Eighth consecutive year of profitability
Net income of $3.3 million for full-year
2022
Adjusted net income of $5.0 million for
full-year 2022
Record total revenue, net originations, and
ending receivables for full-year 2022
Marketing cost per new funded loan decreased
20% year over year for full-year 2022
Closed $150 million credit facility with
Castlelake, resulting in more than $530 million of funding capacity
as of year end
First payment default and total delinquency
rates trending toward pre-pandemic levels
OppFi Inc. (NYSE: OPFI) (“OppFi” or the “Company”), a
mission-driven fintech platform that helps everyday Americans gain
access to credit with digital specialty finance products, today
reported financial results for the fourth quarter and year ended
December 31, 2022.
“We delivered record net originations, total revenue and ending
receivables in 2022. As a result, we achieved our eighth
consecutive year of profitability, exceeding our guidance,” said
Todd Schwartz, Chief Executive Officer and Executive Chairman of
OppFi.
“We are optimistic about 2023, while remaining mindful of the
continuation of an uncertain macroeconomic environment,” continued
Schwartz. “Based on credit adjustments that we implemented in 2022
and our 10-year business history, we are confident that we can
control our success by balancing origination growth, overall risk,
and expenses. First payment default and the total delinquency rates
have continued to improve in the first quarter of 2023. As a
result, we expect adjusted net income to rebound significantly this
year, as demonstrated by our full-year guidance.”
Financial Summary
The following tables present a summary of OppFi’s results for
the three and twelve months ended December 31, 2022 and 2021.
(in thousands, except per share data)
Unaudited
Three Months Ended December
31,
Change
2022
2021
%
Total revenue
$
120,030
$
95,958
25.1
%
Net (loss) income
$
(5,199
)
$
17,032
(130.5
) %
Adjusted net (loss) income(1)
$
(2,790
)
$
11,378
(124.5
) %
Adjusted EBITDA(1)
$
9,922
$
20,441
(51.5
) %
Basic EPS
$
0.22
$
0.85
(74.1
) %
Diluted EPS(2)
$
(0.22
)
$
0.19
(215.8
) %
Adjusted EPS(1,2)
$
(0.19
)
$
0.13
(242.3
) %
(in thousands, except per share data)
Unaudited
Year Ended December 31,
Change
2022
2021
%
Total revenue
$
452,859
$
350,568
29.2
%
Net income
$
3,340
$
89,795
(96.3
) %
Adjusted net income(1)
$
4,976
$
65,819
(92.4
) %
Adjusted EBITDA(1)
$
53,866
$
116,857
(53.9
) %
Basic EPS(a)
$
0.51
$
1.93
(73.6
) %
Diluted EPS(a)
$
0.05
$
0.48
(89.6
) %
Adjusted EPS(1)
$
0.06
$
0.78
(92.4
) %
a.
For the periods prior to July 20, 2021, earnings per share was
not calculated, as net income prior to the Business Combination was
attributable entirely to OppFi-LLC.
(1) Non-GAAP Financial Measures: Adjusted Net Income, Adjusted
EBITDA 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) Shares of Class V common stock that are exchangeable into
shares of Class A common stock as a result of OppFi's Up-C
structure are excluded from the diluted shares calculation in any
period in which OppFi reports a loss because the inclusion would be
antidilutive.
Fourth Quarter
Key Performance Metrics
The following tables represent key
quarterly metrics.
(in thousands) Unaudited
As of and for the Three Months
Ended,
December 31, 2022
September 30, 2022
December 31, 2021
Total Net Originations(a)
$
186,526
$
182,724
$
186,685
Ending Receivables(b)
$
402,910
$
407,730
$
337,529
% of Originations by Bank Partners
95
%
94
%
94
%
Net Charge-Offs as % of Average
Receivables(c)
71
%
66
%
53
%
Auto-Approval Rate(d)
68
%
69
%
60
%
a.
Total net originations include both
originations by bank partners on the OppFi platform, as well as
direct originations by OppFi.
b.
Ending receivables are defined as the
unpaid principal balances of loans at the end of the reporting
period.
c.
Annualized net charge-offs as a percentage
of average receivables (defined as the unpaid principal of loans)
represents total charge offs from the period less recoveries as a
percent of average receivables. 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.
