FY 2024 Record Revenue of $546 Million, Up 29%
Year-over-Year
FY 2024 Net Income of $9 Million, and Diluted
Earnings Per Share of $0.76
FY 2024 Record Adjusted EBITDA of $92 Million,
Representing 17% Adjusted EBITDA Margin
Entered into a Definitive Agreement to be
Acquired by Gen Digital
MoneyLion Inc. (“MoneyLion”) (NYSE: ML), a digital ecosystem for
consumer finance that empowers everyone to make their best
financial decisions, today announced financial results for the
fourth quarter and full year ended December 31, 2024.
“2024 was MoneyLion’s strongest year ever, with a number of
records driven by exceptional execution. Revenue growth accelerated
by nearly 30% year-over-year to $546 million, and we achieved
record Adjusted EBITDA, demonstrating clear proof of our thriving
ecosystem,” said Dee Choubey, MoneyLion’s Co-Founder and Chief
Executive Officer.
Financial Results(1)
Three Months Ended December
31,
Twelve Months Ended December
31,
2024
2023
% Change
2024
2023
% Change
(in thousands)
(unaudited)
Financial Metrics Total revenue, net
$
158,587
$
112,963
40
%
$
545,905
$
423,431
29
%
Net income (loss)
1,726
(4,195
)
—
9,146
(45,245
)
—
Adjusted EBITDA
25,565
16,532
55
%
91,970
46,413
98
%
Adjusted EBITDA margin
16.1
%
14.6
%
10
%
16.8
%
11.0
%
54
%
(in millions) Key Operating Metrics Total
Customers
20.4
14.0
46
%
20.4
14.0
46
%
Total Products
34.1
23.1
48
%
34.1
23.1
48
%
Total Originations
$
853
$
644
32
%
$
3,117
$
2,264
38
%
Total revenue, net increased 40% to $158.6 million for the
fourth quarter of 2024 compared to the fourth quarter of 2023 and
increased 29% to $545.9 million for the full year of 2024 compared
to the full year of 2023.
MoneyLion recorded a net income of $1.7 million for the fourth
quarter of 2024 versus a net loss of $4.2 million for the fourth
quarter of 2023. MoneyLion recorded a net income of $9.1 million
for the full year of 2024 versus a net loss of $45.2 million for
the full year of 2023. Adjusted EBITDA increased 55% to $25.6
million for the fourth quarter of 2024 compared to the fourth
quarter of 2023 and increased 98% to $92.0 million for the full
year of 2024 compared to the full year of 2023, when adjusted for
the following non-operating costs:
Three Months Ended December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
(in thousands)
(unaudited)
(unaudited)
Net income (loss)
$
1,726
$
(4,195
)
$
9,146
$
(45,245
)
Add back: Interest related to corporate debt
1,954
2,811
9,794
13,037
Income tax expense (benefit)
(742
)
(1,190
)
354
(1,076
)
Depreciation and amortization expense
6,602
6,423
25,654
24,826
Changes in fair value of warrant liability
1,053
405
648
473
Change in fair value of contingent consideration from mergers and
acquisitions
-
-
-
(6,613
)
Goodwill impairment loss
-
-
-
26,721
Stock-based compensation expense
6,483
6,239
27,793
22,896
Other expenses
8,489
6,039
18,581
11,394
Adjusted EBITDA
$
25,565
$
16,532
$
91,970
$
46,413
Customer, Product and Origination Growth
Total Customers grew 46% year-over-year to 20.4 million in the
full year of 2024. Total Products grew 48% year-over-year to 34.1
million for the full year of 2024. Total Originations grew 32%
year-over-year to $853 million for the fourth quarter of 2024 and
38% year-over-year to $3.1 billion for the full year of 2024.
Transaction with Gen Digital
On December 10, 2024, Gen Digital Inc. (NASDAQ: GEN), a global
leader dedicated to powering Digital Freedom through its family of
consumer brands, announced that it entered into a definitive
agreement to acquire MoneyLion. The acquisition is expected to
occur in the first half of Gen's fiscal year 2026 (April 1 through
September 30, 2025), subject to customary closing conditions.
