非常興奮，但真正專注於我們能夠真正發展的4 個核心領域，開拓新的垂直領域，然後幫助我們的客戶擴展。

Got it. That's very clear, Jason. So just my follow-up to that maybe on the expense side and the hiring. I think you -- I wrote down here that you guys ramped up your hiring in credit and digital banking. So do you feel good about the prospects of hiring people, especially internationally to do what you just laid out from a people perspective? I know everyone is asking about war for talent. I know there's been a theme on there. Just starting to see -- just figured I'd ask it here, too.

知道了。這很清楚，傑森。所以我的後續行動可能是在費用方面和招募方面。我想你們——我在這裡寫下，你們增加了信貸和數位銀行領域的招募。那麼，您對僱用人員的前景（尤其是在國際範圍內僱用人員來完成您剛才從人員角度提出的任務）感到滿意嗎？我知道每個人都在問人才爭奪戰。我知道那裡有一個主題。剛開始看到——我想我也會在這裡問。

Yes. The war for talent is not just a Marqeta problem, it's a global phenomenon. It's for all of us. And engineering talent specifically and product talent specifically is tough. I mean it's very competitive out in the market. So as we look to build more within credit, I mean, 50% of consumers in the United States hold credit cards. Credit card -- credit is pretty nascent in other parts of the world, but we're going to see it grow. We know that Asia is going to become the largest card market in the world in the coming years.

是的。人才爭奪戰不僅是 Marqeta 的問題，而是一個全球現象。這是為了我們所有人。尤其是工程人才和產品人才是很難的。我的意思是它在市場上非常有競爭力。因此，當我們希望在信貸領域建立更多的基礎設施時，我的意思是，50% 的美國消費者持有信用卡。信用卡－信用卡在世界其他地區還處於萌芽階段，但我們將會看到它的發展。我們知道，亞洲將在未來幾年成為世界上最大的信用卡市場。

So we continue to focus and build and add new features and functions in these areas. As I talked about around credit, 2021 was really the year we were investing pretty heavily within credit. Towards the end of the year, we saw just the scale of our customers and really investing into that.

因此，我們繼續關注並在這些領域中建立和添加新的特性和功能。正如我談到信貸時，2021 年確實是我們在信貸領域進行大量投資的一年。到年底，我們看到了客戶的規模，並真正對此進行了投資。

But a lot more to come in credit, a lot more to come in digital banking, not from a banking-as-a-service perspective, but more of all the core functionalities that build together. So our customers are coming to us. They want to build on Marqeta platform once and then build globally. And so we look to add more and more features that they can take advantage of within our platform.

但信貸領域、數位銀行領域還有更多的內容，不是從銀行即服務的角度來看，而是從共同建構的所有核心功能來看。所以我們的客戶來找我們。他們希望在 Marqeta 平台上建置一次，然後在全球範圍內建置。因此，我們希望添加越來越多的功能，讓他們在我們的平台中利用。

Our next question is from Andrew Jefferies (sic) [Andrew Jeffrey] with Truist.

我們的下一個問題來自 Andrew Jefferies（原文如此）[Andrew Jeffrey] 和 Truist。

I appreciate you taking the question. I wanted to ask a little bit more on -- the expansion and diversification of your business is really exciting, but particularly when I look at Block and the acquisition of Afterpay. Can you talk a little bit about the potential for that customer actually, and I'm thinking about Cash App in particular, accelerating and maybe even comprising a larger portion of your revenue in '22 and maybe into '23?

我很感謝你提出這個問題。我想多問一點——你們業務的擴張和多元化確實令人興奮，尤其是當我看到 Block 和 Afterpay 的收購時。您能談談該客戶實際上的潛力嗎？我正在特別考慮 Cash App，它將在 22 年甚至 23 年加速發展，甚至可能佔您收入的很大一部分？

I just think if Block is truly successful in knitting together those 2 ecosystems and driving greater engagement, it feels like that could be an underappreciated growth driver for Marqeta. How are you thinking about that?

我只是認為，如果 Block 真正成功地將這兩個生態系統結合在一起並推動更大的參與度，那麼感覺這可能會成為 Marqeta 的一個被低估的成長動力。你覺得怎麼樣？

Yes. That's a good point. As we've seen, Afterpay is a great customer of Marqeta. The acquisition by Cash App makes sense to really grow their ecosystem, bring more opportunities to their cardholders. And then we see even with Block or Cash App acquiring Credit Karma's tax prep services, you see them diversifying. And obviously, that drives more volume into the platform and then drives more volume out of the platform. And our customers -- our success is our customers' success. So we'll see that grow.

