MoneyLion Announces Third Quarter 2024 Results
MoneyLion (NYSE: ML) reported strong Q3 2024 results with record revenue of $135.5 million, up 23% year-over-year. The company achieved net income before taxes of $0.5 million and Adjusted EBITDA of $24.4 million, representing an 18% margin. Total customers grew 54% to 18.7 million, while total products increased 51% to 30.7 million. Based on strong performance, MoneyLion raised its FY 2024 guidance, now expecting revenue of $536-541 million and Adjusted EBITDA of $88-93 million. The company projects Q4 2024 revenue of $149-154 million, representing 34% year-over-year growth at midpoint.
MoneyLion (NYSE: ML) ha riportato risultati solidi per il terzo trimestre 2024, con entrate record di 135,5 milioni di dollari, in aumento del 23% rispetto allo scorso anno. L'azienda ha raggiunto un utile netto ante imposte di 0,5 milioni di dollari e un EBITDA rettificato di 24,4 milioni di dollari, con un margine dell'18%. Il numero totale di clienti è aumentato del 54%, raggiungendo 18,7 milioni, mentre il numero totale di prodotti è aumentato del 51%, arrivando a 30,7 milioni. Sulla base delle ottime performance, MoneyLion ha alzato le proprie previsioni per l'anno fiscale 2024, aspettandosi ora entrate tra 536 e 541 milioni di dollari e un EBITDA rettificato tra 88 e 93 milioni di dollari. L'azienda prevede entrate nel quarto trimestre del 2024 tra 149 e 154 milioni di dollari, corrispondenti a una crescita del 34% rispetto all'anno precedente al centro delle stime.
MoneyLion (NYSE: ML) informó resultados sólidos para el tercer trimestre de 2024, con ingresos récord de 135,5 millones de dólares, lo que representa un aumento del 23% en comparación con el año anterior. La compañía logró un ingreso neto antes de impuestos de 0,5 millones de dólares y un EBITDA ajustado de 24,4 millones de dólares, lo que representa un margen del 18%. El número total de clientes creció un 54%, alcanzando los 18,7 millones, mientras que el total de productos aumentó un 51%, llegando a 30,7 millones. Con base en un fuerte rendimiento, MoneyLion aumentó su guía para el año fiscal 2024, ahora esperando ingresos entre 536 y 541 millones de dólares y un EBITDA ajustado entre 88 y 93 millones de dólares. La compañía proyecta ingresos para el cuarto trimestre de 2024 de entre 149 y 154 millones de dólares, lo que representa un crecimiento del 34% interanual en el punto medio.
머니라이온 (NYSE: ML)은 2024년 3분기 실적을 발표하며 135.5 백만 달러의 기록적인 매출을 올렸으며, 이는 전년 대비 23% 증가한 수치입니다. 이 회사는 세전 순이익 50만 달러와 2440만 달러의 조정 EBITDA를 달성하였으며, 18%의 마진을 기록하였습니다. 총 고객 수는 54% 증가하여 1870만 명에 달하고, 총 제품 수는 51% 증가하여 3070만 개에 이르렀습니다. 뛰어난 성과를 기반으로, 머니라이온은 2024 회계연도 가이던스를 상향 조정하여 5억 3600만 달러에서 5억 4100만 달러의 매출과 8800만 달러에서 9300만 달러의 조정 EBITDA를 기대하고 있습니다. 이 회사는 2024년 4분기 매출을 1억 4900만 달러에서 1억 5400만 달러로 예상하며, 이는 중간값 기준으로 전년 대비 34%의 성장률을 나타냅니다.
