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Oportun Reports Second Quarter 2020 Financial Results
Month-Over-Month Originations Growth in May, June and July SAN CARLOS, Calif., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Oportun Financial Corporation (Nasdaq: OPRT)
About this update from Oportun Financial Corporation
[{"type":"text","content":"Month-Over-Month Originations Growth in May, June and July\nSAN CARLOS, Calif., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Oportun Financial Corporation (Nasdaq: OPRT) (“Oportun” and the \"Company\") today reported financial results for the second quarter ended June 30, 2020.\n “The actions we took during the second quarter resulted in improving month-over-month credit trends, steadily increasing originations, and a continued strong balance sheet,” said Raul Vazquez, CEO of Oportun. “During this period of economic uncertainty, we remain committed to financial inclusion and providing our customers with affordable financial services. Our investments in technology have allowed us to innovate throughout the pandemic, and we have developed tools that enable us to better serve our customers, positioning us for smart, sustainable growth.” Second Quarter 2020 Results MetricGAAP Adjusted1 2Q202Q19 2Q202Q19Total revenue$142.7$142.6 $142.7$142.2Net income (loss)($34.2)$13.8 ($35.1)$10.9Diluted earnings (loss) per share($1.26)$0.52 ($1.29)$0.50Adjusted EBITDA $4.8$19.9Dollars in millions, except per share amounts. Managed Principal Balance at End of Period was $1.94B, up 3% year-over-year30+ Day Delinquency Rate of 3.7% as compared to 3.4% for the prior-year periodAnnualized Net Charge-Off Rate of 10.6% as compared to 7.7% for the prior-year periodBook Value of $454.3M, or $16.62 per share, and Adjusted Tangible Book Value of $429.8M, or $15.73 per share12+ months of liquidity runway Financial and Operating Results To facilitate useful measures for period-to-period comparisons, the Company has provided unaudited financial information for the three and six-month periods ended June 30, 2020 and 2019 on a GAAP basis as well as a Fair Value Pro Forma (\"FVPF\") Adjusted basis. The FVPF and adjusted financial results reflect the Company's performance as if the fair value option had been elected since inception for all loans originated and held for investment and all asset-backed notes issued. All figures are as of June 30, 2020, unless otherwise noted. The Company believes it continues to be well positioned strategically and financially in the current environment; however, factors such as economic conditions, the extent and duration of the COVID-19 pandemic, the unemployment rate, and further stimulus measures may impact future performance. The Company r...