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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): March 7, 2024
MONEYLION
INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-39346 |
|
85-0849243 |
(State or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(IRS Employer
Identification No.) |
30
West 21st Street, 9th Floor,
New
York, NY 10010
(Address
of principal executive offices, including zip code)
Registrant’s
telephone number, including area code: (212) 300-9865
N/A
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ | Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange
on which registered |
Class A common stock, par value $0.0001 per share |
|
ML |
|
The New York Stock Exchange |
Redeemable warrants: each whole warrant exercisable for 1/30th of one share of Class A common stock |
|
ML WS |
|
The New York Stock Exchange |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item
2.02. Results of Operations and Financial Condition.
On
March 7, 2024, MoneyLion Inc. (“MoneyLion”) issued a press release announcing its financial results for the quarter
and year ended December 31, 2023. A copy of the press release is attached hereto as Exhibit 99.1 to this report.
The
information furnished pursuant to this Item 2.02, including Exhibit 99.1, is being “furnished” herewith and shall not be
deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
or otherwise subject to the liabilities under that section, or incorporated by reference in any filing made by MoneyLion under the Securities
Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filings, except as shall be expressly
set forth by specific reference in such a filing.
Item
9.01. Financial Statements and Exhibits
(d)
Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
MONEYLION INC. |
|
|
|
|
By: |
/s/ Richard Correia |
|
|
Name: |
Richard Correia |
|
|
Title: |
President, Chief Financial Officer and Treasurer |
Date: March 7, 2024
2
Exhibit 99.1
MoneyLion Announces Fourth Quarter and Full
Year 2023 Results
FY 2023 Record Revenue of $423.4 Million, Up
24% Year-over-Year
FY 2023 60% Gross Profit Margin, Compared to
57% in FY 2022
FY 2023 Net Loss of $45.2 Million and Q4 2023
Net Loss of $4.2 Million
FY 2023 Record Adjusted EBITDA of $46.4 Million;
Q4 2023 Record Adjusted EBITDA of $16.5 Million
Management Expects Accelerating Revenue Growth
and First Positive GAAP EPS Quarter in 2024
NEW YORK, NY, March 7, 2024 – MoneyLion
Inc. (“MoneyLion”) (NYSE: ML), a leader in financial technology powering the next generation of personalized products and
content, today announced financial results for the fourth quarter and full year ended December 31, 2023. MoneyLion will host a conference
call and webcast at 8:30 a.m. ET today. An earnings presentation and link to the webcast are available at investors.moneylion.com.
“MoneyLion had its strongest year ever in
2023,” said Dee Choubey, MoneyLion’s co-founder and Chief Executive Officer. “Our unique consumer and enterprise ecosystem
supported our path to profitability. We had record revenue, record total customer adds, margin expansion and a $110 million improvement
in Adjusted EBITDA from the prior year. Not to mention, our consumer product with pillars around guidance and community has never been
better. We’re now expanding the suite of offerings to our enterprise partners to include insights, audience optimization tools and
content-as-a-service.”
Choubey continued, “We are positioned for
accelerating growth in 2024 as we capitalize on the large opportunity in front of us. Our structural advantages as a marketplace make
us a must-have partner for any financial services provider. We have enduring advantages on customer acquisition costs, increasing data
and technology moats and expanding revenue generation opportunities. The work we did in 2023 positions us to lean into growth while remaining
disciplined and focused on profitability.”
“After a record-setting year across revenue
and Adjusted EBITDA, we are setting our sights on our first positive GAAP EPS quarter in 2024. Based on recent performance and management
execution capabilities, we say this with a high degree of confidence. Gross profit margin and Adjusted EBITDA were above the high end
of our guidance, while revenue was in the middle of our range. For the first quarter of 2024, we expect revenue of $115 to $118 million
and Adjusted EBITDA of $15 to $18 million,” said Rick Correia, MoneyLion’s Chief Financial Officer.
