Oportun Reports Third Quarter 2024 Financial Results

GlobeNewswire11-13

Met or outperformed each guidance metric Total operating expenses declined 17% year-over-year Credit card portfolio sale complete Corporate debt refinancing expected to close on November 14th ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2483068250?lang=en_US&edition=fundamental","thumbnail":"https://s.yimg.com/uu/api/res/1.2/ot5FblHZ1QIBL1dr2Y0x5w--~B/aD0xMzA7dz01MTQ7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/globenewswire.com/481dbb9ee4b25f2b549ff86aab8265f6","is_english":true,"pubTime":"2024-11-13 05:05","share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","id":"2483068250","market":"us","top_or_hot":-1,"title":"Oportun Reports Third Quarter 2024 Financial Results","media":"GlobeNewswire","content":"<div>\n<p>Met or outperformed each guidance metric\nTotal operating expenses declined 17% year-over-year\nCredit card portfolio sale complete\nCorporate debt refinancing expected to close on November 14th\n\n\n\n \n\n\n\n...</p>\n\n<a href=\"https://finance.yahoo.com/news/oportun-reports-third-quarter-2024-210500277.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Oportun Reports Third Quarter 2024 Financial Results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOportun Reports Third Quarter 2024 Financial Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-13 05:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/oportun-reports-third-quarter-2024-210500277.html><strong>GlobeNewswire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Met or outperformed each guidance metric\nTotal operating expenses declined 17% year-over-year\nCredit card portfolio sale complete\nCorporate debt refinancing expected to close on November 14th\n\n\n\n \n\n\n\n...</p>\n\n<a href=\"https://finance.yahoo.com/news/oportun-reports-third-quarter-2024-210500277.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"OPRT","symbol_name":"Oportun Financial Corp","start_time":0,"source_url":"https://finance.yahoo.com/news/oportun-reports-third-quarter-2024-210500277.html","article_id":"2483068250","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/ot5FblHZ1QIBL1dr2Y0x5w--~B/aD0xMzA7dz01MTQ7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/globenewswire.com/481dbb9ee4b25f2b549ff86aab8265f6"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2483068250","pubTimestamp":1731445500,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Corporate debt refinancing expected to close on November 14th. SAN CARLOS, Calif., Nov. 12, 2024  -- Oportun Financial Corporation   today reported financial results for the third quarter ended September 30, 2024.\"I'm pleased that our third quarter results met or exceeded our expectations on each of our guidance metrics,\" said Raul Vazquez, CEO of Oportun. \"We generated total revenue of $250 million, while our Annualized Net Charge-Off Rate declined 40 basis points sequentially to 11.9% as we reported lower year-over-year dollar net charge-offs for the fourth consecutive quarter. In addition, we narrowed our GAAP net loss sequentially while being Adjusted Net Income profitable for the third consecutive quarter this year, and more than doubled our Adjusted EBITDA year-over-year by generating $31 million, exceeding the top of our guidance range by 21%. We're now well positioned to responsibly resume originations growth while further enhancing our profitability year-over-year and finishin","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"OPRT":"Oportun Financial Corp","BK4166":"消费信贷"},"translate_title":"Oportun报告2024年第三季度财务业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"OPRT":0.9},"content_text":"Met or outperformed each guidance metric\nTotal operating expenses declined 17% year-over-year\nCredit card portfolio sale complete\nCorporate debt refinancing expected to close on November 14th\n\n\n\n \n\n\n\nSAN CARLOS, Calif., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Oportun Financial Corporation (Nasdaq: OPRT) (“Oportun”, or the \"Company\") today reported financial results for the third quarter ended September 30, 2024.\n\"I'm pleased that our third quarter results met or exceeded our expectations on each of our guidance metrics,\" said Raul Vazquez, CEO of Oportun. \"We generated total revenue of $250 million, while our Annualized Net Charge-Off Rate declined 40 basis points sequentially to 11.9% as we reported lower year-over-year dollar net charge-offs for the fourth consecutive quarter. In addition, we narrowed our GAAP net loss sequentially while being Adjusted Net Income profitable for the third consecutive quarter this year, and more than doubled our Adjusted EBITDA year-over-year by generating $31 million, exceeding the top of our guidance range by 21%. We're now well positioned to responsibly resume originations growth while further enhancing our profitability year-over-year and finishing strong in the fourth quarter of 2024. This will provide momentum going into 2025, towards our preliminary expectations for full year GAAP profitability of $0.25 to $0.50 Diluted EPS, generating $1.00 to $1.25 of Adjusted EPS, and continuing to improve upon our credit performance.