Abacus Life Provides Preliminary Third Quarter 2024 Results
Abacus Life (NASDAQ: ABL) has released preliminary Q3 2024 results, anticipating Total Revenue between $26.0 and $28.0 million, representing a 23-33% year-over-year growth. The company expects a GAAP Net Loss between $6.0 and $6.75 million, primarily due to a non-cash increase in warrant liability of $8.0 to $9.0 million. Adjusted EBITDA is projected between $14.0 and $16.0 million, showing a 30-48% year-over-year growth.
CEO Jay Jackson highlighted key acquisitions of Carlisle Management Company SCA and FCF Advisors, as well as the addition of new executives. The company also partnered with Lorisco to launch PREADISAN™, a health prediction and actuarial technology tool. Abacus will release full Q3 2024 financial results on November 7, 2024, followed by a conference call.
Abacus Life (NASDAQ: ABL) ha pubblicato i risultati preliminari del terzo trimestre 2024, prevedendo Ricavi Totali tra 26,0 e 28,0 milioni di dollari, con una crescita anno su anno del 23-33%. L'azienda prevede una Perdita Netta GAAP tra 6,0 e 6,75 milioni di dollari, principalmente a causa di un aumento non monetario della responsabilità per warrant di 8,0 - 9,0 milioni di dollari. L'EBITDA rettificato è previsto tra 14,0 e 16,0 milioni di dollari, mostrando una crescita del 30-48% rispetto all'anno precedente.
Il CEO Jay Jackson ha evidenziato le acquisizioni chiave della Carlisle Management Company SCA e degli FCF Advisors, così come l'aggiunta di nuovi dirigenti. L'azienda ha inoltre collaborato con Lorisco per lanciare PREADISAN™, uno strumento di previsione della salute e tecnologia attuariale. Abacus pubblicherà i risultati finanziari completi del terzo trimestre 2024 il 7 novembre 2024, seguito da una conferenza telefonica.
Abacus Life (NASDAQ: ABL) ha publicado los resultados preliminares del tercer trimestre de 2024, anticipando ingresos totales entre 26,0 y 28,0 millones de dólares, que representan un crecimiento interanual del 23-33%. La compañía espera una pérdida neta GAAP entre 6,0 y 6,75 millones de dólares, principalmente debido a un aumento no monetario en la responsabilidad de warrants de 8,0 a 9,0 millones de dólares. Se proyecta que el EBITDA ajustado esté entre 14,0 y 16,0 millones de dólares, mostrando un crecimiento del 30-48% en comparación con el año anterior.
El CEO Jay Jackson destacó adquisiciones clave de Carlisle Management Company SCA y FCF Advisors, así como la incorporación de nuevos ejecutivos. La compañía también se asoció con Lorisco para lanzar PREADISAN™, una herramienta de predicción de salud y tecnología actuarial. Abacus publicará los resultados financieros completos del tercer trimestre de 2024 el 7 de noviembre de 2024, seguido de una conferencia telefónica.
Abacus Life (NASDAQ: ABL)는 2024년 3분기 예비 결과를 발표했으며, 총 수익이 2600만 달러에서 2800만 달러 사이일 것으로 예상하고 있으며, 이는 전년 대비 23-33% 성장한 수치입니다. 회사는 GAAP 순손실이 600만 달러에서 675만 달러 사이가 될 것으로 보며, 이는 주로 800만 달러에서 900만 달러 사이의 비현금 공모권 책임 증가로 인합니다. 조정된 EBITDA는 1400만 달러에서 1600만 달러 사이로 예상되며, 이는 전년 대비 30-48% 성장하는 것입니다.
CEO 제이 잭슨은 카일라일 경영 회사 SCA와 FCF 어드바이저의 주요 인수 및 새로운 임원 추가를 강조했습니다. 회사는 또한 로리스코와 협력하여 건강 예측 및 보험 기술 도구인 PREADISAN™을 출시했습니다. Abacus는 2024년 11월 7일에 2024년 3분기 전체 재무 결과를 발표하고, 이어 컨퍼런스 콜을 진행할 예정입니다.