Auto-Approval Rate is calculated by taking
the number of approved loans that are not decisioned by a loan
advocate or underwriter (auto-approval) divided by the total number
of loans approved.
Share Repurchase Program
Update
During the fourth quarter, OppFi had no activity on its share
repurchase program. For the full-year of 2022, OppFi repurchased
703,914 shares of Class A common stock at an average price of $3.47
per share for a total of $2.4 million.
Full-Year 2023 Guidance
- Total revenue of $500 million to $520 million, resulting in
approximately 10% to 15% growth year over year
- Adjusted net income of $22 million to $28 million
- Adjusted earnings per share of $0.26 to $0.33 based on an
approximate average weighted diluted share count of 84.3
million
First Quarter 2023
Guidance
- Approximately break-even on an adjusted basis
Conference Call
Management will host a conference call today at 4:30 p.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: (877) 407-0789
- International: (201) 689-8562
An archived version of the webcast will be available on OppFi's
website.
About OppFi
OppFi (NYSE: OPFI) is a mission-driven fintech platform that
helps everyday Americans gain access to credit with digital
specialty finance products. Through its unwavering commitment to
customer service, the Company supports consumers, who are turned
away by mainstream options, to build better financial health. OppFi
maintains a 4.6/5.0 star rating on Trustpilot with more than 3,600
reviews and an A+ rating from the Better Business Bureau (BBB),
making the Company one of the top consumer-rated financial
platforms online. 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 first quarter
and full year 2023 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 COVID-19 on OppFi’s business; 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; 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 risk that the business combination
disrupts current plans and operations; the ability to recognize the
anticipated benefits of the business combination, which may be
affected by, among other things, competition, the ability of OppFi
to grow and manage growth profitably and retain its key employees;
risks related to new products; concentration risk; 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, Adjusted EBITDA and Adjusted EPS.
Adjusted EBT is defined as Net Income, plus (1) provision for
income taxes; (2) amortization of debt issuance costs; and (3)
other addbacks and one-time expenses, including the change in the
fair value of warrant liabilities, sublease income, expenses
related to the reclassification of OppFi Card receivables as held
for sale, one-time legal, accounting, and other expenses related to
the Business Combination, stock compensation expenses, board fees,
severance, and retention. Adjusted Net Income is defined as
Adjusted EBT as defined above, adjusted for taxes assuming a tax
rate of 24.17% for the year ended December 31, 2022 and a tax rate
of 21.61% for the year ended December 31, 2021, 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 EBITDA is defined as Adjusted
Net Income as defined above, excluding (1) pro forma and business
(non-income) taxes; (2) depreciation and amortization; and (3)
interest expense. 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. Shares of Class V common stock that are exchangeable
into shares of Class A common stock as a result of OppFi's Up-C
structure are excluded from the weighted average diluted shares
calculation in any period in which OppFi reports a loss because the
inclusion would be antidilutive. 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 2023 Adjusted Net Income and projected 2023 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.
Fourth Quarter
Results of Operations
Consolidated Statements of
Operations
Comparison of the three months ended
December 31, 2022 and 2021
The following table presents consolidated
results of operations for the three months ended December 31, 2022
and 2021 (in thousands, except number of shares and per share
data).
Three Months Ended December
31,
Change
2022
2021
$
%
Interest and loan related income
$
119,634
$
95,448
$
24,186
25.3
%
Other revenue
396
510
(114
)
(22.4
)
Total revenue
120,030
95,958
24,072
25.1
Provision for credit losses on finance
receivables
103
(748
)
851
(113.8
)
Change in fair value of finance
receivables
(71,680
)
(33,326
)
(38,354
)
115.1
Net revenue
48,453
61,884
(13,431
)
(21.7
)
Expenses:
Sales and marketing
11,339
17,508
(6,169
)
(35.2
)
Customer operations
10,381
10,225
156
1.5
Technology, products, and analytics
8,590
7,774
816
10.5
General, administrative, and other
17,017
16,153
864
5.3
Total expenses before interest expense
47,327
51,660
(4,333
)
(8.4
)
Interest expense
10,740
6,850
3,890
56.8
Total expenses
58,067
58,510
(443
)
(0.8
)
(Loss) income from operations
(9,614
)
3,374
(12,988
)
(384.9
)
Change in fair value of warrant
liability
2,328
13,266
(10,938
)
(82.5
)
Other income
53
—
53
—
(Loss) income before income taxes
(7,233
)
16,640
(23,873
)
(143.5
)
Provision for income taxes
(2,034
)
(392
)
(1,642
)
418.9
Net (loss) income
(5,199
)
17,032
(22,231
)
(130.5
)
Less: net (loss) income attributable to
noncontrolling interest
(8,335
)
5,603
(13,938
)
(248.8
)
Net income attributable to OppFi Inc.
