Record Quarterly & Full Year Net
Revenue, up 146% and 115% year over year
Accelerating Customer Growth with Total
Customers up 129% year over year
Completed Acquisition of Creator Network and
Content Platform MALKA Media Group
MoneyLion Inc. (“MoneyLion”) (NYSE: ML), an award-winning,
data-driven, digital financial platform, today announced financial
results for the fourth quarter and full year ended December 31,
2021. 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.
“With triple-digit revenue growth, Q4 was a strong finish to a
breakout year for MoneyLion on many levels,” said Dee Choubey,
co-founder and CEO of MoneyLion. “We reported record annual
results, with net revenue of $171.1 million in 2021, up 115% year
over year from $79.4 million in 2020 and strong growth in all of
our key operating metrics, with triple digit increases in customers
and originations in 2021. We finished the year with 3.3 million
customers, up 129% year over year, $1.1 billion in originations, up
165% year over year, and a record 8.0 million total products used
by our customers, up 79% versus the prior year.”
Financial Results Summary (1)
Three Months Ended December
31,
Twelve Months Ended December
31,
(in thousands)
2021
2020
% Change
2021
2020
% Change
GAAP Total revenues, net
$
55,562
$
22,550
146
%
$
171,111
$
79,411
115
%
Gross profit
35,656
13,959
155
%
104,185
40,620
156
%
Net loss
(27,635
)
(30,434
)
—
(164,875
)
(41,587
)
—
Non-GAAP Adjusted Revenue
$
54,000
$
25,451
112
%
$
164,934
$
76,053
117
%
Adjusted Gross Profit
35,640
14,197
151
%
104,283
38,580
170
%
Adjusted EBITDA
(31,876
)
(13,166
)
—
(67,197
)
(25,044
)
—
Adjusted Net Loss
(33,999
)
(14,097
)
—
(75,768
)
(29,102
)
—
(in millions) Key Operating Metrics Total
Customers
3.3
1.4
129
%
3.3
1.4
129
%
Total Originations
$
386
$
155
149
%
$
1,086
$
410
165
%
Total Products
8.0
4.5
79
%
8.0
4.5
79
%
“In September, we successfully completed our public listing on
the New York Stock Exchange under the ticker ‘ML’, providing us
with a fortified balance sheet and the growth capital needed to
execute our vision. We also announced two transformative
acquisitions in the fourth quarter of this year. Our acquisition of
creator network and content platform MALKA Media Group was
completed in November, and our acquisition of Even Financial, the
category-leading embedded finance marketplace, was completed last
month,” continued Choubey.
“Looking ahead, MoneyLion is incredibly well positioned to
deliver on our fintech 3.0 strategy. The combination of MoneyLion’s
powerful, digital financial platform, Even’s embedded finance
marketplace and infrastructure and MALKA’s creator network and
content platform truly enables us to achieve the full potential of
our mission: providing financial access and advice to all
consumers,” said Choubey.
Financial Results *(1)
Total GAAP net revenue of $55.6 million in the fourth quarter of
2021 and $171.1 million for full year 2021 increased 146% and 115%,
respectively, from the corresponding prior year periods. Adjusted
Revenue of $54.0 million for the fourth quarter and $164.9 million
for the full year were up 112% and 117%, respectively, from the
prior year corresponding periods.
Gross profit of $35.7 million in the fourth quarter of 2021 and
$104.2 million for full year 2021 increased 155% and 156%,
respectively. Adjusted Gross Profit of $35.6 million for the fourth
quarter and $104.3 million for the full year were up 151% and 170%,
respectively, from the prior year corresponding periods.
