Abacus Life Reports Second Quarter 2024 Results
Abacus Life (NASDAQ: ABL) reported strong Q2 2024 results, with total revenue doubling year-over-year to $29.1 million. The company's adjusted net income grew 75% to $11.8 million, while adjusted EBITDA increased 83% to $16.7 million. Abacus completed a public equity offering raising over $90 million, which was deployed towards new policy originations and growth initiatives. The company also announced two significant acquisitions: Carlisle Management and FCF Advisors, expected to add approximately $2.6 billion in assets under management. These moves align with Abacus' strategy to expand its global presence and diversify its product offerings in the longevity and actuarial technology space.
Abacus Life (NASDAQ: ABL) ha riportato risultati solidi per il secondo trimestre del 2024, con un fatturato totale raddoppiato rispetto all'anno precedente, raggiungendo 29,1 milioni di dollari. L'
Abacus Life (NASDAQ: ABL) informó resultados sólidos para el segundo trimestre de 2024, con ingresos totales que se duplicaron año tras año alcanzando los 29,1 millones de dólares. El ingreso neto ajustado creció un 75% hasta 11,8 millones de dólares, mientras que el EBITDA ajustado aumentó un 83% hasta 16,7 millones de dólares. Abacus completó una oferta pública de acciones que recaudó más de 90 millones de dólares, que se destinaron a nuevas originaciones de pólizas e iniciativas de crecimiento. La compañía también anunció dos adquisiciones significativas: Carlisle Management y FCF Advisors, que se espera que agreguen aproximadamente 2,6 mil millones de dólares en activos bajo gestión. Estos movimientos están alineados con la estrategia de Abacus de expandir su presencia global y diversificar su oferta de productos en el ámbito de la longevidad y la tecnología actuarial.
Abacus Life (NASDAQ: ABL)는 2024년 2분기 실적을 발표했으며, 총 수익은 전년 대비 두 배 증가하여 2,910만 달러에 달했습니다. 조정된 순이익은 75% 증가하여 1,180만 달러에 이르렀습니다, 조정된 EBITDA는 83% 증가하여 1,670만 달러에 도달했습니다. Abacus는 9천만 달러 이상을 모금한 공개 주식 공모를 완료했으며, 이는 새로운 보험 폴리시의 발급 및 성장 추진에 사용될 예정입니다. 또한 Carlisle Management와 FCF Advisors라는 두 개의 중요한 인수도 발표했으며, 이를 통해 약 26억 달러의 운용 자산이 추가될 것으로 예상됩니다. 이러한 움직임은 Abacus의 글로벌 존재감 확대 및 장기 및 보험 수리 기술 분야에서의 제품 다각화 전략과 일치합니다.
Abacus Life (NASDAQ: ABL) a annoncé des résultats solides pour le deuxième trimestre 2024, avec un chiffre d'affaires total doublé par rapport à l'année précédente, atteignant 29,1 millions de dollars. Le bénéfice net ajusté a augmenté de 75% pour atteindre 11,8 millions de dollars, tandis que l'EBITDA ajusté a augmenté de 83% pour atteindre 16,7 millions de dollars. Abacus a finalisé une offre publique de capitaux qui a permis de lever plus de 90 millions de dollars, destinés à de nouvelles origines de polices et à des initiatives de croissance. L'entreprise a également annoncé deux acquisitions significatives : Carlisle Management et FCF Advisors, qui devraient ajouter environ 2,6 milliards de dollars d'actifs sous gestion. Ces mouvements s'inscrivent dans la stratégie d'Abacus visant à élargir sa présence mondiale et à diversifier son offre de produits dans le secteur de la longévité et de la technologie actuarielle.
Abacus Life (NASDAQ: ABL) berichtete über starke Ergebnisse im zweiten Quartal 2024, mit einem Umsatz, der sich im Vergleich zum Vorjahr verdoppelt hat und 29,1 Millionen Dollar erreichte. Das bereinigte Nettoergebnis wuchs um 75% auf 11,8 Millionen Dollar, während das bereinigte EBITDA um 83% auf 16,7 Millionen Dollar anstieg. Abacus schloss eine öffentliche Aktienemission ab, die über 90 Millionen Dollar eingebracht hat, die für neue Policenoriginationen und Wachstumsinitiativen eingesetzt werden sollen. Das Unternehmen gab auch zwei bedeutende Übernahmen bekannt: Carlisle Management und FCF Advisors, die voraussichtlich rund 2,6 Milliarden Dollar an verwalteten Vermögenswerten hinzufügen werden. Diese Schritte stehen im Einklang mit der Strategie von Abacus, seine globale Präsenz auszubauen und sein Produktangebot im Bereich der Langlebigkeit und Versicherungsmathematik zu diversifizieren.
