Abacus Life, Inc. (“Abacus” or the “Company”) (NASDAQ: ABL), a
pioneering alternative asset manager specializing in longevity and
actuarial technology, today reported results for the second quarter
ended June 30, 2024.
“We delivered another excellent quarter,
showcasing continued robust growth and profitability, as well as
successfully executing on our long-term strategy,” said Jay
Jackson, Chief Executive Officer of Abacus. “During the quarter, we
completed a public equity offering that generated over $90 million
of gross proceeds, which we quickly deployed towards new policy
originations and other growth initiatives. Additionally, we
established a new national distribution relationship with AIMCOR in
which Abacus will offer its expertise and become a preferred
partner for life settlement solutions.”
“Subsequent to quarter-end, in mid-July, we
entered into an agreement to acquire Carlisle Management, a premier
Luxembourg-based investment manager in the life settlement space.
The deal will add around $2 billion in assets under management and
accelerate ABL Wealth’s international expansion. In addition, we
agreed last week to acquire FCF Advisors, an asset manager and
index provider specializing in free cash flow-focused investment
strategies, which we expect will add another $600 million in assets
under management and further expand our lifespan-based financial
product offering. These agreements underscore our relentless
commitment to innovative solutions and long-term growth, and
solidify Abacus as a leading global market maker and alternative
asset manager.”
Second Quarter 2024
Highlights
- Total
revenue for the second quarter of 2024 more than doubled to $29.1
million, compared to $11.4 million in the prior-year period. The
increase was primarily driven by higher active management revenue,
increased capital deployed and more policies sold directly to third
parties.
-
Origination capital deployment for the second quarter of 2024 was
$104.7 million, compared to $59.8 million in the prior-year period;
number of policy originations for the second quarter of 2024 grew
95% to 275, compared to 141 in the prior-year period.
- U.S.
GAAP net income attributable to shareholders for the second quarter
of 2024 was $0.8 million, compared to $6.8 million in the
prior-year period, primarily driven by higher interest expense of
$4.5 million, a non-cash expense related to employee stock
compensation of $6.2 million and public company expenses incurred
in the second quarter of 2024 that were not incurred in the
prior-year period.
- Adjusted
net income (a non-GAAP financial measure) for the second quarter of
2024 grew 75% to $11.8 million, compared to $6.8 million in the
prior-year period. Adjusted diluted earnings per share for the
second quarter of 2024 was $0.18.
- Adjusted
EBITDA (a non-GAAP financial measure) for the second quarter of
2024 grew 83% to $16.7 million, compared to $9.1 million in the
prior-year period. Adjusted EBITDA margin (a non-GAAP financial
measure) for the second quarter of 2024 was 57.5%, compared to
80.4% in the prior-year period.
-
Annualized return on invested capital (ROIC) (a non-GAAP financial
measure) for the second quarter of 2024 was 18%.
-
Annualized Return on equity (ROE) (a non-GAAP financial measure)
for the second quarter of 2024 was 18%.
Liquidity and Capital
As of June 30, 2024, the Company had cash and
cash equivalents of $91.3 million, balance sheet policy assets of
$208.7 million and outstanding long-term debt of $81.6 million.
From the commencement of the Company’s $15
million stock repurchase program previously announced on December
12, 2023 (the “Repurchase Program”) through August 8, 2024, Abacus
has repurchased approximately 1,048,000 shares of its common stock
at an average price of $11.43 on the open market at a total cost of
approximately $12 million. As of August 8, 2024, the Company has
$3 million of availability under the Repurchase Program, which
expires on June 10, 2025, unless sooner suspended or
discontinued.
Webcast and Conference Call
A webcast and conference call to discuss the
Company’s results will be held today beginning at 9:00 a.m.
(Eastern Time). A live webcast of the conference call will be
available on Abacus’ investor relations website at
ir.abacuslife.com. The dial-in number for the conference call is
(877) 407-9716 (toll-free) or (201) 493-6779 (international).
Please dial the number 10 minutes prior to the scheduled start
time.
A webcast replay of the call will be available
at ir.abacuslife.com for one year following the call.
Non-GAAP Financial
Information
Adjusted Net Income, a non-GAAP financial
measure, is defined as net income (loss) attributable to Abacus
adjusted for non-controlling interest income, amortization, change
in fair value of warrants and non-cash stock-based compensation and
the related tax effect of those adjustments. Management believes
that Adjusted Net Income is an appropriate measure of operating
performance because it eliminates the impact of expenses that do
not relate to business performance. A reconciliation of Adjusted
Net Income to Net income attributable to Abacus, the most directly
comparable GAAP measure, appears below.
