The following is a summary of the Abacus Life, Inc. (ABL) Q1 2024 Earnings Call Transcript:
Financial Performance:
Abacus Life's Q1 2024 revenue more than doubled YoY, to hit $21.5 million.
Financial growth was also seen through a 38% rise in adjusted EBITA to reach $11.6 million and an adjusted net income of $6.7 million.
Added $25 million of capital through 9.875% notes and repurchased over $11 million of shares since December 2023.
Improved company margins in the quarter, mainly due to larger trading with carriers.
Business Progress:
Senior management team reinforced with Elena Plesco as Chief Capital Officer and Fei Xue as Vice President of ABL Wealth.
Expansions in ABL Tech are expected to improve its contributions later in the year.
Capitalizing on growth within its $230 billion plus total addressable core market.
Investor Day and Longevity Summit planned for June 13, to provide insight into business, products, and future directions.
Considering the use of equity financing to support excess capacity and a public filing has been made.
Plans to increase ad and marketing spend and expand the workforce in the ABL Wealth channel and underwriting department.
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