Business
Oportun Reports Third Quarter 2021 Financial Results
Aggregate originations growth of 119% year-over-year Diluted and Adjusted EPS of $0.75 and $0.78, respectively SAN CARLOS, Calif., Nov. 03, 2021 (GLOBE
About this update from Oportun Financial Corporation
[{"type":"text","content":"Aggregate originations growth of 119% year-over-year Diluted and Adjusted EPS of $0.75 and $0.78, respectively SAN CARLOS, Calif., Nov. 03, 2021 (GLOBE NEWSWIRE) -- Oportun Financial Corporation (Nasdaq: OPRT) (“Oportun” and the \"Company\") today reported financial results for the third quarter ended September 30, 2021. “We delivered another excellent quarter, as we accelerated our growth in aggregate originations, revenue and earnings, maintained our strong credit profile and outperformed our forecast across the board,\" said Raul Vazquez, CEO of Oportun. \"Our A.I.-driven digital platform now extends to 45 states, and we are delivering robust production through all our channels and partners. We are making excellent progress with our strategic initiatives, and are well positioned to continue making a significant and positive impact on the financial lives of our customers for years to come.\" Third Quarter 2021 Results MetricGAAP Adjusted1 3Q213Q20 3Q213Q20Total revenue$159.1$136.8 $159.1$136.8 Net income (loss)$23.0$(6.0) $23.8$4.2 Diluted earnings (loss) per share$0.75$(0.22) $0.78$0.15 Adjusted EBITDA $18.1$(1.2)Dollars in millions, except per share amounts. Business Highlights Aggregate Originations were $662 million, up 119% year-over-yearManaged Principal Balance at End of Period was $2.15 billion, up 17% year-over-yearActive Customers were 772,361, up 24% year-over-year30+ Day Delinquency Rate of 2.8% as compared to 3.5% for the prior-year periodAnnualized Net Charge-Off Rate of 5.5% as compared to 10.4% for the prior-year period Financial and Operating Results Previously, in order to facilitate useful measures for period-to-period comparisons of its business, the Company provided unaudited financial information on a GAAP basis as well as a Fair Value Pro Forma (\"FVPF\") adjusted basis to 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. As of January 1, 2021, the FVPF adjustments are no longer necessary because all loans originated and held for investment and all asset-backed notes issued are recorded at fair value. All figures are as of September 30, 2021, unless otherwise noted. 1 See the section entitled “About Non-GAAP Financial Measures” for an explanation of non-GAAP measures, and the t...