BM Technologies Inc. (NYSE American: BMTX) (“BM Technologies,”
“BMTX,” “we,” or the “Company”) one of the largest digital banking
platforms in the country, today reported record results for first
quarter 2021.
FINANCIAL HIGHLIGHTS
- Q1 2021 GAAP revenues of $24.4
million, a 55% increase compared to Q1 2020. Q1 2021 core1 revenues
were $24.1 million, a 54% increase compared to Q1 2020.
- GAAP net income of $18.9 million,
compared to a loss of $4.5 million in Q1 2020. Q1 2021 includes a
$15.0 million gain on the fair value of private warrant liability;
diluted earnings per share equaled $0.25, compared to $(0.74) per
share in Q1 2020.
- EBITDA of $8.7 million; EBITDA
margin expanded to 36% in Q1 2021 compared to (6)% in Q1 2020.
- Continued
positive operating leverage, as Q1 2021 core revenue increased $8.5
million even as Core Operating Expenses excluding depreciation and
amortization decreased $1.2 million.
- Positive
operating cash flow. Cash provided by operating activities was $9.5
million in Q1 2021.
- Strong
liquidity. BMTX had $17.4 million of cash at March 31, 2021 and a
$10.0 million credit line with $5.4 million drawn.
BUSINESS HIGHLIGHTS
- Average serviced deposits of $1.32
billion in Q1 2021, a 112% increase compared to March 31, 2020 and
a 42% increase compared to December 31, 2020. New business serviced
deposits increased 665% compared to Q1 2020. Serviced deposits
ended March at $1.55 billion.
- Debit card spend was $881 million
in Q1 2021, a 31% increase compared to Q1 2020. New business debit
spend increased 137% compared to Q1 2020.
- Q1 2020 Higher Ed Organic Deposits
(deposits that are not part of a school disbursement) increased 58%
year over year to $651 million, a strong indicator of primary
banking behavior.
- Continued tailwinds from federal
stimulus – In Q1 2021 stimulus funds into our accounts exceeded
$187 million, nearly double our highest quarter in 2020.
- In February, BMTX logged it's one
millionth SSE (Signed School Enrollment) since acquiring the
student disbursement business in 2016, providing access to 1M more
students to potentially convert into bank account customers.
- Our high volume, low-cost customer
acquisition strategy continues to yield a customer acquisition cost
(CAC) below $10 per active account.2
- Un-annualized revenue per 90 day
active account increased 42% YOY to $42 in Q1 2021.
Luvleen Sidhu, BMTX’s Chair, Chief Executive Officer, and
Founder commented, "We are happy to report record results in the
first quarter of 2021. The significant growth in our serviced
deposits and spend were reflected in our significant increase in
revenues, which, coupled with expense control, resulted in first
quarter EBITDA that was almost triple all of 2020. We remain
excited about our outlook both strategically and financially.”
On January 4, 2021, BankMobile Technologies, Inc. became an
independent company after the completion of a merger transaction
and the new consolidated company was rebranded BM Technologies,
Inc. Previously, BankMobile Technologies was a wholly owned
subsidiary of Customers Bank, which is a wholly owned subsidiary of
Customers Bancorp. Periods prior to 2021 presented for comparative
purposes represent the balances and activity of BankMobile
Technologies, Inc. (other than shares which were retroactively
restated in connection with the merger).
On April 12, 2021, the SEC issued a statement on
the accounting of warrants issued by special purpose acquisition
companies entitled "Staff Statement on Accounting and Reporting
Considerations for Warrants Issued by Special Purpose Acquisition
Companies ("SPACs") to highlight potential accounting implications
of certain terms that may be common in warrants included in SPAC
transactions. The company has considered this statement and other
appropriate guidance, and made the determination that its private
warrants should be accounted for as a liability and carried on the
balance sheet at fair value, with changes in fair value running
through the income statement. At March 31, 2021 that value was
$15.8 million, a reduction of $15.0 million from its merger
transaction, and the $15.0 million is reflected in the company's Q1
earnings. This item is non-cash, and management excludes it from
core metrics including expense and EBITDA, given its view that this
does not reflect the fundamentals of its business.
Business Update
BMTX operates in 3 verticals: higher education
and student banking, white label banking and workplace banking.
