Oportun Financial Corporation · NASDAQ:OPRT
Oportun Financial — Proxy Contest (June 2025)
27 slides from Oportun Financial's proxy contest presentation, Jun 23, 2025
Slide 1: Item: Investor Presentation
ITEM : INVESTOR PRESENTATION
Slide 2: Responding to Oportun Financial's Misguided Assessment of Findell's Goals and Campaign
Responding to Oportun Financial’s Misguided Assessment of Findell’s Goals and Campaign June 2025
Slide 3: Disclaimer
DISCLAIMER The views expressed in this presentation represent the opinions of Findell Capital Partners, LP and the other participants in its proxy solicitation (collectively, “Findell” or the “Participants”), which beneficially own shares of Oportun Financial Corporation (“Oportun” or the “Company”)
Slide 4: Oportun Founder and Former CEO Supports Findell
Oportun Founder and Former CEO Supports Findell Today, Oportun Founder and former CEO James Gutierrez released an open letter to OPRT stockholders on LinkedIn In the letter, Mr. Gutierrez directly calls for Warren Wilcox as an alternate to Raul Vazquez on the OPRT Board and the removal of the 36% ra
Slide 5: Oportun Rejected Findell's Multiple Attempts to Avoid a Proxy Contest
Oportun Rejected Findell's Multiple Attempts to Avoid a Proxy Contest Oportun’s legacy directors are spending millions of stockholder dollars at this point simply to keep one director, Scott Parker (notably the one who has overseen the highest stockholder return), off the Board 1 Compromise #1: Find
Slide 6: Why Did the Board Remove Mr. Parker?
Why Did the Board Remove Mr. Parker? Because He Would Keep Management and the Legacy Board Accountable Legacy Board members have had dismal stockholder support, dismal Scott Parker has great returns and was the CFO of returns and no lending experience OneMain Financial, the best-in-class lender Ginn
Slide 7: Removing Mr. Vazquez Would Enable Real Oversight & Independence
Contrary to the Board’s Claim that Removing Mr. Vazquez from the Board Is Disruptive, It Would Enable Real Oversight & Independence Not holding Mr. Vazquez accountable will send a disruptive message to a beleaguered employee base Employee online reviews paint a picture of internal dysfunction at Opo
Slide 8: Total Shareholder Return
Total Shareholder Return (100%) (50%) 0% 50% 100% 150% Sources: Bloomberg data Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 the Appropriate Comp, not OMF Mar-21 Apr-21 May-21 OPRT Jun-21 Jul-21 RM Aug-21 Sep-21 Oct-21 N
Slide 9: Underperformance Due to Operational Missteps Led by CEO
This Underperformance was Entirely Due to Oportun’s Operational Missteps, Led by CEO Mr. Vazquez RM grew credit more prudently, while OPRT blew RM reduced its outstanding share count, while out credit growth OPRT expanded its $3,500 OPRT’s shares outstanding have increased >90% since 2019 while RM’s
Slide 10: Oportun Was Not Isolated in the Difficult Macro Environment
Oportun Was Not Isolated in the Difficult Macro Environment RM saw similar changes to net charge offs, but their more experienced Board and management clearly understood the environment better and were prudent to slow originations, which was reflected in share performance 13.0% 12.0% 11.0% Net Charg
Slide 11: Mr. Vazquez Revealed Long-Term Aspirations to Have a Business Like OMF's
Oportun CEO Mr. Vazquez Revealed Long-Term Aspirations to Have a Business Like OMF’s Oportun claims OMF is not a comparable company only to directly compare itself to OMF “In terms of where we'd like it to be, our long-term aspiration is to have a mix that is similar to OneMain's. OneMain is about 5
Slide 12: Oportun Claims Findell's Campaign Did Not Drive Expenditure Changes
Oportun Claims Findell’s Campaign Did Not Drive Expenditure Changes The claim that expense reductions were underway prior Findell’s involvement is contradicted by the only consistent negative OpEx year over year growth occurring in the quarters following Findell’s engagement 43.0% 39.7% 38.7% 36.1%
Slide 13: The Largest Sources of Cost Reductions Were Recommended by Findell