MoneyLion (NYSE: ML) a rapporté de bons résultats pour le troisième trimestre 2024 avec un chiffre d'affaires record de 135,5 millions de dollars, en hausse de 23% par rapport à l'année précédente. L'entreprise a réalisé un bénéfice net avant impôts de 0,5 million de dollars et un EBITDA ajusté de 24,4 millions de dollars, représentant une marge de 18%. Le nombre total de clients a augmenté de 54% pour atteindre 18,7 millions, tandis que le total des produits a augmenté de 51% pour atteindre 30,7 millions. Basé sur cette bonne performance, MoneyLion a rehaussé ses prévisions pour l'exercice 2024, s'attendant désormais à un chiffre d'affaires compris entre 536 et 541 millions de dollars et un EBITDA ajusté de 88 à 93 millions de dollars. L'entreprise prévoit un chiffre d'affaires de 149 à 154 millions de dollars pour le quatrième trimestre 2024, représentant une croissance de 34% par rapport à l'année précédente au point médian.
MoneyLion (NYSE: ML) meldete starke Ergebnisse für das 3. Quartal 2024 mit Rekordumsätzen von 135,5 Millionen Dollar, was einem Anstieg von 23% im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte einen Nettogewinn vor Steuern von 0,5 Millionen Dollar und ein bereinigtes EBITDA von 24,4 Millionen Dollar, was einer Marge von 18% entspricht. Die Anzahl der Kunden wuchs um 54% auf 18,7 Millionen, während die Gesamtzahl der Produkte um 51% auf 30,7 Millionen anstieg. Auf Basis dieser starken Leistung hat MoneyLion die Prognose für das Geschäftsjahr 2024 angehoben und erwartet nun Umsätze von 536 bis 541 Millionen Dollar sowie ein bereinigtes EBITDA von 88 bis 93 Millionen Dollar. Das Unternehmen prognostiziert für das vierte Quartal 2024 Umsätze zwischen 149 und 154 Millionen Dollar, was einem Wachstum von 34% im Vergleich zum Vorjahr zum Mittelwert entspricht.
- Record revenue of $135.5M, up 23% YoY
- Achieved positive net income before taxes of $0.5M, improved from -$3.7M loss in Q3 2023
- Adjusted EBITDA increased 83% to $24.4M
- Customer base grew 54% YoY to 18.7M
- Total originations increased 38% YoY to $776M
- Raised full-year guidance for both revenue and Adjusted EBITDA
- Net loss of $2.8M in Q3 2024
- Interest expenses related to corporate debt of $2.5M
- Income tax expense increased to $3.3M from $0.4M YoY
Insights
MoneyLion's Q3 2024 results demonstrate robust financial performance with record revenue of
Key performance indicators show strong momentum: customer base grew
MoneyLion's strategic expansion through partnerships with Nova Credit, TransUnion and Plaid, along with the new MoneyLion Checkout offering, positions it strongly in the fintech ecosystem. The
Record Revenue of
Net Income before Income Taxes of
Adjusted EBITDA of
Management Raises FY 2024 Revenue and Adjusted EBITDA Guidance
“Our record third-quarter results reflect MoneyLion’s ongoing ability to grow rapidly and take market share through our differentiated solutions for consumers and enterprises alike,” said Dee Choubey, MoneyLion’s Co-Founder and Chief Executive Officer.
Choubey continued, “Our land and expand strategy is working, we’re scaling our customer base while maintaining profitability and reinvesting in technology and revenue growth acceleration. The launch of new products and partnerships, such as our new MoneyLion Checkout offering and our new or expanded partnerships with Nova Credit, TransUnion and Plaid, underscore that MoneyLion is in the early innings of a new horizon in its evolution as a leading digital ecosystem for consumer finance. Moreover, these developments align with our growth pillars and position MoneyLion for accelerating revenue growth.”
