MoneyLion Announces Fourth Quarter and Full Year 2023 Results
- Record revenue of $423.4 million in FY 2023, up 24% year-over-year.
- 60% gross profit margin in FY 2023, compared to 57% in FY 2022.
- Net loss of $45.2 million for FY 2023.
- Record Adjusted EBITDA of $46.4 million for FY 2023.
- Q4 2023 Net Loss of $4.2 million.
- MoneyLion aims for accelerating revenue growth and first positive GAAP EPS quarter in 2024.
- None.
Insights
The reported revenue growth of 24% year-over-year for MoneyLion Inc. indicates a robust expansion in the company's top-line performance. Such an increase is notable in the financial technology sector, where competition is intense and customer acquisition can be costly. The improvement in gross profit margin from 57% to 60% suggests effective cost management and an ability to scale operations profitably. However, the net loss figures, although reduced from the previous year, highlight ongoing challenges in achieving net profitability.
Investors should consider the implications of the reported net loss of $45.2 million in FY 2023, which, despite being a significant improvement from the previous year's loss of $189.1 million, still raises questions about the company's path to sustainable profitability. The record Adjusted EBITDA of $46.4 million is a positive indicator of operational efficiency and could be a sign of potential future earnings growth.
Looking forward, the management's expectation of accelerating revenue growth and a positive GAAP EPS quarter in 2024 could be indicative of a strategic pivot towards profitability. The company's focus on expanding its suite of offerings and leveraging its marketplace advantages could drive further growth and operational efficiencies.
The doubling of the customer base to 14.0 million and a 79% increase in total products to 23.1 million for FY 2023 reflect MoneyLion's successful market penetration and product diversification. The fintech industry often relies on customer and product growth metrics to gauge a company's market position and long-term viability. The 27% increase in total originations to $2.3 billion further underscores the company's growing influence in the financial services marketplace.
MoneyLion's structural advantages, such as low customer acquisition costs and expanding technology moats, are critical in an industry where customer loyalty and retention are paramount. The company's strategic focus on audience optimization tools and content-as-a-service could enhance its value proposition, leading to increased user engagement and potentially higher lifetime customer value.
The reported financial results must be contextualized within the broader economic landscape, particularly for a fintech company like MoneyLion. The fintech industry is sensitive to macroeconomic factors such as interest rates, regulatory changes and consumer spending habits. In a fluctuating economic environment, MoneyLion's ability to maintain a 60% gross profit margin and achieve a substantial year-over-year revenue increase suggests resilience and adaptability.
However, the net losses reported, despite being lower than the previous year, indicate that the company is still in an investment phase, prioritizing growth over immediate profitability. This strategy may be sustainable in the short-term, especially if investor sentiment remains positive towards growth-oriented tech companies. Long-term success will depend on MoneyLion's ability to balance growth with profitability, particularly in the event of an economic downturn or increased competition.
FY 2023 Record Revenue of
FY 2023
FY 2023 Net Loss of
FY 2023 Record Adjusted EBITDA of
Management Expects Accelerating Revenue Growth and First Positive GAAP EPS Quarter in 2024
“MoneyLion had its strongest year ever in 2023,” said Dee Choubey, MoneyLion’s co-founder and Chief Executive Officer. “Our unique consumer and enterprise ecosystem supported our path to profitability. We had record revenue, record total customer adds, margin expansion and a
Choubey continued, “We are positioned for accelerating growth in 2024 as we capitalize on the large opportunity in front of us. Our structural advantages as a marketplace make us a must-have partner for any financial services provider. We have enduring advantages on customer acquisition costs, increasing data and technology moats and expanding revenue generation opportunities. The work we did in 2023 positions us to lean into growth while remaining disciplined and focused on profitability.”
