Net income increased 53.1% year over year to
$27.7 million, a Company record for a second quarter
Adjusted net income increased 56.2% year over
year to $24.8 million, a Company record for a second quarter
Basic and diluted EPS of $0.16 and $0.16,
respectively
Adjusted EPS increased 53.5% year over year to
$0.29
Net charge-off rate as a percentage of total
revenue decreased 370 basis points year over year to 32.5%
Total revenue yield increased by 600 basis
points year over year to 134.8%
Total revenue increased 3.1% year over year to
$126.3 million, a Company record for a second quarter
Adjusted EPS guidance for full-year 2024
increased to $0.73 to $0.75 from $0.58 to $0.62
Adjusted EPS guidance for third quarter of 2024
introduced as $0.20 to $0.22
OppFi Inc. (NYSE: OPFI) (“OppFi” or the “Company”), a
tech-enabled, mission-driven specialty finance platform that
broadens the reach of community banks to extend credit access to
everyday Americans, today reported financial results for the second
quarter ended June 30, 2024.
“Our second quarter 2024 results substantially exceeded our
expectations and enabled us to raise full-year earnings guidance by
more than 20%,” said Todd Schwartz, Chief Executive Officer and
Executive Chairman of OppFi. “We achieved our highest total revenue
and earnings for a second quarter. The strong profitability was a
result of operational and credit initiatives that drove strong
loss, payment and recovery performance, as well as improved
operating achievement on key metrics and net profit margin.”
"We’re also pleased to have issued our first special dividend of
$0.12 per share, repurchased $2.5 million of Class A common stock,
and paid down $10 million of senior debt, demonstrating the
strength of our balance sheet,” continued Schwartz. “With the
investment in Bitty and other strategic growth initiatives, we
believe OppFi has the ingredients needed to build a leading credit
access and financial services platform positioned for long term
growth. We're building a suite of best-in-class digital financial
service products for everyday Americans to address the significant
supply and demand imbalance in credit access. We look forward to
continuing to drive stockholder value with growth, free cash flow
generation and our solid balance sheet.”
Financial Summary
The following tables present a summary of OppFi’s results for
the three and six months ended June 30, 2024 and 2023 (in
thousands, except per share data).
Three Months Ended June 30,
Change
(unaudited)
2024
2023
%
Total revenue
$
126,304
$
122,486
3.1
%
Net income
$
27,676
$
18,076
53.1
%
Adjusted net income(1,2)
$
24,781
$
15,865
56.2
%
Basic EPS
$
0.16
$
0.14
11.3
%
Diluted EPS(3)
$
0.16
$
0.14
11.3
%
Adjusted EPS(1,2,3)
$
0.29
$
0.19
53.5
%
(1) Non-GAAP Financial Measures: Adjusted
Net Income and Adjusted EPS are financial measures that have not
been prepared in accordance with GAAP. See “Reconciliation of
Non-GAAP Financial Measures” below for a detailed description and
reconciliation of such Non-GAAP financial measures to their most
directly comparable GAAP financial measures.
(2) Beginning with the quarter ended March
31, 2024, for all periods presented, the Company has updated its
presentation and calculation of Adjusted EBT, and the corresponding
presentations and calculations of Adjusted Net Income and Adjusted
EPS, to no longer add back debt issuance cost amortization.
(3) Diluted EPS calculated on a GAAP basis
excludes dilutive securities, including Class V Voting Stock,
restricted stock units, and performance stock units, in any periods
in which their inclusion would have an antidilutive effect.
Six Months Ended June 30,
Change
(unaudited)
2024
2023
%
Total revenue
$
253,647
$
242,860
4.4
%
Net income
$
37,807
$
22,006
71.8
%
Adjusted net income(1,2)
$
33,562
$
19,720
70.2
%
Basic EPS
$
0.44
$
0.16
176.6
%
Diluted EPS(3)
$
0.36
$
0.16
124.4
%
Adjusted EPS(1,2,3)
$
0.39
$
0.23
67.1
%
(1) Non-GAAP Financial Measures: Adjusted
Net Income and Adjusted EPS are financial measures that have not
been prepared in accordance with GAAP. See “Reconciliation of
Non-GAAP Financial Measures” below for a detailed description and
reconciliation of such Non-GAAP financial measures to their most
directly comparable GAAP financial measures.
