General form of registration statement for all companies including face-amount certificate companies

Consolidated Statements of Operations (Unaudited)

v3.22.1
Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Revenue        
Net interest income on loan receivables $ 2,568 $ 1,662 $ 7,002 $ 4,347
Service and subscription revenue 67,146 31,468 32,357 25,994
Affiliates income     10,900 2,234
Fee income     116,131 46,639
Other income     4,721 197
Total revenue, net 69,714 33,130 171,111 79,411
Operating expenses        
Provision for credit losses on consumer receivables 23,044 5,708    
Compensation and benefits 22,043 7,057    
Marketing 11,416 4,363 43,170 11,060
Provision for loss on receivables     60,749 21,294
Direct costs 21,204 9,903 8,864 4,336
Interest expense (6,174) (1,471) 7,251 2,950
Personnel expenses     45,878 24,200
Underwriting expenses     8,253 6,242
Technology-related costs 4,505 2,199 7,488 7,041
Bank and payment processor fees     24,565 13,737
Change in fair value of warrant liability 3,910 (31,230) 39,629 14,419
Change in fair value of subordinated convertible notes (39,939) 41,877 4,000
Change in fair value of contingent consideration from mergers and acquisitions (682) 6,229
Professional services 7,288 3,586 19,847 8,396
Depreciation and amortization expense     2,392 1,108
Occupancy expense     997 1,233
Gain on foreign currency translation     (431) (179)
Other operating expenses 10,769 1,082 19,172 1,155
Total operating expenses 100,269 33,898 335,930 120,992
Net loss before income taxes (34,417) (73,381) (164,819) (41,581)
Income tax (benefit) expense (28,417) 25 56 6
Net loss (6,000) (73,406) (164,875) (41,587)
Net income attributable to redeemable noncontrolling interests (2,767) (12,776) (8,409)
Reversal of previously accrued (accrual of) dividends on redeemable convertible preferred stock     42,728 (17,209)
Net loss attributable to common shareholders (7,028) (81,015) $ (134,923) $ (67,205)
Net loss before other (expense) income and income taxes (30,555) (768)    
Other (expense) income (916) 27    
Accrual of dividends on preferred stock $ (1,028) $ (4,842)    
Net loss per share, basic and diluted (in Dollars per share) $ (0.03) [1] $ (1.68) [1] $ (1.39) [2] $ (1.49) [2]
Weighted average shares used in computing net loss per share, basic and diluted(1) (in Shares) 230,737,284 [1] 48,348,187 [1] 97,158,738 [2] 45,177,217 [2]
[1] Prior period results have been adjusted to reflect the exchange of Legacy MoneyLion’s common stock (the “Legacy MoneyLion Common Stock”) for MoneyLion Class A Common Stock at an exchange ratio of approximately 16.4078 (the “Exchange Ratio”) in September 2021 as a result of the Business Combination. See Note 3, “Business Combination,” for details.
[2] Prior period results have been adjusted to reflect the exchange of Legacy MoneyLion Common Stock for MoneyLion Class A Common Stock at an exchange ratio of approximately 16.4078 in September 2021 as a result of the Business Combination. See Note 3, “Business Combination,” for details. Because the Company had a net loss in the twelve months ended December 31, 2021 and 2020, the Company’s potentially dilutive securities, which include stock options, restricted stock units, preferred stock and warrants to purchase shares of common stock and preferred stock, have been excluded from the computation of diluted net loss per share, as the effect would be anti-dilutive. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders for these periods is the same.