MoneyLion Announces Second Quarter 2024 Results
MoneyLion Inc. (NYSE: ML) reported strong financial results for Q2 2024, with record revenue of $131 million, up 23% year-over-year. The company achieved GAAP Net Income of $3.1 million and Diluted EPS of $0.26. Adjusted EBITDA reached $18.5 million, representing a 14.2% margin.
Key metrics showed significant growth: Total Customers increased 73% to 17.0 million, Total Products grew 60% to 27.7 million, and Total Originations rose 40% to $770 million. For Q3 2024, MoneyLion expects revenue of $133-$138 million and Adjusted EBITDA of $18-$21 million. The full-year 2024 guidance projects revenue of $525-$535 million and Adjusted EBITDA of $80-$87 million.
MoneyLion Inc. (NYSE: ML) ha riportato risultati finanziari positivi per il secondo trimestre del 2024, con un fatturato record di 131 milioni di dollari, in aumento del 23% rispetto all'anno precedente. L'azienda ha raggiunto un utile netto GAAP di 3,1 milioni di dollari e un utile per azione (EPS) diluito di 0,26 dollari. L'EBITDA rettificato ha raggiunto 18,5 milioni di dollari, con un margine del 14,2%.
I principali indicatori mostrano una crescita significativa: il numero totale di clienti è aumentato del 73% a 17,0 milioni, il numero totale di prodotti è cresciuto del 60% a 27,7 milioni, e le origini totali sono aumentate del 40% a 770 milioni di dollari. Per il terzo trimestre del 2024, MoneyLion prevede un fatturato di 133-138 milioni di dollari e un EBITDA rettificato di 18-21 milioni di dollari. La guida per l'intero anno 2024 prevede un fatturato di 525-535 milioni di dollari e un EBITDA rettificato di 80-87 milioni di dollari.
MoneyLion Inc. (NYSE: ML) reportó resultados financieros sólidos para el segundo trimestre de 2024, con ingresos récord de 131 millones de dólares, un aumento del 23% en comparación con el año anterior. La compañía logró un ingreso neto GAAP de 3,1 millones de dólares y una utilidad por acción diluida de 0,26 dólares. El EBITDA ajustado alcanzó 18,5 millones de dólares, representando un margen del 14,2%.
Los métricas clave mostraron un crecimiento significativo: el número total de clientes aumentó un 73% a 17,0 millones, el número total de productos creció un 60% a 27,7 millones, y las originaciones totales subieron un 40% a 770 millones de dólares. Para el tercer trimestre de 2024, MoneyLion espera ingresos de 133 a 138 millones de dólares y un EBITDA ajustado de 18 a 21 millones de dólares. La proyección para el año completo 2024 anticipa ingresos de 525 a 535 millones de dólares y un EBITDA ajustado de 80 a 87 millones de dólares.
머니라이온 주식회사 (NYSE: ML)는 2024년 2분기 강력한 재무 결과를 보고했으며, 역대 최고 수익 1억 3천 1백만 달러를 기록하며 지난해 대비 23% 증가했습니다. 회사는 GAAP 기준 순이익 310만 달러와 희석주당순이익(EPS) 0.26달러을 달성했습니다. 조정된 EBITDA는 1850만 달러에 달하며, 이는 14.2%의 마진을 나타냅니다.
주요 지표는 상당한 성장을 보여줍니다: 총 고객 수가 73% 증가하여 1,700만 명에 도달하였고, 총 제품 수는 60% 증가하여 2,770만 개에 이르렀으며, 총 기원 금액은 40% 증가하여 7억 7천만 달러에 이릅니다. 2024년 3분기 동안 머니라이온은 1억 3천 3백만 달러에서 1억 3천 8백만 달러의 수익과 1천8백만 달러에서 2천1백만 달러의 조정된 EBITDA를 예상하고 있습니다. 2024년 전체 연도 가이드는 5억 2천5백만 달러에서 5억 3천5백만 달러의 수익과 8천만 달러에서 8천7백만 달러의 조정된 EBITDA를 예상합니다.
