OppFi Beats Q4 2024 Revised Estimates, Increases Full-Year 2024 Net Income 112% YoY, 2025 Adjusted Net Income Guidance Raised to $22 - $24 million for Q1 2025 and Full-Year Expected to Grow 15% - 17% YoY
OppFi (NYSE: OPFI) reported strong financial results for Q4 and full-year 2024, with significant year-over-year growth. Net income surged 112.4% to $83.8 million for full-year 2024, marking the company's tenth consecutive profitable year.
Key highlights include:
- Full-year adjusted net income up 99.2% to $82.7 million
- EPS improved to $0.36 from -$0.06 in 2023
- Adjusted EPS increased 95.5% to $0.95
- Net charge-offs decreased 440 basis points to 39.1%
- Average yield increased 416 basis points to 131.4%
The company provided optimistic guidance for 2025, projecting:
- Revenue growth of 7-13% ($563-594 million)
- Adjusted net income growth of 15-17% ($95-97 million)
- Q1 2025 adjusted net income of $22-24 million
OppFi (NYSE: OPFI) ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024, con una significativa crescita anno su anno. Il reddito netto è aumentato del 112,4% a 83,8 milioni di dollari per l'intero anno 2024, segnando il decimo anno consecutivo di profitti per l'azienda.
I punti salienti includono:
- Il reddito netto rettificato per l'intero anno è aumentato del 99,2% a 82,7 milioni di dollari
- EPS migliorato a 0,36 dollari rispetto a -0,06 dollari nel 2023
- EPS rettificato aumentato del 95,5% a 0,95 dollari
- Le cancellazioni nette sono diminuite di 440 punti base al 39,1%
- Il rendimento medio è aumentato di 416 punti base al 131,4%
L'azienda ha fornito previsioni ottimistiche per il 2025, prevedendo:
- Crescita dei ricavi del 7-13% (563-594 milioni di dollari)
- Crescita del reddito netto rettificato del 15-17% (95-97 milioni di dollari)
- Reddito netto rettificato del Q1 2025 di 22-24 milioni di dollari
OppFi (NYSE: OPFI) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024, con un crecimiento significativo interanual. Los ingresos netos aumentaron un 112,4% a 83,8 millones de dólares para el año completo 2024, marcando el décimo año consecutivo de ganancias para la empresa.
Los aspectos destacados incluyen:
- El ingreso neto ajustado del año completo aumentó un 99,2% a 82,7 millones de dólares
- El EPS mejoró a 0,36 dólares desde -0,06 dólares en 2023
- El EPS ajustado aumentó un 95,5% a 0,95 dólares
- Las cancelaciones netas disminuyeron 440 puntos básicos al 39,1%
- El rendimiento promedio aumentó 416 puntos básicos al 131,4%
La empresa proporcionó una guía optimista para 2025, proyectando:
- Crecimiento de ingresos del 7-13% (563-594 millones de dólares)
- Crecimiento del ingreso neto ajustado del 15-17% (95-97 millones de dólares)
- Ingreso neto ajustado del Q1 2025 de 22-24 millones de dólares
OppFi (NYSE: OPFI)는 2024년 4분기 및 전체 연도에 대한 강력한 재무 결과를 보고했으며, 전년 대비 상당한 성장을 기록했습니다. 2024년 전체 연도 순이익은 112.4% 증가하여 8,380만 달러에 달했습니다, 이는 회사의 10년 연속 수익성 있는 해를 의미합니다.
주요 하이라이트는 다음과 같습니다:
- 전체 연도 조정 순이익이 99.2% 증가하여 8,270만 달러
- EPS가 2023년 -0.06달러에서 0.36달러로 개선됨
- 조정 EPS가 95.5% 증가하여 0.95달러
- 순 손실이 440 베이시스 포인트 감소하여 39.1%
- 평균 수익률이 416 베이시스 포인트 증가하여 131.4%
회사는 2025년을 위한 낙관적인 지침을 제공하며, 다음과 같이 예상하고 있습니다:
- 수익 성장률 7-13% (5억 6300만 - 5억 9400만 달러)
- 조정된 순이익 성장률 15-17% (9,500만 - 9,700만 달러)
- 2025년 1분기 조정 순이익 2,200만 - 2,400만 달러
OppFi (NYSE: OPFI) a annoncé des résultats financiers solides pour le quatrième trimestre et l'année complète 2024, avec une croissance significative d'une année sur l'autre. Le revenu net a bondi de 112,4 % à 83,8 millions de dollars pour l'année complète 2024, marquant la dixième année consécutive de bénéfices pour l'entreprise.
