MoneyLion (ML) - 2024 Q3 - Quarterly Results

Revenue and Growth - Record revenue of $135 million in Q3 2024, up 23$536-$541 million, reflecting 27$149-$154 million, reflecting 32$135.466 million, compared to $110.258 million for the same period in 2023[24] Profitability and Adjusted EBITDA - Net income before income taxes of$0.5 million in Q3 2024, compared to a net loss of $3.7 million in Q3 2023[5] - Adjusted EBITDA of$24 million in Q3 2024, representing an 18.0% Adjusted EBITDA margin[1] - Full-year 2024 Adjusted EBITDA guidance raised to $88-$93 million, reflecting 16.3%-17.4% Adjusted EBITDA margin[8] - Q4 2024 Adjusted EBITDA expected to be $22-$27 million, reflecting 14.1%-17.9% Adjusted EBITDA margin[8] - Adjusted EBITDA for the three months ended September 30, 2024, was $24.4 million, up from$13.4 million in the same period in 2023[29] - Adjusted EBITDA for the nine months ended September 30, 2024, was $66.4 million, up from$29.9 million in the same period in 2023[29] Customer and Product Growth - Total Customers grew 54% year-over-year to 18.7 million in Q3 2024[7] - Total Products grew 51% year-over-year to 30.7 million in Q3 2024[7] - Total Products include all products opened by Total Customers, such as banking, membership subscription, secured personal loans, Instacash advances, managed investment accounts, cryptocurrency accounts, and monetized marketplace and affiliate products, as well as financial tracking services[20] Originations and Enterprise Partners - Total Originations grew 38% year-over-year to $776 million in Q3 2024[7] - Total Originations for the period were the dollar volume of secured personal loans and Instacash advances funded, all originated directly by MoneyLion[21] - Enterprise Partners consist of Product Partners (financial and non-financial product providers) and Channel Partners (organizations that help reach consumers)[22] Financial Position and Cash Flow - Cash and cash equivalents as of September 30, 2024, were$111.944 million, compared to $92.195 million as of December 31, 2023[25] - Total assets as of September 30, 2024, were$530.716 million, compared to $515.259 million as of December 31, 2023[25] - Total liabilities as of September 30, 2024, were$248.244 million, compared to $258.036 million as of December 31, 2023[25] - Total stockholders' equity as of September 30, 2024, was$282.472 million, compared to $257.223 million as of December 31, 2023[26] - Net cash provided by operating activities for the three months ended September 30, 2024, was$60.3 million, compared to $36.1 million in the same period in 2023[28] - Net cash used in investing activities for the three months ended September 30, 2024, was$22.8 million, compared to $28.0 million in the same period in 2023[28] - Net cash used in financing activities for the three months ended September 30, 2024, was$24.3 million, compared to $9.3 million in the same period in 2023[28] - Cash and restricted cash at the end of the period on September 30, 2024, was$116.4 million, compared to $101.0 million at the end of the same period in 2023[28] Net Income and Losses - Net income (loss) before other expense income and income taxes for the three months ended September 30, 2024, was$4.003 million, compared to $1.101 million for the same period in 2023[24] - Net loss attributable to common shareholders for the three months ended September 30, 2024, was$2.792 million, compared to $4.110 million for the same period in 2023[24] - Net loss for the three months ended September 30, 2024, was$2.8 million, an improvement from a net loss of $4.1 million in the same period in 2023[28] - Provision for losses on receivables for the three months ended September 30, 2024, was$26.8 million, compared to $25.1 million in the same period in 2023[28] Expenses and Compensation - Stock-based compensation expense for the three months ended September 30, 2024, was$7.3 million, up from $5.7 million in the same period in 2023[28] - Depreciation and amortization expense for the three months ended September 30, 2024, was$6.5 million, compared to $6.1 million in the same period in 2023[28]