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OppFi
🇺🇸 NYSE:OPFI
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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.

Total Revenue
$122M
Previous year: $108M
+13.5%
EPS
$0.19
Previous year: $0.08
+137.5%
Auto-approval rate
72%
Previous year: 62%
+16.1%
Net charge-offs vs revenue
36%
Previous year: 51%
-29.4%
Cash and Equivalents
$62.1M
Previous year: $57.6M
+7.8%
Total Assets
$577M
Previous year: $578M
-0.1%

OppFi

OppFi

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
  • Whether OppFi will be successful in obtaining declaratory relief against the Commissioner of the Department of Financial Protection and Innovation for the State of California
  • Whether OppFi’s bank partners will continue to lend in California and whether OppFi’s financing sources will continue to finance the purchase of participation rights in loans originated by OppFi’s bank partners in California
  • Risks related to the material weakness in OppFi’s internal controls over financial reporting

Company Overview

Full financial data and analysis

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