“After a record-setting year across revenue and Adjusted EBITDA, we are setting our sights on our first positive GAAP EPS quarter in 2024. Based on recent performance and management execution capabilities, we say this with a high degree of confidence. Gross profit margin and Adjusted EBITDA were above the high end of our guidance, while revenue was in the middle of our range. For the first quarter of 2024, we expect revenue of
Financial Results(1)
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||
2023 |
|
2022 |
|
% Change |
|
2023 |
|
2022 |
|
% Change | |||||||||||
| (in thousands) | (unaudited) | ||||||||||||||||||||
| Financial Metrics | |||||||||||||||||||||
| Total revenues, net | $ |
112,963 |
|
$ |
94,943 |
|
|
$ |
423,431 |
|
$ |
340,745 |
|
|
|||||||
| Gross profit |
|
71,385 |
|
|
57,550 |
|
|
|
252,350 |
|
|
195,109 |
|
|
|||||||
| Gross profit margin |
|
63 |
% |
|
61 |
% |
|
|
60 |
% |
|
57 |
% |
|
|||||||
| Net loss before other (expense) income and income taxes |
|
(1,250 |
) |
|
(17,045 |
) |
— |
|
(5,345 |
) |
|
(98,677 |
) |
— |
|||||||
| Net loss* |
|
(4,195 |
) |
|
(135,006 |
) |
— |
|
(45,245 |
) |
|
(189,066 |
) |
— |
|||||||
| Adjusted EBITDA |
|
16,532 |
|
|
(5,628 |
) |
— |
|
46,413 |
|
|
(63,296 |
) |
— |
|||||||
| Adjusted EBITDA margin |
|
14.6 |
% |
|
(5.9 |
%) |
— |
|
11.0 |
% |
|
(18.6 |
%) |
— |
|||||||
| (in millions) | |||||||||||||||||||||
| Key Operating Metrics | |||||||||||||||||||||
| Total Customers |
|
14.0 |
|
|
6.5 |
|
|
|
14.0 |
|
|
6.5 |
|
|
|||||||
| Total Products |
|
23.1 |
|
|
12.9 |
|
|
|
23.1 |
|
|
12.9 |
|
|
|||||||
| Total Originations | $ |
644 |
|
$ |
496 |
|
|
$ |
2,264 |
|
$ |
1,788 |
|
|
|||||||
* Net loss includes a non-cash goodwill impairment loss of
Total revenues, net increased
Gross profit increased
MoneyLion recorded a net loss before other expense and income taxes of
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
||
| (in thousands) | (unaudited) | |||||||||||||||
| Net loss | $ |
(4,195 |
) |
$ |
(135,006 |
) |
$ |
(45,245 |
) |
$ |
(189,066 |
) |
||||
| Add back: | ||||||||||||||||
| Interest related to corporate debt |
|
2,811 |
|
|
3,180 |
|
|
13,037 |
|
|
10,117 |
|
||||
| Income tax (benefit) expense |
|
(1,190 |
) |
|
2,714 |
|
|
(1,076 |
) |
|
(25,634 |
) |
||||
| Depreciation and amortization expense |
|
6,423 |
|
|
6,089 |
|
|
24,826 |
|
|
21,673 |
|
||||
| Changes in fair value of warrant liability |
|
405 |
|
|
(648 |
) |
|
473 |
|
|
(7,923 |
) |
||||
| Change in fair value of contingent consideration from mergers and acquisitions |
|
- |
|
|
(27,220 |
) |
|
(6,613 |
) |
|
(41,254 |
) |
||||
| Goodwill impairment loss |
|
- |
|
|
136,760 |
|
|
26,721 |
|
|
136,760 |
|
||||
| Stock-based compensation expense |
|
6,239 |
|
|
5,960 |
|
|
22,896 |
|
|
19,603 |
|
||||
| Other expenses |
|
6,039 |
|
|
2,544 |
|
|
11,394 |
|
|
12,432 |
|
||||
| Adjusted EBITDA | $ |
16,532 |
|
$ |
(5,628 |
) |
$ |
46,413 |
|
$ |
(63,296 |
) |
||||
Customer, Origination and Product Growth
Total Customers grew
Q1 2024 Financial Guidance:
For the first quarter of 2024, MoneyLion expects:
-
Total revenues, net of
$115 $118 million 26% growth vs. Q1 2023 -
Adjusted EBITDA of
$15 $18 million 15.3% Adjusted EBITDA Margin vs.7.8% in Q1 2023
(1) Adjusted EBITDA is a non-GAAP measure. Refer to the definition of Adjusted EBITDA in the discussion of non-GAAP financial measures and the accompanying reconciliation below.