- Total revenue doubled year-over-year to $29.1 million
- Adjusted net income grew 75% to $11.8 million
- Adjusted EBITDA increased 83% to $16.7 million
- Origination capital deployment rose to $104.7 million, up from $59.8 million in the prior year
- Number of policy originations grew 95% to 275
- Successful public equity offering raised over $90 million
- Announced acquisitions of Carlisle Management and FCF Advisors, adding approximately $2.6 billion in assets under management
- U.S. GAAP net income decreased to $0.8 million from $6.8 million in the prior-year period
- Higher interest expense of $4.5 million
- Non-cash expense related to employee stock compensation of $6.2 million
- Adjusted EBITDA margin decreased to 57.5% from 80.4% in the prior-year period
Insights
Abacus Life's Q2 2024 results show impressive growth, with total revenue more than doubling year-over-year to
However, it's worth noting that U.S. GAAP net income decreased from
The company's capital deployment and policy originations have also seen substantial growth, suggesting an expanding market presence. With a strong liquidity position of
Abacus Life's recent acquisitions and partnerships signal a strategic expansion in the alternative asset management space. The acquisition of Carlisle Management is particularly noteworthy, as it will add approximately
The new distribution partnership with AIMCOR also positions Abacus as a preferred partner for life settlement solutions, potentially opening up new revenue streams. These moves, combined with the company's strong financial performance, suggest that Abacus is actively consolidating its position in the longevity and actuarial technology markets.
However, investors should monitor how these acquisitions are integrated and whether they deliver the expected synergies and growth. The company's ability to maintain its high adjusted EBITDA margin (currently at
- Second Quarter 2024 Total Revenue More Than Doubled Year-over-Year to
- Net Income of
- Adjusted EBITDA Grows
ORLANDO, Fla., Aug. 12, 2024 (GLOBE NEWSWIRE) -- Abacus Life, Inc. (“Abacus” or the “Company”) (NASDAQ: ABL), a pioneering alternative asset manager specializing in longevity and actuarial technology, today reported results for the second quarter ended June 30, 2024.
“We delivered another excellent quarter, showcasing continued robust growth and profitability, as well as successfully executing on our long-term strategy,” said Jay Jackson, Chief Executive Officer of Abacus. “During the quarter, we completed a public equity offering that generated over
“Subsequent to quarter-end, in mid-July, we entered into an agreement to acquire Carlisle Management, a premier Luxembourg-based investment manager in the life settlement space. The deal will add around
Second Quarter 2024 Highlights
- Total revenue for the second quarter of 2024 more than doubled to
$29.1 million , compared to$11.4 million in the prior-year period. The increase was primarily driven by higher active management revenue, increased capital deployed and more policies sold directly to third parties. - Origination capital deployment for the second quarter of 2024 was
$104.7 million , compared to$59.8 million in the prior-year period; number of policy originations for the second quarter of 2024 grew95% to 275, compared to 141 in the prior-year period. - U.S. GAAP net income attributable to shareholders for the second quarter of 2024 was
$0.8 million , compared to$6.8 million in the prior-year period, primarily driven by higher interest expense of$4.5 million , a non-cash expense related to employee stock compensation of$6.2 million and public company expenses incurred in the second quarter of 2024 that were not incurred in the prior-year period. - Adjusted net income (a non-GAAP financial measure) for the second quarter of 2024 grew
75% to$11.8 million , compared to$6.8 million in the prior-year period. Adjusted diluted earnings per share for the second quarter of 2024 was$0.18 . - Adjusted EBITDA (a non-GAAP financial measure) for the second quarter of 2024 grew
83% to$16.7 million , compared to$9.1 million in the prior-year period. Adjusted EBITDA margin (a non-GAAP financial measure) for the second quarter of 2024 was57.5% , compared to80.4% in the prior-year period. - Annualized return on invested capital (ROIC) (a non-GAAP financial measure) for the second quarter of 2024 was
18% . - Annualized Return on equity (ROE) (a non-GAAP financial measure) for the second quarter of 2024 was
18% .
Liquidity and Capital
As of June 30, 2024, 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 9:00 a.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 financial 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 financial 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 financial 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 financial 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 financial 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 global alternative asset manager and market maker that specializes in the 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 more than
The company’s pioneering experience in the life planning space has created growth into new verticals. The longevity-based wealth management service and investment offerings, called ABL Wealth, uses Abacus’ decades of data and proprietary algorithms to help financial advisors create more customized plans for clients and access to uncorrelated investment funds. The ground-breaking technology service, called ABL Tech, provides advanced real-time data tracking and analysis for pensions funds, governments, insurance companies, retirement associations and more. With each new channel, Abacus is revolutionizing the future of life insurance.
