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Marqeta Reports First Quarter 2023 Financial Results

Company announces total purchase volume crosses $50 billion a quarter for the first time as well as a $200 million share repurchase program and expected annual operational expense reductions of $40-45 million.

Marqeta, Inc. (NASDAQ: MQ), the global modern card issuing platform, today reported financial results for the first quarter ended March 31, 2023.

Total processing volume (TPV) was $50 billion, with net revenue of $217 million, representing year-over-year increases of 37% and 31%, respectively. Gross profit was $89 million, an increase of 19% year over year, resulting in a gross margin of 41%. GAAP net loss was $69 million and Adjusted EBITDA loss was $4 million.

“In the first quarter of 2023, we started to see our strategic focus on embedded finance and the implementation of new operating efficiencies pay off, laying a strong foundation for Marqeta’s future. Our financial results once again showed our ability to innovate at scale,” said Simon Khalaf, CEO of Marqeta.

Recent Business Updates:

Marqeta highlighted several recent business updates that demonstrate its current business momentum:

  • Marqeta announced that over 50% of its bookings in the past year are with embedded finance customers, with accelerating momentum in Q1 2023.
  • Marqeta deepened its partnership with ONE, a leading consumer fintech backed by Walmart and Ribbit Capital, powering the ONE debit card to deliver on the company's mission of helping consumers save, spend, and grow their money — all in one place.
  • Marqeta was chosen by WorkWhile to power accelerated wage access to its workers, which will allow WorkWhile workers faster-than-ever access to their earned wages, as soon as their shift hours are approved, helping to significantly reduce their need for credit and improving their financial well-being.

Operational Efficiency:

  • Marqeta announced that it will accelerate the realization of its efficiency goals and take restructuring actions in Q2 to reduce operating expenses by $40-$45 million on an annual run rate basis to help put the company on a path to profitability.

Share Repurchase:

  • Marqeta announced that its Board of Directors has authorized a share repurchase program for up to $200m of its Class A common stock. "This plan demonstrates the confidence the Board and management team has in the strength of Marqeta's business and long-term market opportunity, which we believe is not reflected in Marqeta's current market valuation," said Simon Khalaf, CEO of Marqeta.

Operating Highlights

In thousands, except percentages and per share data. % change is calculated over the

comparable prior-year period (unaudited)

Three Months Ended March 31,

 

%

Change

 

2023

 

 

 

2022

 

 

Financial metrics:

 

 

 

 

 

Net revenue

$

217,343

 

 

$

166,102

 

 

31

%

Gross profit

$

89,164

 

 

$

74,726

 

 

19

%

Gross margin

 

41

%

 

 

45

%

 

 

Total operating expenses

$

176,597

 

 

$

123,998

 

 

42

%

Net loss

($

68,801

)

 

($

60,598

)

 

(14

)%

Net loss margin

 

(32

)%

 

 

(36

)%

 

 

Net loss per share - basic and diluted

($

0.13

)

 

($

0.11

)

 

(18

)%

Key operating metric and Non-GAAP financial measures:

 

 

 

 

 

Total Processing Volume (TPV) (in millions) 1

$

50,020

 

 

$

36,626

 

 

37

%

Adjusted EBITDA 2

($

4,346

)

 

($

10,453

)

 

58

%

Adjusted EBITDA margin 2

 

(2

)%

 

 

(6

)%

 

 

Non-GAAP operating expenses 2

$

93,510

 

 

$

85,179

 

 

10

%

1 TPV represents the total dollar amount of payments processed through our platform, net of returns and chargebacks. We believe that TPV is a key indicator of the market adoption of our platform, growth of our brand, growth of our customers' businesses and scale of our business.

2 See "Information Regarding Non-GAAP Measures" for definitions of Adjusted EBITDA, Adjusted EBITDA margin, and Non-GAAP operating expenses and the reconciliations of the net loss to Adjusted EBITDA, and of the total operating expenses to Non-GAAP operating expenses.

First Quarter 2023 Financial Results:

Net revenue increased by $51 million, or 31% year-over-year, rising to $217 million from $166 million in the first quarter of 2022 resulting from a 37% increase in TPV year-over-year, partially offset by unfavorable changes in our card programs mix.