Les points forts comprennent :
- Le revenu net ajusté pour l'année complète a augmenté de 99,2 % à 82,7 millions de dollars
- L'EPS s'est amélioré à 0,36 $ contre -0,06 $ en 2023
- L'EPS ajusté a augmenté de 95,5 % à 0,95 $
- Les pertes nettes ont diminué de 440 points de base à 39,1 %
- Le rendement moyen a augmenté de 416 points de base à 131,4 %
L'entreprise a fourni des prévisions optimistes pour 2025, projetant :
- Une croissance des revenus de 7 à 13 % (563 à 594 millions de dollars)
- Une croissance du revenu net ajusté de 15 à 17 % (95 à 97 millions de dollars)
- Un revenu net ajusté de 22 à 24 millions de dollars pour le T1 2025
OppFi (NYSE: OPFI) hat starke Finanzergebnisse für das vierte Quartal und das Gesamtjahr 2024 gemeldet, mit einem signifikanten Wachstum im Jahresvergleich. Der Nettogewinn stieg um 112,4% auf 83,8 Millionen Dollar für das Gesamtjahr 2024, was das zehnte aufeinanderfolgende profitable Jahr des Unternehmens markiert.
Wichtige Höhepunkte sind:
- Der bereinigte Nettogewinn für das Gesamtjahr stieg um 99,2% auf 82,7 Millionen Dollar
- EPS verbesserte sich auf 0,36 Dollar von -0,06 Dollar im Jahr 2023
- Bereinigtes EPS erhöhte sich um 95,5% auf 0,95 Dollar
- Die Nettobuchverluste sanken um 440 Basispunkte auf 39,1%
- Die durchschnittliche Rendite stieg um 416 Basispunkte auf 131,4%
Das Unternehmen gab eine optimistische Prognose für 2025 ab und rechnet mit:
- Umsatzwachstum von 7-13% (563-594 Millionen Dollar)
- Wachstum des bereinigten Nettogewinns von 15-17% (95-97 Millionen Dollar)
- Bereinigter Nettogewinn im Q1 2025 von 22-24 Millionen Dollar
- Net income grew 112.4% YoY to $83.8M
- Record adjusted net income up 99.2% to $82.7M
- EPS improved significantly from -$0.06 to $0.36
- Net charge-offs decreased 440 basis points
- Average yield increased 416 basis points
- Strong 2025 guidance with 15-17% profit growth
- Share repurchase program has $16.4M remaining unused
- Potential regulatory risks in California operations
- Exposure to economic slowdowns and credit market tightening
Insights
OppFi's Q4 and full-year 2024 results showcase exceptional financial performance, with the specialty finance platform achieving its tenth consecutive year of profitability. The company reported net income of $83.8 million for full-year 2024, representing a remarkable 112.4% year-over-year increase. This strong bottom-line performance translated to basic and diluted EPS of $0.36, a significant improvement from the $0.06 loss per share in 2023.
The company's operational efficiency has improved substantially, with net charge-offs as a percentage of revenue decreasing by 440 basis points to 39.1%, while average yield increased by 416 basis points to 131.4%. These metrics indicate better underwriting quality and increased profitability per loan.
Q4 results were particularly impressive, with net income surging 619.7% year-over-year to $14.0 million and adjusted net income up 140.3% to $20.3 million. The company's strong cash position of $61.3 million in unrestricted cash (up $29.6 million from December 31, 2023) and $206.2 million in unused debt capacity provides substantial financial flexibility.
Looking ahead, management has provided robust guidance for 2025, projecting revenue growth of 7% to 13% and adjusted net income growth of 15% to 17%. Q1 2025 adjusted net income is expected to increase 150% to 173% year-over-year, signaling continued strong momentum.
OppFi's focus on operational excellence is clearly yielding results, positioning the company for sustained profitable growth while serving its target market of consumers underserved by traditional banking options.
OppFi's latest results reveal significant improvements in credit quality metrics that underscore the company's strengthening risk management framework. The 440 basis point reduction in net charge-offs as a percentage of revenue (down to 39.1%) is particularly noteworthy in the specialty finance sector, where managing default risk is critical to sustained profitability.
This improvement in credit performance has occurred alongside a 416 basis point increase in average yield to 131.4%, creating a powerful dual effect of higher returns with lower losses. This combination is exceptionally difficult to achieve in the non-prime lending space and suggests OppFi has enhanced its underwriting algorithms and customer selection criteria.
The company's robust capital position with $613.3 million in total funding capacity (including cash, restricted cash, and financing commitments) provides ample liquidity for growth while maintaining a buffer against potential economic headwinds. The 39% overall undrawn capacity on debt facilities demonstrates disciplined balance sheet management.
OppFi's ten consecutive years of profitability during various economic cycles validates its business model resilience. While specialty finance companies typically face heightened regulatory scrutiny, OppFi's partnership model with community banks appears to be providing a sustainable framework for operation in the complex regulatory environment of non-prime consumer lending.
The guidance for continued growth in 2025 indicates management's confidence in maintaining this favorable risk-return profile, though investors should monitor charge-off trends carefully as the company expands its loan portfolio to ensure underwriting standards remain robust.
Tenth consecutive year of net income
Net income increased
Adjusted net income1 increased
Basic and diluted earnings per share (“EPS”) of
Adjusted EPS1 increased
Net charge-offs as a percentage of total revenue fell by 440 basis points year over year to
Average yield increased by 416 basis points year over year to
Net income increased
Adjusted net income1 increased
“Our motto of operational excellence coupled with continuous improvement is taking effect throughout the business. We are continuing to provide high quality credit access to our customers with best in class servicing and customer experience,” said Todd Schwartz, Chief Executive Officer and Executive Chairman of OppFi. “We plan to continue to build and grow on our strong 2024 to drive value to our customers and stockholders. We believe we are well positioned for strong top and bottom-line growth in 2025,” Schwartz added.
