Katapult Holdings, Inc. (“Katapult” or the “Company”) (NASDAQ:
KPLT), an e-commerce-focused financial technology company, today
reported its financial results for the first quarter ended March
31, 2024.
“We were able to deliver gross originations and
revenue growth above our expectations, despite a challenging retail
environment,” said Orlando Zayas, CEO of Katapult. “We continue to
execute against the core tenets of our merchant and customer
strategies, and our progress is showing up in our financial
results. Our non-Wayfair gross originations grew 9% during the
first quarter, Katapult Pay(R) gross originations grew by more than
150% and our repeat purchase rate remained strong at 56%. We are
consistently launching features and capabilities that increase our
value proposition for merchants, enhance the lease-to-own
experience for customers and strengthen the resiliency of our
business model. We believe we are well positioned for continued
growth and we are looking forward to a great year.”
Operating Progress: Recent
Highlights
- Upgraded Katapult platform with
integration of newest version of Shopify
- Expanded relationships focused on
growing direct merchant-partner pipeline
- Launched Katapult Cartridge for B2C Commerce on Salesforce
AppExchange
- Made progress integrating with the requirements of the
Synchrony digital waterfall application process, which will enable
Synchrony’s retail partners to offer our LTO option to their
customers
- Continued to build momentum for
Katapult Pay and our app
- Katapult Pay gross originations grew more than 150%
year-over-year
- Launched Lowe’s in the Katapult marketplace; available for
shopping using Katapult Pay as of May 7, 2024
- Customer satisfaction remained high
and Katapult had a Net Promoter Score of 65 as of March 31, 2024
and 55.9% of gross originations for the first quarter of 2024 came
from repeat customers.1
First Quarter 2024 Financial
Highlights
(All comparisons are year-over-year unless stated
otherwise.)
- Gross originations were $55.6 million, an increase of 1.6%
- Total revenue was $65.1 million, an increase of 18.1%
- Total operating expenses in the first quarter decreased 18.5%.
Fixed cash operating expenses2 decreased approximately 20.6%
- Net loss was $0.6 million for the first quarter of 2024
compared with net loss of $10.5 million reported for the first
quarter of 2023.
- Adjusted net income was $1.0 million for the first quarter of
2024, an improvement of $9.6 million compared to an adjusted net
loss of $8.6 million reported for the first quarter of 2023
- Adjusted EBITDA2 improved to positive $5.6 million for the
first quarter of 2024 compared to an Adjusted EBITDA2 loss of $1.0
million in the first quarter of 2023
- Katapult ended the quarter with total cash and cash equivalents
of $37.6 million, which includes $6.3 million of restricted cash.
The Company ended the quarter with $68.0 million of outstanding
debt on its credit facility
- Write-offs as a percentage of revenue were 8.4% in the first
quarter of 2024 and are at the low end of the Company’s 8% to 10%
long-term target range. This is a 40 bps improvement compared with
8.8% in the first quarter of 2023.
[1] Repeat customer rate is defined as the percentage of
in-quarter originations from existing customers. [2] Please refer
to the “Reconciliation of Non-GAAP Measure and Certain Other Data”
section and the GAAP to non-GAAP reconciliation tables below for
more information.
Second Quarter and Full Year 2024 Business
Outlook
The Company is continuing to navigate an evolving
macro environment and it is unclear if interest rates will move
lower this year given recent inflation trends. At the same time,
our results lead us to believe that our customer is generally
resilient. As a result, it's difficult to assess what, if any
impact these dynamics will ultimately have on our core consumer,
and what, if any impact these dynamics will have on prime lending
standards and the US consumer’s access to credit. We continue to
believe that we have a large addressable market of underserved,
non-prime consumers, and it’s important to note that lease-to-own
solutions have historically benefited when prime credit options
become less available.