Higher Education
During Q1 2021 we retained more than 99% of our
higher education institutions and disbursed $4.2 billion in refunds
to students (up 10% year over year), including $592 million into
BankMobile Vibe Accounts held at our partner bank. In addition,
organic deposits (deposits that are not part of a school
disbursement) increased 58% compared to Q1 2020 to $651 million,
indicating strong primary banking behavior. The average balance per
active account increased 30% YoY to over $1,600 and the spend per
active account increased 37% YoY to over $2,000. Additionally,
approximately 11% of active accounts had a monthly deposit of $300
or more in March 2021. We also saw an increase in savings accounts
of approximately 31% YOY. Savings account customers are more
engaged and loyal customers.
We continue to be excited about the expansion of
our overall product offerings in the colleges and universities
vertical; in the first quarter we introduced a new vendor payments
product and signed a contract with a higher education services to
significantly expand our reach to new colleges and universities. We
are also working towards the launch of a co-branded BankMobile
Google Plex account, which we expect will result in more students
choosing a BankMobile account to receive their refund.
"New Business" (White Label and Workplace
Banking)
We continue to experience significant growth in
our "new" business, with Q1 2021 year-over-year growth of 665% in
average serviced deposits and 137% growth in debit card spend. We
also want to highlight the significant primary account usage
patterns of our most active white label account holders. In Q1
2021, highly active users with both direct deposit and a minimum of
5 customer driven transactions per month are spending in excess of
$19,500 annually on their debit cards and have average deposit
balances of $1,200 which compares to $14,700 in annualized spend
and $570 in average deposit balances in the year ago period. This
very attractive cohort makes up approximately 14% of accounts.
We continue to actively work a pipeline of
prospective new white label customers whereby we enable them to
offer a suite of financial services products through our
proprietary technology stack. In late 2020, we launched our
workplace banking business.
We see considerable opportunity to partner with
employers to provide financial services benefits, including
competitive checking accounts, savings accounts, and lending
products to their employees. There are over 20 million US employees
that work at Fortune 1000 companies, which we consider our primary
target. In late 2020, we announced partnerships with Prudential
Financial, Inc. to provide financial wellness services as part of
the Workplace Banking offering, and BenefitHub a leading
marketplace for employee benefits.
FINANCIAL HIGHLIGHTS
Q1 2021 GAAP revenues totaled $24.4 million, a
55% increase compared to Q1 2020. Q1 2021 core revenues increased
58% to $24.1 million compared to Q1 2020. Core revenues are a
non-GAAP measure which management believes provide investors an
enhanced understanding of our business excluding the effects of
items we do not consider indicative of our core operating
performance; a reconciliation appears later in this release.
(dollars in thousands) |
Q1 2021 |
Q4 2020 |
Q3 2020 |
Q2 2020 |
Q1 2020 |
YOY $Change |
YOY %Change |
Interchange & card revenue |
$ |
8,351 |
|
|
$ |
6,232 |
|
|
$ |
7,377 |
|
|
$ |
6,069 |
|
|
$ |
6,607 |
|
|
$ |
1,744 |
|
|
|
26 |
|
% |
Deposit servicing fees |
9,372 |
|
|
6,862 |
|
|
5,814 |
|
|
5,024 |
|
|
4,765 |
|
|
4,607 |
|
|
|
97 |
|
% |
Account fees |
2,686 |
|
|
2,791 |
|
|
2,789 |
|
|
2,819 |
|
|
2,909 |
|
|
(223 |
) |
|
|
(8 |
) |
% |
University fees |
1,324 |
|
|
1,292 |
|
|
1,348 |
|
|
1,395 |
|
|
1,285 |
|
|
39 |
|
|
|
3 |
|
% |
Other |
2,650 |
|
|
154 |
|
|
1,010 |
|
|
124 |
|
|
192 |
|
|
2,458 |
|
|
|
NM |
Total GAAP revenues |
$ |
24,383 |
|
|
$ |
17,331 |
|
|
$ |
18,338 |
|
|
$ |
15,431 |
|
|
15,758 |
|
|
$ |
8,625 |
|
|
|
55 |
|
% |
Servicing fee Adjustment3 |
(283 |
) |
|
(80 |
) |
|
(96 |
) |
|
120 |
|
|
(123 |
) |
|
(160 |
) |
|
|
NM |
Core revenues4 |
$ |
24,100 |
|
|
$ |
17,251 |
|
|
$ |
18,242 |
|
|
$ |
15,551 |
|
|
$ |
15,635 |
|
|
$ |
8,465 |
|
|
|
54 |
|
% |
Core EBITDA |
$ |
8,727 |
|
|
$ |
1,438 |
|
|
$ |
3,588 |
|
|
$ |
(643 |
) |
|
$ |
(903 |
) |
|
$ |
9,630 |
|
|
|
NM |
Core EBITDA Margin |
36 |
|
% |
8 |
|
% |
20 |
|
% |
(4 |
) |
% |
(6 |
) |
% |
|
|
|
|
NM refers to changes greater than 150%.