(1) Non-GAAP Financial Measures: Adjusted Net Income 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. |
Financial Summary
The following tables present a summary of OppFi’s results for the three and twelve months ended December 31, 2024 and 2023 (in thousands, except per share data). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.
|
|
Three Months Ended December 31, |
|
Change |
|||||||
(unaudited) |
|
|
2024 |
|
|
|
2023 |
|
|
% |
|
Total revenue |
|
$ |
135,723 |
|
|
$ |
132,924 |
|
|
2.1 |
% |
Net income |
|
$ |
13,973 |
|
|
$ |
1,942 |
|
|
619.7 |
% |
Adjusted net income(1,2) |
|
$ |
20,295 |
|
|
$ |
8,447 |
|
|
140.3 |
% |
Basic EPS |
|
$ |
(0.26 |
) |
|
$ |
(0.31 |
) |
|
15.6 |
% |
Diluted EPS(3) |
|
$ |
(0.26 |
) |
|
$ |
(0.31 |
) |
|
15.6 |
% |
Adjusted EPS(1,2,3) |
|
$ |
0.23 |
|
|
$ |
0.10 |
|
|
135.4 |
% |
|
|
|
|
|
|
|
|||||
(1) Non-GAAP Financial Measures: Adjusted Net Income 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) Beginning with the quarter ended March 31, 2024, for all periods presented, the Company has updated its presentation and calculation of Adjusted EBT, and the corresponding presentations and calculations of Adjusted Net Income and Adjusted EPS, to no longer add back debt issuance cost amortization. |
|||||||||||
(3) Diluted EPS calculated on a GAAP basis excludes dilutive securities, including Class V Voting Stock, restricted stock units, performance stock units, stock options, and the employee stock purchase plan in any periods in which their inclusion would have an antidilutive effect. |
|||||||||||
|
|
Year Ended December 31, |
|
Change |
||||||
(unaudited) |
|
2024 |
|
|
2023 |
|
|
% |
||
Total revenue |
|
$ |
525,963 |
|
$ |
508,949 |
|
|
3.3 |
% |
Net income |
|
$ |
83,837 |
|
$ |
39,479 |
|
|
112.4 |
% |
Adjusted net income(1,2) |
|
$ |
82,665 |
|
$ |
41,494 |
|
|
99.2 |
% |
Basic EPS |
|
$ |
0.36 |
|
$ |
(0.06 |
) |
|
687.4 |
% |
Diluted EPS(3) |
|
$ |
0.36 |
|
$ |
(0.06 |
) |
|
687.4 |
% |
Adjusted EPS(1,2,3) |
|
$ |
0.95 |
|
$ |
0.49 |
|
|
95.5 |
% |
|
|
|
|
|
|
|
||||
(1) Non-GAAP Financial Measures: Adjusted Net Income 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) Beginning with the quarter ended March 31, 2024, for all periods presented, the Company has updated its presentation and calculation of Adjusted EBT, and the corresponding presentations and calculations of Adjusted Net Income and Adjusted EPS, to no longer add back debt issuance cost amortization. |
||||||||||
(3) Diluted EPS calculated on a GAAP basis excludes dilutive securities, including Class V Voting Stock, restricted stock units, performance stock units, stock options, and the employee stock purchase plan in any periods in which their inclusion would have an antidilutive effect. |
||||||||||
Key Performance Metrics
The following tables represent key performance metrics (in thousands, except percentage metrics). The key performance metrics presented are for the OppLoans product only and exclude the SalaryTap and OppFi Card products.
