Total revenue increased 7% year over year to
$133.2 million for third quarter of 2023
Net income of $15.5 million for third quarter
of 2023
Adjusted net income of $13.8 million for third
quarter of 2023
Basic and Diluted EPS of $0.13 and $0.13,
respectively, for third quarter of 2023
Adjusted EPS of $0.16 for third quarter of
2023
Net charge-off rate as a percentage of total
revenue decreased 23% year over year to 42% for third quarter of
2023
Yield increased 7% year over year to 129% for
third quarter of 2023
OppFi Inc. (NYSE: OPFI; OPFI WS) (“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 third
quarter ended September 30, 2023.
“Throughout this year we have continued to make impactful
adjustments to credit models with our bank partners that have
resulted in improved credit performance and accelerated earnings
growth,” said Todd Schwartz, Chief Executive Officer and Executive
Chairman of OppFi. “These results demonstrate our ability to
balance growth and risk, while maintaining expense discipline.
These core competencies combined with our strong balance sheet and
excess funding capacity give us confidence in our ability to
continue these positive trends next year, as we explore additional
ways to create shareholder value.”
“We are raising full-year adjusted net income and adjusted
earnings per share guidance for the third time this year, based on
third quarter results and greater confidence in current business
trends,” concluded Schwartz.
Financial Summary
The following tables present a summary of OppFi’s results for
the three and nine months ended September 30, 2023 and 2022.
(in thousands, except per share data)
Unaudited
Three Months Ended September
30,
Change
2023
2022
%
Total revenue
$
133,165
$
124,244
7.2
%
Net income (loss)
$
15,532
$
(661
)
2449.8
%
Adjusted net income(1)
$
13,776
$
768
1693.8
%
Adjusted EBITDA(1)
$
33,011
$
13,215
149.8
%
Basic EPS
$
0.13
$
(0.04
)
425.0
%
Diluted EPS
$
0.13
$
(0.04
)
425.0
%
Adjusted EPS(1)
$
0.16
$
0.01
1668.4
%
(in thousands, except per share data)
Unaudited
Nine Months Ended September
30,
Change
2023
2022
%
Total revenue
$
376,025
$
332,829
13.0
%
Net income
$
37,538
$
8,539
339.6
%
Adjusted net income(1)
$
34,466
$
7,793
342.3
%
Adjusted EBITDA(1)
$
88,871
$
43,943
102.2
%
Basic EPS
$
0.29
$
0.29
—
%
Diluted EPS
$
0.29
$
0.09
222.2
%
Adjusted EPS(1)
$
0.41
$
0.09
339.4
%
(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.
Third Quarter Key Performance
Metrics
The following tables represent key quarterly metrics. Beginning
with the quarter ended June 30, 2023, for all periods presented,
the Company updated its key performance metrics to reflect the
Company’s decision to wind down its SalaryTap and OppFi Card
businesses. The key performance metrics presented are for the
OppLoans product only and exclude the SalaryTap and OppFi Card
products. Prior period metrics currently presented may differ
slightly than previously reported due to the exclusion of SalaryTap
and OppFi Card.
(in thousands)
Unaudited
As of and for the Three Months
Ended,
September 30, 2023
June 30, 2023
September 30, 2022
Total Net Originations(a)
$
195,671
$
200,640
$
181,821
Ending Receivables(b)
$
415,933
$
397,754
$
402,571
% of Originations by Bank Partners
98
%
97
%
94
%
Net Charge-Offs as % of Total
Revenue(c)
42
%
36
%
55
%
Net Charge-Offs as % of Average
Receivables(c)
55
%
47
%
66
%
Auto-Approval Rate(d)
72
%
72
%
68
%
a.
Total net originations include both
originations by bank partners on the OppFi platform, as well as
direct originations by OppFi.
b.
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 total revenue and 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 total revenue and average receivables, respectively.
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.
Full Year 2023 Guidance
Update
- Affirm total revenue
- $500 million to $520 million, resulting in approximately 10% to
15% growth year over year;
- Raise adjusted net income
- $40 million to $42 million, from previous range of $29 million
to $35 million; and
- Increase adjusted earnings per share
- $0.47 to $0.49 based on approximate weighted average diluted
share count of 85.5 million, from previous range of $0.34 to $0.41,
based on approximate weighted average diluted share count of 85.0
million.
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) 300-8521
- International: (412) 317-6026
An archived version of the webcast will be available on OppFi's
website.
