OppFi Exceeds 2023 Earnings Guidance, Provides Outlook for Continued Profitable Growth in 2024
- None.
- None.
Insights
The reported financial results from OppFi Inc. for the full-year and fourth quarter of 2023 show significant growth in net income and total revenue, which are key indicators of a company's profitability and financial health. The net income growth of 1082.0% year-over-year and a total revenue increase of 12.4% are particularly noteworthy. These figures, coupled with the improved net charge-off rates, suggest effective credit risk management and operational efficiency.
From a valuation perspective, the substantial increase in adjusted EBITDA by 112.9% and adjusted EPS growth signals strong operational performance and earnings quality, which could influence investor sentiment and stock valuation positively. However, the negative basic EPS reported for the full year may raise concerns about the dilutive effects of potential future equity offerings or conversions of Class V common stock.
OppFi's focus on extending credit access through a tech-enabled platform is reflective of the broader fintech industry trend towards digitalization and financial inclusion. The company's ability to maintain a 100% origination rate by bank partners indicates a strong partnership model and potentially a competitive moat. The increased auto-approval rate, from 69% to 73% year-over-year, suggests improvements in OppFi's underwriting algorithms and operational efficiency, which could enhance customer experience and market share in the long term.
Looking forward, OppFi's guidance for 2024, with projected total revenue of $510 million to $530 million and adjusted net income of $46 million to $49 million, provides a positive outlook that may be factored into market expectations. The guidance reflects management's confidence in sustained growth and profitability, which is crucial for investor relations and stock performance.
The improvement in the net charge-off rate, from 59% to 46% year-over-year for the fourth quarter, is indicative of improved credit risk management. A lower net charge-off rate is significant as it reflects a decrease in the proportion of debt that the company believes it will not collect, which can be attributed to better credit policies or a healthier customer base. The reported annualized net charge-offs as a percentage of average receivables also decreased from 70% to 59%, further confirming the trend of improved asset quality.
The ability to manage credit risk effectively is particularly important for financial companies like OppFi, as it impacts loan performance, default rates and ultimately, the company's financial stability and reputation. The reported improvements in these metrics may contribute to investor confidence and could impact the company's cost of capital favorably in the future.
- Record total revenue and ending receivables for full-year 2023
- Ninth consecutive year of net income
-
Net income of
$39.5 million
-
Adjusted net income of
$43.3 million
-
Net charge off rate as a percentage of total revenue improved by 8.1 percentage points to
43.5% for full-year 2023
-
Total revenue increased
10.7% year over year to$132.9 million
-
Net income of
$1.9 million
-
Adjusted net income of
$8.9 million
-
Annualized net charge off rate as a percentage of total revenue improved by 12.9 percentage points year over year to
46.4% for fourth quarter of 2023
“We’re excited to begin 2024 and leverage our strong 2023,” said Todd Schwartz, Chief Executive Officer and Executive Chairman of OppFi. “This year, we expect to continue focusing on profitable growth by maintaining prudent risk tolerances and scaling operating expenses efficiently. We ended 2023 with a strong balance sheet that provides us with optionality to create additional shareholder value.”
Financial Summary
The following tables present a summary of OppFi’s results for the three and twelve months ended December 31, 2023 and 2022.
