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 results for the fourth
quarter and full year 2020.
HIGHLIGHTS
- Q4 2020 GAAP revenues: $17.3
million; Q4 2020 pro forma2 core revenues of $17.3 million, a 16%
increase compared to Q4 2019
- 2020 GAAP revenues: $66.9 million;
2020 pro forma core revenues of $66.7 million, a 9% increase
compared to 2019
- Added nearly 450 thousand new
accounts in 2020
- EBITDA positive; full year 2020 pro
forma core EBITDA of $3.5 million; EBITDA margin has expanded to 5%
for 2020 and 8% for 4Q20
- Total serviced deposits of $960
million at December 31, 2020, a 139% increase compared to 2019. New
business serviced deposits increased 579% compared to 2019.
Subsequent to year-end, deposit growth has continued with over $1.3
billion in deposits as of March 15, 2021
- Debit card spend was $2.8 billion
in 2020, an 18% increase compared to 2019; New business debit spend
increased nearly 250% compared to 2019
- Our high volume, low-cost customer
acquisition strategy continues to yield a customer acquisition cost
(CAC) below $10 per active account3
- Positive operating leverage in
2020, given $5.4 million of pro forma core revenue growth exceeded
$2.2 million of pro forma core operating expense growth
- We recently executed a contract
with a higher education services partner giving us access to new
colleges and universities
- Continued tailwinds from federal
stimulus – the latest legislation includes $40 billion for higher
education and students
- On January 4, 2021, BankMobile
Technologies, Inc. completed its planned business combination with
Megalith Financial Acquisition Corp., Inc. and was rebranded BM
Technologies, Inc. The company is now fully independent with no
ownership by Customers Bank, and trades under the ticker BMTX.
Luvleen Sidhu, BMTX’s Chair, Chief Executive
Officer, and Founder commented, “We are happy with our results in
2020, and even more excited about the opportunities that lie ahead
as an independent publicly traded company. In 2020 we were EBITDA
positive, a differentiator among fintech companies, and we grew our
business despite COVID-19 uncertainties. Looking forward, we expect
growth to accelerate in 2021, fueled by expansion of our existing
white label business, developments in our student business, and the
addition of our newest workplace banking business.”
On January 4, 2021, BankMobile Technologies,
Inc. became an independent company after the completion of a
divestiture transaction and 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. All of the business and financial results disclosed
here-in occurred during the period BankMobile Technologies was a
wholly owned subsidiary of Customers Bank, unless otherwise
indicated.
Business Update
BMTX operates in 3 verticals: higher education
and student banking, white label banking and workplace banking.
Despite COVID-related higher education headwinds
in 2020, we retained more than 99% of our higher education
institutions and disbursed $11.7 billion in refunds to students,
including $1.9 billion into BankMobile Vibe Accounts. In addition,
organic deposits (deposits that are not part of a school
disbursement) increased 32% over 2019 to $1.9 billion. Looking to
2021 we are excited to expand our overall product offerings to
colleges and universities including a new vendor payments product.
Additionally, we have recently signed a contract with a higher
education services company that should significantly expand our
reach to new colleges and universities. We are also targeting a
pilot program of a co-branded BankMobile Google Plex account this
fall, which we expect will result in more students choosing a
BankMobile account to receive their refund. The number
of active accounts4 with at least one organic deposit5 in 5 out of
the last 6 months rose 16% in 2020 to 51 thousand; approximately
13% of active accounts had a monthly deposit of $300 or more in
December of 2020, an increase from 5% at the end of 2019.
Our white label business is experiencing
significant growth, including 579% growth in 2020 year-end serviced
deposits and 247% growth in 2020 debit card spend. We continue to
actively work a pipeline of prospective new white label customers
and are in final stages of due diligence with a potential new white
label partner. We also want to highlight the
significant primary account usage patterns of our most active white
label account holders. Highly active users with both direct deposit
and a minimum of 5 customer driven transactions per month are
spending in excess of $17,000 annually on their debit cards and
have average deposit balances of $844. This very attractive cohort
makes up approximately 14% of accounts.
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
the fourth quarter we were excited to announce a partnership with
Prudential Financial, Inc. to provide financial wellness services
as part of the Workplace Banking offering, and also announced a
partnership with BenefitHub a leading marketplace for employee
benefits.
