Abacus Life Reports Fourth Quarter and Full Year 2023 Results
- Total revenue for Q4 2023 grew 25% year-over-year to $23.6 million.
- Originations capital deployment increased by 92% year-over-year to $68.3 million in Q4 2023.
- Full year 2023 total revenues were $79.6 million, a 14% increase from the prior year.
- GAAP net loss in Q4 was $6.2 million, primarily due to non-cash expenses.
- Adjusted net income for full year 2023 was $29.4 million.
- Abacus authorized a $15 million stock repurchase program and completed a public bond offering to reduce debt and lower interest rates.
- The company launched ABL Tech and raised an additional $25 million via 9.875% Notes in 2024.
- As of December 31, 2023, the company had cash and cash equivalents of $25.6 million.
- GAAP net loss in Q4 2023 was $6.2 million.
- Operating expenses for Q4 2023 were significantly higher compared to the prior year.
- Adjusted EBITDA margin decreased to 46.7% in Q4 2023 from 52.4% in the prior-year period.
Insights
The reported increase in total revenue and originations capital deployment by Abacus Life indicates a significant expansion in their core business activities. The growth in revenue, particularly from active management and direct policy sales to third parties, suggests a robust demand for their specialty insurance products. However, the observed decrease in net income from the previous year raises questions about the sustainability of profit margins and the efficiency of the company's cost management strategies. The authorization of a $15 million stock repurchase program reflects confidence in the company's valuation, signaling to the market a potential undervaluation of the stock, while the successful public bond offering and reduction in interest payments by 275 basis points demonstrate a proactive approach to capital structure optimization.
From an investor's perspective, the adjusted EBITDA margin contraction from 50.0% to 49.4% year-over-year could be a point of concern, indicating potential pressure on operational efficiency. Nonetheless, the strong ROIC and ROE figures suggest that the company is still generating value from its investments and equity, which is a positive sign for long-term growth. The increase in operating expenses, primarily due to non-cash employee stock compensation, indicates an investment in human capital, which could yield future productivity gains but may also dilute shareholder value in the short term.
Abacus Life's strategic move to launch ABL Tech, a technology subdivision, aligns with the broader industry trend of leveraging innovative technology to create efficiencies and new revenue streams. The additional capital raised through 9.875% Notes provides the company with more liquidity to pursue its strategic initiatives. The growth in policy originations by 30% and the 46% increase in originations capital deployment year-over-year reflect an aggressive growth strategy that is resonating with the market.
Investors should note the company's agility in adapting to market conditions and expanding its service offerings. However, the significant increase in operating expenses and the GAAP net loss reported for the fourth quarter may raise concerns about the company's ability to manage costs in line with revenue growth. The stock repurchase program and its impact on the share price should be monitored closely, as it could indicate management's confidence in the company's future prospects and potentially lead to increased investor confidence.
Abacus Life's performance in the life insurance policy buying market is indicative of the growing interest in life settlements as an alternative asset class. The increase in originations capital deployment suggests that Abacus is actively purchasing more policies, which could be a response to a higher volume of life insurance policyholders seeking to liquidate their policies in the current economic climate. The decrease in total revenue from the portfolio servicing segment could be attributed to a strategic shift towards more lucrative segments or a reflection of market dynamics within the life settlement industry.
It is important to examine the long-term debt levels in relation to the company's ability to generate cash flow to service this debt, especially in light of the new public bond offering. The reduction in interest rate payments indicates a strong financial management strategy. However, stakeholders should assess the impact of the non-cash expenses and one-time charges on the company's reported GAAP net loss to understand the underlying operational performance.
- Fourth Quarter 2023 Total Revenue Grew
- Increased Originations Capital Deployment by
- Increased Originations Capital Deployment for Full Year 2023 by
ORLANDO, Fla., March 21, 2024 (GLOBE NEWSWIRE) -- Abacus Life, Inc. (“Abacus” or the “Company”) (NASDAQ: ABL), a leading buyer of life insurance policies and vertically integrated alternative asset manager specializing in specialty insurance products, today reported results for the quarter and full year ended December 31, 2023.
“We delivered another solid performance in the fourth quarter and throughout 2023, as we continued to leverage our expert team, wealth of data and innovative technology to execute on our multiple strategic growth initiatives,” said Jay Jackson, Chief Executive Officer of Abacus. “In addition to our strong results, we authorized a
Full Year 2023 Results (on a Proforma Basis)
- Full year 2023 total revenues were
$79.6 million , an increase of14% from the prior year, primarily driven by higher active management revenue, increased capital deployed and more policies sold directly to third parties.- Total revenue from the portfolio servicing segment for the full year 2023 was
$1.0 million , compared to$1.5 million in the prior year.