Gross profit increased by 19% year-over-year, rising to $89 million from $75 million in the first quarter of 2022 primarily due to our TPV growth. Gross margin was 41% in the first quarter of 2023.

Net loss increased by $8 million to $69 million in the quarter, including a $32 million one-time, non-cash postcombination compensation expense related to the Power acquisition. Our increase in gross profit was partially offset by increases in compensation and benefits and technology expenses due to annual compensation increases and higher TPV, respectively. Net loss margin was (32)% in the first quarter of 2023.

Total Processing Volume increased by 37% year-over-year, rising to $50 billion from $37 billion in the first quarter of 2022.

Adjusted EBITDA in the first quarter of 2023 was ($4) million. Adjusted EBITDA margin was (2%) in the first quarter of 2023.

Financial Guidance

The following summarizes Marqeta's guidance for the second quarter of 2023:

 

Second Quarter 2023

Net Revenue Growth

17 - 19%

Gross Profit Growth

1 - 3%

Adjusted EBITDA Margin (1)

Negative 4 - 6%

(1) See "Information Regarding Non-GAAP Measures" for the definition of Adjusted EBITDA and for information regarding non-availability of a forward reconciliation.

A reconciliation of Adjusted EBITDA to the comparable GAAP measure for the second quarter of 2023 is not available due to the challenges and impracticability with estimating some of the items, such as share based compensation expense, depreciation and amortization expense, and payroll tax expense, as such items cannot be reasonably predicted and could be significant. Because of those challenges, reconciliations of such forward-looking non-GAAP financial measures are not available without unreasonable effort.

Conference Call

Marqeta will host a live conference call today at 1:30 p.m. Pacific time (4:30 p.m. Eastern time). To join the call, please dial-in 10 minutes in advance: toll-free at 1-877-407-4018 or direct at 1-201-689-8471. The conference call will also be available live via webcast online at http://investors.marqeta.com.

The telephone replay dial-in numbers are 1-844-512-2921 and 1-412-317-6671 and will be available until May 16, 2023, 8:59 p.m. Pacific time (11:59 p.m. Eastern time). The confirmation code for the replay is 13737750.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, statements relating to Marqeta’s quarterly guidance; statements regarding Marqeta’s business plans and business strategy, including the expected operating efficiencies, and the continued success and growth of our customers; statements regarding our intended share repurchases; statements and expectations regarding Marqeta's partnerships, new product introductions, and product capabilities; and statements made by Marqeta’s CEO. Actual results may differ materially from the expectations contained in these statements due to risks and uncertainties, including, but not limited to, the following: the effect of uncertainties related to global economies, our business, results of operations, financial condition, demand for our platform, sales cycles and customer retention; the risk that Marqeta is unable to further attract, retain, diversify, and expand its customer base; the risk that Marqeta is unable to drive increased profitable transactions on its platform; the risk that consumers and customers will not perceive the benefits of Marqeta’s products as Marqeta expects; the risk that Marqeta's technology platform, including hosted solutions, do not operate as intended resulting in system outages; the risk that Marqeta will not be able to achieve the cost structure that Marqeta currently expects; the risk that Marqeta’s solution will not achieve the expected market acceptance; the risk that competition could reduce expected demand for Marqeta’s services; the risk that changes in the regulatory landscape adversely affects the gross interchange or other revenue Marqeta earns or adversely affects the bank and network costs Marqeta incurs; the risk that Marqeta may be unable to maintain relationships with Issuing Banks and Card Networks; the risk that Marqeta is not able to identify and recognize the anticipated benefits of any acquisition; the risk that Marqeta is unable to successfully integrate any acquisition to businesses and related operations; the risk that we are unable to recognize efficiencies from the restructuring plan; the risk that we are unable to receive expected financial benefits from the share repurchase program; the risk of ongoing financial services and banking sector instability and follow on effects to fintech companies, general economic conditions in either domestic or international markets, including inflation and recessionary fears, conditions resulting from geopolitical uncertainty and instability or war, including the direct and indirect effects of the significant military action against Ukraine launched by Russia on U.S. and global economies, our business, results of operations, financial condition, and demand for our platform; and the risk that Marqeta may be subject to additional risks such as inflation or currency fluctuations due to its international business activities. Detailed information about these risks and other factors that could potentially affect Marqeta’s business, financial condition and results of operations are included in the “Risk Factors” disclosed in Marqeta's Annual Report on Form 10-K for the year ended December 31, 2022, as such risk factors may be updated from time to time in Marqeta’s periodic filings with the SEC, available at www.sec.gov and Marqeta’s website at http://investors.marqeta.com.