(2) Beginning with the quarter ended March
31, 2024, for all periods presented, the Company has updated its
presentation and calculation of Adjusted EBT, and the corresponding
presentations and calculations of Adjusted Net Income and Adjusted
EPS, to no longer add back debt issuance cost amortization.
(3) Diluted EPS calculated on a GAAP basis
excludes dilutive securities, including Class V Voting Stock,
restricted stock units, and performance stock units, in any periods
in which their inclusion would have an antidilutive effect.
Second Quarter Key Performance
Metrics
The following table represents key quarterly metrics (in
thousands).
As of and for the Three Months
Ended,
June 30,
March 31,
June 30,
(unaudited)
2024
2024
2023
Total net originations(a)
$
205,549
$
163,496
$
200,640
Total retained net originations(a)
$
189,344
$
152,511
$
195,347
Ending receivables(b)
$
387,086
$
371,386
$
397,754
% of Originations by bank partners
100
%
100
%
97
%
Net charge-offs as % of total
revenue(c)
33
%
48
%
36
%
Net charge-offs as % of average
receivables, annualized(c)
44
%
62
%
47
%
Average yield, annualized(d)
135
%
130
%
129
%
Auto-approval rate(e)
76
%
73
%
72
%
(a) Total net originations are defined as
gross originations net of transferred balance on refinanced loans,
while total retained net originations are defined as the portion of
total net originations with respect to which the Company ultimately
purchased a receivable from bank partners or originated
directly.
(b) Receivables are defined as the unpaid
principal balances of loans at the end of the reporting period.
(c) Net charge-offs as a percentage of
total revenue and net charge-offs as a percentage of average
receivables represent total charge-offs from the period less
recoveries as a percentage of total revenue and as a percentage of
average receivables. Net charge-offs as a percentage of average
receivables is presented as an annualized metric. Finance
receivables are charged off at the earlier of the time when
accounts reach 90 days past due on a recency basis, when OppFi
receives notification of a customer bankruptcy or is otherwise
deemed uncollectible.
(d) Average yield is defined as total
revenue from the period as a percent of average receivables and is
presented as an annualized metric.
(e) Auto-approval rate is calculated by
taking the number of approved loans that are not decisioned by a
loan processor or underwriter (auto-approval) divided by the total
number of loans approved.
Share Repurchase Program
Update
During the second quarter, OppFi repurchased 769,715 shares of
Class A common stock, which were held as treasury stock as of June
30, 2024, for an aggregate purchase price of $2.5 million at an
average purchase price per share of $3.27. The Company has
continued to repurchase shares in the third quarter.
Full Year 2024 Guidance
Update
- Affirm total revenue
- $510 million to $530 million
- Raise adjusted net income
- $63 million to $65 million from previous range of $50 million
to $54 million; and
- Increase adjusted earnings per share
- $0.73 to $0.75 from previous range of $0.58 to $0.62, based on
approximate weighted average diluted share count of 86.5
million
Third Quarter 2024
Guidance
- Adjusted net income
- $17 million to $19 million
- Adjusted earnings per share
- $0.20 to $0.22, based on approximate weighted average diluted
share count of 86.5 million
Conference Call
Management will host a conference call today at 9:00 a.m. ET to
discuss OppFi’s financial results and business outlook. The webcast
of the conference call will be made available on the Investor
Relations page of the Company's website.
The conference call can also be accessed with the following
dial-in information:
- Domestic: (800) 225-9448
- International: (203) 518-9708
- Conference ID: OPPFI
An archived version of the webcast will be available on OppFi's
website.