MoneyLion Inc. (NYSE: ML) a annoncé de solides résultats financiers pour le deuxième trimestre de 2024, avec un chiffre d'affaires record de 131 millions de dollars, en hausse de 23 % par rapport à l'année précédente. L'entreprise a enregistré un bénéfice net GAAP de 3,1 millions de dollars et un bénéfice par action dilué de 0,26 dollar. L'EBITDA ajusté a atteint 18,5 millions de dollars, représentant une marge de 14,2 %.
Les indicateurs clés ont montré une croissance significative : le nombre total de clients a augmenté de 73 % pour atteindre 17,0 millions, le nombre total de produits a crû de 60 % pour atteindre 27,7 millions, et les origines totales ont augmenté de 40 % pour atteindre 770 millions de dollars. Pour le troisième trimestre de 2024, MoneyLion prévoit un chiffre d'affaires de 133 à 138 millions de dollars et un EBITDA ajusté de 18 à 21 millions de dollars. Les prévisions pour l'année complète 2024 indiquent un chiffre d'affaires de 525 à 535 millions de dollars et un EBITDA ajusté de 80 à 87 millions de dollars.
MoneyLion Inc. (NYSE: ML) hat für das zweite Quartal 2024 starke finanzielle Ergebnisse gemeldet, mit einem Rekordumsatz von 131 Millionen Dollar, was einem Anstieg von 23% im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte einen GAAP-Nettoeinkommen von 3,1 Millionen Dollar und einen verwässerten Gewinn pro Aktie von 0,26 Dollar. Das bereinigte EBITDA erreichte 18,5 Millionen Dollar, was eine Marge von 14,2% darstellt.
Wichtige Kennzahlen zeigten ein signifikantes Wachstum: Die Gesamtzahl der Kunden stieg um 73% auf 17,0 Millionen, die Gesamtzahl der Produkte wuchs um 60% auf 27,7 Millionen, und die Gesamterlöse stiegen um 40% auf 770 Millionen Dollar. Für das dritte Quartal 2024 erwartet MoneyLion einen Umsatz von 133 bis 138 Millionen Dollar und ein bereinigtes EBITDA von 18 bis 21 Millionen Dollar. Die Prognose für das gesamte Jahr 2024 geht von einem Umsatz von 525 bis 535 Millionen Dollar und einem bereinigten EBITDA von 80 bis 87 Millionen Dollar aus.
- Record revenue of $131 million, up 23% year-over-year
- GAAP Net Income of $3.1 million, compared to a net loss in Q2 2023
- Adjusted EBITDA of $18.5 million, representing a 14.2% margin
- Total Customers grew 73% year-over-year to 17.0 million
- Total Products increased 60% year-over-year to 27.7 million
- Total Originations grew 40% year-over-year to $770 million
- Positive guidance for Q3 and full-year 2024
- None.
Insights
MoneyLion's Q2 2024 results demonstrate robust growth and a significant turnaround in profitability. The company reported record revenue of
Key growth metrics are impressive, with Total Customers up
MoneyLion's Q2 results underscore its growing prominence in the digital finance ecosystem. The company's ecosystem approach appears to be resonating with consumers, as evidenced by the substantial growth in customers and products. This strategy differentiates MoneyLion from competitors and positions it well in the evolving fintech landscape.
The introduction of AI-driven financial product search and content-as-a-service indicates MoneyLion's focus on innovation and value-added services. These features could enhance user engagement and drive further growth. The company's ability to maintain growth and profitability amidst market challenges suggests a resilient business model that could attract investor interest in the competitive fintech sector.
MoneyLion's integration of AI-driven financial product search and content-as-a-service demonstrates its commitment to leveraging cutting-edge technology. These features can significantly enhance user experience and personalization, potentially leading to higher customer retention and engagement rates.
The company's web services and MoneyLion checkout offerings suggest a focus on creating a comprehensive financial technology stack. This approach could position MoneyLion as not just a consumer-facing app, but also a potential B2B fintech infrastructure provider. As the fintech industry continues to evolve, MoneyLion's technological capabilities could become a key differentiator and growth driver.
Record Revenue of
GAAP Net Income of
Adjusted EBITDA of
Management Provides Q3 & FY 2024 Guidance
“Our second quarter 2024 results reflect MoneyLion’s leading position as the first digital ecosystem for consumer finance and continued progress towards becoming the number one destination for Americans to make financial decisions,” said Dee Choubey, MoneyLion’s Co-Founder and Chief Executive Officer.
