Record Quarterly Net Revenue up 91% and
Adjusted Revenue up 119% Year-over-Year
Accelerating Customer Growth with Total
Customers Up 131% Year-over-Year
Successful Business Combination and Public
Listing on NYSE
MoneyLion Inc. (“MoneyLion”) (NYSE: ML), an award-winning,
data-driven, digital financial platform, today announced financial
results for the third quarter ended September 30, 2021.
Third Quarter 2021 Highlights:
- Net revenue increased 91% to $44.2 million, compared to $23.1
million in Q3 2020, while adjusted revenue increased 119%, reaching
$42.0 million, compared to $19.2 million in Q3 2020
- Gross profit increased 146% to $27.0 million, compared to $10.9
million in Q3 2020, while adjusted gross profit increased 154% to
$27.0 million, compared to $10.6 million in Q3 2020
- Adjusted gross profit margin of 64%, compared to 55% in Q3
2020
- Total customers grew 131% to 2.7 million, compared to 1.2
million in Q3 2020
- Total originations grew 135% to $274 million, compared to $117
million in Q3 2020
- Total products grew 75% to 6.9 million, compared to 4.0 million
in Q3 2020
- Net loss of $20.3 million, compared to $5.5 million in Q3
2020
“MoneyLion is delivering on our vision of building a
fully-digital private bank for the working middle class,” said Dee
Choubey, MoneyLion co-founder and CEO. “Our platform of financial
products, which now includes full-featured banking, investing,
credit, crypto and rewards, along with personalized insights and
advice, is resonating with millions of Americans as evidenced by
our strong third quarter and year to date results. We reported
record adjusted revenue in the third quarter, while also improving
our adjusted gross profit margin to 64%. MoneyLion’s strategy of
building a ‘fintech super-app’ has found product market fit, as we
added approximately 510,000 new users in the third quarter,
underscoring the continued positive outcomes our digital financial
platform delivers daily. Finally, we achieved a significant
milestone in September by successfully transitioning to a public
company. Looking ahead, our fortified balance sheet, continued
product innovation, and experienced management team provides a
strong foundation for future growth. Based on our progress year to
date and in anticipation of continued momentum in the fourth
quarter, we are reiterating our full year 2021 guidance of adjusted
revenue of $155 million.”
Third Quarter Business Updates
- On September 13th, MoneyLion announced the launch of its new
cryptocurrency capabilities, enabling customers to buy and sell
Bitcoin and Ethereum, as well as the ability to round-up their
debit card purchases in either Bitcoin or U.S. Dollars.
- On September 22nd, MoneyLion completed its planned business
combination with Fusion Acquisition Corp. and on September 23rd the
newly combined company, operating as MoneyLion, commenced trading
on the New York Stock Exchange (NYSE) under the symbol “ML”.
Outlook
MoneyLion reiterated its recently increased annual outlook for
fiscal year 2021 of adjusted revenue of $155 million and adjusted
gross profit of $100 million that was previously announced on
September 8, 2021.
Earnings Webcast
The Company will hold a conference call today at 8:30 a.m. ET to
discuss its third quarter results. A live webcast will be available
here and 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 third
quarter 2021 earnings call.
Toll-free dial-in number: 1-888-428-7458 International dial-in
number: 1-862-298-0702 Confirmation number: 13724518
Shortly following the call, a transcript of the call will be
available on the same website.
About MoneyLion
MoneyLion is a mobile banking and financial membership platform
that empowers people to take control of their finances. Since its
launch in 2013, MoneyLion has engaged with 9.4 million hard-working
Americans and has earned its members’ trust by building a
full-service digital platform to deliver mobile banking, lending,
and investment solutions. From a single app, members can get a
360-degree snapshot of their financial lives and have access to
personalized tips and tools to build and improve their credit and
achieve everyday savings. MoneyLion is headquartered in New York
City, with offices in Sioux Falls and Kuala Lumpur, Malaysia.
MoneyLion has achieved various awards of recognition including the
2020 Forbes FinTech 50, Aite Group Best Digital Wealth Management
Multiproduct Offering, Finovate Award for Best Digital Bank 2019,
Benzinga FinTech Awards winner for Innovation in Personal Finance
2019 and the Webby Awards 2019 People’s Voice Award.
For more information about the company, visit www.moneylion.com.
For investor information and updates, visit
www.moneylion.com/investors and follow @MoneyLionIR on Twitter.
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 estimates and forecasts of financial and
performance metrics and expectations and timing related to
potential benefits, terms and timing of the transaction. These
statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of MoneyLion’s management and are not predictions of actual
performance. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as, and
must not be relied on by any investor as, a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. 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. These
forward-looking statements are subject to a number of risks and
uncertainties, including changes in domestic and foreign business,
market, financial, political and legal conditions; the inability of
the parties to successfully or timely consummate the proposed
business combination, including the risk that any required
regulatory approvals are not obtained, are delayed or are subject
to unanticipated conditions that could adversely affect the
combined company or the expected benefits of the proposed business
combination or that the approval of the shareholders of MoneyLion
is not obtained; failure to realize the anticipated benefits of the
proposed business combination; risks relating to the uncertainty of
the projected financial information with respect to MoneyLion;
future global, regional or local economic and market conditions;
the development, effects and enforcement of laws and regulations;
MoneyLion’s ability to manage future growth; MoneyLion’s ability to
develop new products and solutions, bring them to market in a
timely manner, and make enhancements to its platform; the effects
of competition on MoneyLion’s future business; or, the outcome of
any potential litigation, government and regulatory proceedings,
investigations and inquiries. If any of these risks materialize or
our assumptions prove incorrect, actual results could differ
materially from the results implied by these forward-looking
statements. 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
Some of the financial information and data contained in this
press release, such as adjusted revenue and adjusted gross profit,
have not been prepared in accordance with United States generally
accepted accounting principles (“GAAP”). MoneyLion management uses
these non-GAAP measures for various purposes, including as measures
of performance and as a basis for strategic planning and
forecasting. MoneyLion believes these non-GAAP measures of
financial results provide 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 determining these non-GAAP measures 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 these non-GAAP measures to assess its financial
performance. MoneyLion management does not consider these non-GAAP
measures in isolation or as an alternative to financial measures
determined in accordance with GAAP. The principal limitation of
these 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 these non-GAAP financial measures. In order to
compensate for these limitations, management presents non-GAAP
financial measures in connection with GAAP results. You should
review MoneyLion’s financial statements, which are included in
MoneyLion’s 10-Q, and not rely on any single financial measure to
evaluate MoneyLion’s business. 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.