Income Statement Trends
Core EBITDA5 totaled $8.7 million in Q1 2021 compared to $(0.9)
million in Q1 2020:
|
|
|
|
|
|
|
YOY Change |
(dollars in thousands) |
Q1 2021 |
Q4 2020 |
Q3 2020 |
Q2 2020 |
Q1 2020 |
|
$ |
% |
Interchange and card revenue |
$ |
8,351 |
|
$ |
6,232 |
|
|
$ |
7,377 |
|
$ |
6,069 |
|
|
$ |
6,607 |
|
|
$ |
1,744 |
|
|
26 |
|
% |
Deposit servicing fees |
9,089 |
|
6,782 |
|
|
5,718 |
|
5,144 |
|
|
4,642 |
|
|
4,447 |
|
|
96 |
|
% |
Account fees |
2,686 |
|
2,791 |
|
|
2,789 |
|
2,819 |
|
|
2,909 |
|
|
(223 |
) |
|
(8 |
) |
% |
University fees |
1,324 |
|
1,292 |
|
|
1,348 |
|
1,395 |
|
|
1,285 |
|
|
39 |
|
|
3 |
|
% |
Other |
2,650 |
|
154 |
|
|
1,010 |
|
124 |
|
|
192 |
|
|
2,458 |
|
|
NM |
Core Revenues |
$ |
24,100 |
|
$ |
17,251 |
|
|
$ |
18,242 |
|
$ |
15,551 |
|
|
$ |
15,635 |
|
|
$ |
8,465 |
|
|
54 |
|
% |
|
|
|
|
|
|
|
|
|
Core OpEx (Ex. Dep &
Amor) |
15,373 |
|
15,813 |
|
|
14,654 |
|
16,194 |
|
|
16,538 |
|
|
(1,165 |
) |
|
(7 |
) |
% |
Core EBITDA |
$ |
8,727 |
|
$ |
1,438 |
|
|
$ |
3,588 |
|
$ |
(643 |
) |
|
$ |
(903 |
) |
|
$ |
9,630 |
|
|
NM |
Less: Interest Expense |
54 |
|
249 |
|
|
353 |
|
399 |
|
|
$ |
394 |
|
|
$ |
(340 |
) |
|
(86 |
) |
% |
Less: Merger expenses |
— |
|
— |
|
|
377 |
|
25 |
|
|
— |
|
|
— |
|
|
— |
|
% |
Less: Dep & Amor |
2,960 |
|
3,042 |
|
|
2,601 |
|
3,045 |
|
|
3,180 |
|
|
(220 |
) |
|
(7 |
) |
% |
Core Pre-Tax Income |
$ |
5,713 |
|
$ |
(1,853 |
) |
|
$ |
634 |
|
$ |
(4,087 |
) |
|
$ |
(4,477 |
) |
|
$ |
10,190 |
|
|
NM |
NM refers to changes greater than 150%
Interchange and card revenue increased 26% to
$8.4 million in Q1 2021 driven by a 31% increase in debit spend.
Core deposit servicing fees increased 96% to $9.0 million, driven
by a 112% increase in average serviced deposits. Account fees
declined $0.2 million, or 8%. Other revenues increased $2.5
million, primarily due to additional development revenues from a
white label partner, which vary from quarter-to-quarter based on
project status, costs, contract status, and milestones.
Q1 2021 GAAP expenses, including depreciation
and amortization, totaled $18.6 million, a 6% reduction from Q1
2020. Core operating expenses, excluding depreciation and
amortization, decreased 7% to $15.4 million, driven largely by
contractor conversions to lower cost full time employees and a
headcount reduction in October 2020. Depreciation and amortization
totaled $3.0 million in Q1 2021, a 7% decrease from Q1 2020.
Interest expense declined to $54 thousand in Q1 2021 compared to
$0.4 million in Q1 2020 given the reduction in debt
outstanding.