About OppFi
OppFi (NYSE: OPFI) is a tech-enabled, mission-driven specialty
finance platform that broadens the reach of community banks to
extend credit access to everyday Americans. Through a transparent
and responsible lending platform, which includes financial
inclusion and an excellent customer experience, the Company
supports consumers, who are turned away by mainstream options, to
build better financial health. OppLoans by OppFi maintains a
4.5/5.0 star rating on Trustpilot with more than 4,400 reviews,
making the Company one of the top consumer-rated financial
platforms online. OppFi also holds a 35% equity interest in Bitty
Advance, a credit access company that offers revenue-based
financing and other working capital solutions to small businesses.
For more information, please visit oppfi.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. OppFi’s actual results
may differ from its expectations, estimates and projections and
consequently, you should not rely on these forward-looking
statements as predictions of future events. Words such as “expect,”
“estimate,” “project,” “budget,” “forecast,” “anticipate,”
“intend,” “plan,” “may,” “will,” “could,” “should,” “believes,”
“predicts,” “potential,” “possible,” “continue,” and similar
expressions may identify forward-looking statements, but the
absence of these words does not mean that a statement is not
forward-looking. These forward-looking statements include, without
limitation, OppFi’s expectations with respect to its third quarter
and full year 2024 guidance, the future performance of OppFi’s
platform, and expectations for OppFi’s growth and future financial
performance. These forward-looking statements are based on OppFi’s
current expectations and assumptions about future events and are
based on currently available information as to the outcome and
timing of future events. These forward-looking statements involve
significant risks and uncertainties that could cause the actual
results to differ materially from the expected results. Most of
these factors are outside OppFi’s control and are difficult to
predict. Factors that may cause such differences include, but are
not limited to: the impact of general economic conditions,
including economic slowdowns, inflation, interest rate changes,
recessions, and tightening of credit markets on OppFi’s business;
the impact of challenging macroeconomic and marketplace conditions;
the impact of stimulus or other government programs; 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 will be
subject to AB 539; 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; OppFi’s ability
to scale and grow the Bitty business; the impact that events
involving financial institutions or the financial services industry
generally, such as actual concerns or events involving liquidity,
defaults, or non-performance, may have on OppFi’s business; risks
related to the material weakness in OppFi’s internal controls over
financial reporting; the ability of OppFi to grow and manage growth
profitably and retain its key employees; risks related to new
products; risks related to evaluating and potentially consummating
acquisitions; concentration risk; risks related to OppFi’s ability
to comply with various covenants in its corporate and warehouse
credit facilities; costs related to the business combination;
changes in applicable laws or regulations; the possibility that
OppFi may be adversely affected by other economic, business, and/or
competitive factors; risks related to management transitions; risks
related to the restatement of OppFi’s financial statements and any
accounting deficiencies or weaknesses related thereto; and other
risks and uncertainties indicated from time to time in OppFi’s
filings with the United States Securities and Exchange Commission,
in particular, contained in the section or sections captioned “Risk
Factors.” OppFi cautions that the foregoing list of factors is not
exclusive, and readers should not place undue reliance upon any
forward-looking statements, which speak only as of the date made.
OppFi does not undertake or accept any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statements to reflect any change in its expectations or any change
in events, conditions or circumstances on which any such statement
is based.
Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures
that are unaudited and do not conform to GAAP, such as Adjusted
EBT, Adjusted Net Income, and Adjusted EPS. Adjusted EBT is defined
as Net Income, adjusted for (1) income tax expense; (2) change in
fair value of warrant liabilities; (3) other addbacks and one-time
expenses, net; and (4) other income. Adjusted Net Income is defined
as Adjusted EBT as defined above, adjusted for taxes assuming a tax
rate of 23.56% for the three months ended June 30, 2024, a tax rate
of 24.17% for the three months ended June 30, 2023, a tax rate of
23.56% for the six months ended June 30, 2024, and a tax rate of
24.16% for the six months ended June 30, 2023, reflecting the U.S.
federal statutory rate of 21% and a blended statutory rate for
state income taxes, in order to allow for a comparison with other
publicly traded companies. Adjusted EPS is defined as Adjusted Net
Income as defined above, divided by weighted average diluted shares
outstanding, which represent shares of both classes of common stock
outstanding, excluding 25,500,000 shares related to earnout
obligations and including the impact of unvested restricted stock
units, unvested performance stock units, and the employee stock
purchase plan. Adjusted EPS is useful to investors and others
because, due to OppFi’s Up-C structure, Basic EPS calculated on a
GAAP basis excludes a large percentage of OppFi’s outstanding
shares of common stock, which are Class V Voting Stock, and Diluted
EPS calculated on a GAAP basis excludes dilutive securities,
including Class V Voting Stock, restricted stock units, and
performance stock units, in any periods in which their inclusion
would have an antidilutive effect. These non-GAAP financial
measures have not been prepared in accordance with accounting
principles generally accepted in the United States and may be
different from non-GAAP financial measures used by other companies.
