Slide 1: Q1 2023 Earnings Presentation
A Mission-Driven Fintech Platform that Helps Everyday Americans Gain Access to Credit with Specialty Finance Products Q1 2023 Earnings Presentation May 11, 2023
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: Q1 2023 Highlights
Q1 2023 Highlights Net income of $3.9 million and 20% increase year over year in adjusted net income1 of $4.4 total revenue million, exceeding guidance Raised full-year guidance for 9% decrease year over year in adjusted net income and marketing cost per new funded loan adjusted earnings per share 1
Slide 4: Key Company Highlights
Key Company Highlights Profitable Across Solid Revenue CEO and Executive Chairman as Business Cycles Growth Largest Shareholder 8 consecutive years of 45% 5-year CAGR2 Owner / operator dynamic aligns profitability1 incentives to maximize shareholder value Leading Proprietary Credit Significant Scale
Slide 5: High Percentage of Americans Lack Savings and/or Credit Access
High Percentage of Americans Lack Savings and/or Credit Access 60 million U.S. 60% of U.S. 43% of U.S. adults consumers adults lack access to live paycheck have savings to traditional credit to paycheck2 cover a $1,000 at choice1 unplanned expense3 4 1. Hamdani, Kausar, et al. “UNEQUAL ACCESS TO CRE
Slide 6: OppFi Advantage: Market Leading Terms and Excellent Customer Experience
OppFi Advantage: Market Leading Terms and Excellent Customer Experience Traditional financing options for the underbanked have been limited, with exorbitant interest rates and poor customer service Market Leading Terms OppFi customers can use proceeds for any unexpected expense ▪ Simple interest, am
Slide 7: OppFi Growth Strategy: Accelerate Profitable Growth
OppFi Growth Strategy Accelerate Profitable Growth Drive profitable core product Diversify into new customer Expand relationships volume growth and product types via M&A to serve more consumers • Acquire platforms or assets • Form new strategic channel • Continue to refine and providing accessible c
Slide 8: Q1 2023 Financial Highlights
Q1 2023 Financial Highlights $3.9M Total Revenue Net Income • Total revenue increased 20% year over year to $4.4M $120M Adj. Net Income1 Net Originations $0.02 Basic EPS • Net originations decreased 2% year over year to $160M $0.02 Diluted EPS Ending Receivables $0.05 • Ending receivables increased
Slide 9: Q1 2023 Performance
Q1 2023 Performance Credit adjustments led to lower Q1 net originations year over year. Ending receivables growth of 9% drove total revenue growth of 20% year over year for Q1. $163 $160 $370 $120 -2% $338 +9% $101 +20% $84 $245 $100 Q1 2021 Q1 2022 Q1 2023 Q1 2021 Q1 2022 Q1 2023 Q1 2021 Q1 2022 Q1
Slide 10: Q1 2023 Key Performance Indicators
Q1 2023 Key Performance Indicators Key Highlights UNAUDITED PERIOD ENDED Net originations decreased 2% year over year as a result of credit ($ in millions) 3/31/2023 3/31/2022 adjustments made during 2022 Net Originations1 $160 $163 Ending receivables increased 9% year over year as a result of stron
Slide 11: Condensed Balance Sheet
Condensed Balance Sheet UNAUDITED PERIOD ENDED ($ in millions) 3/31/2023 12/31/2022 Key Highlights Assets Cash and restricted cash $71.4 $49.7 Total cash increase of $22 million was driven by an increase in payments on originated loans and partially offset by payments of debt Finance Receivables at
Slide 12: Reduced Cost of Financing and Strong Balance Sheet to Power Growth
Reduced Cost of Financing and Grown funding capacity more 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 short-term future growth without equity 2017 Diversified institutional capit
Slide 13: Full Year 2023 Guidance
Full Year 2023 Guidance $500M to $24M to $0.28 to $520M $30M $0.35 Total Revenue Adjusted Net Income1 Adjusted EPS1,2 Affirmed approximately Raised from Increased from 10% to 15% growth $22 million to $28 million $0.26 to $0.33 Growth Profitability Profitability 1. Non-GAAP Financial Measures: Adjus
Slide 14: Appendix
Appendix 13
Slide 15: Pro Forma Share Count as of March 31, 2023
Pro Forma Share Count as of March 31, 2023 Share Price Shares Notes $10.00 $12.00 $13.00 $14.00 Class A Common Stock 15,221,283 15,221,283 15,221,283 15,221,283 Class V Common Stock Excludes 25,500,000 shares of Class V Common Stock outstanding with Held for the benefit of Pre-Business 69,066,687 69
Slide 16: Fair Value Valuation
Fair Value Valuation UNAUDITED PERIOD ENDED Key Highlights ($ in thousands) 3/31/2023 12/31/2022 Outstanding Principal $369,715 $402,180 • Interest rate increased by 80 bps due to Accrued Interest $12,823 $15,802 relative increase in base APR loans on the book Interest Rate 153.2% 152.4% • Default r
Slide 17: GAAP Income Statement
GAAP Income Statement Three Months Ended March 31, Variance (in Thousands, except share and per share data) 2023 2022 $ % Interest and loan related income $ 119,942 $ 100,336 $ 19,606 19.5% Other revenue 432 374 58 15.5% Total revenue 120,374 100,710 19,664 19.5% Change in fair value of finance rece
Slide 18: Condensed Balance Sheet
Condensed Balance Sheet March 31, December 31, Variance (in Thousands) 2023 2022 $ % Assets Cash and restricted cash $ 71,374 $ 49,670 $ 21,704 43.7% Finance receivables at fair value 417,489 457,296 (39,807) (8.7%) Finance receivables at amortized cost, net 464 643 (179) (27.8%) Other assets 70,718
Slide 19: Condensed Cash Flow Statement
Condensed Cash Flow Statement Three Months Ended March 31, Variance (in Thousands) 2023 2022 $ % Net cash provided by operating activities $ 65,637 $ 44,731 $ 20,906 46.7% Net cash (used in) investing activities (28,300) (52,244) 23,944 45.8% Net cash (used in) provided by financing activities (15,6
Slide 20: Net Income to Adjusted EBT, Adjusted Net Income and Adjusted EBITDA Reconciliation
Net Income to Adjusted EBT, Adjusted Net Income and Adjusted EBITDA Reconciliation (in Thousands, except share and per share data) Three Months Ended March 31, Variance (Unaudited) 2023 2022 $ % Net income $ 3,930 $ (297) $ 4,227 (1423.2%) Provision for income taxes 146 540 (394) (73.0%) Debt amorti
Slide 21: Diluted Shares as Reflected in Adjusted Earnings Per Share
Diluted Shares as Reflected in Adjusted Earnings Per Share Three Months Ended March 31, 2023 2022 Weighted average Class A common stock outstanding 15,037,326 13,581,828 Weighted average Class V voting stock outstanding 94,742,634 96,338,474 Elimination of earnouts at period end (25,500,000) (25,500
Slide 22: Adjusted Earnings Per Share
Adjusted Earnings Per Share (in Thousands, except share and per share data) Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 (Unaudited) $ Per Share $ Per Share Weighted average diluted shares outstanding 84,432,529 84,473,957 Net Income $ 3,930 $ 0.05 $ (297) $ (0.00) Provision f