(in thousands, except per share data) Unaudited |
|
Three Months Ended December 31, |
|
Change |
|||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
% |
|
Total revenue |
|
$ |
132,924 |
|
|
$ |
120,030 |
|
|
10.7 |
% |
Net income (loss) |
|
$ |
1,942 |
|
|
$ |
(5,199 |
) |
|
137.4 |
% |
Adjusted net income (loss)(1) |
|
$ |
8,883 |
|
|
$ |
(2,790 |
) |
|
418.4 |
% |
Adjusted EBITDA(1) |
|
$ |
25,811 |
|
|
$ |
9,922 |
|
|
160.1 |
% |
Basic EPS |
|
$ |
(0.31 |
) |
|
$ |
0.22 |
|
|
(240.9 |
)% |
Diluted EPS(2) |
|
$ |
(0.31 |
) |
|
$ |
(0.22 |
) |
|
40.9 |
% |
Adjusted EPS(1,2) |
|
$ |
0.10 |
|
|
$ |
(0.19 |
) |
|
154.1 |
% |
(in thousands, except per share data) Unaudited |
|
Year Ended December 31, |
|
Change |
||||||
|
|
|
2023 |
|
|
|
2022 |
|
% |
|
Total revenue |
|
$ |
508,949 |
|
|
$ |
452,859 |
|
12.4 |
% |
Net income |
|
$ |
39,479 |
|
|
$ |
3,340 |
|
1082.0 |
% |
Adjusted net income(1) |
|
$ |
43,349 |
|
|
$ |
4,976 |
|
771.2 |
% |
Adjusted EBITDA(1) |
|
$ |
114,684 |
|
|
$ |
53,866 |
|
112.9 |
% |
Basic EPS |
|
$ |
(0.06 |
) |
|
$ |
0.51 |
|
(111.8 |
)% |
Diluted EPS(2) |
|
$ |
(0.06 |
) |
|
$ |
0.05 |
|
(220. |
)% |
Adjusted EPS(1,2) |
|
$ |
0.51 |
|
|
$ |
0.06 |
|
763.0 |
% |
(1) Non-GAAP Financial Measures: Adjusted Net Income, Adjusted EBITDA and Adjusted EPS are financial measures that have not been prepared in accordance with GAAP. See “Reconciliation of Non-GAAP Financial Measures” below for a detailed description and reconciliation of such Non-GAAP financial measures to their most directly comparable GAAP financial measures. |
(2) Shares of Class V common stock that are exchangeable into shares of Class A common stock as a result of OppFi's Up-C structure are excluded from the diluted shares calculation in any period in which OppFi reports a loss because the inclusion would be antidilutive. |
Fourth Quarter Key Performance Metrics
The following tables represent key quarterly metrics.
(in thousands) Unaudited |
|
As of and for the Three Months Ended, |
||||||||||
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
||||||
Total Net Originations(a) |
|
$ |
191,932 |
|
|
$ |
195,671 |
|
|
$ |
185,851 |
|
Ending Receivables(b) |
|
$ |
416,463 |
|
|
$ |
415,933 |
|
|
$ |
402,180 |
|
% of Originations by Bank Partners |
|
|
100 |
% |
|
|
98 |
% |
|
|
95 |
% |
Annualized Net Charge-Offs as % of Total Revenue(c) |
|
|
46 |
% |
|
|
42 |
% |
|
|
59 |
% |
Annualized Net Charge-Offs as % of Average Receivables(c) |
|
|
59 |
% |
|
|
55 |
% |
|
|
70 |
% |
Auto-Approval Rate(d) |
|
|
73 |
% |
|
|
73 |
% |
|
|
69 |
% |
a. |
|
Total net originations include both originations by bank partners on the OppFi platform, as well as direct originations by OppFi. |
b. |
|
Receivables are defined as the unpaid principal balances of loans at the end of the reporting period. |
c. |
|
Annualized net charge-offs as a percentage of total revenue and annualized net charge-offs as a percentage of average receivables (defined as the unpaid principal of loans) represents total charge offs from the period less recoveries as a percent of total revenue and average receivables, respectively. Finance receivables are charged off at the earlier of the time when accounts reach 90 days past due on a recency basis, when OppFi receives notification of a customer bankruptcy or is otherwise deemed uncollectible. |
d. |
|
Auto-Approval Rate is calculated by taking the number of approved loans that are not decisioned by a loan advocate or underwriter (auto-approval) divided by the total number of loans approved. |
Full-Year 2024 Guidance
-
Total revenue of
$510 million $530 million -
Adjusted net income of
$46 million $49 million -
Adjusted earnings per share (“EPS”) of
$0.53 $0.57
First Quarter 2024 Guidance
-
Adjusted earnings per share (“EPS”) of
$0.05
Conference Call
Management will host a conference call today at 4:30 p.m. ET to discuss OppFi’s financial results and business outlook. The webcast of the conference call will be made available on the Investor Relations page of the Company's website.
The conference call can also be accessed with the following dial-in information:
- Domestic: (877) 407-0789
- International: (201) 689-8562
An archived version of the webcast will be available on OppFi's website.
