ANNUAL MEETING OF SHAREHOLDERS - MARQETA INC

Financial Performance:

• Reported full-year fiscal 2026 net sales of $3.84 billion, representing a 5% year-over-year increase.
• Reported diluted earnings per share (EPS) of $1.32; adjusted diluted EPS reached $1.86.
• Generated $200 million in operating cash flow and incurred $122 million in capital expenditures.
• Reduced total outstanding debt by $41 million during the fiscal year.
• Returned approximately $67 million to shareholders via a combination of dividends and share repurchases.

Guidance and Future Outlook:

• Entering fiscal 2027 with a strategic focus on three pillars: elevating operational discipline, maintaining rigorous cost discipline aligned with revenue, and sharpening capital allocation to strengthen the balance sheet.
• Prioritizing profitable growth and long-term value creation for associates and shareholders.
• Emphasizing continued investment in the global showroom network and international expansion to support scale.

Business Segments and Product Lines:

• Operates across contracts and retail channels through a portfolio of design-driven brands in over 100 countries.
• Launched over 40 new product lines and extensions at the Design Days trade show, expanding offerings in healthcare, workplace, and residential sectors.
• Expanded the U.S. retail footprint by opening 15 new Direct-to-Consumer (DWR) and Herman Miller locations in priority markets.
• Upgraded flagship showrooms in Chicago, New York, Monterey, Sao Paulo, and Shanghai to enhance customer engagement.

Market and Competitive Landscape:

• Maintains a competitive advantage through a robust global dealer network and diverse brand portfolio.
• Recognized as one of Time Magazine's "America's Best Companies" (2026), Forbes' "Best Employers" (2026), and a Civic 50 "Most Community-Minded" recipient.
• Leverages a design-led strategy to respond to evolving customer needs and market trends.

Risks and Challenges:

• Forward-looking statements include risks and uncertainties that could cause actual results to differ materially from projections, as detailed in SEC Form 10-K and 10-Q filings.
• The company assumes no obligation to update forward-looking statements after the meeting date.
• No specific operational risks or supply chain challenges were detailed in the provided transcript.

Management Commentary and Tone:

• Management (Jeff Stutz, Interim CEO) expressed confidence in a "strong finish" to fiscal 2026 and a clear strategic path for fiscal 2027.
• Tone emphasized discipline in cost management, resource allocation, and debt reduction while preserving investment capacity.
• Leadership highlighted a five-year anniversary milestone, reinforcing commitment to culture and design leadership.

Analyst Questions and Answers:

• The transcript indicates no questions were submitted or answered during the session; the meeting was adjourned immediately following the business overview due to a lack of inquiries.

Other Key Points:

• The event was the 2026 Annual Shareholder Meeting (notably mislabeled as 2027 in the opening remarks by the Chair), with ~94% share representation.
• All four board proposals were approved, including the election of three new directors (Jeannie Yang, Michael R. Smith, Claire Spofford) for three-year terms.
• KPMG LLP was ratified as the independent auditor for the fiscal year ending May 29, 2027.
• The 2026 Long-Term Incentive Plan was approved by shareholders.
• Note: The transcript contains inconsistent naming references (Miller Knoll, Miller & Ohl, Miller & Ola, Miller & Noll), likely due to transcription errors for the actual entity "MillerKnoll."