OppFi believes that the use of these non-GAAP financial measures
provides an additional tool for investors to use in evaluating
ongoing operating results and trends. These non-GAAP measures with
comparable names should not be considered in isolation from, or as
an alternative to, financial measures determined in accordance with
GAAP. See “Reconciliation of Non-GAAP Financial Measures” below for
reconciliations for OppFi's non-GAAP financial measures to the most
directly comparable GAAP financial measures. A reconciliation of
projected third quarter and full year 2024 Adjusted Net Income and
projected third quarter and full year 2024 Adjusted EPS to the most
directly comparable GAAP financial measures is not included in this
press release because, without unreasonable efforts, the Company is
unable to predict with reasonable certainty the amount or timing of
non-GAAP adjustments that are used to calculate these measures.
Second Quarter Results of
Operations
Consolidated Statements of Operations
Comparison of the three months ended June 30, 2024 and 2023
The following table presents consolidated results of operations
for the three months ended June 30, 2024 and 2023 (in thousands,
except number of shares and per share data).
Three Months Ended June 30,
Change
(unaudited)
2024
2023
$
%
Interest and loan related income
$
125,076
$
121,583
$
3,493
2.9
%
Other revenue
1,228
903
325
36.0
Total revenue
126,304
122,486
3,818
3.1
Change in fair value of finance
receivables
(40,019
)
(44,043
)
4,024
(9.1
)
Provision for credit losses on finance
receivables
(4
)
(3,866
)
3,862
(99.9
)
Net revenue
86,281
74,577
11,704
15.7
Expenses:
Sales and marketing
10,824
12,314
(1,490
)
(12.1
)
Customer operations(a)
11,608
11,740
(132
)
(1.1
)
Technology, products, and analytics
9,148
9,779
(631
)
(6.5
)
General, administrative, and other(a)
14,250
11,179
3,071
27.5
Total expenses before interest expense
45,830
45,012
818
1.8
Interest expense
10,964
11,231
(267
)
(2.4
)
Total expenses
56,794
56,243
551
1.0
Income from operations
29,487
18,334
11,153
60.8
Change in fair value of warrant
liabilities
(976
)
351
(1,327
)
(378.6
)
Other income
79
79
—
—
Income before income taxes
28,590
18,764
9,826
52.4
Income tax expense
914
688
226
32.8
Net income
27,676
18,076
9,600
53.1
Less: net income attributable to
noncontrolling interest
24,610
15,934
8,676
54.4
Net income attributable to OppFi Inc.
$
3,066
$
2,142
$
924
43.1
%
Earnings per share attributable to OppFi
Inc.:
Earnings per common share:
Basic
$
0.16
$
0.14
Diluted
$
0.16
$
0.14
Weighted average common shares
outstanding:
Basic
19,675,934
15,632,120
Diluted
19,675,934
15,873,753
(a) Beginning with the quarter ended March
31, 2024, for all periods presented, the company reclassified
certain expenses that were previously included in general,
administrative, and other expenses to customer operations
expenses.
Comparison of the six months ended June 30, 2024 and 2023
The following table presents consolidated results of operations
for the six months ended June 30, 2024 and 2023 (in thousands,
except number of shares and per share data).