Given the announced transaction, MoneyLion will not be hosting
an earnings conference call nor providing financial guidance in
conjunction with this press release. For further detail and
discussion of MoneyLion’s financial performance, please refer to
the full year Form 10-K for the year ended December 31, 2024, filed
today with the SEC.
(1) Adjusted EBITDA is a non-GAAP measure. Refer to the
definition of Adjusted EBITDA in the discussion of non-GAAP
financial measures and the accompanying reconciliation below.
About MoneyLion
MoneyLion is a leader in financial technology powering the next
generation of personalized products, content, and marketplace
technology, with a top consumer finance super app, a premier
embedded finance platform for enterprise businesses and a
world-class media arm. MoneyLion’s mission is to give everyone the
power to make their best financial decisions. We pride ourselves on
serving the many, not the few; providing confidence through
guidance, choice, and personalization; and shortening the distance
to an informed action. In our go-to money app for consumers, we
deliver curated content on finance and related topics, through a
tailored feed that engages people to learn and share. People take
control of their finances with our innovative financial products
and marketplace - including our full-fledged suite of features to
save, borrow, spend, and invest - seamlessly bringing together the
best offers and content from MoneyLion and our 1,300+ Enterprise
Partner network, together in one experience.
MoneyLion’s enterprise technology provides the definitive search
engine and marketplace for financial products, enabling any company
to add embedded finance to their business, with advanced AI-backed
data and tools through our platform and API. Established in 2013,
MoneyLion connects millions of people with the financial products
and content they need, when and where they need it.
For more information about MoneyLion, please visit
www.moneylion.com. For information about Engine by MoneyLion for
enterprise businesses, please visit www.engine.tech. For investor
information and updates, visit investors.moneylion.com and follow
@MoneyLionIR on X.
Forward-Looking Statements
Certain statements herein and the documents incorporated herein
by reference may constitute “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act and Rule 175 promulgated
thereunder, and Section 21E of the Exchange Act and Rule 3b-6
promulgated thereunder, which statements involve inherent risks and
uncertainties. Forward-looking statements may be identified by the
use of words such as “estimate,” “plan,” “project,” “forecast,”
“intend,” “will,” “expect,” “anticipate,” “believe,” “seek,”
“target” or other similar expressions that predict or indicate
future events or trends or that are not statements of historical
matters. These forward-looking statements include, but are not
limited to, statements regarding, among other things, MoneyLion’s
financial position, results of operations, cash flows, prospects
and growth strategies, statements regarding the outlook and
expectations of MoneyLion and Gen, respectively, with respect to
the proposed transaction, the strategic benefits and financial
benefits of the proposed transaction, including the expected impact
of the proposed transaction on the combined company’s future
financial performance (including anticipated accretion to earnings
per share, the tangible book value earn-back period and other
operating and return metrics), the timing of the closing of the
proposed transaction, and the ability to successfully integrate the
combined businesses. These statements are based on various
assumptions, whether or not identified in this press release, and
on the current expectations of MoneyLion’s or Gen’s management, are
subject to a number of risks and uncertainties and are not
predictions of actual performance. Actual events and circumstances
are difficult or impossible to predict and will differ from
assumptions. Many actual events and circumstances are beyond the
control of MoneyLion or Gen.