- Total revenue from the portfolio servicing segment for the full year 2023 was
- Originations capital deployment for the full year 2023 was
$218.9 million , an increase of46% from the prior year; number of policy originations grew30% to 633. - GAAP net income attributable to shareholders for the full year 2023 was
$8.5 million , compared to$31.3 million in the prior year. - Adjusted net income for the full year 2023 was
$29.4 million , compared to$32.4 million in the prior year. - Adjusted EBITDA for the full year 2023 increased
13% to$39.3 million , compared to$34.8 million in the prior year. Adjusted EBITDA margin (a non-GAAP measure) for the full year 2023 was49.4% , compared to50.0% in the prior year. - Return on invested capital (ROIC) (a non-GAAP measure defined below) for the full year 2023 was
21% . - Return on equity (ROE) (a non-GAAP measure defined below) for the full year 2023 was
18% .
Fourth Quarter 2023 Highlights (on a Proforma Basis)
- Total revenue for the fourth quarter of 2023 grew
25% to$23.6 million , compared to$18.8 million in the prior-year period. The increase in the fourth quarter was primarily driven by higher active management revenue, increased capital deployed and more policies sold directly to third parties.- Total revenue from portfolio servicing segment for the fourth quarter of 2023 was
$0.2 million , compared to$0.1 million in the prior-year period.
- Total revenue from portfolio servicing segment for the fourth quarter of 2023 was
- Originations capital deployment for the fourth quarter of 2023 increased
92% to$68.3 million , compared to$35.5 million in the prior-year period; number of policy originations for the fourth quarter of 2023 grew79% to 208, compared to 116 in the prior-year period. - GAAP net loss attributable to shareholders for the fourth quarter of 2023 was
$6.2 million , compared to GAAP net income attributable to shareholders of$10.1 million in the prior-year period, primarily driven by a non-cash expense related to employee stock compensation of$6.2 million , loss on fair value of warrant liability of$3.3 million , a one-time charge of$3.1 million related to debt extinguishment, and public company expenses incurred in the fourth quarter of 2023 that were not recorded in the prior-year period. - Adjusted net income for the fourth quarter of 2023 was
$5.9 million , compared to$11.0 million in the prior-year period. - Adjusted EBITDA for the fourth quarter of 2023 was
$11.0 million , compared to$11.1 million in the prior-year period. Adjusted EBITDA margin (a non-GAAP measure) for the fourth quarter of 2023 was46.7% , compared to52.4% in the prior-year period. - Annualized return on invested capital (ROIC) (a non-GAAP measure defined below) for the fourth quarter of 2023 was
17% . - Annualized Return on equity (ROE) (a non-GAAP measure defined below) for the fourth quarter of 2023 was
18% . - Total operating expenses for the fourth quarter of 2023 were
$20.0 million , compared to$4.4 million in the prior-year period. Operating expenses for the fourth quarter of 2023 included$6.2 million in non-cash employee stock compensation, which was not recorded in the prior-year period.
Liquidity and Capital
As of December 31, 2023, the Company had cash and cash equivalents of
From the commencement of the Company’s
Webcast and Conference Call
A webcast and conference call to discuss the Company’s results will be held today beginning at 5:00 p.m. (Eastern Time). 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 (877) 407-9716 (toll-free) or (201) 493-6779 (international). Please dial the number 10 minutes prior to the scheduled start time.
A webcast replay of the call will be available at ir.abacuslife.com for one year following the call.
Non-GAAP Financial Information
Adjusted Net Income, a non-GAAP measure, is defined as net income (loss) attributable to Abacus adjusted for non-controlling interest income, amortization, change in fair value of warrants and non-cash stock-based compensation and the related tax effect of those adjustments. Management believes that Adjusted Net Income is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate to business performance. A reconciliation of Adjusted Net Income to Net income attributable to Abacus, the most directly comparable GAAP measure, appears below.
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.
Adjusted EBITDA margin, a non-GAAP measure, is defined as Adjusted EBITDA divided by Total revenues. A reconciliation of Adjusted EBITDA margin to Net income margin, the most directly comparable GAAP measure, appears below.