\"\nThird Quarter 2024 Results\n\n\n\nMetric\nGAAP\n \nAdjusted1\n\n\n \n3Q24\n3Q23\n \n3Q24\n3Q232\n\n\nTotal revenue\n$250\n$268\n \n \n \n\n\nNet income (loss)\n$(30)\n$(21)\n \n$0.9\n$(12)\n\n\nDiluted EPS\n$(0.75)\n$(0.55)\n \n$0.02\n$(0.31)\n\n\nAdjusted EBITDA\n \n \n \n$31\n$14\n\n\nDollars in millions, except per share amounts. \n \n \n \n \n \n\n\n1 See the section entitled “About Non-GAAP Financial Measures” for an explanation of non-GAAP measures, and the table entitled “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of non-GAAP to GAAP measures.\n\n\n2 Beginning 1Q24, we updated our calculations of Adjusted EBITDA and Adjusted Net Income (Loss). Prior periods presented here have been updated to reflect the prior period numbers on a comparable basis. See Appendix for non-GAAP reconciliation to the most comparable GAAP measure.\n\n\n \n\n\n\nBusiness Highlights\n\n\n\n \n\n\n\n\nAggregate Originations were $480 million, compared to $483 million in the prior-year quarter\nPortfolio Yield was 33.2%, an increase of 69 basis points compared to the prior-year quarter\nOwned Principal Balance at End of Period was $2.7 billion, compared to $2.9 billion in the prior-year quarter\nAnnualized Net Charge-Off Rate of 11.9% as compared to 11.8% for the prior-year quarter\n30+ Day Delinquency Rate of 5.2% as compared to 5.5% for the prior-year quarter\n\nFinancial and Operating Results\n\n\n\n \n\n\n\nAll figures are as of or for the quarter ended September 30, 2024, unless otherwise noted.\nOperational Drivers \nOriginations – Aggregate Originations for the third quarter were $480 million, virtually flat compared to $483 million in the prior-year quarter, despite a decrease in average loan size under a conservative credit posture from $3,975 to $3,244.\nPortfolio Yield - Portfolio Yield for the third quarter was 33.2%, an increase of 69 basis points as compared to 32.5% in the prior-year quarter, primarily attributable to increased pricing on loans.\nFinancial Results\nRevenue – Total revenue for the third quarter was $250 million, a decrease of 7% as compared to $268 million in the prior-year quarter. The decrease was primarily attributable to a 7% decline in our Average Daily Principal Balance. Net revenue for the third quarter was $63 million, compared to net revenue of $85 million in the prior-year quarter primarily due to the decline in total revenue, a non-cash mark on our ABS notes due to their weighted average price increasing from 96.0% to 97.8% and an increase in interest expense.\nOperating Expense and Adjusted Operating Expense1 – For the third quarter, total operating expense was $102 million, a decrease of 17% as compared to $123 million in the prior-year quarter. The decrease is attributable to a combined set of cost reduction initiatives announced in 2023 and 2024. The Company remains on track to reduce its operating expenses to $97.5 million or below by the fourth quarter of 2024. Adjusted Operating Expense, which excludes stock-based compensation expense and certain non-recurring charges, decreased 17% year-over-year to $96 million.\nNet Income (Loss) and Adjusted Net Income (Loss)1 – Net loss was $30 million as compared to a net loss of $21 million in the prior-year quarter. The increased loss was attributable to the decline in total revenue, a non-cash mark on our ABS notes due to their weighted average price increasing from 96.0% to 97.8% and an increase in interest expense, partially offset by lower operating expenses. Adjusted Net Income was $0.9 million as compared to Adjusted Net Loss of $12 million in the prior-year quarter. The increase in Adjusted Net Income was attributable to the aforementioned expense reduction initiatives, along with lower net charge-offs.\nEarnings (Loss) Per Share and Adjusted EPS1 – GAAP net loss per share, basic and diluted, were both $0.75 during the third quarter, compared to GAAP net loss per share, basic and diluted of $0.55 in the prior-year quarter. Adjusted Earnings Per Share was $0.02 as compared to $(0.31) in the prior-year quarter.\nAdjusted EBITDA1 – Adjusted EBITDA was $31 million, up from $14 million in the prior-year quarter, driven by expense reduction initiatives and lower net charge-offs, partially offset by higher interest expense.\nCredit and Operating Metrics\nNet Charge-Off Rate – The Annualized Net Charge-Off Rate for the quarter was 11.9%, compared to 11.8% for the prior-year quarter. Net Charge-offs for the quarter were down to $82 million, compared to $88 million for the prior-year quarter.\n30+ Day Delinquency Rate – The Company's 30+ Day Delinquency Rate was 5.2% at the end of the quarter, compared to 5.5% at the end of the prior-year quarter.\nOperating Expense Ratio and Adjusted Operating Expense Ratio1 – Operating Expense Ratio for the quarter was 14.7% as compared to 16.4% in the prior-year quarter, a 164 basis point improvement. Adjusted Operating Expense Ratio was 13.9% as compared to 15.6% in the prior-year quarter, a 165 basis point improvement. The Adjusted Operating Expense Ratio excludes stock-based compensation expense and certain non-recurring charges, such as expenses related to the credit card portfolio sale. The improvement in Adjusted Operating Expense Ratio is primarily attributable to the Company's focus on reducing operating expenses, partially offset by a decrease in Average Daily Principal Balance under its conservative credit posture.