About OppFi
OppFi (NYSE: OPFI; OPFI WS) is a tech-enabled, mission-driven specialty finance platform that broadens the reach of community banks to extend credit access to everyday Americans. Through transparency, responsible lending, financial inclusion, and an excellent customer experience, the Company supports consumers, who are turned away by mainstream options, to build better financial health. OppLoans by OppFi maintains a 4.5/5.0 star rating on Trustpilot with more than 4,100 reviews, making the Company one of the top consumer-rated financial platforms online. For more information, please visit oppfi.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. OppFi’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “possible,” “continue,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, without limitation, OppFi’s expectations with respect to its first quarter and full year 2024 guidance, the future performance of OppFi’s platform, and expectations for OppFi’s growth and future financial performance. These forward-looking statements are based on OppFi’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside OppFi’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the impact of general economic conditions, including economic slowdowns, inflation, interest rate changes, recessions, and tightening of credit markets on OppFi’s business; the impact of challenging macroeconomic and marketplace conditions, including lingering effects of COVID-19 on OppFi’s business; the impact of stimulus or other government programs; whether OppFi will be successful in obtaining declaratory relief against the Commissioner of the Department of Financial Protection and Innovation for the
Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures that are unaudited and do not conform to GAAP, such as Adjusted EBT, Adjusted Net Income, Adjusted EBITDA and Adjusted EPS. Adjusted EBT is defined as Net Income, plus (1) income tax expense (benefit); (2) debt issuance cost amortization; (3) other addbacks and one-time expenses, net; and (4) sublease income. Adjusted Net Income is defined as Adjusted EBT as defined above, adjusted for taxes assuming a tax rate of
Fourth Quarter Results of Operations
Consolidated Statements of Operations
Comparison of the three months ended December 31, 2023 and 2022
The following table presents consolidated results of operations for the three months ended December 31, 2023 and 2022 (in thousands, except number of shares and per share data).
|
|
Three Months Ended
|
|
Change |
|||||||||||
(unaudited) |
|
|
2023 |
|
|
|
2022 |
|
|
$ |
|
% |
|||
Interest and loan related income |
|
$ |
131,815 |
|
|
$ |
119,634 |
|
|
$ |
12,181 |
|
|
10.2 |
% |
Other revenue |
|
|
1,109 |
|
|
|
396 |
|
|
|
713 |
|
|
180.1 |
|
Total revenue |
|
|
132,924 |
|
|
|
120,030 |
|
|
|
12,894 |
|
|
10.7 |
|
Change in fair value of finance receivables |
|
|
(66,956 |
) |
|
|
(71,680 |
) |
|
|
4,724 |
|
|
(6.6 |
) |
Provision for credit losses on finance receivables |
|
|
(217 |
) |
|
|
103 |
|
|
|
(320 |
) |
|
(310.7 |
) |
Net revenue |
|
|
65,751 |
|
|
|
48,453 |
|
|
|
17,298 |
|
|
35.7 |
|
Expenses: |
|
|
|
|
|
|
|
|
|||||||
Sales and marketing |
|