MoneyLion recorded a GAAP net loss of $27.6 million for the
fourth quarter of 2021 and $164.9 million for full year 2021,
versus losses of $30.4 million and $41.6 million, respectively,
from the prior year corresponding periods. Adjusted EBITDA was
($31.9) million for the fourth quarter and ($67.2) million for the
full year 2021, versus ($13.2) million and ($25.0) million,
respectively, from the prior year corresponding periods. Adjusted
Net Loss was $34.0 million for the fourth quarter of 2021 and $75.8
million for full year 2021, when adjusted for the following
non-operating costs:
Three Months Ended December
31,
Twelve Months Ended December
31,
2021
2020
2021
2020
(in thousands)
(in thousands)
Net loss
$
(27,635
)
$
(30,434
)
$
(164,875
)
$
(41,587
)
Add back: Change in fair value of warrant liability
(14,656
)
14,647
39,629
14,419
Change in fair value of subordinated convertible notes
-
4,000
41,877
4,000
Change in fair value of contingent consideration from mergers and
acquisitions
6,229
-
6,229
-
Stock-based compensation
2,613
568
5,039
1,650
One-time transaction related expenses
2,266
50
10,409
50
Other one-time expenses
537
247
(1,358
)
775
Less: Origination financing cost of capital
(3,354
)
(3,174
)
(12,718
)
(8,409
)
Adjusted Net Loss
$
(33,999
)
$
(14,097
)
$
(75,768
)
$
(29,102
)
Add back: Depreciation and amortization expense
890
297
2,392
1,108
Interest expense related to corporate debt
1,232
634
6,179
2,950
Adjusted EBITDA
$
(31,876
)
$
(13,166
)
$
(67,197
)
$
(25,044
)
Customer, Origination, and Product Growth
MoneyLion continued to add record numbers of customers,
originations and products for the fourth quarter and full year
2021. Total Customers grew 129% to 3.3 million for the fourth
quarter and full year. Total Products of 8.0 million was up 79%,
compared to 4.5 million in 2020. Total Originations of $386 million
for the fourth quarter and $1.1 billion for the full year 2021,
were up 149% and 165%, respectively, compared to the same periods
last year.
2022 Financial Guidance:
For the full year 2022, MoneyLion expects:
- Adjusted Revenue of approximately $325 to $335 million
- Adjusted Gross Profit margin of approximately 60% to 65%
- Adjusted EBITDA of approximately ($50) to ($45) million
- Targeting to exit 2022 with breakeven Adjusted EBITDA
For the first quarter of 2022, MoneyLion expects:
- Adjusted Revenue of $60 to $65 million
- Adjusted Gross Profit margin of 60% to 65%
- Adjusted EBITDA of ($25) to ($20) million
(1) Adjusted Revenue, Adjusted Gross
Profit, Adjusted EBITDA and Adjusted Net Loss are non-GAAP
measures. Refer to the definitions in the discussion of non-GAAP
financial measures and the accompanying reconciliation below.
* Based on information available to
MoneyLion as of the date of this release and subject to the
completion of its quarterly and annual financial closing procedures
and review and completion of the year end audit by MoneyLion’s
independent registered public accounting firm.
Conference Call
MoneyLion will hold a conference call today at 8:30 a.m. ET to
discuss its fourth quarter and full year 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
fourth quarter and full year 2021 earnings call. An operator will
register your name and organization.
Toll-free dial-in number: 1-877-502-7184 International dial-in
number: 1-201-689-8875
Following the call, a replay of the webcast, as well as a
transcript, will be available on the same website.
About MoneyLion
MoneyLion offers a personalized, all-in-one, digital financial
platform that provides convenient, low-cost access to banking,
borrowing and investing solutions tailored for its customers,
rooted in data, and delivered through its proprietary technology
platform. Since its launch in 2013, MoneyLion has engaged with
millions of hard-working Americans, using innovative, data-driven
approaches to address its customers’ individual life inflection
points and financial circumstances. 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 Jersey City, Kuala Lumpur, Malaysia,
Santa Monica and Sioux Falls. 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 investors.moneylion.com
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, 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, including the
COVID-19 pandemic; intense and increasing competition in the
industries in which MoneyLion and its subsidiaries, including Malka
Media Group LLC (“MALKA”), operate, and demand for and consumer
confidence in MoneyLion’s products and services, including as a
result of any adverse publicity concerning MoneyLion; 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 reliance on third parties to provide services;
MoneyLion’s ability to service loans or advances properly and the
performance of the loans and other receivables originated through
MoneyLion’s platform; MoneyLion’s ability to 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 success in retaining or recruiting, or
changing as required, its officers, key employees and directors,
including MALKA’s ability to retain its content creators;
MoneyLion’s ability to comply with the extensive and evolving laws
and regulations applicable to its business; risks related to the
proper functioning of MoneyLion’s IT systems and data storage,
including as a result of cyberattacks and other security breaches
or disruptions suffered by MoneyLion or third parties upon which it
relies; MoneyLion’s ability to protect its intellectual property
rights; MoneyLion’s ability to comply with 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; and MoneyLion’s
ability to maintain the listing of MoneyLion’s Class A common stock
and of MoneyLion’s 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. 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, Adjusted Gross Profit,
Adjusted Net Income and Adjusted EBITDA, 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 filings with the U.S. Securities and Exchange
Commission, and not rely on any single financial measure to
evaluate MoneyLion’s business.