FINANCIAL HIGHLIGHTS
2020 GAAP revenues totaled $66.9 million, an 8%
reduction from 2019. 2020 pro forma core revenues increased 9% to
$66.7 million compared to 2019. Pro forma core revenues are a
non-GAAP measure which management believes provide investors an
enhanced understanding of our business by normalizing the deposit
servicing fee in all periods to conform with the current agreement
and excluding the effects of items we do not consider indicative of
our core operating performance; a reconciliation appears on page 7
of this release.
|
|
For the QuarterEnded December 31, |
|
|
|
|
|
% |
|
(dollars in thousands) |
|
2020 |
|
|
2019 |
|
|
Change |
|
|
Change |
|
GAAP revenues |
|
$ |
17,330 |
|
|
$ |
17,601 |
|
|
$ |
(271 |
) |
|
|
(2 |
)% |
Pro Forma Core revenues6 |
|
|
17,250 |
|
|
|
14,865 |
|
|
|
2,385 |
|
|
|
16 |
% |
Pro Forma Core EBITDA |
|
|
1,323 |
|
|
|
37 |
|
|
|
1,286 |
|
|
|
NA |
|
Pro Forma Core EBITDA Margin |
|
|
8 |
% |
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
For the Year
Ended December 31, |
|
|
|
|
|
% |
|
(dollars in thousands) |
|
2020 |
|
|
2019 |
|
|
Change |
|
|
Change |
|
GAAP revenues |
|
$ |
66,858 |
|
|
$ |
72,307 |
|
|
$ |
(5,449 |
) |
|
|
(8 |
)% |
Pro Forma Core revenues |
|
|
66,679 |
|
|
|
61,337 |
|
|
|
5,342 |
|
|
|
9 |
% |
Pro Forma Core EBITDA |
|
|
3,549 |
|
|
|
(2,230 |
) |
|
|
5,779 |
|
|
|
NA |
|
Pro Forma Core EBITDA Margin |
|
|
5 |
% |
|
|
(4 |
)% |
|
|
|
|
|
|
|
|
BUSINESS HIGHLIGHTS
|
|
December 31, |
|
|
|
|
|
% |
|
(dollars in millions) |
|
2020 |
|
|
2019 |
|
|
Change |
|
|
Change |
|
Ending Serviced deposits |
|
$ |
960 |
|
|
$ |
401 |
|
|
$ |
559 |
|
|
|
139 |
% |
Debit spend |
|
|
2,791 |
|
|
|
2,370 |
|
|
|
421 |
|
|
|
18 |
% |
2021 OUTLOOK
“With our divestiture behind us, we are excited about the
opportunities that lay ahead as an independent publicly traded
company. Already this year, we have expanded our team with select
key hires, signed several important LOIs, and are on track to sign
another significant white label partner. We are excitedly working
towards launching new options for student customers in partnership
with Google, and our existing business continues to scale. We are
on track to reach our 2021 EBITDA target of $21.5 million,”
concluded Sidhu.
2020 Income Statement Trends
Pro Forma Core EBITDA totaled $3.5 million in 2020, compared to
-$2.2 million in 2019.
|
|
For the Year Ended December 31, |
|
|
YoY Chg |
|
($ in millions) |
|
2020 |
|
|
2019 |
|
|
$ |
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interchange and card revenue |
|
$ |
26.3 |
|
|
$ |
28.1 |
|
|
$ |
(1.8 |
) |
|
(7 |
)% |
Deposit servicing fees |
|
|
22.3 |
|
|
|
16.5 |
|
|
|
5.8 |
|
|
35 |
% |
Account fees |
|
|
11.3 |
|
|
|
10.9 |
|
|
|
0.4 |
|
|
3 |
% |
University fees |
|
|
5.3 |
|
|
|
5.0 |
|
|
|
0.4 |
|
|
7 |
% |
Other |
|
|
1.5 |
|
|
|
0.9 |
|
|
|
0.6 |
|
|
73 |
% |
Pro Forma Core Revenues |
|
$ |
66.7 |
|
|
$ |
61.3 |
|
|
$ |
5.3 |
|
|
9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro Forma Core OpEx (Excl.
Depr. & Amort.) |
|
|
63.1 |
|
|
|
63.6 |
|
|
|
(0.4 |
) |
|
(1 |
)% |
Pro Forma Core EBITDA |
|
$ |
3.5 |
|
|
$ |
(2.2 |
) |
|
$ |
5.8 |
|
|
NM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Interest Expense |
|
|
1.4 |
|
|
|
0.5 |
|
|
|
0.9 |
|
|
NM |
|
Less: Depreciation &
Amortization |
|
|
11.9 |
|
|
|
9.3 |
|
|
|
2.6 |
|
|
29 |
% |
Pro Forma Core Pre-Tax Income |
|
$ |
(9.8 |
) |
|
$ |
(12.1 |
) |
|
$ |
2.3 |
|
|
(19 |
)% |
“NM” refers to changes greater than 150%
Interchange and card revenue declined 7% to $26.3 million as an
18% increase in debit spend was mitigated by a lower rate of
interchange as a percentage of debit spend (which we attribute
largely to COVID-related change in spending patterns that should
normalize higher), and a $1.3 million reduction in foreign ATM
fees. Pro forma core deposit servicing fees increased 35% to $22.3
million, driven by a 37% increase in average serviced deposits.