是的。那是個很好的觀點。如我們所見，Afterpay 是 Marqeta 的重要客戶。 Cash App 的收購對於真正發展其生態系統、為持卡人帶來更多機會是有意義的。然後我們看到，即使 Block 或 Cash App 收購了 Credit Karma 的稅務準備服務，您也會看到它們的多元化。顯然，這會推動更多的交易量進入平台，然後推動更多的交易量離開平台。我們的客戶－我們的成功就是客戶的成功。所以我們會看到這種成長。

We -- it's a good question about like if they really execute, can they grow more volume on the platform? For us is we hope so. I mean that's how we make money. Their success is our success again. So if they're able to do that, then that's fabulous. They win, their customers win and so do we and our shareholders. So our goal is to give them everything they need to be successful. That relationship we have with Block, specifically Cash App, Square Card and now teen card is obviously very, very important to us. And it's been very successful for both companies over the years.

我們——這是一個很好的問題，如果他們真的執行，他們可以在平台上增加更多的交易量嗎？對我們來說我們希望如此。我的意思是，這就是我們賺錢的方式。他們的成功又是我們的成功。因此，如果他們能夠做到這一點，那就太棒了。他們贏了，他們的客戶贏了，我們和股東也贏了。因此，我們的目標是為他們提供成功所需的一切。我們與 Block 的關係，特別是 Cash App、Square Card 以及現在的 Teen Card，對我們來說顯然非常非常重要。多年來，兩家公司都非常成功。

Okay. Yes, I look forward to seeing how that plays out. And then just a little more clarity around Plaid perhaps. Can you talk about the KPIs in that business? Is that going to be predominantly -- is that predominantly going to be an interchange-driven business? It sounds like maybe there's some SaaS component to that relationship. I'm just trying to understand exactly how that compares with the issuing business.

好的。是的，我期待看到結果如何。然後也許格子圖案會更加清晰一些。您能談談該業務的 KPI 嗎？這主要是——主要是交換驅動的業務嗎？聽起來這種關係可能存在一些 SaaS 元件。我只是想確切地了解這與發行業務相比如何。

Yes. Well, they do 2 core things for us. I mean number one is help us accelerate our go-to-market strategy and then bolster banking and money movement offerings for us. Again, most consumers know their user name and password for their bank, not necessarily their ABA routing number and account number. And the fact that Plaid works with 12,000 financial institutions and their commitment to both information security, tokenized account verification process is just far more secure.

是的。嗯，他們為我們做了兩件核心事。我的意思是，第一是幫助我們加快進入市場的策略，然後為我們提供銀行和貨幣流動服務。同樣，大多數消費者知道他們的銀行用戶名和密碼，但不一定知道他們的 ABA 路由號碼和帳號。事實上，Plaid 與 12,000 家金融機構合作，他們對資訊安全、代幣化帳戶驗證流程的承諾更加安全。

And that allows us to get more money in faster on to our platform through our customers. And then we make money through interchange. So they are connected. They're, in some way, sort of directly connected because the more volume that ACH delivers from banks on to our platform and the more money that is spent on cards obviously generates more interchange for us. So this is about how do we speed up the -- not only the ACH verification process, but how do we make it really easy for our customers to build better experiences for their customers on our platform.

這使我們能夠透過客戶更快地將更多資金轉移到我們的平台上。然後我們透過交換賺錢。所以它們是相連的。在某種程度上，它們是直接連接的，因為 ACH 從銀行向我們平台提供的交易量越多，花在卡片上的錢就越多，顯然會為我們帶來更多的交換。因此，這不僅關係到我們如何加快 ACH 驗證流程，還關係到我們如何讓我們的客戶真正輕鬆地在我們的平台上為其客戶打造更好的體驗。

Got it. That's helpful. Sorry, I'm a little remedial. So I appreciate the...

知道了。這很有幫助。抱歉，我有點補救。所以我很欣賞...

No. that's okay. I mean think about this, this allows us to really diversify our product offerings and bring more extensibility of our platform to our customers and just make it easier for them to make money.

