MoneyLion Inc. (NYSE:ML) Q2 2024 Earnings Conference Call August 6, 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
Greetings and welcome to the MoneyLion's Q2 2024 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Sean Horgan, Head of Investor Relations. Thank you. You may begin.
Sean Horgan
Thank you, operator. Good morning, and thank you all for joining us for our second quarter 2024 earnings conference call. With me today are MoneyLion's CEO, Dee Choubey; and CFO, Rick Correia, to discuss our results. You can find the presentation accompanying our earnings press 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, which can be found in our SEC filings and our earnings press release.
With that, I'll turn the call over to Dee.
Dee Choubey
Thank you, Sean. Good morning, and thank you all for joining us for our second quarter 2024 earnings call. MoneyLion delivered another strong quarter in Q2, achieving record revenue of $131 million and adjusted EBITDA of $18.5 million. This performance is the result of focused execution against the growth pillars we laid out at the beginning of the year, coupled with our offense with discipline approach. Together, this guides our strategic and tactical decision making as we march toward our ambitious goal of becoming the number one destination for financial decisions.
Now, turning to the key takeaways for the second quarter of 2024. First, we achieved record quarterly revenue of $131 million. This represents 23% year-over-year growth. Importantly, our enterprise revenue has reached an inflection point, increasing 17% compared to the first quarter of 2024. In addition, our second quarter revenue exceeded the high end of our guidance of $125 million to $130 million.
Second, we generated adjusted EBITDA of $18.5 million for the quarter. This reflects an adjusted EBITDA margin of 14.2%, representing 550 basis points of margin expansion year-over-year. Relative to our guidance, our second quarter adjusted EBITDA was exactly in the middle of our range of $17 million to $20 million. Third, in the second quarter, we generated GAAP net income of $3.1 million and diluted earnings per share of $0.26. And for the first half of 2024, we generated net income of $10.2 million and diluted EPS of $0.85. If you look at how we've been building the business, there is a clear arc to our evolution. Our technology is expanding on the foundational work we've done over the last ten years. We have the right pieces in place to deliver an even greater impact.