The forward-looking statements in this press release are based on information available to Marqeta as of the date hereof. Marqeta disclaims any obligation to update any forward-looking statements, except as required by law.

Disclosure Information

Investors and others should note that Marqeta announces material financial information to its investors using its investor relations website, SEC filings, press releases, public conference calls and webcasts. Marqeta also uses social media to communicate with its customers and the public about Marqeta, its products and services and other matters relating to its business and market. It is possible that the information Marqeta posts on social media could be deemed to be material information. Therefore, Marqeta encourages investors, the media, and others interested in Marqeta to review the information we post on social media channels including the Marqeta Twitter feed (@Marqeta), the Marqeta Instagram page (@lifeatmarqeta), the Marqeta Facebook page, and the Marqeta LinkedIn page. These social media channels may be updated from time to time.

Use of Non-GAAP Financial Measures

Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables titled "Information Regarding Non-GAAP Financial Measures".

About Marqeta, Inc.

Marqeta’s modern card issuing platform empowers its customers to create customized and innovative payment cards. Marqeta’s modern architecture gives its customers the ability to build more configurable and flexible payment experiences, accelerating time-to-market and democratizing access to card issuing technology. Marqeta’s open APIs provide instant access to highly scalable, cloud-based payment infrastructure that enables customers to launch and manage their own card programs, issue cards and authorize and settle payment transactions. Marqeta is headquartered in Oakland, California and is certified to operate in 40 countries globally.

Marqeta® is a registered trademark of Marqeta, Inc.

Marqeta, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(unaudited)

 

Three Months Ended March 31,

 

 

2023

 

 

 

2022

 

Net revenue

$

217,343

 

 

$

166,102

 

Costs of revenue

 

128,179

 

 

 

91,376

 

Gross profit

 

89,164

 

 

 

74,726

 

Operating expenses:

 

 

 

Compensation and benefits

 

147,759

 

 

 

100,348

 

Technology

 

14,590

 

 

 

11,384

 

Professional services

 

5,437

 

 

 

4,770

 

Occupancy

 

1,154

 

 

 

1,115

 

Depreciation and amortization

 

1,980

 

 

 

979

 

Marketing and advertising

 

441

 

 

 

559

 

Other operating expenses

 

5,236

 

 

 

4,843

 

Total operating expenses

 

176,597

 

 

 

123,998

 

Loss from operations

 

(87,433

)

 

 

(49,272

)

Other income (expense), net

 

11,672

 

 

 

(11,677

)

Loss before income tax expense

 

(75,761

)

 

 

(60,949

)

Income tax expense (benefit)

 

(6,960

)

 

 

(351

)

Net loss

$

(68,801

)

 

$

(60,598

)

Net loss per share attributable to common stockholders, basic and diluted

$

(0.13

)

 

$

(0.11

)

Weighted-average shares used in computing net loss per share attributable to

common stockholders, basic and diluted

 

539,744,130

 

 

 

542,565,992

 

Marqeta, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

 

 

March 31,

2023

 

December 31,

2022

 

 

(unaudited)

 

 

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

1,050,414

 

 

$

1,183,846

 

Restricted cash

 

 

7,800

 

 

 

7,800

 

Marketable securities

 

 

408,675

 

 

 

440,858

 

Accounts receivable, net

 

 

13,939

 

 

 

15,569

 

Settlements receivable, net

 

 

11,260

 

 

 

18,028

 

Network incentives receivable

 

 

59,363

 

 

 

42,661

 

Prepaid expenses and other current assets

 

 

33,560

 

 

 

38,007

 

Total current assets

 

 

1,585,011

 

 

 

1,746,769

 

Property and equipment, net

 

 

10,662

 

 

 

7,440

 

Operating lease right-of-use assets, net

 

 

8,408

 

 

 