Financial Results(1)
| |
Three Months Ended
December 31, | | |
Twelve Months Ended
December 31, | |
| |
2023 | | |
2022 | | |
% Change | | |
2023 | | |
2022 | | |
% Change | |
(in thousands) | |
(unaudited) | | |
| | |
| | |
| | |
| |
Financial Metrics | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total revenues, net | |
$ | 112,963 | | |
$ | 94,943 | | |
| 19 | % | |
$ | 423,431 | | |
$ | 340,745 | | |
| 24 | % |
Gross profit | |
| 71,385 | | |
| 57,550 | | |
| 24 | % | |
| 252,350 | | |
| 195,109 | | |
| 29 | % |
Gross profit margin | |
| 63 | % | |
| 61 | % | |
| 4 | % | |
| 60 | % | |
| 57 | % | |
| 4 | % |
Net loss before other (expense) income and income taxes | |
| (1,250 | ) | |
| (17,045 | ) | |
| — | | |
| (5,345 | ) | |
| (98,677 | ) | |
| — | |
Net loss* | |
| (4,195 | ) | |
| (135,006 | ) | |
| — | | |
| (45,245 | ) | |
| (189,066 | ) | |
| — | |
Adjusted EBITDA | |
| 16,532 | | |
| (5,628 | ) | |
| — | | |
| 46,413 | | |
| (63,296 | ) | |
| — | |
Adjusted EBITDA margin | |
| 14.6 | % | |
| (5.9 | )% | |
| — | | |
| 11.0 | % | |
| (18.6 | )% | |
| — | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
(in millions) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Key Operating Metrics | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total Customers | |
| 14.0 | | |
| 6.5 | | |
| 115 | % | |
| 14.0 | | |
| 6.5 | | |
| 115 | % |
Total Products | |
| 23.1 | | |
| 12.9 | | |
| 79 | % | |
| 23.1 | | |
| 12.9 | | |
| 79 | % |
Total Originations | |
$ | 644 | | |
$ | 496 | | |
| 30 | % | |
$ | 2,264 | | |
$ | 1,788 | | |
| 27 | % |
* | Net loss includes a non-cash goodwill impairment loss
of $26.7 million in FY 2023 and $136.8 million in Q4 2022 and FY 2022 |
Total revenues, net increased 19% to $113.0 million
for the fourth quarter of 2023 compared to the fourth quarter of 2022 and increased 24% to $423.4 million for the full year 2023 compared
to the full year 2022.
Gross profit increased 24% to $71.4 million for
the fourth quarter of 2023 compared to the fourth quarter of 2022 and increased 29% to $252.3 million for the full year 2023 compared
to the full year 2022.
MoneyLion recorded a net loss before other expense
and income taxes of $1.3 million for the fourth quarter of 2023 versus a net loss before other income and income taxes of $17.0 million
in the fourth quarter of 2022, and a net loss before other expense and income taxes of $5.3 million for the full year 2023 versus a net
loss before other income and income taxes of $98.7 million in the full year 2022. There was a net loss of $4.2 million for the fourth
quarter of 2023 versus a net loss of $135.0 million in the fourth quarter of 2022 and a net loss of $45.2 million for the full year 2023
versus a net loss of $189.1 million in the full year 2022. Adjusted EBITDA was $16.5 million for the fourth quarter of 2023 versus ($5.6)
million in the fourth quarter of 2022 and was $46.4 million for the full year 2023 versus ($63.3) million in the full year 2022, when
adjusted for the following non-operating costs:
| |
Three Months Ended
December 31, | | |
Twelve Months Ended
December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
(in thousands) | |
(unaudited) | | |
| | |
| |
Net loss | |
$ | (4,195 | ) | |
$ | (135,006 | ) | |
$ | (45,245 | ) | |
$ | (189,066 | ) |
Add back: | |
| | | |
| | | |
| | | |
| | |
Interest related to corporate debt | |
| 2,811 | | |
| 3,180 | | |
| 13,037 | | |