Conference Call
MoneyLion will hold a conference call today at 8:30 a.m. ET to discuss its fourth quarter and full-year 2023 results. A live webcast will be available on MoneyLion’s Investor Relations website at investors.moneylion.com. Please dial into the conference 5-10 minutes prior to the start time and ask for the MoneyLion fourth quarter 2023 earnings call.
Toll-free dial-in number: 1-877-502-7184
International dial-in number: 1-201-689-8875
Following the call, a replay and transcript will be available on the same website.
About MoneyLion
MoneyLion is a leader in financial technology powering the next generation of personalized products and content, with a top consumer finance super app, a premier embedded finance platform for enterprise businesses and a world-class media arm. MoneyLion’s mission is to give everyone the power to make their best financial decisions. We pride ourselves on serving the many, not the few; providing confidence through guidance, choice, and personalization; and shortening the distance to an informed action. In our go-to money app for consumers, we deliver curated content on finance and related topics, through a tailored feed that engages people to learn and share. People take control of their finances with our innovative financial products and marketplace - including our full-fledged suite of features to save, borrow, spend, and invest - seamlessly bringing together the best offers and content from MoneyLion and our 1,100+ Enterprise Partner network, together in one experience.
MoneyLion’s enterprise technology provides the definitive search engine and marketplace for financial products, enabling any company to add embedded finance to their business, with advanced AI-backed data and tools through our platform and API. Established in 2013, MoneyLion connects millions of people with the financial products and content they need, when and where they need it.
For more information about MoneyLion, please visit www.moneylion.com. For information about Engine by MoneyLion for enterprise businesses, please visit www.engine.tech. For investor information and updates, visit investors.moneylion.com and follow @MoneyLionIR on X.
Forward-Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding, among other things, MoneyLion’s financial position, results of operations, cash flows, prospects and growth strategies. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of MoneyLion’s management, are subject to a number of risks and uncertainties and are not predictions of actual performance. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of MoneyLion.
Factors that could cause actual results and outcomes to differ from those reflected in forward-looking statements include, among other things: factors relating to the business, operations and financial performance of MoneyLion, including market conditions and global and economic factors beyond MoneyLion’s control; MoneyLion's ability to acquire, engage and retain customers and clients and sell or develop additional functionality, products and services to them on the MoneyLion platform; MoneyLion’s reliance on third-party partners, service providers and vendors, including its ability to comply with applicable requirements of such third parties; demand for and consumer confidence in MoneyLion’s products and services, including as a result of any adverse publicity concerning MoneyLion; any inaccurate or fraudulent information provided to MoneyLion by customers or other third parties; MoneyLion’s ability to realize strategic objectives and avoid difficulties and risks of any acquisitions, strategic investments, entries into new businesses, joint ventures, divestitures and other transactions; MoneyLion’s success in attracting, retaining and motivating its senior management and other key personnel; MoneyLion’s ability to renew or replace its existing funding arrangements and raise financing in the future, to comply with restrictive covenants related to its long-term indebtedness and to manage the effects of changes in the cost of capital; MoneyLion's ability to achieve or maintain profitability in the future; intense and increasing competition in the industries in which MoneyLion and its subsidiaries operate; risks related to the proper functioning of MoneyLion’s information technology systems and data storage, including as a result of cyberattacks, data security breaches or other similar incidents or disruptions suffered by MoneyLion or third parties upon which it relies; MoneyLion’s ability to protect its intellectual property and other proprietary rights and its ability to obtain or maintain intellectual property, proprietary rights and technology licensed from third parties; MoneyLion’s ability to comply with extensive and evolving laws and regulations applicable to its business and the outcome of any legal or governmental proceedings that may be instituted against MoneyLion; MoneyLion's ability to establish and maintain an effective system of internal controls over financial reporting; MoneyLion’s ability to maintain the listing of MoneyLion’s Class A common stock and its publicly traded warrants to purchase MoneyLion Class A common stock on the New York Stock Exchange and any volatility in the market price of MoneyLion’s securities; and factors discussed in MoneyLion’s filings with the Securities and Exchange Commission. There may be additional risks that MoneyLion presently knows or that MoneyLion currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.