Abacus Life (NASDAQ: ABL) a publié les résultats préliminaires du troisième trimestre 2024, anticipant des revenus totaux compris entre 26,0 et 28,0 millions de dollars, représentant une croissance d'année en année de 23 à 33 %. La société prévoit une perte nette GAAP comprise entre 6,0 et 6,75 millions de dollars, principalement en raison d'une augmentation non monétaire de la responsabilité des bons de souscription de 8,0 à 9,0 millions de dollars. L'EBITDA ajusté est projeté entre 14,0 et 16,0 millions de dollars, montrant une croissance de 30 à 48 % par rapport à l'année précédente.
Le PDG Jay Jackson a souligné les acquisitions clés de la Carlisle Management Company SCA et des FCF Advisors, ainsi que l'ajout de nouveaux dirigeants. L'entreprise s'est également associée à Lorisco pour lancer PREADISAN™, un outil de prédiction de la santé et de technologie actuarielle. Abacus publiera les résultats financiers complets du troisième trimestre 2024 le 7 novembre 2024, suivi d'une conférence téléphonique.
Abacus Life (NASDAQ: ABL) hat die vorläufigen Ergebnisse für das dritte Quartal 2024 veröffentlicht und erwartet Gesamterlöse zwischen 26,0 und 28,0 Millionen Dollar, was einem jährlichen Wachstum von 23-33% entspricht. Das Unternehmen erwartet einen GAAP-Nettoverlust zwischen 6,0 und 6,75 Millionen Dollar, hauptsächlich aufgrund eines nicht zahlungswirksamen Anstiegs der Warrant-Verpflichtungen von 8,0 bis 9,0 Millionen Dollar. Das bereinigte EBITDA wird zwischen 14,0 und 16,0 Millionen Dollar prognostiziert, was ein jährliches Wachstum von 30-48% zeigt.
CEO Jay Jackson hob wichtige Übernahmen der Carlisle Management Company SCA und der FCF Advisors hervor sowie die Hinzufügung neuer Führungskräfte. Das Unternehmen hat auch mit Lorisco zusammengearbeitet, um PREADISAN™, ein Werkzeug für Gesundheitsprognosen und versicherungsmathematische Technologie, auf den Markt zu bringen. Abacus wird die endgültigen Finanzberichte für das dritte Quartal 2024 am 7. November 2024 veröffentlichen, gefolgt von einer Telefonkonferenz.
- Total Revenue expected to grow 23-33% year-over-year
- Adjusted EBITDA projected to increase 30-48% year-over-year
- Strategic acquisitions of Carlisle Management Company SCA and FCF Advisors
- Launch of PREADISAN™ technology tool for personalized longevity forecasting
- Anticipated GAAP Net Loss between $6.0 and $6.75 million
- Non-cash increase in warrant liability of $8.0 to $9.0 million impacting net income
Insights
This preliminary Q3 2024 report from Abacus Life shows mixed results. The company expects Total Revenue between
The bright spot is Adjusted EBITDA, projected between
Key developments include:
- Acquisitions of Carlisle Management Company SCA and FCF Advisors
- New executive hires in Capital Markets and Investor Relations
- Partnership with Lorisco to launch PREADISAN™, a health prediction tool
Abacus Life's preliminary Q3 results reveal a company in transition, balancing growth with strategic investments. The
The expected GAAP loss, primarily due to non-cash warrant liability, shouldn't overshadow the robust Adjusted EBITDA growth. This metric, often used to assess operational performance, suggests Abacus is effectively scaling its core business.
The acquisitions and partnerships announced signal an aggressive expansion strategy. By integrating Carlisle Management and FCF Advisors, Abacus is likely aiming to diversify its product offerings and expand its market reach. The PREADISAN™ tool could be a game-changer, potentially giving Abacus a competitive edge in risk assessment and product customization.