“MoneyLion generated record revenue of
Financial Results(1)
| Three Months September 30, | |||||||||||||
|
2024 |
|
|
2023 |
|
% Change | |||||||
| (in thousands) | (unaudited) | ||||||||||||
| Financial Metrics | |||||||||||||
| Total revenue, net | $ |
135,466 |
|
$ |
110,258 |
|
23 |
% |
|||||
| Net income (loss) before income taxes | $ |
517 |
|
$ |
(3,710 |
) |
— |
|
|||||
| Net loss |
|
(2,792 |
) |
|
(4,110 |
) |
— |
|
|||||
| Adjusted EBITDA |
|
24,402 |
|
|
13,352 |
|
83 |
% |
|||||
| Adjusted EBITDA margin |
|
18.0 |
% |
|
12.1 |
% |
49 |
% |
|||||
| (in millions) | |||||||||||||
| Key Operating Metrics | |||||||||||||
| Total Customers |
|
18.7 |
|
|
12.1 |
|
54 |
% |
|||||
| Total Products |
|
30.7 |
|
|
20.3 |
|
51 |
% |
|||||
| Total Originations | $ |
776 |
|
$ |
564 |
|
38 |
% |
|||||
Total revenue, net increased
MoneyLion recorded a net income before income taxes of
| Three Months Ended September 30, | ||||||||
|
2024 |
|
|
2023 |
|
|||
| (in thousands) | (unaudited) | |||||||
| Net loss | $ |
(2,792 |
) |
$ |
(4,110 |
) |
||
| Add back: | ||||||||
| Interest related to corporate debt |
|
2,469 |
|
|
3,191 |
|
||
| Income tax expense |
|
3,309 |
|
|
400 |
|
||
| Depreciation and amortization expense |
|
6,509 |
|
|
6,106 |
|
||
| Changes in fair value of warrant liability |
|
(405 |
) |
|
81 |
|
||
| Stock-based compensation expense |
|
7,282 |
|
|
5,702 |
|
||
| Other expenses |
|
8,030 |
|
|
1,982 |
|
||
| Adjusted EBITDA | $ |
24,402 |
|
$ |
13,352 |
|
||
Customer, Product and Origination Growth
Total Customers grew
Financial Guidance:
For the full year of 2024, MoneyLion expects:
-
Total revenue, net of
$536 $541 million $525 $535 million 27% -28% growth vs. FY 2023 (from24% -26% ) -
Adjusted EBITDA of
$88 $93 million $80 $87 million 16.3% -17.4% Adjusted EBITDA margin (from15.0% -16.6% )
This implies that for the fourth quarter of 2024, MoneyLion expects:
-
Total revenue, net of
$149 $154 million 32% -36% growth vs. Q4 2023 -
Adjusted EBITDA of
$22 $27 million 14.1% -17.9% Adjusted EBITDA margin
(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 third 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 third quarter 2024 earnings call.
Toll-free dial-in number: 1-800-715-9871
International dial-in number: 1-646-307-1963
Conference ID: 6861045
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 (loss) income, 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 (loss) income 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) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
| Revenue | |||||||||||||||
| Service and subscription revenue | $ |
132,098 |
|
$ |
107,000 |
|
$ |
378,061 |
|
$ |
300,978 |
|
|||
| Net interest income on loan receivables |
|
3,368 |
|
|
3,258 |
|
|
9,257 |
|
|
9,490 |
|
|||
| Total revenue, net |
|
135,466 |
|
|
110,258 |
|
|
387,318 |
|
|
310,468 |
|
|||
| Operating expenses | |||||||||||||||
| Provision for credit losses on consumer receivables |
|
26,833 |
|
|
25,121 |
|
|
80,494 |
|
|
67,194 |
|
|||
| Loss on sale of consumer receivables |
|