An updated version of BMTX’s investor
presentation is available on the Company’s Investor Relations
website at ir.bmtxinc.com.
2021 OUTLOOK
“2021 is off to a strong start, as we embark on
our journey as a newly independent publicly traded company. Our
results reflect strong growth in deposits and spend. We are
excitedly working towards expanding our existing partnerships,
adding new white label partners, launching a co-branded BankMobile
Google Plex account in partnership with Google, and opportunities
to expand our product offerings. We are on track to reach our 2021
EBITDA target of $20 million to $22 million,” concluded Sidhu.
EARNINGS WEBCAST
The company will host a live webcast to discuss
its first quarter results at 9AM on Tuesday, May 18, 2021. The
webcast can be accessed via its investor relations site
(https://ir.bmtxinc.com/) by clicking on "Events &
Presentations", then "Events Calendar," and following the link
under "Upcoming Events;" or directly at
https://event.on24.com/wcc/r/3172438/68A5F9699AEA2ABA399A0FDE995E5368
Contact InformationInvestors:Bob RamseyChief
Financial Officer, BM Technologies, Inc.
(BMTX)571-236-8851rramsey@bmtx.com
Media Inquiries:Kati WaldenburgVice President, Rubenstein Public
Relations, Inc.212-805-3014kwaldenburg@rubensteinpr.com
ABOUT BM Technologies, Inc.
BM Technologies, Inc. (NYSE American: BMTX,
BMTX.W) is among the largest digital banking platforms in the U.S.,
providing access to checking and savings accounts, personal loans,
credit cards, and financial wellness. It is focused on technology,
innovation, easy-to-use products, and education with the mission of
being “customer-obsessed” and creating “customers for life.” The
BMTX digital banking platform employs a multi-partner distribution
model, known as “Banking-as-a-Service” (BaaS), that enables the
acquisition of customers at higher volumes and substantially lower
expense than traditional banks, while providing significant
benefits to its customers, partners, and business. BMTX currently
serves over two million account-holders and provides disbursement
services at approximately 725 college and university campuses
(covering one out of every three students in the U.S.). BM
Technologies, Inc. is a technology company and is not a bank, which
means it provides banking services through its partner
banks. More information can also be found at
https://ir.bmtxinc.com/
FORWARD LOOKING STATEMENTS
This release may contain “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 that involve risks and uncertainty. Words such
as “anticipate,” “estimate,” “expect,” “intend,” “plan,” and
“project” and other similar words and expressions are intended to
signify forward-looking statements. Forward-looking statements are
not guarantees of future results and conditions but rather are
subject to various risks and uncertainties. Such statements are
based on management’s current expectations and are subject to a
number of risks and uncertainties that could cause actual results
to differ materially from those described in the forward-looking
statements. Investors are cautioned that there can be no assurance
actual results or business conditions will not differ materially
from those projected or suggested in such forward-looking
statements as a result of various factors. These risks and
uncertainties include, but are not limited to, general economic
conditions, consumer adoption, technology and competition, the
ability to enter into new partnerships, regulatory risks, risks
associated with the higher education industry and financing, and
the operations and performance of the Company’s partners, including
white-label partners, and other factors described in the section
entitled “Risk Factors” and in the Company’s periodic filings with
the Securities and Exchange Commission (“SEC”). The Company’s SEC
filings are available publicly on the SEC website at www.sec.gov.
The Company disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise, unless required by
law.
