$ML
MONEYLION INC.

2022 Q4 Form 10-Q Financial Statement

#000095017022024435 Filed on November 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $94.94M $88.75M $44.22M
YoY Change 70.88% 100.7% 91.29%
Cost Of Revenue $26.99M $28.84M $1.828M
YoY Change 1334.98% 1477.52% 54.52%
Gross Profit $67.95M $59.91M $42.39M
YoY Change 26.58% 41.33% 93.27%
Gross Profit Margin 71.57% 67.51% 95.87%
Selling, General & Admin $52.30M $45.45M $41.61M
YoY Change 10.85% 9.22% 173.61%
% of Gross Profit 76.97% 75.86% 98.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.089M $319.0K $486.0K
YoY Change 584.16% -34.36% -40.07%
% of Gross Profit 8.96% 0.53% 1.15%
Operating Expenses $85.00M $112.9M $73.23M
YoY Change 7.25% 54.2% 175.28%
Operating Profit -$17.05M -$24.17M -$30.84M
YoY Change -33.34% -21.62% 560.65%
Interest Expense -$8.161M $7.880M $6.192M
YoY Change 297.9% 27.26% -853.28%
% of Operating Profit
Other Income/Expense, Net $29.67M $460.0K $137.0K
YoY Change 654.68% 235.77%
Pretax Income -$132.3M -$20.96M -$24.65M
YoY Change 378.97% -14.94% 348.93%
Income Tax $2.714M $53.00K -$1.000K
% Of Pretax Income
Net Earnings -$137.0M -$21.02M -$28.17M
YoY Change 341.25% -25.38% 277.7%
Net Earnings / Revenue -144.29% -23.68% -63.69%
Basic Earnings Per Share -$0.09 $0.39
Diluted Earnings Per Share -$0.54 -$0.09 -$124.5K
COMMON SHARES
Basic Shares Outstanding 253.6M 242.8M 62.31M
Diluted Shares Outstanding 244.7M 219.1M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $115.9M $126.4M $295.6M
YoY Change -42.57% -57.26% 24806.7%
Cash & Equivalents $115.9M $126.4M $299.0M
Short-Term Investments
Other Short-Term Assets $8.804M $4.649M $10.11M
YoY Change -0.36% -54.0% 21349.49%
Inventory
Prepaid Expenses
Receivables $145.1M $130.1M $112.5M
Other Receivables $19.02M $20.82M $0.00
Total Short-Term Assets $288.8M $281.9M $418.2M
YoY Change -15.55% -32.59% 33789.62%
LONG-TERM ASSETS
Property, Plant & Equipment $2.976M $2.896M $588.0K
YoY Change 65.24% 392.52%
Goodwill $26.60M $161.3M
YoY Change -49.37%
Intangibles $194.2M $205.7M
YoY Change 673.15%
Long-Term Investments
YoY Change
Other Assets $54.66M $62.84M $3.357M
YoY Change 22.93% 1771.91%
Total Long-Term Assets $307.5M $476.9M $50.36M
YoY Change 105.67% 846.98% -85.62%
TOTAL ASSETS
Total Short-Term Assets $288.8M $281.9M $418.2M
Total Long-Term Assets $307.5M $476.9M $50.36M
Total Assets $596.3M $758.8M $468.6M
YoY Change 21.32% 61.93% 33.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $58.13M $54.05M $37.77M
YoY Change -22.5% 43.1%
Accrued Expenses $9.618M $9.395M $8.364M
YoY Change 12.33% 10355.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $67.75M $63.44M $46.13M
YoY Change -9.67% 37.52% 49866.42%
LONG-TERM LIABILITIES
Long-Term Debt $232.0M $241.6M $43.63M
YoY Change 24.34% 453.9%
Other Long-Term Liabilities $33.50M $51.64M $22.92M
YoY Change 305.52% 125.35% 74.27%
Total Long-Term Liabilities $33.50M $293.3M $66.54M
YoY Change -82.81% 340.75% 406.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $67.75M $63.44M $46.13M
Total Long-Term Liabilities $33.50M $293.3M $66.54M
Total Liabilities $324.0M $356.7M $236.2M
YoY Change 20.05% 51.01% 1683.86%
SHAREHOLDERS EQUITY
Retained Earnings -$658.0M -$523.0M
YoY Change 40.03%
Common Stock $26.00K $25.00K
YoY Change 13.04%
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.700M $9.700M
YoY Change 0.0%
Treasury Stock Shares $970.0K $970.0K
Shareholders Equity $99.16M $228.9M $232.4M
YoY Change
Total Liabilities & Shareholders Equity $596.3M $758.8M $468.6M
YoY Change 21.32% 61.93% 33.37%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$137.0M -$21.02M -$28.17M
YoY Change 341.25% -25.38% 277.7%
Depreciation, Depletion And Amortization $6.089M $319.0K $486.0K
YoY Change 584.16% -34.36% -40.07%
Cash From Operating Activities $13.26M -$386.0K -$6.653M
YoY Change -303.73% -94.2% -564.54%
INVESTING ACTIVITIES
Capital Expenditures $2.426M -$3.452M -$189.0K
YoY Change -2040.8% 1726.46% -81.63%
Acquisitions
YoY Change
Other Investing Activities -$37.51M -$24.61M -$38.46M
YoY Change -29.25% -36.01% -111.74%
Cash From Investing Activities -$39.94M -$28.06M -$38.65M
YoY Change -24.85% -27.39% -111.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$20.34M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.818M 439.0K 312.5M
YoY Change -228.26% -99.86% -188.69%
NET CHANGE
Cash From Operating Activities 13.26M -386.0K -6.653M
Cash From Investing Activities -39.94M -28.06M -38.65M
Cash From Financing Activities -8.818M 439.0K 312.5M
Net Change In Cash -35.50M -28.01M 267.2M
YoY Change -32.74% -110.48% -1192.73%
FREE CASH FLOW
Cash From Operating Activities $13.26M -$386.0K -$6.653M
Capital Expenditures $2.426M -$3.452M -$189.0K
Free Cash Flow $10.83M $3.066M -$6.464M