|
|
As of and for the Three Months Ended |
||||||||||
|
|
December 31, |
|
September 30, |
|
December 31, |
||||||
(unaudited) |
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
Total net originations(a) |
|
$ |
213,668 |
|
|
$ |
218,801 |
|
|
$ |
191,932 |
|
Total retained net originations(a) |
|
$ |
192,503 |
|
|
$ |
198,441 |
|
|
$ |
181,652 |
|
Ending receivables(b) |
|
$ |
425,240 |
|
|
$ |
413,714 |
|
|
$ |
416,463 |
|
% of Originations by bank partners |
|
|
100 |
% |
|
|
100 |
% |
|
|
100 |
% |
Net charge-offs as % of total revenue(c) |
|
|
42 |
% |
|
|
34 |
% |
|
|
46 |
% |
Net charge-offs as % of average receivables, annualized(c) |
|
|
54 |
% |
|
|
46 |
% |
|
|
59 |
% |
Average yield, annualized(d) |
|
|
130 |
% |
|
|
134 |
% |
|
|
127 |
% |
Auto-approval rate(e) |
|
|
79 |
% |
|
|
77 |
% |
|
|
73 |
% |
|
|
|
|
|
|
|
||||||
(a) Total net originations are defined as gross originations net of transferred balance on refinanced loans, while total retained net originations are defined as the portion of total net originations with respect to which the Company ultimately purchased a receivable from bank partners or originated directly. |
||||||||||||
(b) Ending receivables are defined as the unpaid principal balances of loans at the end of the reporting period. |
||||||||||||
(c) Net charge-offs as a percentage of total revenue and net charge-offs as a percentage of average receivables represent total charge-offs from the period less recoveries as a percentage of total revenue and as a percentage of average receivables. Net charge-offs as a percentage of average receivables is presented as an annualized metric. 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) Average yield is defined as total revenue from the period as a percent of average receivables and is presented as an annualized metric. |
||||||||||||
(e) Auto-approval rate is calculated by taking the number of approved loans that are not decisioned by a loan processor or underwriter (auto-approval) divided by the total number of loans approved. |
||||||||||||
|
|
As of and for the Years Ended |
||||||
(unaudited) |
|
December 31, 2024 |
|
December 31, 2023 |
||||
Total net originations(a) |
|
$ |
801,514 |
|
|
$ |
747,839 |
|
Total retained net originations(a) |
|
$ |
732,799 |
|
|
$ |
723,369 |
|
Ending receivables(b) |
|
$ |
425,240 |
|
|
$ |
416,463 |
|
% of Originations by bank partners |
|
|
100 |
% |
|
|
98 |
% |
Net charge-offs as % of total revenue(c) |
|
|
39 |
% |
|
|
44 |
% |
Net charge-offs as % of average receivables(c) |
|
|
51 |
% |
|
|
55 |
% |
Average yield(d) |
|
|
131 |
% |
|
|
127 |
% |
Auto-approval rate(e) |
|
|
76 |
% |
|
|
72 |
% |
|
|
|
|
|
||||
(a) Total net originations are defined as gross originations net of transferred balance on refinanced loans, while total retained net originations are defined as the portion of total net originations with respect to which the Company ultimately purchased a receivable from bank partners or originated directly. |
||||||||
(b) Ending receivables are defined as the unpaid principal balances of loans at the end of the reporting period. |
||||||||
(c) Net charge-offs as a percentage of total revenue and net charge-offs as a percentage of average receivables represent total charge-offs from the period less recoveries as a percentage of total revenue and as a percentage of average receivables. 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) Average yield is defined as total revenue from the period as a percent of average receivables. |
||||||||
(e) Auto-approval rate is calculated by taking the number of approved loans that are not decisioned by a loan processor or underwriter (auto-approval) divided by the total number of loans approved. |
||||||||
Share Repurchase Program Update
As of December 31, 2024,
Full-Year 2025 Guidance
-
Total revenue of
$563 million $594 million 7% to13% year over year -
Adjusted net income of
$95 million $97 million 15% to17% year over year -
Adjusted EPS of
$1.06 $1.07 11% to13% year over year, based on approximate weighted average diluted share count of 90 million
First Quarter 2025 Guidance
-
Adjusted net income of
$22 million $24 million 150% to173% year over year
Conference Call
Management will host a conference call today at 9:00 a.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: (800) 225-9448
- International: (203) 518-9708
- Conference ID: OPPFI
An archived version of the webcast will be available on OppFi's website.
About OppFi
OppFi (NYSE: OPFI) is a tech-enabled, mission-driven specialty finance platform that broadens the reach of community banks to extend credit access to everyday Americans. Through a transparent and responsible lending platform, which includes 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 4,900 reviews, making the Company one of the top consumer-rated financial platforms online. OppFi also holds a
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 2025 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; 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, and Adjusted EPS. Adjusted EBT is defined as Net Income, adjusted for (1) income tax expense; (2) change in fair value of warrant liabilities; (3) other addbacks and one-time expenses, net; and (4) other income. Adjusted Net Income is defined as Adjusted EBT as defined above, adjusted for taxes assuming a tax rate for each period presented that reflects the
Fourth Quarter Results of Operations
Consolidated Statements of Operations
The following table presents consolidated results of operations for the three and twelve months ended December 31, 2024 and 2023 (in thousands, except share and per share data). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.