\nReturn On Equity (\"ROE\") and Adjusted ROE1 – ROE for the quarter was (35)%, as compared to (19)% in the prior-year quarter. The decline was attributable to the increased net loss. Adjusted ROE for the quarter was 1.1%, as compared to (10)% in the prior-year quarter.\n\n\n\n1 Beginning 1Q24, we updated our calculations of Adjusted EBITDA, Adjusted Net Income (Loss) and Adjusted Operating Expense. To align with these updated calculations we also updated Adjusted EPS and Adjusted Return on Equity. Prior periods presented here have been updated to reflect the prior period numbers on a comparable basis. See Appendix for non-GAAP reconciliation to the most comparable GAAP measure.\n\n\n \n\n\n\nOther Products\nSecured personal loans – As of September 30, 2024, the Company had a secured personal loan receivables balance of $141 million, up from $119 million at the end of the third quarter of 2023. Available only in California as of the end of last year, Oportun now also offers secured personal loans in Texas, Florida, Arizona, New Jersey and Illinois. Through the first three quarters of 2024, secured personal loans losses have run over 500 basis points lower compared to unsecured personal loans, with revenue per loan over 60% higher due to larger average loan sizes.\nCredit cards receivable – As of September 30, 2024, the Company had a credit cards receivable balance of $89 million, down 23% from $116 million at the end of the third quarter of 2023. On September 24, 2024, the Company signed a definitive agreement to sell its credit card portfolio, and the sale has closed as of the date of this release.\nFunding and Liquidity\nAs of September 30, 2024, total cash was $229 million, consisting of cash and cash equivalents of $72 million and restricted cash of $157 million. Cost of Debt and Debt-to-Equity were 7.8% and 8.7x, respectively, for and at the end of the third quarter 2024 as compared to 6.3% and 6.6x, respectively, for and at the end of the prior-year quarter. As of September 30, 2024, the Company had $476 million of undrawn capacity on its personal loan warehouse lines totaling $552 million. As of September 30, 2024, the Company had $7 million of undrawn capacity on its existing $60 million credit card warehouse line. The Company's credit card warehouse line has been repaid in full and terminated as of the date of this release, concurrent with the sale of the credit card portfolio.\nFinancial Outlook for Fourth Quarter and Full Year 2024\n\n\n\n \n\n\n\nOportun is providing the following guidance for 4Q 2024 and full year 2024 as follows:\n\n\n\n \n4Q 2024\n \nFull Year 2024\n\n\nTotal Revenue\n$246 - $250M\n \n$997 - $1,001M\n\n\nAnnualized Net Charge-Off Rate\n11.8% +/- 15 bps\n \n12.0% +/- 10 bps\n\n\nAdjusted EBITDA1\n$28 - $30M\n \n$92 - $94M\n\n\n\n\n\n\n 1 See the section entitled “About Non-GAAP Financial Measures” for an explanation of non-GAAP measures, including revised Adjusted EBITDA, and the table entitled “Reconciliation of Forward Looking Non-GAAP Financial Measures” for a reconciliation of non-GAAP to GAAP measures.\n\n\n \n\n\n\nConference Call\n\n\n\n \n\n\n\nAs previously announced, Oportun’s management will host a conference call to discuss third quarter 2024 results at 5:00 p.m. ET (2:00 p.m. PT) today. A live webcast of the call will be accessible from the Investor Relations page of Oportun's website at https://investor.oportun.com. The dial-in number for the conference call is 1-866-604-1698 (toll-free) or 1-201-389-0844 (international). Participants should call in 10 minutes prior to the scheduled start time. Both the call and webcast are open to the general public. For those unable to listen to the live broadcast, a webcast replay of the call will be available at https://investor.oportun.com for one year. A file that includes supplemental financial information and reconciliations of certain non-GAAP measures to their most directly comparable GAAP measures, will be available on the Investor Relations page of Oportun's website at https://investor.oportun.com following the conference call.\nAbout Non-GAAP Financial Measures\n\n\n\n \n\n\n\nThis press release presents information about the Company’s Adjusted Net Income (Loss), Adjusted EPS, Adjusted EBITDA, Adjusted Operating Expense, Adjusted Operating Efficiency, Adjusted Operating Expense Ratio, and Adjusted ROE, which are non-GAAP financial measures provided as a supplement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company believes these non-GAAP measures can be useful measures for period-to-period comparisons of its core business and provide useful information to investors and others in understanding and evaluating its operating results. Non-GAAP financial measures are provided in addition to, and not as a substitute for, and are not superior to, financial measures calculated in accordance with GAAP. In addition, the non-GAAP measures the Company uses, as presented, may not be comparable to similar measures used by other companies. Reconciliations of non-GAAP to GAAP measures can be found below.