Orion Digital Corp. Q4 FY2023 Earnings Call

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Mogo Inc. Q4 & Fiscal 2023 Earnings Summary

Conference Call Date: March 20, 2024 | Focus: Profitability improvements, efficiency gains, and positioning for 2024 growth in wealth, payments, and crypto pillars.

Key Financial Highlights (Comparisons to Prior Periods)

  • Revenue: $17.2 million in Q4 2023, +6% sequentially from Q3 2023; returned to year-over-year growth (Q4 2022 was impacted by product exits).
  • Adjusted EBITDA: $2.7 million in Q4 2023 (+1,000% vs. Q4 2022); full-year 2023: $7.7 million (vs. loss of $12.2 million in 2022, a $19.9 million improvement).
  • Operating Expenses (OpEx): Q4 2023 down 25% ($4 million reduction) vs. prior year; full-year 2023 down 37%. Revenue per employee increased 82% since efficiency initiatives began.
  • Cash Flow from Operations: Positive $9.5 million in 2023 (vs. negative $10 million in 2022); Q4 2023 contributed $4.7 million.
  • Adjusted Net Loss: $2.6 million in Q4 2023 (improved from $5.4 million in Q4 2022).
  • Net Income: Positive $8.5 million in Q4 2023 (driven by investment gains).
  • Cash & Investments: $55 million at year-end 2023 (up from $44 million at Q3 2023 end), including $17.9 million cash/restricted cash and $27.7 million in crypto-related assets.

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Operator: Good afternoon, ladies and gentlemen, and welcome to the Mogo Q4 2023 Financial Results Conference Call. At this time, all lines are in listen only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] This call is being recorded on Wednesday, March 20, 2024. I would now like to turn the conference over to Mr. Craig Armitage. Thank you. Please go ahead. Craig Armitage : Thank you, operator, and good afternoon, everyone. Thanks for joining us today. Just a few notes 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 Q4 and year end filings, as well as periodic filings with regulators in Canada and the United States, which you'll find on SEDAR, EDGAR and you can access to the Investor Relations website as well. Second point is today's discussion will include several adjusted financial measures i.e. non-IFRS measures. Please consider these as a supplement to and not as a substitute for the IFRS measures. You'll see we've included reconciliations to those measures in the press release and the investor deck. And with that, I'll turn it over to Dave Feller to get us started. Please go ahead,

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