Adjusted EBITDA, a non-GAAP financial measure,
is defined as net income (loss) attributable to Abacus adjusted for
depreciation expense, amortization, interest expense, income tax
and other non-cash and certain non-recurring items that in our
judgement significantly impact the period-over-period assessment of
performance and operating results that do not directly relate to
business performance within Abacus’ control. A reconciliation of
Adjusted EBITDA to Net income attributable to Abacus Life, the most
directly comparable GAAP measure, appears below.
Adjusted EBITDA margin, a non-GAAP financial
measure, is defined as Adjusted EBITDA divided by Total revenues. A
reconciliation of Adjusted EBITDA margin to Net income margin, the
most directly comparable GAAP measure, appears below.
Annualized return on invested capital (ROIC), a
non-GAAP financial measure, is defined as Adjusted net income for
the quarter divided by the result of Total Assets less Intangible
assets, net, Goodwill and Current Liabilities multiplied by four.
ROIC is not a measure of financial performance under GAAP. We
believe ROIC should be considered in addition to, not as a
substitute for, operating income or loss, net income or loss, cash
flows provided by or used in operating, investing and financing
activities or other income statement or cash flow statement line
items reported in accordance with GAAP.
Annualized return on equity (ROE), a non-GAAP
financial measure, is defined as Adjusted net income divided by
total shareholder equity multiplied by four. ROE is not a measure
of financial performance under GAAP. We believe ROE should be
considered in addition to, not as a substitute for, operating
income or loss, net income or loss, cash flows provided by or used
in operating, investing and financing activities or other income
statement or cash flow statement line items reported in accordance
with GAAP. The below table presents our calculation of ROE.
Forward-Looking Statements
All statements in this press release (and oral
statements made regarding the subjects of this press release) other
than historical facts are forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements rely on a number of
assumptions concerning future events and are subject to a number of
uncertainties and factors that could cause actual results to differ
materially from such statements, many of which are outside the
control of Abacus. Forward-looking information includes but is not
limited to statements regarding: Abacus’s financial and operational
outlook; Abacus’s operational and financial strategies, including
planned growth initiatives and the benefits thereof, Abacus’s
ability to successfully effect those strategies, and the expected
results therefrom. These forward-looking statements generally are
identified by the words “believe,” “project,” “estimate,” “expect,”
”intend,” “anticipate,” “goals,” “prospects,” “will,” “would,”
“will continue,” “will likely result,” and similar expressions
(including the negative versions of such words or expressions).
While Abacus believes that the assumptions
concerning future events are reasonable, it cautions that there are
inherent difficulties in predicting certain important factors that
could impact the future performance or results of its business. The
factors that could cause results to differ materially from those
indicated by such forward-looking statements include, but are not
limited to: the fact that Abacus’s loss reserves are bases on
estimates and may be inadequate to cover its actual losses; the
failure to properly price Abacus’s insurance policies; the
geographic concentration of Abacus’s business; the cyclical nature
of Abacus’s industry; the impact of regulation on Abacus’s
business; the effects of competition on Abacus’s business; the
failure of Abacus’s relationships with independent agencies; the
failure to meet Abacus’s investment objectives; the inability to
raise capital on favorable terms or at all; the effects of acts of
terrorism; and the effectiveness of Abacus’s control environment,
including the identification of control deficiencies.
These forward-looking statements are also
affected by the risk factors, forward-looking statements and
challenges and uncertainties set forth in documents filed by Abacus
with the U.S. Securities and Exchange Commission from time to
time, including the Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q and subsequent periodic reports. These
filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Abacus cautions you not to place undue reliance on the
forward-looking statements contained in this press release.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and Abacus assumes no obligation and, except as
required by law, does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. Abacus does not give any assurance
that it will achieve its expectations.
About Abacus
Abacus is a leading global alternative asset
manager and market maker that specializes in the use of advanced
longevity and actuarial technology to purchase life insurance
policies from consumers seeking liquidity, while creating a
high-returning asset class of insurance products, uncorrelated to
market fluctuations, for institutional investors. With more than $2
billion in assets under management, Abacus is the only publicly
traded licensed life policy origination company and asset
manager.
