Slide 1: Q2 2024 Earnings Presentation
A Tech-Enabled, Mission-Driven Specialty Finance Platform that Broadens the Reach of Community Banks to Extend Credit Access to Everyday Americans Q2 2024 Earnings Presentation August 7, 2024
Slide 2: Disclaimer
Disclaimer This presentation (the “Presentation”) of OppFi Inc. (“OppFi” or the “Company”) is for information purposes only. Certain information contained herein has been derived from sources prepared by third parties. While such information is believed to be reliable for the purposes used herein, t
Slide 3: Record Second Quarter Profitability & Total Revenue
Record Second Quarter Profitability & Total Revenue Net income increased 53.1% year Net income margin increased over year to $27.7 million, and by 710 basis points to 21.9%, adjusted net income increased 56.2% and adjusted net income year over year to $24.8 million1,2 margin expanded by 660 basis po
Slide 4: Key Company Highlights
Key Company Highlights Profitable Across Solid Revenue CEO and Executive Chairman Business Cycles Growth as Largest Shareholder 9 consecutive years of net 31% 5-year CAGR2 Owner / operator dynamic aligns income1 incentives to maximize shareholder value Leading Proprietary Significant Scale Exception
Slide 5: High Percentage of Americans Lack Savings and/or Credit Access
High Percentage of Americans Lack Savings and/or Credit Access 63 million U.S. 62% of U.S. 56% of U.S. adults consumers consumers do not have savings are credit live paycheck to cover a $1,000 marginalized1 to paycheck2 unplanned expense3 1. PYMNTS. "How Credit Insecurity is Changing U.S. Consumers’
Slide 6: OppFi Offers Market Leading Terms & Excellent Customer Experience
OppFi Offers Market Leading Terms & Excellent Customer Experience Market Leading Terms OppFi Customers Can Use Exceptional Customer Proceeds for any Unexpected Reviews ▪ Simple interest, amortizing installment Expense loans with no balloon payments 4.5/5.0 ▪ No origination, late, or NSF fees Trustpi
Slide 7: OppFi Growth Strategy
OppFi Growth Strategy Accelerate Profitable Growth Serve more customers through Drive profitable OppLoans Diversify into new customer new relationships and volume growth and product types via M&A products • Continue to refine and enhance • Acquire platforms or assets • Form new strategic channel und
Slide 8: Q2 2024 Financial Highlights
Q2 2024 Financial Highlights $27.7M Total Revenue Net Income • Total revenue increased 3% year over year to $126M $24.8M Adj. Net Income1 Net Originations2,3 $0.16 • Total net originations increased 2% year over year Basic EPS to $206M • Total retained net originations decreased 3% year $0.16 over y
Slide 9: Year to Date 2024 Financial Highlights
Year to Date 2024 Financial Highlights $37.8M Total Revenue Net Income • Total revenue increased 4% year over year to $254M $33.6M Adj. Net Income1 Net Originations2,3 $0.44 • Total net originations increased 2% year over year Basic EPS to $369M • Total retained net originations decreased 3% year $0
Slide 10: Q2 2024 Performance
Q2 2024 Performance Despite slightly lower ending receivables, a higher-yielding portfolio drove total revenue growth of 3% year over year. $225 $396 $398 $387 $122 $126 $206 -3% +3% $201 +2% $108 Q2 2022 Q2 2023 Q2 2024 Q2 2022 Q2 2023 Q2 2024 Q2 2022 Q2 2023 Q2 2024 Total Net Originations Ending R
Slide 11: Year to Date 2024 Performance
Year to Date 2024 Performance Despite slightly lower ending receivables, a higher-yielding portfolio drove total revenue growth of 4% year over year. $385 $396 $398 $387 $254 $360 $369 -3% $243 +4% +2% $209 YTD 2022 YTD 2023 YTD 2024 YTD 2022 YTD 2023 YTD 2024 YTD 2022 YTD 2023 YTD 2024 Total Net Or
Slide 12: Q2 2024 Key Performance Indicators
Q2 2024 Key Performance Indicators UNAUDITED QUARTER ENDED Total net originations increased 2% year over year as a result of bank partners expanding into additional states, as well as enhanced lead ($ in millions) 6/30/2024 6/30/2023 evaluation capabilities driving higher quality applications, while
Slide 13: Condensed Balance Sheet
Condensed Balance Sheet UNAUDITED ($ in millions) 6/30/2024 12/31/2023 Assets Total cash and restricted cash increased by $7 million driven by an Cash and Restricted Cash $80.8 $73.9 increase in received payments relative to originations and partially offset by payments of debt Finance Receivables a
Slide 14: Reduced Cost of Financing and Strong Balance Sheet to Power Growth