Factors that could cause actual results and outcomes to differ
from those reflected in forward-looking statements include, among
other things: factors relating to the business, operations and
financial performance of MoneyLion, including market conditions and
global and economic factors beyond MoneyLion’s control; MoneyLion's
ability to acquire, engage and retain customers and clients and
sell or develop additional functionality, products and services to
them on the MoneyLion platform; MoneyLion’s reliance on third-party
partners, service providers and vendors, including its ability to
comply with applicable requirements of such third parties; demand
for and consumer confidence in MoneyLion’s products and services,
including as a result of any adverse publicity concerning
MoneyLion; any inaccurate or fraudulent information provided to
MoneyLion by customers or other third parties; MoneyLion’s ability
to realize strategic objectives and avoid difficulties and risks of
any acquisitions, strategic investments, entries into new
businesses, joint ventures, divestitures and other transactions;
MoneyLion’s success in attracting, retaining and motivating its
senior management and other key personnel; MoneyLion’s ability to
renew or replace its existing funding arrangements and raise
financing in the future, to comply with restrictive covenants
related to its long-term indebtedness and to manage the effects of
changes in the cost of capital; MoneyLion's ability to achieve or
maintain profitability in the future; intense and increasing
competition in the industries in which MoneyLion and its
subsidiaries operate; risks related to the proper functioning of
MoneyLion’s information technology systems and data storage,
including as a result of cyberattacks, data security breaches or
other similar incidents or disruptions suffered by MoneyLion or
third parties upon which it relies; MoneyLion’s ability to protect
its intellectual property and other proprietary rights and its
ability to obtain or maintain intellectual property, proprietary
rights and technology licensed from third parties; MoneyLion’s
ability to comply with extensive and evolving laws and regulations
applicable to its business and the outcome of any legal or
governmental proceedings that may be instituted against MoneyLion;
MoneyLion's ability to establish and maintain an effective system
of internal controls over financial reporting; MoneyLion’s ability
to maintain the listing of MoneyLion’s Class A common stock and its
publicly traded warrants to purchase MoneyLion Class A common stock
on the New York Stock Exchange and any volatility in the market
price of MoneyLion’s securities; the occurrence of any event,
change or other circumstances that could give rise to the right of
one or both of the parties to terminate the Merger Agreement; the
failure to obtain necessary regulatory approvals (and the risk that
such approvals may result in the imposition of conditions that
could adversely affect the combined company or the expected
benefits of the proposed transaction) and the possibility that the
proposed transaction does not close when expected or at all because
required regulatory approval, the approval by MoneyLion’s
stockholders, or other approvals and the other conditions to
closing are not received or satisfied on a timely basis or at all;
the possibility that the milestone may not be met and that payment
may not be made with respect to the contingent value rights; the
possibility that the contingent value rights may not meet the
applicable listing requirements or be accepted for listing on the
Nasdaq Stock Market LLC; the outcome of any legal proceedings that
may be instituted against MoneyLion or Gen or the combined company;
the possibility that the anticipated benefits of the proposed
transaction, including anticipated cost savings and strategic
gains, are not realized when expected or at all, including as a
result of changes in, or problems arising from, general economic
and market conditions, interest and exchange rates, monetary
policy, laws and regulations and their enforcement, and the degree
of competition in the geographic and business areas in which
MoneyLion or Gen operate; the possibility that the integration of
the two companies may be more difficult, time-consuming or costly
than expected; the possibility that the proposed transaction may be
more expensive or take longer to complete than anticipated,
including as a result of unexpected factors or events; the
diversion of management’s attention from ongoing business
operations and opportunities; potential adverse reactions of
MoneyLion’s or Gen’s customers or changes to business or employee
relationships, including those resulting from the announcement or
completion of the proposed transaction; changes in MoneyLion’s or
Gen’s share price before closing; risks relating to the potential
dilutive effect of shares of Gen’s common stock that may be issued
pursuant to certain contingent value rights issued in connection
with the proposed transaction; other factors that may affect future
results of MoneyLion, Gen or the combined company; and factors
discussed in MoneyLion’s or Gen’s filings with the Securities and
Exchange Commission. There may be additional risks that MoneyLion
or Gen presently know or that MoneyLion or Gen currently believe
are immaterial that could also cause actual results to differ from
those contained in the forward-looking statements.
These factors are not necessarily all of the factors that could
cause MoneyLion’s, Gen’s or the combined company’s actual results,
performance or achievements to differ materially from those
expressed in or implied by any of the forward-looking statements.
Other factors, including unknown or unpredictable factors, also
could harm MoneyLion’s, Gen’s or the combined company’s
results.
