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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):
November 7, 2023
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 November 7, 2023, MoneyLion
Inc. (“MoneyLion”) issued a press release announcing its financial results for the quarter ended September 30, 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: |
November 7, 2023 |
|
|
|
2
Exhibit 99.1
MoneyLion Announces Third Quarter 2023 Results
Record Revenue of $110 Million, Up 24% Year-over-Year
Net Income Before Other Expense and Income
Taxes of $1 Million Compared to ($24) Million in Q3 2022
Quarterly Net Loss of $4 Million and Record
Adjusted EBITDA of $13 Million
Cash Flow After Operating and Investing Activities
of $8 Million for Q3 2023
NEW YORK, NY, November 7, 2023 – MoneyLion
Inc. (“MoneyLion”) (NYSE: ML), a leader in consumer and enterprise financial technology powering the next generation of personalized
products, embedded finance and content, today announced financial results for the third quarter ended September 30, 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 another record quarter in
Q3 2023, demonstrating the strength and resilience of our business model,” said Dee Choubey, MoneyLion’s co-founder and Chief
Executive Officer. “We continue to leverage our compounding proprietary data sets through various customer insights, and we continue
to innovate our technology by developing and releasing new product features that exist within our consumer-facing Personal Financial
Management product set and are also available to our 1,100+ Enterprise Partners.”
Choubey continued, “We are proud of our
financial performance in the third quarter, which is supported by our deeper mission and vision to give everyone the power to make their
best financial decisions. We are leaning in and driving forward, optimizing our technology and building on the momentum of our mutually
reinforcing businesses.”
Financial Results(1)
| |
Three Months Ended September 30, | |
(in thousands) | |
2023 | | |
2022 | | |
% Change | |
Financial Metrics | |
| | |
| | |
| |
Total revenues, net | |
$ | 110,258 | | |
$ | 88,748 | | |
| 24 | % |
Gross profit | |
| 66,709 | | |
| 49,126 | | |
| 36 | % |
Gross profit margin | |
| 61 | % | |
| 55 | % | |
| 9 | % |
Net loss before other (expense) income and income taxes | |
| 1,101 | | |
| (24,172 | ) | |
| — | |
Net loss | |
| (4,110 | ) | |
| (21,017 | ) | |
| — | |
Adjusted EBITDA | |
| 13,352 | | |
| (14,346 | ) | |
| — | |
Adjusted EBITDA margin | |
| 12 | % | |
| (16 | %) | |
| — | |
| |
| | | |
| | | |
| | |
(in millions) | |
| | | |
| | | |
| | |
Key Operating Metrics | |
| | | |
| | | |
| | |
Total Customers | |
| 12.1 | | |
| 5.4 | | |
| 124 | % |
Total Products | |
| 20.3 | | |
| 11.3 | | |
| 80 | % |
Total Originations | |
$ | 564 | | |
$ | 446 | | |
| 26 | % |
“MoneyLion delivered record revenue of
$110 million and Adjusted EBITDA of $13 million in the third quarter. For the full year of 2023, we expect revenue of $420 to $425 million,
gross profit margin of 58% to 59% and Adjusted EBITDA of $39 to $45 million,” said Rick Correia, MoneyLion’s Chief Financial
Officer.
Total revenues, net increased 24% to $110.3 million
for the third quarter of 2023 compared to the third quarter of 2022.
Gross profit increased 36% to $66.7 million for
the third quarter of 2023 compared to the third quarter of 2022.
