BM Technologies Reports First Quarter 2024 Results
BM Technologies (BMTX) reported strong financial results for Q1 2024, with a revenue increase to $16.2 million from $13.4 million in Q1 2023, and a net income of $0.7 million compared to a net loss of $5.0 million in the previous year. Core EBITDA rose from a loss of $1.9 million in Q1 2023 to a positive $1.4 million. The company highlighted growth in interchange and card revenue (15%) and servicing revenue (35%). Operating expenses saw a 21% decline year-over-year. BMTX retained 99% of its Higher Education clients and saw significant engagement in its BaaS vertical. Liquidity remains strong with $14.6 million in cash and no debt.
- Q1 2024 revenue increased to $16.2 million from $13.4 million in Q1 2023, a 21% rise.
- Net income for Q1 2024 was $0.7 million, a significant improvement from a net loss of $5.0 million in Q1 2023.
- Core EBITDA improved to $1.4 million from a loss of $1.9 million in Q1 2023.
- Interchange and card revenue grew by 15% year-over-year.
- Servicing revenue increased by 35% compared to the same period last year.
- Operating expenses decreased by 21% year-over-year.
- Liquidity stands strong with $14.6 million in cash and no debt.
- 99% retention rate of Higher Education institutional clients.
- Approximately 100 thousand new account sign-ups in Q1 2024.
- Debit card spend totaled $809 million in Q1 2024.
- Account fees decreased by 2% year-over-year.
- Other revenues declined by 27%.
Insights
BM Technologies' Q1 2024 results show a substantial improvement in both revenue and profitability compared to the same period last year. Revenue increased by
Moreover, the company posted a
One point of caution is the sustainability of these improvements. While the company's liquidity remains strong with
The completion of BM Technologies' first phase of its technology transformation, including an updated mobile app and web interface, is a positive development that enhances the user experience. This is especially important in the digital banking and Banking-as-a-Service sectors where user engagement and satisfaction are key growth drivers.
Additionally, the launch of the BMTX Identity Verification (IDV) service positions the company well within the higher education segment. This new product addresses fraud vulnerabilities and increases the 'stickiness' of the higher education relationships, significantly enhancing the lifetime value of these accounts.
However, the long-term success of these technology initiatives will depend on continuous innovation and the company's ability to implement and integrate these new features effectively. As the company aims to introduce a rewards engine and improve direct deposit experiences, the effectiveness of these enhancements will be important in maintaining a competitive edge.
Revenues and EBITDA Reflect Significant Improvement Year over Year
Q1 2024 Revenue of
Q1 2024 Core EBITDA of
RADNOR, PA / ACCESSWIRE / May 15, 2024 / BM Technologies, Inc. (NYSE American:BMTX) ("BM Technologies", "BMTX", "we", or the "Company"), one of the largest digital banking platforms and Banking-as-a-Service (BaaS) providers in the country, today reported results for the three months ended March 31, 2024.
Luvleen Sidhu, BMTX's Chair, CEO, and Founder, stated, "The first quarter of 2024 marked an important turning point in our company's evolution. The hard work of 2023 has begun to pay off as we posted positive net income of
Ms. Sidhu continued, "Following the transfer of higher education deposits to First Carolina Bank in December 2023, the first quarter of 2024 marked the first full quarter of benefits we were able to receive from Durbin-exempt interchange rates. The result of the deposit transfer, coupled with variable rate deposit pricing supported by a stabilized interest rate environment, contributed to our increased revenue and overall profitability. Interchange and card revenue increased
First Quarter 2024 Financial Highlights
- Operating revenues for the three months ended March 31, 2024 totaled
$16.2 million compared to$13.4 million in Q1 2023. - Q1 2024 net income totaled
$0.7 million , or$0.06 per diluted share. Q12023 net loss was$(5.0) million or$(0.43) per diluted share - Q1 2024 Core EBITDA 1 totaled
$1.4 million compared to Q1 2023 Core EBITDA of$(1.9) million - Liquidity remained strong at March 31, 2024 with
$14.6 million of cash,$4.8 million of working capital, and no debt.
First Quarter 2024 Operating Highlights
- Average serviced deposits totaled
$828 million and ending serviced deposits totaled$820 million at March 31, 2024. - Debit card spend totaled
$809 million in Q1 2024. - There were approximately 100 thousand new account sign-ups in the first quarter 2024.