Reconciliations of these non-GAAP financial measures to the most
directly comparable GAAP measure are 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
Adjusted Revenue: A non-GAAP
measure, defined as total revenues, net plus amortization of loan
origination costs less provision for loss on membership receivables
and provision for loss on fees receivables, revenue derived from
phased out products and non-operating income.
Adjusted Gross Profit: A non-GAAP
measure, defined as gross profit less revenue derived from phased
out products and non-operating income.
Adjusted EBITDA: A non-GAAP
measure, defined as net income (loss) plus depreciation and
amortization, interest expense related to corporate debt, change in
fair value of warrants, change in fair value of subordinated
convertible notes, change in fair value of contingent consideration
from mergers and acquisitions, stock-based compensation, one-time
transaction related expenses and other one-time expenses less
origination financing cost of capital.
Adjusted Net Income (Loss): A
non-GAAP measure, defined as net income (loss) plus change in fair
value of warrants, change in fair value of subordinated convertible
notes, change in fair value of contingent consideration from
mergers and acquisitions, stock-based compensation, one-time
transaction related expenses and other one-time expenses less
origination financing cost of capital.
Total Originations: Defined as the
dollar volume of the secured personal loans originated and
Instacash 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, Instacash 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,
Instacash advance, managed investment account, cryptocurrency
account, 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.
MONEYLION, INC AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(dollar amounts in thousands,
except per share amounts)
Twelve Months Ended December
31,
2021
2020
Revenue
Net interest income on finance receivables
$
7,002
$
4,347
Membership subscription revenue
32,357
25,994
Affiliates income
10,900
2,234
Fee income
116,131
46,639
Other income
4,721
197
Total Revenues, net
171,111
79,411
Operating expenses Marketing
43,170
11,060
Provision for loss on receivables
60,749
21,294
Other direct costs
8,864
4,336
Interest expense
7,251
2,950
Personnel expenses
45,878
24,200
Underwriting expenses
8,253
6,242
Information technology expenses
7,488
7,041
Bank and payment processor fees
24,565
13,737
Change in fair value of warrant liability
39,629
14,419
Change in fair value of subordinated convertible notes
41,877
4,000
Change in fair value of contingent consideration from mergers and
acquisitions
6,229
-
Professional fees
19,847
8,396
Depreciation and amortization expense
2,392
1,108
Occupancy expense
997
1,233
Gain on foreign currency translation
(431
)
(179
)
Other operating expenses
19,172
1,155
Total operating expenses
335,930
120,992
Net loss before income taxes
(164,819
)
(41,581
)
Income tax (benefit) expense
56
6
Net loss
$
(164,875
)
$
(41,587
)
MONEYLION, INC AND
SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(dollar amounts in thousands,
except per share amounts)
December 31,
December 31,
2021
2020
Assets
Cash, including amounts held by variable interest
entities (VIEs) of $0 and $390
$
201,763
$
19,406
Restricted cash
44,461
1,521
Receivables
153,741
68,794
Allowance for losses on receivables
(22,323
)
(9,127
)
Receivables, net, including amounts held by VIEs of $0 and $52,264
131,418
59,667
Property and equipment, net
1,801
502
Intangible assets, net
25,124
9,275
Goodwill
52,541
21,565
Other assets
34,430
11,707
Total assets
$
491,538
$
123,643
Liabilities, Redeemable Convertible Preferred Stock,
Redeemable NoncontrollingInterests and Stockholders'
Deficit Liabilities: Secured
loans
43,591
24,395
Accounts payable and accrued liabilities
63,453
20,968
Subordinated convertible notes, at fair value
-
14,000
Related party loan
-
5,000
Warrant liability
8,260
24,667