The company’s pioneering experience in the life
planning space has created growth into new verticals. The
longevity-based wealth management service and investment offerings,
called ABL Wealth, uses Abacus’ decades of data and proprietary
algorithms to help financial advisors create more customized plans
for clients and access to uncorrelated investment funds. The
ground-breaking technology service, called ABL Tech, provides
advanced real-time data tracking and analysis for pensions funds,
governments, insurance companies, retirement associations and more.
With each new channel, Abacus is revolutionizing the future of life
insurance.
www.Abacuslife.com
Contact:Abacus Life Investor
Relationsinvestors@abacuslife.com
Abacus Life Public
Relationspress@abacuslife.com
ABACUS LIFE, INC. Condensed Consolidated Balance
Sheets
|
June 30, |
|
December 31, |
|
|
2024 |
|
|
2023 |
|
|
(unaudited) |
|
|
ASSETS |
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
Cash and cash equivalents |
$ |
91,323,829 |
|
|
$ |
25,588,668 |
|
|
Equity securities, at fair value |
|
4,008,225 |
|
|
|
2,252,891 |
|
|
Accounts receivable |
|
1,616,676 |
|
|
|
2,149,111 |
|
|
Accounts receivable, related party |
|
150,213 |
|
|
|
79,509 |
|
|
Due from affiliates |
|
1,170,589 |
|
|
|
1,007,528 |
|
|
Income tax receivables |
|
2,435,239 |
|
|
|
- |
|
|
Prepaid expenses and other current assets |
|
932,598 |
|
|
|
699,127 |
|
|
Total current assets |
|
101,637,369 |
|
|
|
31,776,834 |
|
|
Property and equipment, net |
|
692,273 |
|
|
|
400,720 |
|
|
Intangible assets, net |
|
26,352,123 |
|
|
|
29,623,130 |
|
|
Goodwill |
|
139,930,190 |
|
|
|
140,287,000 |
|
|
Operating right-of-use assets |
|
2,108,034 |
|
|
|
1,893,659 |
|
|
Life settlement policies, at cost |
|
1,140,497 |
|
|
|
1,697,178 |
|
|
Life settlement policies, at fair value |
|
207,571,413 |
|
|
|
122,296,559 |
|
|
Available-for-sale securities, at fair value |
|
1,165,575 |
|
|
|
1,105,935 |
|
|
Other investments, at cost |
|
1,750,000 |
|
|
|
1,650,000 |
|
|
Other assets |
|
1,507,431 |
|
|
|
998,945 |
|
|
Equity securities, at fair value |
|
- |
|
|
|
96,107 |
|
|
TOTAL ASSETS |
$ |
483,854,905 |
|
|
$ |
331,826,067 |
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
Current portion of long-term debt |
$ |
17,589,514 |
|
|
$ |
13,029,632 |
|
|
Current portion of long-term debt, related party |
|
28,170,326 |
|
|
|
- |
|
|
Accrued expenses |
|
2,176,515 |
|
|
|
4,354,225 |
|
|
Operating lease liabilities |
|
297,397 |
|
|
|
118,058 |
|
|
Due to affiliates |
|
5,236 |
|
|
|
5,236 |
|
|
Due to former members |
|
- |
|
|
|
1,159,712 |
|
|
Contract liabilities, deposits on pending settlements |
|
1,443,483 |
|
|
|
507,000 |
|
|
Accrued transaction costs |
|
2,533,627 |
|
|
|
- |
|
|
Other current liabilities |
|
3,166,959 |
|
|
|
3,400,734 |
|
|
Income taxes payable |
|
- |
|
|
|
751,734 |
|
|
Total current liabilities |
|
55,383,057 |
|
|
|
23,326,331 |
|
|
Long-term debt, related party |
|
11,799,715 |
|
|
|
37,653,869 |
|
|
Long-term debt, net |
|
57,871,104 |
|
|
|
33,818,090 |
|
|
Long-term debt, at fair value, net |
|
81,640,478 |
|
|
|
55,318,923 |
|
|
Operating lease liabilities |
|
1,946,140 |
|
|
|
1,796,727 |
|
|
Deferred tax liability |
|
12,001,423 |
|
|
|
9,199,091 |
|
|
Warrant liability |
|
6,363,500 |
|
|
|
6,642,960 |
|
|
TOTAL LIABILITIES |
|
227,005,417 |
|
|
|
167,755,991 |
|
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Class A common stock, $0.0001 par value; 200,000,000 authorized
shares; 75,484,567 and 63,388,823 shares issued at June 30,
2024 and December 31, 2023, respectively |
|
7,548 |
|
|
|
6,339 |
|
|
Treasury stock - at cost; 1,048,226 and 146,650 shares repurchased
at June 30, 2024 and December 31, 2023, respectively |
|
(12,025,137 |
) |
|
|
(1,283,062 |
) |
|
Additional paid-in capital |
|
303,237,878 |
|
|
|
199,826,278 |
|
|
Accumulated deficit |
|
(34,514,318 |
) |
|
|
(34,726,135 |
) |
|
Accumulated other comprehensive income |
|
64,324 |
|
|
|
108,373 |
|
|
Non-controlling interest |
|
79,193 |
|
|
|
138,283 |
|
|
Total stockholders' equity |
|
256,849,488 |
|
|
|
164,070,076 |
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
483,854,905 |
|
|
$ |
331,826,067 |
|
|
|
|
|
|
|
ABACUS LIFE, INC. Condensed Consolidated Statement of
Operations
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
REVENUES: |
|
|
|
|
|
|
|
|
Portfolio servicing revenue |
$ |
204,888 |
|
|
$ |
354,366 |
|
|
$ |
422,823 |
|
|
$ |
590,057 |
|
|
Active management revenue |
|
27,013,757 |
|
|
|
11,024,399 |
|
|
|
46,810,756 |
|
|
|
20,994,917 |
|
|
Origination revenue |
|
1,857,457 |
|
|
|
— |
|
|
|
3,329,707 |
|
|
|
— |
|
|
Total revenues |
|
29,076,102 |
|
|
|
11,378,765 |
|
|
|
50,563,286 |
|
|
|
21,584,974 |
|
|
COST OF REVENUES (excluding depreciation and amortization stated
below) |
|
|
|
|
|
|
|
|
Cost of revenue (including stock-based compensation) |
|
2,742,081 |
|
|
|
973,400 |
|
|
|
5,462,293 |
|
|
|
1,462,950 |
|
|
Related party cost of revenue |
|
1,453 |
|
|
|
— |
|
|
|
2,138 |
|
|
|
— |
|
|
Total cost of revenue |
|
2,743,534 |
|
|
|
973,400 |
|
|
|
5,464,431 |
|
|
|
1,462,950 |
|
|
Gross Profit |
|
26,332,568 |
|
|
|
10,405,365 |
|
|
|
45,098,855 |
|
|
|
20,122,024 |
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
Sales and marketing |
|
2,552,801 |
|
|
|
683,841 |
|
|
|
4,482,745 |
|
|
|
1,412,845 |
|
|
General and administrative (including stock-based
compensation) |
|
14,553,344 |
|
|
|
577,539 |
|
|
|
25,906,843 |
|
|
|
1,274,431 |
|
|
Loss on change in fair value of debt |
|
1,199,463 |
|
|
|
1,445,229 |
|
|
|
3,912,090 |
|
|
|
2,398,662 |
|
|
Realized & Unrealized (gain) on investments |
|
(494,262 |
) |
|
|
(672,936 |
) |
|
|
(1,659,228 |
) |
|
|
(798,156 |
) |
|
Depreciation and amortization expense |
|
1,750,452 |
|
|
|
1,098 |
|
|
|
3,432,506 |
|
|
|
2,141 |
|
|
Total operating expenses |
|
19,561,798 |
|
|
|
2,034,771 |
|
|
|
36,074,956 |
|
|
|
4,289,923 |
|
|
Operating Income |
$ |
6,770,770 |
|
|
$ |
8,370,594 |
|
|
$ |
9,023,899 |
|
|
$ |
15,832,101 |
|
|
OTHER INCOME (EXPENSE): |
|
|
|
|
|
|
|
|
Gain on change in fair value of warrant liability |
|
(667,500 |
) |
|
|
— |
|
|
|
279,460 |
|
|
|
— |
|
|
Interest expense |
|
(4,529,187 |
) |
|
|
(584,075 |
) |
|
|
(8,199,632 |
) |
|
|
(941,458 |
) |
|
Interest income |
|
639,906 |
|
|
|
— |
|
|
|
1,061,332 |
|
|
|
7,457 |
|
|
Other income (expense) |
|
195,470 |
|
|
|
121,601 |
|
|
|
142,442 |
|
|
|
(21,651 |
) |
|
Total other (expense) |
|
(4,361,311 |
) |
|
|
(462,474 |
) |
|
|
(6,716,398 |
) |
|
|
(955,652 |
) |
|
Net income (loss) income before provision for income taxes |
|
2,409,459 |
|
|
|
7,908,120 |
|
|
|
2,307,501 |
|
|
|
14,876,449 |
|
|
Income tax expense (benefit) |
|
1,757,710 |
|
|
|
1,184,571 |
|
|
|
2,931,223 |
|
|
|
528,104 |
|
|
NET (LOSS) INCOME |
|
651,749 |
|
|
|
6,723,549 |
|
|
|
(623,722 |
) |
|
|
14,348,345 |
|
|
LESS: NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING
INTEREST |
|
(118,234 |
) |
|
|
(26,596 |
) |
|
|
(44,960 |
) |
|
|
(487,303 |
) |
|
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS |
$ |
769,983 |
|
|
$ |
6,750,145 |
|
|
($ |
578,762 |
) |
|
$ |
14,835,648 |
|
|
(LOSS) EARNINGS PER SHARE: |
|
|
|
|
|
|
|
|
Earning (Loss) per share - basic |
$ |
0.01 |
|
|
$ |
0.13 |
|
|
$ |
(0.01 |
) |
|
$ |
0.29 |
|
|
Earning (Loss) per share - diluted |
$ |
0.01 |
|
|
$ |
0.13 |
|
|
$ |
(0.01 |
) |
|
$ |
0.29 |
|
|
Weighted-average stock outstanding—basic |
|
63,846,170 |
|
|
|
50,507,728 |
|
|
|
63,087,878 |
|
|
|
50,438,921 |
|
|
Weighted-average stock outstanding— diluted |
|
67,162,820 |
|
|
|
50,507,728 |
|
|
|
63,102,210 |
|
|
|
50,438,921 |
|
|
NET (LOSS) INCOME |
$ |
651,749 |
|
|
$ |
6,723,549 |
|
|
($ |
623,722 |
) |
|
$ |
14,348,345 |
|
|
Other comprehensive income (loss), net of tax or tax benefit: |
|
|
|
|
|
|
|
|
Change in fair value of debt (risk adjusted) |
|
(65,614 |
) |
|
|
(119,663 |
) |
|
|
(58,178 |
) |
|
|
(231,976 |
) |
|
Comprehensive (loss) income before non-controlling interests |
|
586,135 |
|
|
|
6,603,886 |
|
|
|
(681,900 |
) |
|
|
14,116,369 |
|
|
Net and comprehensive income (loss) attributable to non-controlling
interests |
|
(127,850 |
) |
|
|
(56,111 |
) |
|
|
(59,090 |
) |
|
|
(543,749 |
) |
|
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON
STOCKHOLDERS |
$ |
713,985 |
|
|
$ |
6,659,997 |
|
|
($ |
622,810 |
) |
|
$ |
14,660,118 |
|
|
|
|
|
|
|
|
|
|
|
ABACUS LIFE, INC. Adjusted Net Income and Adjusted
EPS
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Net income attributable to common stockholders |
$ |
769,983 |
|
|
$ |
6,750,145 |
|
|
($ |
578,762 |
) |
|
$ |
14,835,648 |
|
|
Amortization expense |
|
1,706,033 |
|
|
|
— |
|
|
|
3,373,142 |
|
|
|
— |
|
|
Stock based compensation |
|
6,165,459 |
|
|
|
— |
|
|
|
12,258,830 |
|
|
|
— |
|
|
Business Acquisition Costs |
|
1,325,000 |
|
|
|
— |
|
|
|
1,325,000 |
|
|
|
— |
|
|
Gain on change in fair value of warrant liability |
|
667,500 |
|
|
|
— |
|
|
|
(279,460 |
) |
|
|
— |
|
|
Tax impact |
|
1,178,552 |
|
|
|
— |
|
|
|
2,344,454 |
|
|
|
|
|
|
Adjusted Net Income |
$ |
11,812,527 |
|
|
$ |
6,750,145 |
|
|
$ |
18,443,204 |
|
|
$ |
14,835,648 |
|
|