Although each of MoneyLion and Gen believes that its
expectations with respect to forward-looking statements are based
upon reasonable assumptions within the bounds of its existing
knowledge of its business and operations, there can be no assurance
that actual results of MoneyLion or Gen will not differ materially
from any projected future results expressed or implied by such
forward-looking statements. Additional factors that could cause
results to differ materially from those described above can be
found in MoneyLion’s most recent annual report on Form 10-K for the
fiscal year ended December 31, 2024 filed today, quarterly reports
on Form 10-Q, and other documents subsequently filed by MoneyLion
with the Securities Exchange Commission (the “SEC”) and Gen’s most
recent annual report on Form 10-K for the fiscal year ended March
29, 2024, quarterly reports on Form 10-Q, and other documents
subsequently filed by Gen with the SEC. The actual results
anticipated may not be realized or, even if substantially realized,
they may not have the expected consequences to or effects on
MoneyLion, Gen or their respective businesses or operations.
In addition, forward-looking statements reflect MoneyLion’s or
Gen’s expectations, plans or forecasts of future events and views
as of the date of this press release. MoneyLion and Gen anticipates
that subsequent events and developments will cause its assessments
to change. However, while MoneyLion or Gen may elect to update
these forward-looking statements at some point in the future,
MoneyLion and Gen specifically disclaim any obligation to do so.
These forward-looking statements should not be relied upon as
representing MoneyLion’s or Gen’s assessments as of any date
subsequent to the date of this press release. Accordingly, undue
reliance should not be placed upon the forward-looking
statements.
Additional Information and Where to Find It
In connection with the proposed transaction, Gen has filed with
the SEC a Registration Statement on Form S-4 (the “Registration
Statement”) to register the contingent value rights to be issued by
Gen in connection with the proposed transaction and that includes a
proxy statement of MoneyLion and a prospectus of Gen (the “Proxy
Statement/Prospectus”), and each of MoneyLion and Gen may file with
the SEC other relevant documents concerning the proposed
transaction. A definitive Proxy Statement/Prospectus will be sent
to the stockholders of MoneyLion to seek their approval of the
proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT
DECISION, INVESTORS AND STOCKHOLDERS OF MONEYLION ARE URGED TO READ
THE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS REGARDING
THE PROPOSED TRANSACTION WHEN THEY BECOME AVAILABLE AND ANY OTHER
RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR
SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT MONEYLION, GEN AND THE PROPOSED TRANSACTION AND
RELATED MATTERS.
A copy of the Registration Statement, Proxy
Statement/Prospectus, as well as other filings containing
information about MoneyLion and Gen, may be obtained, free of
charge, at the SEC’s website (http://www.sec.gov). You will also be
able to obtain these documents, when they are filed, free of
charge, from MoneyLion by accessing MoneyLion’s website at
https://investors.moneylion.com or from Gen by accessing Gen’s
website at https://investor.gendigital.com/overview/default.aspx.
Copies of the Registration Statement, the Proxy
Statement/Prospectus and the filings with the SEC that will be
incorporated by reference therein can also be obtained, without
charge, by directing a request to Sean Horgan, Head of Investor
Relations, at shorgan@moneylion.com, or by calling (332) 258-7621,
or to Gen by directing a request to Gen’s Investor Relations
department at 60 East Rip Salado Parkway, Suite 1000, Tempe, AZ
85281 or by calling (650) 527-8000 or emailing IR@gendigital.com.
The information on MoneyLion’s or Gen’s respective websites is not,
and shall not be deemed to be, a part of this communication or
incorporated into other filings either company makes with the
SEC.