| 10,117 | |
Income tax (benefit) expense | |
| (1,190 | ) | |
| 2,714 | | |
| (1,076 | ) | |
| (25,634 | ) |
Depreciation and amortization expense | |
| 6,423 | | |
| 6,089 | | |
| 24,826 | | |
| 21,673 | |
Changes in fair value of warrant liability | |
| 405 | | |
| (648 | ) | |
| 473 | | |
| (7,923 | ) |
Change in fair value of contingent consideration from mergers and acquisitions | |
| - | | |
| (27,220 | ) | |
| (6,613 | ) | |
| (41,254 | ) |
Goodwill impairment loss | |
| - | | |
| 136,760 | | |
| 26,721 | | |
| 136,760 | |
Stock-based compensation expense | |
| 6,239 | | |
| 5,960 | | |
| 22,896 | | |
| 19,603 | |
Other expenses | |
| 6,039 | | |
| 2,544 | | |
| 11,394 | | |
| 12,432 | |
Adjusted EBITDA | |
$ | 16,532 | | |
$ | (5,628 | ) | |
$ | 46,413 | | |
$ | (63,296 | ) |
Customer, Origination and Product Growth
Total Customers grew 115% year-over-year to 14.0
million for the full year 2023. Total Products grew 79% year-over-year to 23.1 million for the full year 2023. Total Originations grew
30% year-over-year to $644 million for the fourth quarter of 2023 and grew 27% year-over-year to $2.3 billion for the full year 2023.
Q1 2024 Financial Guidance:
For the first quarter
of 2024, MoneyLion expects:
| ● | Total revenues, net of $115 to $118 million, reflecting 23
- 26% growth vs. Q1 2023 |
| ● | Adjusted EBITDA of $15 to $18 million, reflecting 13.0 -
15.3% Adjusted EBITDA Margin vs. 7.8% in Q1 2023 |
(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.
Conference Call
MoneyLion will hold a conference call today at
8:30 a.m. ET to discuss its fourth quarter and full-year 2023 results. A live webcast will be available on MoneyLion’s Investor
Relations website at investors.moneylion.com. Please dial into the conference 5-10 minutes prior to the start time and ask for the MoneyLion
fourth quarter 2023 earnings call.
Toll-free dial-in number: 1-877-502-7184
International dial-in number: 1-201-689-8875
Following the call, a replay and transcript will
be available on the same website.
About MoneyLion
MoneyLion is a leader in financial technology
powering the next generation of personalized products and content, 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 1,100+ 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
The information in this press release includes
“forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. 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.
These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of
MoneyLion’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.
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; and factors discussed in MoneyLion’s
filings with the Securities and Exchange Commission. There may be additional risks that MoneyLion presently knows or that MoneyLion currently
believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.
In addition, forward-looking statements reflect
MoneyLion’s expectations, plans or forecasts of future events and views as of the date of this press release. MoneyLion anticipates
that subsequent events and developments will cause its assessments to change. However, while MoneyLion may elect to update these forward-looking
statements at some point in the future, MoneyLion specifically disclaims any obligation to do so. These forward-looking statements should
not be relied upon as representing MoneyLion’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.
