OppFi Reports Second Quarter 2023 Results, Raises Full-Year Earnings Outlook
Total revenue increased
Net income grew
Adjusted net income increased
Basic and Diluted EPS of
Adjusted EPS of
Net charge-off rates decreased sequentially and year over year for second quarter of 2023
Marketing cost per funded loan decreased
Total expenses as a percentage of total revenue decreased
“During the quarter, we further demonstrated our focus on profitability by balancing growth and risk as well as maintaining expense discipline,” said Todd Schwartz, Chief Executive Officer and Executive Chairman of OppFi. “In the second quarter of 2023, we more than doubled adjusted net income, while achieving double-digit revenue growth, on a year-over-year basis.”
“These results were driven by improvement in credit performance, due to adjustments made last year and recent modeling enhancements, as well as continued total expense leverage and growth in recoveries,” concluded Schwartz. “We are raising our guidance for full-year adjusted net income and adjusted earnings per share, based on second quarter results and current business trends.”
Financial Summary
The following tables present a summary of OppFi’s results for the three and six months ended June 30, 2023 and 2022.
(in thousands, except per share data) Unaudited |
|
Three Months Ended June 30, |
|
Change |
|||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
% |
|
Total revenue |
|
$ |
122,486 |
|
$ |
107,875 |
|
13.5 |
% |
||
Net income |
|
$ |
18,076 |
|
|
$ |
9,497 |
|
|
90.3 |
% |
Adjusted net income(1) |
|
$ |
16,255 |
|
|
$ |
6,819 |
|
|
138.4 |
% |
Adjusted EBITDA(1) |
|
$ |
35,744 |
|
|
$ |
20,007 |
|
|
78.7 |
% |
Basic EPS |
|
$ |
0.14 |
|
|
$ |
0.26 |
|
|
(46.4 |
)% |
Diluted EPS |
|
$ |
0.14 |
|
|
$ |
0.10 |
|
|
36.5 |
% |
Adjusted EPS(1) |
|
$ |
0.19 |
|
|
$ |
0.08 |
|
|
137.1 |
% |
(in thousands, except per share data) Unaudited |
|
Six Months Ended June 30, |
|
Change |
|||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
% |
|
Total revenue |
|
$ |
242,860 |
|
$ |
208,585 |
|
16.4 |
% |
||
Net income |
|
$ |
22,006 |
|
|
$ |
9,200 |
|
|
139.2 |
% |
Adjusted net income(1) |
|
$ |
20,691 |
|
|
$ |
7,377 |
|
|
180.5 |
% |
Adjusted EBITDA(1) |
|
$ |
55,861 |
|
|
$ |
31,192 |
|
|
79.1 |
% |
Basic EPS |
|
$ |
0.16 |
|
|
$ |
0.33 |
|
|
(53.4 |
)% |
Diluted EPS |
|
$ |
0.16 |
|
|
$ |
0.10 |
|
|
55.8 |
% |
Adjusted EPS(1) |
|
$ |
0.24 |
|
|
$ |
0.09 |
|
|
179.8 |
% |
(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.
Second Quarter Key Performance Metrics
The following tables represent key quarterly metrics. Beginning with this quarter, for all periods presented, the Company has updated its key performance metrics to reflect the Company’s decision to wind down its SalaryTap and OppFi Card businesses. The key performance metrics presented are for the OppLoans product only and exclude the SalaryTap and OppFi Card products. Prior period metrics currently presented may differ slightly than previously reported due to the exclusion of SalaryTap and OppFi Card.