Investors should watch for the full earnings report on November 7th to get a clearer picture of Abacus's financial health and growth trajectory in this niche but expanding market segment.
- Expects Total Revenue Between
- Expects GAAP Net Income / (Loss) Between (
- Expects Adjusted EBITDA Between
- Third Quarter 2024 Earnings Release and Conference Call to be Held Thursday, November 7, 2024 -
ORLANDO, Fla., Oct. 22, 2024 (GLOBE NEWSWIRE) -- Abacus Life, Inc. (“Abacus” or the “Company”) (NASDAQ: ABL), a leading global alternative asset manager focused on lifespan-based financial products, today announced preliminary unaudited financial results for the third quarter ended September 30, 2024.
Preliminary Financial Results - Third Quarter 2024
Based upon management's current expectations, the Company anticipates Total Revenue, Net Income, and Adjusted EBITDA, for the third quarter as follows:
| 3Q24 | |
| Total Revenue | Between |
| GAAP Net Income / (Loss) | Between ( |
| Adjusted EBITDA | Between |
“We are pleased to report another strong performance across our business, continuing to underscore the clear differentiation of our business model,” said Jay Jackson, Chief Executive Officer of Abacus. “During the quarter, we announced key acquisitions of Carlisle Management Company SCA and FCF Advisors. We are excited to welcome them to the Abacus family. In addition, we further strengthened our management team, welcoming Corey McLaren as Managing Director of Capital Markets and Robert F. Phillips as our new Senior Vice President of Investor Relations and Corporate Affairs. We also partnered with Lorisco to launch PREADISAN™, a revolutionary health prediction and actuarial technology tool, which is enabling us to offer unprecedented personalization in longevity forecasting, as well as highly tailored financial solutions for our clients. We remain committed to executing on our long-term growth initiatives and delivering value to our shareholders.”
Earnings Release and Conference Call
As previously noted, Abacus Life, Inc. will release its third quarter 2024 financial results after the market closes on Thursday, November 7, 2024. Management will hold a conference call to discuss the financial results at 5:00 pm Eastern Time on November 7, 2024. A live webcast of the conference call will be available on Abacus’ investor relations website at ir.abacuslife.com. The dial-in number for the conference call is (800) 267-6316 (toll-free) or (203) 518-9783 (international). Please dial the number 10 minutes prior to the scheduled start time.
Preliminary Information
The unaudited financial and operational information presented in this press release is preliminary and may change. Abacus’ financial closing procedures with respect to the estimated financial information provided in this press release are not yet complete, and as a result, the Company's final results may vary materially from the preliminary results included in this press release. Abacus undertakes no obligation to update or supplement the information provided in this press release until the Company releases its financial statements for the three months ended September 30, 2024. The preliminary financial information included in this press release reflects the Company's current estimates based on information available as of the date of this press release and has been prepared by Company management. This preliminary financial and operational information should not be viewed as a substitute for full financial statements prepared in accordance with GAAP and is not necessarily indicative of the results to be achieved for any future periods. This preliminary financial information could be impacted by the effects of financial closing procedures, final adjustments, and other developments.
Non-GAAP Financial Information
Adjusted EBITDA, a non-GAAP measure, is defined as net income (loss) attributable to Abacus adjusted for depreciation expense, amortization, interest expense, income tax and other non-cash and certain non-recurring items that in our judgement significantly impact the period-over-period assessment of performance and operating results that do not directly relate to business performance within Abacus’ control. A reconciliation of Adjusted EBITDA to Net income attributable to Abacus Life, the most directly comparable GAAP measure, appears below.
Forward-Looking Statements
All statements in this press release (and oral statements made regarding the subjects of this press release) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Abacus. Forward-looking information includes but is not limited to statements regarding: Abacus’s financial and operational outlook; Abacus’s operational and financial strategies, including planned growth initiatives and the benefits thereof, Abacus’s ability to successfully effect those strategies, and the expected results therefrom. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “expect,” ”intend,” “anticipate,” “goals,” “prospects,” “will,” “would,” “will continue,” “will likely result,” and similar expressions (including the negative versions of such words or expressions).
