Mogo Inc. (NASDAQ:MOGO) Q2 2024 Earnings Conference Call August 8, 2024 1:00 PM ET
Company Participants
Craig Armitage – Investor Relations
Dave Feller – Founder and Chief Executive Officer
Greg Feller – President and Chief Financial Officer
Conference Call Participants
Adhir Kadve – Eight Capital
Scott Buck – H.C. Wainwright Philippines
Operator
Good morning, ladies and gentlemen, and welcome to the Mogo Finance Technologies Second Quarter Results Conference Call. [Operator Instructions]
I would now like to turn the conference over to Craig Armitage, Investor Relations. Please go ahead.
Craig Armitage
Thank you, and good afternoon, everyone. Thanks for joining us today. Just a few quick notes before we get started. Today’s call will contain forward-looking statements that are based on current assumptions and subject to risks and uncertainties that could cause actual results to differ materially from those projected. The company undertakes no obligation to update these statements, except as required by law. Information about the risks and uncertainties are included in Mogo’s Q2 filings as well as periodic filings with regulators in Canada and the United States, which you’ll find on SEDAR, and you can access via the Investor Relations website as well.
And lastly, today’s session will include several adjusted financial measures or non-IFRS measures. Please consider these as a supplement to and not as a substitute for the IFRS measures. You’ll see that we’ve included reconciliations to those in the press release and in the investor deck.
And with that, I’ll turn it over to Dave Feller. Dave?
Dave Feller
Thanks, Craig. Thank you, and good afternoon. Welcome to our second quarter 2024 call. I’m joined today by Greg Feller, our President and CFO.
I’ll cover some of the key operating highlights, and Greg will dig deeper into the financial results and outlook. It was a solid quarter, both from a financial perspective and a product perspective. A couple of highlights include: we generated positive cash flow from operations. We had year-over-year growth in all our business lines and revenue was up 10% year-over-year to $17.6 million. Carta’s payment volume was up 12% to $2.8 billion, and we’ve also made meaningful improvements in our wealth business.
Today, we look at our business through the lens of three key pillars. Each one has its own unique opportunity for long-term growth. I’ll walk through the wealth and Greg will talk about payments crypto.
Wealth industry today is estimated over $6 trillion, and that’s investable assets, which include brokerage accounts, retirement accounts, RSPs, TFSAs, trust, et cetera and is a growing market. About $2 trillion of that today is sitting in mutual funds, which highlights the opportunity given mutual funds have among the highest fees, many as high as 2%, while 98% of professionally managed funds underperformed the S&P 500.