|
11,247 |
|
|
|
11,339 |
|
|
|
(92 |
) |
|
(0.8 |
) |
Customer operations |
|
|
10,309 |
|
|
|
10,381 |
|
|
|
(72 |
) |
|
(0.7 |
) |
Technology, products, and analytics |
|
|
9,696 |
|
|
|
8,590 |
|
|
|
1,106 |
|
|
12.9 |
|
General, administrative, and other |
|
|
13,718 |
|
|
|
17,017 |
|
|
|
(3,299 |
) |
|
(19.4 |
) |
Total expenses before interest expense |
|
|
44,970 |
|
|
|
47,327 |
|
|
|
(2,357 |
) |
|
(5.0 |
) |
Interest expense |
|
|
12,071 |
|
|
|
10,740 |
|
|
|
1,331 |
|
|
12.4 |
|
Total expenses |
|
|
57,041 |
|
|
|
58,067 |
|
|
|
(1,026 |
) |
|
(1.8 |
) |
Income (loss) from operations |
|
|
8,710 |
|
|
|
(9,614 |
) |
|
|
18,324 |
|
|
190.6 |
|
Change in fair value of warrant liability |
|
|
(5,814 |
) |
|
|
2,328 |
|
|
|
(8,142 |
) |
|
(349.7 |
) |
Other income |
|
|
80 |
|
|
|
53 |
|
|
|
27 |
|
|
50.9 |
|
Income (loss) before income taxes |
|
|
2,976 |
|
|
|
(7,233 |
) |
|
|
10,209 |
|
|
141.1 |
|
Income tax expense (benefit) |
|
|
1,034 |
|
|
|
(2,034 |
) |
|
|
3,068 |
|
|
150.8 |
|
Net income (loss) |
|
|
1,942 |
|
|
|
(5,199 |
) |
|
|
7,141 |
|
|
137.4 |
|
Less: net income (loss) attributable to noncontrolling interest |
|
|
7,509 |
|
|
|
(8,335 |
) |
|
|
15,844 |
|
|
190.1 |
|
Net (loss) income attributable to OppFi Inc. |
|
$ |
(5,567 |
) |
|
$ |
3,136 |
|
|
$ |
(8,703 |
) |
|
(277.5 |
)% |
|
|
|
|
|
|
|
|
|
|||||||
(Loss) earnings per share attributable to OppFi Inc.: |
|
|
|
|
|
|
|
||||||||
(Loss) earnings per common share: |
|
|
|
|
|
|
|
|
|||||||
Basic |
|
$ |
(0.31 |
) |
|
$ |
0.22 |
|
|
|
|
|
|||
Diluted(a) |
|
$ |
(0.31 |
) |
|
$ |
(0.22 |
) |
|
|
|
|
|||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|||||||
Basic |
|
|
18,087,627 |
|
|
|
14,563,168 |
|
|
|
|
|
|||
Diluted(a) |
|
|
18,087,627 |
|
|
|
14,563,168 |
|
|
|
|
|
|||
(a) Shares of Class V common stock that are exchangeable into shares of Class A common stock as a result of OppFi's Up-C structure are excluded from the diluted shares calculation in any period in which OppFi reports a loss because the inclusion would be antidilutive. |
Comparison of the twelve months ended December 31, 2023 and 2022
The following table presents consolidated results of operations for the twelve months ended December 31, 2023 and 2022 (in thousands, except number of shares and per share data).
|
|
Year Ended December 31, |
|
Change |
|||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
$ |
|
% |
|||
unaudited |
|||||||||||||||
Interest and loan related income |
|
$ |
505,430 |
|
|
$ |
451,448 |
|
|
$ |
53,982 |
|
|
12.0 |
% |
Other revenue |
|
|
3,519 |
|
|
|
1,411 |
|
|
|
2,108 |
|
|
149.4 |
|
Total revenue |
|
|
508,949 |
|
|
|
452,859 |
|
|
|
56,090 |
|
|
12.4 |
|
Change in fair value of finance receivables |
|
|
(231,419 |
) |
|
|
(233,959 |
) |
|
|
2,540 |
|
|
(1.1 |
) |
Provision for credit losses on finance receivables |
|
|
(4,348 |
) |
|
|
(1,940 |
) |
|
|
(2,408 |
) |
|
124.1 |
|
Net revenue |
|
|
273,182 |
|
|
|
216,960 |
|
|
|
56,222 |
|
|
25.9 |
|
Expenses: |
|
|
|
|
|
|
|
|
|||||||
Sales and marketing |
|
|
46,222 |
|
|
|
54,407 |
|
|
|
(8,185 |
) |
|
(15.0 |
) |
Customer operations |
|
|
41,559 |
|
|
|
42,314 |
|
|
|
(755 |
) |
|
(1.8 |
) |