While Abacus believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: the fact that Abacus’s loss reserves are bases on estimates and may be inadequate to cover its actual losses; the failure to properly price Abacus’s insurance policies; the geographic concentration of Abacus’s business; the cyclical nature of Abacus’s industry; the impact of regulation on Abacus’s business; the effects of competition on Abacus’s business; the failure of Abacus’s relationships with independent agencies; the failure to meet Abacus’s investment objectives; the inability to raise capital on favorable terms or at all; the effects of acts of terrorism; and the effectiveness of Abacus’s control environment, including the identification of control deficiencies.
These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties set forth in documents filed by Abacus with the U.S. Securities and Exchange Commission from time to time, including the Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and subsequent periodic reports. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Abacus cautions you not to place undue reliance on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Abacus assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Abacus does not give any assurance that it will achieve its expectations.
About Abacus
Abacus is a leading global alternative asset manager and market maker, specializing in use of advanced longevity and actuarial technology to purchase life insurance policies from consumers seeking liquidity while creating a high-returning asset class of insurance products, uncorrelated to market fluctuations, for institutional investors.
With nearly
Abacus has invested in two new verticals: ABL Wealth, which provides longevity-based wealth management services and investment offerings, and ABL Tech, which offers ground-breaking technology services for pension funds, governments, insurance companies, retirement associations and more that provides advanced real-time data tracking and analysis. With each new channel, we are revolutionizing the future of life insurance.
Contacts:
Investor Relations
Robert Phillips – SVP Investor Relations
rob@abacuslife.com
(321) 290-1198
David Jackson – IR/Capital Markets Associate
djackson@abacuslife.com
(321) 299-0716
Abacus Life Public Relations
press@abacuslife.com
ABACUS LIFE, INC. Adjusted EBITDA
| Three Months Ended | Three Months Ended | ||||||||||
| September 30, 2024 | September 30, 2023 | ||||||||||
| Low | High | Actual | |||||||||
| GAAP Net income / (Loss) attributable to Abacus Life, Inc. | $ | (6,750,000 | ) | $ | (6,000,000 | ) | $ | 1,050,972 | |||
| GAAP Net income / (Loss) | (6,750,000 | ) | (6,000,000 | ) | 1,050,972 | ||||||
| Depreciation and amortization expense | 1,675,000 | 1,750,000 | 1,694,853 | ||||||||
| Income tax (benefit) | (550,000 | ) | (400,000 | ) | 1,710,315 | ||||||
| Stock-compensation | 6,300,000 | 6,500,000 | 4,583,632 | ||||||||
| Due Diligence related to acquisitions | 1,725,000 | 2,000,000 | - | ||||||||
| Other (expense) | - | 25,000 | (20,087 | ) | |||||||
| Interest expense | 3,900,000 | 4,125,000 | 2,679,237 | ||||||||
| Interest income | (600,000 | ) | (650,000 | ) | (63,826 | ) | |||||
| (Gain) Loss on change in fair value of debt | - | 150,000 | (2,088,797 | ) | |||||||
| Change in fair value of warrant liability | 8,750,000 | 8,900,000 | 943,400 | ||||||||
| Realized & Unrealized (gain) on investments | (450,000 | ) | (400,000 | ) | 306,800 | ||||||
| Adjusted EBITDA | $ | 14,000,000 | $ | 16,000,000 | $ | 10,796,499 | |||||
FAQ
What is Abacus Life's expected Total Revenue for Q3 2024?
Why is Abacus Life projecting a GAAP Net Loss for Q3 2024?
What is the projected Adjusted EBITDA for Abacus Life in Q3 2024?
When will Abacus Life release its full Q3 2024 financial results?
