Business
Oportun Reports First Quarter 2022 Financial Results
Aggregate originations growth of 139% year-over-year Total revenue growth of 59% year-over-year Record Diluted and Adjusted EPS of $1.37 and $1.58,
About this update from Oportun Financial Corporation
[{"type":"text","content":"Aggregate originations growth of 139% year-over-year Total revenue growth of 59% year-over-year Record Diluted and Adjusted EPS of $1.37 and $1.58, respectively Raising full-year 2022 guidance SAN CARLOS, Calif., May 09, 2022 (GLOBE NEWSWIRE) -- Oportun Financial Corporation (Nasdaq: OPRT) (“Oportun” and the \"Company\") today reported financial results for the first quarter ended March 31, 2022. “I am pleased with the strong results we delivered in the first quarter, which put us on pace to exceed the ambitious objectives we set forth for 2022. Our members grew to nearly 1.7 million, a 48% annualized increase during the quarter, and product adoption grew even faster, at a 58% annualized rate, to reach 1.8 million,\" said Raul Vazquez, CEO of Oportun. \"Our comprehensive set of financial solutions is resonating with the hardworking people we seek to serve, resulting in 139% year-over-year growth in originations, 59% revenue growth and record EPS. We remain confident in our multitude of growth vectors and, accordingly, are raising our full year 2022 revenue guidance to a range of $910 million to $930 million, and our Adjusted EPS guidance to a range of $2.45 to $2.56.” First Quarter 2022 Results MetricGAAP Adjusted1 1Q221Q21 1Q221Q21Total revenue$215 $135 Net income$46 $3 $53 $12 Diluted EPS$1.37 $0.10 $1.58 $0.41 Adjusted EBITDA $34 $(2)Dollars in millions, except per share amounts. Business Highlights Members were 1.7 million (2), a 48% annualized increase during the quarterProducts were 1.8 million(3), a 58% annualized increase during the quarterAggregate Originations were $800M, up 139% year-over-yearManaged Principal Balance at End of Period was $2.8B, up 55% year-over-yearAnnualized Net Charge-Off Rate of 8.6% as compared to 8.6% for the prior-year period30+ Day Delinquency Rate of 4.5% as compared to 3.0% for the prior-year period; had we not sold $228 million of our loan portfolio at the end of March our 30+ Day Delinquency Rate would have been 4.1%. 1 See the section entitled “About Non-GAAP Financial Measures” for an explanation of non-GAAP measures, and the table entitled “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of non-GAAP to GAAP measures.(2) Beginning 1Q22, we modified our definition of Members to reflect the long term nature of our relationships with our members. The 4Q21 number has been...