$
3,136
$
11,429
$
(8,293
)
(72.6
) %
Earnings per share attributable to OppFi
Inc.:
Earnings per common share:
Basic
$
0.22
$
0.85
Diluted(a)
$
(0.22
)
$
0.19
Weighted average common shares
outstanding:
Basic
14,563,168
13,545,261
Diluted(a)
14,563,168
84,501,795
(a) Shares of Class V common
stock that are exchangeable into shares of Class A common stock as
a result of OppFi's Up-C structure are excluded from the diluted
shares calculation in any period in which OppFi reports a loss
because the inclusion would be antidilutive.
Comparison of the twelve months ended
December 31, 2022 and 2021
The following table presents consolidated
results of operations for the twelve months ended December 31, 2022
and 2021 (in thousands, except number of shares and per share
data).
Year Ended December 31,
Change
2022
2021
$
%
Interest and loan related income
$
451,448
$
349,029
$
102,419
29.3
%
Other revenue
1,411
1,539
(128
)
(8.3
)
Total revenue
452,859
350,568
102,291
29.2
Provision for credit losses on finance
receivables
(1,940
)
(929
)
(1,011
)
108.8
Change in fair value of finance
receivables
(233,959
)
(85,960
)
(147,999
)
172.2
Net revenue
216,960
263,679
(46,719
)
(17.7
)
Expenses:
Sales and marketing
54,407
52,622
1,785
3.4
Customer operations
42,314
40,260
2,054
5.1
Technology, products, and analytics
33,439
27,442
5,997
21.9
General, administrative, and other
57,980
61,842
(3,862
)
(6.2
)
Total expenses before interest expense
188,140
182,166
5,974
3.3
Interest expense
35,162
24,256
10,906
45.0
Total expenses
223,302
206,422
16,880
8.2
(Loss) income from operations
(6,342
)
57,257
(63,599
)
(111.1
)
Gain on forgiveness of PPP loan
—
6,444
(6,444
)
(100.0
)
Change in fair value of warrant
liability
9,352
26,405
(17,053
)
(64.6
)
Other income
53
—
53
—
Income before income taxes
3,063
90,106
(87,043
)
(96.6
)
Provision for income taxes
(277
)
311
(588
)
(189.1
)
Net income
3,340
89,795
(86,455
)
(96.3
)
Less: net (loss) income attributable to
noncontrolling interest
(3,758
)
64,241
(67,999
)
(105.8
)
Net income attributable to OppFi Inc.
$
7,098
$
25,554
$
(18,456
)
(72.2
) %
Earnings per share attributable to OppFi
Inc.:
Earnings per common share:
Basic
$
0.51
$
1.93
Diluted
$
0.05
$
0.48
Weighted average common shares
outstanding:
Basic
13,913,626
13,218,119
Diluted
84,256,084
84,474,039
Condensed Balance Sheets
Comparison of the periods ended September
30, 2022 and December 31, 2021
December 31, 2022
December 31, 2021
Assets
Cash and restricted cash
$
49,670
$
62,362
Finance receivables at fair value
457,296
383,890
Finance receivables at amortized cost,
net
643
4,220
Other assets
72,230
51,634
Total assets
$
579,839
$
502,106
Liabilities and stockholders’
equity
Current liabilities
$
71,741
$
58,967
Total debt
347,060
274,021
Warrant liability
1,888
11,240
Total liabilities
420,689
344,228
Total stockholders’ equity
159,150
157,878
Total liabilities and stockholders’
equity
$
579,839
$
502,106
Total cash and restricted cash decreased by $12.7 million as of
December 31, 2022 compared to December 31, 2021, driven by an
increase in originated loans relative to the timing of received
payments. Finance receivables at fair value increased by $73.4
million as of December 31, 2022 compared to December 31, 2021 due
to high demand and record origination volume for the year ended
December 31, 2022. Finance receivables at amortized cost decreased
by $3.6 million primarily due to the reclassification of OppFi Card
finance receivables as held for sale under other assets. Other
assets as of December 31, 2022 increased by $20.6 million compared
to December 31, 2021, primarily driven by the addition of an
operating lease right of use asset of $13.6 million related to the
Company’s headquarters due to the adoption of a new accounting
standard, the reclassification of OppFi Card finance receivables as
held for sale, and an increase in amortized debt issuance costs of
$2.5 million.