Based on these dynamics and the operating plan in
place for the full year 2024, Katapult expects to deliver the
following results for the second quarter of 2024:
- 3 to 5% year-over-year increase in
gross originations, which reflects the ongoing headwinds in the
home furnishings retail category
- 8 to 10% year-over-year increase in
revenue
- Continued improvement in Adjusted
EBITDA performance compared with the second quarter of last year,
despite an expectation for fixed cash operating expenses to
increase slightly year-over-year as we invest in new growth
initiatives
For full year 2024, Katapult is reiterating the following
outlook:
- We expect to continue to expand our
customer base and acquire new customers
- Year-over-year growth in gross
originations is expected to continue. For the full year we expect
gross originations to grow at a rate of at least 10% and believe
that our first quarter performance was the low point for the
year.This outlook does not include any material impact from prime
creditors tightening or loosening above us and assumes that there
are no significant changes to the macro environment. Our outlook
also assumes the retail environment for home furnishings begins to
normalize. The Company also expects gross originations to improve
sequentially in the second half of 2024 compared to the first half
of 2024 driven by growth in direct merchant originations and
originations coming through Katapult Pay.
- We also expect to maintain strong
credit quality in our portfolio. This will be driven by ongoing
enhancements to our risk modeling, onboarding high quality new
merchants through direct integrations, and repeat customers
engaging with Katapult Pay
- Revenue growth is expected to be at
least 10%
- Finally with the continued execution
of our disciplined expense management strategy combined with our
growing top-line we expect to deliver another year of Adjusted
EBITDA growth. We also expect Adjusted EBITDA to follow the
seasonal patterns that we have seen historically.
"During the first quarter we faced retail
headwinds, but as expected, we picked up momentum as the quarter
progressed,” said Nancy Walsh, CFO of Katapult. “Each month we
improved year-over-year gross originations growth and this
performance, coupled with our strong revenue growth, lease
portfolio quality, and our disciplined expense management, allowed
us to improve Adjusted EBITDA substantially year-over-year. We are
on track to deliver a minimum of 10% gross originations and revenue
growth for 2024 as we continue to scale our financial model.”
Conference Call and Webcast
The Company will host a conference call and
webcast at 8:00 AM ET on Wednesday, May 15, 2024, to discuss the
Company’s financial results. Related presentation materials will be
available before the call on the Company’s Investor Relations page
at https://ir.katapultholdings.com. The conference call will be
broadcast live in listen-only mode and an archive of the webcast
will be available for one year.
About Katapult
Katapult is a technology driven lease-to-own
platform that integrates with omnichannel retailers and e-commerce
platforms to power the purchasing of everyday durable goods for
underserved U.S. non-prime consumers. Through our point-of-sale
(POS) integrations and innovative mobile app featuring Katapult
Pay(R), consumers who may be unable to access traditional financing
can shop a growing network of merchant partners. Our process is
simple, fast, and transparent. We believe that seeing the good in
people is good for business, humanizing the way underserved
consumers get the things they need with payment solutions based on
fairness and dignity.
Contact
Jennifer Kull VP of Investor Relations ir@katapult.com
Forward-Looking Statements
Certain statements included in this Press
Release that are not historical facts are forward-looking
statements for purposes of the safe harbor provisions under the
United States Private Securities Litigation Reform Act of 1995. In
some cases, forward-looking statements may be identified by words
such as “anticipate,” “assume,” “believe,” “continue,” “could,”
“design,” “estimate,” “expect,” “intend,” “may,” “plan,”
“potentially,” “predict,” “should,” “will,” “would,” or the
negative of these terms or other similar expressions.. These
forward-looking statements include, but are not limited to,
statements regarding our second quarter 2024 and full year 2024
business outlook and underlying assumptions These statements are
based on various assumptions, whether or not identified in this
Press Release, and on the current expectations of Katapult’s
management and are not predictions of actual performance.
These forward-looking statements are provided
for illustrative purposes only and are not intended to serve as, a
guarantee, an assurance, a prediction or a definitive statement of
fact or probability. Actual events and circumstances are difficult
or impossible to predict and will differ from assumptions. Many
actual events and circumstances are beyond the control of Katapult.