9,015

 

Goodwill

 

 

123,446

 

 

 

 

Other assets

 

 

46,656

 

 

 

7,122

 

Total assets

 

$

1,774,183

 

 

$

1,770,346

 

Liabilities and stockholders' equity

 

 

 

 

Current liabilities

 

 

 

 

Accounts payable

 

$

2,981

 

 

$

3,798

 

Revenue share payable

 

 

146,868

 

 

 

142,194

 

Accrued expenses and other current liabilities

 

 

176,459

 

 

 

136,887

 

Total current liabilities

 

 

326,308

 

 

 

282,879

 

Operating lease liabilities, net of current portion

 

 

8,096

 

 

 

9,034

 

Other liabilities

 

 

6,129

 

 

 

5,477

 

Total liabilities

 

 

340,533

 

 

 

297,390

 

Stockholders' equity:

 

 

 

 

Preferred stock

 

 

 

 

 

 

Common stock

 

 

53

 

 

 

53

 

Additional paid-in capital

 

 

2,107,814

 

 

 

2,082,373

 

Accumulated other comprehensive loss

 

 

(3,183

)

 

 

(7,237

)

Accumulated deficit

 

 

(671,034

)

 

 

(602,233

)

Total stockholders’ equity

 

 

1,433,650

 

 

 

1,472,956

 

Total liabilities and stockholders' equity

 

$

1,774,183

 

 

$

1,770,346

 

Marqeta, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

 

2022

 

Cash flows from operating activities:

 

 

 

 

Net loss

 

$

(68,801

)

 

$

(60,598

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

 

1,980

 

 

 

979

 

Share-based compensation expense

 

 

45,999

 

 

 

37,005

 

Non-cash postcombination compensation expense

 

 

32,430

 

 

 

 

Non-cash operating leases expense

 

 

607

 

 

 

548

 

Amortization of premium on marketable securities

 

 

(975

)

 

 

184

 

Impairment of other financial instruments

 

 

 

 

 

11,616

 

Other

 

 

209

 

 

 

282

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

 

1,554

 

 

 

4,223

 

Settlements receivable

 

 

6,768

 

 

 

2,173

 

Network incentives receivable

 

 

(16,702

)

 

 

(15,322

)

Prepaid expenses and other assets

 

 

7,203

 

 

 

(21,256

)

Accounts payable

 

 

224

 

 

 

(801

)

Revenue share payable

 

 

4,674

 

 

 

8,866

 

Accrued expenses and other liabilities

 

 

(24,907

)

 

 

(13,937

)

Operating lease liabilities

 

 

(809

)

 

 

(721

)

Net cash used in operating activities

 

 

(10,546

)

 

 

(46,759

)

Cash flows from investing activities:

 

 

 

 

Purchases of property and equipment

 

 

(577

)

 

 

(612

)

Capitalization of internal-use software

 

 

(3,032

)

 

 

 

Business combination, net of cash acquired

 

 

(131,914

)

 

 

 

Purchases of marketable securities

 

 

(70,807

)

 

 

(10,022

)

Maturities of marketable securities

 

 

108,000

 

 

 

9,800

 

Net cash used in investing activities

 

 

(98,330

)

 

 

(834

)

Cash flows from financing activities:

 

 

 

 

Proceeds from exercise of stock options, including early exercised stock options

 

 

1,016

 

 

 

1,971

 

Taxes paid related to net share settlement of restricted stock units

 

 

(3,746

)

 

 

(4,702

)

Repurchases of common stock

 

 

(21,826

)

 

 

 

Net cash used in financing activities

 

 

(24,556

)

 

 

(2,731

)

Net decrease in cash, cash equivalents, and restricted cash

 

 

(133,432

)

 

 

(50,324

)

Cash, cash equivalents, and restricted cash- Beginning of period

 

 

1,191,646

 

 

 

1,255,381

 

Cash, cash equivalents, and restricted cash - End of period

 

$

1,058,214

 

 

$

1,205,057

 

Marqeta, Inc.