3,510 |
|
|
— |
|
|
3,510 |
|
|
— |
|
|||
| Compensation and benefits |
|
25,820 |
|
|
23,511 |
|
|
75,458 |
|
|
70,491 |
|
|||
| Marketing |
|
10,591 |
|
|
7,029 |
|
|
31,987 |
|
|
19,970 |
|
|||
| Direct costs |
|
38,349 |
|
|
32,813 |
|
|
104,187 |
|
|
94,845 |
|
|||
| Professional services |
|
10,820 |
|
|
4,968 |
|
|
27,593 |
|
|
14,485 |
|
|||
| Technology-related costs |
|
7,323 |
|
|
5,891 |
|
|
20,421 |
|
|
17,540 |
|
|||
| Other operating expenses |
|
8,217 |
|
|
9,824 |
|
|
22,875 |
|
|
30,038 |
|
|||
| Total operating expenses |
|
131,463 |
|
|
109,157 |
|
|
366,525 |
|
|
314,563 |
|
|||
| Net income (loss) before other (expense) income and income taxes |
|
4,003 |
|
|
1,101 |
|
|
20,793 |
|
|
(4,095 |
) |
|||
| Interest expense |
|
(6,504 |
) |
|
(7,088 |
) |
|
(20,035 |
) |
|
(21,929 |
) |
|||
| Change in fair value of warrant liability |
|
405 |
|
|
(81 |
) |
|
405 |
|
|
(68 |
) |
|||
| Change in fair value of contingent consideration from mergers and acquisitions |
|
— |
|
|
— |
|
|
— |
|
|
6,613 |
|
|||
| Goodwill impairment loss |
|
— |
|
|
— |
|
|
— |
|
|
(26,721 |
) |
|||
| Other income |
|
2,613 |
|
|
2,358 |
|
|
7,353 |
|
|
5,264 |
|
|||
| Net income (loss) before income taxes |
|
517 |
|
|
(3,710 |
) |
|
8,516 |
|
|
(40,936 |
) |
|||
| Income tax expense |
|
3,309 |
|
|
400 |
|
|
1,096 |
|
|
114 |
|
|||
| Net (loss) income |
|
(2,792 |
) |
|
(4,110 |
) |
|
7,420 |
|
|
(41,050 |
) |
|||
| Reversal of previously accrued dividends on preferred stock |
|
— |
|
|
— |
|
|
— |
|
|
690 |
|
|||
| Net (loss) income attributable to common shareholders | $ |
(2,792 |
) |
$ |
(4,110 |
) |
$ |
7,420 |
|
$ |
(40,360 |
) |
|||
| Net (loss) income per share, basic | $ |
(0.25 |
) |
$ |
(0.40 |
) |
$ |
0.69 |
|
$ |
(4.30 |
) |
|||
| Net (loss) income per share, diluted | $ |
(0.25 |
) |
$ |
(0.40 |
) |
$ |
0.62 |
|
$ |
(4.30 |
) |
|||
| Weighted average shares used in computing net (loss) income per share, basic |
|
11,089,933 |
|
|
10,221,956 |
|
|
10,827,363 |
|
|
9,375,221 |
|
|||
| Weighted average shares used in computing net (loss) income per share, diluted |
|
11,089,933 |
|
|
10,221,956 |
|
|
11,974,447 |
|
|
9,375,221 |
|
|||
| MONEYLION INC. | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| (dollar amounts in thousands, except per share amounts) | ||||||||
| (Unaudited) | ||||||||
| September 30, | December 31, | |||||||
|
2024 |
|
|
2023 |
|
|||
| Assets | ||||||||
| Cash | $ |
111,944 |
|
$ |
92,195 |
|
||
| Restricted cash, including amounts held by variable interest entities (VIEs) of |
|
4,415 |
|
|
2,284 |
|
||
| Consumer receivables |
|
218,642 |
|
|
208,167 |
|
||
| Allowance for credit losses on consumer receivables |
|
(33,511 |
) |
|
(35,329 |
) |
||
| Consumer receivables, net, including amounts held by VIEs of |
|
185,131 |
|
|
172,838 |
|
||
| Consumer receivables held for sale |
|
4,401 |
|
|
— |
|
||
| Enterprise receivables, net |
|
24,279 |
|
|
15,978 |
|
||
| Property and equipment, net |
|
1,906 |
|
|
1,864 |
|
||
| Intangible assets, net |
|
165,380 |
|
|
176,541 |
|
||