Six Months Ended June 30,
Change
(unaudited)
2024
2023
$
%
Interest and loan related income
$
251,355
$
241,525
$
9,830
4.1
%
Other revenue
2,292
1,335
957
71.7
Total revenue
253,647
242,860
10,787
4.4
Change in fair value of finance
receivables
(104,121
)
(107,161
)
3,040
(2.8
)
Provision for credit losses on finance
receivables
(31
)
(3,936
)
3,905
(99.2
)
Net revenue
149,495
131,763
17,732
13.5
Expenses:
Sales and marketing
19,002
22,161
(3,159
)
(14.3
)
Customer operations(a)
22,971
22,774
197
0.9
Technology, products, and analytics
18,927
19,733
(806
)
(4.1
)
General, administrative, and other(a)
31,430
22,429
9,001
40.1
Total expenses before interest expense
92,330
87,097
5,233
6.0
Interest expense
22,394
22,602
(208
)
(0.9
)
Total expenses
114,724
109,699
5,025
4.6
Income from operations
34,771
22,064
12,707
57.6
Change in fair value of warrant
liabilities
4,195
504
3,691
732.6
Other income
159
272
(113
)
(41.5
)
Income before income taxes
39,125
22,840
16,285
71.3
Income tax expense
1,318
834
484
58.0
Net income
37,807
22,006
15,801
71.8
Less: net income attributable to
noncontrolling interest
29,204
19,613
9,591
48.9
Net income attributable to OppFi Inc.
$
8,603
$
2,393
$
6,210
259.5
%
Earnings per share attributable to OppFi
Inc.:
Earnings per common share:
Basic
$
0.44
$
0.16
Diluted
$
0.36
$
0.16
Weighted average common shares
outstanding:
Basic
19,440,680
15,336,366
Diluted
86,148,477
15,533,467
(a) Beginning with the quarter ended March
31, 2024, for all periods presented, the company reclassified
certain expenses that were previously included in general,
administrative, and other expenses to customer operations
expenses.
Condensed Consolidated Balance Sheets
Comparison as of June 30, 2024 and December 31, 2023 (in
thousands):
(unaudited)
June 30,
December 31,
2024
2023
Assets
Cash and restricted cash
$
80,837
$
73,943
Finance receivables at fair value
430,482
463,320
Finance receivables at amortized cost,
net
19
110
Other assets
61,755
64,170
Total assets
$
573,093
$
601,543
Liabilities and stockholders’
equity
Accounts payable and accrued expenses
$
28,001
$
26,448
Other liabilities
38,960
40,086
Total debt
301,774
334,116
Warrant liabilities
2,669
6,864
Total liabilities
371,404
407,514
Total stockholders’ equity
201,689
194,029
Total liabilities and stockholders’
equity
$
573,093
$
601,543
Total cash and restricted cash increased by $6.9 million as of
June 30, 2024 compared to December 31, 2023 driven by an increase
in received payments relative to originations. Finance receivables
at fair value decreased by $32.8 million as of June 30, 2024
compared to December 31, 2023 from lower origination volume due to
seasonality. Finance receivables at amortized cost, net decreased
by $0.1 million as of June 30, 2024 compared to December 31, 2023
due to the continued rundown of SalaryTap finance receivables.
Other assets decreased by $2.4 million as of June 30, 2024 compared
to December 31, 2023 mainly due to a decrease in the operating
lease right of use asset of $0.8 million, a decrease in the
deferred tax asset of $0.7 million, and a decrease in property,
equipment, and software of $0.5 million.
Accounts payable and accrued expenses increased by $1.6 million
as of June 30, 2024 compared to December 31, 2023 driven by an
increase in accrued expenses of $3.6 million, partially offset by a
decrease in accounts payable of $2.0 million. Other liabilities
decreased by $1.1 million as of June 30, 2024 compared to December
31, 2023 driven by a decrease in the operating lease liability of
$0.9 million and the tax receivable agreement liability of $0.2
million. Total debt decreased by $32.3 million as of June 30, 2024
compared to December 31, 2023 driven by a decrease in utilization
of revolving lines of credit of $30.9 million and a decrease in
notes payable of $1.4 million. Warrant liabilities decreased by
$4.2 million due to the decrease in the valuation of the warrants
as of June 30, 2024 compared to December 31, 2023. Total
stockholders’ equity increased by $7.7 million as of June 30, 2024
compared to December 31, 2023 driven by net income and stock-based
compensation, partially offset by purchases of treasury stock and
dividend issuance.