不，沒關係。我的意思是想想這一點，這使我們能夠真正使我們的產品多樣化，並為我們的客戶帶來我們平台的更多可擴展性，並使他們更容易賺錢。

Our next question is from Andrew Bauch with SMBC Nikko.

我們的下一個問題來自 SMBC Nikko 的 Andrew Bauch。

Nice set of results here. The first one is more of a technical point. I see that there's some investments in due diligence around potential acquisitions. So could you give us a sense of what you guys are looking at? Or what kind of solutions you would like to kind of bring into the platform that could help the offering?

這裡有一組不錯的結果。第一個更多的是技術點。我發現圍繞潛在收購進行了一些盡職調查投資。那麼您能否讓我們了解一下你們在看什麼？或者您希望將什麼樣的解決方案引入平台來幫助提供產品？

Yes. I'll start with our goal is to maintain our first-mover advantage by leaning into product and tech. I mean we are a product-led company, which means the product is at the center of our customer road map and our customer experience and our customer journey. So how we think about that is where can we unlock value for our customers.

是的。首先，我們的目標是透過專注於產品和技術來保持我們的先發優勢。我的意思是，我們是一家以產品為主導的公司，這意味著產品是我們的客戶路線圖、客戶體驗和客戶旅程的中心。因此，我們如何思考這一點就是我們可以在哪裡為客戶釋放價值。

We recently added to our corporate development team as we plan to become more active. We both strategically and opportunistically look at M&A to launch new products and verticals. We definitely view M&A as a way to get to the market more quickly and where we don't have a core competency and then also obviously expanding globally.

我們最近增加了企業發展團隊，因為我們計劃變得更加活躍。我們從策略角度和機會主義角度看待併購，以推出新產品和垂直領域。我們絕對將併購視為更快進入市場的一種方式，在我們沒有核心能力的情況下，然後顯然也可以在全球擴張。

Our business is pretty unique in that card issuing processing is -- modern card issuing is a global phenomenon, but it's different in every single country. So as we go enter a country, especially countries where we see great opportunities both in card growth and other payment type growth, not only for Marqeta and the local companies in that specific -- either whether it's like continent or a country, but also for our customers. So we'll look to really M&A to either fill gaps on our road map or to accelerate our product road map.

我們的業務非常獨特，因為發卡處理是現代發卡是一種全球現象，但每個國家的情況都不同。因此，當我們進入一個國家時，尤其是那些我們在卡片成長和其他支付類型成長方面看到巨大機會的國家，不僅對於Marqeta 和該特定地區的本地公司而言——無論是大陸還是國家，而且對於我們的顧客。因此，我們將尋求真正的併購，以填補我們路線圖上的空白或加速我們的產品路線圖。

And if I would just add one thing to that, I think the more reasonable valuations in the space are certainly helpful, and we have a strong balance sheet. So we'll be disciplined about it. But we certainly think there are -- there could be opportunities for us to accelerate our plans, as Jason said.

如果我再補充一件事，我認為該領域更合理的估值肯定會有所幫助，而且我們擁有強大的資產負債表。所以我們會對此進行紀律處分。但我們當然認為，正如傑森所說，我們可能有機會加快我們的計劃。

Yes. It probably could be a good new talent acquisition lever as well.

是的。它也可能是一個很好的新人才獲取槓桿。

You got it.

你說對了。

My follow-up is, thinking about the partners added post 2019, is there a good way that we can dimensionalize the growth in that part of your business? And what I'm trying to get at is you have a lot of these new partnerships and relationships coming on. And I would assume that you're kind of slow to ramp those up to their full run rate. I guess what inning are we on some of the new things that you have coming out and maybe, call it, like a wallet share gain-type metric with your existing partners in that world?

我的後續行動是，考慮到 2019 年後新增的合作夥伴，有沒有一個好方法可以讓您這部分業務的成長維度化？我想要表達的是，你們有很多新的夥伴關係和關係正在出現。我認為你將它們提升到全部運行速度的速度有點慢。我想我們正在研究您推出的一些新事物，也許可以稱之為與您在那個世界中現有合作夥伴的錢包份額收益類型指標？

So I've talked about this in the past, and certainly, Mike would appreciate this, is the unique thing about Visa and Mastercard, they've interconnected every merchant in the world, whether online or offline that wants to accept payment cards. So that solves -- or what Marqeta solves for modern card issuing is really is that last mile.