Comparison of the three months ended December 31, 2024 and 2023
|
|
Three Months Ended December 31, |
|
Change |
|||||||||||
(unaudited) |
|
|
2024 |
|
|
|
2023 |
|
|
$ |
|
% |
|||
Interest and loan related income |
|
$ |
134,337 |
|
|
$ |
131,815 |
|
|
$ |
2,522 |
|
|
1.9 |
% |
Other revenue |
|
|
1,386 |
|
|
|
1,109 |
|
|
|
277 |
|
|
25.0 |
|
Total revenue |
|
|
135,723 |
|
|
|
132,924 |
|
|
|
2,799 |
|
|
2.1 |
|
Change in fair value of finance receivables |
|
|
(54,897 |
) |
|
|
(66,956 |
) |
|
|
12,059 |
|
|
(18.0 |
) |
Provision for credit losses on finance receivables |
|
|
(8 |
) |
|
|
(217 |
) |
|
|
209 |
|
|
(96.1 |
) |
Net revenue |
|
|
80,818 |
|
|
|
65,751 |
|
|
|
15,067 |
|
|
22.9 |
|
Expenses: |
|
|
|
|
|
|
|
|
|||||||
Sales and marketing |
|
|
11,083 |
|
|
|
11,247 |
|
|
|
(164 |
) |
|
(1.5 |
) |
Customer operations(a) |
|
|
11,850 |
|
|
|
11,592 |
|
|
|
258 |
|
|
2.2 |
|
Technology, products, and analytics |
|
|
8,275 |
|
|
|
9,696 |
|
|
|
(1,421 |
) |
|
(14.7 |
) |
General, administrative, and other(a) |
|
|
13,908 |
|
|
|
12,435 |
|
|
|
1,473 |
|
|
11.8 |
|
Total expenses before interest expense |
|
|
45,116 |
|
|
|
44,970 |
|
|
|
146 |
|
|
0.3 |
|
Interest expense |
|
|
11,029 |
|
|
|
12,071 |
|
|
|
(1,042 |
) |
|
(8.6 |
) |
Total expenses |
|
|
56,145 |
|
|
|
57,041 |
|
|
|
(896 |
) |
|
(1.6 |
) |
Income from operations |
|
|
24,673 |
|
|
|
8,710 |
|
|
|
15,963 |
|
|
183.3 |
|
Change in fair value of warrant liabilities |
|
|
(10,994 |
) |
|
|
(5,814 |
) |
|
|
(5,180 |
) |
|
89.1 |
|
Income from equity method investment |
|
|
815 |
|
|
|
— |
|
|
|
815 |
|
|
— |
|
Other income |
|
|
79 |
|
|
|
80 |
|
|
|
(1 |
) |
|
(1.3 |
) |
Income before income taxes |
|
|
14,573 |
|
|
|
2,976 |
|
|
|
11,597 |
|
|
389.7 |
|
Income tax expense |
|
|
600 |
|
|
|
1,034 |
|
|
|
(434 |
) |
|
(42.0 |
) |
Net income |
|
|
13,973 |
|
|
|
1,942 |
|
|
|
12,031 |
|
|
619.7 |
|
Less: net income attributable to noncontrolling interest |
|
|
19,582 |
|
|
|
7,509 |
|
|
|
12,073 |
|
|
160.8 |
|
Net loss attributable to OppFi Inc. |
|
$ |
(5,609 |
) |
|
$ |
(5,567 |
) |
|
$ |
(42 |
) |
|
(0.8 |
)% |
|
|
|
|
|
|
|
|
|
|||||||
Loss per share attributable to OppFi Inc.: |
|
|
|
|
|
|
|||||||||
Loss per common share: |
|
|
|
|
|
|
|
|
|||||||
Basic |
|
$ |
(0.26 |
) |
|
$ |
(0.31 |
) |
|
|
|
|
|||
Diluted |
|
$ |
(0.26 |
) |
|
$ |
(0.31 |
) |
|
|
|
|
|||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|||||||
Basic |
|
|
21,442,460 |
|
|
|
18,087,627 |
|
|
|
|
|
|||
Diluted |
|
|
21,442,460 |
|
|
|
18,087,627 |
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||||||
(a) Beginning with the quarter ended March 31, 2024, for all periods presented, the Company reclassified certain expenses that were previously included in general, administrative, and other expenses to customer operations expenses. |
|||||||||||||||
Comparison of the years ended December 31, 2024 and 2023 |
|||||||||||||||
|
|
Year Ended December 31, |
|
Change |
|||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
$ |
|
% |
|||
|
|
Unaudited |
|
|
|
|
|
|
|||||||
Interest and loan related income |
|
$ |
521,227 |
|
|
$ |
505,430 |
|
|
$ |
15,797 |
|
|
3.1 |
% |
Other revenue |
|
|
4,736 |
|
|
|
3,519 |
|
|
|
1,217 |
|
|
34.6 |
|
Total revenue |
|
|
525,963 |
|
|
|
508,949 |
|
|
|
17,014 |
|
|
3.3 |
|
Change in fair value of finance receivables |
|
|
(204,443 |
) |
|
|
(231,419 |
) |
|
|
26,976 |
|
|
(11.7 |
) |
Provision for credit losses on finance receivables |
|
|
(42 |
) |
|
|
(4,348 |
) |
|
|
4,306 |
|
|
(99.0 |
) |
Net revenue |
|
|
321,478 |
|
|
|
273,182 |
|
|
|
48,296 |
|
|
17.7 |
|
Expenses: |
|
|
|
|
|
|
|
|
|||||||
Sales and marketing |
|
|
41,341 |
|
|
|
46,222 |
|
|
|
(4,881 |
) |
|
(10.6 |
) |
Customer operations(a) |
|
|
47,023 |
|
|
|
46,362 |
|
|