These forward-looking statements are subject to a number of risks
and uncertainties, including the execution of Katapult’s business
strategy, launching new product offerings and new brands and
expanding information and technology capabilities; Katapult’s
market opportunity and its ability to acquire new customers and
retain existing customers; adoption and success of our mobile
application featuring Katapult Pay; the timing and impact of our
growth initiatives on our future financial performance and the
impact of our new executive hires and brand strategy; anticipated
occurrence and timing of prime lending tightening and impact on our
results of operations; general economic conditions in the markets
where Katapult operates, the cyclical nature of customer spending,
and seasonal sales and spending patterns of customers; risks
relating to factors affecting consumer spending that are not under
Katapult’s control, including, among others, levels of employment,
disposable consumer income, inflation, prevailing interest rates,
consumer debt and availability of credit, pandemics (such as
COVID-19), consumer confidence in future economic conditions,
political conditions, and consumer perceptions of personal
well-being and security and willingness and ability of customers to
pay for the goods they lease through Katapult when due; risks
relating to uncertainty of Katapult’s estimates of market
opportunity and forecasts of market growth; risks related to the
concentration of a significant portion of our transaction volume
with a single merchant partner, or type of merchant or industry;
the effects of competition on Katapult’s future business; meet
future liquidity requirements and complying with restrictive
covenants related to our long-term indebtedness; the impact of
unstable market and economic conditions such as rising inflation
and interest rates; reliability of Katapult’s platform and
effectiveness of its risk model; data security breaches or other
information technology incidents or disruptions, including
cyber-attacks, and the protection of confidential, proprietary,
personal and other information, including personal data of
customers; ability to attract and retain employees, executive
officers or directors; effectively respond to general economic and
business conditions; obtain additional capital, including equity or
debt financing and servicing our indebtedness; enhance future
operating and financial results; anticipate rapid technological
changes, including generative artificial intelligence and other new
technologies; comply with laws and regulations applicable to
Katapult’s business, including laws and regulations related to
rental purchase transactions; stay abreast of modified or new laws
and regulations applying to Katapult’s business, including with
respect to rental purchase transactions and privacy regulations;
maintain and grow relationships with merchants and partners;
respond to uncertainties associated with product and service
developments and market acceptance; the impacts of new U.S. federal
income tax laws; that Katapult has identified material weaknesses
in its internal control over financial reporting which, if not
remediated, could affect the reliability of its condensed
consolidated financial statements; successfully defend litigation;
litigation, regulatory matters, complaints, adverse publicity
and/or misconduct by employees, vendors and/or service providers;
and other events or factors, including those resulting from civil
unrest, war, foreign invasions (including the conflict involving
Russia and Ukraine and the Israel-Hamas conflict), terrorism,
public health crises and pandemics (such as COVID-19), or responses
to such events; Katapult’s ability to meet the minimum requirements
for continued listing on the Nasdaq Global Market; the effects of
the reverse stock split on our common stock; and those factors
discussed in greater detail in the section entitled “Risk Factors”
in Katapult’s periodic reports filed with the Securities and
Exchange Commission (“SEC”), and the Quarterly Report on Form 10-Q
for the quarter ended March 31, 2024 that Katapult filed with the
SEC.
If any of these risks materialize or our
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. There
may be additional risks that Katapult does not presently know or
that Katapult currently believes are immaterial that could also
cause actual results to differ from those contained in the
forward-looking statements. Undue reliance should not be placed on
the forward-looking statements in this Press Release. All
forward-looking statements contained herein are based on
information available to Katapult as of the date hereof, and
Katapult does not assume any obligation to update these statements
as a result of new information or future events, except as required
by law.
Key Performance Metrics
Katapult regularly reviews several metrics,
including the following key metrics, to evaluate its business,
measure its performance, identify trends affecting our business,
formulate financial projections and make strategic decisions, which
may also be useful to an investor: gross originations, total
revenue, gross profit, adjusted gross profit and adjusted
EBITDA.
Gross originations are defined as the retail
price of the merchandise associated with lease-purchase agreements
entered into during the period through the Katapult platform. Gross
originations do not represent revenue earned. However, we believe
this is a useful operating metric for both Katapult’s management
and investors to use in assessing the volume of transactions that
take place on Katapult’s platform.