所以我過去談到過這一點，當然，麥克會欣賞這一點，這是Visa 和萬事達卡的獨特之處，他們將世界上每個想要接受支付卡的商家（無論是線上還是線下）互連起來。所以這解決了——或者說 Marqeta 為現代發卡解決的問題實際上是最後一英里。

And we have seen a lot of customers and very well-known names of customers come on our platform. And these were verticals that even 5 years ago, we weren't really using as household terms like on-demand delivery or buy now, pay later or even expense management. And we've identified those verticals early.

我們看到很多客戶和非常知名的客戶來到了我們的平台。甚至在 5 年前，我們還沒有真正將這些垂直行業用作家庭術語，例如按需交付或立即購買、稍後付款甚至費用管理。我們很早就確定了這些垂直領域。

We think there's a number of other verticals out there as companies begin to grow while servicing the existing verticals, which is how do we help a customer like Affirm spread their wings throughout the world and shorten the time to market for bringing merchants on to their platform, whether online or offline.

我們認為，隨著公司在服務現有垂直行業的同時開始發展，還有許多其他垂直行業，這就是我們如何幫助像 Affirm 這樣的客戶在世界各地展開翅膀，並縮短將商家引入其平台的上市時間，無論是線上或線下。

So I don't know if there's a way to -- and we don't -- we obviously don't break out specific verticals in regards to their growth. But I think if we -- the numbers Mike threw out about 2019 around our growth of 3.5x net revenue in 2021 as 2019 as we've seen the success of the verticals.

所以我不知道是否有辦法——我們沒有辦法——我們顯然沒有打破關於它們成長的特定垂直領域。但我認為，如果我們——麥克在 2019 年拋出的數字，將 2021 年淨收入增長 3.5 倍視為 2019 年，因為我們已經看到了垂直行業的成功。

Now we've gotten tailwinds from the pandemic as consumer choice really changed in regards to not only how they order groceries and food, but how they actually shop. Now there's a number of other verticals out there where both modern card issuing and other payment types are really important, not just here in the U.S., but other places international.

現在，我們已經從大流行中受益，因為消費者的選擇不僅在如何訂購雜貨和食品方面發生了真正的變化，而且在他們實際購物的方式方面也發生了變化。現在，在許多其他垂直領域，現代發卡和其他支付類型都非常重要，不僅在美國，而且在國際其他地方。

So we've talked about this in the past, and I think I talked about it in the beginning here. We processed less than 1% of the card volume in the U.S. that's -- which is $6 trillion and then far less than that globally, which is $30 trillion. So if you think about where we're at today, to your point, still very early innings in regards to not only the growth that we believe will happen on our platform, but the growth internationally, both on existing customers, new customers and new verticals.

我們過去討論過這個問題，我想我一開始就討論過這個問題。我們處理的銀行卡交易量不到美國 6 兆美元的 1%，遠低於全球 30 兆美元的水平。因此，如果您考慮我們今天所處的位置，就您的觀點而言，不僅是我們相信我們平台上將會發生的成長，而且是國際上的成長，無論是現有客戶、新客戶還是新客戶，都還處於早期階段。垂直。

And I guess maybe...

我想也許...

Go ahead.

前進。

I was just going to add one thing. I think we still would expect to -- for the growth to continue to accelerate from those newer cohorts. So it does take maybe a year to -- or hopefully less to get on to the platform, and then it takes several quarters to ramp up. So we still see a lot of growth from those newer customers. Obviously, they're growing really fast and contributing more and more, but there's still more to come.

我只是想補充一件事。我認為我們仍然期望這些新群體的成長能夠繼續加速。因此，進入該平台可能需要一年的時間，或希望更短的時間，然後需要幾個季度的時間來提升。因此，我們仍然看到這些新客戶的大量成長。顯然，他們的成長速度非常快，貢獻也越來越大，但還有更多的事情要做。

Got it. Mike, congratulations on the new role.

知道了。麥克，祝賀你擔任新角色。

Thank you.

謝謝。

Our next question is from Bob Napoli with William Blair.

我們的下一個問題是鮑伯·納波利和威廉·布萊爾提出的。

Welcome, Mike, to the call. You're there 1 month, and you deliver a phenomenal quarter. That's a nice job.

麥克，歡迎您來電。你在那裡待了 1 個月，並交付了驚人的季度業績。這是一份不錯的工作。

2 weeks.

