Slide 1: A Leading FinTech Platform for the Everyday Consumer
A Leading FinTech Platform for the Everyday Consumer Q3 2022 Earnings Presentation November 9, 2022
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: Key Company Highlights
Key Company Highlights Solid Revenue Significant Scale Leading Proprietary Credit Growth Facilitated more than $4.2 billion & Technology Platform 66% 5-year CAGR1 in gross loan issuance covering over Real-time AI drove automation for 2.5 million loans, since inception2 82% of decisions in 2021 CEO a
Slide 4: High Percentage of Americans Lack Savings and/or Credit Access
High Percentage of Americans Lack Savings and/or Credit Access 60 million U.S. 64% of U.S. 44% of U.S. adults consumers adults lack access to live paycheck have savings to traditional credit1 to paycheck2 cover a $1,000 unplanned expense3 3 1. Hamdani, Kausar, et al. “UNEQUAL ACCESS TO CREDIT The Hi
Slide 5: OppFi Advantage: Market Leading Terms and Excellent Customer Experience
OppFi Advantage: Market Leading Terms and Excellent Customer Experience Traditionally financing options for the underbanked have been limited, with exorbitant interest rates and poor customer service OppFi’s Market Leading Terms Underbanked Option APRs 1200% ~17,000% ~17,000% Simple interest, amorti
Slide 6: Q3 2022 Financial Highlights
Q3 2022 Financial Highlights • Total Revenue increased 35% year over year • Net Originations increased 11% year over year • Ending Receivables increased 39% year over year • Net Loss was $(0.7) million, down from Net Income of $30.4 million in Q3 2021 • Adjusted Net Income was $0.8 million • Basic a
Slide 7: Q3 2022 Performance
Q3 2022 Performance With continued strong demand, net originations increased 11%, ending receivables expanded 39%, and total revenue grew 35% year over year. Q3 2021 Q3 2022 YoY Growth +11% $183 $165 Net Originations ($ Millions) YoY Growth +39% $408 Ending $293 Receivables1 ($ Millions) YoY Growth
Slide 8: Q3 2022 Performance
Q3 2022 Performance Elevated charge-offs continued to pressure profitability. OppFi expects charge-offs to remain elevated in the fourth quarter. Q3 2021 Q3 2022 YoY Growth (58%) $32 $13 Adj. EBITDA1 ($ Millions) Margin2 35% 11% YoY Growth (96%) $17 Adj. Net Income1 $1 ($ Millions) Margin2 19% 1% 1.
Slide 9: Quarterly Key Performance Indicators
Quarterly Key Performance Indicators UNAUDITED QUARTER ENDED Key Highlights ($ in millions), except Total Marketing Cost 9/30/2021 9/30/2022 Net originations increased 11% year over year Net Originations1 $165 $183 Ending receivables increased 39% year over year as a result of strong origination gro
Slide 10: Condensed Balance Sheet
Condensed Balance Sheet UNAUDITED PERIOD ENDED ($ in millions) 12/31/2021 9/30/2022 Key Highlights Assets Total cash decrease of $12 million was driven by an increase in Cash and restricted cash $62.4 $50.5 originated loans relative to received payments and recovered loans Finance Receivables at Fai
Slide 11: Reduced Cost of Financing and Strong Balance Sheet to Power Growth
Reduced Cost of Financing and Grown liquidity more than 5x since 2017 Strong Balance Sheet to Power Growth Decreased cost of borrowing Ample debt capacity provides a means by 500+ bps since 2017 to fund future growth without equity Diversified institutional capital sources Liquidity ($ in millions)
Slide 12: Appendix
Appendix 11
Slide 13: Pro Forma Share Count as of September 30, 2022
Pro Forma Share Count as of September 30, 2022 Share Price Shares Notes $10.00 $12.00 $13.00 $14.00 Class A Common Stock 14,241,422 14,241,422 14,241,422 14,241,422 Class V Common Stock Excludes 25,500,000 shares of Class V Common Stock outstanding with Held for the benefit of Pre-Business 69,659,10
