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Mar 31, 2024
OppFi Q1 2024 Earnings Report
OppFi exceeded first quarter guidance and raised full-year earnings outlook.
Key Takeaways
OppFi reported a 5.8% increase in total revenue year over year to $127.3 million and a 157.8% increase in net income year over year to $10.1 million. The company's adjusted net income increased 127.8% year over year to $8.8 million. Adjusted EPS guidance for full-year 2024 increased to $0.58 to $0.62 from $0.53 to $0.57
Total revenue increased 5.8% year over year to $127.3 million.
Net income increased 157.8% year over year to $10.1 million.
Adjusted net income increased 127.8% year over year to $8.8 million.
Unrestricted cash of $47.2 million and total receivable funding capacity of $613.7 million at the end of the first quarter of 2024
Forward Guidance
OppFi affirmed total revenue guidance of $510 million to $530 million, raised adjusted net income guidance to $50 million to $54 million from previous range of $46 million to $49 million, and increased adjusted earnings per share guidance to $0.58 to $0.62 from previous range of $0.53 to $0.57.
Positive Outlook
- Affirm total revenue guidance of $510 million to $530 million
- Raise adjusted net income guidance to $50 million to $54 million from previous range of $46 million to $49 million
- Increase adjusted earnings per share guidance to $0.58 to $0.62 from previous range of $0.53 to $0.57
- Strong tax refund season
- Favorable credit trends in portfolio
Challenges Ahead
- Impact of general economic conditions
- Impact of challenging macroeconomic and marketplace conditions
- Risks related to material weakness in OppFi’s internal controls over financial reporting
Historical Earnings Impact
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Avg. Return Before/After Earnings
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