Technology, products, and analytics |
|
|
39,161 |
|
|
|
33,439 |
|
|
|
5,722 |
|
|
17.1 |
|
General, administrative, and other |
|
|
53,135 |
|
|
|
57,980 |
|
|
|
(4,845 |
) |
|
(8.4 |
) |
Total expenses before interest expense |
|
|
180,077 |
|
|
|
188,140 |
|
|
|
(8,063 |
) |
|
(4.3 |
) |
Interest expense |
|
|
46,750 |
|
|
|
35,162 |
|
|
|
11,588 |
|
|
33.0 |
|
Total expenses |
|
|
226,827 |
|
|
|
223,302 |
|
|
|
3,525 |
|
|
1.6 |
|
Income (loss) from operations |
|
|
46,355 |
|
|
|
(6,342 |
) |
|
|
52,697 |
|
|
830.9 |
|
Change in fair value of warrant liabilities |
|
|
(4,976 |
) |
|
|
9,352 |
|
|
|
(14,328 |
) |
|
(153.2 |
) |
Other income |
|
|
431 |
|
|
|
53 |
|
|
|
378 |
|
|
713.2 |
|
Income before income taxes |
|
|
41,810 |
|
|
|
3,063 |
|
|
|
38,747 |
|
|
1265.0 |
|
Income tax expense (benefit) |
|
|
2,331 |
|
|
|
(277 |
) |
|
|
2,608 |
|
|
941.5 |
|
Net income |
|
|
39,479 |
|
|
|
3,340 |
|
|
|
36,139 |
|
|
1082.0 |
|
Less: net income (loss) attributable to noncontrolling interest |
|
|
40,484 |
|
|
|
(3,758 |
) |
|
|
44,242 |
|
|
1177.3 |
|
Net (loss) income attributable to OppFi Inc. |
|
$ |
(1,005 |
) |
|
$ |
7,098 |
|
|
$ |
(8,103 |
) |
|
(114.2 |
)% |
|
|
|
|
|
|
|
|
|
|||||||
(Loss) earnings per share attributable to OppFi Inc.: |
|
|
|
|
|
|
|
||||||||
(Loss) earnings per common share: |
|
|
|
|
|
|
|
|
|||||||
Basic |
|
$ |
(0.06 |
) |
|
$ |
0.51 |
|
|
|
|
|
|||
Diluted(a) |
|
$ |
(0.06 |
) |
|
$ |
0.05 |
|
|
|
|
|
|||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|||||||
Basic |
|
|
16,391,199 |
|
|
|
13,913,626 |
|
|
|
|
|
|||
Diluted(a) |
|
|
16,391,199 |
|
|
|
84,256,084 |
|
|
|
|
|
|||
(a) Shares of Class V common stock that are exchangeable into shares of Class A common stock as a result of OppFi's Up-C structure are excluded from the diluted shares calculation in any period in which OppFi reports a loss because the inclusion would be antidilutive. |
Condensed Balance Sheets
Comparison of the periods ended December 31, 2023 and 2022
|
|
December 31,
|
|
December 31,
|
||
unaudited |
||||||
Assets |
|
|
|
|
||
Cash and restricted cash |
|
$ |
73,943 |
|
$ |
49,670 |
Finance receivables at fair value |
|
|
463,320 |
|
|
457,296 |
Finance receivables at amortized cost, net |
|
|
110 |
|
|
643 |
Other assets |
|
|
64,170 |
|
|
72,230 |
Total assets |
|
$ |
601,543 |
|
$ |
579,839 |
Liabilities and stockholders’ equity |
|
|
|
|
||
Current liabilities |
|
$ |
26,448 |
|
$ |
29,558 |
Other liabilities |
|
|
40,086 |
|
|
42,183 |
Total debt |
|
|
334,116 |
|
|
347,060 |
Warrant liabilities |
|
|
6,864 |
|
|
1,888 |
Total liabilities |
|
|
407,514 |
|
|
420,689 |
Total stockholders’ equity |
|
|
194,029 |
|
|
159,150 |
Total liabilities and stockholders’ equity |
|
$ |
601,543 |
|
$ |
579,839 |
Total cash and restricted cash increased by
Current liabilities decreased by
Financial Capacity and Capital Resources
As of December 31, 2023, OppFi had
Reconciliation of Non-GAAP Financial Measures
Comparison of the three and twelve months ended December 31, 2023 and 2022
(in thousands, except share and per share data) |
|
Three Months Ended December 31, |
|
Variance |
|||||||
(unaudited) |
|
|
2023 |
|
|
|
2022 |