2週。

Right, 2 weeks. A lot of great questions have been asked, and I'm really intrigued by the partnership with Plaid and open banking. And is there -- and it seems like -- is that a global relationship with Plaid? There's a lot going on in open banking in Europe. I mean is this -- will this -- will you get deeper into open banking? Is it a channel -- will Plaid be a channel partner as well, I guess?

對了，2週。人們提出了很多很好的問題，我對與 Plaid 和開放銀行的合作非常感興趣。與 Plaid 之間是否有全球關係？歐洲的開放銀行業正在發生很多事情。我的意思是，您會更深入地了解開放銀行業務嗎？它是一個管道嗎——我猜 Plaid 也會成為通路夥伴嗎？

They're a channel partner today for just the U.S. right now. But yes, I've actually -- I've known Zach for many, many years. We've talked about probably a number of times that we're going to work together. We finally found a way to work together, which is how do we create a much better customer experience for our customers. And we're also big believers in open banking.

他們現在只是美國的通路夥伴。但是，是的，我實際上——我認識扎克很多很多年了。我們可能已經多次談論過我們將一起工作。我們最終找到了一種合作方式，這就是我們如何為客戶創造更好的客戶體驗。我們也是開放銀行業務的堅定擁護者。

As we see both neobanks becoming sort of on par with existing large financial institutions, this allows our platform to help those companies build more products and extend their wings. And our goal is to obviously spread more international. I've talked about before a company named Lydia, which is a digital bank based out of France, using us. So as we can bring more Plaid's technology to other parts of the world, in the 39 countries that we operate in, we'll certainly do that.

當我們看到兩家新銀行在某種程度上都與現有的大型金融機構相當時，這使得我們的平台能夠幫助這些公司打造更多產品並拓展業務。我們的目標顯然是更國際化。我之前談到一家名為 Lydia 的公司，這是一家總部位於法國的數位銀行，正在使用我們。因此，當我們能夠將更多 Plaid 的技術帶到世界其他地區時，在我們開展業務的 39 個國家/地區，我們一定會這樣做。

And I'd like to know which new verticals you're going to invest in before you will not tell the world, so I can invest in some of those companies privately. But as you look at your pipeline today of new business, how does it look versus what kind of like the mix? Is there more international, more new verticals? Or how do you -- the size of the pipeline versus new business?

我想知道在你不告訴世界之前你將投資哪些新的垂直領域，這樣我就可以私下投資其中一些公司。但是，當您審視今天的新業務管道時，您會發現它的外觀與混合類型有何不同？是否有更多國際化、更多新的垂直領域？或是你如何看待管道的規模與新業務的規模？

I mean you guys have just had a steady stream of announcements since your IPO. But how does that pipeline look today? And how is it different from maybe a year ago or a couple of years ago?

我的意思是，自首次公開募股以來，你們剛剛發布了源源不絕的公告。但現在這條管道看起來怎麼樣？這與一年前或幾年前有何不同？

Well, it's different in that -- well -- so let me talk about 3 different vectors. One vector is our existing customers and where they want to go and maybe some of the new things that they want to build. So we're building out new features, new functionality to do that.

嗯，不同之處在於——嗯——所以讓我談談 3 個不同的向量。其中一個向量是我們現有的客戶以及他們想去的地方，也許還有他們想要建立的一些新事物。因此，我們正在建立新功能、新功能來做到這一點。

Number two is where are we building out in specific verticals like credit and where can our platform, based on new customers or existing customers -- this is either through a partnership with FNBO or our partnership with Deserve, to help those companies scale and grow. And then third is really the international focus.

第二個問題是我們在信貸等特定垂直領域的發展方向，以及我們的平台可以在哪裡基於新客戶或現有客戶——這要么透過與FNBO 的合作，要么透過我們與Deserve 的合作，幫助這些公司擴大規模和發展。第三是真正的國際焦點。

I think -- and we made these mistakes in the very early days of -- when we went to Europe. We brought our U.S. playbook, and we were told pretty clearly that your playbook doesn't apply here. So when we go into new countries, we find different modalities of payments being used. And we find that both there's customers that are in that specific area that want to use us and use our technology, but we also discover basically new modalities, like account-to-account transfer, for instance, that is something, hey, should we be looking at this and potentially using it within our platform.