Choubey continued, “We have all the ingredients needed to build a digital ecosystem and disrupt consumer finance, and the success of this approach is already reflected in our numbers. We are putting our ecosystem approach into action through a number of products, services, and technologies that serve our partners and consumers alike, with features like AI-driven financial product search, MoneyLion checkout, content-as-a-service, web services, and much more.”
“While other business models are seeing weakness, we are enjoying growth and profitability given our unique ecosystem position. We expect to finish strong in each of the next two quarters and create significant momentum going into 2025,” said Rick Correia, MoneyLion’s Chief Financial Officer.
Correia continued, “We generated record revenue of
Financial Results(1)
| Three Months Ended June 30, | |||||||||||||
|
2024 |
|
|
2023 |
|
% Change | |||||||
| (in thousands) | (unaudited) | ||||||||||||
| Financial Metrics | |||||||||||||
| Total revenues, net | $ |
130,846 |
|
$ |
106,541 |
|
23 |
% |
|||||
| Net income (loss) |
|
3,137 |
|
|
(27,723 |
) |
— |
|
|||||
| Adjusted EBITDA |
|
18,518 |
|
|
9,233 |
|
101 |
% |
|||||
| Adjusted EBITDA margin |
|
14.2 |
% |
|
8.7 |
% |
63 |
% |
|||||
| (in millions) | |||||||||||||
| Key Operating Metrics | |||||||||||||
| Total Customers |
|
17.0 |
|
|
9.9 |
|
73 |
% |
|||||
| Total Products |
|
27.7 |
|
|
17.3 |
|
60 |
% |
|||||
| Total Originations | $ |
770 |
|
$ |
550 |
|
40 |
% |
|||||
Total revenues, net increased
MoneyLion recorded net income of
| Three Months Ended June 30, | ||||||||
|
2024 |
|
|
2023 |
|
|||
| (in thousands) | (unaudited) |
|||||||
| Net income (loss) | $ |
3,137 |
|
$ |
(27,723 |
) |
||
| Add back: | ||||||||
| Interest related to corporate debt |
|
2,576 |
|
|
3,475 |
|
||
| Income tax benefit |
|
(1,824 |
) |
|
(262 |
) |
||
| Depreciation and amortization expense |
|
6,331 |
|
|
6,113 |
|
||
| Changes in fair value of warrant liability |
|
81 |
|
|
(162 |
) |
||
| Change in fair value of contingent consideration from mergers and acquisitions |
|
— |
|
|
(6,367 |
) |
||
| Goodwill impairment loss |
|
— |
|
|
26,721 |
|
||
| Stock-based compensation expense |
|
7,531 |
|
|
5,250 |
|
||
| Other expenses |
|
686 |
|
|
2,188 |
|
||
| Adjusted EBITDA | $ |
18,518 |
|
$ |
9,233 |
|
||
Customer, Product and Origination Growth
Total Customers grew
Financial Guidance:
For the third quarter of 2024, MoneyLion expects:
-
Total revenues, net of
$133 $138 million 21% -25% growth vs. Q3 2023 -
Adjusted EBITDA of
$18 $21 million 13.0% -15.8% Adjusted EBITDA margin vs.12.1% in Q3 2023
For the full year of 2024, MoneyLion expects:
-
Total revenues, net of
$525 $535 million 24% -26% growth vs. FY 2023 -
Adjusted EBITDA of
$80 $87 million 15.0% -16.6% Adjusted EBITDA margin vs.11.0% in FY 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 second quarter 2024 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 second quarter 2024 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, content, and marketplace technology, 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 1,200+ 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:
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 credit 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 credit 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) |
|||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
| Revenue | |||||||||||||||
| Service and subscription revenue | $ |
127,890 |
|
$ |
103,237 |
|
$ |
245,963 |
|
$ |
193,978 |
|
|||
| Net interest income on loan receivables |
|
2,956 |
|
|
3,304 |
|
|
5,889 |
|
|
6,232 |
|
|||
| Total revenue, net |
|
130,846 |
|
|
106,541 |
|
|
251,852 |
|
|
200,210 |
|
|||
| Operating expenses | |||||||||||||||
| Provision for credit losses on consumer receivables |
|
33,431 |
|
|
25,562 |
|
|
53,661 |
|
|
42,073 |
|
|||
| Compensation and benefits |
|
24,852 |
|
|
22,572 |
|
|
49,638 |
|
|
46,980 |
|
|||
| Marketing |
|
10,530 |
|
|
6,549 |
|
|
21,396 |
|
|
12,941 |
|
|||
| Direct costs |
|
34,449 |
|
|
32,230 |
|
|
65,838 |
|
|
62,032 |
|
|||
| Professional services |
|
11,007 |
|
|
4,518 |
|
|
16,773 |
|
|
9,517 |
|
|||
| Technology-related costs |
|
6,512 |
|
|
5,611 |
|
|
13,098 |
|
|
11,649 |
|
|||
| Other operating expenses |
|
4,338 |
|
|
11,219 |
|
|
14,658 |
|
|
20,214 |
|
|||
| Total operating expenses |
|
125,119 |
|
|
108,261 |
|
|
235,062 |
|
|
205,406 |
|
|||
| Net income (loss) before other (expense) income and income taxes |
|
5,727 |
|
|
(1,720 |
) |
|
16,790 |
|
|
(5,196 |
) |
|||
| Interest expense |
|
(6,714 |
) |
|
(7,330 |
) |
|
(13,531 |
) |
|
(14,841 |
) |
|||
| Change in fair value of warrant liability |
|
(81 |
) |
|
162 |
|
|
— |
|
|
13 |
|
|||
| Change in fair value of contingent consideration from mergers and acquisitions |
|
— |
|
|
6,367 |
|
|
— |
|
|
6,613 |
|
|||
| Goodwill impairment loss |
|
— |
|
|
(26,721 |
) |
|
— |
|
|
(26,721 |
) |
|||
| Other income |
|
2,381 |
|
|
1,257 |
|
|
4,740 |
|
|
2,906 |
|
|||
| Net income (loss) before income taxes |
|
1,313 |
|
|
(27,985 |
) |
|
7,999 |
|
|
(37,226 |
) |
|||
| Income tax benefit |
|
(1,824 |
) |
|
(262 |
) |
|
(2,213 |
) |
|
(286 |
) |
|||
| Net income (loss) |
|
3,137 |
|
|
(27,723 |
) |
|
10,212 |
|
|
(36,940 |
) |
|||
| Reversal of previously accrued dividends on preferred stock |
|
— |
|
|
2,667 |
|
|
— |
|
|
690 |
|
|||
| Net income (loss) attributable to common shareholders | $ |
3,137 |
|
$ |
(25,056 |
) |
$ |
10,212 |
|
$ |
(36,250 |
) |
|||
| Net income (loss) per share, basic | $ |
0.29 |
|
$ |
(2.71 |
) |
$ |
0.95 |
|
$ |
(4.05 |
) |
|||
| Net income (loss) per share, diluted | $ |
0.26 |
|
$ |
(2.71 |
) |
$ |
0.85 |
|
$ |
(4.05 |
) |
|||
| Weighted average shares used in computing net income (loss) per share, basic |
|
10,862,853 |
|
|
9,234,238 |
|
|
10,694,635 |
|
|
8,944,836 |
|
|||
| Weighted average shares used in computing net income (loss) per share, diluted |
|
12,091,421 |
|
|
9,234,238 |
|
|
11,954,975 |
|
|
8,944,836 |
|
|||
MONEYLION INC |
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
(dollar amounts in thousands, except per share amounts) |
||||||||
June 30, |
December 31, | |||||||
|
2024 |
|
|
2023 |
|
|||
| Assets | ||||||||
| Cash | $ |
98,361 |
|
$ |
92,195 |
|
||
| Restricted cash, including amounts held by variable interest entities (VIEs) of |
