Business
Oportun Reports Fourth Quarter 2020 Results
Net Income of $8.5 million or $0.29 per diluted share Adjusted Net Income of $17.5 million or $0.60 per diluted share SAN CARLOS, Calif., Feb. 18, 2021 (GLOBE
About this update from Oportun Financial Corporation
[{"type":"text","content":"Net Income of $8.5 million or $0.29 per diluted share Adjusted Net Income of $17.5 million or $0.60 per diluted share SAN CARLOS, Calif., Feb. 18, 2021 (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, 2020. “Oportun capped off a challenging 2020 with solid fourth quarter results and momentum heading into 2021,” said Raul Vazquez, CEO of Oportun. “The fundamentals of our business remain strong, and we have identified areas to substantially expand our opportunities for future growth and greater operating efficiency. Our focused commitment to enhancing our digital capabilities enables us to drive more capital-efficient growth, which I am confident will generate greater value for our customers and our shareholders.” Fourth Quarter and Full Year 2020 Results MetricGAAP Adjusted1 4Q204Q19FY20FY19 4Q204Q19FY20FY19Total revenue$140.8$165.3$583.7)$600.1 $140.8$165.2$583.7$598.4Net income (loss)$8.5$23.2($45.1)$61.6 $17.5$26.9($14.2)$62.8Diluted EPS$0.29$0.81($1.65)$0.40 $0.60$0.94($0.52)$2.53Adjusted EBITDA $0.0$17.0$22.1$74.3 Dollars in millions, except per share amounts. Fourth Quarter 2020 Aggregate Originations were $448.6 million, up 48% sequentially over prior-quarter and down 28% year-over-yearManaged Principal Balance at End of Period was $1.9 billion, up 3% sequentially over prior-quarter and down 14% year-over-year30+ Day Delinquency Rate of 3.7% as compared to 4.0% for the prior-year periodAnnualized Net Charge-Off Rate of 9.4% as compared to 9.0% for the prior-year period Full Year 2020 Annualized Net Charge-Off Rate of 9.8% as compared to 8.3% for the prior yearAggregate Originations were $1.3 billion, down 34% year-over-yearManaged Principal Balance at End of Period was $1.9 billion, down 14% year-over-year Retail Network Optimization In an email to employees posted on the company’s blog today, Oportun’s CEO, Raul Vazquez, announced that the Company intends to close 136 of its retail locations. This decision was based upon the success of Oportun's investments in its mobile channel and digital marketing, and the Company expects it can continue to serve its existing customer base and more rapidly scale to new customers with a more capital efficient retail footprint. To illustrate the success...