Slide 1: Q2 2022 Earnings Presentation
Q2 2022 Earnings Presentation August 9, 2022 A Leading FinTech Platform for the Everyday Consumer
Slide 2: Disclaimer
1 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,
Slide 3: Key Company Highlights
2 Key Company Highlights 1. 2016– 2021 2. For full-year 2021 at the time of loan approval. Solid Revenue Growth 66% 5-year CAGR1 Significant Scale Facilitated more than $3.9 billion in gross loan issuance covering over 2.3 million loans, since inception Leading Proprietary Credit & Technology Platfo
Slide 4: OppFi Advantage: Built for the Future
3 OppFi Advantage: Built for the Future 60 million U.S. adults lack access to traditional credit1 64% of U.S. consumers live paycheck to paycheck2 44% of U.S. adults have savings to cover a $1,000 unplanned expense3 1. Hamdani, Kausar, et al. “UNEQUAL ACCESS TO CREDIT The Hidden Impact of Credit Con
Slide 5: A Cheaper, Better Product for Non-Prime
4 4 A Cheaper, Better Product for Non- Prime Traditionally financing options for the underbanked have been limited, with exorbitant interest rates and poor customer service OppFi Advantage: The OppFi Approach to Lending OppFi’s Market Leading Terms Underbanked Option APRs Simple interest, amortizing
Slide 6: Q2 2022 Financial Highlights
5 Q2 2022 Financial Highlights • Revenue increased 38% year over year • Net Originations increased 57% year over year • Ending Receivables increased 54% year over year • Net Income was $9.5 million, down from $18.0 million in Q2 2021 • Adjusted Net Income was $6.8 million • Basic and Diluted EPS wer
Slide 7: Q2 2022 Performance: Originations, Receivables, Revenue
6 Q2 2021 Net Originations ($ Millions) Ending Receivables1 ($ Millions) Total Revenue ($ Millions) 1.Receivables are defined as unpaid principal balances of both on- and off-balance sheet loans. YoY Growth +57% Q2 2022 YoY Growth +54% YoY Growth +38% Q2 2022 Performance Net Originations increased 5
Slide 8: Adj. EBITDA and Adj. Net Income
7 Adj. EBITDA1 ($ Millions) Adj. Net Income1 ($ Millions) 19%41%Margin2 Margin2 1.Adj. EBITDA and Adj. Net Income and margins thereof are not financial measures determined in accordance with GAAP. For a reconciliation to our most directly comparable financial measures calculated and presented in acc
Slide 9: Quarterly Key Performance Indicators
8 Net originations increased 57% year over year Ending receivables increased 54% year over year as a result of strong origination growth YoY Net charge-offs as % of average receivables increased to 51% versus 28% year over year, which is an improvement over Q1-2022 but continues to reflect elevated
Slide 10: Condensed Balance Sheet
9 Condensed Balance Sheet UNAUDITED PERIOD ENDED ($ in millions) 12/31/2021 6/30/2022 Assets Cash and restricted cash $62.4 $57.6 Finance Receivables at Fair Value 383.9 450.7 Finance Receivables at Amortized Cost, Net 4.2 4.6 Other Assets 51.6 65.2 Total Assets $502.1 $578.1 Liabilities and Stockho
Slide 11: Reduced Cost of Financing and Strong Balance Sheet to Power Growth
10 Grown liquidity 6x of 2017 levels Decreased cost of borrowing by 500+ bps since 2017 Diversified institutional capital sources Increased financial flexibility with: • corporate credit agreements, • asset-backed facilities, • bank provided asset-based loans, • forward flow arrangements, and • tota
Slide 12: Appendix
11 Appendix
Slide 13: Pro Forma Share Count as of June 30, 2022
12 Pro Forma Share Count as of June 30, 2022 Shares Share Price Notes $10.00 $12.00 $13.00 $14.00 Class A Common Stock held by Public and Founders 13,632,260 13,632,260 13,632,260 13,632,260 Shares held by public shareholders, including founders, underwriters and private placements Class A and Class