Financial Capacity and Capital
Resources
As of June 30, 2024, OppFi had $46.6 million in unrestricted
cash, an increase of $14.8 million from December 31, 2023. As of
June 30, 2024, OppFi had an additional $223.2 million of unused
debt capacity under its financing facilities for future
availability, representing a 43% overall undrawn capacity, an
increase from $192.3 million as of December 31, 2023. The increase
in undrawn debt was driven primarily by using excess cash to pay
down debt on our revolving credit lines and term loan. Including
total financing commitments of $525.0 million and cash on the
balance sheet of $80.8 million, OppFi had approximately $605.8
million in funding capacity as of June 30, 2024.
Reconciliation of Non-GAAP Financial
Measures
Comparison of the three and six months ended June 30, 2024 and
2023 (in thousands, except share and per share data):
Three Months Ended June 30,
Variance
(unaudited)
2024
2023
$
%
Net income
$
27,676
$
18,076
$
9,600
53.1
%
Income tax expense
914
688
226
32.8
Other income
(79
)
(79
)
—
—
Change in fair value of warrant
liabilities
976
(351
)
1,327
378.6
Other addbacks and one-time expenses,
net(a)
2,932
2,588
344
13.3
Adjusted EBT(b)
32,419
20,922
11,497
55.0
Less: pro forma taxes(c)
7,638
5,057
2,581
51.0
Adjusted net income(b)
$
24,781
$
15,865
$
8,916
56.2
%
Adjusted earnings per share(b)
$
0.29
$
0.19
Weighted average diluted shares
outstanding
86,268,511
84,750,663
(a) For the three months ended June 30,
2024, other addbacks and one-time expenses, net of $2.9 million
included $2.1 million in stock compensation expenses, $0.5 million
in expenses related to legal matters, $0.3 million in severance
expenses, and $0.1 million in expenses related to corporate
development. For the three months ended June 30, 2023, other
addbacks and one-time expenses, net of $2.6 million included a
$(3.1) million addback from the reclassification of OppFi Card
finance receivables from assets held for sale to assets held for
investment at amortized cost, a $3.8 million expense related to
provision for credit losses on the OppFi Card finance receivables,
$0.8 million in stock compensation expenses, $0.6 million in
severance expenses, $0.4 million in expenses related to corporate
development, and $0.1 million in retention expenses.
(b) Beginning with the quarter ended March
31, 2024, for all periods presented, the Company has updated its
presentation and calculation of Adjusted EBT, and the corresponding
presentations and calculations of Adjusted Net Income and Adjusted
EPS, to no longer add back debt issuance cost amortization.
(c) Assumes a tax rate of 23.56% for the
three months ended June 30, 2024 and 24.17% for the three months
ended June 30, 2023, reflecting the U.S. federal statutory rate of
21% and a blended statutory rate for state income taxes.
Six Months Ended June 30,
Variance
(unaudited)
2024
2023
$
%
Net income
$
37,807
$
22,006
$
15,801
71.8
%
Income tax expense
1,318
834
484
58.0
Other income
(159
)
(272
)
113
(41.5
)
Change in fair value of warrant
liabilities
(4,195
)
(504
)
(3,691
)
732.6
Other addbacks and one-time expenses,
net(a)
9,136
3,940
5,196
131.9
Adjusted EBT(b)
43,907
26,004
17,903
68.8
Less: pro forma taxes(c)
10,345
6,284
4,061
64.6
Adjusted net income(b)
$
33,562
$
19,720
$
13,842
70.2
%
Adjusted earnings per share(b)
$
0.39
$
0.23
Weighted average diluted shares
outstanding
86,148,477
84,592,228
(a) For the six months ended June 30,
2024, other addbacks and one-time expenses, net of $9.1 million
included $3.1 million in stock compensation expenses, a $2.9
million expense related to OppFi Card’s exit activities, $1.2
million in expenses related to legal matters, $1.1 million in
severance expenses, and $0.8 million in expenses related to
corporate development. For the six months ended June 30, 2023,
other addbacks and one-time expenses, net of $3.9 million included
a $(3.0) million addback from the reclassification of OppFi Card
finance receivables from assets held for sale to assets held for
investment at amortized cost, a $3.8 million expense related to
provision for credit losses on the OppFi Card finance receivables,
$2.0 million in stock compensation expenses, $0.6 million in
severance expenses, $0.4 million in expenses related to corporate
development, and $0.1 million in retention expenses.
