Abacus Life Inc Reports Second Quarter 2024 Financial Results
Intellectia.AI2024-08-12
Abacus Life, Inc. Reports Second Quarter 2024 Financial Results
Abacus Life, Inc. ("Abacus" or the "Company") (NASDAQ: ABL) today reported its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Year-over-Year Change | Consensus Estimate |
|---|---|---|---|---|
| Total Revenue | $29.1M | $11.4M | +155.3% | $26.71M |
| Net Income (GAAP) | $0.8M | $6.8M | -88.2% | |
| Adjusted Net Income | $11.8M | $6.8M | +75% | |
| Adjusted EBITDA | $16.7M | $9.1M | +83% | |
| Adjusted EPS | $0.18 | $0.13 |
Analysis: Abacus reported a significant increase in total revenue, more than doubling year-over-year, surpassing both prior year results and Wall Street consensus estimates. However, GAAP net income decreased due to increased interest expenses, non-cash stock-based compensation, and other public company expenses. Adjusted EBITDA grew by 83%, showcasing substantial improvements in operational efficiency and profitability.
Segment Revenue Performance
No detailed segment breakdown or guidance was provided in the financial release.
Analysis: The lack of detailed segmented financial performance makes it difficult to assess specific growth areas within the company. However, the overall revenue growth and increased capital deployment suggest broad-based strength across Abacus's core operations.
Key Operational Data
| Metric | Q2 2024 | Q2 2023 | Year-over-Year Change |
|---|---|---|---|
| Origination Capital Deployed | $104.7M | $59.8M | +75.2% |
| Number of Policy Originations | 275 | 141 | +95% |
Executive Commentary
Jay Jackson, Chief Executive Officer of Abacus, commented, "We delivered another excellent quarter, showcasing continued robust growth and profitability, as well as successfully executing on our long-term strategy." He also highlighted the completion of a significant public equity offering and the establishment of new strategic relationships and acquisitions aimed at accelerating growth and expanding international presence.
Share Repurchase Program
As of August 8, 2024, Abacus has repurchased approximately 1,048,000 shares of its common stock at an average price of $11.43, totaling approximately $12 million. There is $3 million of remaining availability under the repurchase program, which expires on June 10, 2025.
Forward Guidance
The earnings report did not provide specific future guidance.
Stock Price Movement
Following the earnings release, Abacus's stock price experienced a change of 3.22%.
Conclusion: Abacus Life, Inc. demonstrated robust revenue growth and operational efficiency in its second-quarter financial results, although increased expenses impacted net income. The company continues to focus on strategic initiatives and investments to drive long-term growth.
For further details, contact: Abacus Life Investor Relations: investors@abacuslife.com
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