Contact:
Abacus Life Investor Relations
investors@abacuslife.com
Abacus Life Public Relations
press@abacuslife.com
ABACUS LIFE, INC. Condensed Consolidated Balance Sheets
| June 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 91,323,829 | $ | 25,588,668 | ||||
| Equity securities, at fair value | 4,008,225 | 2,252,891 | ||||||
| Accounts receivable | 1,616,676 | 2,149,111 | ||||||
| Accounts receivable, related party | 150,213 | 79,509 | ||||||
| Due from affiliates | 1,170,589 | 1,007,528 | ||||||
| Income tax receivables | 2,435,239 | - | ||||||
| Prepaid expenses and other current assets | 932,598 | 699,127 | ||||||
| Total current assets | 101,637,369 | 31,776,834 | ||||||
| Property and equipment, net | 692,273 | 400,720 | ||||||
| Intangible assets, net | 26,352,123 | 29,623,130 | ||||||
| Goodwill | 139,930,190 | 140,287,000 | ||||||
| Operating right-of-use assets | 2,108,034 | 1,893,659 | ||||||
| Life settlement policies, at cost | 1,140,497 | 1,697,178 | ||||||
| Life settlement policies, at fair value | 207,571,413 | 122,296,559 | ||||||
| Available-for-sale securities, at fair value | 1,165,575 | 1,105,935 | ||||||
| Other investments, at cost | 1,750,000 | 1,650,000 | ||||||
| Other assets | 1,507,431 | 998,945 | ||||||
| Equity securities, at fair value | - | 96,107 | ||||||
| TOTAL ASSETS | $ | 483,854,905 | $ | 331,826,067 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Current portion of long-term debt | $ | 17,589,514 | $ | 13,029,632 | ||||
| Current portion of long-term debt, related party | 28,170,326 | - | ||||||
| Accrued expenses | 2,176,515 | 4,354,225 | ||||||
| Operating lease liabilities | 297,397 | 118,058 | ||||||
| Due to affiliates | 5,236 | 5,236 | ||||||
| Due to former members | - | 1,159,712 | ||||||
| Contract liabilities, deposits on pending settlements | 1,443,483 | 507,000 | ||||||
| Accrued transaction costs | 2,533,627 | - | ||||||
| Other current liabilities | 3,166,959 | 3,400,734 | ||||||
| Income taxes payable | - | 751,734 | ||||||
| Total current liabilities | 55,383,057 | 23,326,331 | ||||||
| Long-term debt, related party | 11,799,715 | 37,653,869 | ||||||
| Long-term debt, net | 57,871,104 | 33,818,090 | ||||||
| Long-term debt, at fair value, net | 81,640,478 | 55,318,923 | ||||||
| Operating lease liabilities | 1,946,140 | 1,796,727 | ||||||
| Deferred tax liability | 12,001,423 | 9,199,091 | ||||||
| Warrant liability | 6,363,500 | 6,642,960 | ||||||
| TOTAL LIABILITIES | 227,005,417 | 167,755,991 | ||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||
| STOCKHOLDERS' EQUITY | ||||||||
| Class A common stock, | 7,548 | 6,339 | ||||||
| Treasury stock - at cost; 1,048,226 and 146,650 shares repurchased at June 30, 2024 and December 31, 2023, respectively | (12,025,137 | ) | (1,283,062 | ) | ||||
| Additional paid-in capital | 303,237,878 | 199,826,278 | ||||||
| Accumulated deficit | (34,514,318 | ) | (34,726,135 | ) | ||||
| Accumulated other comprehensive income | 64,324 | 108,373 | ||||||
| Non-controlling interest | 79,193 | 138,283 | ||||||
| Total stockholders' equity | 256,849,488 | 164,070,076 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 483,854,905 | $ | 331,826,067 | ||||
ABACUS LIFE, INC. Condensed Consolidated Statement of Operations
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| REVENUES: | ||||||||||||||||
| Portfolio servicing revenue | $ | 204,888 | $ | 354,366 | $ | 422,823 | $ | 590,057 | ||||||||
| Active management revenue | 27,013,757 | 11,024,399 | 46,810,756 | 20,994,917 | ||||||||||||
| Origination revenue | 1,857,457 | — | 3,329,707 | — | ||||||||||||