About OppFi
OppFi (NYSE: OPFI; OPFI WS) is a tech-enabled, mission-driven
specialty finance platform that broadens the reach of community
banks to extend credit access to everyday Americans. Through
transparency, responsible lending, 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 4,000 reviews, 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 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
challenging macroeconomic and marketplace conditions, including
lingering effects 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; (3) other
addbacks and one-time expenses; and (4) sublease income. Adjusted
Net Income is defined as Adjusted EBT as defined above, adjusted
for taxes assuming a tax rate of 24.17% for the three months ended
September 30, 2023, a tax rate of 24.14% for the three months ended
September 30, 2022, a tax rate of 24.17% for the nine months ended
September 30, 2023, and a tax rate of 24.09% for the nine months
ended September 30, 2022, 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.
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 full year 2023
Adjusted Net Income and projected full year 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.
Third Quarter Results of
Operations
Consolidated Statements of Operations
Comparison of the three months ended September 30, 2023 and
2022
The following table presents consolidated results of operations
for the three months ended September 30, 2023 and 2022 (in
thousands, except number of shares and per share data,
unaudited).
Three Months Ended September
30,
Change
2023
2022
$
%
Interest and loan related income
$
132,090
$
123,605
$
8,485
6.9
%
Other revenue
1,075
639
436
68.2
%
Total revenue
133,165
124,244
8,921
7.2
%
Change in fair value of finance
receivables
(57,302
)
(70,601
)
13,299
(18.8
)%
Provision for credit losses on finance
receivables
(195
)
(1,017
)
822
(80.8
)%
Net revenue
75,668
52,626
23,042
43.8
%
Expenses:
Sales and marketing
12,814
11,674
1,140
9.8
%
Customer operations
10,543
10,591
(48
)
(0.5
)%
Technology, products, and analytics
9,732
8,325
1,407
16.9
%
General, administrative, and other
14,921
13,910
1,011
7.3
%
Total expenses before interest expense
48,010
44,500
3,510
7.9
%
Interest expense
12,077
9,095
2,982
32.8
%
Total expenses
60,087
53,595
6,492
12.1
%
Income (loss) from operations
15,581
(969
)
16,550
1707.9
%
Change in fair value of warrant
liability
334
1,323
(989
)
(74.8
)%
Other income
80
—
80
—
%
Income before income taxes
15,995
354
15,641
4418.4
%
Income tax expense
463
1,015
(552
)
(54.4
)%
Net income (loss)
15,532
(661
)
16,193
2449.8
%
Less: net income (loss) attributable to
noncontrolling interest
13,363
(90
)
13,453
14947.8
%
Net income (loss) attributable to OppFi
Inc.
$
2,169
$
(571
)
$
2,740
479.9
%
Earnings (loss) per share attributable to
OppFi Inc.:
Earnings (loss) per common share:
Basic
$
0.13
$
(0.04
)
Diluted
$
0.13
$
(0.04
)
Weighted average common shares
outstanding:
Basic
16,772,275
13,972,971
Diluted
17,057,778
13,972,971
Comparison of the nine months ended September 30, 2023 and
2022
The following table presents consolidated results of operations
for the nine months ended September 30, 2023 and 2022 (in
thousands, except number of shares and per share data,
unaudited).
Nine Months Ended September
30,
Change
2023
2022
$
%
Interest and loan related income
$
373,615
$
331,814
$
41,801
12.6
%
Other revenue
2,410
1,015
1,395
137.4
%
Total revenue
376,025
332,829
43,196
13.0
%
Change in fair value of finance
receivables
(164,463
)
(162,280
)
(2,183
)
1.3
%
Provision for credit losses on finance
receivables
(4,131
)
(2,043
)
(2,088
)
102.2
%
Net revenue
207,431
168,506
38,925
23.1
%
Expenses:
Sales and marketing
34,975
43,067
(8,092
)
(18.8
)%
Customer operations
31,249
31,933
(684
)
(2.1
)%
Technology, products, and analytics
29,465
24,848
4,617
18.6
%
General, administrative, and other
39,418
40,965
(1,547
)
(3.8
)%
Total expenses before interest expense
135,107
140,813
(5,706
)
(4.1
)%
Interest expense
34,679
24,421
10,258
42.0
%
Total expenses
169,786
165,234
4,552
2.8
%
Income from operations
37,645
3,272
34,373
1050.5
%
Change in fair value of warrant
liability
838
7,024
(6,186
)
(88.1
)%
Other income
352
—
352
—
%
Income before income taxes
38,835
10,296
28,539
277.2
%
Provision for income taxes
1,297
1,757
(460
)
(26.2
)%
Net income
37,538
8,539
28,999
339.6
%
Less: net income attributable to
noncontrolling interest
32,976
4,576
28,400
620.6
%
Net income attributable to OppFi Inc.