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 income
(loss), 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:
Gross Profit: Prepared in accordance with
U.S. GAAP and calculated as follows:
| |
Three Months Ended
December 31, | | |
Twelve Months Ended
December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
(in thousands) | |
(unaudited) | | |
| | |
| |
Total revenue, net | |
$ | 112,963 | | |
$ | 94,943 | | |
$ | 423,431 | | |
$ | 340,745 | |
Less: | |
| | | |
| | | |
| | | |
| | |
Cost of Sales | |
| | | |
| | | |
| | | |
| | |
Direct costs | |
| (31,516 | ) | |
| (26,992 | ) | |
| (126,361 | ) | |
| (106,419 | ) |
Provision for credit losses on receivables - subscription receivables | |
| (734 | ) | |
| (1,214 | ) | |
| (4,101 | ) | |
| (5,231 | ) |
Provision for credit losses on receivables - fees receivables | |
| (2,317 | ) | |
| (1,496 | ) | |
| (12,988 | ) | |
| (8,253 | ) |
Technology related costs | |
| (3,307 | ) | |
| (3,050 | ) | |
| (12,532 | ) | |
| (10,447 | ) |
Professional services | |
| (1,472 | ) | |
| (2,048 | ) | |
| (5,501 | ) | |
| (5,898 | ) |
Compensation and benefits | |
| (2,205 | ) | |
| (2,499 | ) | |
| (9,221 | ) | |
| (8,951 | ) |
Other operating expenses | |
| (27 | ) | |
| (95 | ) | |
| (377 | ) | |
| (438 | ) |
Gross Profit | |
$ | 71,385 | | |
$ | 57,550 | | |
$ | 252,350 | | |
$ | 195,109 | |
Adjusted EBITDA: A non-GAAP measure, defined
as net income (loss) 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 loan 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 loan 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, | |
| |
2023 | | |
2022 | |
Revenue | |
| | |
| |
Service and subscription revenue | |
$ | 411,238 | | |
$ | 330,598 | |
Net interest income on loan receivables | |
| 12,193 | | |
| 10,147 | |
Total revenue, net | |
| 423,431 | | |
| 340,745 | |
Operating expenses | |
| | | |
| | |
Provision for credit losses on consumer receivables | |
| 93,418 | | |
| 99,753 | |
Compensation and benefits | |
| 93,895 | | |
| 99,603 | |
Marketing | |
| 28,125 | | |
| 37,245 | |
Direct costs | |
| 126,361 | | |
| 106,419 | |
Professional services | |
| 19,105 | | |
| 32,650 | |
Technology-related costs | |
| 24,056 | | |
| 21,536 | |
Other operating expenses | |
| 43,816 | | |
| 42,216 | |
Total operating expenses | |
| 428,776 | | |
| 439,422 | |
Net income (loss) before other (expense) income and income taxes | |
| (5,345 | ) | |
| (98,677 | ) |
Interest expense | |
| (28,663 | ) | |
| (29,799 | ) |
Change in fair value of warrant liability | |
| (473 | ) | |
| 7,923 | |
Change in fair value of contingent consideration from mergers and acquisitions | |
| 6,613 | | |
| 41,254 | |
Goodwill impairment loss | |
| (26,721 | ) | |
| (136,760 | ) |
Other income | |
| 8,268 | | |
| 1,359 | |
Net loss before income taxes | |
| (46,321 | ) | |
| (214,700 | ) |
Income tax benefit | |
| (1,076 | ) | |
| (25,634 | ) |
Net loss | |
| (45,245 | ) | |
| (189,066 | ) |
Reversal of previously accrued / (accrued) dividends on preferred stock | |
| 690 | | |
| (6,880 | ) |
Net loss attributable to common shareholders | |
$ | (44,555 | ) | |
$ | (195,946 | ) |
| |
| | | |
| | |
Net loss per share, basic and diluted | |
$ | (4.63 | ) | |
$ | (24.32 | ) |
Weighted average shares used in computing net loss per share, basic and diluted | |
| 9,614,309 | | |
| 8,056,529 | |
MONEYLION INC.