- Higher Education Organic Deposits (deposits that are not part of a school disbursement and are indicative of primary banking behavior) for the three months ended March 31, 2024 totaled
$449 million .
Financial Summary Table
| Q1 | Q4 | Q3 | Q2 | Q1 | Year Over Year Change | |||||||||||||||||||||||
(dollars in thousands) | 2024 | 2023 | 2023 | 2023 | 2023 | $ | % | |||||||||||||||||||||
Interchange and card revenue | 3,415 | 2,731 | 2,292 | 1,458 | 2,966 | 449 | 15 | % | ||||||||||||||||||||
Servicing fees | 8,966 | 8,470 | 8,658 | 7,700 | 6,632 | 2,334 | 35 | % | ||||||||||||||||||||
Account fees | 2,095 | 2,118 | 1,931 | 1,910 | 2,140 | (45 | ) | (2 | )% | |||||||||||||||||||
University fees | 1,612 | 1,410 | 1,412 | 1,373 | 1,506 | 106 | 7 | % | ||||||||||||||||||||
Other revenue | 93 | 130 | 88 | 200 | 127 | (34 | ) | (27 | )% | |||||||||||||||||||
Total GAAP Operating Revenue | $ | 16,181 | $ | 14,859 | $ | 14,381 | $ | 12,641 | $ | 13,371 | $ | 2,810 | 21 | % | ||||||||||||||
GAAP Operating Expense | $ | 15,526 | $ | 19,038 | $ | 18,766 | $ | 17,682 | $ | 19,746 | $ | (4,220 | ) | (21 | )% | |||||||||||||
Less: restructuring, merger and acquisition related expenses | (79 | ) | 56 | - | (274 | ) | (719 | ) | 640 | (89 | )% | |||||||||||||||||
Less: impairment of developed software | (50 | ) | (620 | ) | - | - | - | (50 | ) | (100 | )% | |||||||||||||||||
Less: share-based compensation expense | 660 | (365 | ) | (176 | ) | (723 | ) | (635 | ) | 1,295 | NM | |||||||||||||||||
Less: depreciation and amortization | (1,226 | ) | (2,488 | ) | (3,420 | ) | (3,138 | ) | (3,130 | ) | 1,904 | (61 | )% | |||||||||||||||
Total Core Operating Expense | $ | 14,831 | $ | 15,621 | $ | 15,170 | $ | 13,547 | $ | 15,262 | $ | (431 | ) | (3 | )% | |||||||||||||
Core EBITDA (Loss) | $ | 1,350 | $ | (762 | ) | $ | (789 | ) | $ | (906 | ) | $ | (1,891 | ) | $ | 3,241 | NM | |||||||||||
Core EBITDA (Loss) Margin | 8 | % | (5 | )% | (5 | )% | (7 | )% | (14 | )% | ||||||||||||||||||
NM - Not meaningful
Business Update
Higher Education Vertical
During the first quarter ended March 31, 2024, the Company retained
During the first quarter of 2024, the Company disbursed over
Higher Education average serviced deposits and ending serviced deposits totaled
In the first quarter, we launched a new student identity verification service, BMTX Identity Verification (IDV), a SaaS revenue product that assists universities in mitigating fraud vulnerabilities during the student enrollment process. As part of our improved technology stack and service offering, IDV increases stickiness and lifetime value of our existing higher education relationships.
Additionally, the first quarter marked the completion of our technology transformation with an updated mobile app and web interface, improving user experience and customer feature set.
BaaS Vertical
Annualized debit card spend for highly active BaaS users (those with both direct deposit and a minimum of five customer driven transactions per month) was
BaaS average serviced deposits and ending serviced deposits totaled
Profit Enhancement Plan (PEP)
The Company continues to actively execute upon its PEP, with initiatives completed during 2023 that reduced Core Operating Expenses 1 by approximately
Technology Initiatives and Outlook
Jamie Donahue, President and Chief Technology Officer stated, "Our technology transformation is driven by our vision to modernize our platform architecture and offer innovative products and services to our customers. We are executing on that vision and delivering exciting new features for our clients. Our primary focus over the next few quarters will be to add a rewards engine to allow our students to take advantage of their everyday spending. We will also be enhancing our direct deposit experience and external account linking for funding; all these changes are expected to make the BankMobile Vibe account a feature-rich, lifelong checking and savings account that will grow with our student population."