Annualized return on invested capital (ROIC), a non-GAAP measure, is defined as Adjusted net income for the quarter divided by the result of Total Assets less Intangible assets, net, Goodwill and Current Liabilities multiplied by four. ROIC is not a measure of financial performance under GAAP. We believe ROIC should be considered in addition to, not as a substitute for, operating income or loss, net income or loss, cash flows provided by or used in operating, investing and financing activities or other income statement or cash flow statement line items reported in accordance with GAAP.
Annualized return on equity (ROE), a non-GAAP measure, is defined as [Adjusted net income divided by total shareholder equity multiplied by four. ROE is not a measure of financial performance under GAAP. We believe ROE should be considered in addition to, not as a substitute for, operating income or loss, net income or loss, cash flows provided by or used in operating, investing and financing activities or other income statement or cash flow statement line items reported in accordance with GAAP. The below table presents our calculation of ROE.
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 vertically integrated alternative asset manager and market maker, specializing in longevity and actuarial technology. The company is democratizing the life insurance space through three groundbreaking new channels: ABL Tech, ABL Wealth, and ABL Longevity Funds. Since 2004, Abacus has purchased life insurance policies from consumers seeking liquidity and has actively managed those policies over time (via trading, holding, and/or servicing). With over
Over the past 20 years, the company has built an institutionalized origination and portfolio management process that is supported by a 100+ person team, long-term relationships with 78 institutional partners and 30,000 financial advisors, and the ability to operate in 49 states. The Company complies with HIPAA and privacy laws to maintain and protect confidentiality of financial, health, and medical information. Abacus is also proud to be a BBB Accredited Business with an A+ rating.
Contact:
Abacus Life Investor Relations
investors@abacuslife.com
Abacus Life Public Relations
press@abacuslife.com
| ABACUS LIFE, INC. Condensed Consolidated Balance Sheets | |||||||
| December 31, | December 31, | ||||||
| 2023 | 2022 | ||||||
| ASSETS | |||||||
| CURRENT ASSETS: | |||||||
| Cash and cash equivalents | $ | 25,588,668 | $ | 30,052,823 | |||
| Equity securities, at fair value | 2,252,891 | 0 | |||||
| Accounts receivable | 2,149,111 | 10,448 | |||||
| Accounts receivable, related party | 79,509 | 198,364 | |||||
| Due from affiliates | 1,007,528 | 2,904,646 | |||||
| Prepaid expenses and other current assets | 699,127 | 116,646 | |||||
| Total current assets | 31,776,834 | 33,282,927 | |||||
| Property and equipment, net | 400,720 | 18,617 | |||||
| Intangible assets, net | 29,623,130 | — | |||||
| Goodwill | 140,287,000 | — | |||||
| Operating right-of-use assets | 1,893,659 | 77011 | |||||
| Life settlement policies, at cost | 1,697,178 | 8,716,111 | |||||
| Life settlement policies, at fair value | 122,296,559 | 13809352 | |||||
| Available-for-sale securities, at fair value | 1,105,935 | 1,000,000 | |||||
| Other investments, at cost | 1,650,000 | 1,300,000 | |||||
| Other assets | 998,945 | — | |||||
| Equity securities, at fair value | 96,107 | 890,829 | |||||
| TOTAL ASSETS | $ | 331,826,067 | $ | 59,094,847 | |||
| LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | |||||||
| CURRENT LIABILITIES: | |||||||
| Current portion of long-term debt | $ | 13,029,632 | — | ||||
| Accrued expenses | 4,354,225 | $ | — | ||||
| Accounts payable | - | 40,014 | |||||
| Operating lease liability, current | 118,058 | 48,127 | |||||
| Due to affiliates | 5,236 | 263,785 | |||||
| Due to owners | 1,159,712 | — | |||||
| Contract liabilities - deposits on pending settlements | 507,000 | — | |||||