Other debt
143,000
3,207
Total liabilities
258,304
92,237
Commitments and contingencies Redeemable convertible
preferred stock (Series A-1, A-2, A-3, B, B-2, C, C-1),
$0.0001 par value; 0 and 7,471,198 shares authorized, 0 and
7,085,923 issued and outstanding at December 31, 2021 and December
31, 2020; aggregate liquidation preference of $0 and $288,183 at
December 31, 2021 and December 31, 2020
-
288,183
Redeemable noncontrolling interests
-
71,852
Stockholders' equity (deficit): Class A Common Stock,
$0.0001 par value; 2,000,000,000 and 0 shares authorized as of
December 31, 2021 and December 31, 2020, respectively,
231,452,448 and 230,482,448 issued and outstanding, respectively,
as of December 31, 2021 and 0 issued and outstanding as of December
31, 2020
23
-
Additional paid-in capital
708,175
-
Accumulated deficit
(465,264
)
(327,629
)
Treasury stock at cost, 970,000 and 44,924 shares at December 31,
2021 and December 31, 2020, respectively
(9,700
)
(1,000
)
Total stockholders' equity (deficit)
233,234
(328,629
)
Total liabilities, redeemable convertible preferred stock,
redeemable noncontrolling interests and stockholders' equity
(deficit)
$
491,538
$
123,643
Non-GAAP Reconciliations
Three Months Ended December
31,
Twelve Months Ended December
31,
2021
2020
2021
2020
(in thousands)
(in thousands)
Total revenues, net
$
55,562
$
22,550
$
171,111
$
79,411
Add back: Amortization of loan origination costs
1,461
530
2,500
1,894
Less:
Provision for loss on receivables - membership receivables
(966
)
2,857
(3,170
)
-
(1,856
)
Provision for loss on receivables - fees receivables
(2,041
)
(724
)
(5,604
)
(1,356
)
Revenue derived from products that have been phased out
(5
)
240
114
(1,926
)
Non-operating income
(11
)
(2
)
(17
)
(113
)
Adjusted Revenue
$
54,000
$
25,451
$
164,934
$
76,053
Three Months Ended December
31,
Twelve Months Ended December
31,
2021
2020
2021
2020
(in thousands)
(in thousands) Total revenue, net
$
55,562
$
22,550
$
171,111
$
79,411
Less: Cost
of Sales
Bank and payment processor fees
(6,039
)
(4,750
)
(24,565
)
(13,737
)
Underwriting expenses
(2,551
)
(1,689
)
(8,253
)
(6,242
)
Provision for loss on receivables - membership receivables
(966
)
2,857
(3,170
)
(1,856
)
Provision for loss on receivables - fees receivables
(2,041
)
(724
)
(5,604
)
(1,356
)
IT expenses
(1,859
)
(1,463
)
(6,352
)
(5,280
)
Professional fees
(1,115
)
(716
)
(3,574
)
(2,753
)
Personnel expenses
(1,030
)
(851
)
(3,836
)
(3,513
)
Other direct costs
(1,881
)
(1,199
)
(8,864
)
(4,336
)
Other operating (income) expenses
(2,423
)
(55
)
(2,708
)
282
Gross profit
$
35,656
$
13,959
$
104,185
$
40,620
Less: Revenue derived from products that have been phased out
(5
)
240
114
(1,926
)
Non-operating income
(11
)
(2
)
(17
)
(113
)
Adjusted Gross Profit
$
35,640
$
14,197
$
104,283
$
38,580
Three Months Ended December
31,
Twelve Months Ended December
31,
2021
2020
2021
2020
(in thousands)
(in thousands)
Net loss
$
(27,635
)
$
(30,434
)
$
(164,875
)
$
(41,587
)
Add back: Change in fair value of warrant liability
(14,656
)
14,647
39,629
14,419
Change in fair value of subordinated convertible notes
-
4,000
41,877
4,000
Change in fair value of contingent consideration from mergers and
acquisitions
6,229
-
6,229
-
Stock-based compensation
2,613
568
5,039
1,650
One-time transaction related expenses
2,266
50
10,409
50
Other one-time expenses
537
247
(1,358
)
775
Less:
Origination financing cost of capital
(3,354
)
(3,174
)
(12,718
)
(8,409
)
Adjusted Net Loss
$
(33,999
)
$
(14,097
)
$
(75,768
)
$
(29,102
)
Add back: Depreciation and amortization expense
890
297
2,392
1,108
Interest expense related to corporate debt
1,232
634
6,179
2,950
Adjusted EBITDA
$
(31,876
)
$
(13,166
)
$
(67,197
)
$
(25,044
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220310005421/en/
Cody Slach, Alex Kovtun Gateway Investor Relations (949)
574-3860 ir@moneylion.com
MoneyLion Communications pr@moneylion.com
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