Growth Initiatives and Outlook
The Company anticipates revenue growth in 2024 driven by investments in the Higher Education vertical and the full year effect of Durbin-exempt interchange rates on the majority of serviced deposit account holder's debit card spend. The Company also expects a positive Core EBITDA1 in 2024 based on these higher revenues and stricter cost controls implemented as part of the Company's PEP.
Earnings Webcast
The Company will host a conference call and webcast on Thursday, May 16, 2024, at 9:00 am ET to discuss its first quarter 2024 results. The webcast can be accessed via the Company's investor relations site (ir.bmtxinc.com) by clicking on "Events & Presentations", then "Events Calendar," and following the link under "Upcoming Events;" or directly at 1Q24 Webcast Link . A replay will be available following the call.
Contact Information
Investors:
Ajay Asija, Chief Financial Officer
BM Technologies, Inc.
AAsija@bmtx.com
Media Inquiries:
Brigit Hennaman
Rubenstein Public Relations, Inc.
bhennaman@rubensteinpr.com
About BM Technologies, Inc.
BM Technologies, Inc. (NYSE American:BMTX) - formerly known as BankMobile - is among the largest digital banking platforms and Banking-as-a-Service (BaaS) providers in the country, providing access to checking and savings accounts and financial wellness. It is focused on technology, innovation, easy-to-use products, and education with the mission to financially empower millions of Americans by providing a more affordable, transparent, and consumer-friendly banking experience. BM Technologies, Inc. (BMTX) is a technology company and is not a bank, which means it provides banking services through its partner banks. More information can be found at www.bmtx.com.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainty. In general, forward-looking statements may be identified through the use of words such as "anticipate," "believe", "estimate," "expect," "intend," "plan," "will," "should," "plan," "continue," "potential" and "project" or the negative of these terms or other similar words and expressions, and in this press release, include the expected margin improvement on Durbin-exempt interchange fees, achievement of the PEP target as a result of the expected cost savings from the PEP, and the expected growth outlook and results from operations during 2024. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to various risks and uncertainties. Such statements are based on Management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Investors are cautioned that there can be no assurance actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors.
These risks and uncertainties include, but are not limited to, general economic conditions, consumer adoption, technology and competition, continuing interest rate volatility, the ability to enter into new partnerships, regulatory risks, risks associated with the higher education industry and financing, and the operations and performance of the Company's partners, including bank partners, higher education partners, and BaaS partners. Further information regarding additional factors which could affect the forward-looking statements contained in this press release can be found in the cautionary language included under the headings "CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS" and "Risk Factors" in the Company's Annual Report on Form 10-K and other documents filed with the Securities and Exchange Commission ("SEC"). The Company's SEC filings are available publicly on the SEC website at www.sec.gov.
Many of these factors are beyond the Company's ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this communication, and BMTX undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law. BMTX qualifies all forward-looking statements by these cautionary statements.