In addition, forward-looking statements reflect MoneyLion’s expectations, plans or forecasts of future events and views as of the date of this press release. MoneyLion anticipates that subsequent events and developments will cause its assessments to change. However, while MoneyLion may elect to update these forward-looking statements at some point in the future, MoneyLion specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing MoneyLion’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Financial Information; Non-GAAP Financial Measures
Adjusted EBITDA has not been prepared in accordance with
A reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable GAAP measure, is set forth below. To the extent that forward-looking non-GAAP financial measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, which could be material based on historical adjustments. Accordingly, a reconciliation is not available without unreasonable effort.
Definitions:
Gross Profit: Prepared in accordance with
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
||
| (in thousands) | (unaudited) | |||||||||||||||
| Total revenue, net | $ |
112,963 |
|
$ |
94,943 |
|
$ |
423,431 |
|
$ |
340,745 |
|
||||
| Less: | ||||||||||||||||
| Cost of Sales | ||||||||||||||||
| Direct costs |
|
(31,516 |
) |
|
(26,992 |
) |
|
(126,361 |
) |
|
(106,419 |
) |
||||
| Provision for credit losses on receivables - subscription receivables |
|
(734 |
) |
|
(1,214 |
) |
|
(4,101 |
) |
|
(5,231 |
) |
||||
| Provision for credit losses on receivables - fees receivables |
|
(2,317 |
) |
|
(1,496 |
) |
|
(12,988 |
) |
|
(8,253 |
) |
||||
| Technology related costs |
|
(3,307 |
) |
|
(3,050 |
) |
|
(12,532 |
) |
|
(10,447 |
) |
||||
| Professional services |
|
(1,472 |
) |
|
(2,048 |
) |
|
(5,501 |
) |
|
(5,898 |
) |
||||
| Compensation and benefits |
|
(2,205 |
) |
|
(2,499 |
) |
|
(9,221 |
) |
|
(8,951 |
) |
||||
| Other operating expenses |
|
(27 |
) |
|
(95 |
) |
|
(377 |
) |
|
(438 |
) |
||||
| Gross Profit | $ |
71,385 |
|
$ |
57,550 |
|
$ |
252,350 |
|
$ |
195,109 |
|
||||
Adjusted EBITDA: A non-GAAP measure, defined as net income (loss) plus interest expense related to corporate debt, income tax expense (benefit), depreciation and amortization expense, change in fair value of warrant liability, change in fair value of contingent consideration from mergers and acquisitions, goodwill impairment loss, stock-based compensation and certain other expenses that management does not consider in measuring performance.
Total Customers: Defined as the cumulative number of customers that have opened at least one account, including banking, membership subscription, secured personal loan, Instacash advance, managed investment account, cryptocurrency account and customers that are monetized through our marketplace and affiliate products. Total Customers also include customers that have submitted for, received or clicked on at least one marketplace loan offer.