Current liabilities increased by $12.8 million driven by the
addition of an operating lease liability of $16.6 million, an
increase in the tax receivable agreement liability of $2.4 million,
and deferred lease revenue of $0.8 million. These increases were
partially offset by a decrease in accrued expenses of $6.4 million.
Total debt increased by $73.0 million driven by an increase in
utilization of revolving lines of credit of $93.1 million and new
notes payable related to insurance premium financing of $1.6
million, which was partially offset by lower secured borrowing
payables of $21.7 million. Total equity increased by $1.3 million
driven by net income and stock-based compensation, partially offset
by treasury stock as a result of repurchases made under the
Company’s share repurchase program.
Financial Capacity and Capital
Resources
As of December 31, 2022, the Company had $16.2 million in
unrestricted cash, a decrease of $8.8 million from December 31,
2021. As of December 31, 2022, the Company had an additional $136.8
million of unused debt capacity under its financing facilities for
future availability, representing a 28% overall undrawn capacity, a
decrease from $158.1 million as of December 31, 2021. The reduction
in undrawn debt was primarily due to funding of receivables growth.
Including total financing commitments of $482.5 million, and cash
on the balance sheet of $49.7 million, the Company had
approximately $532.2 million in funding capacity as of December 31,
2022.
Reconciliation of
Non-GAAP Financial Measures
Comparison of the three and twelve months
ended December 31, 2022 and 2021
Three Months Ended December
31,
Variance
(in thousands, except share and per share
data) Unaudited
2022
2021
%
Net (loss) income
$
(5,199
)
$
17,032
(130.5
) %
Provision for income taxes
(2,034
)
(392
)
418.9
Debt issuance cost amortization
746
574
30.0
Other addbacks and one-time expenses,
net(a)
2,783
(5,530
)
(150.3
)
Adjusted EBT(1)
(3,704
)
11,684
(131.7
)
Less: pro forma taxes(b)
914
(306
)
(398.7
)
Adjusted net (loss) income(1)
(2,790
)
11,378
(124.5
)
Pro forma taxes(b)
(914
)
306
(398.7
)
Depreciation and amortization
3,525
2,992
17.8
Interest expense
9,994
6,275
59.3
Business (non-income) taxes
107
(510
)
(121.0
)
Adjusted EBITDA(1)
$
9,922
$
20,441
(51.5
) %
Adjusted EPS(1)
$
(0.19
)
$
0.13
Weighted average diluted shares
outstanding(c)
14,563,168
84,501,795
(a) For the three months ended December
31, 2022, other addbacks and one-time expense of $2.8 million
included a $(2.3) million addback due to the change in fair value
of the warrant liabilities, $0.1 million in income related to the
sublease of Company office space, $0.2 million in expenses related
to severance and retention, $3.6 million in expenses related to the
reclassification of OppFi Card finance receivables as held for
sale, $0.5 million in expenses related to the impairment of the
operating lease right of use asset, and $1.0 million in stock-based
compensation. For the three months ended December 31, 2021, other
addbacks and one-time expenses of $(5.5) million included a $(13.3)
million addback due to the change in fair value of the warrant
liabilities, $3.4 million in expenses related to one-time legal
costs, $2.4 million in expenses related to severance, and $1.8
million in stock-based compensation.
(b) Assumes a tax rate of 24.17% for the
year ended December 31, 2022 and a tax rate of 21.61% for the year
ended December 31, 2021, 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.
(c) Shares of Class V common stock that
are exchangeable into shares of Class A common stock as a result of
OppFi's Up-C structure are excluded from the diluted shares
calculation in any period in which OppFi reports a loss because the
inclusion would be antidilutive.