Participants in the Solicitation
MoneyLion, Gen and certain of their respective directors,
executive officers and employees may be deemed to be participants
in the solicitation of proxies from the stockholders of MoneyLion
in connection with the proposed transaction. Information about the
interests of the directors and executive officers of MoneyLion and
Gen and other persons who may be deemed to be participants in the
solicitation of stockholders of MoneyLion in connection with the
proposed transaction and a description of their direct and indirect
interests, by security holdings or otherwise, will be included in
the Proxy Statement/Prospectus related to the proposed transaction,
which will be filed with the SEC. Information about the directors
and executive officers of MoneyLion and their ownership of
MoneyLion common stock and MoneyLion’s transactions with related
persons is also set forth in the sections entitled “Executive
Officers,” “Corporate Governance,” “Certain Relationships and
Related Party Transactions,” “Executive and Director Compensation”
and “Beneficial Ownership of Securities” included in MoneyLion’s
most recent annual report on Form 10-K for the fiscal year ended
December 31, 2024 filed today. Information about the directors and
executive officers of Gen, their ownership of Gen common stock, and
Gen’s transactions with related persons is set forth in the
sections entitled “Corporate Governance,” “The Board and Its
Committees,” “Director Nominations and Communication with
Directors,” “Our Executive Officers,” “Security Ownership of
Certain Beneficial Owners and Management,” “Executive Compensation
and Related Information,” and “Certain Relationships and Related
Transactions” included in Gen’s definitive proxy statement in
connection with its 2024 Annual Meeting of Stockholders, as filed
with the SEC on July 29, 2024.
No Offer or Solicitation
This communication is not intended to and shall not constitute
an offer to sell or the solicitation of an offer to sell or the
solicitation of an offer to buy any securities or the solicitation
of any vote of approval, nor shall there be any sale of securities
in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offer of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act, or pursuant to an
exemption from, or in a transaction not subject to, such
registration requirements.
Financial Information; Non-GAAP Financial Measures
Adjusted EBITDA has not been prepared in accordance with United
States generally accepted accounting principles (“GAAP”). MoneyLion
management historically used and uses Adjusted EBITDA for various
purposes, including as measures of performance and as a basis for
strategic planning and forecasting. MoneyLion believes presenting
Adjusted EBITDA provides relevant and useful information to
management and investors regarding certain financial and business
trends relating to MoneyLion’s results of operations. MoneyLion’s
method of calculating Adjusted EBITDA may be different from other
companies’ methods and, therefore, may not be comparable to those
used by other companies and MoneyLion does not recommend the sole
use of Adjusted EBITDA to assess its financial performance.
MoneyLion management does not consider Adjusted EBITDA in isolation
or as an alternative to financial measures determined in accordance
with GAAP. The principal limitation of non-GAAP financial measures
is that they exclude significant expenses and income that are
required by GAAP to be recorded in MoneyLion’s financial
statements. In addition, they are subject to inherent limitations
as they reflect the exercise of judgments by management about which
expense and income are excluded or included in determining non-GAAP
financial measures. In order to compensate for these limitations,
management presents Adjusted EBITDA in connection with MoneyLion’s
GAAP results. You should review MoneyLion’s financial statements,
which are included in MoneyLion’s filings with the U.S. Securities
and Exchange Commission, and not rely on any single financial
measure to evaluate MoneyLion’s business.
A reconciliation of Adjusted EBITDA to net (loss) income, the
most directly comparable GAAP measure, is set forth below. To the
extent that forward-looking non-GAAP financial measures are
provided, they are presented on a non-GAAP basis without
reconciliations of such forward-looking non-GAAP measures, due to
the inherent difficulty in forecasting and quantifying certain
amounts that are necessary for such reconciliation, which could be
material based on historical adjustments. Accordingly, a
reconciliation is not available without unreasonable effort.
Definitions:
Adjusted EBITDA: A non-GAAP
measure, defined as net (loss) income plus interest expense related
to corporate debt, income tax expense (benefit), depreciation and
amortization expense, change in fair value of warrant liability,
change in fair value of contingent consideration from mergers and
acquisitions, goodwill impairment loss, stock-based compensation
and certain other expenses that management does not consider in
measuring performance.
Total Customers: Defined as the
cumulative number of customers that have opened at least one
account, including banking, membership subscription, secured
personal loan, Instacash advance, managed investment account,
cryptocurrency account and customers that are monetized through our
marketplace and affiliate products. Total Customers also include
customers that have submitted for, received or clicked on at least
one marketplace credit offer.