MoneyLion recorded a net income before other
expense and income taxes of $1.1 million for the third quarter of 2023 versus a net loss before other income and income taxes of $24.2
million in the third quarter of 2022, and a net loss of $4.1 million for the third quarter of 2023 versus a net loss of $21.0 million
in the third quarter of 2022. Adjusted EBITDA was $13.4 million for the third quarter of 2023 versus ($14.3) million in the third quarter
of 2022, when adjusted for the following non-operating costs:
| |
Three Months Ended September 30, | |
(in thousands) | |
2023 | | |
2022 | |
Net loss | |
$ | (4,110 | ) | |
$ | (21,017 | ) |
Add back: | |
| | | |
| | |
Interest related to corporate debt | |
| 3,191 | | |
| 2,896 | |
Income tax (benefit) expense | |
| 400 | | |
| 53 | |
Depreciation and amortization expense | |
| 6,106 | | |
| 6,157 | |
Changes in fair value of warrant liability | |
| 81 | | |
| (414 | ) |
Change in fair value of contingent consideration from mergers and acquisitions | |
| - | | |
| (10,214 | ) |
Stock-based compensation expense | |
| 5,702 | | |
| 5,127 | |
One-time expenses | |
| 1,982 | | |
| 3,068 | |
Adjusted EBITDA | |
$ | 13,352 | | |
$ | (14,346 | ) |
Customer, Origination and Product Growth
Total Customers grew 124% year-over-year to 12.1
million for the third quarter of 2023. Total Products grew 80% year-over-year to 20.3 million for the third quarter of 2023. Total Originations
grew 26% year-over-year to $564 million for the third quarter of 2023.
FY 2023 Financial Guidance:
For the full year of
2023, MoneyLion expects:
| ● | Total revenues, net of approximately $420 to $425 million |
| | |
| ● | Gross profit margin of 58% to 59% |
| | |
| ● | Adjusted EBITDA of approximately $39 to $45 million |
(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 third quarter 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 third 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 consumer and enterprise
financial technology powering the next generation of personalized products and content, with a top consumer finance app, a premier embedded
finance platform for enterprise businesses and a world-class media arm. MoneyLion’s mission is to positively change people’s
financial path by rewiring the financial system and empowering them with greater financial literacy and access. 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 money life with our innovative financial products and marketplace - including our full-fledged suite of
features to save and invest - seamlessly bringing together the best offers and content from MoneyLion and our 1,000+ 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. MoneyLion was recently named a CNBC top global fintech company of 2023.
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;
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 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; 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
September 30, | |
(in thousands) | |
2023 | | |
2022 | |
Total revenue, net | |
$ | 110,258 | | |
$ | 88,748 | |
Less: | |
| | | |
| | |
Cost of Sales | |
| | | |
| | |
Direct costs | |
| (32,813 | ) | |
| (28,837 | ) |
Provision for credit losses on receivables - subscription receivables | |
| (1,442 | ) | |
| (1,256 | ) |
Provision for credit losses on receivables - fees receivables | |
| (2,628 | ) | |
| (2,553 | ) |
Technology related costs | |
| (2,945 | ) | |
| (2,410 | ) |
Professional services | |
| (1,402 | ) | |
| (1,665 | ) |
Compensation and benefits | |
| (2,191 | ) | |
| (2,780 | ) |
Other operating expenses | |
| (128 | ) | |
| (121 | ) |
Gross Profit | |
$ | 66,709 | | |
$ | 49,126 | |
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 subordinated convertible notes, change in fair value of contingent
consideration from mergers and acquisitions, goodwill impairment loss, stock-based compensation and one-time expenses less origination
financing cost of capital.