CONSOLIDATED BALANCE SHEETS
(dollar amounts in thousands)
| |
December 31, | | |
December 31, | |
| |
2023 | | |
2022 | |
Assets | |
| | |
| |
Cash | |
$ | 92,195 | | |
$ | 115,864 | |
Restricted cash, including amounts held by variable interest entities (VIEs) of $128 and $36,235 | |
| 2,284 | | |
| 37,845 | |
Consumer receivables | |
| 208,167 | | |
| 169,976 | |
Allowance for credit losses on consumer receivables | |
| (35,329 | ) | |
| (24,841 | ) |
Consumer receivables, net, including amounts held by VIEs of $131,283 and $113,963 | |
| 172,838 | | |
| 145,135 | |
Enterprise receivables, net | |
| 15,978 | | |
| 19,017 | |
Property and equipment, net | |
| 1,864 | | |
| 2,976 | |
Intangible assets, net | |
| 176,541 | | |
| 194,247 | |
Goodwill | |
| — | | |
| 26,600 | |
Other assets | |
| 53,559 | | |
| 54,658 | |
Total assets | |
$ | 515,259 | | |
$ | 596,342 | |
Liabilities, Redeemable Convertible Preferred Stock and Stockholders' Equity | |
| | | |
| | |
Liabilities: | |
| | | |
| | |
Secured loans, net | |
$ | 64,334 | | |
$ | 88,617 | |
Accounts payable and accrued liabilities | |
| 52,396 | | |
| 58,129 | |
Warrant liability | |
| 810 | | |
| 337 | |
Other debt, net, including amounts held by VIEs of $125,419 and $143,394 | |
| 125,419 | | |
| 143,394 | |
Other liabilities | |
| 15,077 | | |
| 33,496 | |
Total liabilities | |
| 258,036 | | |
| 323,973 | |
Commitments and contingencies | |
| | | |
| | |
Redeemable convertible preferred stock (Series A), $0.0001 par value; 45,000,000 shares authorized as of December 31, 2023 and December 31, 2022, 0 and 25,655,579 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively | |
| — | | |
| 173,208 | |
Stockholders' equity: | |
| | | |
| | |
Class A Common Stock, $0.0001 par value; 66,666,666 shares authorized as of December 31, 2023 and December 31, 2022, 10,444,627 and 10,412,294 issued and outstanding, respectively, as of December 31, 2023 and 8,619,678 and 8,587,345 issued and outstanding, respectively, as of December 31, 2022 | |
| 1 | | |
| 1 | |
Additional paid-in capital | |
| 969,641 | | |
| 766,839 | |
Accumulated deficit | |
| (702,719 | ) | |
| (657,979 | ) |
Treasury stock at cost, 32,333 shares at December 31, 2023 and December 31, 2022 | |
| (9,700 | ) | |
| (9,700 | ) |
Total stockholders' equity | |
| 257,223 | | |
| 99,161 | |
Total liabilities, redeemable convertible preferred stock and stockholders' equity | |
$ | 515,259 | | |
$ | 596,342 | |
MONEYLION INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollar amounts in thousands)
| |
Twelve Months Ended
December 31, | |
| |
2023 | | |
2022 | |
Cash flows from operating activities: | |
| | |
| |
Net loss | |
$ | (45,245 | ) | |
$ | (189,066 | ) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |
| | | |
| | |
Provision for losses on receivables | |
| 93,418 | | |
| 99,753 | |
Depreciation and amortization expense | |
| 24,826 | | |
| 21,673 | |
Change in deferred fees and costs, net | |
| 2,119 | | |
| 2,017 | |
Change in fair value of warrants | |
| 473 | | |
| (7,923 | ) |
Change in fair value of contingent consideration from mergers and acquisitions | |
| (6,613 | ) | |
| (41,254 | ) |
Gain (loss) on foreign currency translation | |
| (60 | ) | |
| 18 | |
Expenses related to debt modification and prepayments | |
| — | | |
| 730 | |
Goodwill impairment loss | |
| 26,721 | | |
| 136,760 | |
Stock compensation expense | |
| 22,896 | | |
| 19,603 | |
Deferred income taxes | |
| (2,091 | ) | |
| (26,020 | ) |
Changes in assets and liabilities, net of effects of business combination: | |
| | | |
| | |
Accrued interest receivable | |
| (234 | ) | |
| 4 | |
Enterprise receivables, net | |
| 2,853 | | |
| (3,152 | ) |
Other assets | |
| 1,098 | | |
| (14,908 | ) |
Accounts payable and accrued liabilities | |
