Slide 1: A Leading FinTech Platform for the Everyday Consumer Q3 2021 Earnings Presentation
A Leading FinTech Platform for the Everyday Consumer Q3 2021 Earnings Presentation November 2021
Slide 2: Disclaimer and Forward-Looking Statements
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: 3Q21 Financial Highlights
3Q21 Financial Highlights • Net Originations increased 25% year over year and 14% sequentially • Ending Receivables increased 22% year over year and 13% sequentially • Revenue increased 47% year over year to $92 million • Adjusted Revenue increased 25% year over year to $92 million • Net Income was
Slide 4: Record Levels in the Third Quarter
Record Levels in the Third Quarter Originations increased in the third quarter, leading to 14%+ quarter over quarter, and 25%+ year over year growth. Ending receivables increased 22% above 2020 levels and 13% over the prior quarter. Adjusted revenue grew 25% year over year and 17% sequentially. Q3 2
Slide 5: Continued Strong Profitability in 2021
Continued Strong Profitability in 2021 Adjusted EBITDA slightly declined year over year to $31.8 million and Adjusted Net Income declined to $17.1 million. Adjusted Net Income was down quarter over quarter due to marketing spend increases to support higher originations and future growth as well as h
Slide 6: 3Q21 Key Performance Indicators
3Q21 Key Performance Indicators Key Highlights Unaudited Three Months Ended • Net originations increased 25% year over year and 14% ($ in 000s, except Total 9/30/2021 6/30/2021 9/30/2020 sequentially Marking Cost) • Ending receivables increased 22% year over year, and 13% Net Originations1 $164,546
Slide 7: Driving Operational Leverage via Automation and Productivity Tools
Driving Operational Leverage via Automation and Productivity Tools Continued increases in operational leverage position OppFi well for post-COVID demand Increasing Automated Approvals Increasing Application Conversion Auto Approval Rate (AAR) New Funded Loans / Applications Total Funded Loans / Appl
Slide 8: Balance Sheet Highlights
Balance Sheet Highlights Unaudited ($ in 000s) 9/30/2021 12/31/2020 Key Highlights of Changes from 12/31/2020 Assets • Year-to-date cash growth of $11 million driven by higher Cash and restricted cash $56,802 $45,657 free cash flow from operations and financing activities, Finance Receivables at Fai
Slide 9: Roadmap to Innovate
Roadmap to Innovate • Testing a wide range of product designs, • Recently introduced SalaryTap sub-36% price points and underwriting criteria to APR payroll deductible, installment loan develop innovative OppFi Card products product. Seeing very high customer Net with strong unit economics that are
Slide 10: Social Impact
OppFi Social Impact 9 OPPFI 2020 SOCIAL IMPACT REPORT HIGHLIGHTS
Slide 11: Diversity, Equity and Inclusion
OppFi Diversity, Equity and Inclusion 01 Education People managers participated in immersive learning of the Black, Latinx, and LGBTQIA+ experience. All employees participated in foundational DEI learnings to understand personal identity and spheres of influence for change. 02 Equity We define equit
Slide 12: Full Year 2021 Outlook
Full Year 2021 Outlook The Company expects the following for full year 2021: Revenue Adj. EBITDA1 Adj. Net Income1 $350 Million to $120 Million to $62 Million to $360 Million $125 Million $66 Million Outlook Assumptions • Ending receivables of $315-325 million • Net charge-offs as a percentage of av
Slide 13: Platform with Proven Ability to Scale Profitably
Platform with Proven Ability to Scale Profitably ($ in millions) Revenue1,2 Adj. EBITDA1,3 Adj. Net Income1,3 50% $355 54% 56% ’17A—’21P $323 ’17A—’21P ’17A—’21P Revenue CAGR $268 Adj. EBITDA Adj. Net Income CAGR $123 CAGR $101 $97 $64 $53 $55 $134 $52 $28 $70 $22 $11 ’17A ‘18A ‘19A ‘20A ‘21P ‘17A ‘
Slide 14: Appendix
Appendix 13
Slide 15: 3Q21 Financial Results
3Q21 Financial Results Unaudited Three Months Ended ($ in thousands, except per share 9/30/2021 9/30/2020 YoY % Key Highlights values) • Revenue increased by 47% as receivables grew by Total Revenue $91,977 $62,759 46.6% 22% and yield improved by 290 bps. Revenue positively impacted by adoption of f
Slide 16: GAAP Income Statements (Three Months)
OppFi GAAP Income Statements ($ in thousands, except per share values) Three Months Ended September 30, Unaudited 2021 2020 Variance (%) Interest and loan related income, gross1 $ 91,448 $ 73,311 24.7% Other income 529 266 98.9% Interest, loan related and other income $ 91,977 $ 73,577 25.0% Amortiz
Slide 17: GAAP Income Statements (Nine Months)
OppFi GAAP Income Statements ($ in thousands, except per share values) Nine Months Ended September 30, Unaudited 2021 2020 Variance (%) Interest and loan related income, gross1 $ 253,581 $ 235,651 7.6% Other income 1,029 506 103.4% Interest, loan related and other income $ 254,610 $ 236,157 7.8% Amo