Expanded funding capacity more Reduced Cost of Financing and than 5x since 2017 Strong Balance Sheet to Power Growth Decreased cost of borrowing Ample debt capacity provides a means to fund anticipated spread by 500+ bps since 2017 short-term future growth without equity Diversified institutional ca
Slide 15: Raised Full Year 2024 Earnings Guidance By More Than 20%
Raised Full Year 2024 Earnings Guidance By More Than 20% $510M to $63M to $0.73 to $530M $65M $0.75 Total Revenue Adjusted Net Income1 Adjusted EPS1,2 Affirmed Raised from $50M to $54M Raised from $0.58 to $0.62 Growth Profitability Profitability 1. Non-GAAP Financial Measures: Adjusted Net Income a
Slide 16: Appendix
Appendix 15
Slide 17: Fair Market Valuation
Fair Market Valuation UNAUDITED ($ in thousands) 6/30/2024 12/31/2023 Outstanding Principal $387,086 $416,463 • Interest rate increased by 100 bps due to relative increase in base APR loans in the Interest Rate 157.1% 156.1% portfolio Discount Rate 25.2% 26.3% • Default rate increased by 150 bps due
Slide 18: Q2 2024 Income Statement
Q2 2024 Income Statement (in Thousands, except share and per share data) Three Months Ended June 30, Variance (Unaudited) 2024 2023 $ % Interest and loan related income $ 125,076 $ 121,583 $ 3,493 2.9% Other revenue 1,228 903 325 36.0% Total revenue 126,304 122,486 3,818 3.1% Change in fair value of
Slide 19: Year to Date 2024 Income Statement
Year to Date 2024 Income Statement (in Thousands, except share and per share data) Six Months Ended June 30, Variance (Unaudited) 2024 2023 $ % Interest and loan related income $ 251,355 $ 241,525 $ 9,830 4.1% Other revenue 2,292 1,335 957 71.7% Total revenue 253,647 242,860 10,787 4.4% Change in fa
Slide 20: Condensed Balance Sheet
Condensed Balance Sheet June 30, December 31, Variance (in Thousands) 2024 2023 $ % Unaudited Assets Cash and restricted cash $ 80,837 $ 73,943 $ 6,894 9.3% Finance receivables at fair value 430,482 463,320 (32,838) (7.1%) Finance receivables at amortized cost, net 19 110 (91) (82.7%) Other assets 6
Slide 21: Condensed Cash Flow Statement
Condensed Cash Flow Statement (in Thousands) Six Months Ended June 30, Variance (Unaudited) 2024 2023 $ % Net cash provided by operating activities $ 151,732 $ 138,566 $ 13,166 9.5% Net cash used in investing activities (77,344) (103,199) 25,855 (25.1%) Net cash used in financing activities (67,494)
Slide 22: Q2 2024 Net Income to Adjusted EBT and Adjusted Net Income Reconciliation
Q2 2024 Net Income to Adjusted EBT and Adjusted Net Income Reconciliation (in Thousands, except share and per share data) Three Months Ended June 30, Variance (Unaudited) 2024 2023 $ % Net income $ 27,676 $ 18,076 $ 9,600 53.1% Income tax expense 914 688 226 32.8% Other income (79) (79) - - Change i
Slide 23: Year to Date 2024 Net Income to Adjusted EBT and Adjusted Net Income Reconciliation
Year to Date 2024 Net Income to Adjusted EBT and Adjusted Net Income Reconciliation (in Thousands, except share and per share data) Six Months Ended June 30, Variance (Unaudited) 2024 2023 $ % Net income $ 37,807 $ 22,006 $ 15,801 71.8% Income tax expense 1,318 834 484 58.0% Other income (159) (272)
Slide 24: Q2 2024 Diluted Shares as Reflected in Adjusted Earnings Per Share
Q2 2024 Diluted Shares as Reflected in Adjusted Earnings Per Share Three Months Ended June 30, (Unaudited) 2024 2023 Weighted average Class A common stock outstanding 19,675,934 15,632,120 Weighted average Class V voting stock outstanding 91,380,789 94,376,910 Elimination of earnouts at period end (
Slide 25: Year to Date 2024 Diluted Shares as Reflected in Adjusted Earnings Per Share
Year to Date 2024 Diluted Shares as Reflected in Adjusted Earnings Per Share Six Months Ended June 30, (Unaudited) 2024 2023 Weighted average Class A common stock outstanding 19,440,680 15,336,366 Weighted average Class V voting stock outstanding 91,531,964 94,558,761 Elimination of earnouts at peri
Slide 26: Q2 Adjusted Earnings Per Share
Q2 Adjusted Earnings Per Share (in Thousands, except share and per share data) Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 (Unaudited) $ Per Share $ Per Share Weighted average diluted shares outstanding 86,268,511 84,750,663 Net income $ 27,676 $ 0.32 $ 18,076 $ 0.21 Income tax
Slide 27: Year to Date Adjusted Earnings Per Share
Year to Date Adjusted Earnings Per Share (in Thousands, except share and per share data) Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 (Unaudited) $ Per Share $ Per Share Weighted average diluted shares outstanding 86,148,477 84,592,228 Net income $ 37,807 $ 0.44 $ 22,006 $ 0.26 Inco