|
661 |
|
|
1.4 |
|
Technology, products, and analytics |
|
|
35,639 |
|
|
|
39,161 |
|
|
|
(3,522 |
) |
|
(9.0 |
) |
General, administrative, and other(a) |
|
|
58,231 |
|
|
|
48,332 |
|
|
|
9,899 |
|
|
20.5 |
|
Total expenses before interest expense |
|
|
182,234 |
|
|
|
180,077 |
|
|
|
2,157 |
|
|
1.2 |
|
Interest expense |
|
|
44,708 |
|
|
|
46,750 |
|
|
|
(2,042 |
) |
|
(4.4 |
) |
Total expenses |
|
|
226,942 |
|
|
|
226,827 |
|
|
|
115 |
|
|
0.1 |
|
Income from operations |
|
|
94,536 |
|
|
|
46,355 |
|
|
|
48,181 |
|
|
103.9 |
|
Change in fair value of warrant liabilities |
|
|
(8,244 |
) |
|
|
(4,976 |
) |
|
|
(3,268 |
) |
|
65.7 |
|
Income from equity method investment |
|
|
1,442 |
|
|
|
— |
|
|
|
1,442 |
|
|
— |
|
Other income |
|
|
318 |
|
|
|
431 |
|
|
|
(113 |
) |
|
(26.2 |
) |
Income before income taxes |
|
|
88,052 |
|
|
|
41,810 |
|
|
|
46,242 |
|
|
110.6 |
|
Income tax expense |
|
|
4,215 |
|
|
|
2,331 |
|
|
|
1,884 |
|
|
80.8 |
|
Net income |
|
|
83,837 |
|
|
|
39,479 |
|
|
|
44,358 |
|
|
112.4 |
|
Less: net income attributable to noncontrolling interest |
|
|
76,579 |
|
|
|
40,484 |
|
|
|
36,095 |
|
|
89.2 |
|
Net income (loss) attributable to OppFi Inc. |
|
$ |
7,258 |
|
|
$ |
(1,005 |
) |
|
$ |
8,263 |
|
|
821.8 |
% |
|
|
|
|
|
|
|
|
|
|||||||
Earnings (loss) per share attributable to OppFi Inc.: |
|
|
|
|
|
|
|||||||||
Earnings (loss) per common share: |
|
|
|
|
|
|
|
|
|||||||
Basic |
|
$ |
0.36 |
|
|
$ |
(0.06 |
) |
|
|
|
|
|||
Diluted |
|
$ |
0.36 |
|
|
$ |
(0.06 |
) |
|
|
|
|
|||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|||||||
Basic |
|
|
20,145,606 |
|
|
|
16,391,199 |
|
|
|
|
|
|||
Diluted |
|
|
20,145,606 |
|
|
|
16,391,199 |
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||||||
(a) Beginning with the quarter ended March 31, 2024, for all periods presented, the Company reclassified certain expenses that were previously included in general, administrative, and other expenses to customer operations expenses. |
|||||||||||||||
Condensed Consolidated Balance Sheets
Comparison of the periods ended December 31, 2024 and 2023 (in thousands): |
|||||||||||||
|
|
December 31, |
|
December 31, |
|
Change |
|||||||
|
|
|
2024 |
|
|
2023 |
|
$ |
|
% |
|||
|
|
Unaudited |
|
|
|
|
|
|
|||||
Assets |
|
|
|
|
|
|
|
|
|||||
Cash and restricted cash |
|
$ |
88,288 |
|
$ |
73,943 |
|
$ |
14,345 |
|
|
19.4 |
% |
Finance receivables at fair value |
|
|
473,696 |
|
|
463,320 |
|
|
10,376 |
|
|
2.2 |
|
Finance receivables at amortized cost, net |
|
|
— |
|
|
110 |
|
|
(110 |
) |
|
(100.0 |
) |
Equity method investment |
|
|
19,194 |
|
|
— |
|
|
19,194 |
|
|
— |
|
Other assets |
|
|
59,993 |
|
|
64,170 |
|
|
(4,177 |
) |
|
(6.5 |
) |
Total assets |
|
$ |
641,171 |
|
$ |
601,543 |
|
$ |
39,628 |
|
|
6.6 |
% |
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
|||||
Accounts payable and accrued expenses |
|
$ |
33,290 |
|
$ |
26,448 |
|
$ |
6,842 |
|
|
25.9 |
% |
Other liabilities |
|
|
39,802 |
|
|
40,086 |
|
|
(284 |
) |
|
(0.7 |
) |
Total debt |
|
|
318,758 |
|
|
334,116 |
|
|
(15,358 |
) |
|
(4.6 |
) |
Warrant liabilities |
|
|
15,108 |
|
|
6,864 |
|
|
8,244 |
|
|
120.1 |
|
Total liabilities |
|
|
406,958 |
|
|
407,514 |
|
|
(556 |
) |
|
(0.1 |
) |
Total stockholders’ equity |
|
|
234,213 |
|
|
194,029 |
|
|
40,184 |
|
|
20.7 |
|
Total liabilities and stockholders’ equity |
|
$ |
641,171 |
|
$ |
601,543 |
|
$ |
39,628 |
|
|
6.6 |
% |
Financial Capacity and Capital Resources
As of December 31, 2024, OppFi had
Reconciliation of Non-GAAP Financial Measures
The following tables present reconciliations of non-GAAP financial measures for the three and twelve months ended December 31, 2024 and 2023 (in thousands, except share and per share data). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.
