Abacus Global Management, Inc.

Good day, ladies and gentlemen, and thank you for standing by. At this time, all participants are in a listen-only mode. Later, you'll have the opportunity to ask questions during the question and answer session. You may register to ask a question over the phone by pressing the star and one on your telephone keypad. Please note this event is being recorded. I'd now like to turn the call over to Robert Phillips, Abacus Life's Senior Vice President of Investor Relations and Corporate Affairs. Please go ahead.

Thank you, Operator. And thank you, everyone, for joining Abacus Life's third quarter 2024 earnings call. Here with me today are Jay Jackson, Chairman and Chief Executive Officer, and Bill McCauley, Chief Financial Officer. This afternoon at 4.15 p.m. Eastern Time, Abacus Life released its third quarter 2024 results. This afternoon's call will allow participants to ask questions about our results. Before we begin, Abacus Life refers participants on this call to the investor webpage for the press release the investor information, and filings with the SEC for a discussion of the risks that can affect the business. Abacus Life specifically refers participants to the presentation furnished today on Form 8K with the Securities and Exchange Commission and to remind listeners that some of the comments today may contain forward-looking statements and, as such, will be subject to risks and uncertainties which, if they materialize, could materially affect results. For more information on the risks, uncertainties, and assumptions relating to forward-looking statements, please refer to Advocates Life's public filings. During the call, we will reference certain non-GAAP financial measures. Although we believe these measures provide useful supplemental information about our financial performance, they are not recognized measures and do not have standardized meanings under U.S. generally accepted accounting principles or GAAP. Please see our public filings for additional information regarding our non-GAAP financial measures, including references to comparable GAAP measures. And with that, I'd now like to turn the call over to Jay Jackson, Chairman and Chief Executive Officer.

Thanks, Rob. And thank you to everyone joining us today for your interest in Abacus, and welcome to our third quarter 2024 earnings call. After Bill and I conclude our prepared remarks, we'll open it up to your questions. Before I discuss our results for the quarter, I want to recognize the immense challenges faced by our communities here in Florida due to the recent hurricanes. Our thoughts and prayers are with everyone affected. We're thankful for all of the first responders who have been working tirelessly to assist and restore our communities. I also want to especially thank our team in Florida who worked tirelessly for advocates and for our communities, even when they were personally impacted by the storms. I'm incredibly proud of our entire team. Turning to our results. We delivered another strong quarter of profitable growth while making significant progress with respect to our strategic initiatives. Further positioning Abacus Life as a leading market maker and alternative asset manager. For the third quarter of 2024, we grew total revenue by 33% year over year to $28.1 million. recorded strong adjusted earnings, growing adjusted EBITDA by 54% year-over-year to $16.7 million, and generating a 65% year-over-year increase in adjusted net income to $14.9 million, or $0.20 per diluted share. Bill will be along shortly to discuss our third quarter financial performance in further detail. In addition to our experience, exceptional quarterly financial results, we made substantial advances in our ABL Tech program, announced key acquisitions, and strengthened our executive bench and added a new partnership and product offering. First, I'm thrilled by the significant progress we've made in advancing our ABL Tech initiative since we officially announced the program just eight months ago. ABL Tech went live with external clients in April, and signed our first public pension client in June. In August this year, we also signed one of the largest union pension funds in the United States. Our track record in winning RFPs has been outstanding, and we are consistently outperforming the key incumbent vendors in the space. Out of the five RFPs we have bid thus far, we won four of them and are awaiting notification on the remaining one. Assuming we win the final RFP, we expect to exceed 1 million lives tracked by the first quarter of 2025. ABL Tech's value proposition was fully validated in one of our RFPs, which received the highest overall score across all categories, including data security, product performance, price, and company evaluation, showing off ABL Tech's clear market-leading differentiations. As of October 31st, ABL Tech serves 21 clients with 23 others either having provided firm commitments or in current negotiations, all of this across 23 states. We expect many, if not all, of those in our pipeline to be officially onboarded by the end of the first quarter of 2025, with contracts ranging from three to five years containing automatic renewals at the end of the initial term. Looking ahead, We also have more than 50 potential clients in our pipeline in various stages of discovery, pricing, and proposals heading into 2025. By leveraging decades of experience in proprietary health and longevity data sets, ABL Tech creates bespoke solutions that deliver tremendous value to the pension fund and financial services industries. We expect ABL Tech to become a significant driver of our top line growth over the long term. In addition, During the third quarter, we announced two key acquisitions, Carlyle Management Company SCA and FCF Advisors. Carlyle Management, a premier Luxembourg-based investment manager in the life settlement space, and FCF Advisors, an asset manager and index provider specializing in free cash flow-focused investment strategies, together will add approximately $2.6 billion in assets under management to our portfolio. We expect both deals to close by the end of the fourth quarter, subject to regulatory approval. We also significantly strengthened our senior management team with two key additions. First, we are thrilled to bring on board Corey McLaren as Managing Director of Capital Markets. Corey brings a wealth of financial services experience, including over 15 years specifically in life settlements and managing life settlement investment funds at Spearhead Capital and launching similar funds at FDO Partners. Corey's deep industry knowledge and proven track record in business development and fund management will expand our capabilities in advancing our strategic goals. In early October, we welcomed Rob Phillips as our new Senior Vice President of Investor Relations and Corporate Affairs. Rob brings over 30 years of invaluable experience in capital markets and investor relations, including leadership roles at NASDAQ, where he served as a primary liaison to public company executives and board members. as well as significant experience in institutional trading, brokerage, and regulatory affairs at the NYSE. Rob's expertise will be instrumental in strengthening our engagement with the investment and capital markets communities, advancing our strategic business initiatives, and supporting our growth objectives. We also made excellent progress with new product initiatives. In the quarter, Abacus partnered with Laresco to launch Predisans, a revolutionary health prediction and actuarial technology tool. The innovative risk score combines blood-based proteomic biomarker analysis with AI-driven models to assess mortality risks, offering personalization and longevity forecasting. By integrating Lorisco's cutting-edge health prediction platform with advocates' expertise in life settlements and actuarial technology, we will be able to provide highly tailored financial solutions for our clients. While this program is still in beta testing, this partnership makes a significant advancement in the field of longevity-based financial planning, enabling us to offer more accurate and personalized services that consider both traditional actuarial factors and modern proteomic markers. On the capital front, Our balance sheet liquidity position remains strong. We successfully deployed the $92 million in equity capital we raised at the end of the second quarter, while maintaining a strong return on equity of 23% and return on invested capital of 21%. We are reviewing our capital options, and as rates continue to become more attractive, we are considering additional debt financing and potentially other avenues for additional financing to take advantage of our strong market to purchase policy at very attractive returns and support our growth outlook. Looking ahead, we are committed to sustaining our momentum and seizing the vast opportunities before us to drive long-term profitable growth. Through constant, thoughtful investments in product innovation and prudent execution, we continue to firmly solidify Abacus as a pioneering global alternative asset manager and market maker. With that, I'll now hand it over to our CFO, Bill McCauley, to discuss the specifics of our third quarter results in financials.