Katapult(US:KPLT)2022-03-15 14:15Financial Performance - FY 2021 revenue grew 23% year-over-year from $247.2 million to $303.1 million[18] - Gross originations for FY 2021 increased by 5% year-over-year, reaching $248 million compared to $236.4 million in FY 2020[24] - Adjusted EBITDA for FY 2021 was $17.3 million, a decrease of 57% compared to $40.2 million in FY 2020[24] - Q4 2021 gross originations decreased by 4% year-over-year, from $61.1 million to $58.9 million[20] - Q4 2021 total revenue remained flat year-over-year at $73.3 million[20] Strategic Initiatives and Market Position - Katapult estimates it has captured less than 1% of the $40 billion to $50 billion virtual lease-to-own market[33, 34] - The company onboarded over 100 new merchants during 2021, expanding its partner network[18] - Katapult is investing approximately $8 million to $10 million in sales and marketing, $1 million to $3 million in product development, and $6 million to $8 million in technology in 2022[52] Customer and Portfolio Metrics - As of December 31, 2021, Katapult had a Net Promoter Score of 54[18] - 53% of Q4 2021 gross originations came from repeat customers[18] Accounting Standard Adoption - The company is adopting ASC 842, recognizing revenue when earned and cash is collected, effective January 1, 2022, and will not restate prior periods[9, 26]