$
4,562
$
3,963
$
599
15.1
%
Earnings per share attributable to OppFi
Inc.:
Earnings per common share:
Basic
$
0.29
$
0.29
Diluted
$
0.29
$
0.09
Weighted average common shares
outstanding:
Basic
15,820,262
13,694,733
Diluted
16,046,831
84,277,277
Condensed Consolidated Balance Sheets
Comparison as of September 30, 2023 and December 31, 2022
Unaudited
(in thousands)
September 30, 2023
December 31, 2022
Assets
Cash and restricted cash
$
66,027
$
49,670
Finance receivables at fair value
466,465
457,296
Finance receivables at amortized cost,
net
209
643
Other assets
67,891
72,230
Total assets
$
600,592
$
579,839
Liabilities and stockholders’
equity
Current liabilities
$
25,472
$
29,558
Other liabilities
39,892
42,183
Total debt
344,345
347,060
Warrant liabilities
1,050
1,888
Total liabilities
410,759
420,689
Total stockholders’ equity
189,833
159,150
Total liabilities and stockholders'
equity
$
600,592
$
579,839
Total cash and restricted cash increased by $16.4 million as of
September 30, 2023, compared to December 31, 2022, driven by an
increase in received payments relative to originated loans. Finance
receivables at fair value increased by $9.2 million as of September
30, 2023, compared to December 31, 2022, driven by recent strength
in issuance volume and charge-offs. Finance receivables at
amortized cost, net decreased by $0.4 million as of September 30,
2023 compared to December 31, 2022, due to the continued rundown of
OppFi Card and SalaryTap finance receivables and increase in the
allowance for credit losses. Other assets decreased by $4.3 million
as of September 30, 2023 compared to December 31, 2022, mainly
driven by a decrease in property, equipment, and software of $2.9
million.
Current liabilities decreased by $4.1 million as of September
30, 2023, compared to December 31, 2022, mainly driven by a
decrease in accounts payable of $2.8 million and accrued expenses
of $1.3 million. Other liabilities decreased by $2.3 million as of
September 30, 2023, compared to December 31, 2022, due to a
decrease in the operating lease liability of $1.1 million and the
tax receivable agreement liability of $1.3 million. Total debt
decreased by $2.7 million as of September 30, 2023, compared to
December 31, 2022, primarily driven by a decrease in utilization of
revolving lines of credit of $2.5 million. Total equity increased
by $30.7 million as of September 30, 2023, compared to December 31,
2022, driven by net income and stock-based compensation.
Financial Capacity and Capital
Resources
As of September 30, 2023, OppFi had $31.1 million in
unrestricted cash, an increase of $14.9 million from December 31,
2022. As of September 30, 2023, OppFi had an additional $180.7
million of unused debt capacity under its financing facilities for
future availability, representing a 34% overall undrawn capacity,
an increase from $136.8 million as of December 31, 2022. The
increase in undrawn debt was driven primarily by the increase in
capacity of the revolving credit agreement with affiliates of
Atalaya Capital Management in July 2023. Including total financing
commitments of $525.0 million, and cash on the balance sheet of
$66.0 million, OppFi had approximately $591.0 million in funding
capacity as of September 30, 2023.
Reconciliation of Non-GAAP Financial
Measures
Comparison of the three and nine months ended September 30, 2023
and 2022
(in thousands, except share and per share
data)
Three Months Ended September
30,
Variance
(Unaudited)
2023
2022
%
Net income (loss)
$
15,532
$
(661
)
2449.8
%
Provision for income taxes
463
1,015
(54.4
)%
Debt issuance cost amortization
594
582
2.1
%
Other addbacks and one-time expenses,
net(a)
1,658
76
2081.6
%
Sublease income
(80
)
—
—
%
Adjusted EBT
18,167
1,012
1695.2
%
Less: pro forma taxes(b)
(4,391
)
(244
)
1699.6
%
Adjusted net income
13,776
768
1693.8
%
Pro forma taxes(b)
4,391
244
1699.6
%
Depreciation and amortization
3,119
3,452
(9.6
)%
Interest expense
11,483
8,513
34.9
%
Business (non-income) taxes
242
238
1.7
%
Adjusted EBITDA
$
33,011
$
13,215
149.8
%
Adjusted EPS
$
0.16
$
0.01
Weighted average diluted shares
outstanding
85,288,105
84,080,808
(a) For the three months ended September
30, 2023, other addbacks and one-time expenses, net of $1.7 million
included a $(0.3) million addback due to the change in fair value
of the warrant liabilities, $0.1 million in retention and severance
expenses, $1.1 million in expenses related to stock compensation, a
$0.2 million expense related to provision for credit losses on the
OppFi Card finance receivables, and $0.6 million in professional
fees related to corporate development. For the three months ended
September 30, 2022, other addbacks and one-time expenses, net of
$0.1 million included a $(1.3) million addback due to the change in
fair value of the warrant liabilities, $0.6 million in recruiting,
retention and severance expenses, and $0.8 million in expenses
related to stock compensation.
