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Orion Digital Corp. Q3 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Mogo Q3 2024 Earnings Summary

Overview: Mogo reported progress toward sustainable profitability while investing in its wealth platform. Key themes include efficiency gains, Rule of 40 improvements, and raised 2024 guidance plus new 2025 targets. Focus remains on positive adjusted net income for full-year 2025 for the first time in company history.

Financial Highlights (Q3 2024 vs. Prior Periods)

  • Subscription and services revenue: +12% YoY, driven by 20% YoY growth in payments and mid-teens growth in wealth (collectively ~2/3 of this revenue line).
  • Interest revenue: +5% YoY, but down sequentially due to conservative loan originations.
  • Adjusted EBITDA: $2.1 million (12% margin), consistent with prior year but up for the second consecutive quarter; Rule of 40 score reached 24% (vs. 4% in Q3 2023 and 16% in Q2 2024).
  • Adjusted cash flow from operations: Record $4.8 million (+85% YoY).
  • Total cash flow from operations: +$1.5 million (vs. -$4.2 million in Q3 2023).
  • Adjusted net loss: $0.5 million (improved from $1.5 million in Q2 2024, nearing breakeven).
  • Cash and total investments: $36 million ($12.4M cash/restricted cash + $12.5M marketable securities + $11.3M investment portfolio), or ~$1.48 per share.

Business Pillars Update

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Operator: Good afternoon, ladies and gentlemen, and welcome to the Mogo Q3 Earnings Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct the question and answer session. [Operator Instructions] This call is being recorded on Wednesday, November 6, 2024. I would now like to hand the conference over to Craig Armitage, Investor Relations. Please go ahead. Craig Armitage: Thank you, operator, and good afternoon, everyone. Thanks for joining us today. Just a few notes from me before we get started. Today's call will contain forward-looking statements that are based on current assumptions and subject to risks and uncertainties that could cause actual results to differ materially from those projected. The company undertakes no obligation to update these statements, except as required by law. Information about the risks and uncertainties are included in Mogo's Q3 filings as well as periodic filings with regulators in Canada and the United States, which you'll find, of course, on SEDAR, EDGAR, and you can access via the Mogo Investor Relations website. Secondly, today's session will include several non-IFRS measures. Please consider these as a supplement to and not as a substitute for the IFRS measures. We've included reconciliations to those, both in the press release and the investor deck, which is on the website. With that, I'll turn it over to Dave Feller to get us started. Dave? David Feller: Thanks, Craig. Thank you. Goo

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