|
4,749 |
|
|
2,284 |
|
||
| Consumer receivables |
|
237,358 |
|
|
208,167 |
|
||
| Allowance for credit losses on consumer receivables |
|
(40,523 |
) |
|
(35,329 |
) |
||
| Consumer receivables, net, including amounts held by VIEs of |
|
196,835 |
|
|
172,838 |
|
||
| Enterprise receivables, net |
|
23,045 |
|
|
15,978 |
|
||
| Property and equipment, net |
|
1,961 |
|
|
1,864 |
|
||
| Intangible assets, net |
|
168,302 |
|
|
176,541 |
|
||
| Other assets |
|
52,490 |
|
|
53,559 |
|
||
| Total assets | $ |
545,743 |
|
$ |
515,259 |
|
||
| Liabilities and Stockholders' Equity | ||||||||
| Liabilities: | ||||||||
| Secured loans, net | $ |
64,482 |
|
$ |
64,334 |
|
||
| Accounts payable and accrued liabilities |
|
48,984 |
|
|
52,396 |
|
||
| Warrant liability |
|
810 |
|
|
810 |
|
||
| Other debt, net, including amounts held by VIEs of |
|
129,932 |
|
|
125,419 |
|
||
| Other liabilities |
|
23,079 |
|
|
15,077 |
|
||
| Total liabilities |
|
267,287 |
|
|
258,036 |
|
||
| Commitments and contingencies (Note 15) | ||||||||
| Stockholders' equity: | ||||||||
| Class A Common Stock, |
|
1 |
|
|
1 |
|
||
| Additional paid-in capital |
|
980,662 |
|
|
969,641 |
|
||
| Accumulated deficit |
|
(692,507 |
) |
|
(702,719 |
) |
||
| Treasury stock at cost, 32,333 shares as of June 30, 2024 and December 31, 2023 |
|
(9,700 |
) |
|
(9,700 |
) |
||
| Total stockholders' equity |
|
278,456 |
|
|
257,223 |
|
||
| Total liabilities and stockholders' equity | $ |
545,743 |
|
$ |
515,259 |
|
||
| MONEYLION INC | |||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||
| (dollar amounts in thousands) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
| Cash flows from operating activities: | |||||||||||||||
| Net income (loss) | $ |
3,137 |
|
$ |
(27,723 |
) |
$ |
10,212 |
|
$ |
(36,940 |
) |
|||
| Adjustments to reconcile net income (loss) to net cash from operating activities: | |||||||||||||||
| Provision for losses on receivables |
|
33,431 |
|
|
25,562 |
|
|
53,661 |
|
|
42,073 |
|
|||
| Depreciation and amortization expense |
|
6,331 |
|
|
6,113 |
|
|
12,543 |
|
|
12,297 |
|
|||
| Change in deferred fees and costs, net |
|
322 |
|
|
782 |
|
|
678 |
|
|
1,398 |
|
|||
| Change in fair value of warrants |
|
81 |
|
|
(162 |
) |
|
— |
|
|
(13 |
) |
|||
| Change in fair value of contingent consideration from mergers and acquisitions |
|
— |
|
|
(6,367 |
) |
|
— |
|
|
(6,613 |
) |
|||
| Loss (gain) on foreign currency translation |
|
44 |
|
|
(171 |
) |
|
(53 |
) |
|
(178 |
) |
|||
| Goodwill impairment loss |
|
— |
|
|
26,721 |
|
|
— |
|
|
26,721 |
|
|||
| Stock compensation expense |
|
7,531 |
|
|
5,250 |
|
|
14,028 |
|
|
10,955 |
|
|||
| Deferred income taxes |
|
235 |
|
|
(400 |
) |
|
471 |
|
|
(493 |
) |
|||
| Changes in assets and liabilities: | |||||||||||||||
| Accrued interest receivable |
|
(38 |
) |
|
(211 |
) |
|
(76 |
) |
|
(238 |
) |
|||
| Enterprise receivables, net |
|
(5,527 |
) |
|
1,708 |
|
|
(7,067 |
) |
|
(2,422 |
) |
|||
| Other assets |
|
3,117 |
|
|
5,610 |
|
|
1,753 |
|
|
4,360 |
|
|||
| Accounts payable and accrued liabilities |
|
(1,103 |
) |
|
1,156 |
|
|
(3,359 |
) |
|
(8,649 |
) |
|||