Weighted-average shares of Class A common stock outstanding -
basic |
|
63,846,170 |
|
|
|
50,507,728 |
|
|
|
63,087,878 |
|
|
|
50,438,921 |
|
|
Weighted-average shares of Class A common stock outstanding -
diluted |
|
67,162,820 |
|
|
|
50,507,728 |
|
|
|
63,102,210 |
|
|
|
50,438,921 |
|
|
Adjusted EPS - basic |
$ |
0.19 |
|
|
$ |
0.13 |
|
|
$ |
0.29 |
|
|
$ |
0.29 |
|
|
Adjusted EPS - diluted |
$ |
0.18 |
|
|
$ |
0.13 |
|
|
$ |
0.29 |
|
|
$ |
0.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ABACUS LIFE, INC. Adjusted EBITDA and Adjusted EBITDA
margin
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Net (loss) income |
$ |
651,749 |
|
|
$ |
6,723,549 |
|
|
($ |
623,722 |
) |
|
$ |
14,348,345 |
|
|
Depreciation and amortization expense |
|
1,750,452 |
|
|
|
1,098 |
|
|
|
3,432,506 |
|
|
|
2,141 |
|
|
Income Tax expense |
|
1,757,710 |
|
|
|
1,184,571 |
|
|
|
2,931,223 |
|
|
|
528,104 |
|
|
Interest (Expense) |
|
4,529,187 |
|
|
|
584,075 |
|
|
|
8,199,632 |
|
|
|
941,458 |
|
|
Other Income (Expenses) |
|
(195,470 |
) |
|
|
(121,601 |
) |
|
|
(142,442 |
) |
|
|
21,651 |
|
|
Interest Income |
|
(639,906 |
) |
|
|
— |
|
|
|
(1,061,332 |
) |
|
|
(7,457 |
) |
|
Gain on change in fair value of warrant liability |
|
667,500 |
|
|
|
— |
|
|
|
(279,460 |
) |
|
|
— |
|
|
Stock based compensation |
|
6,165,459 |
|
|
|
— |
|
|
|
12,258,830 |
|
|
|
— |
|
|
Business acquisition costs |
|
1,325,000 |
|
|
|
— |
|
|
|
1,325,000 |
|
|
|
— |
|
|
Unrealized loss (gain) on investments |
|
362,482 |
|
|
|
(672,936 |
) |
|
|
(802,484 |
) |
|
|
(798,156 |
) |
|
Realized gain on investments |
|
(856,744 |
) |
|
|
— |
|
|
|
(856,744 |
) |
|
|
— |
|
|
Loss on change in fair value of debt |
|
1,199,463 |
|
|
|
1,445,229 |
|
|
|
3,912,090 |
|
|
|
2,398,662 |
|
|
Adjusted EBITDA |
$ |
16,716,882 |
|
|
$ |
9,143,985 |
|
|
$ |
28,293,097 |
|
|
$ |
17,434,748 |
|
|
Adjusted EBITDA Margin |
|
57.5 |
% |
|
|
80.4 |
% |
|
|
56.0 |
% |
|
|
80.8 |
% |
|
Net (Loss) Income Margin |
|
2.2 |
% |
|
|
59.1 |
% |
|
|
-1.2 |
% |
|
|
66.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ABACUS LIFE, INC. Return on Invested Capital
(ROIC)
|
For the Period Ended |
|
|
For the Period Ended |
|
|
March 31, 2024 |
|
|
June 30, 2024 |
|
Total Assets |
$ |
376,719,400 |
|
|
$ |
483,854,905 |
|
Less: |
|
|
|
Intangible assets, net |
|
(28,048,028 |
) |
|
|
(26,352,133 |
) |
Goodwill |
|
(140,287,000 |
) |
|
|
(139,930,190 |
) |
Current Liabilities |
|
(23,835,352 |
) |
|
|
(55,383,057 |
) |
Total Invested Capital |
$ |
184,549,020 |
|
|
$ |
262,189,525 |
|
|
|
|
|
|
|
|
|
Adjusted Net Income |
$ |
6,703,951 |
|
|
$ |
11,812,527 |
|
Adjusted Annualized ROIC |
|
15 |
% |
|
|
18 |
% |
|
|
|
|
ABACUS LIFE, INC. Return on Equity (ROE)
|
For the Period Ended |
|
|
For the Period Ended |
|
|
March 31, 2024 |
|
|
June 30, 2024 |
|
Total Shareholder Equity |
$ |
165,340,772 |
|
|
$ |
256,849,488 |
|
|
|
|
|
|
|
|
|
Adjusted Net Income |
$ |
6,703,951 |
|
|
$ |
11,812,527 |
|
Adjusted Annualized ROE |
|
16 |
% |
|
|
18 |
% |
|
|
|
|
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