ML
Moneylion INC
NYSE
8-K: MoneyLion Reports Record First Quarter 2024 Results with $121 Million Revenue and $7 Million Net Income
Sentiment:
Quarterly Report
7 May 2024 7:32 AM
MoneyLion announced record first quarter 2024 results, including $121 million in revenue, $7 million in net income, and $23 million in adjusted EBITDA.
Better than expected
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.
Summary
- MoneyLion reported record revenue of $121 million for the first quarter of 2024, a 29% increase year-over-year.
- The company achieved a record GAAP net income of $7 million, compared to a net loss of $9.2 million in the same quarter of the previous year.
- Adjusted EBITDA reached a record $23 million, representing a 19.4% adjusted EBITDA margin, a significant increase from $7.3 million and 7.8% margin in the first quarter of 2023.
- Diluted earnings per share (EPS) was $0.60.
- Total customers grew by 98% year-over-year to 15.5 million.
- Total products increased by 73% year-over-year to 25.3 million.
- Total originations grew by 42% year-over-year to $717 million.
- For the second quarter of 2024, MoneyLion expects revenue between $125 and $130 million and adjusted EBITDA between $17 and $20 million.
Sentiment
Score: 9
Explanation: The document presents very positive results with record revenue, net income, and adjusted EBITDA, along with strong growth in customers and products. The company also exceeded its own guidance. The outlook is also positive with continued growth expected.
Positives
- MoneyLion achieved record revenue, net income, and adjusted EBITDA in the first quarter of 2024.
- The company's customer base and product offerings have seen substantial year-over-year growth.
- MoneyLion's profitability has significantly improved, moving from a net loss to a net income.
- The company's adjusted EBITDA margin has improved significantly year-over-year.
- The company exceeded its own guidance for the first quarter of 2024.
Negatives
- The company's operating expenses remain high at $109.9 million.
- Provision for credit losses on consumer receivables was $20.2 million.
Risks
- The company's future performance is subject to various risks, including market conditions, competition, and regulatory changes.
- MoneyLion relies on third-party partners and service providers, which could pose risks if these relationships are disrupted.
- The company's ability to maintain profitability is not guaranteed.
- There are risks related to the proper functioning of MoneyLion's information technology systems and data storage, including cyberattacks.
Future Outlook
MoneyLion expects second quarter 2024 revenue to be between $125 and $130 million and adjusted EBITDA to be between $17 and $20 million.
Management Comments
- Dee Choubey, MoneyLion's co-founder and CEO, stated that the Q1 2024 results reflect the company's continued momentum and commitment to investing in transformative technologies.
- Rick Correia, MoneyLion's CFO, mentioned that the Q1 results exceeded the high end of their guidance range across all metrics.
Industry Context
MoneyLion's strong Q1 results indicate a positive trend in the FinTech sector, with a focus on personalized financial products and AI-powered solutions. The company's growth in customer base and product offerings suggests a competitive position in the market.
Comparison to Industry Standards
- MoneyLion's 29% year-over-year revenue growth is strong compared to some established fintech companies, but it is important to compare it to similar growth-stage companies.
- The adjusted EBITDA margin of 19.4% is a positive sign of improving profitability, but it is important to compare it to other fintech companies with similar business models.
- Companies like SoFi and Upstart, which also operate in the fintech lending space, have seen varying results in recent quarters, making a direct comparison challenging without more detailed analysis.
- MoneyLion's focus on AI-powered financial product search capabilities and a broad marketplace is a differentiator, but its success will depend on its ability to execute and scale effectively.
Stakeholder Impact
- Shareholders will likely view the results positively due to the significant improvement in profitability and growth.
- Employees may benefit from the company's success and growth.
- Customers will have access to a wider range of financial products and services.
- Suppliers and partners may see increased business opportunities.
Next Steps
- MoneyLion will host a conference call and webcast to discuss the first quarter 2024 results.
- The company will continue to execute on its growth pillars in 2024.
- MoneyLion will focus on optimizing conversion in its top-of-funnel.
Key Dates
- 2024-03-31: End of the first quarter of 2024.
- 2024-05-07: Date of the press release announcing Q1 2024 results and the date of the 8-K filing.
Keywords
FinTech, Financial Technology, Revenue, Net Income, Adjusted EBITDA, Customer Growth, Financial Products, Originations, Profitability, Personal Finance
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.