Account fees increased 3% to $11.3 million. University fees
increased 7% to $5.3 million given the addition of new schools and
benefits of COVID-related services provided to new,
non-subscription clients. Other income totaled $1.5 million,
compared to $0.9 million in 2019.
2020 GAAP expenses, including depreciation and amortization
totaled $77.2 million, a 3% reduction from 2019. Pro forma core
operating expenses, excluding depreciation and amortization,
increased 3% to $75.1 million. Pro forma core operating expenses in
2020 exclude $739 thousand of merger related costs related to our
divestiture from Customers Bank, and a $1.2 million non-cash
work-in-progress (WIP) write-down for discontinued product, net of
partner cost reimbursements. Investments in the business and growth
were offset by contract optimization initiatives launched in 2H
2019 and additional operating leverage initiatives implemented in
October 2020 which will bring continued benefits in 2021. These
efforts have yielded a combined $17 million in annualized benefits
which has been partially offset by investment in the business.
Depreciation and amortization totaled $11.9 million in 2020, a
29% increase from 2019 driven by the launch of white label products
and amortization of capitalized development expenses.
Interest expense totaled $1.4 million in 2020, compared to $0.5
million in 2019. In conjunction with our separation from Customers
Bank, BMTX paid down its $40 million in borrowings to $21 million
at December 31, 2020. Concurrent with the closing of the separation
from Customers, BMTX paid off the prior $21 million of intracompany
debt, and drew $5.4 million on a new $10 million line of credit
with an interest rate equal to one-month LIBOR plus 375 bps. The
$5.4 million drawn on the $10 million line is the company’s only
debt outstanding from the January 4 divestiture close through the
time of this release.
An updated version of BMTX’s investor
presentation is available on the Company’s Investor Relations
website at ir.bmtxinc.com.
Contact Information
Investors:Bob RamseyChief Financial Officer, BM Technologies,
Inc. (BMTX)484-926-7118rramsey@bankmobile.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. Please refer to the
risks detailed from time to time in the reports we file with the
Securities and Exchange Commission (“SEC”), including our proxy
statement/prospectus filed with the SEC on December 11, 2020, our
Registration Statement on Form S-1 filed with the SEC on February
12, 2021, as well as other filings for additional factors that
could cause actual results to differ materially from those stated
or implied by such forward-looking statements. We disclaim 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
BANKMOBILE TECHNOLOGIES,
INC.STATEMENTS OF OPERATIONS -
UNAUDITED(amounts in thousands)
|
|
For the Years Ended
December 31, |
|
|
|
2020 |
|
|
2019 |
|
|
2018 |
|
Operating revenues: |
|
|
|
|
|
|
|
|
|
Interchange and card revenue |
|
$ |
26,285 |
|
|
$ |
28,124 |
|
|
$ |
29,923 |
|
Servicing fees from Customers Bank |
|
|
22,465 |
|
|
|
27,425 |
|
|
|
16,140 |
|
Account fees |
|
|
11,308 |
|
|
|
10,937 |
|
|
|
6,544 |
|
University fees |
|
|
5,320 |
|
|
|
4,964 |
|
|
|
4,720 |
|
Other |
|
|
1,480 |
|
|
|
857 |
|
|
|
189 |
|
Total revenues |
|
|
66,858 |
|
|
|
72,307 |
|
|
|
57,516 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Technology, communication, and processing |
|
|
27,404 |
|
|
|
27,310 |
|
|
|
30,281 |
|
Salaries and employee benefits |
|
|
26,076 |
|
|
|
22,758 |
|
|
|
14,607 |
|
Professional services |
|
|
9,304 |
|
|
|
10,646 |
|
|
|
8,301 |
|
Provision for operating losses |
|
|
5,170 |
|
|
|
9,367 |
|
|
|
5,417 |
|
Occupancy |
|
|
1,428 |
|
|
|
1,791 |
|
|
|
1,656 |
|
Customer related supplies |
|
|
825 |
|
|
|
1,538 |
|
|
|
2,117 |
|
Advertising and promotion |
|
|
941 |
|
|
|
1,354 |
|
|
|
557 |
|
Merger and acquisition related expenses |
|
|
739 |
|
|
|
100 |
|
|
|
4,090 |
|
Other |
|
|
5,346 |
|
|
|
4,744 |
|
|
|
5,065 |
|
Total expenses |
|
|
77,233 |
|
|
|
79,608 |
|
|
|
72,091 |
|
Loss from operations |
|
|
(10,375 |
) |
|
|
(7,301 |
) |
|
|
(14,575 |
) |
Non-operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
1,395 |
|
|
|
535 |
|
|
|
— |
|
Loss before income tax expense |
|
|
(11,770 |
) |
|
|
(7,836 |
) |
|
|
(14,575 |
) |
Income tax expense |
|
|
23 |
|
|
|
27 |
|
|
|
28 |
|
Net loss |
|
$ |
(11,793 |
) |
|
$ |
(7,863 |
) |
|
$ |
(14,603 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP FINANCIAL MEASURES -
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. Pro forma core revenues, expenses, and EBITDA exclude the
effects of items we do not consider indicative of our core
operating performance and normalize the deposit servicing fee in
past periods to be consistent with the current servicing agreement.