Year Ended December 31,
Variance
(in thousands, except share and per share
data) Unaudited
2022
2021
%
Net income
$
3,340
$
89,795
(96.3
) %
Provision for income taxes
(277
)
311
(189.1
)
Debt issuance cost amortization
2,372
2,310
2.7
Other addbacks and one-time expenses,
net(a)
1,127
(8,452
)
(113.3
)
Adjusted EBT(1)
6,562
83,964
(92.2
)
Less: pro forma taxes(b)
(1,586
)
(18,145
)
(91.3
)
Adjusted net income(1)
4,976
65,819
(92.4
)
Pro forma taxes(b)
1,586
18,145
(91.3
)
Depreciation and amortization
13,581
10,282
32.1
Interest expense
32,789
21,946
49.4
Business (non-income) taxes
934
665
40.5
Adjusted EBITDA(1)
$
53,866
$
116,857
(53.9
) %
Adjusted EPS(1)
$
0.06
$
0.78
Weighted average diluted shares
outstanding
84,256,084
84,474,039
(a) For the year ended December 31, 2022,
other addbacks and one-time expenses of $1.1 million included a
$(9.4) million addback due to the change in fair value of the
warrant liabilities, $0.1 million in income related to the sublease
of Company office space, $0.1 million in expenses related to
one-time legal costs, $2.0 million in expenses related to
severance, $1.0 million in expenses related to retention, $3.6
million in expenses related to the reclassification of OppFi Card
finance receivables as held for sale, $0.5 million in expenses
related to the impairment of the operating lease right of use
asset, and $3.4 million in stock-based compensation. For the year
ended December 31, 2021, other addbacks and one-time expenses of
$(8.5) million included a $(26.4) million addback due to the change
in fair value of the warrant liabilities, a $(6.4) million addback
due to the gain on forgiveness of PPP Loan, $6.6 million in public
company readiness costs prior to the Business Combination, $5.3
million in expenses related to one-time legal, accounting, and
other costs related to the Business Combination, $4.2 million in
expenses related to warrant valuation, $3.0 million in expenses
related to severance, $0.6 million in management and board fees,
$1.8 million in recruiting and salary expense, and $3.0 million in
profit interest and stock compensation.
(b) Assumes a tax rate of 24.17% for the
year ended December 31, 2022 and a tax rate of 21.61% for the year
ended December 31, 2021, 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 Earnings Per Share
Three Months Ended December
31,
(unaudited)
2022
2021
Weighted average Class A common stock
outstanding
14,563,168
13,545,261
Weighted average Class V voting stock
outstanding
—
96,420,815
Elimination of earnouts at period end
—
(25,500,000
)
Dilutive impact of restricted stock
units
—
35,718
Dilutive impact of performance stock
units
—
—
Dilutive impact of employee stock purchase
plan
—
—
Weighted average diluted shares
outstanding(a)
14,563,168
84,501,795
Three Months Ended December
31,
(unaudited)
2022
2021
Adjusted net income (in thousands)(1)
$
(2,790
)
$
11,378
Weighted average diluted shares
outstanding(a)
14,563,168
84,501,795
Adjusted EPS(1)
$
(0.19
)
$
0.13
Year Ended December 31,
(unaudited)
2022
2021
Weighted average Class A common stock
outstanding
13,913,626
13,218,119
Weighted average Class V voting stock
outstanding
95,724,487
96,746,990
Elimination of earnouts at period end
(25,500,000
)
(25,500,000
)
Dilutive impact of restricted stock
units
105,928
8,930
Dilutive impact of performance stock
units
9,492
—
Dilutive impact of employee stock purchase
plan
2,551
—
Weighted average diluted shares
outstanding
84,256,084
84,474,039
Year Ended December 31,
(unaudited)
2022
2021
Adjusted net income (in thousands)(1)
$
4,976
$
65,819
Weighted average diluted shares
outstanding
84,256,084
84,474,039
Adjusted EPS(1)
$
0.06
$
0.78
(a) Shares of Class V common stock that are exchangeable into
shares of Class A common stock as a result of OppFi's Up-C
structure are excluded from the diluted shares calculation in any
period in which OppFi reports a loss because the inclusion would be
antidilutive.
(1) Non-GAAP Financial Measures:
Adjusted Net Income, Adjusted EBT, Adjusted EPS and Adjusted EBITDA
are financial measures that have not been prepared in accordance
with GAAP. See “Reconciliation of Non-GAAP Financial Measures”
above for a detailed description of such Non-GAAP financial
measures.
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