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Dec 31, 2023
Oportun Q4 2023 Earnings Report
Reported financial results for the fourth quarter and full year, meeting guidance metrics and achieving a record $1.1 billion in total revenue for FY23.
Key Takeaways
Oportun Financial Corporation reported its Q4 and full year 2023 financial results, with Q4 total revenue of $263 million and FY23 total revenue reaching a record $1.1 billion, up 11% year-over-year. The company focused on improving profitability and operating efficiencies, reducing quarterly operating expenses by 15%. Initial full year 2024 guidance reflects expectations for markedly improved profitability on an adjusted basis, supported by an additional $30 million in run-rate operating expense savings to be achieved by 4Q24.
Total revenue for Q4 2023 was $263 million, flat compared to the prior year.
Net loss was $41.8 million, compared to a net loss of $8.4 million in the prior-year quarter.
Operating expenses decreased by 15% year-over-year.
Adjusted EBITDA was $6.1 million, up $40 million from the prior year quarter.
Forward Guidance
Oportun provided financial outlook for Q1 2024 and full year 2024.
Positive Outlook
- Total Revenue for Q1 2024 is expected to be between $233 - $238 million
- Total Revenue for FY 2024 is expected to be between $975 - $1,000 million
- Annualized Net Charge-Off Rate for Q1 2024 is expected to be 12.1% +/- 15 bps
- Annualized Net Charge-Off Rate for FY 2024 is expected to be 11.9% +/- 50 bps
- Adjusted EBITDA for FY 2024 is expected to be $60 - $70 million
Challenges Ahead
- Adjusted EBITDA for Q1 2024 is expected to be $(14) - $(12) million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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