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)
| |
Three Months Ended
September 30, | | |
Nine Months Ended
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenue | |
| | |
| | |
| | |
| |
Service and subscription revenue | |
$ | 107,000 | | |
$ | 86,397 | | |
$ | 300,978 | | |
$ | 238,366 | |
Net interest income on loan receivables | |
| 3,258 | | |
| 2,351 | | |
| 9,490 | | |
| 7,436 | |
Total revenue, net | |
| 110,258 | | |
| 88,748 | | |
| 310,468 | | |
| 245,802 | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Provision for credit losses on consumer receivables | |
| 25,121 | | |
| 27,428 | | |
| 67,194 | | |
| 77,453 | |
Compensation and benefits | |
| 23,511 | | |
| 25,619 | | |
| 70,491 | | |
| 74,160 | |
Marketing | |
| 7,029 | | |
| 6,954 | | |
| 19,970 | | |
| 27,847 | |
Direct costs | |
| 32,813 | | |
| 28,837 | | |
| 94,845 | | |
| 79,427 | |
Professional services | |
| 4,968 | | |
| 7,546 | | |
| 14,485 | | |
| 21,486 | |
Technology-related costs | |
| 5,891 | | |
| 5,327 | | |
| 17,540 | | |
| 15,241 | |
Other operating expenses | |
| 9,824 | | |
| 11,209 | | |
| 30,038 | | |
| 31,820 | |
Total operating expenses | |
| 109,157 | | |
| 112,920 | | |
| 314,563 | | |
| 327,434 | |
Net income (loss) before other expense (income) and income taxes | |
| 1,101 | | |
| (24,172 | ) | |
| (4,095 | ) | |
| (81,632 | ) |
Interest expense | |
| (7,088 | ) | |
| (7,880 | ) | |
| (21,929 | ) | |
| (21,638 | ) |
Change in fair value of warrant liability | |
| (81 | ) | |
| 414 | | |
| (68 | ) | |
| 7,275 | |
Change in fair value of contingent consideration from mergers and acquisitions | |
| — | | |
| 10,214 | | |
| 6,613 | | |
| 14,034 | |
Goodwill impairment loss | |
| — | | |
| — | | |
| (26,721 | ) | |
| — | |
Other income (expense) | |
| 2,358 | | |
| 460 | | |
| 5,264 | | |
| (447 | ) |
Net loss before income taxes | |
| (3,710 | ) | |
| (20,964 | ) | |
| (40,936 | ) | |
| (82,408 | ) |
Income tax expense (benefit) | |
| 400 | | |
| 53 | | |
| 114 | | |
| (28,348 | ) |
Net loss | |
$ | (4,110 | ) | |
$ | (21,017 | ) | |
$ | (41,050 | ) | |
$ | (54,060 | ) |
MONEYLION INC.
CONSOLIDATED BALANCE SHEETS
(dollar amounts in thousands)
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Assets | |
| | |
| |
Cash | |
$ | 94,266 | | |
$ | 115,864 | |
Restricted cash, including amounts held by variable interest entities (VIEs) of $4,095 and $36,235 | |
| 6,750 | | |
| 37,845 | |
Consumer receivables | |
| 190,152 | | |
| 169,976 | |
Allowance for credit losses on consumer receivables | |
| (32,073 | ) | |
| (24,841 | ) |
Consumer receivables, net, including amounts held by VIEs of $124,924 and $113,963 | |
| 158,079 | | |
| 145,135 | |
Enterprise receivables, net | |
| 19,109 | | |
| 19,017 | |
Property and equipment, net | |
| 2,111 | | |
| 2,976 | |
Intangible assets, net | |
| 180,911 | | |
| 194,247 | |
Goodwill | |
| — | | |
| 26,600 | |
Other assets | |
| 51,030 | | |
| 54,658 | |
Total assets | |
$ | 512,256 | | |
$ | 596,342 | |
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity | |
| | | |
| | |
Liabilities: | |
| | | |
| | |
Secured loans, net | |
$ | 74,257 | | |
$ | 88,617 | |
Accounts payable and accrued liabilities | |
| 45,581 | | |
| 58,129 | |
Warrant liability | |
| 405 | | |
| 337 | |
Other debt, net, including amounts held by VIEs of $120,163 and $143,394 | |
| 120,163 | | |
| 143,394 | |
Other liabilities | |
| 15,870 | | |
| 33,496 | |
Total liabilities | |
| 256,276 | | |
| 323,973 | |
Commitments and contingencies | |
| | | |
| | |