(in thousands) Unaudited |
|
As of and for the Three Months Ended, |
||||||||||
|
|
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2022 |
||||||
Total Net Originations(a) |
|
$ |
200,640 |
|
|
$ |
159,596 |
|
|
$ |
224,919 |
|
Ending Receivables(b) |
|
$ |
397,754 |
|
|
$ |
369,715 |
|
|
$ |
395,816 |
|
% of Originations by Bank Partners |
|
|
97 |
% |
|
|
95 |
% |
|
|
95 |
% |
Net Charge-Offs as % of Total Revenue(c) |
|
|
36 |
% |
|
|
49 |
% |
|
|
43 |
% |
Net Charge-Offs as % of Average Receivables(c) |
|
|
47 |
% |
|
|
62 |
% |
|
|
52 |
% |
Auto-Approval Rate(d) |
|
|
72 |
% |
|
|
70 |
% |
|
|
63 |
% |
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 2023 Guidance Update
-
Affirm total revenue
-
$500 million $520 million 10% to15% growth year over year;
-
-
Raise adjusted net income
-
$29 million $35 million $24 million $30 million
-
-
Increase adjusted earnings per share
-
$0.34 $0.41 $0.28 $0.35
-
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 mission-driven fintech platform that helps everyday Americans gain access to credit with digital specialty finance products. Through its unwavering commitment to customer service, 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 3,900 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 full year 2023 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) provision for income taxes; (2) amortization of debt issuance costs; (3) other addbacks and one-time expenses; and (4) sublease income. Adjusted Net Income is defined as Adjusted EBT as defined above, adjusted for taxes assuming a tax rate of
Second Quarter Results of Operations
Consolidated Statements of Operations
Comparison of the three months ended June 30, 2023 and 2022
The following table presents consolidated results of operations for the three months ended June 30, 2023 and 2022 (in thousands, except number of shares and per share data, unaudited).
|
|
Three Months Ended June 30, |
|
Change |
|||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
$ |
|
% |
|||
Interest and loan related income |
|
$ |
121,583 |
|
|
$ |
107,873 |
|
|
$ |
13,710 |
|
|
12.7 |
% |
Other revenue |
|
|
903 |
|
|
|
2 |
|
|
|
901 |
|
|
45050.0 |
% |
Total revenue |
|
|
122,486 |
|
|
|
107,875 |
|
|
|
14,611 |
|
|
13.5 |
% |
Change in fair value of finance receivables |
|
|
(44,043 |
) |
|
|
(42,154 |
) |
|
|
(1,889 |
) |
|
4.5 |
% |
Provision for credit losses on finance receivables |
|
|
(3,866 |
) |
|
|
(569 |
) |
|
|
(3,297 |
) |
|
579.4 |
% |
Net revenue |
|
|
74,577 |
|
|
|
65,152 |
|
|
|
9,425 |
|
|
14.5 |
% |
Expenses: |
|
|
|
|
|
|
|
|
|||||||
Sales and marketing |
|
|
12,314 |
|
|
|
17,804 |
|
|
|
(5,490 |
) |
|
(30.8 |
)% |
Customer operations |
|
|
10,445 |
|
|
|
10,850 |
|
|
|
(405 |
) |
|
(3.7 |
)% |