\nAbout Oportun\n\n\n\n \n\n\n\nOportun (Nasdaq: OPRT) is a mission-driven financial services company that puts its members' financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $19.2 billion in responsible and affordable credit, saved its members more than $2.4 billion in interest and fees, and helped its members save an average of more than $1,800 annually. For more information, visit Oportun.com.\nForward-Looking Statements\n\n\n\n \n\n\n\nThis press release contains forward-looking statements. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including statements as to future performance, results of operations and financial position; achievement of the Company's strategic priorities and goals; the Company's expectations regarding the impact of the sale of its credit card portfolio; the Company's expectations regarding the impact of the corporate debt refinancing, including expected timelines; the Company's expectations regarding macroeconomic conditions; the Company's profitability and future growth opportunities; the effect of and trends in fair value mark-to-market adjustments on the Company's loan portfolio and asset-backed notes; the Company's fourth quarter and full year 2024 outlook; the Company’s expectations regarding Diluted and Adjusted EPS in full year 2025; the Company's expectations related to future profitability on an adjusted basis, and the plans and objectives of management for our future operations, are forward-looking statements. These statements can be generally identified by terms such as “expect,” “plan,” “goal,” “target,” “anticipate,” “assume,” “predict,” “project,” “outlook,” “continue,” “due,” “may,” “believe,” “seek,” or “estimate” and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as “will,” “should,” “would,” “likely” and “could.” These statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause Oportun’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Oportun has based these forward-looking statements on its current expectations and projections about future events, financial trends and risks and uncertainties that it believes may affect its business, financial condition and results of operations. These risks and uncertainties include those risks described in Oportun's filings with the Securities and Exchange Commission, including Oportun's most recent annual report on Form 10-K, and include, but are not limited to, Oportun's ability to retain existing members and attract new members; Oportun's ability to accurately predict demand for, and develop its financial products and services; the effectiveness of Oportun's A.I. model; macroeconomic conditions, including rising inflation and market interest rates; increases in loan non-payments, delinquencies and charge-offs; Oportun's ability to increase market share and enter into new markets; Oportun's ability to realize the benefits from acquisitions and integrate acquired technologies; the risk of security breaches or incidents affecting the Company's information technology systems or those of the Company's third-party vendors or service providers; Oportun’s ability to successfully offer loans in additional states; Oportun’s ability to compete successfully with other companies that are currently in, or may in the future enter, its industry; changes in Oportun's ability to obtain additional financing on acceptable terms or at all; and Oportun's potential need to seek additional strategic alternatives, including restructuring or refinancing its debt, seeking additional debt or equity capital, or reducing or delaying its business activities. These forward-looking statements speak only as of the date on which they are made and, except to the extent required by federal securities laws, Oportun disclaims any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, there is no assurance that the events or results suggested by the forward-looking statements will in fact occur, and you should not place undue reliance on these forward-looking statements.\nContacts\n\n\n\n \n\n\n\nInvestor ContactDorian Hare(650) 590-4323ir@oportun.com\nMedia ContactMichael AzzanoCosmo PR for Oportun(415) 596-1978michael@cosmo-pr.com\nOportun and the Oportun logo are registered trademarks of Oportun, Inc.