MoneyLion (ML) - 2024 Q4 - Annual Results

Financial Performance - FY 2024 record revenue of $546 million, up 29% year-over-year[1] - FY 2024 net income of $9 million, compared to a net loss of $45.2 million in FY 2023[5] - FY 2024 adjusted EBITDA of $92 million, representing a 17% adjusted EBITDA margin[1] - Adjusted EBITDA for Q4 2024 increased 55% to $25.6 million compared to Q4 2023[5] - Q4 2024 total revenue increased 40% to $158.6 million compared to Q4 2023[4] - Total revenue for the twelve months ended December 31, 2024, was $545,905,000, an increase of 29% from $423,431,000 in 2023[33] - Service and subscription revenue rose to $533,019,000, up from $411,238,000, reflecting a growth of 30%[33] - Net income for the year was $9,146,000, compared to a net loss of $45,245,000 in the previous year, marking a significant turnaround[33] - Adjusted EBITDA for the same period was $91,970, significantly up from $46,413 in 2023, reflecting a strong operational performance[39] Customer and Product Growth - Total customers grew 46% year-over-year to 20.4 million in FY 2024[6] - Total products increased 48% year-over-year to 34.1 million in FY 2024[6] - Total originations grew 32% year-over-year to $853 million in Q4 2024[6] - Total customers reached a cumulative number of accounts opened, including various financial products, although specific figures were not disclosed[27] Expenses and Financial Health - Total operating expenses increased to $519,255,000 from $428,776,000, primarily driven by higher compensation and marketing costs[33] - The allowance for credit losses on consumer receivables improved to $11,620,000 from $35,329,000, indicating better credit quality management[34] - Cash reserves increased to $139,976,000 from $92,195,000, providing a stronger liquidity position[34] - Total liabilities decreased to $227,646,000 from $258,036,000, reflecting improved financial health[34] - Stock-based compensation expense rose to $27,793 from $22,896 in 2023, reflecting increased employee incentives[39] - Interest related to corporate debt decreased to $9,794 from $13,037, indicating a reduction in financing costs[39] Cash Flow and Investments - Net cash provided by operating activities increased to $201,019, compared to $116,346 in the previous year, indicating improved cash flow management[37] - The net cash used in investing activities decreased to $68,446 from $127,565, showing a reduction in investment outflows[37] - Cash and restricted cash at the end of the period totaled $150,439, up from $94,479 at the beginning of the period[37] Acquisition and Corporate Changes - MoneyLion entered into a definitive agreement to be acquired by Gen Digital, expected to close in the first half of FY 2026[7] - MoneyLion will not host an earnings conference call or provide financial guidance due to the announced acquisition[8] Other Financial Metrics - The company reported a weighted average share count of 10,907,441 for basic earnings per share, compared to 9,614,309 in the previous year[33] - The company reported a loss on the sale of consumer receivables amounting to $39,914, which was a new entry in the current year[37] - The company incurred a goodwill impairment loss of $26,721 in 2023, which was not present in the current year[39] - The change in fair value of contingent consideration from mergers and acquisitions was zero in 2024, compared to a loss of $6,613 in 2023[39]