UNAUDITED FINANCIAL
STATEMENTS
BM TECHNOLOGIES,
INC.CONSOLIDATED STATEMENTS OF OPERATIONS -
UNAUDITED(amounts in thousands, except earnings per
share)
|
|
For the Three Months EndedMarch 31, |
|
|
2021 |
|
2020 |
|
Operating revenues: |
|
|
|
|
|
Interchange and card revenue |
|
$ |
8,351 |
|
|
$ |
6,607 |
|
|
Servicing fees from Customers
Bank |
|
|
9,372 |
|
|
|
4,765 |
|
|
Account fees |
|
|
2,686 |
|
|
|
2,909 |
|
|
University fees |
|
|
1,324 |
|
|
|
1,285 |
|
|
Other |
|
|
2,650 |
|
|
|
192 |
|
|
Total revenues |
|
$ |
24,383 |
|
|
$ |
15,758 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
Technology, communication, and
processing |
|
|
8,652 |
|
|
|
6,078 |
|
|
Salaries and employee
benefits |
|
|
5,423 |
|
|
|
7,465 |
|
|
Professional services |
|
|
1,737 |
|
|
|
3,958 |
|
|
Provision for operating
losses |
|
|
1,329 |
|
|
|
883 |
|
|
Occupancy |
|
|
352 |
|
|
|
419 |
|
|
Customer related supplies |
|
|
475 |
|
|
|
51 |
|
|
Advertising and promotion |
|
|
191 |
|
|
|
217 |
|
|
Merger and acquisition related
expenses |
|
|
— |
|
|
|
50 |
|
|
Other |
|
|
457 |
|
|
|
770 |
|
|
Total expenses |
|
|
18,616 |
|
|
|
19,891 |
|
|
Income (loss) from
operations |
|
|
5,767 |
|
|
|
(4,133 |
) |
|
Non-operating expenses: |
|
|
|
|
|
|
|
Gain on fair value of private
warrant liability |
|
|
15,003 |
|
|
|
— |
|
|
Interest expense |
|
|
54 |
|
|
|
394 |
|
|
Income (loss) before income tax expense |
|
|
20,716 |
|
|
|
(4,527 |
) |
|
Income tax expense |
|
|
1,827 |
|
|
|
7 |
|
|
Net income (loss) |
|
$ |
18,889 |
|
|
$ |
(4,534 |
) |
|
|
|
|
|
|
|
|
|
Basic shares outstanding |
|
|
11,900 |
|
|
|
6,123 |
|
|
Diluted shares
outstanding |
|
|
15,512 |
|
|
|
6,123 |
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per
common share |
|
|
1.59 |
|
|
|
(0.74 |
) |
|
Diluted earnings (loss) per
common share |
|
|
0.25 |
|
|
|
(0.74 |
) |
|
NON-GAAP FINANCIAL RECONCILIATIONS -
UNAUDITED
Certain financial measures used in this Press
Release are not defined by U.S. generally accepted accounting
principles (“GAAP”) and as such are considered non-GAAP financial
measures. Core revenues, expenses, and EBITDA exclude the effects
of items we do not consider indicative of our core operating
performance, including fair value mark to market income or expense
associated with certain warrants. Management believes the use of
core revenues, expenses, and EBITDA are appropriate to provide
investors with an additional tool to evaluate the Company's ongoing
business performance. Investors are cautioned that these non-GAAP
financial measures may not be defined in the same manner by other
companies and, as a result, may not be comparable to other
similarly titled measures used by other companies. Also, these
non-GAAP financial measures should not be construed as
alternatives, or superior, to other measures determined in
accordance with GAAP.
Reconciliation - GAAP Revenues to Core
Revenues (in thousands):
|
|
|
Three Months EndedMarch 31, |
|
|
|
2021 |
|
2020 |
GAAP revenues |
|
$ |
24,383 |
|
|
|
$ |
15,758 |
|
|
Deposit servicing
fee adjustment6 |
|
(283 |
) |
|
|
(123 |
) |
|
Core
Revenues |
|
$ |
24,100 |
|
|
|
$ |
15,635 |
|
|
Reconciliation - GAAP Operating Expenses
to Core Operating Expenses (in thousands):
|
|
Three Months Ended March 31, |
|
|
2021 |
|
2020 |
GAAP total expenses |
|
|
|
|
$ |
18,616 |
|
|
|
$ |
19,891 |
|
|
Deposit servicing
fee adjustment 6 |
(283 |
) |
|
|
|
(123 |
) |
|
Merger
expenses |
|
— |
|
|
|
(50 |
) |
|
Core
Operating Expenses (before depreciation) |
|
18,333 |
|
|
|
19,718 |
|
|
Depreciation and
amortization |
|
2,960 |
|
|
|
3,180 |
|
|
Core
Expenses |
|
|
|
|
$ |
15,373 |
|
|
|
$ |
16,538 |
|
|
Reconciliation - GAAP Net Income to Core
EBITDA (in thousands)
|
|
Three Months Ended March 31, |
|
|
2021 |
|
2020 |
GAAP net income (loss) |
|
|
|
$ |
18,889 |
|
|
$ |
(4,534 |
) |
Gain on fair value of private
warrant liability |
|
|
|
|
(15,003 |
) |
|
|
— |
|
Merger
expenses |
|
— |
|
|
50 |
|
Interest and
taxes |
|
1,881 |
|
|
401 |
|
Depreciation and
amortization |
|
2,960 |
|
|
3,180 |
|
Core
EBITDA |
|
|
|
$ |
8,727 |
|
|
$ |
(903 |
) |
1 Core metrics are non-GAAP measures which
exclude the effects of items we do not consider indicative of our
core operating performance. A reconciliation is included on page 7
of this release.2 CAC is calculated based on TTM total Marketing
and Client Operations expense, net of subscription fees paid to
BMTX for higher education clients, divided by TTM newly active
accounts.3 Core revenue and expense are adjusted to remove fraud
losses from expense and the reimbursement by BMTX's bank partner
from revenues. Core Revenues are a Non-GAAP measure; a
reconciliation appears on page 7 of this release.4 Core metrics are
Non-GAAP measures which adjust revenues to exclude certain items; a
reconciliation appears on page 7 of this release.5 Core metrics are
Non-GAAP measures which adjust revenues to exclude certain items; a
reconciliation appears on page 7 of this release.6 Core revenue and
expense are adjusted to remove fraud losses from expense and the
reimbursement by BMTX's bank partner from revenues. Core revenue
and expense are adjusted to remove fraud losses from expense and
the reimbursement by BMTX's bank partner from revenues.