| Other assets |
|
33,260 |
|
|
53,559 |
|
||
| Total assets | $ |
530,716 |
|
$ |
515,259 |
|
||
| Liabilities and Stockholders' Equity | ||||||||
| Liabilities: | ||||||||
| Secured loans, net | $ |
64,497 |
|
$ |
64,334 |
|
||
| Accounts payable and accrued liabilities |
|
53,529 |
|
|
52,396 |
|
||
| Warrant liability |
|
405 |
|
|
810 |
|
||
| Other debt, net, including amounts held by VIEs of |
|
106,588 |
|
|
125,419 |
|
||
| Other liabilities |
|
23,225 |
|
|
15,077 |
|
||
| Total liabilities |
|
248,244 |
|
|
258,036 |
|
||
| Commitments and contingencies | ||||||||
| Stockholders' equity: | ||||||||
| Class A Common Stock, |
|
1 |
|
|
1 |
|
||
| Additional paid-in capital |
|
988,446 |
|
|
969,641 |
|
||
| Accumulated deficit |
|
(695,299 |
) |
|
(702,719 |
) |
||
| Treasury stock at cost, 56,738 and 32,333 shares as of September 30, 2024 and December 31, 2023, respectively |
|
(10,676 |
) |
|
(9,700 |
) |
||
| Total stockholders' equity |
|
282,472 |
|
|
257,223 |
|
||
| Total liabilities and stockholders' equity | $ |
530,716 |
|
$ |
515,259 |
|
||
| MONEYLION INC. | |||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||
| (dollar amounts in thousands) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
| Cash flows from operating activities: | |||||||||||||||
| Net (loss) income | $ |
(2,792 |
) |
$ |
(4,110 |
) |
$ |
7,420 |
|
$ |
(41,050 |
) |
|||
| Adjustments to reconcile net (loss) income to net cash from operating activities: | |||||||||||||||
| Provision for losses on receivables |
|
26,833 |
|
|
25,121 |
|
|
80,494 |
|
|
67,194 |
|
|||
| Loss on sale of consumer receivables |
|
3,271 |
|
|
— |
|
|
3,271 |
|
|
— |
|
|||
| Depreciation and amortization expense |
|
6,509 |
|
|
6,106 |
|
|
19,052 |
|
|
18,403 |
|
|||
| Change in deferred fees and costs, net |
|
314 |
|
|
380 |
|
|
992 |
|
|
1,778 |
|
|||
| Change in fair value of warrants |
|
(405 |
) |
|
81 |
|
|
(405 |
) |
|
68 |
|
|||
| Change in fair value of contingent consideration from mergers and acquisitions |
|
— |
|
|
— |
|
|
— |
|
|
(6,613 |
) |
|||
| Loss (gain) on foreign currency translation |
|
497 |
|
|
— |
|
|
444 |
|
|
(178 |
) |
|||
| Goodwill impairment loss |
|
— |
|
|
— |
|
|
— |
|
|
26,721 |
|
|||
| Stock compensation expense |
|
7,282 |
|
|
5,702 |
|
|
21,310 |
|
|
16,657 |
|
|||
| Deferred income taxes |
|
(131 |
) |
|
(17 |
) |
|
340 |
|
|
(510 |
) |
|||
| Changes in assets and liabilities: | |||||||||||||||
| Accrued interest receivable |
|
(112 |
) |
|
(166 |
) |
|
(188 |
) |
|
(404 |
) |
|||
| Enterprise receivables, net |
|
(1,234 |
) |
|
2,144 |
|
|
(8,301 |
) |
|
(278 |
) |
|||
| Other assets |
|
15,985 |
|
|
(733 |
) |
|
17,738 |
|
|
3,627 |
|
|||
| Accounts payable and accrued liabilities |
|
4,048 |
|
|
2,771 |
|
|
689 |
|
|
(5,878 |
) |
|||
| Other liabilities |
|
277 |
|
|
(1,207 |
) |
|
(1,077 |
) |
|
(5,422 |
) |
|||
| Net cash provided by operating activities |
|
60,342 |
|
|
36,072 |
|
|
141,779 |
|
|
74,115 |
|
|||
| Cash flows from investing activities: | |||||||||||||||