Financial and Operating Highlights

(in thousands, except per share data or as noted)

(unaudited)

 

 

2023

 

2022

 

Year over

Year Change

Q1'23 vs

Q1'22

 

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

 

Operating performance:

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue

 

$

217,343

 

 

$

203,805

 

 

$

191,621

 

 

$

186,678

 

 

$

166,102

 

 

31

%

Costs of revenue

 

 

128,179

 

 

 

116,681

 

 

 

111,519

 

 

 

108,629

 

 

 

91,376

 

 

40

%

Gross profit

 

 

89,164

 

 

 

87,124

 

 

 

80,102

 

 

 

78,049

 

 

 

74,726

 

 

19

%

Gross margin

 

 

41

%

 

 

43

%

 

 

42

%

 

 

42

%

 

 

45

%

 

(4) pps

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

147,759

 

 

 

110,991

 

 

 

105,887

 

 

 

97,868

 

 

 

100,348

 

 

47

%

Technology

 

 

14,590

 

 

 

14,401

 

 

 

13,422

 

 

 

13,154

 

 

 

11,384

 

 

28

%

Professional services

 

 

5,437

 

 

 

6,295

 

 

 

6,620

 

 

 

5,794

 

 

 

4,770

 

 

14

%

Occupancy and equipment

 

 

1,154

 

 

 

1,126

 

 

 

1,125

 

 

 

1,148

 

 

 

1,115

 

 

3

%

Depreciation and amortization

 

 

1,980

 

 

 

1,019

 

 

 

934

 

 

 

921

 

 

 

979

 

 

102

%

Marketing and advertising

 

 

441

 

 

 

1,862

 

 

 

688

 

 

 

886

 

 

 

559

 

 

(21

)%

Other operating expenses

 

 

5,236

 

 

 

5,753

 

 

 

10,922

 

 

 

4,995

 

 

 

4,843

 

 

8

%

Total operating expenses

 

 

176,597

 

 

 

141,447

 

 

 

139,598

 

 

 

124,766

 

 

 

123,998

 

 

42

%

Loss from operations

 

 

(87,433

)

 

 

(54,323

)

 

 

(59,496

)

 

 

(46,717

)

 

 

(49,272

)

 

77

%

Other income (expense), net

 

 

11,672

 

 

 

28,468

 

 

 

6,333

 

 

 

1,802

 

 

 

(11,677

)

 

n/m

 

Loss before income tax expense

 

 

(75,761

)

 

 

(25,855

)

 

 

(53,163

)

 

 

(44,915

)

 

 

(60,949

)

 

24

%

Income tax expense (benefit)

 

 

(6,960

)

 

 

471

 

 

 

5

 

 

 

(227

)

 

 

(351

)

 

1883

%

Net loss

 

$

(68,801

)

 

$

(26,326

)

 

$

(53,168

)

 

$

(44,688

)

 

$

(60,598

)

 

14

%

Loss per share - basic and diluted

 

$

(0.13

)

 

$

(0.05

)

 

$

(0.10

)

 

$

(0.08

)

 

$

(0.11

)

 

18

%

TPV (in millions)

 

$

50,020

 

 

$

46,704

 

 

$

42,473

 

 

$

40,457

 

 

$

36,626

 

 

37

%

Adjusted EBITDA

 

$

(4,346

)

 

$

(7,488

)

 

$

(13,630

)

 

$

(10,225

)

 

$

(10,453

)

 

(58

)%

Adjusted EBITDA margin

 

 

(2

)%

 

 

(4

)%

 

 

(7

)%

 

 

(5

)%

 

 

(6

)%

 

4 pps

Financial condition:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,050,414

 

 

$

1,183,846

 

 

$

1,204,857

 

 

$

1,220,273

 

 

$

1,197,257

 

 

(12

) %

Restricted cash

 

$

7,800

 

 

$

7,800

 

 

$

7,800

 

 

$

7,800

 

 

$

7,800

 

 

%

Marketable securities

 

$

408,675

 

 

$

440,858

 

 

$

441,132

 

 

$

444,873

 

 

$

447,046

 

 

(9

) %

Total assets

 

$

1,774,183

 

 

$

1,770,346

 

 

$

1,774,455

 

 

$

1,776,930

 

 

$

1,793,483

 

 

(1

) %

Total liabilities

 

$

340,533

 

 

$

297,390

 

 

$

262,117

 

 

$

242,373

 

 

$

249,851

 

 

36

%

Stockholders' equity

 

$

1,433,650

 

 

$

1,472,956

 

 

$

1,512,338

 

 

$

1,534,557

 

 

$

1,543,632

 

 

(7

)%

pps = percentage points

n/m = not meaningful

 

Marqeta, Inc.