Definitions:
Adjusted Revenue: A non-GAAP
measure, defined as total net revenue plus amortization of loan
origination costs less provision for loss on membership receivables
and provision for loss on fees receivables and revenue derived from
phased out products.
Adjusted Gross Profit: A non-GAAP
measure, defined as total net revenue less directly attributable
operating expenses, revenue derived from phased out products and
non-operating income.
Total Originations: Defined as the
dollar volume of the secured personal loans originated and cash
advances funded within the stated period.
Total Customers: Defined as
customers that have opened at least one account, including banking,
membership subscription, secured personal loan, cash advance,
managed investment account, cryptocurrency account or affiliate
product.
Total Products: Defined as the
total number of products that our total customers have opened
including banking, membership subscription, secured personal loan,
cash advance, managed investment account, cryptocurrency account,
or affiliate product, or 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.
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2020
2021
2020
(in thousands)
(in thousands)
Revenue
Net interest income on finance
receivables
$
2,293
$
1,654
$
5,716
$
3,617
Membership subscription revenue
8,347
8,435
23,709
22,778
Affiliates income
3,175
518
6,444
1,368
Fee income
30,402
12,471
79,659
28,924
Other income
3
39
21
174
Total Revenues, net
44,220
23,117
115,549
56,861
Operating expenses
Marketing
13,531
2,921
27,060
7,404
Provision for loss on receivables
15,238
10,456
36,644
14,587
Other direct costs
1,828
1,183
6,983
3,137
Interest expense
1,627
865
4,947
2,316
Personnel expenses
15,483
4,672
30,736
15,704
Underwriting expenses
2,158
1,137
5,702
4,553
Information technology expenses
1,195
1,725
5,009
5,089
Bank and payment processor fees
6,770
3,697
18,526
8,987
Change in fair value of warrant liability
(6,551
)
(228
)
42,239
(228
)
Change in fair value of subordinated convertible notes
-
-
49,561
-
Professional fees
4,678
1,879
12,715
4,516
Depreciation expense
486
286
1,502
811
Occupancy expense
(46
)
314
719
913
Gain on foreign currency translation
(135
)
(43
)
(178
)
(155
)
Other operating expenses
8,242
(257
)
6,221
393
Total operating expenses
64,504
28,607
248,386
68,027
Net loss before income taxes
(20,284
)
(5,490
)
(132,837
)
(11,166
)
Income tax benefit
(1
)
-
41
(13
)
Net loss
$
(20,283
)
$
(5,490
)
$
(132,878
)
$
(11,153
)
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2020
2021
2020
(in thousands)
(in thousands)
Total revenues, net
$
44,220
$
23,117
$
115,549
$
56,861
Add back: Amortization of loan origination costs
464
207
1,039
1,364
Less:
Provision for loss on receivables - membership receivables
(1,025
)
(3,355
)
(2,204
)
(4,713
)
Provision for loss on receivables - fees receivables
(1,671
)
(479
)
(3,563
)
(632
)
Revenue derived from products that have been phased out
(6
)
(311
)
119
(2,167
)
Non-operating income
(3
)
(18
)
(6
)
(112
)
Adjusted Revenue
$
41,979
$
19,160
$
110,935
$
50,603
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2020
2021
2020
(in thousands)
(in thousands)
Total revenue, net
$
44,220
$
23,117
$
115,549
$
56,861
Less:
Cost of Sales
Bank and payment processor fees
(6,770
)
(3,697
)
(18,526
)
(8,987
)
Underwriting expenses
(2,158
)
(1,137
)
(5,702
)
(4,553
)
Provision for loss on receivables - membership receivables
(1,025
)
(3,355
)
(2,204
)
(4,713
)
Provision for loss on receivables - fees receivables
(1,671
)
(479
)
(3,563
)
(632
)
IT expenses
(1,633
)
(1,294
)
(4,493
)
(3,817
)
Professional fees
(978
)
(632
)
(2,460
)
(2,037
)
Personnel expenses
(1,015
)
(815
)
(2,805
)
(2,662
)
Other direct costs
(1,828
)
(1,183
)
(6,983
)
(3,137
)
Other operating (income) expenses
(184
)
419
(285
)
337
Gross Profit
$
26,960
$
10,944
$
68,529
$
26,662
Less: Revenue derived from products that have been phased out
(6
)
(311
)
119
(2,167
)
Non-operating income
(3
)
(18
)
(6
)
(112
)
Adjusted Gross Profit
$
26,951
$
10,614
$
68,643
$
24,383
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211110005565/en/
MoneyLion Communications pr@moneylion.com
Cody Slach, Alex Kovtun Gateway Investor Relations (949)
574-3860 ir@moneylion.com
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