| Net originations and collections of finance receivables |
|
(11,745 |
) |
|
(26,448 |
) |
|
(81,143 |
) |
|
(79,280 |
) |
|||
| Originations of finance receivables held for sale |
|
(46,681 |
) |
|
— |
|
|
(46,681 |
) |
|
- |
|
|||
| Proceeds from the sale of consumer receivables |
|
39,009 |
|
|
— |
|
|
39,009 |
|
|
- |
|
|||
| Purchase of property and equipment and software development |
|
(3,388 |
) |
|
(1,527 |
) |
|
(7,789 |
) |
|
(4,202 |
) |
|||
| Settlement of contingent consideration related to mergers and acquisitions |
|
— |
|
|
— |
|
|
— |
|
|
(1,116 |
) |
|||
| Net cash used in investing activities |
|
(22,805 |
) |
|
(27,975 |
) |
|
(96,604 |
) |
|
(84,598 |
) |
|||
| Cash flows from financing activities: | |||||||||||||||
| Net repayments to special purpose vehicle credit facilities |
|
(23,600 |
) |
|
— |
|
|
(19,600 |
) |
|
(24,000 |
) |
|||
| Repayments to secured/senior lenders |
|
— |
|
|
(10,000 |
) |
|
— |
|
|
(15,000 |
) |
|||
| Repurchases of Class A Common Stock |
|
(976 |
) |
|
— |
|
|
(976 |
) |
|
— |
|
|||
| Payment of deferred financing costs |
|
(70 |
) |
|
— |
|
|
(70 |
) |
|
(132 |
) |
|||
| 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 |
|
358 |
|
|
723 |
|
|
(2,649 |
) |
|
(59 |
) |
|||
| Other |
|
— |
|
|
22 |
|
|
— |
|
|
(12 |
) |
|||
| Net cash used in financing activities |
|
(24,288 |
) |
|
(9,255 |
) |
|
(23,295 |
) |
|
(42,210 |
) |
|||
| Net change in cash and restricted cash |
|
13,249 |
|
|
(1,158 |
) |
|
21,880 |
|
|
(52,693 |
) |
|||
| Cash and restricted cash, beginning of period |
|
103,110 |
|
|
102,174 |
|
|
94,479 |
|
|
153,709 |
|
|||
| Cash and restricted cash, end of period | $ |
116,359 |
|
$ |
101,016 |
|
$ |
116,359 |
|
$ |
101,016 |
|
|||
| MONEYLION INC. | ||||||||||||||||
| RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA | ||||||||||||||||
| (dollar amounts in thousands) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|||||
| Net (loss) income | $ |
(2,792 |
) |
$ |
(4,110 |
) |
$ |
7,420 |
|
$ |
(41,050 |
) |
||||
| Add back: | ||||||||||||||||
| Interest related to corporate debt |
|
2,469 |
|
|
3,191 |
|
|
7,840 |
|
|
10,226 |
|
||||
| Income tax expense |
|
3,309 |
|
|
400 |
|
|
1,096 |
|
|
114 |
|
||||
| Depreciation and amortization expense |
|
6,509 |
|
|
6,106 |
|
|
19,052 |
|
|
18,403 |
|
||||
| Changes in fair value of warrant liability |
|
(405 |
) |
|
81 |
|
|
(405 |
) |
|
68 |
|
||||
| Change in fair value of contingent consideration from mergers and acquisitions |
|
- |
|
|
- |
|
|
- |
|
|
(6,613 |
) |
||||
| Goodwill impairment loss |
|
- |
|
|
- |
|
|
- |
|
|
26,721 |
|
||||
| Stock-based compensation expense |
|
7,282 |
|
|
5,702 |
|
|
21,310 |
|
|
16,657 |
|
||||
| Other expenses |
|
8,030 |
|
|
1,982 |
|
|
10,092 |
|
|
5,355 |
|
||||
| Adjusted EBITDA | $ |
24,402 |
|
$ |
13,352 |
|
$ |
66,405 |
|
$ |
29,881 |
|
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106863416/en/
MoneyLion Investor Relations
ir@moneylion.com
MoneyLion Communications
pr@moneylion.com
Source: MoneyLion Inc.
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