Reconciliation of GAAP to NON-GAAP Measures

(in thousands)

(unaudited)

Information Regarding Non-GAAP Measures

In addition to the financial measures prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), this press release contains certain non-GAAP financial measures. Marqeta considers Adjusted EBITDA, Adjusted EBITDA Margin, and Non-GAAP operating expenses as supplemental measures of the company’s performance that are not required by, nor presented in accordance with GAAP.

We define Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortization; share-based compensation expense; payroll tax related to share-based compensation; acquisition-related expenses which consists of due diligence costs related to potential acquisitions, transaction costs and integration costs related to successful acquisitions, and non-cash postcombination compensation expenses; income tax expense (benefit); and other expense (income) net, which consists of realized foreign currency gains and losses, interest income from our marketable securities, our share of equity method investments’ profit or loss, and impairment of equity method investments or other financial instruments. We believe that Adjusted EBITDA is an important measure of operating performance because it allows management and our board of directors to evaluate and compare our core operating results, including our operating efficiencies, from period to period. Additionally, we utilize Adjusted EBITDA as an input into our calculation of certain annual employee bonus plans.

Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by net revenue. This measure is used by management and our board of directors to evaluate our operating efficiency.

We define Non-GAAP operating expenses as total operating expenses adjusted to exclude depreciation and amortization; share-based compensation expense; payroll tax related to share-based compensation; and acquisition-related expenses which consists of due diligence costs related to potential acquisitions, transaction costs and integration costs related to successful acquisitions, and non-cash postcombination compensation expenses.

Adjusted EBITDA, Adjusted EBITDA Margin, and Non-GAAP operating expenses should not be considered in isolation, or construed as an alternative to net loss, or any other performance measures derived in accordance with GAAP, or as an alternative to cash flow from operating activities or as a measure of the company's liquidity. In addition, other companies may calculate Adjusted EBITDA differently than Marqeta does, which limits its usefulness in comparing Marqeta’s financial results with those of other companies.

The following table shows Marqeta's GAAP results reconciled to non-GAAP results included in this release:

 

Three Months Ended March 31,

 

 

2023

 

 

 

2022

 

GAAP net revenue

$

217,343

 

 

$

166,102

 

GAAP net loss

$

(68,801

)

 

$

(60,598

)

GAAP net loss margin

 

(32

)%

 

 

(36

)%

GAAP total operating expenses

$

176,597

 

 

$

123,998

 

 

 

 

 

GAAP net loss

$

(68,801

)

 

$

(60,598

)

Depreciation and amortization expense

 

1,980

 

 

 

979

 

Share-based compensation expense

 

45,999

 

 

 

37,005

 

Payroll tax expense related to share-based compensation

 

640

 

 

 

835

 

Acquisition-related expenses (1)

 

34,468

 

 

 

 

Other expense (income), net

 

(11,672

)

 

 

11,677

 

Income tax expense (benefit)

 

(6,960

)

 

 

(351

)

Adjusted EBITDA

$

(4,346

)

 

$

(10,453

)

Adjusted EBITDA Margin

 

(2

)%

 

 

(6

)%

 

 

 

 

GAAP Total operating expenses

$

176,597

 

 

$

123,998

 

Depreciation and amortization expense

 

(1,980

)

 

 

(979

)

Share-based compensation expense

 

(45,999

)

 

 

(37,005

)

Payroll tax expense related to share-based compensation

 

(640

)

 

 

(835

)

Acquisition-related expenses

 

(34,468

)

 

 

 

Non-GAAP operating expenses

$

93,510

 

 

$

85,179

 

_______________

(1) Acquisition-related expenses, which include transaction costs, integration costs, and non-cash postcombination compensation expense, have been excluded from adjusted EBITDA as such expenses are not reflective of our ongoing core operations and are not representative of the ongoing costs necessary to operate our business; instead, these are costs specifically associated with a discrete transaction.

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