Total revenue represents the summation of rental
revenue and other revenue. Katapult measures this metric to assess
the total view of pay through performance of its customers.
Management believes looking at these components is useful to an
investor as it helps to understand the total payment performance of
customers.
Gross profit represents total revenue less cost
of revenue, and is a measure presented in accordance with generally
accepted accounting principles in the United States ("GAAP"). See
the “Non-GAAP Financial Measures” section below for a description
and presentation of adjusted gross profit and adjusted EBITDA,
which are non-GAAP measures utilized by management.
Non-GAAP Financial Measures
To supplement the financial measures presented
in this press release and related conference call or webcast in
accordance with GAAP, the Company also presents the following
non-GAAP and other measures of financial performance: adjusted
gross profit, adjusted EBITDA, adjusted net income/(loss) and fixed
cash operating expenses. The Company believes that for management
and investors to more effectively compare core performance from
period to period, the non-GAAP measures should exclude items that
are not indicative of our results from ongoing business operations.
The Company urges investors to consider non-GAAP measures only in
conjunction with its GAAP financials and to review the
reconciliation of the Company’s non-GAAP financial measures to its
comparable GAAP financial measures, which are included in this
press release.
Adjusted gross profit represents gross profit
less variable operating expenses, which are servicing costs, and
underwriting fees. Management believes that adjusted gross profit
provides a meaningful understanding of one aspect of its
performance specifically attributable to total revenue and the
variable costs associated with total revenue.
Adjusted EBITDA is a non-GAAP measure that is
defined as net loss before interest expense and other fees,
interest income, change in fair value of warrant liability,
provision (benefit) for income taxes, depreciation and amortization
on property and equipment and capitalized software, provision of
impairment of leased assets, loss on partial extinguishment of debt
and stock-based compensation expense.
Adjusted net income/(loss) is a non-GAAP measure
that is defined as net loss before change in fair value of warrant
liability and stock-based compensation expense.
Fixed cash operating expenses is a non-GAAP
measure that is defined as operating expenses less depreciation and
amortization on property and equipment and capitalized software,
stock-based compensation expense and variable lease costs such as
servicing costs and underwriting fees. Management believes that
fixed cash operating expenses provides a meaningful understanding
of non-variable ongoing expenses.
Adjusted gross profit, adjusted EBITDA and
adjusted net income/(loss) are useful to an investor in evaluating
the Company’s performance because these measures:
- Are widely used to measure a
company’s operating performance;
- Are financial measurements that are
used by rating agencies, lenders and other parties to evaluate the
Company’s credit worthiness; and
- Are used by the Company’s
management for various purposes, including as measures of
performance and as a basis for strategic planning and
forecasting.
Management believes the use of non-GAAP
financial measures, as a supplement to GAAP measures, is useful to
investors in that they eliminate items that are not part of our
core operations, highly variable or do not require a cash outlay,
such as stock-based compensation expense. Management uses these
non-GAAP financial measures when evaluating operating performance
and for internal planning and forecasting purposes. Management
believes that these non-GAAP financial measures help indicate
underlying trends in the business, are important in comparing
current results with prior period results and are useful to
investors and financial analysts in assessing operating
performance. However, these non-GAAP measures exclude items that
are significant in understanding and assessing Katapult’s financial
results. Therefore, these measures should not be considered in
isolation or as alternatives to revenue, net loss, gross profit,
cash flows from operations or other measures of profitability,
liquidity or performance under GAAP. You should be aware that
Katapult’s presentation of these measures may not be comparable to
similarly titled measures used by other companies.
Reverse Stock Split
All share and per share amounts in the condensed
consolidated statements of operations and comprehensive loss and
condensed consolidated balance sheets have been retroactively
adjusted for all periods presented to give effect to the reverse
stock split that was effective as of July 27, 2023.
