secwatch.observer — SEC 8-K summary
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Issuer:     Marqeta, Inc. (MQ)
CIK:        0001522540
Form:       8-K
Filed at:   2024-05-07T23:59:59+00:00
Accession:  0001628280-24-021086
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Marqeta Q1: net rev $118M, adj EBITDA +$9M; exec chairman Gardner to step down; $200M buyback
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- Net revenue $118M (-46% YoY) due to Cash App contract change; Gross profit $84M (-6%); GAAP net loss $36M.
- Adjusted EBITDA positive $9M (8% margin); TPV $67B (+33% YoY).
- Executive Chairman Jason Gardner to step down June 13, 2024; remains as director; forfeits performance award, resulting in $157.8M reversal of stock comp in Q2.
- Board authorized $200M share repurchase program for Class A common stock.
- Jud Linville named independent Chair; Gardner converted 17.71M Class B shares to Class A reducing voting power to ~40%.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1522540/000162828024021086/0001628280-24-021086-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1522540/000162828024021086/mq-20240507.htm
  HTML page:      https://secwatch.observer/filing/0001628280-24-021086

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer