Abacus Life Provides Preliminary Third Quarter 2024 Results
- Expects Total Revenue Between $26.0 and $28.0 Million; Grows 23-33% Year-over-Year -
- Expects GAAP Net Income / (Loss) Between ($6.0) and ($6.75) Million Due to Non-Cash Increase in Warrant Liability of Between $8.0 and $9.0 Million -
- Expects Adjusted EBITDA Between $14.0 and $16.0 Million; Grows 30-48% Year-over-Year -
- Third Quarter 2024 Earnings Release and Conference Call to be Held Thursday, November 7, 2024 -
ORLANDO, Fla., Oct. 22, 2024 (GLOBE NEWSWIRE) -- 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 ...
