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- **Record Growth**: 124% YoY revenue, $23.6M adjusted net income, and 60.2% EBITDA margin highlight industry leadership.
- **Capital Returns**: $0.20 annual dividend and $10M buyback signal confidence in recurring fee model and cash flow generation.
- **Strategic Milestones**: $50M securitization validates institutional demand for uncorrelated assets, with plans for larger, more frequent transactions.
- **Valuation Disconnect**: Trades at mid-single-digit multiples vs. peers' 20x, despite 124% YoY growth and 22% ROE.

**【CEO Summary Section】**
- **Record Revenue Growth**: Total revenue increased 124% YoY to $63 million, driven by Life Solutions and asset management segments. Adjusted net income rose 60% to $23.6 million, and adjusted EBITDA surged 127% to $37.9 million.
- **Strategic Capital Returns**: Introduced a $0.20 annual dividend and $10 million share repurchase program, reflecting confidence in recurring revenue and cash flow generation.
- **Market Leadership**: Outperformed public peers with 124% YoY revenue growth vs. 20-30% for competitors. Trading at mid-single-digit multiples vs. peers' 20x, highlighting valuation disconnect.
- **Longevity Assets**: Completed $50 million securitization of life insurance assets, validating institutional demand for uncorrelated returns and lowering cost of capital.

**【CFO Financial Commentary】**
- **Profitability Metrics**: Annualized adjusted ROE of 22% and ROIC of 21%, with $86.4 million in cash and $424.7 million in policy assets.
- **Guidance Update**: Raised full-year adjusted net income guidance to $80-84 million (72-81% YoY growth), up from $74-80 million.
- **Cost Efficiency**: Operating expenses increased 70% YoY to $32.9 million, but driven by strategic investments in growth (e.g., marketing, M&A).

**【Q&A Highlights】**
- **Securitization Economics**: $50 million transaction included servicing fees and 36% realized gains. Anticipate larger, more frequent deals ($75+ million) in 2026.
- **Capital Deployment**: Q3 capital deployed $102 million, targeting $120 million+ run rate. 72% of revenue now recurring, supporting dividend sustainability.
- **Wealth Advisory Growth**: 3 million+ lives tracked in SaaS platform, with 80%+ employee ownership fostering alignment with shareholders.
- **Dividend Policy**: Annual dividend (vs. quarterly) allows reinvestment in high-ROE opportunities while returning capital to investors.

Abacus Global Management, Inc. (ABL) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ABL

ABL fundamentals

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