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Jun 30, 2022
Oportun Q2 2022 Earnings Report
Reported financial results with originations growth of 103% and total revenue growth of 63%.
Key Takeaways
Oportun Financial Corporation reported strong second-quarter results, exceeding guidance metrics with significant growth in originations and total revenue. Membership and product adoption also saw substantial increases. However, the company is revising its charge-off guidance upward and lowering profit expectations due to a weakening macroeconomic backdrop.
Aggregate originations grew by 103% year-over-year, reaching $878 million.
Total revenue increased by 63% year-over-year, totaling $226 million.
Membership grew at an annualized rate of 38%, reaching 1.8 million members.
Product adoption grew at an annualized rate of 45%.
Oportun
Oportun
Forward Guidance
Oportun provided guidance for Q3 2022 and full year 2022.
Positive Outlook
- Aggregate Originations (3Q 2022): $650 - $675 Million
- Aggregate Originations (Full Year 2022): $3.15 - $3.18 Billion
- Total Revenue (3Q 2022): $240 - $245 Million
- Total Revenue (Full Year 2022): $930 - $940 Million
- Adjusted EPS (Full Year 2022): $1.19 - $1.34
Challenges Ahead
- Adjusted Net Income (Loss) (3Q 2022): ($4) - ($2) Million
- Adjusted EPS (3Q 2022): ($0.12) - ($0.06)
- Annualized Net Charge-Off Rate (3Q 2022): 9.8% +/- 15 bps
- Adjusted Net Income (Loss) (Full Year 2022): $40 - $45 Million
- Annualized Net Charge-Off Rate (Full Year 2022): 9.6% +/- 15 bps