Redeemable convertible preferred stock (Series A), $0.0001 par value; 45,000,000 shares authorized as of September 30, 2023 and December 31, 2022, 0 and 25,655,579 shares issued and outstanding as of September 30, 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 September 30, 2023 and December 31, 2022, 10,314,235 and 10,281,902 issued and outstanding, respectively, as of September 30, 2023 and 8,619,678 and 8,587,345 issued and outstanding, respectively, as of December 31, 2022 | |
| 1 | | |
| 1 | |
Additional paid-in capital | |
| 964,203 | | |
| 766,839 | |
Accumulated deficit | |
| (698,524 | ) | |
| (657,979 | ) |
Treasury stock at cost, 32,333 shares at September 30, 2023 and December 31, 2022 | |
| (9,700 | ) | |
| (9,700 | ) |
Total stockholders’ equity | |
| 255,980 | | |
| 99,161 | |
Total liabilities, redeemable convertible preferred stock and stockholders’ equity | |
$ | 512,256 | | |
$ | 596,342 | |
MONEYLION, INC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollar amounts in thousands)
| |
Three Months Ended
September 30, | | |
Nine Months Ended
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Cash flows from operating activities: | |
| | |
| | |
| | |
| |
Net loss | |
$ | (4,110 | ) | |
$ | (21,017 | ) | |
$ | (41,050 | ) | |
$ | (54,060 | ) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |
| | | |
| | | |
| | | |
| | |
Provision for losses on receivables | |
| 25,121 | | |
| 27,428 | | |
| 67,194 | | |
| 77,453 | |
Depreciation and amortization expense | |
| 6,106 | | |
| 6,157 | | |
| 18,403 | | |
| 15,584 | |
Change in deferred fees and costs, net | |
| 380 | | |
| 700 | | |
| 1,778 | | |
| 1,405 | |
Change in fair value of warrants | |
| 81 | | |
| (414 | ) | |
| 68 | | |
| (7,275 | ) |
Change in fair value of contingent consideration from mergers and acquisitions | |
| — | | |
| (10,214 | ) | |
| (6,613 | ) | |
| (14,034 | ) |
Gains on foreign currency translation | |
| — | | |
| (151 | ) | |
| (178 | ) | |
| (209 | ) |
Expenses related to debt modification and prepayments | |
| — | | |
| — | | |
| — | | |
| 730 | |
Goodwill impairment loss | |
| — | | |
| — | | |
| 26,721 | | |
| — | |
Stock compensation expense | |
| 5,702 | | |
| 5,127 | | |
| 16,657 | | |
| 13,643 | |
Deferred income taxes | |
| (17 | ) | |
| — | | |
| (510 | ) | |
| (28,442 | ) |
Changes in assets and liabilities, net of effects of business combination: | |
| | | |
| | | |
| | | |
| | |
Accrued interest receivable | |
| (166 | ) | |
| 118 | | |
| (404 | ) | |
| 87 | |
Enterprise receivables, net | |
| 2,144 | | |
| (3,308 | ) | |
| (278 | ) | |
| (4,960 | ) |
Other assets | |
| (733 | ) | |
| (6,084 | ) | |
| 3,627 | | |
| (9,104 | ) |
Accounts payable and accrued liabilities | |
| 2,771 | | |
| 2,270 | | |
| (5,878 | ) | |
| 3,113 | |
Other liabilities | |
| (1,207 | ) | |
| (998 | ) | |
| (5,422 | ) | |
| (3,827 | ) |
Net cash provided by (used in) operating activities | |
| 36,072 | | |
| (386 | ) | |
| 74,115 | | |
| (9,896 | ) |
Cash flows from investing activities: | |
| | | |
| | | |
| | | |
| | |
Net originations and collections of finance receivables | |
| (26,448 | ) | |
| (24,612 | ) | |
| (79,280 | ) | |
| (76,559 | ) |
Purchase of property and equipment and software development | |
| (1,527 | ) | |
| (3,452 | ) | |
| (4,202 | ) | |
| (6,464 | ) |
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 | |
| (27,975 | ) | |
| (28,064 | ) | |
| (84,598 | ) | |
| (101,607 | ) |
Cash flows from financing activities: | |
| | | |
| | | |
| | | |
| | |
Repayments to secured/senior lenders | |