| Other liabilities |
|
237 |
|
|
(2,505 |
) |
|
(1,354 |
) |
|
(4,215 |
) |
|||
| Net cash provided by operating activities |
|
47,798 |
|
|
35,363 |
|
|
81,437 |
|
|
38,043 |
|
|||
| Cash flows from investing activities: | |||||||||||||||
| Net originations and collections of finance receivables |
|
(41,676 |
) |
|
(33,185 |
) |
|
(69,398 |
) |
|
(52,832 |
) |
|||
| Purchase of property and equipment and software development |
|
(2,244 |
) |
|
(1,638 |
) |
|
(4,401 |
) |
|
(2,675 |
) |
|||
| Settlement of contingent consideration related to mergers and acquisitions |
|
— |
|
|
(766 |
) |
|
— |
|
|
(1,116 |
) |
|||
| Net cash used in investing activities |
|
(43,920 |
) |
|
(35,589 |
) |
|
(73,799 |
) |
|
(56,623 |
) |
|||
| Cash flows from financing activities: | |||||||||||||||
| Net proceeds from (repayments to) special purpose vehicle credit facilities |
|
— |
|
|
— |
|
|
4,000 |
|
|
(24,000 |
) |
|||
| Repayments to secured/senior lenders |
|
— |
|
|
(5,000 |
) |
|
— |
|
|
(5,000 |
) |
|||
| Payment of deferred financing costs |
|
— |
|
|
(154 |
) |
|
— |
|
|
(154 |
) |
|||
| 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 |
) |
|
— |
|
|
(3,007 |
) |
|||
| 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 |
|
(2,670 |
) |
|
(183 |
) |
|
(3,007 |
) |
|
(782 |
) |
|||
| Other |
|
— |
|
|
(12 |
) |
|
— |
|
|
(12 |
) |
|||
| Net cash (used in) provided by financing activities |
|
(2,670 |
) |
|
(8,356 |
) |
|
993 |
|
|
(32,955 |
) |
|||
| Net change in cash and restricted cash |
|
1,208 |
|
|
(8,582 |
) |
|
8,631 |
|
|
(51,535 |
) |
|||
| Cash and restricted cash, beginning of period |
|
101,902 |
|
|
110,756 |
|
|
94,479 |
|
|
153,709 |
|
|||
| Cash and restricted cash, end of period | $ |
103,110 |
|
$ |
102,174 |
|
$ |
103,110 |
|
$ |
102,174 |
|
|||
| MONEYLION INC. | |||||||||||||||||
| RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA | |||||||||||||||||
| (dollar amounts in thousands) | |||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||||
| Net income (loss) | $ |
3,137 |
|
$ |
(27,723 |
) |
$ |
10,212 |
|
$ |
(36,940 |
) |
|||||
| Add back: | |||||||||||||||||
| Interest related to corporate debt |
|
2,576 |
|
|
3,475 |
|
|
5,371 |
|
|
7,035 |
|
|||||
| Income tax benefit |
|
(1,824 |
) |
|
(262 |
) |
|
(2,213 |
) |
|
(286 |
) |
|||||
| Depreciation and amortization expense |
|
6,331 |
|
|
6,113 |
|
|
12,543 |
|
|
12,297 |
|
|||||
| Changes in fair value of warrant liability |
|
81 |
|
|
(162 |
) |
|
— |
|
|
(13 |
) |
|||||
| Change in fair value of contingent consideration from mergers and acquisitions |
|
— |
|
|
(6,367 |
) |
|
— |
|
|
(6,613 |
) |
|||||
| Goodwill impairment loss |
|
— |
|
|
26,721 |
|
|
— |
|
|
26,721 |
|
|||||
| Stock-based compensation expense |
|
7,531 |
|
|
5,250 |
|
|
14,028 |
|
|
10,955 |
|
|||||
| Other expenses |
|
686 |
|
|
2,188 |
|
|
2,062 |
|
|
3,373 |
|
|||||
| Adjusted EBITDA | $ |
18,518 |
|
$ |
9,233 |
|
$ |
42,003 |
|
$ |
16,529 |
|
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240805746299/en/
MoneyLion Investor Relations
ir@moneylion.com
MoneyLion Communications
pr@moneylion.com
Source: MoneyLion Inc.
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