我認為，當我們去歐洲時，我們在很早的時候就犯了這些錯誤。我們帶來了美國的劇本，我們被明確告知你們的劇本不適用於這裡。因此，當我們進入新的國家時，我們發現正在使用不同的支付方式。我們發現該特定領域的客戶想要使用我們並使用我們的技術，但我們也發現了基本上新的模式，例如帳戶到帳戶的轉賬，這就是，嘿，我們應該嗎？正在研究這個並可能在在我們的平台中使用它。

Again, our goal is to really unlock value by bringing tools to both customers and prospects to help them build more. So going back to the pipeline, again, there's different ways we can go and look at this. I think number one is we're less than 1% of the card market in the U.S., much less than that internationally. So the vectors of growth are pretty significant.

同樣，我們的目標是透過為客戶和潛在客戶提供工具來幫助他們創造更多價值，從而真正釋放價值。因此，再次回到管道，我們可以透過不同的方式來看待這個問題。我認為第一是我們在美國信用卡市場的市佔率不到 1%，遠低於國際水準。因此，成長向量非常重要。

Our next question is from Ashwin Shirvaikar with Citi.

我們的下一個問題來自花旗銀行的 Ashwin Shirvaikar。

Jason, Mike, good results. And Mike, welcome.

傑森、麥克，成績很好。麥克，歡迎。

Thank you.

謝謝。

I guess let me start with what the right way is to think about sort of net revenue retention in 2022 with, obviously, a very robust level that you guys have. And then the -- maybe related question from a margin perspective is your visibility into full year gross margins, given mix, et cetera.

我想讓我先考慮一下 2022 年淨收入保留的正確方法，顯然，你們擁有非常強勁的水平。然後，從利潤率角度來看，可能相關的問題是您對全年毛利率的可見性，考慮到組合等。

Yes. So I can take that one, Ashwin. I think that if you look at the revenue retention that we've had, right, in 2020, the number was 200%, and a lot of that was fueled by on-demand delivery, right, was booming at that time. 2021, more BNPL-related and then some additional ramp in digital banking, for example.

是的。所以我可以接受那個，阿什溫。我認為，如果你看看我們在 2020 年的收入留存率，對吧，這個數字是 200%，其中很大一部分是由按需交付推動的，對吧，當時正在蓬勃發展。例如，到 2021 年，將會有更多與 BNPL 相關的業務，然後數位銀行業務也會出現一些額外的成長。

And so we still think the -- if you look at our client base and the way that they're expanding, and then they're even diversifying, as Jason mentioned earlier when talking about BNPL, sort of there'll be different flavors of BNPL and different ways to approach it to continue to expand that offering. And so we still feel that, that number will come down just like revenue growth has come down as the base gets larger and larger.

因此，我們仍然認為，如果你看看我們的客戶群以及他們擴張的方式，然後他們甚至變得多元化，正如傑森之前在談論 BNPL 時提到的那樣，會有不同風格的BNPL 以及採取不同的方式來繼續擴展該產品。因此，我們仍然認為，隨著基數越來越大，這個數字將會下降，就像收入成長下降一樣。

But we still have an existing customer base that's growing incredibly quickly, looking to expand in new geographies, as Jason has also mentioned, and diversify their offerings. Those are all things that we're helping them with. So we see this as something where this rate -- retention rate can remain quite high. I mean likely will come down as the base gets bigger, but still a very high number compared to most companies would enjoy.

但我們仍然擁有一個正在以驚人的速度成長的現有客戶群，正如傑森也提到的那樣，尋求在新的地區擴張，並使他們的產品多樣化。這些都是我們在幫助他們的事情。因此，我們認為保留率可以保持相當高的水平。我的意思是，隨著基數變大，可能會下降，但與大多數公司相比，這個數字仍然非常高。

And then your second question in terms of our visibility on the gross profit margin. Yes, I mean, I think that it's harder to project in the short term because you don't know sort of what the mix of volume is going to be. But if you look out over a longer period of time, like in this case, sharing what we expect for all of 2022, then a lot of those shorter-term impacts kind of move away and you're getting a much bigger mix of volume that is a little bit more predictable.

