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Jun 30, 2023
OppFi Q2 2023 Earnings Report
OppFi's financial results for Q2 2023 were reported, with total revenue increasing by 14% and net income growing by 90% year-over-year.
Key Takeaways
OppFi reported strong second-quarter results, with a 14% increase in total revenue to $122.5 million and a 90% increase in net income to $18.1 million year-over-year. The company's adjusted net income also increased significantly, by 138%, to $16.3 million. Based on these results, OppFi is raising its full-year adjusted net income and adjusted earnings per share guidance.
Total revenue increased 14% year over year to $122.5 million for Q2 2023.
Net income grew 90% year over year to $18.1 million for Q2 2023.
Adjusted net income increased 138% year over year to $16.3 million for Q2 2023.
Adjusted EPS of $0.19 for Q2 2023.
Forward Guidance
OppFi affirmed total revenue guidance of $500 million to $520 million, raised adjusted net income guidance to $29 million to $35 million, and increased adjusted earnings per share guidance to $0.34 to $0.41 for full year 2023.
Positive Outlook
- Affirm total revenue $500 million to $520 million, resulting in approximately 10% to 15% growth year over year
- Raise adjusted net income $29 million to $35 million, from previous range of $24 million to $30 million
- Increase adjusted earnings per share $0.34 to $0.41 based on approximate weighted average diluted share count of 85.0 million, from previous range of $0.28 to $0.35, based on approximate weighted average diluted share count of 85.0 million.
- Focus on profitability by balancing growth and risk.
- Maintaining expense discipline.
Challenges Ahead
- Impact of general economic conditions, including economic slowdowns, inflation, interest rate changes, recessions, and tightening of credit markets on OppFi’s business
- Impact of challenging macroeconomic and marketplace conditions, including lingering effects of COVID-19 on OppFi’s business
Historical Earnings Impact
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Avg. Return Before/After Earnings
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