MoneyLion Inc. (“MoneyLion” or the “Company”), an award-winning, data-driven, digital financial platform, announced today an update to its annual guidance for fiscal years 2021, 2022 and 2023, ahead of the planned closing of its previously announced business combination (the “Business Combination”) with Fusion Acquisition Corp. (NYSE:FUSE) (“Fusion”).
The revised guidance reflects higher projected user growth, along with the expected revenue contribution of planned product launches this year, including MoneyLion’s new Crypto and Buy Now Pay Later offerings, that are expected to ramp through 2022 and reach full scale in 2023.
“Our increased revenue and total customer projections for fiscal year 2021, 2022 and 2023 reflect the strong financial performance of both the first and second quarters and solid momentum in our business,” said Dee Choubey, MoneyLion co-founder and CEO. “We are experiencing strong user growth due to demand for our products and the effectiveness of our marketing spend and, following the expected closing of our business combination with Fusion later this month, we are focused on positioning ourselves for optimal execution on our well-defined growth objectives.”
Updated Guidance
| ($ in millions) | 2021E | 2022E | 2023E | |||||||||
| Prior | Revised | Prior | Revised | Prior | Revised | |||||||
| Adjusted Revenue1 | $144 | $155 | $258 | $285 | $424 | $525 | ||||||
| Adj. Gross Profit Margin2 | 65% | 65% | 71% | 71% | 78% | 78% | ||||||
| Adj. Net Income (Loss)3 | ($28 | ) | ($37 | ) | ($23 | ) | ($42 | ) | $18 | $20 | ||
| – | ||||||||||||
| Total Customers (000s) | 2,569 | 3,028 | 4,461 | 5,715 | 6,987 | 8,969 | ||||||
| Total Payment Value | $1,511 | $1,511 | $3,672 | $3,742 | $5,599 | $5,648 | ||||||
| Total Originations | $942 | $1,000 | $2,045 | $2,245 | $3,319 | $3,557 | ||||||
1Adjusted Revenue is a non-GAAP measure. Adjusted Revenue is defined as total revenue, net plus amortization of loan origination costs, less direct charge offs, revenue from phased out products and non-operating income.
2Adjusted Gross Profit is a non-GAAP measure. Adjusted Gross Profit is defined as gross profit less revenue from phased out products and non-operating income.
3Adjusted Net Income is a non-GAAP measure. Adjusted Net Income excludes fair market value adjustments for convertible notes and warrants of $98.4M through Q2 2021.
The Company cannot reconcile the projected Adjusted Revenue to total revenues, net or Adjusted Gross Profit to gross profit, or Adjusted Net Income to net income without unreasonable effort because certain items that impact total revenues, net, gross profit and other reconciling metrics are out of the Company’s control and/or cannot be reasonably predicted at this time.
Upon closing of the Business Combination, the combined company will be named MoneyLion Inc. and will be listed on the NYSE under the new ticker symbol “ML.”
MoneyLion is hosting a virtual Investor Conference on Monday, September 13, 2021, at 1:00 p.m. Eastern Time. During the live webcast, members of the MoneyLion executive team will present the company’s growth strategies, product roadmap, recent financial results, and other key operating highlights. Existing and prospective investors can register to attend the event here. A replay of the webcast will be made available on the Investor Relations section of MoneyLion’s website at moneylion.com/investors.