Management believes the use of pro forma 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 Pro
Forma Core Revenues (in thousands)
|
|
|
Three Months EndedDecember 31, |
|
Year EndedDecember 31, |
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
GAAP revenues |
|
$ |
17,330 |
|
|
$ |
17,601 |
|
|
$ |
66,858 |
|
|
$ |
72,307 |
|
Deposit servicing
fee adjustment |
|
|
— |
|
|
|
(2,736 |
) |
|
|
— |
|
|
|
(10,970 |
) |
Fraud
reimbursement adjustment |
|
|
(80 |
) |
|
|
— |
|
|
|
(179 |
) |
|
|
0 |
|
Pro Forma Core
Revenues |
|
$ |
17,250 |
|
|
$ |
14,865 |
|
|
$ |
66,679 |
|
|
$ |
61,337 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation - GAAP Operating Expenses
to Pro Forma Core Operating Expenses (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
|
|
2020 |
|
2019 |
|
|
GAAP total
expenses |
|
$ |
77,233 |
|
|
$ |
79,608 |
|
|
|
Non-cash loss on
software write-down |
|
|
(1,248 |
) |
|
|
— |
|
|
|
Fraud
reimbursement adjustment |
|
|
(179 |
) |
|
|
(4,653 |
) |
|
|
Merger expenses
and DOE settlement |
|
|
(739 |
) |
|
|
(2,100 |
) |
|
|
Pro Forma
Core Operating Expenses (Before
Depreciation) |
|
|
75,067 |
|
|
|
72,855 |
|
|
|
Depreciation and
amortization |
|
|
(11,937 |
) |
|
|
(9,288 |
) |
|
|
Pro Forma Core Expenses |
|
$ |
63,130 |
|
|
$ |
63,567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation - GAAP Net Income to Pro
Forma Core EBITDA (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedDecember 31, |
|
Year EndedDecember 31, |
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
GAAP net loss |
|
$ |
(3,390 |
) |
|
$ |
(2,118 |
) |
|
$ |
(11,793 |
) |
|
$ |
|
(7,863 |
) |
Non-cash loss on
software write-down |
|
|
1,248 |
|
|
|
— |
|
|
|
1,248 |
|
|
|
— |
|
Deposit service
fee & fraud reimbursement adj |
|
|
— |
|
|
|
(2,549 |
) |
|
|
— |
|
|
|
(6,317 |
) |
Merger expenses
& DOE settlement |
|
|
287 |
|
|
|
1,100 |
|
|
|
739 |
|
|
|
2,100 |
|
Interest and
taxes |
|
|
251 |
|
|
|
409 |
|
|
|
1,418 |
|
|
|
562 |
|
Depreciation and
amortization |
|
|
2,927 |
|
|
|
3,195 |
|
|
|
11,937 |
|
|
|
9,288 |
|
Pro Forma Core
EBITDA |
|
$ |
1,323 |
|
|
$ |
37 |
|
|
$ |
3,549 |
|
|
$ |
(2,230 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Performance Metrics
|
1Q19 |
|
|
2Q19 |
|
|
3Q19 |
|
|
4Q19 |
|
|
1Q20 |
|
|
2Q20 |
|
|
3Q20 |
|
|
4Q20 |
|
|
2019 |
|
|
2020 |
|
|
YOY Change |
|
Debit card POS spend ($ Millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debit card POS spend - higher education |
$686 |
|
|
$511 |
|
|
$559 |
|
|
$506 |
|
|
$614 |
|
|
$606 |
|
|
$633 |
|
|
$567 |
|
|
$2,262 |
|
|
$2,419 |
|
|
$157 |
|
|
7 |
% |
Debit card POS spend - new business |
5 |
|
|
14 |
|
|
39 |
|
|
50 |
|
|
61 |
|
|
88 |
|
|
108 |
|
|
115 |
|
|
107 |
|
|
372 |
|
|
265 |
|
|
247 |
% |
Debit card POS spend - Total |
691 |
|
|
525 |
|
|
597 |
|
|
557 |
|
|
675 |
|
|
693 |
|
|
741 |
|
|
682 |
|
|
2370 |
|
|
2791 |
|
|
422 |
|
|
