MoneyLion Inc. (NYSE:ML) Q3 2023 Earnings Conference Call November 7, 2023 8:30 AM ET

Company Participants

Sean Horgan - Head of IR

Diwakar Choubey - CEO

Richard Correia - CFO

Conference Call Participants

Hal Goetsch - B. Riley

George Sutton - Craig-Hallum Capital Group

Josh Siegler - Cantor Fitzgerald

Operator

Greetings. Welcome to the MoneyLion's Third Quarter 2023 Earnings Call. [Operator Instructions] Please note this conference is being recorded.

I will now turn the conference over to Sean Horgan, Head of Investor Relations. Thank you. You may begin.

Sean Horgan

Thank you, operator. Hi, everyone. Thanks for joining us for our third quarter 2023 earnings conference call. With me today to discuss our results are MoneyLion's CEO, Dee Choubey; and CFO, Rick Correia. You can find the presentation accompanying our earnings release on our Investor Relations website at investors.moneylion.com.

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.

With that, I'll turn the call over to Dee.

Diwakar Choubey

Thank you, Sean. Good morning, and thank you all for joining us for our third quarter 2023 earnings call.

MoneyLion had another record quarter in Q3, demonstrating the strength and resilience of our business model. I'm pleased to again be able to say we executed like we said we would. We continue to demonstrate our ability to generate growth and drive profitability while maintaining a healthy and sustainable balance sheet.

The benefits of our two sided ecosystem are working, underscoring the durability of our business as we navigate with focus and discipline. While others are pulling back and waiting for things in the face of challenges, we are leaning in and driving forward, optimizing our technology and building on the momentum of our mutually reinforcing businesses. That's in our DNA, and we'll continue delivering on that.

Now I'd like to highlight the key investor takeaways for the third quarter. First, we achieved record quarterly revenue of $110 million. This was within our guidance range and represents 24% year-over-year growth, up from 22% year-over-year growth in the prior quarter. Importantly, our consumer and enterprise businesses both achieved record quarterly revenue.

Second, we generated record quarterly adjusted EBITDA of $13 million. As it has been for many quarters, we are focused on cash flow generation, and it's good to see we exceeded our guidance of $6 million to $10 million for the quarter. This represents a 12% adjusted EBITDA margin, up from 9% in the prior quarter and marks our third consecutive quarter of positive adjusted EBITDA amounting to $30 million year-to-date.