Technology, products, and analytics |
|
|
9,779 |
|
|
|
8,294 |
|
|
|
1,485 |
|
|
17.9 |
% |
General, administrative, and other |
|
|
12,474 |
|
|
|
13,924 |
|
|
|
(1,450 |
) |
|
(10.4 |
)% |
Total expenses before interest expense |
|
|
45,012 |
|
|
|
50,872 |
|
|
|
(5,860 |
) |
|
(11.5 |
)% |
Interest expense |
|
|
11,231 |
|
|
|
7,878 |
|
|
|
3,353 |
|
|
42.6 |
% |
Total expenses |
|
|
56,243 |
|
|
|
58,750 |
|
|
|
(2,507 |
) |
|
(4.3 |
)% |
Income from operations |
|
|
18,334 |
|
|
|
6,402 |
|
|
|
11,932 |
|
|
186.4 |
% |
Change in fair value of warrant liability |
|
|
351 |
|
|
|
3,297 |
|
|
|
(2,946 |
) |
|
93.6 |
% |
Other income |
|
|
79 |
|
|
|
— |
|
|
|
79 |
|
|
— |
% |
Income before income taxes |
|
|
18,764 |
|
|
|
9,699 |
|
|
|
9,065 |
|
|
93.5 |
% |
Income tax expense |
|
|
688 |
|
|
|
202 |
|
|
|
486 |
|
|
240.6 |
% |
Net income |
|
|
18,076 |
|
|
|
9,497 |
|
|
|
8,579 |
|
|
90.3 |
% |
Less: net income attributable to noncontrolling interest |
|
|
15,934 |
|
|
|
6,039 |
|
|
|
9,895 |
|
|
163.9 |
% |
Net income attributable to OppFi Inc. |
|
$ |
2,142 |
|
|
$ |
3,458 |
|
|
$ |
(1,316 |
) |
|
(38.1 |
)% |
|
|
|
|
|
|
|
|
|
|||||||
Earnings per share attributable to OppFi Inc.: |
|
|
|
|
|
|
|
|
|||||||
Earnings per common share: |
|
|
|
|
|
|
|
|
|||||||
Basic |
|
$ |
0.14 |
|
|
$ |
0.26 |
|
|
|
|
|
|||
Diluted |
|
$ |
0.14 |
|
|
$ |
0.10 |
|
|
|
|
|
|||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|||||||
Basic |
|
|
15,632,120 |
|
|
|
13,525,101 |
|
|
|
|
|
|||
Diluted |
|
|
15,873,753 |
|
|
|
84,283,102 |
|
|
|
|
|
|||
Comparison of the six months ended June 30, 2023 and 2022
The following table presents consolidated results of operations for the six months ended June 30, 2023 and 2022 (in thousands, except number of shares and per share data, unaudited).
|
|
Six Months Ended June 30, |
|
Change |
|||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
$ |
|
% |
|||
Interest and loan related income |
|
$ |
241,525 |
|
|
$ |
208,209 |
|
|
$ |
33,316 |
|
|
16.0 |
% |
Other revenue |
|
|
1,335 |
|
|
|
376 |
|
|
|
959 |
|
|
255.1 |
% |
Total revenue |
|
|
242,860 |
|
|
|
208,585 |
|
|
|
34,275 |
|
|
16.4 |
% |
Change in fair value of finance receivables |
|
|
(107,161 |
) |
|
|
(91,679 |
) |
|
|
(15,482 |
) |
|
16.9 |
% |
Provision for credit losses on finance receivables |
|
|
(3,936 |
) |
|
|
(1,026 |
) |
|
|
(2,910 |
) |
|
283.6 |
% |
Net revenue |
|
|
131,763 |
|
|
|
115,880 |
|
|
|
15,883 |
|
|
13.7 |
% |
Expenses: |
|
|
|
|
|
|
|
|
|||||||
Sales and marketing |
|
|
22,161 |
|
|
|
31,394 |
|
|
|
(9,233 |
) |
|
(29.4 |
)% |
Customer operations |
|
|
20,706 |
|
|
|
20,881 |
|
|
|
(175 |
) |
|
(0.8 |
)% |
Technology, products, and analytics |
|
|
19,733 |
|
|
|
16,523 |
|
|
|
3,210 |
|
|
19.4 |
% |
General, administrative, and other |