Total Products: Defined as the total number of products that our Total Customers have opened, including banking, membership subscription, secured personal loan, Instacash advance, managed investment account, cryptocurrency account and monetized marketplace and affiliate products, as well as customers who signed up for our financial tracking services (with either credit tracking enabled or external linked accounts), whether or not the customer is still registered for the product. Total Products also include marketplace loan offers that our Total Customers have submitted for, received or clicked on through our marketplace. If a customer has funded multiple secured personal loans or Instacash advances or opened multiple products through our marketplace, it is only counted once for each product type.
Total Originations: Defined as the dollar volume of the secured personal loans originated and Instacash advances funded within the stated period. All originations were originated directly by MoneyLion.
Enterprise Partners: Composed of Product Partners and Channel Partners. Product Partners are the providers of the financial and non-financial products and services that we offer in our marketplaces, including financial institutions, financial service providers and other affiliate partners. Channel Partners are organizations that allow us to reach a wide base of consumers, including but not limited to news sites, content publishers, product comparison sites and financial institutions.
| MONEYLION INC. | |||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
| (dollar amounts in thousands, except per share amounts) | |||||||
| Twelve Months Ended December 31, | |||||||
|
2023 |
|
|
2022 |
|
||
| Revenue | |||||||
| Service and subscription revenue | $ |
411,238 |
|
$ |
330,598 |
|
|
| Net interest income on loan receivables |
|
12,193 |
|
|
10,147 |
|
|
| Total revenue, net |
|
423,431 |
|
|
340,745 |
|
|
| Operating expenses | |||||||
| Provision for credit losses on consumer receivables |
|
93,418 |
|
|
99,753 |
|
|
| Compensation and benefits |
|
93,895 |
|
|
99,603 |
|
|
| Marketing |
|
28,125 |
|
|
37,245 |
|
|
| Direct costs |
|
126,361 |
|
|
106,419 |
|
|
| Professional services |
|
19,105 |
|
|
32,650 |
|
|
| Technology-related costs |
|
24,056 |
|
|
21,536 |
|
|
| Other operating expenses |
|
43,816 |
|
|
42,216 |
|
|
| Total operating expenses |
|
428,776 |
|
|
439,422 |
|
|
| Net income (loss) before other (expense) income and income taxes |
|
(5,345 |
) |
|
(98,677 |
) |
|
| Interest expense |
|
(28,663 |
) |
|
(29,799 |
) |
|
| Change in fair value of warrant liability |
|
(473 |
) |
|
7,923 |
|
|
| Change in fair value of contingent consideration from mergers and acquisitions |
|
6,613 |
|
|
41,254 |
|
|
| Goodwill impairment loss |
|
(26,721 |
) |
|
(136,760 |
) |
|
| Other income |
|
8,268 |
|
|
1,359 |
|
|
| Net loss before income taxes |
|
(46,321 |
) |
|
(214,700 |
) |
|
| Income tax benefit |
|
(1,076 |
) |
|
(25,634 |
) |
|
| Net loss |
|
(45,245 |
) |
|
(189,066 |
) |
|
| Reversal of previously accrued / (accrued) dividends on preferred stock |
|
690 |
|
|
(6,880 |
) |
|
| Net loss attributable to common shareholders | $ |
(44,555 |
) |
$ |
(195,946 |
) |
|
| Net loss per share, basic and diluted | $ |
(4.63 |
) |
$ |
(24.32 |
) |
|
| Weighted average shares used in computing net loss per share, basic and diluted |