(b) Beginning with the quarter ended March
31, 2024, for all periods presented, the Company has updated its
presentation and calculation of Adjusted EBT, and the corresponding
presentations and calculations of Adjusted Net Income and Adjusted
EPS, to no longer add back debt issuance cost amortization.
(c) Assumes a tax rate of 23.56% for the
six months ended June 30, 2024 and a 24.16% tax rate for the six
months ended June 30, 2023, reflecting the U.S. federal statutory
rate of 21% and a blended statutory rate for state income
taxes.
Adjusted Earnings Per Share
Three Months Ended June 30,
(unaudited)
2024
2023
Weighted average Class A common stock
outstanding
19,675,934
15,632,120
Weighted average Class V voting stock
outstanding
91,380,789
94,376,910
Elimination of earnouts at period end
(25,500,000
)
(25,500,000
)
Dilutive impact of restricted stock
units
642,306
238,008
Dilutive impact of performance stock
units
69,482
3,625
Weighted average diluted shares
outstanding
86,268,511
84,750,663
Three Months Ended
Three Months Ended
(in thousands, except share and per share
data)
June 30, 2024
June 30, 2023
(unaudited)
$
Per Share
$
Per Share
Weighted average diluted shares
outstanding
86,268,511
84,750,663
Net income
$
27,676
$
0.32
$
18,076
$
0.21
Income tax expense
914
0.01
688
0.01
Other income
(79
)
—
(79
)
—
Change in fair value of warrant
liabilities
976
0.01
(351
)
—
Other addbacks and one-time expenses,
net
2,932
0.03
2,588
0.03
Adjusted EBT(a)
32,419
0.38
20,922
0.25
Less: pro forma taxes
7,638
0.09
5,057
0.06
Adjusted net income(a)
24,781
0.29
15,865
0.19
(a) Beginning with the quarter ended March
31, 2024, for all periods presented, the Company has updated its
presentation and calculation of Adjusted EBT, and corresponding
presentations and calculations of Adjusted Net Income and Adjusted
EPS, to no longer add back debt issuance cost amortization.
Six Months Ended June 30,
(unaudited)
2024
2023
Weighted average Class A common stock
outstanding
19,440,680
15,336,366
Weighted average Class V voting stock
outstanding
91,531,964
94,558,761
Elimination of earnouts at period end
(25,500,000
)
(25,500,000
)
Dilutive impact of restricted stock
units
602,628
180,290
Dilutive impact of performance stock
units
73,205
16,811
Weighted average diluted shares
outstanding
86,148,477
84,592,228
Six Months Ended
Six Months Ended
(in thousands, except share and per share
data)
June 30, 2024
June 30, 2023
(unaudited)
$
Per Share
$
Per Share
Weighted average diluted shares
outstanding
86,148,477
84,592,228
Net income
$
37,807
$
0.44
$
22,006
$
0.26
Income tax expense
1,318
0.02
834
0.01
Other income
(159
)
—
(272
)
—
Change in fair value of warrant
liabilities
(4,195
)
(0.05
)
(504
)
(0.01
)
Other addbacks and one-time expenses,
net
9,136
0.11
3,940
0.05
Adjusted EBT(a)
43,907
0.51
26,004
0.31
Less: pro forma taxes
10,345
0.12
6,284
0.07
Adjusted net income(a)
33,562
0.39
19,720
0.23
(a) Beginning with the quarter ended March
31, 2024, for all periods presented, the Company has updated its
presentation and calculation of Adjusted EBT, and corresponding
presentations and calculations of Adjusted Net Income and Adjusted
EPS, to no longer add back debt issuance cost amortization.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240807004811/en/
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