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Mar 31, 2023
Oportun Q1 2023 Earnings Report
Reported a 21% year-over-year revenue increase and implemented expense optimization measures.
Key Takeaways
Oportun Financial Corporation reported its Q1 2023 financial results, which showed a 21% increase in revenue year-over-year to $260 million. The company also outperformed each guidance metric and is implementing further expense optimization measures to provide an additional $78M to $83M in annualized savings.
Revenue grew 21% year-over-year to $260 million.
Credit tightening actions are proving effective with a sequential charge-off rate decline of 70 basis points from Q4 2022.
The company is implementing further personnel and cost savings measures, anticipating $78 to $83 million in annualized run rate cost savings.
Adjusted EBITDA guidance for full-year 2023 was upwardly revised while maintaining total revenue guidance.
Forward Guidance
Oportun provided guidance for Q2 2023 and full year 2023, including total revenue, annualized net charge-off rate, and adjusted EBITDA.
Positive Outlook
- Total Revenue (2Q 2023): $250 - $255 million
- Total Revenue (Full Year 2023): $975 - $1,000 million
- Annualized Net Charge-Off Rate (2Q 2023): 12.8% +/- 15 bps
- Annualized Net Charge-Off Rate (Full Year 2023): 11.6% +/- 40 bps
- Adjusted EBITDA (2Q 2023): $2 - $7 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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