Key Performance Metrics
|
|
|
|
|
|
|
|
YoY Change |
|
|
|
1Q20 |
2Q20 |
3Q20 |
4Q20 |
1Q21 |
|
$ |
|
% |
|
Debit card POS spend ($ millions) |
|
|
|
|
|
|
|
|
|
|
|
Debit card POS spend - higher education |
|
$ |
614 |
|
$ |
606 |
|
$ |
633 |
|
$ |
567 |
|
$ |
735 |
|
|
$ |
122 |
|
|
|
20 |
% |
|
Debit card POS spend - new business |
|
61 |
|
88 |
|
108 |
|
115 |
|
145 |
|
|
84 |
|
|
|
137 |
% |
|
Debit card POS spend - total |
|
$ |
675 |
|
$ |
693 |
|
$ |
741 |
|
$ |
682 |
|
$ |
881 |
|
|
$ |
206 |
|
|
|
31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Serviced deposits ($
millions) |
|
|
|
|
|
|
|
|
|
|
|
Ending service deposits -
higher education |
|
$ |
503 |
|
$ |
500 |
|
$ |
645 |
|
$ |
405 |
|
$ |
665 |
|
|
$ |
162 |
|
|
|
32 |
% |
|
Ending service deposits -
new business |
|
107 |
|
163 |
|
299 |
|
555 |
|
892 |
|
|
785 |
|
|
|
734 |
% |
|
Ending service deposits - total |
|
$ |
610 |
|
$ |
663 |
|
$ |
944 |
|
$ |
960 |
|
$ |
1,557 |
|
|
$ |
948 |
|
|
|
155 |
% |
|
Average service deposits -
higher education |
|
528 |
|
552 |
|
541 |
|
511 |
|
600 |
|
|
71 |
|
|
|
14 |
% |
|
Average service deposits -
new business |
|
94 |
|
138 |
|
217 |
|
418 |
|
718 |
|
|
624 |
|
|
|
665 |
% |
|
Average service deposits - total |
|
$ |
622 |
|
$ |
690 |
|
$ |
758 |
|
$ |
928 |
|
$ |
1,317 |
|
|
$ |
695 |
|
|
|
112 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Higher Education
Metrics |
|
|
|
|
|
|
|
|
|
|
|
Higher Ed retention |
|
99.9 |
% |
99.8 |
% |
99.7 |
% |
99.4 |
% |
99.5 |
% |
|
(0.4 |
) |
% |
|
|
|
FAR(1) disbursement amount ($ billions) |
|
$ |
3.9 |
|
$ |
2.6 |
|
$ |
3.3 |
|
$ |
1.9 |
|
$ |
4.2 |
|
|
$ |
0.4 |
|
|
|
10 |
% |
|
Organic deposits (2) -
higher education |
|
$ |
413 |
|
$ |
527 |
|
$ |
501 |
|
$ |
438 |
|
$ |
651 |
|
|
$ |
238 |
|
|
|
58 |
% |
|
(1) FAR disbursements are Financial Aid Refund
disbursements from a higher education institution. (2)
Organic Deposits are all higher ed deposits
excluding any funds disbursed directly from the school.
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