Total Products: Defined as the
total number of products that our Total Customers have opened,
including banking, membership subscription, secured personal loan,
Instacash advance, managed investment account, cryptocurrency
account and monetized marketplace and affiliate products, as well
as customers who signed up for our financial tracking services
(with either credit tracking enabled or external linked accounts),
whether or not the customer is still registered for the product.
Total Products also include marketplace credit offers that our
Total Customers have submitted for, received or clicked on through
our marketplace. If a customer has funded multiple secured personal
loans or Instacash advances or opened multiple products through our
marketplace, it is only counted once for each product type.
Total Originations: Defined as the
dollar volume of the secured personal loans originated and
Instacash advances funded within the stated period. All
originations were originated directly by MoneyLion.
Enterprise Partners: Composed of
Product Partners and Channel Partners. Product Partners are the
providers of the financial and non-financial products and services
that we offer in our marketplaces, including financial
institutions, financial service providers and other affiliate
partners. Channel Partners are organizations that allow us to reach
a wide base of consumers, including but not limited to news sites,
content publishers, product comparison sites and financial
institutions.
MONEYLION INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(dollar amounts in thousands,
except per share amounts)
Twelve Months Ended December
31,
2024
2023
Revenue Service and subscription revenue
$
533,019
$
411,238
Net interest income on loan receivables
12,886
12,193
Total revenue, net
545,905
423,431
Operating expenses Provision for credit losses on consumer
receivables
86,100
93,418
Loss on sale of consumer receivables
40,348
—
Compensation and benefits
101,825
93,895
Marketing
49,017
28,125
Direct costs
146,434
126,361
Professional services
34,821
19,105
Technology-related costs
29,126
24,056
Other operating expenses
31,584
43,816
Total operating expenses
519,255
428,776
Net income (loss) before other (expense) income and income
taxes
26,650
(5,345
)
Interest expense
(24,246
)
(28,663
)
Change in fair value of warrant liability
(648
)
(473
)
Change in fair value of contingent consideration from mergers and
acquisitions
—
6,613
Goodwill impairment loss
—
(26,721
)
Other income
7,744
8,268
Net income (loss) before income taxes
9,500
(46,321
)
Income tax expense (benefit)
354
(1,076
)
Net income (loss)
9,146
(45,245
)
Reversal of previously accrued dividends on preferred stock
—
690
Net income (loss) attributable to common shareholders
$
9,146
$
(44,555
)
Net income (loss) per share, basic
$
0.84
$
(4.63
)
Net income (loss) per share, diluted
$
0.76
$
(4.63
)
Weighted average shares used in computing net income (loss) per
share, basic
10,907,441
9,614,309
Weighted average shares used in computing net income (loss) per
share, diluted
12,015,025
9,614,309
MONEYLION INC.
CONSOLIDATED BALANCE
SHEETS
(dollar amounts in thousands,
except per share amounts)
December 31,
December 31,
2024
2023
Assets Cash
$
139,976
$
92,195
Restricted cash, including amounts held by variable interest
entities (VIEs) of $7,259 and $128
10,463
2,284
Consumer receivables
128,224
208,167
Allowance for credit losses on consumer receivables
(11,620
)
(35,329
)
Consumer receivables, net, including amounts held by VIEs of
$83,608 and $131,283
116,604
172,838
Consumer receivables held for sale
7,982
—
Enterprise receivables, net
32,575
15,978
Property and equipment, net
1,658
1,864
Intangible assets, net
160,529
176,541
Other assets
48,801
53,559
Total assets
$
518,588
$
515,259
Liabilities and Stockholders' Equity Liabilities: Secured
loans, net
$
67,402
$
64,334
Accounts payable and accrued liabilities
69,113
52,396
Warrant liability
1,458
810
Other debt, net, including amounts held by VIEs of $51,131 and
$125,419
51,131
125,419
Other liabilities
38,542
15,077
Total liabilities