| 819 | | |
| 5,059 | |
Other liabilities | |
| (4,634 | ) | |
| 67 | |
Net cash provided by operating activities | |
| 116,346 | | |
| 3,361 | |
Cash flows from investing activities: | |
| | | |
| | |
Net originations and collections of finance receivables | |
| (120,441 | ) | |
| (114,072 | ) |
Purchase of property and equipment and software development | |
| (6,008 | ) | |
| (8,890 | ) |
Acquisition of Engine, net of cash acquired | |
| — | | |
| (18,584 | ) |
Settlement of contingent consideration related to mergers and acquisitions | |
| (1,116 | ) | |
| — | |
Net cash used in investing activities | |
| (127,565 | ) | |
| (141,546 | ) |
Cash flows from financing activities: | |
| | | |
| | |
Repayments to secured/senior lenders | |
| (25,000 | ) | |
| (24,029 | ) |
Fees related to debt prepayment | |
| — | | |
| (375 | ) |
Net repayments to special purpose vehicle credit facilities | |
| (19,000 | ) | |
| — | |
Borrowings from secured lenders | |
| — | | |
| 69,300 | |
Payment of deferred financing costs | |
| (132 | ) | |
| (1,625 | ) |
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 | |
| (860 | ) | |
| 2,399 | |
Other | |
| (12 | ) | |
| — | |
Net cash (used in) provided by financing activities | |
| (48,011 | ) | |
| 45,670 | |
Net change in cash and restricted cash | |
| (59,230 | ) | |
| (92,515 | ) |
Cash and restricted cash, beginning of period | |
| 153,709 | | |
| 246,224 | |
Cash and restricted cash, end of period | |
$ | 94,479 | | |
$ | 153,709 | |
MONEYLION INC.
RECONCILIATION OF NET
INCOME (LOSS) TO ADJUSTED EBITDA
(dollar amounts in thousands)
| |
Three Months Ended
December 31, | | |
Twelve Months Ended
December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
(unaudited) | | |
| | |
| |
Net loss | |
$ | (4,195 | ) | |
$ | (135,006 | ) | |
$ | (45,245 | ) | |
$ | (189,066 | ) |
Add back: | |
| | | |
| | | |
| | | |
| | |
Interest related to corporate debt | |
| 2,811 | | |
| 3,180 | | |
| 13,037 | | |
| 10,117 | |
Income tax (benefit) expense | |
| (1,190 | ) | |
| 2,714 | | |
| (1,076 | ) | |
| (25,634 | ) |
Depreciation and amortization expense | |
| 6,423 | | |
| 6,089 | | |
| 24,826 | | |
| 21,673 | |
Changes in fair value of warrant liability | |
| 405 | | |
| (648 | ) | |
| 473 | | |
| (7,923 | ) |
Change in fair value of contingent consideration from mergers and acquisitions | |
| - | | |
| (27,220 | ) | |
| (6,613 | ) | |
| (41,254 | ) |
Goodwill impairment loss | |
| - | | |
| 136,760 | | |
| 26,721 | | |
| 136,760 | |
Stock-based compensation expense | |
| 6,239 | | |
| 5,960 | | |
| 22,896 | | |
| 19,603 | |
Other expenses | |
| 6,039 | | |
| 2,544 | | |
| 11,394 | | |
| 12,432 | |
Adjusted EBITDA | |
$ | 16,532 | | |
$ | (5,628 | ) | |
$ | 46,413 | | |
$ | (63,296 | ) |
Contacts
MoneyLion Investor Relations
ir@moneylion.com
MoneyLion Communications
pr@moneylion.com
9
v3.24.0.1
Cover
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Mar. 07, 2024 |
Document Type |
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Mar. 07, 2024
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Entity File Number |
001-39346
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Entity Registrant Name |
MONEYLION
INC.
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Entity Central Index Key |
0001807846
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Entity Tax Identification Number |
85-0849243
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Entity Incorporation, State or Country Code |
DE
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Entity Address, Address Line One |
30
West 21st Street
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York
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NY
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