- Record total revenue and ending receivables for full-year
2023
- Ninth consecutive year of net income
- Net income of $39.5 million for full-year 2023
- Adjusted net income of $43.3 million for full-year 2023
- 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
for fourth quarter of 2023
- Net income of $1.9 million for fourth quarter of 2023
- Adjusted net income of $8.9 million for fourth quarter of
2023
- 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
OppFi Inc. (NYSE: OPFI; OPFI WS) (“OppFi” or the “Company”), a
tech-enabled, mission-driven specialty finance platform that
broadens the reach of community banks to extend credit access to
everyday Americans, today reported financial results for the fourth
quarter and year ended December 31, 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, 2023
September 30, 2023
December 31, 2022
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 to $530 million
- Adjusted net income of $46 million to $49 million
- Adjusted earnings per share (“EPS”) of $0.53 to $0.57 based on
approximate weighted average diluted shares outstanding of 86.5
million
First Quarter 2024
Guidance
- Adjusted earnings per share (“EPS”) of $0.05 based on
approximate weighted average diluted shares outstanding of 86.0
million
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 State of California; whether OppFi will be
subject to AB 539; whether OppFi’s bank partners will continue to
lend in California and whether OppFi’s financing sources will
continue to finance the purchase of participation rights in loans
originated by OppFi’s bank partners in California; the impact that
events involving financial institutions or the financial services
industry generally, such as actual concerns or events involving
liquidity, defaults, or non-performance, may have on OppFi’s
business; risks related to the material weakness in OppFi’s
internal controls over financial reporting; the ability of OppFi to
grow and manage growth profitably and retain its key employees;
risks related to new products; risks related to evaluating and
potentially consummating acquisitions; concentration risk; risks
related to OppFi’s ability to comply with various covenants in its
corporate and warehouse credit facilities; costs related to the
business combination; changes in applicable laws or regulations;
the possibility that OppFi may be adversely affected by other
economic, business, and/or competitive factors; risks related to
management transitions; risks related to the restatement of OppFi’s
financial statements and any accounting deficiencies or weaknesses
related thereto; and other risks and uncertainties indicated from
time to time in OppFi’s filings with the United States Securities
and Exchange Commission, in particular, contained in the section or
sections captioned “Risk Factors.” OppFi cautions that the
foregoing list of factors is not exclusive, and readers should not
place undue reliance upon any forward-looking statements, which
speak only as of the date made. OppFi does not undertake or accept
any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements to reflect any change
in its expectations or any change in events, conditions or
circumstances on which any such statement is based.
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 21.12% for the three months ended
December 31, 2023, a tax rate of 24.68% for the three months ended
December 31, 2022, a tax rate of 23.56% for the full year ended
December 31, 2023, and a tax rate of 24.17% for the full year ended
December 31, 2022, reflecting the U.S. federal statutory rate of
21% and a blended statutory rate for state income taxes, in order
to allow for a comparison with other publicly traded companies.
Adjusted EBITDA is defined as Adjusted Net Income as defined above,
excluding (1) pro forma and business (non-income) taxes; (2)
depreciation and amortization; and (3) interest expense. Adjusted
EPS is defined as Adjusted Net Income as defined above, divided by
weighted average diluted shares outstanding, which represent shares
of both classes of common stock outstanding, excluding 25,500,000
shares related to earnout obligations and including the impact of
unvested restricted stock units, unvested performance stock units,
and the employee stock purchase plan. Adjusted EPS is useful to
investors and others because, due to OppFi’s Up-C structure, Basic
EPS calculated on a GAAP basis excludes a large percentage of
OppFi’s outstanding shares of common stock, which are Class V
Voting Stock, and Diluted EPS calculated on a GAAP basis excludes
dilutive securities, including Class V Voting Stock, in any period
in which OppFi reports a loss as dilutive securities are considered
to be antidilutive. These non-GAAP financial measures have not been
prepared in accordance with accounting principles generally
accepted in the United States and may be different from non-GAAP
financial measures used by other companies. OppFi believes that the
use of these non-GAAP financial measures provides an additional
tool for investors to use in evaluating ongoing operating results
and trends. These non-GAAP measures with comparable names should
not be considered in isolation from, or as an alternative to,
financial measures determined in accordance with GAAP. See
“Reconciliation of Non-GAAP Financial Measures” below for
reconciliations for OppFi's non-GAAP financial measures to the most
directly comparable GAAP financial measures. A reconciliation of
projected full year 2024 Adjusted Net Income and projected first
quarter and full year 2024 Adjusted EPS to the most directly
comparable GAAP financial measures is not included in this press
release because, without unreasonable efforts, the Company is
unable to predict with reasonable certainty the amount or timing of
non-GAAP adjustments that are used to calculate these measures.
