ML
Moneylion INC
NYSE
DEF 14A: MoneyLion Aims for Profitable Growth in 2024 After Record Revenue in 2023
Sentiment:
Proxy Statement
29 April 2024 4:15 PM
MoneyLion reports record revenue of $423 million in 2023 and sets sights on accelerating profitable growth in 2024, according to its latest proxy statement.
Better than expected
MoneyLion's revenue of $423 million in 2023 represents a 24% year-over-year increase, indicating better than expected growth.
The company's customer base more than doubled, reaching approximately 14 million by the end of 2023, suggesting better than expected customer acquisition.
Summary
- MoneyLion's proxy statement announces the 2024 Annual Meeting of Stockholders to be held virtually on June 13, 2024.
- The meeting will address the election of three Class III directors, ratification of the selection of RSM US LLP as the independent registered public accounting firm, and other business matters.
- MoneyLion achieved a record $423 million in revenue for 2023, a 24% year-over-year increase.
- The company ended 2023 with approximately 14 million customers, more than double the 6.5 million at the end of 2022.
- Over 23 million products have been consumed on the MoneyLion platform to date.
- Approximately one-third of MoneyLion's revenue in 2023 came from its Enterprise business, up from about a tenth in 2021.
- The Board of Directors recommends voting FOR the election of the three Class III director nominees and FOR the ratification of the appointment of RSM US LLP.
Sentiment
Score: 8
Explanation: The document expresses a positive outlook, highlighting record revenue and customer growth. The focus on profitability and efficiency further contributes to a favorable sentiment.
Positives
- MoneyLion achieved record revenue of $423 million in 2023, representing 24% year-over-year growth.
- The company's customer base more than doubled, reaching approximately 14 million by the end of 2023.
- Revenue diversification has increased, with the Enterprise business contributing a larger share.
- The company is focused on efficiency and profitability.
- MoneyLion is using notice and access procedures to distribute proxy materials, reducing paper usage and costs.
Negatives
- The document acknowledges the dynamic macroeconomic and competitive environment.
- As an emerging growth company, MoneyLion has reduced disclosure obligations regarding executive compensation.
Risks
- The company's future performance is subject to various risks and uncertainties, including market conditions, competition, and regulatory compliance.
- MoneyLion's ability to achieve or maintain profitability in the future is not guaranteed.
- The company relies on third-party partners, service providers, and vendors.
- Cyberattacks, data security breaches, or other similar incidents could disrupt MoneyLion's information technology systems.
Future Outlook
MoneyLion is poised to accelerate profitable growth in 2024 and deliver shareholder value by playing offense with discipline.
Management Comments
- Diwakar (Dee) Choubey, CEO: 'MoneyLion had its strongest year ever in 2023, and we are poised to accelerate profitable growth in 2024.'
- Diwakar (Dee) Choubey, CEO: 'This performance is the result of collective ingenuity, innovation and commitment to fulfilling our mission of giving everyone the ability to make their best financial decisions.'
- Diwakar (Dee) Choubey, CEO: 'Our diversified revenue mix has been a key pillar of our ability to succeed in any environment.'
- Diwakar (Dee) Choubey, CEO: 'I am proud of the MoneyLion team, which drove the company to have its best year ever in 2023.'
Industry Context
MoneyLion operates in the competitive fintech industry, facing intense competition. The company's focus on revenue diversification and efficiency is crucial for navigating economic cycles.
Comparison to Industry Standards
- The document does not provide specific comparisons to industry standards or competitors.
- Without more information, it's difficult to assess MoneyLion's performance relative to peers like LendingClub, SoFi, or Upstart.
Stakeholder Impact
- Shareholders are expected to benefit from the company's focus on profitable growth and shareholder value.
- Employees are likely to be impacted by the company's efficiency-focused operating posture.
- Customers should benefit from the company's commitment to providing financial solutions.
Next Steps
- Stockholders are encouraged to vote on the proposals outlined in the proxy statement.
- The company will hold its Annual Meeting of Stockholders on June 13, 2024.
- The Board of Directors will continue to oversee the company's risk management and strategic plans.
Related Party Transactions
- MoneyLion has a Marketing Consulting Agreement with LeadGen Data Services LLC, in which a 5%+ shareholder, Rohit DSouza, has an indirect ownership interest.
- For the year ended December 31, 2023, MoneyLion incurred approximately $0.5 million of expenses and earned approximately $6.7 million of revenue under the Marketing Consulting Agreement.
Key Dates
- September 22, 2021: MoneyLion consummated a business combination with Fusion Acquisition Corp.
- April 24, 2023: MoneyLion effected a 1-for-30 reverse stock split.
- April 19, 2024: Record Date for the Annual Meeting.
- April 29, 2024: Mailing of the Notice of Internet Availability to stockholders began.
- June 13, 2024: Date of the 2024 Annual Meeting of Stockholders.
