Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.22.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Revenue    
Service and subscription revenue $ 330,598 $ 164,073
Net interest income on loan receivables 10,147 7,002
Total revenue, net 340,745 171,075
Operating expenses    
Provision for credit losses on consumer receivables 99,753 60,749
Compensation and benefits 99,603 45,693
Marketing 37,245 43,170
Direct costs 106,419 44,130
Professional services 32,650 19,847
Technology-related costs 21,536 9,210
Other operating expenses 42,216 21,628
Total operating expenses 439,422 244,427
Net loss before other (expense) income and income taxes (98,677) (73,352)
Interest expense (29,799) (7,251)
Change in fair value of warrant liability 7,923 (39,629)
Change in fair value of subordinated convertible notes   (41,877)
Change in fair value of contingent consideration from mergers and acquisitions 41,254 (10,838)
Goodwill impairment loss (136,760)  
Other income 1,359 3,519
Net loss before income taxes (214,700) (169,428)
Income tax (benefit) expenses (25,634) 56
Net loss (189,066) (169,484)
Net income attributable to redeemable noncontrolling interests   (12,776)
(Accrual) / reversal of dividends on preferred stock (6,880) 42,728
Net loss attributable to common shareholders $ (195,946) $ (139,532)
Net loss per share attributable to common stockholders - basic [1],[2] $ (0.81) $ (1.44)
Net loss per share attributable to common stockholders - diluted [1],[2] $ (0.81) $ (1.44)
Weighted-average common shares outstanding - basic [1],[2] 241,695,859 97,158,738
Weighted average shares used in computing net loss per share, diluted [1],[2] 241,695,859 97,158,738
[1] Prior period results have been adjusted to reflect the exchange of Legacy MoneyLion Common Stock or 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.
[2] Prior period results have been adjusted to reflect the exchange of Legacy MoneyLion’s Common Stock for 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. Additionally, included within net income attributable to common stockholders for the twelve months ended December 31, 2021 is an adjustment to reflect the reversal of previously accrued dividends on redeemable convertible preferred stock in the amount of $56,931 which were forfeited by the preferred stockholders in conjunction with the Business Combination.