|
|
% |
|
Net income (loss) |
|
$ |
1,942 |
|
|
$ |
(5,199 |
) |
|
137.4 |
% |
Income tax expense (benefit) |
|
|
1,034 |
|
|
|
(2,034 |
) |
|
150.8 |
|
Debt issuance cost amortization |
|
|
556 |
|
|
|
746 |
|
|
(25.5 |
) |
Other addbacks and one-time expenses, net(a) |
|
|
7,809 |
|
|
|
2,836 |
|
|
175.4 |
|
Sublease income |
|
|
(80 |
) |
|
|
(53 |
) |
|
50.9 |
|
Adjusted EBT |
|
|
11,261 |
|
|
|
(3,704 |
) |
|
404.0 |
|
Less: pro forma taxes(b) |
|
|
(2,378 |
) |
|
|
914 |
|
|
(360.2 |
) |
Adjusted net income (loss) |
|
|
8,883 |
|
|
|
(2,790 |
) |
|
418.4 |
|
Pro forma taxes(b) |
|
|
2,378 |
|
|
|
(914 |
) |
|
360.2 |
|
Depreciation and amortization |
|
|
2,907 |
|
|
|
3,525 |
|
|
(17.5 |
) |
Interest expense |
|
|
11,515 |
|
|
|
9,994 |
|
|
15.2 |
|
Business (non-income) taxes |
|
|
128 |
|
|
|
107 |
|
|
19.6 |
|
Adjusted EBITDA |
|
$ |
25,811 |
|
|
$ |
9,922 |
|
|
160.1 |
% |
|
|
|
|
|
|
|
|||||
Adjusted earnings (loss) per share |
|
$ |
0.10 |
|
|
$ |
(0.19 |
) |
|
|
|
Weighted average diluted shares outstanding(c) |
|
|
85,721,167 |
|
|
|
14,563,168 |
|
|
|
|
|
|
|
|
|
|
|
|||||
(a) For the three months ended December 31, 2023, other addbacks and one-time expenses, net of |
|||||||||||
(b) Assumes the entire company is a C-Corp with a tax rate of |
|||||||||||
(c) Shares of Class V common stock that are exchangeable into shares of Class A common stock as a result of OppFi's Up-C structure are excluded from the diluted shares calculation in any period in which OppFi reports a loss because the inclusion would be antidilutive. |
|||||||||||
(in thousands, except share and per share data) |
|
Year Ended December 31, |
|
Variance |
|||||||
(unaudited) |
|
|
2023 |
|
|
|
2022 |
|
|
% |
|
Net income |
|
$ |
39,479 |
|
|
$ |
3,340 |
|
|
1082.0 |
% |
Income tax expense (benefit) |
|
|
2,331 |
|
|
|
(277 |
) |
|
941.5 |
|
Debt issuance cost amortization |
|
|
2,428 |
|
|
|
2,372 |
|
|
2.4 |
|
Other addbacks and one-time expenses, net(a) |
|
|
12,790 |
|
|
|
1,180 |
|
|
983.9 |
|
Sublease income |
|
|
(318 |
) |
|
|
(53 |
) |
|
500.0 |
|
Adjusted EBT |
|
|
56,710 |
|
|
|
6,562 |
|
|
764.2 |
|
Less: pro forma taxes(b) |
|
|
(13,361 |
) |
|
|
(1,586 |
) |
|
742.4 |
|
Adjusted net income |
|
|
43,349 |
|
|
|
4,976 |
|
|
771.2 |
|
Pro forma taxes(b) |
|
|
13,361 |
|
|
|
1,586 |
|
|
742.4 |
|
Depreciation and amortization |
|
|
12,735 |
|
|
|
13,581 |
|
|
(6.2 |
) |
Interest expense |
|
|
44,322 |
|
|
|
32,789 |
|
|
35.2 |
|
Business (non-income) taxes |
|
|
917 |
|
|
|
934 |
|
|
(1.8 |
) |
Adjusted EBITDA |
|
$ |
114,684 |
|
|
$ |
53,866 |
|
|
112.9 |
% |
|
|
|
|
|
|
|
|||||
Adjusted earnings per share |
|
$ |
0.51 |
|
|
$ |
0.06 |
|
|
|
|
Weighted average diluted shares outstanding |
|
|
85,051,304 |
|
|
|
84,256,084 |
|
|
|
|
|
|||||||||||
(a) For the year ended December 31, 2023, other addbacks and one-time expenses, net of |
|||||||||||
(b) Assumes the entire Company is a C-Corp with a tax rate of |
|||||||||||
Adjusted Earnings Per Share
|
Three Months Ended December 31, |
|||
(unaudited) |
2023 |
|
|
2022 |
Weighted average Class A common stock outstanding |
18,087,627 |
|
|
14,563,168 |
Weighted average Class V voting stock outstanding |