\n\n\n\nOportun Financial CorporationCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except share and per share data, unaudited)\n\n\n \n\n\n \n \nThree Months EndedSeptember 30,\n \nNine Months EndedSeptember 30,\n\n\n \n \n \n2024\n \n \n \n2023\n \n \n \n2024\n \n \n \n2023\n \n\n\nRevenue\n \n \n \n \n \n \n \n \n\n\nInterest income\n \n$\n230.0\n \n \n$\n243.3\n \n \n$\n692.0\n \n \n$\n721.3\n \n\n\nNon-interest income\n \n \n19.9\n \n \n \n25.0\n \n \n \n58.8\n \n \n \n73.0\n \n\n\nTotal revenue\n \n \n250.0\n \n \n \n268.2\n \n \n \n750.8\n \n \n \n794.3\n \n\n\nLess:\n \n \n \n \n \n \n \n \n\n\nInterest expense\n \n \n55.7\n \n \n \n47.0\n \n \n \n164.5\n \n \n \n127.4\n \n\n\nNet decrease in fair value\n \n \n(131.6\n)\n \n \n(136.1\n)\n \n \n(384.6\n)\n \n \n(458.3\n)\n\n\nNet revenue\n \n \n62.6\n \n \n \n85.1\n \n \n \n201.8\n \n \n \n208.6\n \n\n\n \n \n \n \n \n \n \n \n \n\n\nOperating expenses:\n \n \n \n \n \n \n \n \n\n\nTechnology and facilities\n \n \n40.6\n \n \n \n52.7\n \n \n \n128.3\n \n \n \n164.7\n \n\n\nSales and marketing\n \n \n17.4\n \n \n \n18.9\n \n \n \n49.7\n \n \n \n57.2\n \n\n\nPersonnel\n \n \n21.0\n \n \n \n28.6\n \n \n \n67.5\n \n \n \n96.7\n \n\n\nOutsourcing and professional fees\n \n \n10.1\n \n \n \n10.5\n \n \n \n28.7\n \n \n \n34.2\n \n\n\nGeneral, administrative and other\n \n \n13.0\n \n \n \n11.9\n \n \n \n46.8\n \n \n \n52.1\n \n\n\nTotal operating expenses\n \n \n102.1\n \n \n \n122.5\n \n \n \n320.9\n \n \n \n404.9\n \n\n\n \n \n \n \n \n \n \n \n \n\n\nIncome (loss) before taxes\n \n \n(39.5\n)\n \n \n(37.4\n)\n \n \n(119.1\n)\n \n \n(196.4\n)\n\n\nIncome tax benefit\n \n \n(9.5\n)\n \n \n(16.2\n)\n \n \n(31.7\n)\n \n \n(58.2\n)\n\n\nNet loss\n \n$\n(30.0\n)\n \n$\n(21.1\n)\n \n$\n(87.4\n)\n \n$\n(138.1\n)\n\n\n \n \n \n \n \n \n \n \n \n\n\nDiluted Earnings (Loss) per Common Share\n \n$\n(0.75\n)\n \n$\n(0.55\n)\n \n$\n(2.21\n)\n \n$\n(3.80\n)\n\n\nDiluted Weighted Average Common Shares\n \n \n39,964,322\n \n \n \n38,283,071\n \n \n \n39,562,204\n \n \n \n36,333,570\n \n\n\n \n\n\nNote: Numbers may not foot or cross-foot due to rounding\n\n\n \n\n\n\n\n\n\nOportun Financial CorporationCONDENSED CONSOLIDATED BALANCE SHEETS (in millions, unaudited)\n\n\n \n\n\n \n \nSeptember 30,\n \nDecember 31,\n\n\n \n \n \n2024\n \n \n \n2023\n \n\n\nAssets\n \n \n \n \n\n\nCash and cash equivalents\n \n$\n71.8\n \n \n$\n91.2\n \n\n\nRestricted cash\n \n \n156.7\n \n \n \n114.8\n \n\n\nLoans receivable at fair value\n \n \n2,728.5\n \n \n \n2,962.4\n \n\n\nCredit cards receivable held for sale\n \n \n52.6\n \n \n \n—\n \n\n\nCapitalized software and other intangibles\n \n \n92.0\n \n \n \n114.7\n \n\n\nRight of use assets - operating\n \n \n9.7\n \n \n \n21.1\n \n\n\nOther assets\n \n \n140.0\n \n \n \n107.7\n \n\n\nTotal assets\n \n$\n3,251.3\n \n \n$\n3,411.9\n \n\n\n \n \n \n \n \n\n\nLiabilities and stockholders' equity\n \n \n \n \n\n\nLiabilities\n \n \n \n \n\n\nSecured financing\n \n$\n125.4\n \n \n$\n290.0\n \n\n\nAsset-backed notes at fair value\n \n \n1,386.7\n \n \n \n1,780.0\n \n\n\nAsset-backed borrowings at amortized cost\n \n \n1,109.4\n \n \n \n581.5\n \n\n\nAcquisition and corporate financing\n \n \n215.7\n \n \n \n258.7\n \n\n\nLease liabilities\n \n \n19.7\n \n \n \n28.4\n \n\n\nOther liabilities\n \n \n66.9\n \n \n \n68.9\n \n\n\nTotal liabilities\n \n \n2,923.7\n \n \n \n3,007.5\n \n\n\nStockholders' equity\n \n \n \n \n\n\nCommon stock\n \n \n—\n \n \n \n—\n \n\n\nCommon stock, additional paid-in capital\n \n \n595.1\n \n \n \n584.6\n \n\n\nAccumulated deficit\n \n \n(261.3\n)\n \n \n(173.8\n)\n\n\nTreasury stock\n \n \n(6.3\n)\n \n \n(6.3\n)\n\n\nTotal stockholders’ equity\n \n \n327.6\n \n \n \n404.4\n \n\n\nTotal liabilities and stockholders' equity\n \n$\n3,251.3\n \n \n$\n3,411.9\n \n\n\n \n\n\nNote: Numbers may not foot or cross-foot due to rounding.\n\n\n \n\n\n\n\n\n\nOportun Financial CorporationCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions, unaudited)\n\n\n \n\n\n \nThree Months EndedSeptember 30,\n \nNine Months EndedSeptember 30,\n\n\n \n \n2024\n \n \n \n2023\n \n \n \n2024\n \n \n \n2023\n \n\n\nCash flows from operating activities\n \n \n \n \n \n \n \n\n\nNet loss\n$\n(30.0\n)\n \n$\n(21.1\n)\n \n$\n(87.4\n)\n \n$\n(138.1\n)\n\n\nAdjustments for non-cash items\n \n139.4\n \n \n \n138.2\n \n \n \n397.5\n \n \n \n446.3\n \n\n\nProceeds from sale of loans in excess of originations of loans sold and held for sale\n \n1.2\n \n \n \n2.1\n \n \n \n4.3\n \n \n \n5.6\n \n\n\nChanges in balances of operating assets and liabilities\n \n(2.1\n)\n \n \n(12.1\n)\n \n \n(12.3\n)\n \n \n(27.3\n)\n\n\nNet cash provided by operating activities\n \n108.5\n \n \n \n107.1\n \n \n \n302.1\n \n \n \n286.5\n \n\n\n \n \n \n \n \n \n \n \n\n\nCash flows from investing activities\n \n \n \n \n \n \n \n\n\nNet loan principal repayments (loan originations)\n \n(105.9\n)\n \n \n(79.8\n)\n \n \n(126.4\n)\n \n \n(165.7\n)\n\n\nProceeds from loan sales originated as held for investment\n \n0.6\n \n \n \n1.1\n \n \n \n2.8\n \n \n \n2.8\n \n\n\nCapitalization of system development costs\n \n(4.8\n)\n \n \n(6.4\n)\n \n \n(13.1\n)\n \n \n(25.2\n)\n\n\nOther, net\n \n(0.2\n)\n \n \n(0.2\n)\n \n \n(0.6\n)\n \n \n(1.2\n)\n\n\nNet cash used in investing activities\n \n(110.3\n)\n \n \n(85.3\n)\n \n \n(137.3\n)\n \n \n(189.4\n)\n\n\n \n \n \n \n \n \n \n \n\n\nCash flows from financing activities\n \n \n \n \n \n \n \n\n\nBorrowings\n \n557.7\n \n \n \n245.9\n \n \n \n1,045.6\n \n \n \n516.1\n \n\n\nRepayments\n \n(564.0\n)\n \n \n(269.7\n)\n \n \n(1,187.6\n)\n \n \n(615.0\n)\n\n\nNet stock-based activities\n \n—\n \n \n \n(0.6\n)\n \n \n(0.3\n)\n \n \n(2.3\n)\n\n\nNet cash used in financing activities\n \n(6.3\n)\n \n \n(24.4\n)\n \n \n(142.3\n)\n \n \n(101.3\n)\n\n\n \n \n \n \n \n \n \n \n\n\nNet increase (decrease) in cash and cash equivalents and restricted cash\n \n(8.1\n)\n \n \n(2.7\n)\n \n \n22.5\n \n \n \n(4.2\n)\n\n\nCash and cash equivalents and restricted cash beginning of period\n \n236.6\n \n \n \n202.3\n \n \n \n206.0\n \n \n \n203.8\n \n\n\nCash and cash equivalents and restricted cash end of period\n$\n228.5\n \n \n$\n199.6\n \n \n$\n228.5\n \n \n$\n199.6\n \n\n\n \n\n\nNote: Numbers may not foot or cross-foot due to rounding.