Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.22.2
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Revenue    
Net interest income on finance receivables $ 7,002 $ 4,347
Membership subscription revenue 32,357 25,994
Affiliates income 10,900 2,234
Fee income 116,131 46,639
Other income 4,721 197
Total Revenues, net 171,111 79,411
Operating expenses    
Marketing 43,170 11,060
Provision for loss on receivables 60,749 21,294
Other direct costs 8,864 4,336
Interest expense 7,251 2,950
Personnel expenses 45,878 24,200
Underwriting expenses 8,253 6,242
Information technology expenses 7,488 7,041
Bank and payment processor fees 24,565 13,737
Change in fair value of warrant liability 39,629 14,419
Change in fair value of subordinated convertible notes 41,877 4,000
Change in fair value of contingent consideration from mergers and acquisitions 10,838
Professional fees 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 19,172 1,155
Total operating expenses 340,539 120,992
Net loss before income taxes (169,428) (41,581)
Income tax expense 56 6
Net loss (169,484) (41,587)
Net income attributable to redeemable noncontrolling interests (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 $ (139,532) $ (67,205)
Net loss per share, basic and diluted (in Dollars per share) [1] $ (1.44) $ (1.49)
Weighted average shares used in computing net loss per share, basic and diluted (in Shares) [1] 97,158,738 45,177,217
[1] 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 4, “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.