Business
Oportun First Quarter 2020 Revenue Up 18 Percent
Managed Principal Balance at End of Period Up 20 Percent Book Value Per Share of $17.81 and Adjusted Tangible Book Value Per Share of $17.27 SAN CARLOS,
About this update from Oportun Financial Corporation
[{"type":"text","content":"Managed Principal Balance at End of Period Up 20 Percent\n Book Value Per Share of $17.81 and Adjusted Tangible Book Value Per Share of $17.27 SAN CARLOS, Calif., May 14, 2020 (GLOBE NEWSWIRE) -- Oportun Financial Corporation (Nasdaq: OPRT) (“Oportun” and the \"Company\") today reported financial results for the first quarter ended March 31, 2020. “Oportun is demonstrating its resiliency in this challenging environment as we remain focused and responsive to the needs of our customers and employees,” said Raul Vazquez, CEO of Oportun. “The decisive and proactive actions to adapt our credit underwriting, enhance our customer servicing and manage our liquidity will help ensure that we can continue serving as many of our customers as possible, and I am confident that our company will be even stronger when this crisis finally recedes. I want to express my gratitude once again to our employees for living our values and making it possible to continue fulfilling our mission of serving our communities.” First Quarter 2020 Financial Results Aggregate Originations were $432.8M, up 4% year-over-year (\"Y/Y\")Active Customers of 777,194, up 11% Y/YManaged Principal Balance at End of Period was $2.2B, up 20% Y/Y30+ Day Delinquency Rate of 3.8% as compared to 3.6% for the prior-year periodAnnualized Net Charge-Off Rate of 8.9% as compared to 8.3% for the prior-year periodTotal revenue and Fair Value Pro Forma (\"FVPF\") Total Revenue of $163.4M, up 18% and 19% Y/Y, respectivelyNet loss of $13.3M as compared to net income of $14.6M in the prior-year periodAdjusted Net Loss of $1.2M as compared to Adjusted Net Income of $9.6M in the prior-year periodLoss per share of $0.49 as compared to earnings per share of $0.57 in the prior-year periodAdjusted Loss Per Share of $0.04 as compared to Adjusted Earnings Per Share of $0.43 in the prior-year periodBook Value of $483.5 million, or $17.81 per share, and Adjusted Tangible Book Value of $468.8 million, or $17.27 per share, andAdjusted EBITDA of $17.9M as compared to $18.9M in the prior-year period Operating Results MetricGAAP Adjusted1 1Q20 1Q19 1Q20 1Q19 Total revenue$163.4 $138.3 $163.4 $137.4 Net income (loss)($13.3) $14.6 ($1.2) $9.6 Diluted earnings (loss) per share($0.49) $0.51 ($0.04) $0.43 Annualized Net Charge-Off Rate 8.9% 8.3% 8.9% 8.3% Dollars in millions, except net charge-off rate and pe...