然後你的第二個問題是關於我們對毛利率的可見度。是的，我的意思是，我認為短期內很難預測，因為你不知道交易量的組合會是什麼樣子。但如果你著眼於較長一段時間，就像在本例中，分享我們對 2022 年全年的預期，那麼許多短期影響就會消失，你會得到更大的混合量這是更可預測的一點。

So it's -- there still could be some variability there. But when we look at the size of our business, the behavior that we've seen to date and where we expect our customers to expand, we feel like we have a reasonable ability to project it. And then obviously, as each quarter goes by, we'll share details as things change.

所以，那裡仍然可能存在一些變化。但當我們審視我們的業務規模、迄今為止所看到的行為以及我們期望客戶擴展的領域時，我們覺得我們有合理的能力來預測它。顯然，隨著每個季度的過去，我們將隨著情況的變化而分享詳細資訊。

Got it. And really appreciate the cadence comments that you had. But just to put a finer point on it, as I think of Q1 versus Q2, could you quantify the tax impact and, looking further out, the true-up impact from network incentives versus upside due to BNPL? Because I think the latter might discontinue as the true-up is obviously onetime in nature.

知道了。非常感謝您對節奏的評論。但為了更詳細地闡述這一點，正如我對第一季和第二季的看法一樣，您能否量化稅收影響，以及進一步展望網路激勵措施與 BNPL 帶來的上行影響的真實影響？因為我認為後者可能會停止，因為事實證明本質上是一次性的。

Yes. So I think if you look at the tax impacts, it's hard to know exactly when people will file and get their refunds. But we are already starting to see that earlier than what we had seen [flat year]. So right now, I guess, our assumption is it will sort of roughly be split between the 2 quarters. As some of it will come in, in late February and March, some people won't file until the deadline, right?

是的。所以我認為，如果你看看稅收影響，就很難確切地知道人們何時會提交申請並獲得退款。但我們已經開始比我們所看到的[平年]更早看到這一點。所以現在，我想，我們的假設是它將大致分成兩個季度。由於其中一些會在二月下旬和三月到來，有些人不會在截止日期之前提交，對吧？

And so then you get the benefits of that in more April and early May. So that's what we're expecting. But it's really -- that's, I guess, what we've assumed is maybe what I should say. But it's a really hard thing to know because it really is based on how quickly people will decide to file.

所以你會在四月和五月初享受到它的好處。這就是我們所期待的。但我想，這確實是我們所假設的，也許就是我該說的。但這確實是一件很難知道的事情，因為它實際上取決於人們決定提交申請的速度。

Our next question is from Josh Beck with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Josh Beck。

This is Alex on for Josh. I wanted to check back in around the crypto vertical. I may have missed it. I don't think we heard anything in the prepared remarks. Would just appreciate any thoughts around fourth quarter momentum and kind of what you're excited about in this vertical looking into '22.

這是亞歷克斯（Alex）替喬許（Josh）發言。我想重新審視一下加密貨幣產業。我可能錯過了。我認為我們在準備好的發言中沒有聽到任何內容。我很感激有關第四季度勢頭的任何想法，以及您對 22 年這個垂直領域的興奮點。

Yes. Thanks, Alex. So as we talked about in our last quarter was our platform acts as a gateway between fiat and cryptocurrencies for partners like Coinbase, Bakkt, Fold, Shakepay. And we're seeing a lot of incoming interest about this capability even as we see pretty large swings in the price of crypto, a number of types of crypto in the market. Using the Marqeta platform, crypto innovators now enable their customers to make these fiat purchases. And we're now finding that they are wanting to -- consumers are finding that this is a nice product to have, especially holders of crypto.

是的。謝謝，亞歷克斯。正如我們在上個季度談到的，我們的平台充當 Coinbase、Bakkt、Fold、Shakepay 等合作夥伴的法定貨幣和加密貨幣之間的網關。儘管我們看到市場上多種類型的加密貨幣的價格波動相當大，但我們仍然看到人們對這種功能產生了極大的興趣。使用 Marqeta 平台，加密貨幣創新者現在使他們的客戶能夠進行這些法定購買。我們現在發現他們想要——消費者發現這是一個不錯的產品，尤其是加密貨幣持有者。

For instance, Coinbase users can swipe a Marqeta-powered card at the point of sale, and we send an authorization for notification to Coinbase to check the user's crypto balance. Once they approve, Coinbase sells a crypto for fiat and funds the transaction. All this happens in real time, really creating a seamless experience for Coinbase users to spend their funds directly from their wallet without having to transfer funds.