YoY Change -269.71% -147.43% -362.64%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Enterprise service revenues—</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company provides services to enterprise clients to allow them to better connect with existing end-users and reach new potential end-users. These services include lead generation services, advertising services and digital media and content production services custom designed to promote enterprise clients’ products and services.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company has a single performance obligation to provide lead generating services to financial institutions and financial service providers (“Product Partners”) whereby qualified consumers are matched with financial solutions offered by the Product Partners based on qualification and preference.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Lead generation fees are earned through the operation of a robust technology platform via an API that connects consumers to financial institutions and financial service providers. The Company’s API platform functions as a powerful definitive search, comparison and ad recommendation engine that provides consumers with personalized financial solution options and matches the demand and supply of financial services. The lead generating services conducted through the API comprise a series of distinct services that are substantially the same and have the same pattern of transfer. The Company is entitled to receive transaction fees that are based on performance structure, including but not limited to cost per funded loan, cost per approved credit card, cost per click or cost per savings accounts, or revenue share based on successful lead conversion. The transaction fees and revenue share are considered revenue from contracts with Product Partners, including financial institutions and other financial service providers. These fees and revenue share to which the Company expects to be entitled are deemed variable consideration because the loan volume over the contractual term is not known. Because the lead generating service performance obligation is a series of distinct services, the Company applies the variable consideration exception and allocates the variable consideration to the period in which the fees are earned, and recognizes revenue over time.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company generates advertising fees by displaying ads on the Company’s mobile application and by sending emails or other messages to potential end-users to promote the enterprise clients’ services. For advertising services, the Company enters into agreements with the enterprise clients in the form of a signed contract, which specifies the terms of the services and fees, prior to running advertising and promotional campaigns. The Company recognizes revenue from the display of impression-based ads and distribution of impression-based emails in the period in which the impressions are delivered in accordance with the contractual terms of the enterprise clients’ arrangements. Impressions are considered delivered when a member clicks on the advertisement or promotion.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Digital media and content production services provided to enterprise clients are generally earned and recognized over time as the performance obligations within the contracts are satisfied. Payment terms vary from contract to contract such that collections may occur in advance of services being rendered, as services are rendered or after services are rendered. Contracts for digital media and content production services are typically short-term in duration.</span></p>
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CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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CY2022Q3 us-gaap Finite Lived Intangible Assets Net
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CY2021Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Prepaid Expense And Other Assets
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CY2022Q3 us-gaap Secured Debt
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CY2021Q4 us-gaap Secured Debt
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CY2022Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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CY2021 us-gaap Proceeds From Other Debt
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In March 2022, the Company entered into a credit agreement (the “Monroe Credit Agreement”) with certain financial institutions from time to time party thereto, as lenders, and Monroe Capital Management Advisors, LLC, as administrative agent and lead arranger (“Monroe Capital”). The Monroe Credit Agreement provides for the following:•$70,000 aggregate principal amount of term loans (the “Term A-1 Loans”), available to be drawn at the closing date;•$20,000 aggregate principal amount of term loans (the “Term A-2 Loans”), as described further below;•$20,000 aggregate principal amount of delayed draw term loans (the “Term B Loans”), which are available to be drawn for a period of 18-months following the closing date, subject to certain conditions set forth in the Monroe Credit Agreement; and•subject to certain conditions set forth in the Monroe Credit Agreement, the ability to incur incremental commitments of up to $60,000 aggregate principal amount of Term A-1 Loans or Term B Loans (the “Incremental Term Loans”; the Term A-1 Loans, the Term A-2 Loans, the Term B Loans and, if applicable, the Incremental Term Loans, collectively, the “Monroe Term Loans”).