Slide 14: Fair Value Valuation
Fair Value Valuation UNAUDITED PERIOD ENDED Key Highlights ($ in thousands) 6/30/2022 9/30/2022 Outstanding Principal $394,709 $402,571 • Interest rate increased by 90bps due to relative Accrued Interest $12,917 $15,288 increase in base APR loans on the book Interest Rate 149.9% 150.8% • Remaining l
Slide 15: GAAP Income Statements
OppFi GAAP Income Statements (in thousands, except share and per share data) Three Months Ended September 30, Unaudited 2022 2021 Variance (%) Interest and loan related income $ 123,605 $ 91,448 35.2% Other income 639 529 20.8% Total revenue 124,244 91,977 35.1% Provision for credit losses on financ
Slide 16: GAAP Income Statements
OppFi GAAP Income Statements (in thousands, except share and per share data) Nine Months Ended September 30, Unaudited 2022 2021 Variance (%) Interest and loan related income $ 331,814 $ 253,581 30.9% Other income 1,015 1,029 (1.4%) Total revenue 332,829 254,610 30.7% Provision for credit losses on
Slide 17: Condensed Balance Sheet
OppFi Condensed Balance Sheet Variance (in thousands) Unaudited September 30, 2022 December 31, 2021 (%) Assets Cash and restricted cash $ 50,469 $ 62,362 (19.1%) Finance receivables at fair value 458,065 383,890 19.3% Finance receivables at amortized cost, net 3,858 4,220 (8.6%) Other assets 67,578
Slide 18: Quarterly Net Income to Adj. EBT, Adj. Net Income and Adj. EBITDA Reconciliation
OppFi Quarterly Net Income to Adj. EBT, Adj. Net Income and Adj. EBITDA Reconciliation Three Months Ended September 30, (in thousands, except share and per share data) Unaudited 2022 2021 Variance (%) Net (loss) income $ (661) $ 30,392 (102.2%) Provision for income taxes 1,015 703 44.4% Debt amortiz
Slide 19: Quarterly Net Income to Adj. EBT, Adj. Net Income and Adj. EBITDA Reconciliation
OppFi Quarterly Net Income to Adj. EBT, Adj. Net Income and Adj. EBITDA Reconciliation Nine Months Ended September 30, (in thousands, except share and per share data) Unaudited 2022 2021 Variance (%) Net income $ 8,539 $ 72,763 (88.3%) Provision for income taxes 1,757 703 149.9% Debt amortization 1,
Slide 20: Cash Flows
OppFi Cash Flows Nine Months Ended September 30, (in thousands) Unaudited 2022 2021 Variance (%) Net cash provided by operating activities $ 172,263 $ 120,090 43.4% Net cash (used in) investing activities (243,445) (109,979) (121.4%) Net cash provided by financing activities 59,289 1,034 5,633.9% Ne
Slide 21: Diluted Shares as Reflected in Adjusted Earnings Per Share
OppFi Diluted Shares as Reflected in Adjusted Earnings Per Share Three Months Ended September 30, 2022 2021 Weighted average Class A common stock outstanding 13,972,971 13,363,996 Weighted average Class V voting stock outstanding 95,397,996 96,600,787 Elimination of earnouts at period end (25,500,00
Slide 22: Diluted Shares as Reflected in Adjusted Earnings Per Share
OppFi Diluted Shares as Reflected in Adjusted Earnings Per Share Nine Months Ended September 30, 2022 2021 Weighted average Class A common stock outstanding 13,694,733 13,107,874 Weighted average Class V voting stock outstanding 95,946,836 96,856,909 Elimination of earnouts at period end (25,500,000
Slide 23: Adjusted EPS
OppFi Adjusted EPS Three Months Ended September 30, 2022 2021 Adjusted net income (thousands)1 $ 768 $ 17,361 Weighted average diluted shares outstanding 84,080,808 84,464,783 Adjusted basic EPS2: $ 0.01 $ 0.21 Nine Months Ended September 30, 2022 2021 Adjusted net income (thousands)1 $ 7,793 $ 54,4