(b) Assumes a tax rate of 24.17% for the
three months ended September 30, 2023 and 24.14% for the three
months ended September 30, 2022, reflecting the U.S. federal
statutory rate of 21% and a blended statutory rate for state income
taxes.
(in thousands, except share and per share
data)
Nine Months Ended September
30,
Variance
(Unaudited)
2023
2022
%
Net income
$
37,538
$
8,539
339.6
%
Provision for income taxes
1,297
1,757
(26.2
)%
Debt issuance cost amortization
1,872
1,626
15.1
%
Other addbacks and one-time expenses,
net(a)
4,981
(1,656
)
400.8
%
Sublease income
(239
)
—
—
%
Adjusted EBT
45,449
10,266
342.7
%
Less: pro forma taxes(b)
(10,983
)
(2,473
)
344.1
%
Adjusted net income
34,466
7,793
342.3
%
Pro forma taxes(b)
10,983
2,473
344.1
%
Depreciation and amortization
9,827
10,056
(2.3
)%
Interest expense
32,807
22,795
43.9
%
Business (non-income) taxes
788
826
(4.6
)%
Adjusted EBITDA
$
88,871
$
43,943
102.2
%
Adjusted EPS
$
0.41
$
0.09
Weighted average diluted shares
outstanding
84,826,413
84,277,277
(a) For the nine months ended September
30, 2023, other addbacks and one-time expenses, net of $5.0 million
included a $(0.8) million addback due to the change in fair value
of the warrant liabilities, a $(0.1) million addback due to partial
forgiveness of the secured borrowing payable, 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 $4.0 million expense related to provision for
credit losses on the OppFi Card finance receivables, $0.9 million
in retention and severance expenses, $3.1 million in expenses
related to stock compensation, and $1.0 million in professional
fees related to corporate development. For the nine months ended
September 30, 2022, other addbacks and one-time expenses, net of
$(1.7) million included a $(7.0) million addback due to the change
in fair value of the warrant liabilities, $2.9 million in
recruiting, retention, and severance expenses, $2.4 million in
expenses related to stock compensation, and $0.1 million in
one-time legal expenses.
(b) Assumes a tax rate of 24.17% for the
nine months ended September 30, 2023 and a 24.09% tax rate for the
nine months ended September 30, 2022, 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 September
30,
(Unaudited)
2023
2022
Weighted average Class A common stock
outstanding
16,772,275
13,972,971
Weighted average Class V voting stock
outstanding
93,730,327
95,397,996
Elimination of earnouts at period end
(25,500,000
)
(25,500,000
)
Dilutive impact of restricted stock
units
235,514
192,127
Dilutive impact of performance stock
units
49,989
17,714
Weighted average diluted shares
outstanding
85,288,105
84,080,808
(in thousands, except share and per share
data)
Three Months Ended September 30,
2023
Three Months Ended September 30,
2022
(Unaudited)
$
Per Share
$
Per Share
Weighted average diluted shares
outstanding
85,288,105
84,080,808
Net income (loss)
$
15,532
$
0.18
$
(661
)
$
(0.01
)
Provision for income taxes
463
0.01
1,015
0.01
Debt amortization
594
0.01
582
0.01
Other addbacks and one-time expenses
1,658
0.02
76
—
Sublease income
(80
)
—
—
—
Adjusted EBT
18,167
0.21
1,012
0.01
Less: pro forma taxes
(4,391
)
(0.05
)
(244
)
—
Adjusted net income
13,776
0.16
768
0.01
Nine Months Ended September
30,
(Unaudited)
2023
2022
Weighted average Class A common stock
outstanding
15,820,262
13,694,733
Weighted average Class V voting stock
outstanding
94,279,582
95,946,836
Elimination of earnouts at period end
(25,500,000
)
(25,500,000
)
Dilutive impact of restricted stock
units
198,698
123,722
Dilutive impact of performance stock
units
27,871
11,986
Weighted average diluted shares
outstanding
84,826,413
84,277,277
(in thousands, except share and per share
data)
Nine Months Ended September 30,
2023
Nine Months Ended September 30,
2022
(Unaudited)
$
Per Share
$
Per Share
Weighted average diluted shares
outstanding
84,826,413
84,277,277
Net income
$
37,538
$
0.44
$
8,539
$
0.10
Provision for income taxes
1,297
0.02
1,757
0.02
Debt amortization
1,872
0.02
1,626
0.02
Other addbacks and one-time expenses
4,981
0.06
(1,656
)
(0.02
)
Sublease income
(239
)
—
—
—
Adjusted EBT
45,449
0.54
10,266
0.12
Less: pro forma taxes
(10,983
)
(0.13
)
(2,473
)
(0.03
)
Adjusted net income
34,466
0.41
7,793
0.09
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231109921413/en/
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