| Accrued transaction costs | — | 908,256 | |||||
| Other current liabilities | 3,400,734 | 42,227 | |||||
| Income taxes payable | 751,734 | — | |||||
| Total current liabilities | 23,326,331 | 1,302,409 | |||||
| Long-term debt- Related party | 37,653,869 | — | |||||
| Long-term debt | 89,137,013 | 28,249,653 | |||||
| Operating lease liability, noncurrent | 1,796,727 | 29,268 | |||||
| Deferred tax liability | 9,199,091 | 1,363,820 | |||||
| Warrant liability | 6,642,960 | — | |||||
| TOTAL LIABILITIES | 167,755,991 | 30,945,150 | |||||
| COMMITMENTS AND CONTINGENCIES | |||||||
| SHAREHOLDERS' EQUITY (DEFICIT) | |||||||
| Class A common stock, | 6,339 | 5,037 | |||||
| Treasury Stock | (1,283,062 | ) | — | ||||
| Additional paid-in capital | 199,826,278 | 704,963 | |||||
| Retained earnings | (34,726,135 | ) | 25,487,323 | ||||
| Accumulated other comprehensive income | 108,373 | 1,052,836 | |||||
| Non-controlling interest | 138,283 | 899,538 | |||||
| Total shareholders' equity (deficit) | 164,070,076 | 28,149,697 | |||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | $ | 331,826,067 | $ | 59,094,847 | |||
| ABACUS LIFE, INC. Proforma Condensed Consolidated Statement of Operations | |||||||||||||||||
| Full Year | |||||||||||||||||
| YTD Sept 2023 | Q4 2023 | 2023 | 2022 | ||||||||||||||
| REVENUES: | |||||||||||||||||
| Portfolio servicing revenue | |||||||||||||||||
| Related party service revenue | $ | 711,975 | $ | 66,703 | $ | 778,678 | $ | 818,299 | |||||||||
| Portfolio servicing | 102,651 | 120,845 | 223,496 | 652,673 | |||||||||||||
| Total Portfolio servicing revenue | 814,626 | 187,548 | 1,002,174 | 1,470,972 | |||||||||||||
| Active management revenue | |||||||||||||||||
| Investment Income from life insurance policies held using investment method | 18,473,597 | (492,610 | ) | 17,980,987 | 37,828,829 | ||||||||||||
| Change in fair value of life insurance policies (policies held using fair value method) | 28,242,105 | 21,766,926 | 50,009,031 | 5,263,751 | |||||||||||||
| Total Active management revenue | 46,715,702 | 21,274,316 | 67,990,018 | 43,092,580 | |||||||||||||
| Originations revenue | |||||||||||||||||
| Related Party origination revenue | 3,391,814 | 240,455 | 3,632,269 | 18,146,493 | |||||||||||||
| Originations | 5,018,438 | 1,943,228 | 6,961,666 | 7,056,970 | |||||||||||||
| Total Origination revenue | 8,410,252 | 2,183,683 | 10,593,935 | 25,203,463 | |||||||||||||
| Total Revenues | 55,940,580 | 23,645,547 | 79,586,127 | 69,767,015 | |||||||||||||
| COST OF REVENUES (excluding depreciation and amortization stated below) | |||||||||||||||||
| Related party cost of revenue | 6,566,335 | 91,475 | 6,657,810 | 11,631,129 | |||||||||||||
| Cost of revenue | 7,604,875 | 1,520,994 | 9,125,869 | 11,325,000 | |||||||||||||
| Total Cost of revenue | 14,171,210 | 1,612,469 | 15,783,679 | 22,956,129 | |||||||||||||
| Gross Profit | 41,769,370 | 22,033,078 | 63,802,448 | 46,810,886 | |||||||||||||
| OPERATING EXPENSES: | |||||||||||||||||
| Sales and marketing | 3,116,999 | 1,788,748 | 4,905,747 | 2,596,140 | |||||||||||||
| General, administrative and other | 15,961,962 | 15,369,189 | 31,331,151 | 9,971,247 | |||||||||||||
| (Gain) loss on change in fair value of debt | 309,865 | 2,046,193 | 2,356,058 | 90,719 | |||||||||||||
| Unrealized loss (gain) on investments | (491,356 | ) | (877,755 | ) | (1,369,111 | ) | 1,045,623 | ||||||||||
| Depreciation and amortization expense | 1,702,591 | 1,712,934 | 3,415,525 | 18,588 | |||||||||||||
| Total Operating expenses | 20,600,061 | 20,039,309 | 40,639,370 | 13,722,317 | |||||||||||||
| Operating Income | $ | 21,169,309 | $ | 1,993,769 | $ | 23,163,078 | $ | 33,088,569 | |||||||||
| OTHER INCOME (EXPENSE) | |||||||||||||||||
| Change in fair value of warrant liability | (943,400 | ) | (3,260,960 | ) | (4,204,360 | ) | - | ||||||||||
