Abacus Life, Inc. (“Abacus” or the “Company”) (NASDAQ: ABL), a
leading global alternative asset manager focused on lifespan-based
financial products, today announced preliminary unaudited financial
results for the third quarter ended September 30, 2024.
Preliminary Financial Results - Third
Quarter 2024
Based upon management's current expectations,
the Company anticipates Total Revenue, Net Income, and Adjusted
EBITDA, for the third quarter as follows:
|
3Q24 |
Total Revenue |
Between $26.0 and $28.0 million |
GAAP Net Income / (Loss) |
Between ($6.0) and ($6.75) million |
Adjusted EBITDA |
Between $14.0 and $16.0 million |
“We are pleased to report another strong
performance across our business, continuing to underscore the clear
differentiation of our business model,” said Jay Jackson, Chief
Executive Officer of Abacus. “During the quarter, we announced key
acquisitions of Carlisle Management Company SCA and FCF Advisors.
We are excited to welcome them to the Abacus family. In addition,
we further strengthened our management team, welcoming Corey
McLaren as Managing Director of Capital Markets and Robert F.
Phillips as our new Senior Vice President of Investor Relations and
Corporate Affairs. We also partnered with Lorisco to launch
PREADISAN™, a revolutionary health prediction and actuarial
technology tool, which is enabling us to offer unprecedented
personalization in longevity forecasting, as well as highly
tailored financial solutions for our clients. We remain committed
to executing on our long-term growth initiatives and delivering
value to our shareholders.”
Earnings Release and Conference
Call
As previously noted, Abacus Life, Inc. will
release its third quarter 2024 financial results after the market
closes on Thursday, November 7, 2024. Management will hold a
conference call to discuss the financial results at 5:00 pm Eastern
Time on November 7, 2024. 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
(800) 267-6316 (toll-free) or (203) 518-9783 (international).
Please dial the number 10 minutes prior to the scheduled start
time.
Preliminary Information
The unaudited financial and operational
information presented in this press release is preliminary and may
change. Abacus’ financial closing procedures with respect to the
estimated financial information provided in this press release are
not yet complete, and as a result, the Company's final results may
vary materially from the preliminary results included in this press
release. Abacus undertakes no obligation to update or supplement
the information provided in this press release until the Company
releases its financial statements for the three months ended
September 30, 2024. The preliminary financial information included
in this press release reflects the Company's current estimates
based on information available as of the date of this press release
and has been prepared by Company management. This preliminary
financial and operational information should not be viewed as a
substitute for full financial statements prepared in accordance
with GAAP and is not necessarily indicative of the results to be
achieved for any future periods. This preliminary financial
information could be impacted by the effects of financial closing
procedures, final adjustments, and other developments.
Non-GAAP Financial
Information
Adjusted EBITDA, a non-GAAP 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.
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, specializing in 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 nearly $3 billion in assets under
management, including pending acquisitions, Abacus is the only
publicly traded global alternative asset manager focused on
lifespan-based financial products traded on the Nasdaq
exchange.
Abacus has invested in two new verticals: ABL
Wealth, which provides longevity-based wealth management services
and investment offerings, and ABL Tech, which offers
ground-breaking technology services for pension funds, governments,
insurance companies, retirement associations and more that provides
advanced real-time data tracking and analysis. With each new
channel, we are revolutionizing the future of life insurance.
www.Abacuslife.com
Contacts:
Investor Relations
Robert Phillips – SVP Investor Relationsrob@abacuslife.com(321)
290-1198
David Jackson – IR/Capital Markets
Associatedjackson@abacuslife.com(321) 299-0716
Abacus Life Public
Relationspress@abacuslife.com
ABACUS LIFE, INC. Adjusted EBITDA
|
|
|
|
|
Three Months
Ended |
|
Three Months
Ended |
|
September
30, 2024 |
|
September
30, 2023 |
|
|
|
|
|
|
|
Low |
|
High |
|
Actual |
GAAP Net income / (Loss) attributable to Abacus Life,
Inc. |
$ |
(6,750,000 |
) |
|
$ |
(6,000,000 |
) |
|
$ |
1,050,972 |
|
|
|
|
|
|
|
GAAP Net
income / (Loss) |
|
(6,750,000 |
) |
|
|
(6,000,000 |
) |
|
|
1,050,972 |
|
Depreciation and amortization expense |
|
1,675,000 |
|
|
|
1,750,000 |
|
|
|
1,694,853 |
|
Income tax (benefit) |
|
(550,000 |
) |
|
|
(400,000 |
) |
|
|
1,710,315 |
|
Stock-compensation |
|
6,300,000 |
|
|
|
6,500,000 |
|
|
|
4,583,632 |
|
Due Diligence related to acquisitions |
|
1,725,000 |
|
|
|
2,000,000 |
|
|
|
- |
|
Other (expense) |
|
- |
|
|
|
25,000 |
|
|
|
(20,087 |
) |
Interest expense |
|
3,900,000 |
|
|
|
4,125,000 |
|
|
|
2,679,237 |
|
Interest income |
|
(600,000 |
) |
|
|
(650,000 |
) |
|
|
(63,826 |
) |
(Gain) Loss on change in fair value of debt |
|
- |
|
|
|
150,000 |
|
|
|
(2,088,797 |
) |
Change in fair value of warrant liability |
|
8,750,000 |
|
|
|
8,900,000 |
|
|
|
943,400 |
|
Realized & Unrealized (gain) on investments |
|
(450,000 |
) |
|
|
(400,000 |
) |
|
|
306,800 |
|
Adjusted EBITDA |
$ |
14,000,000 |
|
|
$ |
16,000,000 |
|
|
$ |
10,796,499 |
|
|
|
|
|
|
|
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