| Total revenues | 29,076,102 | 11,378,765 | 50,563,286 | 21,584,974 | ||||||||||||
| COST OF REVENUES (excluding depreciation and amortization stated below) | ||||||||||||||||
| Cost of revenue (including stock-based compensation) | 2,742,081 | 973,400 | 5,462,293 | 1,462,950 | ||||||||||||
| Related party cost of revenue | 1,453 | — | 2,138 | — | ||||||||||||
| Total cost of revenue | 2,743,534 | 973,400 | 5,464,431 | 1,462,950 | ||||||||||||
| Gross Profit | 26,332,568 | 10,405,365 | 45,098,855 | 20,122,024 | ||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||
| Sales and marketing | 2,552,801 | 683,841 | 4,482,745 | 1,412,845 | ||||||||||||
| General and administrative (including stock-based compensation) | 14,553,344 | 577,539 | 25,906,843 | 1,274,431 | ||||||||||||
| Loss on change in fair value of debt | 1,199,463 | 1,445,229 | 3,912,090 | 2,398,662 | ||||||||||||
| Realized & Unrealized (gain) on investments | (494,262 | ) | (672,936 | ) | (1,659,228 | ) | (798,156 | ) | ||||||||
| Depreciation and amortization expense | 1,750,452 | 1,098 | 3,432,506 | 2,141 | ||||||||||||
| Total operating expenses | 19,561,798 | 2,034,771 | 36,074,956 | 4,289,923 | ||||||||||||
| Operating Income | $ | 6,770,770 | $ | 8,370,594 | $ | 9,023,899 | $ | 15,832,101 | ||||||||
| OTHER INCOME (EXPENSE): | ||||||||||||||||
| Gain on change in fair value of warrant liability | (667,500 | ) | — | 279,460 | — | |||||||||||
| Interest expense | (4,529,187 | ) | (584,075 | ) | (8,199,632 | ) | (941,458 | ) | ||||||||
| Interest income | 639,906 | — | 1,061,332 | 7,457 | ||||||||||||
| Other income (expense) | 195,470 | 121,601 | 142,442 | (21,651 | ) | |||||||||||
| Total other (expense) | (4,361,311 | ) | (462,474 | ) | (6,716,398 | ) | (955,652 | ) | ||||||||
| Net income (loss) income before provision for income taxes | 2,409,459 | 7,908,120 | 2,307,501 | 14,876,449 | ||||||||||||
| Income tax expense (benefit) | 1,757,710 | 1,184,571 | 2,931,223 | 528,104 | ||||||||||||
| NET (LOSS) INCOME | 651,749 | 6,723,549 | (623,722 | ) | 14,348,345 | |||||||||||
| LESS: NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST | (118,234 | ) | (26,596 | ) | (44,960 | ) | (487,303 | ) | ||||||||
| NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 769,983 | $ | 6,750,145 | ($ | 578,762 | ) | $ | 14,835,648 | |||||||
| (LOSS) EARNINGS PER SHARE: | ||||||||||||||||
| Earning (Loss) per share - basic | $ | 0.01 | $ | 0.13 | $ | (0.01 | ) | $ | 0.29 | |||||||
| Earning (Loss) per share - diluted | $ | 0.01 | $ | 0.13 | $ | (0.01 | ) | $ | 0.29 | |||||||
| Weighted-average stock outstanding—basic | 63,846,170 | 50,507,728 | 63,087,878 | 50,438,921 | ||||||||||||
| Weighted-average stock outstanding— diluted | 67,162,820 | 50,507,728 | 63,102,210 | 50,438,921 | ||||||||||||
| NET (LOSS) INCOME | $ | 651,749 | $ | 6,723,549 | ($ | 623,722 | ) | $ | 14,348,345 | |||||||
| Other comprehensive income (loss), net of tax or tax benefit: | ||||||||||||||||
| Change in fair value of debt (risk adjusted) | (65,614 | ) | (119,663 | ) | (58,178 | ) | (231,976 | ) | ||||||||
| Comprehensive (loss) income before non-controlling interests | 586,135 | 6,603,886 | (681,900 | ) | 14,116,369 | |||||||||||
| Net and comprehensive income (loss) attributable to non-controlling interests | (127,850 | ) | (56,111 | ) | (59,090 | ) | (543,749 | ) | ||||||||
| COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 713,985 | $ | 6,659,997 | ($ | 622,810 | ) | $ | 14,660,118 | |||||||
ABACUS LIFE, INC. Adjusted Net Income and Adjusted EPS