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 December
31,
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, 2023
December 31, 2022
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 $24.3 million as of
December 31, 2023 compared to December 31, 2022 driven by an
increase in received payments relative to originations. Finance
receivables at fair value increased by $6.0 million as of December
31, 2023 compared to December 31, 2022 due to strength in issuance
volume and decrease in charge-offs throughout the second half of
the year. Finance receivables at amortized cost, net decreased by
$0.5 million as of December 31, 2023 compared to December 31, 2022
due to the continued rundown of OppFi Card and SalaryTap finance
receivables. Other assets decreased by $8.1 million as of December
31, 2023 compared to December 31, 2022 mainly due to a decrease in
property, equipment, and software of $3.7 million, a decrease in
the operating lease right of use asset of $1.4 million, and a
decrease in the deferred tax asset of $1.0 million.
Current liabilities decreased by $3.1 million as of December 31,
2023 compared to December 31, 2022 driven by a decrease in accounts
payable of $1.9 million and a decrease in accrued expenses of $1.2
million. Other liabilities decreased by $2.1 million as of December
31, 2023 compared to December 31, 2022 driven by a decrease in the
operating lease liability of $1.5 million and a decrease in the tax
receivable agreement liability of $0.6 million. Total debt
decreased by $12.9 million as of December 31, 2023 compared to
December 31, 2022 driven by a decrease in utilization of revolving
lines of credit of $12.0 million, paydown of the secured borrowing
payable of $0.8 million, and a decrease in notes payable of $0.2
million. Warrant liabilities increased by $5.0 million due to the
increase in the valuation of the warrants as of December 31, 2023
compared to December 31, 2022. Total stockholders’ equity increased
by $34.9 million as of December 31, 2023 compared to December 31,
2022 driven by net income and stock-based compensation.
Financial Capacity and Capital
Resources
As of December 31, 2023, OppFi had $31.8 million in unrestricted
cash, an increase of $15.6 million from December 31, 2022. As of
December 31, 2023, OppFi had an additional $192.3 million of unused
debt capacity under its financing facilities for future
availability, representing a 37% overall undrawn capacity, an
increase from $136.8 million as of December 31, 2022. The increase
in undrawn debt was driven primarily by the increase in capacity of
the revolving credit agreement with affiliates of Atalaya Capital
Management in July 2023. Including total financing commitments of
$525.0 million, and cash on the balance sheet of $73.9 million,
OppFi had approximately $598.9 million in funding capacity as of
December 31, 2023.
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 $7.8 million
included a $5.8 million expense related to the change in fair value
of the warrant liabilities, $1.0 million in expenses related to
stock-based compensation, $0.7 million in expenses related to
corporate development, $0.2 million in expenses related to
provision for credit losses on the OppFi Card finance receivables,
and $0.1 million in expenses related to legal fees. For the three
months ended December 31, 2022, other addbacks and one-time
expenses, net of $2.8 million included a $(2.3) million addback due
to the change in fair value of the warrant liabilities, a $3.6
million expense related to the impairment of OppFi Card finance
receivables as a result of their reclassification as held for sale,
$1.0 million in expenses related to stock-based compensation, a
$0.5 million expense related to the impairment of the operating
lease right of use asset, and $0.2 million in expenses related to
severance and retention.
(b) Assumes the entire company is a C-Corp
with a tax rate of 21.12% for the three months ended December 31,
2023 and a tax rate of 24.68% for the three months ended December
31, 2022, reflecting the U.S. federal statutory rate of 21% and a
blended statutory rate for state income taxes, in order to allow
for a comparison with other publicly traded companies.
(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 $12.8 million included
a $5.0 million expense related to the change in fair value of the
warrant liabilities, $4.1 million in expenses related to provision
for credit losses on the OppFi Card finance receivables, $4.1
million in expenses related to stock-based compensation, $1.5
million in expenses related to corporate development, $0.9 million
in expenses related to severance and retention, $0.3 million in
expenses related to legal fees, a $(3.0) million addback related to
the reclassification of OppFi Card finance receivables from assets
held for sale to assets held for investment at amortized cost, and
a $(0.1) million addback related to partial forgiveness of the
secured borrowing payable. For the year ended December 31, 2022,
other addbacks and one-time expenses, net of $1.2 million included
a $(9.4) million addback related to the change in fair value of the
warrant liabilities, a $3.6 million expense related to the
impairment of OppFi Card finance receivables as a result of their
reclassification as held for sale, $3.4 million in expenses related
to stock-based compensation, $3.0 million in expenses related to
severance and retention, a $0.5 million expense related to the
impairment of the operating lease right of use asset, and $0.1
million in expenses related to legal fees.
(b) Assumes the entire Company is a C-Corp
with a tax rate of 23.56% for the year ended December 31, 2023 and
a tax rate of 24.17% for the year ended December 31, 2022,
reflecting the U.S. federal statutory rate of 21% and a blended
statutory rate for state income taxes, in order to allow for a
comparison with other publicly traded companies.
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 December 31,
2023
Three Months Ended December 31,
2022
(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 December 31, 2023
Year Ended December 31, 2022
(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:
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