Business
Oportun Fourth Quarter Revenue Up 19 Percent, Full Year Revenue Up 21 Percent
Full Year Net Income of $61.6 Million and Adjusted Net Income of $62.8 Million SAN CARLOS, Calif., Feb. 27, 2020 (GLOBE NEWSWIRE) -- Oportun Financial
About this update from Oportun Financial Corporation
[{"type":"text","content":"Full Year Net Income of $61.6 Million and Adjusted Net Income of $62.8 Million\n SAN CARLOS, Calif., Feb. 27, 2020 (GLOBE NEWSWIRE) -- Oportun Financial Corporation (Nasdaq: OPRT) (“Oportun” and the \"Company\") today reported financial results for the fourth quarter and full year ended December 31, 2019. “2019 was a very successful year for Oportun as we generated significant growth across both our customer base and aggregate originations, successfully completed our initial public offering, and launched two new products--auto lending and credit card--to support our customers’ financial needs all while achieving strong bottom-line performance,” said Raul Vazquez, CEO of Oportun. “Looking ahead, we will continue to focus on driving strong overall returns through greater Operating Efficiency and scale, while executing on our strategic growth initiatives. We enter 2020 well positioned to continue delivering on our mission to provide inclusive, affordable financial services for our customers.” Fourth Quarter 2019 Financial Results Total revenue of $165.3M, up 19% year over year (\"Y/Y\") and Fair Value Pro Forma (\"FVPF\") Total Revenue of $165.2M, up 20% Y/Y.Net income of $23.2M, down 8% Y/Y and Adjusted Net Income of $26.9M, up 91% Y/Y.Diluted earnings per share (\"EPS\") of $0.81, down 20% Y/Y, and Adjusted EPS of $0.94, up 52% Y/Y.Adjusted EBITDA of $17.0M, up 12% Y/Y.Annualized Net Charge-Off Rate of 9.0% and 30+ Day Delinquency Rate of 4.0% as of December 31, 2019.Aggregate Originations were $619.3M, up 17% Y/Y and total Managed Principal Balance at End of Period was $2.2B, up 23% Y/Y. Full Year 2019 Financial Results Total revenue of $600.1M, up 21% Y/Y, and FVPF Total Revenue of $598.4M, up 23% Y/Y.Net Income of $61.6M, down 50% Y/Y, and Adjusted Net Income of $62.8M, up 42%, Y/Y.Diluted earnings per share of $0.40, down 91% Y/Y, and Adjusted EPS of $2.53 up 32% Y/Y.Adjusted EBITDA of $74.3M, flat Y/Y.Annualized Net Charge-Off Rate of 8.3% for the full year-ended December 31, 2019.Aggregate Originations were $2.1B, up 17% Y/Y and total Managed Principal Balance at End of Period was $2.2B, up 23% Y/Y. Operating Results MetricGAAP Adjusted1 4Q194Q18FY19FY18 4Q194Q18FY19FY18Total revenue$165.3 $139.0 $600.1 $497.6 $165.2 $137.2 $598.4 $485.0 Net income$23.2 $25.3 $61.6 $123.4 $26.9 $14.1 $62.8 $44.3 Diluted EPS$0.81 $1.01 $0.40...