18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Serviced Deposits
($ Millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending serviced deposits - higher education |
$616 |
|
|
$410 |
|
|
$598 |
|
|
$319 |
|
|
$503 |
|
|
$500 |
|
|
$645 |
|
|
$405 |
|
|
$319 |
|
|
$405 |
|
|
$85 |
|
|
27 |
% |
Ending serviced deposits - new business |
11 |
|
|
47 |
|
|
68 |
|
|
82 |
|
|
107 |
|
|
163 |
|
|
299 |
|
|
555 |
|
|
81.84 |
|
|
555.30 |
|
|
473 |
|
|
579 |
% |
Ending serviced deposits - Total |
627 |
|
|
456 |
|
|
666 |
|
|
401 |
|
|
610 |
|
|
663 |
|
|
944 |
|
|
960 |
|
|
401 |
|
|
960 |
|
|
559 |
|
|
139 |
% |
Average serviced deposits - higher education |
626 |
|
|
461 |
|
|
471 |
|
|
467 |
|
|
528 |
|
|
552 |
|
|
541 |
|
|
511 |
|
|
506 |
|
|
533 |
|
|
27 |
|
|
5 |
% |
Average serviced deposits - new business |
9 |
|
|
28 |
|
|
58 |
|
|
75 |
|
|
94 |
|
|
138 |
|
|
217 |
|
|
418 |
|
|
43 |
|
|
217 |
|
|
174 |
|
|
407 |
% |
Average serviced deposits - Total |
635 |
|
|
489 |
|
|
529 |
|
|
543 |
|
|
622 |
|
|
690 |
|
|
758 |
|
|
928 |
|
|
549 |
|
|
750 |
|
|
202 |
|
|
37 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Higher Ed
Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Higher Ed Retention |
99.5 |
% |
|
99.5 |
% |
|
99.1 |
% |
|
98.2 |
% |
|
99.9 |
% |
|
99.8 |
% |
|
99.7 |
% |
|
99.4 |
% |
|
98.2 |
% |
|
99.4 |
% |
|
1.2 |
% |
|
|
|
FAR1 disbursements amount ($ Billions) |
$3.8 |
|
|
$1.5 |
|
|
$3.2 |
|
|
$1.7 |
|
|
$3.9 |
|
|
$2.6 |
|
|
$3.3 |
|
|
$1.9 |
|
|
$10.3 |
|
|
$11.7 |
|
|
$1.4 |
|
|
13 |
% |
Organic Deposits2 - higher education |
$416 |
|
|
$335 |
|
|
$334 |
|
|
$323 |
|
|
$413 |
|
|
$527 |
|
|
$501 |
|
|
$438 |
|
|
$1,408 |
|
|
$1,879 |
|
|
$471 |
|
|
33 |
% |
|
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 |
_______________________________________1 “New Business” refers
to everything outside of the higher education business2 Pro forma
core metrics are non-GAAP measures which exclude the effects of
items we do not consider indicative of our core operating
performance and normalize the deposit servicing fee in past periods
to be consistent with the current servicing agreement and
management believes provide a clearer view of our business. A
reconciliation is included on page 7 of this release3 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 accounts4 “Active Accounts”
are defined as any account in the higher education vertical with
activity in the trailing 12 months5 “Organic deposits” are defined
as deposits in the higher education vertical that are not disbursed
directly through the school6 Pro forma core metrics are Non-GAAP
measures which adjust revenues to reflect our current servicing
agreement and exclude non-recurring items; a reconciliation appears
on page 7 of this release
BM Technologies (AMEX:BMTX)
Historical Stock Chart
From Aug 2024 to Sep 2024
BM Technologies (AMEX:BMTX)
Historical Stock Chart
From Sep 2023 to Sep 2024