MoneyLion (ML) - 2024 Q1 - Quarterly Results

MoneyLion Q1 2024 Earnings Release Financial & Operational Highlights MoneyLion reported record Q1 2024 revenue of $121.0 million (29% YoY), record GAAP Net Income of $7.1 million, and Adjusted EBITDA of $23.5 million Financial Metrics | Financial Metric | Q1 2024 (Millions USD) | Q1 2023 (Millions USD) | % Change | | :--- | :--- | :--- | :--- | | Total revenues, net | $121.0M | $93.7M | 29% | | Net income (loss) | $7.1M | ($9.2M) | — | | Adjusted EBITDA | $23.5M | $7.3M | 222% | | Adjusted EBITDA margin | 19.4% | 7.8% | 149% | Operating Metrics | Operating Metric | Q1 2024 (Millions) | Q1 2023 (Millions) | % Change | | :--- | :--- | :--- | :--- | | Total Customers | 15.5M | 7.8M | 98% | | Total Products | 25.3M | 14.7M | 73% | | Total Originations | $717M | $506M | 42% | - The company achieved a record GAAP Net Income of $7 million, resulting in a diluted Earnings Per Share (EPS) of $0.60 for the first quarter of 2024[1] Management Commentary Management expressed confidence in Q1 2024 results, exceeding guidance, and highlighted strategic investments in AI-powered financial product search - CEO Dee Choubey stated the company is focused on executing its growth pillars, including optimizing top-of-funnel conversion, leading with AI-powered financial product search, deepening marketplace product verticals, and expanding distribution through strategic partnerships[2] - CFO Rick Correia noted that Q1 results exceeded the high end of the company's guidance range across all metrics and represented a significant profitability milestone as the company continues to scale[2] Business Outlook (Q2 2024 Guidance) MoneyLion projects Q2 2024 net revenues of $125-130 million (17-22% YoY growth) and Adjusted EBITDA of $17-20 million Q2 2024 Guidance | Metric | Q2 2024 Guidance (Millions USD) | | :--- | :--- | | Total revenues, net | $125M - $130M | | Adjusted EBITDA | $17M - $20M | - The revenue guidance reflects an expected year-over-year growth of 17% to 22%, while the Adjusted EBITDA guidance implies a margin of 13.1% to 16.0%, up from 8.7% in Q2 2023[7] Consolidated Financial Statements This section presents MoneyLion's Q1 2024 consolidated financial statements, showing a shift to profitability, asset growth, and strong operating cash flow Consolidated Statements of Operations Q1 2024 total net revenue grew 29% YoY to $121.0 million, resulting in a net income of $7.1 million and diluted EPS of $0.60 Consolidated Statements of Operations (Thousands USD) | (in thousands) | Q1 2024 (Thousands USD) | Q1 2023 (Thousands USD) | | :--- | :--- | :--- | | Total revenue, net | $121,006 | $93,669 | | Total operating expenses | $109,943 | $97,145 | | Net income (loss) | $7,075 | ($9,217) | | Net income (loss) per share, diluted | $0.60 | ($1.29) | Consolidated Balance Sheets As of March 31, 2024, total assets reached $537.9 million, with liabilities at $267.5 million and stockholders' equity at $270.5 million Consolidated Balance Sheets (Thousands USD) | (in thousands) | March 31, 2024 (Thousands USD) | December 31, 2023 (Thousands USD) | | :--- | :--- | :--- | | Total assets | $537,920 | $515,259 | | Total liabilities | $267,462 | $258,036 | | Total stockholders' equity | $270,458 | $257,223 | Consolidated Statements of Cash Flows Q1 2024 net cash from operating activities significantly increased to $33.6 million, with cash and restricted cash at $101.9 million Consolidated Statements of Cash Flows (Thousands USD) | (in thousands) | Q1 2024 (Thousands USD) | Q1 2023 (Thousands USD) | | :--- | :--- | :--- | | Net cash provided by operating activities | $33,639 | $2,680 | | Net cash used in investing activities | ($29,879) | ($21,034) | | Net cash provided by (used in) financing activities | $3,663 | ($24,599) | | Net change in cash and restricted cash | $7,423 | ($42,953) | | Cash and restricted cash, end of period | $101,902 | $110,756 | Non-GAAP Financial Measures & Key Metrics This section defines and reconciles non-GAAP Adjusted EBITDA and clarifies key operating metrics Reconciliation of Net Income (Loss) to Adjusted EBITDA This section reconciles Q1 2024 GAAP Net Income of $7.1 million to non-GAAP Adjusted EBITDA of $23.5 million Reconciliation of Net Income (Loss) to Adjusted EBITDA (Thousands USD) | Reconciliation Item (in thousands) | Q1 2024 (Thousands USD) | Q1 2023 (Thousands USD) | | :--- | :--- | :--- | | Net income (loss) | $7,075 | ($9,217) | | Stock-based compensation expense | $6,497 | $5,705 | | Depreciation and amortization expense | $6,212 | $6,184 | | Interest related to corporate debt | $2,795 | $3,560 | | Adjusted EBITDA | $23,485 | $7,296 | Definitions of Key Metrics This section provides clear definitions for key operating metrics, including Adjusted EBITDA, Total Customers, and Total Originations - Adjusted EBITDA: Defined as net income (loss) adjusted for interest expense, taxes, depreciation, amortization, stock-based compensation, and other specific non-operating expenses[18] - Total Customers: The cumulative number of customers who have opened an account (e.g., banking, loan, investment) or have been monetized through the marketplace[18] - Total Products: The total number of products opened by customers across all offerings, including financial tracking services[19] - Total Originations: The dollar volume of secured personal loans and Instacash advances funded by MoneyLion within a period[20]