The Largest Sources of Cost Reductions Were Recommended by Findell Line Item 2023 Operating Expenditures Findell’s Recommendation 2024 Operating Expenses Reduce costs related to unprofitable Technology & Facilities $219 MM fintech initiatives (3/29/2023 Letter) $166 MM (24%) YoY Reductions related t
Slide 14: During Macro Declines in Early 2022, Oportun Claims It Took Swift Action
During Macro Declines in Early 2022, Oportun Claims It Took Swift Action Reposition the Company Originations grew throughout 2022, and most notably in 2Q, despite the rising delinquency (“DQ”) rate. Overall in 2022, originations grew by more than 52%, which contradicts the claim that Oportun swiftly
Slide 15: 2023 Operating Expenses Were Still Elevated Compared to Originations
Compared to Originations, 2023 Operating Expenses Were Still Elevated While originations, which is OPRT’s main business function, declined by 44% in the first half of 2023, operating expenses only declined by 7%, highlighting the amount of embedded costs in the business for non-revenue producing adj
Slide 16: Total Shareholder Return
l Total Shareholder Return b Sources: Bloomberg (50%) 50% 100% 150% 250% 300% 0% 200% d 19-Apr data 3-May 17-May 31-May 14-Jun 28-Jun 12-Jul 26-Jul 9-Aug 23-Aug Parker Joined the Board 6-Sep 20-Sep 4-Oct 18-Oct 1-Nov OPRT US Equity 15-Nov 29-Nov 13-Dec RM US Equity 27-Dec 10-Jan 24-Jan 7-Feb 21-Feb
Slide 17: Comps Are Still Performing Better Than OPRT on Net Charge Offs
Comps Are Still Performing Better Than OPRT, With Lower Sequential Net Charge Off Rates Into 1Q’25 OPRT called out declining 30+ Day YoY DQ rates, but failed to acknowledge some loans were sold or charged off and effectively removed from their measure compared to competitors – competitors had lower
Slide 18: Improving DQ Rate is an Industry-Wide Phenomenon
Contrary to Claims, Improving DQ Rate is an Industry-Wide Phenomenon Comparable companies saw substantially more sequential credit improvement than OPRT in 1Q’25 However, this is a reflection of credit trends In their response presentation, OPRT implies the improving industry wide, which is not excl
Slide 19: Competitor RM Has No Interest Rate Cap
Competitor RM Has No Interest Rate Cap and Has Been Better Able to Navigate Macro Volatility By removing the cap, OPRT can better price to higher risk customers – under the present Board composition, we do not believe an adequate amount of risk control is set in place to avoid a 2022 situation where
Slide 20: The Long-Term Governance of Oportun Is At Risk
The Long-Term Governance of Oportun Is At Risk ¾ We believe the Board wants to frame this single-director election as a change of control fight in order to increase that odds that it wins the support of passive investors. ¾ This is a fight to ensure that there is honest long-term oversight for Mr. V
Slide 21: Vote Today to Elect Warren Wilcox on the White Proxy Card
Vote Today to Elect Warren Wilcox on the White Proxy Card If you have any questions about how to vote your shares, please contact: 520 8th Avenue, 14th Floor New York, NY, 10018 (212) 257-1311 (888) 368-0379 info@saratogaproxy.com 20 Page: X
Slide 22: Item: Material Published on www.opportunityatoportun.com
ITEM : MATERIAL PUBLISHED ON WWW.OPPORTUNITYATOPORTUN.COM
Slide 23: The Opportunity at Oportun
THE OPPORTUNITY AT OPORTUN 3G CASEFOR CHANGE 28 OUR NOMINEE 2 HOW TO VOTE RESOURCES {2] CONTACT Resources Presentations Response to Oportun Financial's Misguided Assessment of Findell's Goals and Campaign JUNE 23, 2025 / FINDELL CAPITAL MANAGEMENT, LLC PRESENTATION The Opportunity at Oportun: How Im
Slide 24: Video
Video Findell Capital Management Urges Oportun Stockholders to Vote the White Proxy Card to Elect an Independent Consumer Financial Services Expert to the Board JUNE 3, 2025 / FINDELL CAPITAL MANAGEMENT, LLC Findell Capital Management Responds to Oportun's Reactionary and Defensive Reduction of Boar
Slide 25: !% % % !% % " " " "% "% #%%%% % ! $%%
!% % % !% % " " " "% "% #%%%% % ! $%% !% " "" "" ! " ! " & & && & !& & $&&#& "& & & &&& #%&%&
Slide 26: Item 4: Social Media
ITEM 4: SOCIAL MEDIA
Slide 27: Social media post
€ Post FindellCap @ (Jo @fin_capital Founder and Former CEO of Oportun issues moving letter on SOPRT - shorturl.at/94eDj 4:56 PM - Jun 23, 2025 - 91 Views o) ie 9 N b