MoneyLion Inc. (NYSE:ML) Q3 2024 Earnings Call November 7, 2024 8:30 AM ET

Company Participants

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

Conference Call Participants

Kyle Peterson - Needham
George Sutton - Craig-Hallum
Rayna Kumar - Oppenheimer
Hal Goetsch - B. Riley Securities
Jacob Stephan - Lake Street
Mike Grondahl - Northland

Operator

Thank you for standing by. My name is Mandeep and I’ll be your operator today. At this time, I’d like to welcome to MoneyLion’s Q3 2024 Earnings Call. [Operator Instructions] Thank you. We’d now like to turn the call over to Sean Horgan, Head of Investor Relations. You may begin.

Sean Horgan

Thank you, operator. Good morning and thank you all for joining us for our third 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.

Diwakar Choubey

Thank you, Sean. Good morning and thank you all for joining us for our third quarter 2024 earnings call. Last quarter, we introduced our vision of becoming the number one destination for financial decisions. In Q3 2024, we took decisive steps towards this outcome. We delivered record performance in the third quarter, and we see that momentum continuing with accelerating revenue growth in the fourth quarter. This reflects our confidence in achieving our vision.

And now let’s turn to the key takeaways for the third quarter. First, we achieved record quarterly revenue of $135 million. This represented 23% year-over-year growth. Building on this quarter, we’re raising our full year 2024 revenue guidance to $536 million to $541 million, up from $525 million to $535 million. Based on our new guidance, we expect revenue in the fourth quarter of $151 million at the midpoint. This represents 34% year-over-year growth, a significant increase from the comparable 23% year-over-year growth in the third quarter.

Second. We generated record adjusted EBITDA of $24 million for the quarter, which exceeded our guidance range of $18 million to $21 million. This reflects an adjusted EBITDA margin of 18%, above the high end of our guidance of 13% to 15.8%. We now expect full year 2024 adjusted EBITDA in the range of $88 million to $93 million, up from our prior guidance of $80 million to $87 million. This new range reflects an adjusted EBITDA margin of 16.8% at the midpoint. Importantly, we once again generated positive cash flow during the quarter, and we ended the quarter with a cash balance of $112 million, up from $98 million at the end of the second quarter.