|
9,614,309 |
|
|
8,056,529 |
|
|
| MONEYLION INC. | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| (dollar amounts in thousands) | ||||||||
| December 31, | December 31, | |||||||
|
2023 |
|
|
2022 |
|
|||
| Assets | ||||||||
| Cash | $ |
92,195 |
|
$ |
115,864 |
|
||
| Restricted cash, including amounts held by variable interest entities (VIEs) of |
|
2,284 |
|
|
37,845 |
|
||
| Consumer receivables |
|
208,167 |
|
|
169,976 |
|
||
| Allowance for credit losses on consumer receivables |
|
(35,329 |
) |
|
(24,841 |
) |
||
| Consumer receivables, net, including amounts held by VIEs of |
|
172,838 |
|
|
145,135 |
|
||
| Enterprise receivables, net |
|
15,978 |
|
|
19,017 |
|
||
| Property and equipment, net |
|
1,864 |
|
|
2,976 |
|
||
| Intangible assets, net |
|
176,541 |
|
|
194,247 |
|
||
| Goodwill |
|
— |
|
|
26,600 |
|
||
| Other assets |
|
53,559 |
|
|
54,658 |
|
||
| Total assets | $ |
515,259 |
|
$ |
596,342 |
|
||
| Liabilities, Redeemable Convertible Preferred Stock and Stockholders' Equity | ||||||||
| Liabilities: | ||||||||
| Secured loans, net | $ |
64,334 |
|
$ |
88,617 |
|
||
| Accounts payable and accrued liabilities |
|
52,396 |
|
|
58,129 |
|
||
| Warrant liability |
|
810 |
|
|
337 |
|
||
| Other debt, net, including amounts held by VIEs of |
|
125,419 |
|
|
143,394 |
|
||
| Other liabilities |
|
15,077 |
|
|
33,496 |
|
||
| Total liabilities |
|
258,036 |
|
|
323,973 |
|
||
| Commitments and contingencies | ||||||||
| Redeemable convertible preferred stock (Series A), |
|
— |
|
|
173,208 |
|
||
| Stockholders' equity: | ||||||||
| Class A Common Stock, |
|
1 |
|
|
1 |
|
||
| Additional paid-in capital |
|
969,641 |
|
|
766,839 |
|
||
| Accumulated deficit |
|
(702,719 |
) |
|
(657,979 |
) |
||
| Treasury stock at cost, 32,333 shares at December 31, 2023 and December 31, 2022 |
|
(9,700 |
) |
|
(9,700 |
) |
||
| Total stockholders' equity |
|
257,223 |
|
|
99,161 |
|
||
| Total liabilities, redeemable convertible preferred stock and stockholders' equity | $ |
515,259 |
|
$ |
596,342 |
|
||
| MONEYLION INC. | |||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (dollar amounts in thousands) | |||||||
| Twelve Months Ended December 31, | |||||||
|
2023 |
|
|
2022 |
|
||
| Cash flows from operating activities: | |||||||
| Net loss | $ |
(45,245 |
) |
$ |
(189,066 |
) |
|
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||
| Provision for losses on receivables |
|
93,418 |
|
|
99,753 |
|
|
| Depreciation and amortization expense |
|
24,826 |
|
|
21,673 |
|
|
| Change in deferred fees and costs, net |
|
2,119 |
|
|
2,017 |
|
|
| Change in fair value of warrants |
|
473 |
|
|
(7,923 |
) |
|
| Change in fair value of contingent consideration from mergers and acquisitions |
|
(6,613 |
) |
|
(41,254 |
) |
|
| Gain (loss) on foreign currency translation |
|
(60 |
) |
|
18 |
|
|
| Expenses related to debt modification and prepayments |
|
— |
|
|
730 |
|
|
| Goodwill impairment loss |
|
26,721 |
|
|
136,760 |
|
|
| Stock compensation expense |
|
22,896 |
|
|
19,603 |
|
|
| Deferred income taxes |
|
(2,091 |
) |
|
(26,020 |
) |
|
| Changes in assets and liabilities, net of effects of business combination: | |||||||
| Accrued interest receivable |
|
(234 |
) |
|
4 |
|
|
| Enterprise receivables, net |
|
2,853 |
|
|
(3,152 |
) |
|
| Other assets |
