Oppfi Inc. · NYSE:OPFI
Oppfi — Q3 2024 Earnings Presentation
22 slides from Oppfi's earnings presentation, Nov 7, 2024
Slide 1: Q3 2024 Earnings Presentation
Q3 2024 November 7, 2024 Earnings Presentation
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: Q3 2024 Earnings Highlights: Record Third Quarter Net Income and Total Revenue
Q3 2024 Earnings Highlights: Record Third Quarter Net Income and Total Revenue Net income increased 106.4% year over year to Net income margin increased by 1,180 basis points $32.1 million, and Adjusted Net Income increased to 23.5%, and adjusted net income margin 116.2% year over year to $28.8 mill
Slide 4: OppFi At-A-Glance
OppFi At-A-Glance Mission-driven Platform Providing best in class products and customer service with a 78 NPS Score1 Significant Economic Scale is a tech-enabled, Facilitated more than $6.8 billion in gross loan issuance covering over 3.9 million loans, since inception2 mission-driven specialty fina
Slide 5: Outstanding Customer Satisfaction
Outstanding Customer Satisfaction Simple, Transparent Loans and Exceptional Customer Service 78 Net Promoter Score (NPS) Selected Customer Testimonials 6,000+ Paid-In-Full Customers return every month, It is the easiest loan process I have ever done. The website is very well designed. I also think i
Slide 6: Financial Highlights
© | Financial Highlights
Slide 7: Q3 2024 Financial Highlights
Q3 2024 All-time high quarter net income, driven by record Financial Highlights revenue, improvements in net charge-offs, and $32.1M prudent expense management Net Income Adjusted Net Income1,2 ($M) Adjusted EPS1,2 $28.8M $29 $0.33 Adj. Net Income1,2 $0.21 +116% +112% Basic EPS $13 $0.16 $0.21 Dilut
Slide 8: Q3 2024 Performance: Improvement Across Key Profitability Drivers
Q3 2024 Performance: Improvement Across Key Profitability Drivers Total Revenue ($M) Net Charge-Off Rate1 Operating Expense Margin Total revenue increased 2.6% YoY driven by annualized Net charge-offs as a percentage of total revenue decreased Prudent expense management drove down total expenses ave
Slide 9: Q3 2024 Key Performance Indicators
Q3 2024 UNAUDITED QUARTER ENDED Key Performance Indicators 6 ($ in millions) 9/30/2024 9/30/2023 • Total net originations increased 12% year over year as a result of bank partners’ expansion into additional states, increased demand through Total Net Originations1 $219 $196 certain marketing partners
Slide 10: Free Cash Flow Generation Bolsters Balance Sheet & Provides Capital Allocation Optionality
Free Cash Flow Generation ($M)1 Free Cash Flow Generation Bolsters Year to date2 free cash flow generation far surpassing that of 2023 Balance Sheet & Provides Capital $74.6 Allocation Optionality $33.6 2024 Key Capital Allocation Initiatives • $12.7M for $0.12 special dividend and special distribut
Slide 11: Full Year 2024 Earnings Guidance
Full Year 2024 Earnings Guidance 1,2 1 Total Revenue Adjusted Net Income Adjusted EPS $510M $74M $0.85 to to to $530M $76M $0.87 Raised from Raised from Affirmed $0.73 – $0.75 $63M – $65M 1. Non-GAAP Financial Measures: Adjusted Net Income and Adjusted EPS are financial measures that have not been p
Slide 12: Appendix
Appendix
Slide 13: Fair Market Valuation
Unaudited ($ in thousands) 9/30/2024 12/31/2023 Outstanding Principal $413,714 $416,463 Fair Market Interest Rate 157.7% 156.1% Valuation Key Highlights Discount Rate 24.8% 26.3% • Interest rate increased by 160 bps due to relative increase in base APR Servicing Cost1 (3.0)% (3.0)% loans in the port
Slide 14: Q3 2024 Income Statement
Q3 2024 Income Statement (in Thousands, except share and per share data) Three Months Ended September 30, Variance (Unaudited) 2024 2023 $ % Interest and loan related income $ 135,535 $ 132,090 $ 3,445 2.6% Other revenue 1,058 1,075 (17) (1.6%) Total revenue 136,593 133,165 3,428 2.6% Change in fair
Slide 15: YTD 2024 Income Statement
YTD 2024 Income Statement (in Thousands, except share and per share data) Nine Months Ended September 30, Variance (Unaudited) 2024 2023 $ % Interest and loan related income $ 386,890 $ 373,615 $ 13,275 3.6% Other revenue 3,350 2,410 940 39.0% Total revenue 390,240 376,025 14,215 3.8% Change in fair
Slide 16: Condensed Balance Sheet
Condensed Balance Sheet September 30, December 31, Variance (in Thousands) 2024 2023 $ % Unaudited Assets Cash and restricted cash $ 74,233 $ 73,943 $ 290 0.4% Finance receivables at fair value 461,457 463,320 (1,863) (0.4%) Finance receivables at amortized cost, net 8 110 (102) (92.8%) Equity metho
Slide 17: Condensed Cash Flow Statement
Condensed Cash Flow Statement (in Thousands) Nine Months Ended September 30, Variance (Unaudited) 2024 2023 $ % Net cash provided by operating activities $ 229,299 $ 213,588 $ 15,711 7.4% Net cash used in investing activities (170,607) (179,983) 9,376 (5.2%) Net cash used in financing activities (58
Slide 18: Q3 2024 Adjusted Net Income Reconciliation
Q3 2024 Adjusted Net Income Reconciliation (in Thousands, except share and per share data) Three Months Ended September 30, Variance (Unaudited) 2024 2023 $ % Net income $ 32,057 $ 15,532 $ 16,525 106.4% Income tax expense 2,297 463 1,834 396.4% Other income (80) (80) - - Change in fair value of war
Slide 19: YTD 2024 Adjusted Net Income Reconciliation
YTD 2024 Adjusted Net Income Reconciliation (in Thousands, except share and per share data) Nine Months Ended September 30, Variance (Unaudited) 2024 2023 $ % Net income $ 69,864 $ 37,538 $ 32,326 86.1% Income tax expense 3,615 1,297 2,318 178.7% Other income (239) (352) 113 (32.1%) Change in fair v
Slide 20: Q3 2024 Adjusted Earnings per Share Reconciliation
Q3 2024 Adjusted Earnings per Share Reconciliation Three Months Ended September 30, (Unaudited) 2024 2023 Weighted average Class A common stock outstanding 20,248,004 16,772,275 Weighted average Class V voting stock outstanding 65,664,358 93,730,327 Elimination of earnouts at period end - (25,500,00
Slide 21: YTD 2024 Adjusted Earnings per Share Reconciliation
YTD 2024 Adjusted Earnings per Share Reconciliation Nine Months Ended September 30, (Unaudited) 2024 2023 Weighted average Class A common stock outstanding 19,711,752 15,820,262 Weighted average Class V voting stock outstanding 65,908,534 94,279,582 Elimination of earnouts at period end - (25,500,00
Slide 22: Thank you
OppFi™ Thank you a