|
|
24,497 |
|
|
|
27,515 |
|
|
|
(3,018 |
) |
|
(11.0 |
)% |
Total expenses before interest expense |
|
|
87,097 |
|
|
|
96,313 |
|
|
|
(9,216 |
) |
|
(9.6 |
)% |
Interest expense |
|
|
22,602 |
|
|
|
15,326 |
|
|
|
7,276 |
|
|
47.5 |
% |
Total expenses |
|
|
109,699 |
|
|
|
111,639 |
|
|
|
(1,940 |
) |
|
(1.7 |
)% |
Income from operations |
|
|
22,064 |
|
|
|
4,241 |
|
|
|
17,823 |
|
|
420.3 |
% |
Change in fair value of warrant liability |
|
|
504 |
|
|
|
5,701 |
|
|
|
(5,197 |
) |
|
(91.2 |
)% |
Other income |
|
|
272 |
|
|
|
— |
|
|
|
272 |
|
|
— |
% |
Income before income taxes |
|
|
22,840 |
|
|
|
9,942 |
|
|
|
12,898 |
|
|
129.7 |
% |
Provision for income taxes |
|
|
834 |
|
|
|
742 |
|
|
|
92 |
|
|
12.4 |
% |
Net income |
|
|
22,006 |
|
|
|
9,200 |
|
|
|
12,806 |
|
|
139.2 |
% |
Less: net income attributable to noncontrolling interest |
|
|
19,613 |
|
|
|
4,666 |
|
|
|
14,947 |
|
|
320.3 |
% |
Net income attributable to OppFi Inc. |
|
$ |
2,393 |
|
|
$ |
4,534 |
|
|
$ |
(2,141 |
) |
|
(47.2 |
)% |
|
|
|
|
|
|
|
|
|
|||||||
Earnings per share attributable to OppFi Inc.: |
|
|
|
|
|
|
|
|
|||||||
Earnings per common share: |
|
|
|
|
|
|
|
|
|||||||
Basic |
|
$ |
0.16 |
|
|
$ |
0.33 |
|
|
|
|
|
|||
Diluted |
|
$ |
0.16 |
|
|
$ |
0.10 |
|
|
|
|
|
|||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|||||||
Basic |
|
|
15,336,366 |
|
|
|
13,553,308 |
|
|
|
|
|
|||
Diluted |
|
|
15,533,467 |
|
|
|
84,377,754 |
|
|
|
|
|
|||
Condensed Consolidated Balance Sheets
Comparison of the periods ended June 30, 2023 and December 31, 2022
|
|
Unaudited |
|
|
||||
(in thousands) |
|
June 30, 2023 |
|
December 31, 2022 |
||||
Assets |
|
|
|
|
||||
Cash and restricted cash |
|
$ |
62,108 |
|
$ |
49,670 |
||
Finance receivables at fair value |
|
|
446,956 |
|
|
|
457,296 |
|
Finance receivables at amortized cost, net |
|
|
325 |
|
|
|
643 |
|
Other assets |
|
|
67,991 |
|
|
|
72,230 |
|
Total assets |
|
$ |
577,380 |
|
|
$ |
579,839 |
|
Liabilities and stockholders’ equity |
|
|
|
|
||||
Current liabilities |
|
$ |
26,833 |
|
|
$ |
29,558 |
|
Other liabilities |
|
|
40,289 |
|
|
|
42,183 |
|
Total debt |
|
|
331,884 |
|
|
|
347,060 |
|
Warrant liabilities |
|
|
1,384 |
|
|
|
1,888 |
|
Total liabilities |
|
|
400,390 |
|
|
|
420,689 |
|
Total stockholders’ equity |
|
|
176,990 |
|
|
|
159,150 |
|
Total liabilities and stockholders' equity |
|
$ |
577,380 |
|
|
$ |
579,839 |
|
Total cash and restricted cash increased by
Current liabilities decreased by
Financial Capacity and Capital Resources
As of June 30, 2023, OppFi had
Reconciliation of Non-GAAP Financial Measures
Comparison of the three and six months ended June 30, 2023 and 2022
(in thousands, except share and per share data) |
|
Three Months Ended June 30, |
|
Variance |
|||||||
(Unaudited) |