Slide 18: Fair Value Pro Forma Income Statements (Three Months)
OppFi Fair Value Pro Forma Income Statements1 ($ in thousands, except per share values) Three Months Ended September 30, Unaudited 2021 2020 Variance (%) Total revenue $ 91,977 $ 73,577 25.0% Total provision (143) —Fair value adjustment2 (18,940) (11,880) (59.4)% Net revenue $ 72,894 $ 61,697 18.1%
Slide 19: Fair Value Pro Forma Income Statements (Nine Months)
OppFi Fair Value Pro Forma Income Statements1 ($ in thousands, except per share values) Nine Months Ended September 30, Unaudited 2021 2020 Variance (%) Total revenue $ 254,610 $ 236,157 7.8% Total provision (181) —Fair value adjustments2 (52,635) (87,470) 39.8% Net revenue $ 201,794 $ 148,687 35.7%
Slide 20: Condensed Balance Sheet
OppFi Condensed Balance Sheet ($ in thousands) Unaudited September 30, 2021 December 31, 2020 Variance (%) Assets Cash and restricted cash $ 56,802 $ 45,657 24.4% Finance receivables at fair value 334,114 —Finance receivables at amortized cost, net 1,269 222,243 (99.4)% Other assets 48,469 17,943 17
Slide 21: Quarterly EBT to Adj. EBT and Adj. EBITDA Reconciliation
OppFi Quarterly EBT to Adj. EBT and Adj. EBITDA Reconciliation Three Months Ended September 30, ($ in thousands, except per share values) Unaudited 2021 2020 Variance (%) Net income $ 30,392 $ 19,342 57.1% Provision for income taxes 703—-FV adjustments—5,713 -Debt amortization 572 474 20.7% Other ad
Slide 22: EBT to Adj. EBT and Adj. EBITDA Reconciliation (Nine Months)
OppFi EBT to Adj. EBT and Adj. EBITDA Reconciliation Nine Months Ended September 30, ($ in thousands, except per share values) Unaudited 2021 2020 Variance (%) Net income $ 72,763 $ 61,358 18.6% Provision for income taxes 703—-FV adjustments—(18,096) -Debt amortization 1,735 1,451 19.6% Other addbac
Slide 23: Revenue to Adj. Revenue Reconciliation
OppFi Revenue to Adj. Revenue Reconciliation Three Months Ended September 30, ($ in thousands, unaudited) 2021 2020 Variance % Total revenue $ 91,977 $ 62,759 46.6% Amortization of loan origination costs—10,818 - Adjusted revenue $ 91,977 $ 73,577 25.0% Nine Months Ended September 30, ($ in thousand
Slide 24: Cash Flows
OppFi Cash Flows Nine Months Ended September 30, ($ in thousands, unaudited) 2021 2020 Variance (%) Net cash provided by operating activities $ 120,090 $ 143,419 (16.3)% Net cash (used in) investing activities $ (109,979) $ (43,653) (151.9)% Net cash provided by (used in) financing activities $ 1,03
Slide 25: Adjusted Shares as Reflected in Adjusted Basic and Diluted EPS
OppFi Adjusted Shares as Reflected in Adjusted Basic and Diluted Earnings Per Share Three Months and Nine Months Ended September 30, 2021 2020 Class A Common Stock outstanding at period end 13,464,542 -Class V Common Stock outstanding at period end 96,500,241 -Elimination of earnouts at period end (
Slide 26: Adjusted Basic and Diluted EPS
OppFi Adjusted Basic and Diluted EPS Three Months Ended September 30, 2021 2020 Adjusted net income (thousands)1 $ 17,362 $ 19,484 Adjusted shares outstanding 84,464,783 -Adjusted basic and diluted EPS2: $ 0.21 $ - Nine Months Ended September 30, 2021 2020 Adjusted net income (thousands)1 $ 54,439 $
Slide 27: Q3 2020 As Reported to Fair Value Pro Forma Reconciliation (Three Months)
OppFi Q3 2020 As Reported to Fair Value Pro Forma Reconciliation Three Months Ended September 30, 2020 ($ in thousands, unaudited) As Reported FV Adjustments FV Pro Forma Total revenue $ 62,759 $ 10,818 $ 73,577 Total provision (17,880) 17,880 -Fair value adjustment1—(11,880) (11,880) Net revenue $
Slide 28: Q3 2020 As Reported to Fair Value Pro Forma Reconciliation (Nine Months)
OppFi Q3 2020 As Reported to Fair Value Pro Forma Reconciliation Nine Months Ended September 30, 2020 ($ in thousands, unaudited) As Reported FV Adjustments FV Pro Forma Total revenue $ 198,693 $ 37,464 $ 236,157 Total provision (62,755) 62,755 -Fair value adjustment1—(87,470) (87,470) Net revenue $
Slide 29: Fair Value Third Quarter Valuation
Fair Value Third Quarter Valuation Unaudited Key Highlights ($ in thousands) 9/30/2021 6/30/2021 • Remaining life increased as a result of a younger Outstanding Principal $291,876 $260,236 portfolio with the increase in origination growth Accrued Interest $9,242 $9,421 • Interest rate increased sinc
Slide 30: Pro Forma Share Count
Pro Forma Share Count Share Price Shares $10.00 $12.00 $13.00 $14.00 Notes Class A Common Stock held by Public 9,439,415 9,439,415 9,439,415 9,439,415 Shares previously held by FGNA public stockholders, after giving effect to redemptions at closing Includes private placement shares, underwriter shar