Adjusted EBT and Adjusted Net Income
Comparison of the three months ended December 31, 2024 and 2023 |
|||||||||||||||
|
|
Three Months Ended December 31, |
|
Variance |
|||||||||||
(unaudited) |
|
|
2024 |
|
|
|
2023 |
|
|
$ |
|
% |
|||
Net income |
|
$ |
13,973 |
|
|
$ |
1,942 |
|
|
$ |
12,031 |
|
|
619.7 |
% |
Income tax expense |
|
|
600 |
|
|
|
1,034 |
|
|
|
(434 |
) |
|
(42.0 |
) |
Other income |
|
|
(79 |
) |
|
|
(80 |
) |
|
|
1 |
|
|
(0.6 |
) |
Change in fair value of warrant liabilities |
|
|
10,994 |
|
|
|
5,814 |
|
|
|
5,180 |
|
|
89.1 |
|
Other addbacks and one-time expenses, net(a) |
|
|
921 |
|
|
|
1,995 |
|
|
|
(1,074 |
) |
|
(53.8 |
) |
Adjusted EBT(b) |
|
|
26,409 |
|
|
|
10,705 |
|
|
|
15,704 |
|
|
146.7 |
|
Less: pro forma taxes(c) |
|
|
6,114 |
|
|
|
2,258 |
|
|
|
3,856 |
|
|
170.8 |
|
Adjusted net income(b) |
|
|
20,295 |
|
|
|
8,447 |
|
|
|
11,848 |
|
|
140.3 |
% |
|
|
|
|
|
|
|
|
|
|||||||
Adjusted earnings per share(b) |
|
$ |
0.23 |
|
|
$ |
0.10 |
|
|
|
|
|
|||
Weighted average diluted shares outstanding |
|
|
87,504,493 |
|
|
|
85,721,167 |
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||||||
(a) For the three months ended December 31, 2024, other addbacks and one-time expenses, net of |
|||||||||||||||
(b) Beginning with the quarter ended March 31, 2024, for all periods presented, the Company has updated its presentation and calculation of Adjusted EBT, and the corresponding presentations and calculations of Adjusted Net Income and Adjusted EPS, to no longer add back debt issuance cost amortization. |
|||||||||||||||
(c) Assumes a tax rate of |
|||||||||||||||
Comparison of the years ended December 31, 2024 and 2023 |
||||||||||||||
|
|
Year Ended December 31, |
|
Variance |
||||||||||
(unaudited) |
|
|
2024 |
|
|
|
2023 |
|
|
$ |
|
% |
||
Net income |
|
$ |
83,837 |
|
|
$ |
39,479 |
|
|
$ |
44,358 |
|
112.4 |
% |
Income tax expense |
|
|
4,215 |
|
|
|
2,331 |
|
|
|
1,884 |
|
80.8 |
|
Other income |
|
|
(318 |
) |
|
|
(431 |
) |
|
|
113 |
|
(26.3 |
) |
Change in fair value of warrant liabilities |
|
|
8,244 |
|
|
|
4,976 |
|
|
|
3,268 |
|
65.7 |
|
Other addbacks and one-time expenses, net(a) |
|
|
12,024 |
|
|
|
7,928 |
|
|
|
4,096 |
|
51.7 |
|
Adjusted EBT(b) |
|
|
108,002 |
|
|
|
54,283 |
|
|
|
53,719 |
|
99.0 |
|
Less: pro forma taxes(c) |
|
|
25,337 |
|
|
|
12,789 |
|
|
|
12,548 |
|
98.1 |
|
Adjusted net income(b) |
|
|
82,665 |
|
|
|
41,494 |
|
|
|
41,171 |
|
99.2 |
% |
|
|
|
|
|
|
|
|
|
||||||
Adjusted earnings per share(b) |
|
$ |
0.95 |
|
|
$ |
0.49 |
|
|
|
|
|
||
Weighted average diluted shares outstanding |
|
|
86,652,427 |
|
|
|
85,051,304 |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||||||
(a) For the year ended December 31, 2024, other addbacks and one-time expenses, net of |
||||||||||||||
(b) Beginning with the quarter ended March 31, 2024, for all periods presented, the Company has updated its presentation and calculation of Adjusted EBT, and the corresponding presentations and calculations of Adjusted Net Income and Adjusted EPS, to no longer add back debt issuance cost amortization. |
||||||||||||||
(c) Assumes a tax rate of |
||||||||||||||
Adjusted Earnings Per Share
Comparison of the three months ended December 31, 2024 and 2023 |
||||
|
Three Months Ended December 31, |
|||
(unaudited) |
2024 |
|
2023 |
|
Weighted average Class A common stock outstanding |
21,442,460 |
|
18,087,627 |
|
Weighted average Class V voting stock outstanding |
64,758,117 |
|
92,604,532 |
|
Elimination of earnouts at period end |
— |
|
(25,500,000 |
) |
Dilutive impact of restricted stock units |
1,141,932 |
|
450,286 |
|
Dilutive impact of performance stock units |
71,234 |
|
78,722 |
|
Dilutive impact of stock options |
89,953 |
|
— |
|
Dilutive impact of employee stock purchase plan |
797 |
|
— |
|