\n\n\n \n\n\n\n\n\n\nOportun Financial CorporationCONSOLIDATED KEY PERFORMANCE METRICS(unaudited)\n\n\n \n\n\n \n \nThree Months EndedSeptember 30,\n \nNine Months EndedSeptember 30,\n\n\nKey Financial and Operating Metrics\n \n \n2024\n \n \n \n2023\n \n \n \n2024\n \n \n \n2023\n \n\n\nAggregate Originations (Millions)\n \n$\n480.2\n \n \n$\n482.7\n \n \n$\n1,253.1\n \n \n$\n1,375.8\n \n\n\nPortfolio Yield (%)\n \n \n33.2\n%\n \n \n32.5\n%\n \n \n33.2\n%\n \n \n32.0\n%\n\n\n30+ Day Delinquency Rate (%)\n \n \n5.2\n%\n \n \n5.5\n%\n \n \n5.2\n%\n \n \n5.5\n%\n\n\n \n \n \n \n \n \n \n \n \n\n\nOther Metrics\n \n \n \n \n \n \n \n \n\n\nManaged Principal Balance at End of Period (Millions)\n \n$\n3,011.8\n \n \n$\n3,231.0\n \n \n$\n3,011.8\n \n \n$\n3,231.0\n \n\n\nOwned Principal Balance at End of Period (Millions)\n \n$\n2,732.2\n \n \n$\n2,927.9\n \n \n$\n2,732.2\n \n \n$\n2,927.9\n \n\n\nAverage Daily Principal Balance (Millions)\n \n$\n2,755.5\n \n \n$\n2,967.7\n \n \n$\n2,784.2\n \n \n$\n3,010.1\n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\nNote: Numbers may not foot or cross-foot due to rounding.\n\n\n \n\n\n\nOportun Financial CorporationABOUT NON-GAAP FINANCIAL MEASURES(unaudited)\n\n\n\n \n\n\n\nThis press release dated November 12, 2024 contains non-GAAP financial measures. The following tables reconcile the non-GAAP financial measures in this press release to the most directly comparable financial measures prepared in accordance with GAAP.\nThe Company believes that the provision of these non-GAAP financial measures can provide useful measures for period-to-period comparisons of Oportun's core business and useful information to investors and others in understanding and evaluating its operating results. However, non-GAAP financial measures are not calculated in accordance with GAAP and should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same names, and may differ from non-GAAP financial measures with the same or similar names that are used by other companies.\nAs previously announced on March 12, 2024, beginning with the quarter ended March 31, 2024 the Company has updated it's calculation of Adjusted EBITDA and Adjusted Net Income for all periods. To align with these updated calculations the Company also updated Adjusted Operating Efficiency, Adjusted EPS and Adjusted Return on Equity. Comparable prior period Non-GAAP financial measures are included in addition to the previously reported metrics.\nAdjusted EBITDA\nThe Company defines Adjusted EBITDA as net income, adjusted to eliminate the effect of certain items as described below. The Company believes that Adjusted EBITDA is an important measure because it allows management, investors and its board of directors to evaluate and compare operating results, including return on capital and operating efficiencies, from period to period by making the adjustments described below. In addition, it provides a useful measure for period-to-period comparisons of Oportun's business, as it removes the effect of income taxes, certain non-cash items, variable charges and timing differences.\n\nThe Company believes it is useful to exclude the impact of income tax expense, as reported, because historically it has included irregular income tax items that do not reflect ongoing business operations.\nThe Company believes it is useful to exclude depreciation and amortization and stock-based compensation expense because they are non-cash charges.\nThe Company believes it is useful to exclude the impact of interest expense associated with the Company's corporate financing facilities, including the senior secured term loan and the residual financing facility, as it views this expense as related to its capital structure rather than its funding.\nThe Company excludes the impact of certain non-recurring charges, such as expenses associated with our workforce optimization, and other non-recurring charges because it does not believe that these items reflect ongoing business operations. Other non-recurring charges include litigation reserve, impairment charges, debt amendment and warrant amortization costs related to our corporate financing facilities.\nThe Company also excludes fair value mark-to-market adjustments on its loans receivable portfolio and asset-backed notes carried at fair value because these adjustments do not impact cash.\n\nAdjusted Net Income\nThe Company defines Adjusted Net Income as net income adjusted to eliminate the effect of certain items as described below. The Company believes that Adjusted Net Income is an important measure of operating performance because it allows management, investors, and the Company's board of directors to evaluate and compare its operating results, including return on capital and operating efficiencies, from period to period, excluding the after-tax impact of non-cash, stock-based compensation expense and certain non-recurring charges.