UNAUDITED FINANCIAL STATEMENTS
BM TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF INCOME (LOSS)- UNAUDITED
(amounts in thousands, except per share data)
| Q1 | Q4 | Q3 | Q2 | Q1 | ||||||||||||||||
| 2024 | 2023 | 2023 | 2023 | 2023 | ||||||||||||||||
Operating revenues: | ||||||||||||||||||||
Interchange and card revenue | $ | 3,415 | $ | 2,731 | $ | 2,292 | $ | 1,458 | $ | 2,966 | ||||||||||
Servicing fees | 8,966 | 8,470 | 8,658 | 7,700 | 6,632 | |||||||||||||||
Account fees | 2,095 | 2,118 | 1,931 | 1,910 | 2,140 | |||||||||||||||
University fees | 1,612 | 1,410 | 1,412 | 1,373 | 1,506 | |||||||||||||||
Other revenue | 93 | 130 | 88 | 200 | 127 | |||||||||||||||
Total operating revenues | 16,181 | 14,859 | 14,381 | 12,641 | 13,371 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Technology, communication, and processing | 4,711 | 6,826 | 7,826 | 6,018 | 7,105 | |||||||||||||||
Salaries and employee benefits | 4,447 | 5,152 | 4,773 | 6,139 | 6,425 | |||||||||||||||
Professional services | 3,208 | 3,331 | 2,948 | 2,338 | 2,640 | |||||||||||||||
Provision for operating losses | 2,081 | 2,683 | 2,138 | 1,813 | 1,677 | |||||||||||||||
Occupancy | 16 | 2 | 9 | 10 | 14 | |||||||||||||||
Customer related supplies | 241 | 234 | 227 | 222 | 228 | |||||||||||||||
Advertising and promotion | 100 | 108 | 128 | 125 | 118 | |||||||||||||||
Restructuring, merger and acquisition related expenses | 79 | (56 | ) | - | 274 | 719 | ||||||||||||||
Other expense | 643 | 758 | 717 | 743 | 820 | |||||||||||||||
Total operating expenses | 15,526 | 19,038 | 18,766 | 17,682 | 19,746 | |||||||||||||||
Income (loss) from operations | 655 | (4,179 | ) | (4,385 | ) | (5,041 | ) | (6,375 | ) | |||||||||||
Non-operating income and expense: | ||||||||||||||||||||
Gain on fair value of private warrant liability | 108 | 216 | 433 | 595 | 1,421 | |||||||||||||||
Income (loss) before income tax | 763 | (3,963 | ) | (3,952 | ) | (4,446 | ) | (4,954 | ) | |||||||||||
Income tax expense (benefit) | 15 | - | - | 10 | 6 | |||||||||||||||
Net income (loss) | $ | 748 | $ | (3,963 | ) | $ | (3,952 | ) | $ | (4,456 | ) | $ | (4,960 | ) | ||||||
Weighted average number of shares outstanding - basic | 11,728 | 11,574 | 11,570 | 11,563 | 11,602 | |||||||||||||||
Weighted average number of shares outstanding - diluted | 11,746 | 11,574 | 11,570 | 11,563 | 11,602 | |||||||||||||||
Basic earnings (loss) per common share | $ | 0.06 | $ | (0.34 | ) | $ | (0.34 | ) | $ | (0.39 | ) | $ | (0.43 | ) | ||||||
Diluted earnings (loss) per common share | $ | 0.06 | $ | (0.34 | ) | $ | (0.34 | ) | $ | (0.39 | ) | $ | (0.43 | ) |
BM TECHNOLOGIES, INC.
CONSOLIDATED BALANCE SHEETS - UNAUDITED
(amounts in thousands)
| March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
| 2024 | 2023 | 2023 | 2023 | 2023 | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | $ | 14,630 | $ | 14,288 | $ | 8,802 | $ | 11,524 | $ | 10,931 | ||||||||||
Accounts receivable, net allowance for doubtful accounts | 6,875 | 9,128 | 8,511 | 7,083 | 7,144 | |||||||||||||||
Prepaid expenses and other assets | 3,331 | 5,148 | 6,088 | 10,742 | 10,465 | |||||||||||||||
Total current assets | 24,836 | 28,564 | 23,401 | 29,349 | 28,540 | |||||||||||||||
Premises and equipment, net | 487 | 535 | 534 | 531 | 530 | |||||||||||||||
Developed software, net | 16,366 | 16,173 | 17,668 | 19,759 | 20,631 | |||||||||||||||
Goodwill | 5,259 | 5,259 | 5,259 | 5,259 | 5,259 | |||||||||||||||
Other intangibles, net | 4,029 | 4,109 | 4,189 | 4,269 | 4,349 | |||||||||||||||
Other assets | - | - | - | - | - | |||||||||||||||
Total assets | $ | 50,977 | $ | 54,640 | $ | 51,051 | $ | 59,167 | $ | 59,309 | ||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 8,880 | $ | 10,577 | $ | 12,513 | $ | 11,624 | $ | 13,314 | ||||||||||