- December 30, 2024: Deadline for stockholder proposals for inclusion in the 2025 proxy materials.
- February 13, 2025: Start of the period for submitting stockholder proposals for the 2025 Annual Meeting.
- March 15, 2025: End of the period for submitting stockholder proposals for the 2025 Annual Meeting.
Keywords
MoneyLion, Annual Meeting, Proxy Statement, Revenue, Directors, Stockholders, Financial Performance, Executive Compensation, Corporate Governance, Audit Committee
ML
Moneylion INC
NYSE
Sector: TBD
Filings with Classifications
Better than expected
3 April 2025 8:41 AM
Shareholder Communication
- The offer represents a premium of up to 80% over MoneyLion's 60-day VWAP, indicating a better outcome for shareholders compared to the company's standalone prospects.
Capital raise
5 March 2025 9:43 PM
Merger Announcement
- Gen Digital intends to fund the cash portion of the merger consideration using a combination of cash on hand and proceeds from an anticipated incremental $750 million term loan B facility.
Better than expected
25 February 2025 8:31 AM
Annual Results
- The company's net income of $9.1 million in 2024 is better than the net loss of $45.2 million in 2023.
- The company's total revenue increased by 28.9% year-over-year.
- The company's customer base grew significantly to 20.4 million.
Better than expected
25 February 2025 7:40 AM
Earnings Release
- MoneyLion's net income of $9 million is better than the net loss of $45.2 million in the previous year.
- The adjusted EBITDA of $92 million is better than the $46.4 million in the previous year.
- The revenue of $546 million is better than the $423.4 million in the previous year.
Better than expected
26 December 2024 6:12 AM
Form 425 Filing
- MoneyLion's growth and profitability improvements exceeded expectations, leading to the acquisition by Gen Digital.
Capital raise
10 December 2024 1:36 PM
Merger Announcement
- The document mentions the issuance of contingent value rights by Gen Digital in connection with the proposed transaction.
- These contingent value rights may involve the issuance of shares of Gen Digital's common stock, potentially diluting existing shareholders.
Better than expected
25 November 2024 5:30 PM
Debt Refinancing Announcement
- The refinancing significantly lowers the cost of capital and extends the debt maturity, which are both positive outcomes.
Better than expected
25 November 2024 5:29 PM
Debt Refinancing Announcement
- The refinancing significantly lowers the cost of capital and extends the debt maturity, which are both positive outcomes.
Worse than expected
7 November 2024 9:31 AM
Quarterly Report
- The company reported a net loss of $2.79 million for the quarter, which is worse than the previous quarter and indicates that the company is not yet profitable.
Better than expected
7 November 2024 7:35 AM
Quarterly Report
- The company's revenue, adjusted EBITDA, and customer growth all exceeded expectations.
- MoneyLion raised its full-year guidance for both revenue and adjusted EBITDA, indicating better-than-expected performance.
- The company achieved a net income before income taxes of $0.5 million, a significant improvement from a loss in the same quarter of the previous year.
Better than expected
6 August 2024 9:26 AM
Quarterly Report
- The company's net income improved significantly from a loss to a profit.
- The company's revenue growth was strong, exceeding expectations.
- The company's adjusted EBITDA improved substantially year-over-year.
Better than expected
6 August 2024 7:35 AM
Quarterly Report
- MoneyLion's Q2 2024 results exceeded expectations with record revenue, a return to profitability, and significant growth in key metrics.
- The company also raised its full-year guidance, indicating confidence in continued strong performance.
Better than expected
16 May 2024 7:30 AM
Legal Update
- The dismissal of the lawsuit is a better outcome than expected, as it removes a legal challenge and potential financial burden for the company.
Better than expected
7 May 2024 9:12 AM
Quarterly Report
- The company reported a net income of $7.1 million compared to a net loss of $9.2 million in the same period last year.
- The company's Adjusted EBITDA improved substantially to $23.5 million compared to $7.3 million in the same quarter last year.
- The company's total revenue increased by 29.2% year-over-year.
Better than expected
7 May 2024 7:32 AM
Quarterly Report
- MoneyLion's Q1 2024 results exceeded the high end of their guidance range across all metrics.
- The company achieved record revenue, net income, and adjusted EBITDA, indicating better than expected performance.
Better than expected
29 April 2024 4:15 PM
Proxy Statement
- MoneyLion's revenue of $423 million in 2023 represents a 24% year-over-year increase, indicating better than expected growth.
- The company's customer base more than doubled, reaching approximately 14 million by the end of 2023, suggesting better than expected customer acquisition.
Better than expected
7 March 2024 7:31 AM
Quarterly Report
- The company's full-year revenue, gross profit, and adjusted EBITDA exceeded expectations.
- Management is projecting the first positive GAAP EPS quarter in 2024, which is better than previous performance.
Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.