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net income attributable to common stockholders | $ | 769,983 | $ | 6,750,145 | ($ | 578,762 | ) | $ | 14,835,648 | |||||||
| Amortization expense | 1,706,033 | — | 3,373,142 | — | ||||||||||||
| Stock based compensation | 6,165,459 | — | 12,258,830 | — | ||||||||||||
| Business Acquisition Costs | 1,325,000 | — | 1,325,000 | — | ||||||||||||
| Gain on change in fair value of warrant liability | 667,500 | — | (279,460 | ) | — | |||||||||||
| Tax impact | 1,178,552 | — | 2,344,454 | |||||||||||||
| Adjusted Net Income | $ | 11,812,527 | $ | 6,750,145 | $ | 18,443,204 | $ | 14,835,648 | ||||||||
| Weighted-average shares of Class A common stock outstanding - basic | 63,846,170 | 50,507,728 | 63,087,878 | 50,438,921 | ||||||||||||
| Weighted-average shares of Class A common stock outstanding - diluted | 67,162,820 | 50,507,728 | 63,102,210 | 50,438,921 | ||||||||||||
| Adjusted EPS - basic | $ | 0.19 | $ | 0.13 | $ | 0.29 | $ | 0.29 | ||||||||
| Adjusted EPS - diluted | $ | 0.18 | $ | 0.13 | $ | 0.29 | $ | 0.29 | ||||||||
ABACUS LIFE, INC. Adjusted EBITDA and Adjusted EBITDA margin
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net (loss) income | $ | 651,749 | $ | 6,723,549 | ($ | 623,722 | ) | $ | 14,348,345 | |||||||
| Depreciation and amortization expense | 1,750,452 | 1,098 | 3,432,506 | 2,141 | ||||||||||||
| Income Tax expense | 1,757,710 | 1,184,571 | 2,931,223 | 528,104 | ||||||||||||
| Interest (Expense) | 4,529,187 | 584,075 | 8,199,632 | 941,458 | ||||||||||||
| Other Income (Expenses) | (195,470 | ) | (121,601 | ) | (142,442 | ) | 21,651 | |||||||||
| Interest Income | (639,906 | ) | — | (1,061,332 | ) | (7,457 | ) | |||||||||
| Gain on change in fair value of warrant liability | 667,500 | — | (279,460 | ) | — | |||||||||||
| Stock based compensation | 6,165,459 | — | 12,258,830 | — | ||||||||||||
| Business acquisition costs | 1,325,000 | — | 1,325,000 | — | ||||||||||||
| Unrealized loss (gain) on investments | 362,482 | (672,936 | ) | (802,484 | ) | (798,156 | ) | |||||||||
| Realized gain on investments | (856,744 | ) | — | (856,744 | ) | — | ||||||||||
| Loss on change in fair value of debt | 1,199,463 | 1,445,229 | 3,912,090 | 2,398,662 | ||||||||||||
| Adjusted EBITDA | $ | 16,716,882 | $ | 9,143,985 | $ | 28,293,097 | $ | 17,434,748 | ||||||||
| Adjusted EBITDA Margin | 57.5 | % | 80.4 | % | 56.0 | % | 80.8 | % | ||||||||
| Net (Loss) Income Margin | 2.2 | % | 59.1 | % | -1.2 | % | 66.5 | % | ||||||||
ABACUS LIFE, INC. Return on Invested Capital (ROIC)
| For the Period Ended | For the Period Ended | ||||||
| March 31, 2024 | June 30, 2024 | ||||||
| Total Assets | $ | 376,719,400 | $ | 483,854,905 | |||
| Less: | |||||||
| Intangible assets, net | (28,048,028 | ) | (26,352,133 | ) | |||
| Goodwill | (140,287,000 | ) | (139,930,190 | ) | |||
| Current Liabilities | (23,835,352 | ) | (55,383,057 | ) | |||
| Total Invested Capital | $ | 184,549,020 | $ | 262,189,525 | |||
| Adjusted Net Income | $ | 6,703,951 | $ | 11,812,527 | |||
| Adjusted Annualized ROIC | 15 | % | 18 | % | |||
ABACUS LIFE, INC. Return on Equity (ROE)
| For the Period Ended | For the Period Ended | ||||||
| March 31, 2024 | June 30, 2024 | ||||||
| Total Shareholder Equity | $ | 165,340,772 | $ | 256,849,488 | |||
| Adjusted Net Income | $ | 6,703,951 | $ | 11,812,527 | |||
| Adjusted Annualized ROE | 16 | % | 18 | % | |||
FAQ
What was Abacus Life's (ABL) total revenue for Q2 2024?
How much did Abacus Life (ABL) raise in its public equity offering in Q2 2024?
What acquisitions did Abacus Life (ABL) announce in 2024?
What was Abacus Life's (ABL) adjusted EBITDA for Q2 2024?