Deferred revenue, current | 11,159 | 12,322 | 3,440 | 8,209 | 2,653 | |||||||||||||||
Total current liabilities | 20,039 | 22,899 | 15,953 | 19,833 | 15,967 | |||||||||||||||
Non-current liabilities: | ||||||||||||||||||||
Deferred revenue, non-current | - | 127 | - | - | - | |||||||||||||||
Liability for private warrants | 54 | 162 | 378 | 811 | 1,406 | |||||||||||||||
Other non-current liabilities | - | 480 | 480 | 480 | - | |||||||||||||||
Total liabilities | $ | 20,093 | $ | 23,668 | $ | 16,811 | $ | 21,124 | $ | 17,373 | ||||||||||
Commitments and contingencies | ||||||||||||||||||||
Shareholders' equity: | ||||||||||||||||||||
Preferred stock | - | - | $ | - | $ | - | $ | - | ||||||||||||
Common stock | 1 | 1 | 1 | 1 | 1 | |||||||||||||||
Additional paid-in capital | 70,951 | 71,787 | 71,092 | 70,943 | 70,380 | |||||||||||||||
Accumulated deficit | (40,068 | ) | (40,816 | ) | (36,853 | ) | (32,901 | ) | (28,445 | ) | ||||||||||
Total shareholders' equity | $ | 30,884 | $ | 30,972 | $ | 34,240 | $ | 38,043 | $ | 41,936 | ||||||||||
Total liabilities and shareholders' equity | $ | 50,977 | $ | 54,640 | $ | 51,051 | $ | 59,167 | $ | 59,309 | ||||||||||
NON-GAAP FINANCIAL RECONCILIATIONS - UNAUDITED
Certain financial measures used in this Press Release are not defined by U.S. generally accepted accounting principles ("GAAP"), and as such, are considered non-GAAP financial measures. Core expenses and EBITDA exclude the effects of items the Company does not consider indicative of its core operating performance, including restructuring, merger and acquisition related expenses, fair value mark to market income or expense associated with certain warrants, impairment of developed software, and non-cash share-based compensation. Management believes the use of core revenues, expenses, and EBITDA are appropriate to provide investors with an additional tool to evaluate the Company's ongoing business performance. Investors are cautioned that these non-GAAP financial measures may not be defined in the same manner by other companies and, as a result, may not be comparable to other similarly titled measures used by other companies. Also, these non-GAAP financial measures should not be construed as alternatives, or superior, to other measures determined in accordance with GAAP.
Reconciliation - GAAP Operating Expenses to Core Operating Expenses (in thousands)
| Q1 | Q4 | Q3 | Q2 | Q1 | ||||||||||||||||
| 2024 | 2023 | 2023 | 2023 | 2023 | ||||||||||||||||
GAAP total expenses | $ | 15,526 | $ | 19,038 | $ | 18,766 | $ | 17,682 | $ | 19,746 | ||||||||||
Less: restructuring, merger and acquisition related expenses | (79 | ) | 56 | - | (274 | ) | (719 | ) | ||||||||||||
Impairment of developed software | (50 | ) | (620 | ) | - | - | - | |||||||||||||
Less: share-based compensation expense | 660 | (365 | ) | (176 | ) | (723 | ) | (635 | ) | |||||||||||
Core Operating Expenses inc Dep and Amort | $ | 16,057 | $ | 18,109 | $ | 18,590 | $ | 16,685 | $ | 18,392 | ||||||||||
Less: depreciation and amortization | 1,226 | 2,488 | 3,420 | 3,138 | 3,130 | |||||||||||||||
Core Operating Expenses ex. Dep and Amort | $ | 14,831 | $ | 15,621 | $ | 15,170 | $ | 13,547 | $ | 15,262 | ||||||||||
Reconciliation - GAAP Net Loss to Core Net (Loss) Income (in thousands, except per share data)
| Q1 | Q4 | Q3 | Q2 | Q1 | ||||||||||||||||
| 2024 | 2023 | 2023 | 2023 | 2023 | ||||||||||||||||
GAAP net income (loss) | $ | 748 | $ | (3,963 | ) | $ | (3,952 | ) | $ | (4,456 | ) | $ | (4,960 | ) | ||||||
Add: gain on fair value of private warrant liability | (108 | ) | (216 | ) | (433 | ) | (595 | ) | (1,421 | ) | ||||||||||
Add: restructuring, merger and acquisition related expenses | 79 | (56 | ) | - | 274 | 719 | ||||||||||||||