| Interest (expense) | (3,632,420 | ) | (6,246,126 | ) | (9,878,546 | ) | (51,615 | ) | |||||||||
| Interest income | 73,200 | 523,481 | 596,681 | 3,672 | |||||||||||||
| Other income (expense) | (1,565 | ) | (144,879 | ) | (146,444 | ) | (346,740 | ) | |||||||||
| Total other income (expense) | (4,504,185 | ) | (9,128,484 | ) | (13,632,669 | ) | (394,683 | ) | |||||||||
| Net income before provision for income taxes | 16,665,124 | (7,134,715 | ) | 9,530,409 | 32,693,886 | ||||||||||||
| Income tax expense | 2,240,708 | (769,885 | ) | 1,470,823 | 656,904 | ||||||||||||
| NET INCOME | 14,424,416 | (6,364,830 | ) | 8,059,586 | 32,036,982 | ||||||||||||
| LESS: NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST | (339,692 | ) | (142,447 | ) | (482,139 | ) | 704,699 | ||||||||||
| NET INCOME ATTRIBUTABLE TO SHAREHOLDERS | $ | 14,764,108 | $ | (6,222,383 | ) | $ | 8,541,725 | $ | 31,332,283 | ||||||||
| ABACUS LIFE, INC. Proforma Adjusted Net Income and Adjusted EPS | |||||||||
| Full Year | |||||||||
| 2023 | 2022 | ||||||||
| Net income attributable to Abacus Life, Inc. | $ | 9,516,626 | $ | 31,682,275 | |||||
| Net income attributable to non-controlling interests | (482,139 | ) | 704,699 | ||||||
| Amortization expense | 3,364,167 | — | |||||||
| Stock compensation expense | 10,768,024 | — | |||||||
| Change in fair value of warrant liability | 4,204,360 | — | |||||||
| Tax impact of items listed above | 2,069,993 | ||||||||
| Adjusted Net Income | $ | 29,441,031 | $ | 32,386,974 | |||||
| Weighted-average shares of Class A common stock outstanding | 56,951,414 | 50,369,350 | |||||||
| Earnings Per Share | $ | 0.17 | $ | 0.63 | |||||
| Adjusted Earnings Per Share | $ | 0.52 | $ | 0.64 | |||||
| ABACUS LIFE, INC. Proforma Adjusted EBITDA | |||||||||
| Full Year | |||||||||
| 2023 | 2022 | ||||||||
| Net Income excluding non-controlling interests | $ | 9,034,487 | $ | 32,386,974 | |||||
| Depreciation and Amortization | 3,409,928 | 4,282 | |||||||
| Interest expense | 9,866,821 | 42,798 | |||||||
| Interest income | (594,764 | ) | (1,474 | ) | |||||
| Income tax expense | 1,468,535 | 889,943 | |||||||
| Stock compensation | 10,768,024 | — | |||||||
| Other (Income) / Expenses | 146,443 | 347,013 | |||||||
| Change in fair value of warrant liability | 4,204,360 | — | |||||||
| Change in fair value of debt | 2,356,058 | 90,719 | |||||||
| Unrealized loss / (gain) on investments | (1,369,112 | ) | 1,045,623 | ||||||
| Adjusted EBITDA | $ | 39,290,780 | $ | 34,805,878 | |||||
| Proforma Revenue | $ | 79,586,127 | $ | 69,767,015 | |||||
| Proforma Adjusted EBITDA Margin | 49.37 | % | 49.89 | % | |||||
| Proforma Net Income Margin | 36.99 | % | 46.42 | % | |||||
| ABACUS LIFE, INC. Return on Invested Capital (ROIC) | |||||
| For the Period Ended | |||||
| December 31, 2023 | |||||
| Total Assets | $ | 331,826,067 | |||
| Less: | |||||
| Intangible assets, net | (29,623,130 | ) | |||
| Goodwill | (140,287,000 | ) | |||
| Current Liabilities | (23,326,331 | ) | |||
| Total Invested Capital | $ | 138,589,606 | |||
| Adjusted Net income | $ | 29,441,031 | |||
| Adjusted Annualized ROIC | 21 | % | |||
| ABACUS LIFE, INC. Return on Equity (ROE) | |||||
| Return on Equity | |||||
| For the Period Ended | |||||
| December 31, 2023 | |||||
| Total Shareholder Equity | $ | 164,070,076 | |||
| Proforma Adjusted Net income | $ | 29,441,031 | |||
| Adjusted Annualized ROE | 18 | % | |||
FAQ
What was the total revenue growth in the fourth quarter of 2023?
How much did the originations capital deployment increase by in the fourth quarter of 2023?
What were the full year 2023 total revenues for Abacus Life, Inc.?
What was the GAAP net loss in the fourth quarter of 2023?
How much was the adjusted net income for full year 2023?
What did Abacus Life, Inc. do to reduce debt and lower interest rates?
What new subdivision did the company launch in 2024?
How much cash and cash equivalents did the company have as of December 31, 2023?