|
|
2023 |
|
|
|
2022 |
|
|
% |
|
Net income |
|
$ |
18,076 |
|
|
$ |
9,497 |
|
|
90.3 |
% |
Provision for income taxes |
|
|
688 |
|
|
|
202 |
|
|
240.6 |
% |
Debt issuance cost amortization |
|
|
514 |
|
|
|
435 |
|
|
18.2 |
% |
Other addbacks and one-time expenses, net(a) |
|
|
2,237 |
|
|
|
(1,145 |
) |
|
(295.4 |
)% |
Sublease income |
|
|
(79 |
) |
|
|
— |
|
|
— |
% |
Adjusted EBT |
|
|
21,436 |
|
|
|
8,989 |
|
|
138.5 |
% |
Less: pro forma taxes(b) |
|
|
(5,181 |
) |
|
|
(2,170 |
) |
|
138.8 |
% |
Adjusted net income |
|
|
16,255 |
|
|
|
6,819 |
|
|
138.4 |
% |
Pro forma taxes(b) |
|
|
5,181 |
|
|
|
2,170 |
|
|
138.8 |
% |
Depreciation and amortization |
|
|
3,317 |
|
|
|
3,366 |
|
|
(1.5 |
)% |
Interest expense |
|
|
10,717 |
|
|
|
7,442 |
|
|
44.0 |
% |
Business (non-income) taxes |
|
|
274 |
|
|
|
210 |
|
|
30.5 |
% |
Adjusted EBITDA |
|
$ |
35,744 |
|
|
$ |
20,007 |
|
|
78.7 |
% |
|
|
|
|
|
|
|
|||||
Adjusted EPS |
|
$ |
0.19 |
|
|
$ |
0.08 |
|
|
|
|
Weighted average diluted shares outstanding |
|
|
84,750,663 |
|
|
|
84,283,102 |
|
|
|
|
|
|
|
|
|
|
|
|||||
(a) For the three months ended June 30, 2023, other addbacks and one-time expenses, net of |
|||||||||||
(b) Assumes a tax rate of |
|||||||||||
(in thousands, except share and per share data) |
|
Six Months Ended June 30, |
|
Variance |
|||||||
(Unaudited) |
|
|
2023 |
|
|
|
2022 |
|
|
% |
|
Net income |
|
$ |
22,006 |
|
|
$ |
9,200 |
|
|
139.2 |
% |
Provision for income taxes |
|
|
834 |
|
|
|
742 |
|
|
12.4 |
% |
Debt issuance cost amortization |
|
|
1,278 |
|
|
|
1,044 |
|
|
22.4 |
% |
Other addbacks and one-time expenses, net(a) |
|
|
3,324 |
|
|
|
(1,269 |
) |
|
(361.9 |
)% |
Sublease income |
|
|
(159 |
) |
|
|
— |
|
|
— |
% |
Adjusted EBT |
|
|
27,283 |
|
|
|
9,717 |
|
|
180.8 |
% |
Less: pro forma taxes(b) |
|
|
(6,592 |
) |
|
|
(2,340 |
) |
|
181.7 |
% |
Adjusted net income |
|
|
20,691 |
|
|
|
7,377 |
|
|
180.5 |
% |
Pro forma taxes(b) |
|
|
6,592 |
|
|
|
2,340 |
|
|
181.7 |
% |
Depreciation and amortization |
|
|
6,708 |
|
|
|
6,604 |
|
|
1.6 |
% |
Interest expense |
|
|
21,324 |
|
|
|
14,282 |
|
|
49.3 |
% |
Business (non-income) taxes |
|
|
546 |
|
|
|
589 |
|
|
(7.3 |
)% |
Adjusted EBITDA |
|
$ |
55,861 |
|
|
$ |
31,192 |
|
|
79.1 |
% |
|
|
|
|
|
|
|
|||||
Adjusted EPS |
|
$ |
0.24 |
|
|
$ |
0.09 |
|
|
|
|
Weighted average diluted shares outstanding |
|
|
84,592,228 |
|
|
|
84,377,754 |
|
|
|
|
|
|
|
|
|
|
|
|||||
(a) For the six months ended June 30, 2023, other addbacks and one-time expenses, net of |
|||||||||||
(b) Assumes a tax rate of |
|||||||||||
Adjusted Earnings Per Share
|
Three Months Ended June 30, |
||||
(Unaudited) |
2023 |
|
2022 |
||
Weighted average Class A common stock outstanding |
15,632,120 |
|
|
13,525,101 |
|