Slide 14: Fair Value Valuation
13 Fair Value Valuation 1. Stated as a percentage of loan receivable. 2. Represents rate applied to on-balance unpaid principal receivables, inclusive of adjustment for accrued interest. Key Highlights • Default rate increased by 100bps due to recent elevated loss rates • Prepayment rate decreased b
Slide 15: OppFi GAAP Income Statements (Three Months)
14 OppFi GAAP Income Statements 1. For the periods prior to July 20, 2021, earnings per share was not calculated, as net income prior to the Business Combination was attributable entirely to OppFi-LLC. (in thousands, except share and per share data) Unaudited Three Months Ended June 30, 2022 2021 Va
Slide 16: OppFi GAAP Income Statements (Six Months)
15 OppFi GAAP Income Statements 1. For the periods prior to July 20, 2021, earnings per share was not calculated, as net income prior to the Business Combination was attributable entirely to OppFi-LLC. (in thousands, except share and per share data) Unaudited Six Months Ended June 30, 2022 2021 Vari
Slide 17: OppFi Condensed Balance Sheet
16 OppFi Condensed Balance Sheet (in thousands) Unaudited June 30, 2022 December 31, 2021 Variance (%) Assets Cash and restricted cash $ 57,638 $ 62,362 (7.6%) Finance receivables at fair value 450,703 383,890 17.4% Finance receivables at amortized cost, net 4,579 4,220 8.5% Other assets 65,150 51,6
Slide 18: Quarterly Net Income to Adj. EBITDA Reconciliation
17 OppFi Quarterly Net Income to Adj. EBT, Adj. Net Income and Adj. EBITDA Reconciliation (in thousands, except share and per share data) Unaudited Three Months Ended June 30, 2022 2021 Variance (%) Net income $ 9,497 $ 17,987 (47.2%) Provision for income taxes 202 - - Debt amortization 435 642 (32.
Slide 19: Six-Month Net Income to Adj. EBITDA Reconciliation
18 OppFi Quarterly Net Income to Adj. EBT, Adj. Net Income and Adj. EBITDA Reconciliation (in thousands, except share and per share data) Unaudited Six Months Ended June 30, 2022 2021 Variance (%) Net income $ 9,200 $ 42,371 (78.3%) Provision for income taxes 742 - - Debt amortization 1,044 1,163 (1
Slide 20: OppFi Cash Flows
19 OppFi Cash Flows Six Months Ended June 30, (in thousands) Unaudited 2022 2021 Variance (%) Net cash provided by operating activities $ 102,784 $ 84,837 21.2% Net cash (used in) investing activities (164,390) (47,878) (243.4%) Net cash provided by financing activities 56,882 38,163 49.1% Net (decr
Slide 21: Diluted Shares in Adjusted EPS (Three Months)
20 OppFi Diluted Shares as Reflected in Adjusted Earnings Per Share Three Months Ended June 30, 2022 2021 Weighted average Class A common stock outstanding 13,525,101 - Weighted average Class V voting stock outstanding 96,114,373 - Elimination of earnouts at period end (25,500,000) - Dilutive impact
Slide 22: Diluted Shares in Adjusted EPS (Six Months)
21 OppFi Diluted Shares as Reflected in Adjusted Earnings Per Share Six Months Ended June 30, 2022 2021 Weighted average Class A common stock outstanding 13,553,308 - Weighted average Class V voting stock outstanding 96,225,804 - Elimination of earnouts at period end (25,500,000) - Dilutive impact o
Slide 23: OppFi Adjusted EPS
22 OppFi Adjusted EPS Three Months Ended June 30, 2022 2021 Adjusted net income (thousands)1 $ 6,820 $ 17,823 Weighted average diluted shares outstanding 84,283,102 - Adjusted basic EPS2: $ 0.08 $ - Six Months Ended June 30, 2022 2021 Adjusted net income (thousands)1 $ 7,377 $ 37,077 Weighted averag