KATAPULT HOLDINGS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE LOSS (amounts in
thousands, except per share
data)(unaudited)
|
|
Three Months Ended March 31, |
|
|
2024 |
|
2023 |
|
|
|
|
(As Restated) |
Revenue |
|
|
|
|
Rental revenue |
|
$ |
64,142 |
|
|
$ |
54,131 |
|
Other revenue |
|
|
919 |
|
|
|
952 |
|
Total revenue |
|
|
65,061 |
|
|
|
55,083 |
|
Cost of revenue |
|
|
48,573 |
|
|
|
43,213 |
|
Gross profit |
|
|
16,488 |
|
|
|
11,870 |
|
Operating expenses |
|
|
12,688 |
|
|
|
15,567 |
|
Income (loss) from
operations |
|
|
3,800 |
|
|
|
(3,697 |
) |
Loss on partial extinguishment of debt |
|
|
— |
|
|
|
(2,391 |
) |
Interest expense and other fees |
|
|
(4,527 |
) |
|
|
(5,189 |
) |
Interest income |
|
|
324 |
|
|
|
620 |
|
Change in fair value of warrant liability |
|
|
(162 |
) |
|
|
132 |
|
Loss before income taxes |
|
|
(565 |
) |
|
|
(10,525 |
) |
Provision for income taxes |
|
|
(5 |
) |
|
|
(20 |
) |
Net loss |
|
$ |
(570 |
) |
|
$ |
(10,545 |
) |
|
|
|
|
|
Weighted average common shares
outstanding - basic and diluted |
|
|
4,242 |
|
|
|
3,973 |
|
|
|
|
|
|
Net loss per common share -
basic and diluted |
|
$ |
(0.13 |
) |
|
$ |
(2.65 |
) |
|
KATAPULT HOLDINGS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS (dollars in thousands, except per share
data)
|
March 31, |
|
December 31, |
|
2024 |
|
2023 |
|
(unaudited) |
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
31,232 |
|
|
$ |
21,408 |
|
Restricted cash |
|
6,339 |
|
|
|
7,403 |
|
Property held for lease, net of accumulated depreciation and
impairment |
|
57,575 |
|
|
|
59,335 |
|
Prepaid expenses and other current assets |
|
3,461 |
|
|
|
4,491 |
|
Litigation insurance reimbursement receivable |
|
5,000 |
|
|
|
5,000 |
|
Total current assets |
|
103,607 |
|
|
|
97,637 |
|
Property and equipment,
net |
|
295 |
|
|
|
327 |
|
Security deposits |
|
91 |
|
|
|
91 |
|
Capitalized software and
intangible assets, net |
|
1,811 |
|
|
|
1,919 |
|
Right-of-use assets |
|
812 |
|
|
|
888 |
|
Total assets |
$ |
106,616 |
|
|
$ |
100,862 |
|
LIABILITIES AND
STOCKHOLDERS' DEFICIT |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
1,657 |
|
|
$ |
903 |
|
Accrued liabilities |
|
20,023 |
|
|
|
24,146 |
|
Accrued litigation settlement |
|
12,000 |
|
|
|
12,000 |
|
Term loan |
|
— |
|
|
|
— |
|
Unearned revenue |
|
5,156 |
|
|
|
4,949 |
|
Lease liabilities |
|
334 |
|
|
|
297 |
|
Total current liabilities |
|
39,170 |
|
|
|
42,295 |
|
Revolving line of credit |
|
67,631 |
|
|
|
60,347 |
|
Term loan, non-current |
|
26,519 |
|
|
|
25,503 |
|
Other liabilities |
|
257 |
|
|
|
95 |
|
Lease liabilities,
non-current |
|
522 |
|
|
|
614 |
|
Total liabilities |
|
134,099 |
|
|
|
128,854 |
|
STOCKHOLDERS' DEFICIT |
|
|
|
Common stock, 0.0001 par value-- 250,000,000 shares authorized;
4,105,645 and 4,072,713 shares issued and outstanding at March 31,
2024 and December 31, 2023, respectively |