Weighted average Class V voting stock outstanding |
94,376,910 |
|
|
96,114,373 |
|
Elimination of earnouts at period end |
(25,500,000 |
) |
|
(25,500,000 |
) |
Dilutive impact of restricted stock units |
238,008 |
|
|
125,383 |
|
Dilutive impact of performance stock units |
3,625 |
|
|
18,245 |
|
Weighted average diluted shares outstanding |
84,750,663 |
|
|
84,283,102 |
|
(in thousands, except share and per share data) |
Three Months Ended
|
|
Three Months Ended
|
||||||||||||
(Unaudited) |
$ |
|
Per Share |
|
$ |
|
Per Share |
||||||||
Weighted average diluted shares outstanding |
|
|
|
84,750,663 |
|
|
|
|
|
84,283,102 |
|
||||
Net income |
$ |
18,076 |
|
|
$ |
0.21 |
|
|
$ |
9,497 |
|
|
$ |
0.11 |
|
Provision for income taxes |
|
688 |
|
|
|
0.01 |
|
|
|
202 |
|
|
|
— |
|
Debt amortization |
|
514 |
|
|
|
0.01 |
|
|
|
435 |
|
|
|
0.01 |
|
Other addbacks and one-time expenses |
|
2,237 |
|
|
|
0.03 |
|
|
|
(1,145 |
) |
|
|
(0.01 |
) |
Sublease income |
|
(79 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted EBT |
|
21,436 |
|
|
|
0.25 |
|
|
|
8,989 |
|
|
|
0.11 |
|
Less: pro forma taxes |
|
(5,181 |
) |
|
|
(0.06 |
) |
|
|
(2,170 |
) |
|
|
(0.03 |
) |
Adjusted net income |
|
16,255 |
|
|
|
0.19 |
|
|
|
6,819 |
|
|
|
0.08 |
|
|
Six Months Ended June 30, |
||||
(Unaudited) |
2023 |
|
2022 |
||
Weighted average Class A common stock outstanding |
15,336,366 |
|
|
13,553,308 |
|
Weighted average Class V voting stock outstanding |
94,558,761 |
|
|
96,225,804 |
|
Elimination of earnouts at period end |
(25,500,000 |
) |
|
(25,500,000 |
) |
Dilutive impact of restricted stock units |
180,290 |
|
|
89,519 |
|
Dilutive impact of performance stock units |
16,811 |
|
|
9,123 |
|
Weighted average diluted shares outstanding |
84,592,228 |
|
|
84,377,754 |
|
(in thousands, except share and per share data) |
Six Months Ended
|
|
Six Months Ended
|
||||||||||||
(Unaudited) |
$ |
|
Per Share |
|
$ |
|
Per Share |
||||||||
Weighted average diluted shares outstanding |
|
|
|
84,592,228 |
|
|
|
|
|
84,377,754 |
|
||||
Net income |
$ |
22,006 |
|
|
$ |
0.26 |
|
|
$ |
9,200 |
|
|
$ |
0.11 |
|
Provision for income taxes |
|
834 |
|
|
|
0.01 |
|
|
|
742 |
|
|
|
0.01 |
|
Debt amortization |
|
1,278 |
|
|
|
0.02 |
|
|
|
1,044 |
|
|
|
0.01 |
|
Other addbacks and one-time expenses |
|
3,324 |
|
|
|
0.04 |
|
|
|
(1,269 |
) |
|
|
(0.02 |
) |
Sublease income |
|
(159 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted EBT |
|
27,283 |
|
|
|
0.32 |
|
|
|
9,717 |
|
|
|
0.12 |
|
Less: pro forma taxes |
|
(6,592 |
) |
|
|
(0.08 |
) |
|
|
(2,340 |
) |
|
|
(0.03 |
) |
Adjusted net income |
|
20,691 |
|
|
|
0.24 |
|
|
|
7,377 |
|
|
|
0.09 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230809518035/en/
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Source: OppFi