|
1,098 |
|
|
(14,908 |
) |
|
| Accounts payable and accrued liabilities |
|
819 |
|
|
5,059 |
|
|
| Other liabilities |
|
(4,634 |
) |
|
67 |
|
|
| Net cash provided by operating activities |
|
116,346 |
|
|
3,361 |
|
|
| Cash flows from investing activities: | |||||||
| Net originations and collections of finance receivables |
|
(120,441 |
) |
|
(114,072 |
) |
|
| Purchase of property and equipment and software development |
|
(6,008 |
) |
|
(8,890 |
) |
|
| Acquisition of Engine, net of cash acquired |
|
— |
|
|
(18,584 |
) |
|
| Settlement of contingent consideration related to mergers and acquisitions |
|
(1,116 |
) |
|
— |
|
|
| Net cash used in investing activities |
|
(127,565 |
) |
|
(141,546 |
) |
|
| Cash flows from financing activities: | |||||||
| Repayments to secured/senior lenders |
|
(25,000 |
) |
|
(24,029 |
) |
|
| Fees related to debt prepayment |
|
— |
|
|
(375 |
) |
|
| Net repayments to special purpose vehicle credit facilities |
|
(19,000 |
) |
|
— |
|
|
| Borrowings from secured lenders |
|
— |
|
|
69,300 |
|
|
| Payment of deferred financing costs |
|
(132 |
) |
|
(1,625 |
) |
|
| Payments related to the automatic conversion of redeemable convertible preferred stock (Series A) in lieu of fractional shares of common stock and dividends on preferred stock |
|
(3,007 |
) |
|
— |
|
|
| Proceeds (payments) related to issuance of common stock related to exercise of stock options and warrants, net of tax withholdings related to vesting of stock-based compensation |
|
(860 |
) |
|
2,399 |
|
|
| Other |
|
(12 |
) |
|
— |
|
|
| Net cash (used in) provided by financing activities |
|
(48,011 |
) |
|
45,670 |
|
|
| Net change in cash and restricted cash |
|
(59,230 |
) |
|
(92,515 |
) |
|
| Cash and restricted cash, beginning of period |
|
153,709 |
|
|
246,224 |
|
|
| Cash and restricted cash, end of period | $ |
94,479 |
|
$ |
153,709 |
|
|
| MONEYLION INC. | ||||||||||||||||
| RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA | ||||||||||||||||
| (dollar amounts in thousands) | ||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
||
| (unaudited) | ||||||||||||||||
| Net loss | $ |
(4,195 |
) |
$ |
(135,006 |
) |
$ |
(45,245 |
) |
$ |
(189,066 |
) |
||||
| Add back: | ||||||||||||||||
| Interest related to corporate debt |
|
2,811 |
|
|
3,180 |
|
|
13,037 |
|
|
10,117 |
|
||||
| Income tax (benefit) expense |
|
(1,190 |
) |
|
2,714 |
|
|
(1,076 |
) |
|
(25,634 |
) |
||||
| Depreciation and amortization expense |
|
6,423 |
|
|
6,089 |
|
|
24,826 |
|
|
21,673 |
|
||||
| Changes in fair value of warrant liability |
|
405 |
|
|
(648 |
) |
|
473 |
|
|
(7,923 |
) |
||||
| Change in fair value of contingent consideration from mergers and acquisitions |
|
- |
|
|
(27,220 |
) |
|
(6,613 |
) |
|
(41,254 |
) |
||||
| Goodwill impairment loss |
|
- |
|
|
136,760 |
|
|
26,721 |
|
|
136,760 |
|
||||
| Stock-based compensation expense |
|
6,239 |
|
|
5,960 |
|
|
22,896 |
|
|
19,603 |
|
||||
| Other expenses |
|
6,039 |
|
|
2,544 |
|
|
11,394 |
|
|
12,432 |
|
||||
| Adjusted EBITDA | $ |
16,532 |
|
$ |
(5,628 |
) |
$ |
46,413 |
|
$ |
(63,296 |
) |
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240306852279/en/
MoneyLion Investor Relations
ir@moneylion.com
MoneyLion Communications
pr@moneylion.com
Source: MoneyLion Inc.
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