Add: impairment of developed software | 50 | 620 | - | - | - | |||||||||||||||
Add: share-based compensation expense | (660 | ) | 365 | 176 | 723 | 635 | ||||||||||||||
Less: tax (@ actual ETR) on taxable non-core items | (1 | ) | - | - | - | 1 | ||||||||||||||
Core net income (loss) | $ | 108 | $ | (3,250 | ) | $ | (4,209 | ) | $ | (4,054 | ) | $ | (5,025 | ) | ||||||
Core diluted shares | 11,746 | 11,574 | 11,570 | 11,563 | 11,602 | |||||||||||||||
Core diluted earnings (loss) earnings per common share | $ | 0.01 | $ | (0.28 | ) | $ | (0.36 | ) | $ | (0.35 | ) | $ | (0.43 | ) | ||||||
GAAP diluted earnings (loss) earnings per common share | $ | 0.06 | $ | (0.34 | ) | $ | (0.34 | ) | $ | (0.39 | ) | $ | (0.43 | ) |
Reconciliation - GAAP Net Loss to Core EBITDA (Loss) (in thousands)
| Q1 | Q4 | Q3 | Q2 | Q1 | ||||||||||||||||
| 2024 | 2023 | 2023 | 2023 | 2023 | ||||||||||||||||
GAAP net income (loss) | $ | 748 | $ | (3,963 | ) | $ | (3,952 | ) | $ | (4,456 | ) | $ | (4,960 | ) | ||||||
Add: gain on fair value of private warrant liability | (108 | ) | (216 | ) | (433 | ) | (595 | ) | (1,421 | ) | ||||||||||
Add: income tax expense (benefit) | 15 | - | - | 10 | 6 | |||||||||||||||
Add: restructuring, merger and acquisition related expenses | 79 | (56 | ) | - | 274 | 719 | ||||||||||||||
Add: impairment of developed software | 50 | 620 | - | - | - | |||||||||||||||
Add: share-based compensation expense | (660 | ) | 365 | 176 | 723 | 635 | ||||||||||||||
Add: depreciation and amortization | 1,226 | 2,488 | 3,420 | 3,138 | 3,130 | |||||||||||||||
Core EBITDA (Loss) | $ | 1,350 | $ | (762 | ) | $ | (789 | ) | $ | (906 | ) | $ | (1,891 | ) |
Key Performance Metrics
| Q1 | Q4 | Q3 | Q2 | Q1 | Year Over Year Change | |||||||||||||||||||||||
| 2024 | 2023 | 2023 | 2023 | 2023 | $ | % | ||||||||||||||||||||||
Debit card POS spend ($ millions) | ||||||||||||||||||||||||||||
Higher education | $ | 636 | $ | 545 | $ | 567 | $ | 490 | $ | 616 | $ | 20 | 3 | % | ||||||||||||||
BaaS | 172 | 168 | 171 | 168 | 171 | 1 | 1 | % | ||||||||||||||||||||
Total POS spend | $ | 809 | $ | 714 | $ | 737 | $ | 658 | $ | 787 | $ | 21 | 3 | % | ||||||||||||||
Serviced deposits ($ millions) | ||||||||||||||||||||||||||||
Higher education | $ | 535 | $ | 361 | $ | 636 | $ | 408 | $ | 507 | $ | 28 | 6 | % | ||||||||||||||
BaaS | 284 | 313 | 357 | 439 | 575 | (291 | ) | (51 | ) % | |||||||||||||||||||
Total Ending Deposits | $ | 820 | $ | 674 | $ | 994 | $ | 848 | $ | 1,082 | $ | (262 | ) | (24 | ) % | |||||||||||||
Higher education | $ | 537 | $ | 479 | $ | 466 | $ | 429 | $ | 524 | $ | 13 | 2 | % | ||||||||||||||
BaaS | 290 | 326 | 387 | 494 | 655 | (365 | ) | (56 | ) % | |||||||||||||||||||
Total Average Deposits | $ | 828 | $ | 805 | $ | 853 | $ | 922 | $ | 1,179 | $ | (352 | ) | (30 | ) % | |||||||||||||
Higher Education Metrics | ||||||||||||||||||||||||||||
Higher education retention | 99 | % | 99 | % | 99 | % | 98 | % | 98 | % | ||||||||||||||||||
FAR (1) disbursement amount ($B) | $ | 4.3 | $ | 2.0 | $ | 3.6 | $ | 1.8 | $ | 4.0 | $ | 0.3 | 8 | % | ||||||||||||||
Organic deposits (2) ($M) | $ | 449 | $ | 390 | $ | 411 | $ | 400 | $ | 485 | $ | (36 | ) | (7 | ) % | |||||||||||||
(1) FAR disbursements are Financial Aid Refund disbursements from a higher education institution.
(2) Organic Deposits are all deposits excluding any funds disbursed directly from the school.
1 Metrics such as Core EBITDA (Loss), Core Earnings (Loss), and Core Operating Expense are non-GAAP measures which exclude certain items from or add certain items to the comparable GAAP measure; a reconciliation appears on pages 8 and 9 of this release.
SOURCE: BM Technologies
View the original press release on accesswire.com
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