MoneyLion Inc. (NYSE:ML) Q1 2024 Earnings Conference Call May 7, 2024 8:30 AM ET

Company Participants

Sean Horgan - Head, Investor Relations
Dee Choubey - Chief Executive Officer
Rick Correia - Chief Financial Officer

Conference Call Participants

George Sutton - Craig-Hallum
Hal Goetsch - B. Riley Securities
Kyle Peterson - Needham & Company
Jacob Stephan - Lake Street Capital Markets

Operator

Good day, and welcome to MoneyLion Inc.'s First Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. We will have a question-and-answer session following the formal presentation. [Operator Instructions] Please note that this conference is being recorded.

Before we go further, I would like to turn the conference over to Sean Horgan, MoneyLion's Head of Investor Relations.

Sean Horgan

Thank you, operator. Hi, everyone. Thank you for joining us for our first quarter 2024 earnings conference call.

MoneyLion's CEO, Dee Choubey; and CFO, Rick Correia, are here with me today to discuss our results. You can find a presentation accompanying our earnings press release on our Investor Relations website at investors.moneylion.com.

Please note that any forward-looking statements in this commentary are subject to our safe harbor statement, which can found in our SEC filings and our earnings press release.

With that, I will turn the call over to Dee.

Dee Choubey

Thank you, Sean. Good morning, and thank you all for joining us for our first quarter 2024 earnings call.

We kicked off the year with strong momentum. This continued the great progress we made in 2023 when we were hyper focused on efficiency. In Q1 2024, we accelerated revenue growth and substantially increased adjusted EBITDA and expanded margin quarter-over-quarter. We are now in the mode of offense with discipline. We continue to scale our consumer reach to record levels, further developed our marketplace and enhanced our world-class personal financial management, or PFM experience. The MoneyLion ecosystem is evolving into a marketplace-first platform and a brand that consumers can trust to make their best financial decisions.

Foundationally, we are building an innovating technology to create a unified experience for consumers to learn about, search for, compare, select and complete their checkout of financial products. This technology is made available to any of our enterprise partners and through moneylion.com and other owned channels.

Now, let's turn to the key takeaways for the first quarter of 2024. First, we achieved record quarterly revenue of $121 million. This represents 29% year-over-year growth, up from 19% in Q4 2023. This accelerated revenue growth was driven by the strength of our diverse business model. In addition, our Q1 revenue exceeded the high end of our guidance of $115 million to $118 million.