Weighted average diluted shares outstanding |
87,504,493 |
|
85,721,167 |
|
|
Three Months Ended |
|
Three Months Ended |
||||||||||
(in thousands, except share and per share data) |
December 31, 2024 |
|
December 31, 2023 |
||||||||||
(unaudited) |
$ |
|
Per Share |
|
$ |
|
Per Share |
||||||
Weighted average diluted shares outstanding |
|
|
|
87,504,493 |
|
|
|
|
85,721,167 |
||||
Net income |
$ |
13,973 |
|
|
$ |
0.16 |
|
$ |
1,942 |
|
|
$ |
0.02 |
Income tax expense |
|
600 |
|
|
|
0.01 |
|
|
1,034 |
|
|
|
0.01 |
Other income |
|
(79 |
) |
|
|
— |
|
|
(80 |
) |
|
|
— |
Change in fair value of warrant liabilities |
|
10,994 |
|
|
|
0.13 |
|
|
5,814 |
|
|
|
0.07 |
Other addbacks and one-time expenses, net(a) |
|
921 |
|
|
|
0.01 |
|
|
1,995 |
|
|
|
0.02 |
Adjusted EBT(b) |
|
26,409 |
|
|
|
0.30 |
|
|
10,705 |
|
|
|
0.12 |
Less: pro forma taxes(c) |
|
6,114 |
|
|
|
0.07 |
|
|
2,258 |
|
|
|
0.03 |
Adjusted net income(b) |
|
20,295 |
|
|
$ |
0.23 |
|
|
8,447 |
|
|
$ |
0.10 |
|
|
|
|
|
|
|
|
||||||
(a) For the three months ended December 31, 2024, other addbacks and one-time expenses, net of |
|||||||||||||
(b) Beginning with the quarter ended March 31, 2024, for all periods presented, the Company has updated its presentation and calculation of Adjusted EBT, and the corresponding presentations and calculations of Adjusted Net Income and Adjusted EPS, to no longer add back debt issuance cost amortization. |
|||||||||||||
(c) Assumes a tax rate of |
|||||||||||||
Comparison of the years ended December 31, 2024 and 2023 |
||||
|
Year Ended December 31, |
|||
(unaudited) |
2024 |
|
2023 |
|
Weighted average Class A common stock outstanding |
20,145,606 |
|
16,391,199 |
|
Weighted average Class V voting stock outstanding |
65,619,358 |
|
93,857,926 |
|
Elimination of earnouts at period end |
— |
|
(25,500,000 |
) |
Dilutive impact of restricted stock units |
789,783 |
|
261,595 |
|
Dilutive impact of performance stock units |
72,802 |
|
40,584 |
|
Dilutive impact of stock options |
24,679 |
|
— |
|
Dilutive impact of employee stock purchase plan |
199 |
|
— |
|
Weighted average diluted shares outstanding |
86,652,427 |
|
85,051,304 |
|
|
Year Ended |
|
Year Ended |
|||||||||||
(in thousands, except share and per share data) |
December 31, 2024 |
|
December 31, 2023 |
|||||||||||
(unaudited) |
$ |
|
Per Share |
|
$ |
|
Per Share |
|||||||
Weighted average diluted shares outstanding |
|
|
|
86,652,427 |
|
|
|
|
85,051,304 |
|
||||
Net income |
$ |
83,837 |
|
|
$ |
0.97 |
|
$ |
39,479 |
|
|
$ |
0.46 |
|
Income tax expense |
|
4,215 |
|
|
|
0.05 |
|
|
2,331 |
|
|
|
0.03 |
|
Other income |
|
(318 |
) |
|
|
— |
|
|
(431 |
) |
|
|
(0.01 |
) |
Change in fair value of warrant liabilities |
|
8,244 |
|
|
|
0.10 |
|
|
4,976 |
|
|
|
0.06 |
|
Other addbacks and one-time expenses, net(a) |
|
12,024 |
|
|
|
0.14 |
|
|
7,928 |
|
|
|
0.09 |
|
Adjusted EBT(b) |
|
108,002 |
|
|
|
1.25 |
|
|
54,283 |
|
|
|
0.64 |
|
Less: pro forma taxes(c) |
|
25,337 |
|
|
|
0.29 |
|
|
12,789 |
|
|
|
0.15 |
|
Adjusted net income(b) |
|
82,665 |
|
|
$ |
0.95 |
|
|
41,494 |
|
|
$ |
0.49 |
|
|
|
|
|
|
|
|
|
|||||||
(a) For the year ended December 31, 2024, other addbacks and one-time expenses, net of |
||||||||||||||
(b) Beginning with the quarter ended March 31, 2024, for all periods presented, the Company has updated its presentation and calculation of Adjusted EBT, and the corresponding presentations and calculations of Adjusted Net Income and Adjusted EPS, to no longer add back debt issuance cost amortization. |
||||||||||||||
(c) Assumes a tax rate of |
||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250305863840/en/
Investor Relations:
Mike Gallentine
Head of Investor Relations
mgallentine@opploans.com
Media Relations:
media@oppfi.com
Source: OppFi
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