例如，Coinbase 用戶可以在銷售點刷 Marqeta 支援的卡，我們會向 Coinbase 發送授權通知以檢查用戶的加密貨幣餘額。一旦獲得批准，Coinbase 就會出售加密貨幣換取法定貨幣並為交易提供資金。所有這一切都是即時發生的，真正為 Coinbase 用戶創造了一種無縫體驗，可以直接從錢包中支出資金，而無需轉移資金。

So we don't break out specifically how each customer is doing. I will say, we are seeing significant traction from these customers. Revenue from these customers is now in the millions, whereas last year, it was almost nonexistent. And much like we did for verticals like on-demand delivery and buy now, pay later, they're using our JIT Funding or Just-in-Time Funding technology to go build this. So we're excited about the vertical. We're investing more in it.

因此，我們不會具體透露每位客戶的具體情況。我想說的是，我們看到這些客戶的巨大吸引力。現在這些客戶的收入已達數百萬，而去年幾乎為零。就像我們對按需交付和立即購買、稍後付款等垂直行業所做的那樣，他們正在使用我們的 JIT 融資或即時融資技術來建立這個專案。所以我們對垂直領域感到興奮。我們正在加大投入。

As we see demand increase -- and as we've heard in the last couple of days, President Biden signing an order to look more and more at regulation, I'm somebody who thinks that regulation in the crypto market is actually important. And in some ways, it's going to unlock more value for companies like Marqeta and their customers.

當我們看到需求增加時——正如我們在過去幾天聽到的那樣，拜登總統簽署了一項越來越關注監管的命令，我認為加密貨幣市場的監管實際上很重要。在某些方面，它將為 Marqeta 等公司及其客戶釋放更多價值。

Great. I appreciate all the thoughts there. Maybe just lastly, with respect to the Citi relationship, do you view this as more or less representative of the kind of size and scope of the opportunities in the FI pipeline, just kind of thinking about the initial land opportunity?

偉大的。我很欣賞那裡的所有想法。也許最後，關於花旗的關係，您是否認為這或多或少代表了金融機構管道中機會的規模和範圍，只是考慮了最初的土地機會？

Yes.

是的。

This is your answer?

這就是你的答案？

This is -- yes, just to put a finer point on that. I mean we've talked about, during the road show in the last few quarters, large financial institutions is an important part of our strategy. And we're in the picks and shovels business. We powered and we had this DNA match really with commerce disruptors, where they needed picks and shovels to go build their businesses.

這是——是的，只是為了更詳細地闡述這一點。我的意思是，我們在過去幾季的路演中談到，大型金融機構是我們策略的重要組成部分。我們從事鎬和鏟子業務。我們提供動力，我們與商業顛覆者進行了真正的DNA匹配，他們需要鎬和鏟子來建立他們的業務。

Now we've attracted different types of companies, especially now in the large financial institution space, where they're wondering, hey, how do we use Marqeta's technology to help us build new features, new functionality and new businesses. So it's something that is a strategic imperative for us and something that we will be focusing on and talking about more in the future.

現在我們吸引了不同類型的公司，尤其是在大型金融機構領域，他們想知道，嘿，我們如何使用 Marqeta 的技術來幫助我們建立新功能、新功能和新業務。因此，這對我們來說是戰略上的當務之急，也是我們未來將重點關注和更多討論的事情。

We have reached the end of the question-and-answer session. And I will now turn the call over to Jason Gardner for closing remarks.

我們的問答環節已經結束。現在我將把電話轉給傑森·加德納（Jason Gardner）做總結發言。

Thank you, Kyle. Thank you to Mike, 2 weeks on the job, joining us for Q4 of '21 earnings. Also thanks to Stacey. Thank you to everyone that asked the questions. Thank you for everyone joining the call. Have a great 2022. We very much look forward to talking about our Q1 of '22 results, and we'll let you know sometime in the future when that's going to happen. So thank you again, and stay safe. Take care, everybody. Bye-bye.

謝謝你，凱爾。感謝麥克，入職兩週後加入我們，了解 21 年第四季的收益。還要感謝史黛西。感謝所有提出問題的人。感謝大家加入通話。祝您 2022 年過得愉快。我們非常期待談論 22 年第一季的結果，我們將在未來某個時候通知您。再次感謝您，並注意安全。大家保重。再見。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，此時您可以掛斷電話了。感謝您的參與。