Connor Allen
JPMorgan Chase & Co, Research Division

Hi, everybody. Thanks for coming. My name is Connor Allen. I'm a payments analyst here at JPMorgan, and we're really happy to have Mike Milotich here, CEO of Marqeta. Mike, thanks for coming.

Mike Milotich
CEO & Director

Thank you so much for having me.

Connor Allen
JPMorgan Chase & Co, Research Division

So I thought we could just kick off with the state of the union a little bit. We talked before this about your first quarter and kind of the reaction to it. So maybe you can just start off with what you saw in the print, the recap of the quarter and any surprises you saw.

Mike Milotich
CEO & Director

Sure. We had a very good quarter. In my view, our TPV growth was 33%. Net revenue and gross profit, both 19%. All those were on the high end of our range of expectations. So did well.

Our EBITDA growth was 66%, which was much better. And net income of $8 million, which is a milestone for us, our first quarter on a pure operating basis, generating positive net income. And on top of that, we announced several good wins in terms of customers who are expanding geographically or customers who are doing -- expanding upon what we'll talk more about, I'm sure, the product continuum of credit and debit and then many products that are in between and even started processing for one of the large financial institutions in the U.S. So I would say, overall, we felt very good about the quarter. And no surprises, mostly as expected.