CY2022Q1 us-gaap Borrowings Under Guaranteed Investment Agreements
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24000000.0
us-gaap Debt Instrument Description
DebtInstrumentDescription
The Term A-1 Loans and Term B Loans bear annual interest, payable monthly, at a floating rate measured by reference to, at the Company’s option, either (a) a base rate then in effect (equal to the greater of (i) the federal funds rate plus 0.50%, (ii) the prime rate, (iii) 2.00% and (iv) an adjusted one-month Secured Overnight Financing Rate (“SOFR”) (subject to a floor of 1.00%) plus 1.00%) plus an applicable margin ranging from 6.00% to 8.25% per annum, depending on whether the “EBITDA Trigger Date” has occurred, the Company’s “Enterprise Value” and, once the EBITDA Trigger Date has occurred, its “Total Debt to EBITDA Ratio” (as such terms are defined in the Monroe Credit Agreement) or (b) an adjusted one-month or three-month SOFR (subject to a floor of 1.00%) plus an applicable margin ranging from 7.00% to 9.25% per annum, depending on whether the EBITDA Trigger Date has occurred, the Company’s Enterprise Value and, once the EBITDA Trigger Date has occurred, its Total Debt to EBITDA Ratio. The Term A-2 Loans bear annual interest, payable monthly, at the greater of (i) 12% and (ii) a floating rate measured by reference to the prime rate plus 5.75% per annum, subject to a cap of 15%. The interest rate as of September 30, 2022 on the Term A-1 Loans and Term A-2 Loans was 10.82% and 12.00%, respectively.
ml Federal Funds Rate Percentage
FederalFundsRatePercentage
0.0050
ml Net Cash Proceeds Percentage
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1
CY2022Q3 us-gaap Deferred Taxes Business Combination Valuation Allowance Available To Reduce Goodwill And Intangible Assets
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82081000
CY2021Q4 us-gaap Deferred Taxes Business Combination Valuation Allowance Available To Reduce Goodwill And Intangible Assets
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us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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us-gaap Operating Lease Cost
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CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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793000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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3228000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
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CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
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12619000
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3224000
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840000000
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517700000
us-gaap Operating Loss Carryforwards Limitations On Use
OperatingLossCarryforwardsLimitationsOnUse
U.S. federal net operating loss carryforwards begin to expire in 2033, and state operating loss carryforwards begin to expire in 2027.
us-gaap Income Tax Reconciliation Nondeductible Expense Research And Development
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ml Current Carryforwards Expiration Term
CurrentCarryforwardsExpirationTerm
If not used, the current carryforwards will expire beginning in 2034.
us-gaap Common Stock Voting Rights
CommonStockVotingRights
one
us-gaap Preferred Stock Conversion Basis
PreferredStockConversionBasis
Shares of Series A Redeemable Convertible Preferred Stock are convertible into shares of MoneyLion Class A Common Stock on a one-for-one basis, subject to customary anti-dilution adjustments.
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5127000
CY2021Q3 us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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2425000
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us-gaap Profit Loss
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us-gaap Profit Loss
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CY2021Q3 us-gaap Noncontrolling Interest In Net Income Loss Other Noncontrolling Interests Redeemable
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3520000
us-gaap Noncontrolling Interest In Net Income Loss Other Noncontrolling Interests Redeemable
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9364000
CY2022Q3 ml Reversal Of Previously Accruedaccrued Dividends On Redeemable Convertible Preferred Stocks
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CY2021Q3 ml Reversal Of Previously Accruedaccrued Dividends On Redeemable Convertible Preferred Stocks
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CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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24301000
us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2021Q3 ml Change In Fair Value Of Legacy Money Lion Warrants Liability
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CY2021Q3 ml Changes In Fair Value Of Subordinated Convertible Note
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CY2021Q3 ml Interest Expense From Subordinated Convertible Notes
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323000
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q3 ml Weighted Average Dilutive Impact Of Redeemable Convertible Preferred Stock In Shares
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CY2021Q3 ml Weighted Average Dilutive Impact Of Legacy Money Lion Warrants
WeightedAverageDilutiveImpactOfLegacyMoneyLionWarrants
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CY2021Q3 ml Weighted Average Dilutive Impact Of Options To Purchase Common Stock In Shares
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CY2021Q3 ml Weighted Average Dilutive Impact Of Subordinated Convertible Notes
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CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
237302217
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2021Q3 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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CY2021Q3 us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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2868000
CY2022Q3 us-gaap Contingent Consideration Classified As Equity Fair Value Disclosure
ContingentConsiderationClassifiedAsEquityFairValueDisclosure
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CY2022Q3 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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CY2022Q3 us-gaap Business Acquisitions Pro Forma Revenue
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CY2021Q3 us-gaap Business Acquisitions Pro Forma Revenue
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CY2021Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
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us-gaap Business Acquisitions Pro Forma Net Income Loss
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22728000
CY2021 ml Earnout Valuation
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CY2022Q3 us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
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us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
15417000

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