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
95,623 |
|
|
|
94,544 |
|
Accumulated deficit |
|
(123,106 |
) |
|
|
(122,536 |
) |
Total stockholders' deficit |
|
(27,483 |
) |
|
|
(27,992 |
) |
Total liabilities and stockholders' deficit |
$ |
106,616 |
|
|
$ |
100,862 |
|
|
KATAPULT HOLDINGS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (UNAUDITED)(dollars in
thousands)
|
Three Months Ended March 31, |
|
2024 |
|
2023 |
|
|
|
(As Restated) |
Cash flows from operating
activities: |
|
|
|
Net loss |
$ |
(570 |
) |
|
$ |
(10,545 |
) |
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities: |
|
|
|
Depreciation and amortization |
|
34,026 |
|
|
|
29,677 |
|
Net book value of property held for lease buyouts |
|
7,613 |
|
|
|
6,747 |
|
Impairment on property held for lease expense |
|
5,636 |
|
|
|
5,258 |
|
Change in fair value of warrants liability |
|
162 |
|
|
|
(132 |
) |
Stock-based compensation |
|
1,391 |
|
|
|
2,090 |
|
Loss on partial extinguishment of debt |
|
— |
|
|
|
2,391 |
|
Amortization of debt discount |
|
669 |
|
|
|
1,093 |
|
Amortization of debt issuance costs, net |
|
66 |
|
|
|
81 |
|
Accrued PIK Interest |
|
347 |
|
|
|
530 |
|
Amortization of right-of-use assets |
|
76 |
|
|
|
98 |
|
Change in operating assets and liabilities: |
|
|
|
Property held for lease |
|
(45,249 |
) |
|
|
(43,299 |
) |
Prepaid expenses and other current assets |
|
1,029 |
|
|
|
3,109 |
|
Accounts payable |
|
754 |
|
|
|
252 |
|
Accrued liabilities |
|
(4,123 |
) |
|
|
(594 |
) |
Lease liabilities |
|
(55 |
) |
|
|
(112 |
) |
Unearned revenues |
|
208 |
|
|
|
450 |
|
Net cash provided by (used in) operating activities |
|
1,980 |
|
|
|
(2,906 |
) |
Cash flows from investing
activities: |
|
|
|
Purchases of property and equipment |
|
— |
|
|
|
(4 |
) |
Additions to capitalized software |
|
(126 |
) |
|
|
(297 |
) |
Net cash used in investing activities |
|
(126 |
) |
|
|
(301 |
) |
Cash flows from financing
activities: |
|
|
|
Proceeds from revolving line of credit |
|
10,058 |
|
|
|
4,350 |
|
Principal repayments on revolving line of credit |
|
(2,840 |
) |
|
|
(872 |
) |
Principal repayment on term loan |
|
— |
|
|
|
(25,000 |
) |
Repurchases of restricted stock |
|
(312 |
) |
|
|
(163 |
) |
Net cash provided by (used in) financing activities |
|
6,906 |
|
|
|
(21,685 |
) |
Net increase (decrease) in
cash, cash equivalents and restricted cash |
|
8,760 |
|
|
|
(24,892 |
) |
Cash, cash equivalents and
restricted cash at beginning of period |
|
28,811 |
|
|
|
69,841 |
|
Cash, cash equivalents and
restricted cash at end of period |
$ |
37,571 |
|
|
$ |
44,949 |
|
Supplemental
disclosure of cash flow information: |
|
|
|
Cash paid for interest |
$ |
3,382 |
|
|
$ |
3,459 |
|
Cash paid for income taxes |
$ |
112 |
|
|
$ |
2 |
|
Deferred financing costs included in accrued liabilities |
$ |
— |
|
|
$ |
493 |
|
Issuance of warrants to purchase common stock in connection with