| (10,000 | ) | |
| (1 | ) | |
| (15,000 | ) | |
| (24,029 | ) |
Fees related to debt prepayment | |
| — | | |
| — | | |
| — | | |
| (375 | ) |
Net (repayments to) proceeds from special purpose vehicle credit facilities | |
| — | | |
| — | | |
| (24,000 | ) | |
| 10,000 | |
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 | |
| 723 | | |
| 440 | | |
| (59 | ) | |
| 1,217 | |
Other | |
| 22 | | |
| — | | |
| (12 | ) | |
| — | |
Net cash (used in) provided by financing activities | |
| (9,255 | ) | |
| 439 | | |
| (42,210 | ) | |
| 54,488 | |
Net change in cash and restricted cash | |
| (1,158 | ) | |
| (28,011 | ) | |
| (52,693 | ) | |
| (57,015 | ) |
Cash and restricted cash, beginning of period | |
| 102,174 | | |
| 217,220 | | |
| 153,709 | | |
| 246,224 | |
Cash and restricted cash, end of period | |
$ | 101,016 | | |
$ | 189,209 | | |
$ | 101,016 | | |
$ | 189,209 | |
MONEYLION INC.
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED
EBITDA
(dollar amounts in thousands)
| |
Three Months Ended
September 30, | | |
Nine Months Ended
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net loss | |
$ | (4,110 | ) | |
$ | (21,017 | ) | |
$ | (41,050 | ) | |
$ | (54,060 | ) |
Add back: | |
| | | |
| | | |
| | | |
| | |
Interest related to corporate debt | |
| 3,191 | | |
| 2,896 | | |
| 10,226 | | |
| 6,937 | |
Income tax (benefit) expense | |
| 400 | | |
| 53 | | |
| 114 | | |
| (28,348 | ) |
Depreciation and amortization expense | |
| 6,106 | | |
| 6,157 | | |
| 18,403 | | |
| 15,584 | |
Changes in fair value of warrant liability | |
| 81 | | |
| (414 | ) | |
| 68 | | |
| (7,275 | ) |
Change in fair value of contingent consideration from mergers and acquisitions | |
| - | | |
| (10,214 | ) | |
| (6,613 | ) | |
| (14,034 | ) |
Goodwill impairment loss | |
| - | | |
| - | | |
| 26,721 | | |
| - | |
Stock-based compensation expense | |
| 5,702 | | |
| 5,127 | | |
| 16,657 | | |
| 13,643 | |
One-time expenses | |
| 1,982 | | |
| 3,068 | | |
| 5,355 | | |
| 9,887 | |
Adjusted EBITDA | |
$ | 13,352 | | |
$ | (14,346 | ) | |
$ | 29,881 | | |
$ | (57,669 | ) |
Contacts
MoneyLion Investor Relations
ir@moneylion.com
MoneyLion Communications
pr@moneylion.com
9
v3.23.3
Cover
|
Nov. 07, 2023 |
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Nov. 07, 2023
|
Entity File Number |
001-39346
|
Entity Registrant Name |
MONEYLION INC.
|
Entity Central Index Key |
0001807846
|
Entity Tax Identification Number |
85-0849243
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
30 West 21st Street
|
Entity Address, Address Line Two |
9th Floor
|
Entity Address, City or Town |
New York
|
Entity Address, State or Province |
NY
|
Entity Address, Postal Zip Code |
10010
|
City Area Code |
212
|
Local Phone Number |
300-9865
|
Written Communications |
false
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Pre-commencement Tender Offer |
false
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Pre-commencement Issuer Tender Offer |
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Entity Emerging Growth Company |
true
|
Elected Not To Use the Extended Transition Period |
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Class A common stock, par value $0.0001 per share |
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Title of 12(b) Security |
Class
A common stock, par value $0.0001 per share
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ML
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Security Exchange Name |
NYSE
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