92,604,532 |
|
|
— |
Elimination of earnouts at period end |
(25,500,000 |
) |
|
— |
Dilutive impact of restricted stock units |
450,286 |
|
|
— |
Dilutive impact of performance stock units |
78,722 |
|
|
— |
Weighted average diluted shares outstanding(a) |
85,721,167 |
|
|
14,563,168 |
(in thousands, except share and per share data) |
Three Months Ended
|
|
Three Months Ended
|
||||||||||||
(unaudited) |
$ |
|
Per Share |
|
$ |
|
Per Share |
||||||||
Weighted average diluted shares outstanding(a) |
|
|
|
85,721,167 |
|
|
|
|
|
14,563,168 |
|
||||
Net income (loss) |
$ |
1,942 |
|
|
$ |
0.02 |
|
|
$ |
(5,199 |
) |
|
$ |
(0.36 |
) |
Income tax expense (benefit) |
|
1,034 |
|
|
|
0.01 |
|
|
|
(2,034 |
) |
|
|
(0.14 |
) |
Debt issuance cost amortization |
|
556 |
|
|
|
0.01 |
|
|
|
746 |
|
|
|
0.05 |
|
Other addbacks and one-time expenses, net |
|
7,809 |
|
|
|
0.09 |
|
|
|
2,836 |
|
|
|
0.19 |
|
Sublease income |
|
(80 |
) |
|
|
— |
|
|
|
(53 |
) |
|
|
— |
|
Adjusted EBT |
|
11,261 |
|
|
|
0.13 |
|
|
|
(3,704 |
) |
|
|
(0.25 |
) |
Less: pro forma taxes |
|
(2,378 |
) |
|
|
(0.03 |
) |
|
|
914 |
|
|
|
0.06 |
|
Adjusted net income (loss) |
|
8,883 |
|
|
$ |
0.10 |
|
|
|
(2,790 |
) |
|
$ |
(0.19 |
) |
(a) Shares of Class V common stock that are exchangeable into shares of Class A common stock as a result of OppFi's Up-C structure are excluded from the diluted shares calculation in any period in which OppFi reports a loss because the inclusion would be antidilutive. |
|
Year Ended December 31, |
||||
(unaudited) |
2023 |
|
|
2022 |
|
Weighted average Class A common stock outstanding |
16,391,199 |
|
|
13,913,626 |
|
Weighted average Class V voting stock outstanding |
93,857,926 |
|
|
95,724,487 |
|
Elimination of earnouts at period end |
(25,500,000 |
) |
|
(25,500,000 |
) |
Dilutive impact of restricted stock units |
261,595 |
|
|
105,928 |
|
Dilutive impact of performance stock units |
40,584 |
|
|
9,492 |
|
Dilutive impact of employee stock purchase plan |
— |
|
|
2,551 |
|
Weighted average diluted shares outstanding |
85,051,304 |
|
|
84,256,084 |
|
(in thousands, except share and per share data) |
Year Ended
|
|
Year Ended
|
||||||||||||
(unaudited) |
$ |
|
Per Share |
|
$ |
|
Per Share |
||||||||
Weighted average diluted shares outstanding |
|
|
|
85,051,304 |
|
|
|
|
|
84,256,084 |
|
||||
Net income |
$ |
39,479 |
|
|
$ |
0.46 |
|
|
$ |
3,340 |
|
|
$ |
0.04 |
|
Income tax expense (benefit) |
|
2,331 |
|
|
|
0.03 |
|
|
|
(277 |
) |
|
|
— |
|
Debt issuance cost amortization |
|
2,428 |
|
|
|
0.03 |
|
|
|
2,372 |
|
|
|
0.03 |
|
Other addbacks and one-time expenses, net |
|
12,790 |
|
|
|
0.15 |
|
|
|
1,180 |
|
|
|
0.01 |
|
Sublease income |
|
(318 |
) |
|
|
— |
|
|
|
(53 |
) |
|
|
— |
|
Adjusted EBT |
|
56,710 |
|
|
|
0.67 |
|
|
|
6,562 |
|
|
|
0.08 |
|
Less: pro forma taxes |
|
(13,361 |
) |
|
|
(0.16 |
) |
|
|
(1,586 |
) |
|
|
(0.02 |
) |
Adjusted net income |
|
43,349 |
|
|
$ |
0.51 |
|
|
|
4,976 |
|
|
$ |
0.06 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240307920461/en/
Investor Relations: investors@oppfi.com
Media Relations: media@oppfi.com
Source: OppFi
FAQ
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