debt refinancing |
$ |
— |
|
|
$ |
4,060 |
|
Right-of-use assets obtained in exchange for operating lease
liabilities |
$ |
— |
|
|
$ |
1,139 |
|
Cash paid for operating leases |
$ |
82 |
|
|
$ |
126 |
|
|
KATAPULT HOLDINGS, INC.RECONCILIATION
OF NON-GAAP MEASURES AND CERTAIN OTHER DATA
(UNAUDITED)(amounts in
thousands)
|
|
Three Months Ended March 31, |
|
|
2024 |
|
2023 |
|
|
|
|
(As Restated) |
Total revenue |
|
$ |
65,061 |
|
$ |
55,083 |
Cost of revenue |
|
|
48,573 |
|
|
43,213 |
Gross profit |
|
|
16,488 |
|
|
11,870 |
Less: |
|
|
|
|
Servicing costs |
|
|
1,132 |
|
|
990 |
Underwriting fees |
|
|
509 |
|
|
468 |
Adjusted gross
profit |
|
$ |
14,847 |
|
$ |
10,412 |
|
|
Three Months Ended March 31, |
|
|
2024 |
|
2023 |
|
|
|
|
(As Restated) |
Net loss |
|
$ |
(570 |
) |
|
$ |
(10,545 |
) |
Add back: |
|
|
|
|
Interest expense and other fees |
|
|
4,527 |
|
|
|
5,189 |
|
Interest income |
|
|
(324 |
) |
|
|
(620 |
) |
Change in fair value of warrant liability |
|
|
162 |
|
|
|
(132 |
) |
Provision for income taxes |
|
|
5 |
|
|
|
20 |
|
Depreciation and amortization on property and equipment and
capitalized software |
|
|
266 |
|
|
|
197 |
|
Provision for impairment of leased assets |
|
|
173 |
|
|
|
424 |
|
Loss on partial extinguishment of debt |
|
|
— |
|
|
|
2,391 |
|
Stock-based compensation expense |
|
|
1,391 |
|
|
|
2,090 |
|
Adjusted
EBITDA |
|
$ |
5,630 |
|
|
$ |
(986 |
) |
|
|
Three Months Ended March 31, |
|
|
2024 |
|
2023 |
|
|
|
|
(As Restated) |
Net loss |
|
$ |
(570 |
) |
|
$ |
(10,545 |
) |
Add back: |
|
|
|
|
Change in fair value of warrant liability |
|
|
162 |
|
|
|
(132 |
) |
Stock-based compensation expense |
|
|
1,391 |
|
|
|
2,090 |
|
Adjusted net income
(loss) |
|
$ |
983 |
|
|
$ |
(8,587 |
) |
|
|
Three Months Ended March 31, |
|
|
2024 |
|
2023 |
|
|
|
|
(As Restated) |
Total operating expenses |
|
$ |
12,688 |
|
$ |
15,567 |
Less: |
|
|
|
|
Depreciation and amortization
on property and equipment and capitalized software |
|
|
266 |
|
|
197 |
Stock-based compensation
expense |
|
|
1,391 |
|
|
2,090 |
Servicing costs |
|
|
1,132 |
|
|
990 |
Underwriting fees |
|
|
509 |
|
|
468 |
Fixed cash operating
expenses |
|
$ |
9,390 |
|
$ |
11,822 |
CERTAIN KEY PERFORMANCE METRICS
(in thousands) |
Three Months Ended March 31, |
|
2024 |
|
2023 |
|
|
|
(As Restated) |
Total revenue |
$ |
65,061 |
|
$ |
55,083 |
|
|
|
|
|
|
KATAPULT HOLDINGS, INC.GROSS
ORIGINATIONS BY QUARTER
|
|
Gross Originations by Quarter |
($ millions) |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
FY 2024 |
|
$ |
55.6 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
FY 2023 |
|
$ |
54.7 |
|
$ |
54.7 |
|
$ |
49.6 |
|
$ |
67.5 |
FY 2022 |
|
$ |
46.7 |
|
$ |
46.4 |
|
$ |
44.1 |
|
$ |
59.8 |
FY 2021 |
|
$ |
63.8 |
|
$ |
64.4 |
|
$ |
61.0 |
|
$ |
58.9 |
FY 2020 |
|
$ |
37.2 |
|
$ |
77.6 |
|
$ |
60.5 |
|
$ |
61.1 |
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