MoneyLion Inc. (NYSE:ML) Q4 2022 Earnings Conference Call March 14, 2023 8:30 AM ET

Company Participants

Sean Horgan - Head of Investor Relations

Dee Choubey - Chief Executive Officer

Rick Correia - Chief Financial Officer

Conference Call Participants

Keeler Patton - Cantor Fitzgerald

George Sutton - Craig Hallum

Operator

Hello and welcome to the MoneyLion Q4 2022 Earnings Conference Call and Webcast. [Operator Instructions] A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded.

It is now my pleasure to the call over to Sean Horgan, Head of Investor Relations. Sean, please go ahead.

Sean Horgan

Thank you. Welcome everyone to MoneyLion's fourth quarter and full year 2022 earnings conference call. Joining me today to talk about our results are MoneyLion's CEO, Dee Choubey; and CFO, Rick Correia. You can find the presentation accompanying our earnings release on the Investor Relations section of our website. Please note that any forward-looking statements made in this commentary are subject to our Safe Harbor statement found in our SEC filings and in our earnings press release.

And now, I like to turn the call over to Dee.

Dee Choubey

Thank you, Sean. Good morning and welcome everyone to our fourth quarter and full year 2022 earnings presentation. I'm sure everyone has become a banking industry expert over the weekend, so we won't rehash much here other than to say that we have no concerns regarding our business or operations in light of the Silicon Valley Bank rescue. This was the weekend our technology proved resiliency with near instant fallbacks to alternative processing and with no impact to our customers.

We'll focus instead on the many positives about our results and our trajectory and why we are positioned to thrive. We are built to endure in good times and importantly the challenging times, so our customers and our enterprise clients can count on us. I couldn't be more proud of our people, their dedication to our mission and the sophistication of our infrastructure, a technology stack that has proven to be one of the best in fintech on the foundation of a proven business model, a proven technology infrastructure and a proven management team. I'm pleased to share our Q4 and 2022 full year results.

Despite the most turbulent operating environment in decades, 2022 was another year of record performance for MoneyLion. Through our unique combination of assets, we have built a powerful platform to power money decisions for a broad segment of American consumers. We continued innovating. We continued providing services while solidifying our place as a trusted money destination for everyone. We're now at a point in our evolution as a company where we drive efficient growth. Our adjusted revenue grew nearly by 100% year-over-year to over $328 million from $165 million in 2021. We made substantial progress towards profitability and improved our adjusted EBITDA each quarter sequentially throughout the year. And so as not to bury the punch line, we ultimately exited the year with positive adjusted EBITDA for the month of December. We look at this as a huge achievement that our team worked very hard to deliver.