227,646
258,036
Commitments and contingencies (Note 15) Stockholders' equity: Class
A Common Stock, $0.0001 par value; 66,666,666 shares authorized as
of December 31, 2024 and December 31, 2023, 11,362,652 and
11,300,081 issued and outstanding, respectively, as of December 31,
2024 and 10,444,627 and 10,412,294 issued and outstanding,
respectively, as of December 31, 2023
1
1
Additional paid-in capital
995,408
969,641
Accumulated deficit
(693,573
)
(702,719
)
Treasury stock at cost, 62,571 and 32,333 shares as of December 31,
2024 and December 31, 2023, respectively
(10,894
)
(9,700
)
Total stockholders' equity
290,942
257,223
Total liabilities and stockholders' equity
$
518,588
$
515,259
MONEYLION INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(dollar amounts in thousands,
except per share amounts)
Twelve Months Ended December
31,
2024
2023
Cash flows from operating activities: Net income (loss)
$
9,146
$
(45,245
)
Adjustments to reconcile net income (loss) to net cash from
operating activities: Provision for losses on receivables
86,100
93,418
Loss on sale of consumer receivables
39,914
—
Depreciation and amortization expense
25,654
24,826
Change in deferred fees and costs, net
1,319
2,119
Change in fair value of warrants
648
473
Change in fair value of contingent consideration from mergers and
acquisitions
—
(6,613
)
Loss on debt extinguishment
631
—
Loss (gain) on foreign currency translation
131
(60
)
Goodwill impairment loss
—
26,721
Stock compensation expense
27,793
22,896
Deferred income taxes
(505
)
(2,091
)
Changes in assets and liabilities: Accrued interest receivable
(419
)
(234
)
Enterprise receivables, net
(16,597
)
2,853
Other assets
(4,467
)
1,098
Accounts payable and accrued liabilities
16,586
819
Other liabilities
15,085
(4,634
)
Net cash provided by operating activities
201,019
116,346
Cash flows from investing activities: Net originations and
collections of finance receivables
(11,387
)
(120,441
)
Originations of finance receivables held for sale
(751,083
)
—
Proceeds from the sale of finance receivables
703,187
—
Purchase of property and equipment and software development
(9,163
)
(6,008
)
Settlement of contingent consideration related to mergers and
acquisitions
—
(1,116
)
Net cash used in investing activities
(68,446
)
(127,565
)
Cash flows from financing activities: Net repayments to special
purpose vehicle credit facilities
(75,400
)
(19,000
)
Proceeds from issuance of debt to secured/senior lenders
69,241
—
Repayments to secured/senior lenders
(65,000
)
(25,000
)
Repurchases of Class A Common Stock
(1,194
)
—
Payment of deferred financing costs
(1,961
)
(132
)
Payments related to the automatic conversion of redeemable
convertible preferred stock (Series A) in lieu of fractional shares
of common stock and dividends on preferred stock
—
(3,007
)
Proceeds (payments) related to issuance of common stock related to
exercise of stock options and warrants, net of tax withholdings
related to vesting of stock-based compensation
(2,299
)
(860
)
Other
—
(12
)
Net cash used in financing activities
(76,613
)
(48,011
)
Net change in cash and restricted cash
55,960
(59,230
)
Cash and restricted cash, beginning of period
94,479
153,709
Cash and restricted cash, end of period
$
150,439
$
94,479
MONEYLION INC.
RECONCILIATION OF NET INCOME
(LOSS) TO ADJUSTED EBITDA
(dollar amounts in thousands)
(unaudited)
Twelve Months Ended December
31,
2024
2023
Net income (loss)
$
9,146
$
(45,245
)
Add back: Interest related to corporate debt
9,794
13,037
Income tax expense (benefit)
354
(1,076
)
Depreciation and amortization expense
25,654
24,826
Changes in fair value of warrant liability
648
473
Change in fair value of contingent consideration from mergers and
acquisitions
-
(6,613
)
Goodwill impairment loss
-
26,721
Stock-based compensation expense
27,793
22,896
Other expenses
18,581
11,394
Adjusted EBITDA
$
91,970
$
46,413
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250224773930/en/
MoneyLion Investor Relations ir@moneylion.com
MoneyLion Communications pr@moneylion.com
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