\n\nThe Company believes it is useful to exclude the impact of income tax expense (benefit), as reported, because historically it has included irregular income tax items that do not reflect ongoing business operations. The Company also includes the impact of normalized income tax expense by applying a normalized statutory tax rate.\nThe Company believes it is useful to exclude the impact of certain non-recurring charges, such as expenses associated with our workforce optimization, and other non-recurring charges because it does not believe that these items reflect its ongoing business operations. Other non-recurring charges include litigation reserve, impairment charges, debt amendment and warrant amortization costs related to our corporate financing facilities.\nThe Company believes it is useful to exclude stock-based compensation expense because it is a non-cash charge.\nThe Company also excludes the fair value mark-to-market adjustment on its asset-backed notes carried at fair value to align with the 2023 accounting policy decision to account for new debt financings at amortized cost.\n\nAdjusted Operating Expense, Adjusted Operating Efficiency and Adjusted Operating Expense RatioThe Company defines Adjusted Operating Expense as total operating expenses adjusted to exclude stock-based compensation expense and certain non-recurring charges, such as expenses associated with our workforce optimization, and other non-recurring charges. Other non-recurring charges include litigation reserve, impairment charges, and debt amendment costs related to our Corporate Financing facility. The Company defines Adjusted Operating Efficiency as Adjusted Operating Expense divided by total revenue. The Company defines Adjusted Operating Expense Ratio as Adjusted Operating Expense divided by Average Daily Principal Balance. The Company believes Adjusted Operating Expense is an important measure because it allows management, investors and Oportun's board of directors to evaluate and compare its operating costs from period to period, excluding the impact of non-cash, stock-based compensation expense and certain non-recurring charges. The Company believes Adjusted Operating Efficiency and Adjusted Operating Expense Ratio are important measures because they allow management, investors and Oportun's board of directors to evaluate how efficiently the Company is managing costs relative to revenue and Average Daily Principal Balance.\nAdjusted Return on EquityThe Company defines Adjusted Return on Equity (“ROE”) as annualized Adjusted Net Income divided by average stockholders’ equity. Average stockholders’ equity is an average of the beginning and ending stockholders’ equity balance for each period. The Company believes Adjusted ROE is an important measure because it allows management, investors and its board of directors to evaluate the profitability of the business in relation to its stockholders' equity and how efficiently it generates income from stockholders' equity.\nAdjusted EPSThe Company defines Adjusted EPS as Adjusted Net Income divided by weighted average diluted shares outstanding.\n\n\n\nOportun Financial CorporationRECONCILIATION OF NON-GAAP FINANCIAL MEASURES(in millions, unaudited)\n\n\n \n\n\n \n \nThree Months EndedSeptember 30,\n \nNine Months EndedSeptember 30,\n\n\nAdjusted EBITDA\n \n \n2024\n \n \n \n2023\n \n \n \n2024\n \n \n \n2023\n \n\n\nNet income (Loss)\n \n$\n(30.0\n)\n \n$\n(21.1\n)\n \n$\n(87.4\n)\n \n$\n(138.1\n)\n\n\nAdjustments:\n \n \n \n \n \n \n \n \n\n\nIncome tax benefit\n \n \n(9.5\n)\n \n \n(16.2\n)\n \n \n(31.7\n)\n \n \n(58.2\n)\n\n\nInterest on corporate financing\n \n \n12.6\n \n \n \n15.0\n \n \n \n39.7\n \n \n \n37.4\n \n\n\nDepreciation and amortization\n \n \n13.5\n \n \n \n13.9\n \n \n \n39.7\n \n \n \n41.1\n \n\n\nStock-based compensation expense\n \n \n3.2\n \n \n \n4.3\n \n \n \n10.2\n \n \n \n13.2\n \n\n\nWorkforce optimization expenses\n \n \n—\n \n \n \n0.5\n \n \n \n3.0\n \n \n \n15.7\n \n\n\nOther non-recurring charges (1)\n \n \n2.9\n \n \n \n1.6\n \n \n \n16.7\n \n \n \n4.7\n \n\n\nFair value mark-to-market adjustment\n \n \n38.6\n \n \n \n16.5\n \n \n \n73.3\n \n \n \n93.2\n \n\n\nAdjusted EBITDA(2)\n \n$\n31.4\n \n \n$\n14.5\n \n \n$\n63.5\n \n \n$\n8.9\n \n\n\n \n \n \n \n \n \n \n \n \n\n\n\n\n\n\n \n \nThree Months EndedSeptember 30,\n \nNine Months EndedSeptember 30,\n\n\nAdjusted Net Income\n \n \n2024\n \n \n \n2023\n \n \n \n2024\n \n \n \n2023\n \n\n\nNet income (Loss)\n \n$\n(30.0\n)\n \n$\n(21.1\n)\n \n$\n(87.4\n)\n \n$\n(138.1\n)\n\n\nAdjustments:\n \n \n \n \n \n \n \n \n\n\nIncome tax benefit\n \n \n(9.5\n)\n \n \n(16.2\n)\n \n \n(31.7\n)\n \n \n(58.2\n)\n\n\nStock-based compensation expense\n \n \n3.2\n \n \n \n4.3\n \n \n \n10.2\n \n \n \n13.2\n \n\n\nWorkforce optimization expenses\n \n \n—\n \n \n \n0.5\n \n \n \n3.0\n \n \n \n15.7\n \n\n\nOther non-recurring charges (1)\n \n \n2.9\n \n \n \n1.6\n \n \n \n16.7\n \n \n \n4.7\n \n\n\nNet decrease in fair value of credit cards receivable\n \n \n—\n \n \n \n—\n \n \n \n36.2\n \n \n \n—\n \n\n\nMark-to-market adjustment on ABS notes\n \n \n34.6\n \n \n \n14.9\n \n \n \n63.6\n \n \n \n76.4\n \n\n\nAdjusted income before taxes\n \n \n1.3\n \n \n \n(16.1\n)\n \n \n10.7\n \n \n \n(86.4\n)\n\n\nNormalized income tax expense\n \n \n0.3\n \n \n \n(4.4\n)\n \n \n2.9\n \n \n \n(23.3\n)\n\n\nAdjusted Net Income (Loss) (3)\n \n$\n0.9\n \n \n$\n(11.8\n)\n \n$\n7.8\n \n \n$\n(63.1\n)\n\n\n \n \n \n \n \n \n \n \n \n\n\nStockholders' equity\n \n$\n327.6\n \n \n$\n441.4\n \n \n$\n327.6\n \n \n$\n441.4\n \n\n\nAdjusted ROE (%) (4)\n \n \n1.1\n%\n \n \n(10.4\n)%\n \n \n2.8\n%\n \n \n(17.1\n)%\n\n\n \n\n\nNote: Numbers may not foot or cross-foot due to rounding.\n\n\n(1) Certain prior-period financial information has been reclassified to conform to current period presentation.\n\n\n(2) Our calculation of Adjusted EBITDA was updated in Q1 2024 to more closely align with management’s internal view of the performance of the business. The Q3 2023 and YTD 2023 values for Adjusted EBITDA shown in the table above have been revised and presented on a comparable basis, prior to these revisions the values would have been $15.6 million and $(4.5) million, respectively.\n\n\n(3) Our calculation of Adjusted Net Income (Loss) was updated in Q1 2024 to more closely align with management’s internal view of the performance of the business. The Q3 2023 and YTD 2023 values for Adjusted Net Income (Loss) shown in the table above have been revised and presented on a comparable basis, prior to these revisions the values would have been $(17.6) million and $(103.5) million, respectively.\n\n\n(4) Calculated as Adjusted Net Income (Loss) divided by average stockholders’ equity. ROE has been annualized. Due to the Adjusted Net Income (Loss) revisions in Q1 2024, the Q3 2023 and YTD 2023 Adjusted ROE values would have been (15.5)% and (28.0)%, respectively.\n\n\n \n\n\n\n\n\n\nOportun Financial CorporationRECONCILIATION OF NON-GAAP FINANCIAL MEASURES(in millions, unaudited)\n\n\n \n\n\n \n \nThree Months EndedSeptember 30,\n \nNine Months EndedSeptember 30,\n\n\nAdjusted Operating Efficiency\n \n \n2024\n \n \n \n2023\n \n \n \n2024\n \n \n \n2023\n \n\n\nOperating Efficiency\n \n \n40.8\n%\n \n \n45.7\n%\n \n \n42.7\n%\n \n \n51.0\n%\n\n\nTotal Revenue\n \n$\n250.0\n \n \n$\n268.2\n \n \n$\n750.8\n \n \n$\n794.3\n \n\n\n \n \n \n \n \n \n \n \n \n\n\nTotal Operating Expense\n \n$\n102.1\n \n \n$\n122.5\n \n \n$\n320.9\n \n \n$\n404.9\n \n\n\nAdjustments:\n \n \n \n \n \n \n \n \n\n\nStock-based compensation expense\n \n \n(3.2\n)\n \n \n(4.3\n)\n \n \n(10.2\n)\n \n \n(13.2\n)\n\n\nWorkforce optimization expenses\n \n \n—\n \n \n \n(0.5\n)\n \n \n(3.0\n)\n \n \n(15.7\n)\n\n\nOther non-recurring charges (1)\n \n \n(2.5\n)\n \n \n(1.3\n)\n \n \n(15.6\n)\n \n \n(3.9\n)\n\n\nTotal Adjusted Operating Expense\n \n$\n96.3\n \n \n$\n116.4\n \n \n$\n292.1\n \n \n$\n372.1\n \n\n\n \n \n \n \n \n \n \n \n \n\n\nAdjusted Operating Efficiency(2)\n \n \n38.5\n%\n \n \n43.4\n%\n \n \n38.9\n%\n \n \n46.8\n%\n\n\n \n \n \n \n \n \n \n \n \n\n\nAverage Daily Principal Balance\n \n$\n2,755.5\n \n \n$\n2,967.7\n \n \n$\n2,784.2\n \n \n$\n3,010.1\n \n\n\n \n \n \n \n \n \n \n \n \n\n\nOpEx Ratio\n \n \n14.7\n%\n \n \n16.4\n%\n \n \n15.4\n%\n \n \n18.0\n%\n\n\nAdjusted OpEx Ratio\n \n \n13.9\n%\n \n \n15.6\n%\n \n \n14.0\n%\n \n \n16.5\n%\n\n\n \n \n \n \n \n \n \n \n \n\n\nNote: Numbers may not foot or cross-foot due to rounding.\n\n\n(1) Certain prior-period financial information has been reclassified to conform to current period presentation.\n\n\n(2) Our calculation of Adjusted Net Income (Loss) was updated in Q1 2024 to more closely align with management’s internal view of the performance of the business. We have removed the adjustment related to acquisition and integration related expenses from our calculation of Adjusted Operating Efficiency to maintain consistency with the revised Adjusted EBITDA and Adjusted Net Income (Loss) calculations. The Q3 2023 and YTD 2023 values for Adjusted Operating Efficiency shown in the table above have been revised and presented on a comparable basis, prior to these revisions the values would have been 40.8% and 44.2%, respectively.\n\n\n \n\n\n\n\n\n\nOportun Financial CorporationRECONCILIATION OF NON-GAAP FINANCIAL MEASURES(in millions, except share and per share data, unaudited)\n\n\n \n\n\n \n \nThree Months EndedSeptember 30,\n \nNine Months EndedSeptember 30,\n\n\nGAAP Earnings (loss) per Share\n \n \n2024\n \n \n \n2023\n \n \n \n2024\n \n \n \n2023\n \n\n\nNet income (loss)\n \n$\n(30.0\n)\n \n$\n(21.1\n)\n \n$\n(87.4\n)\n \n$\n(138.1\n)\n\n\nNet income (loss) attributable to common stockholders\n \n$\n(30.0\n)\n \n$\n(21.1\n)\n \n$\n(87.4\n)\n \n$\n(138.1\n)\n\n\n \n \n \n \n \n \n \n \n \n\n\nBasic weighted-average common shares outstanding\n \n \n39,964,322\n \n \n \n38,283,071\n \n \n \n39,562,204\n \n \n \n36,333,570\n \n\n\nWeighted average effect of dilutive securities:\n \n \n \n \n \n \n \n \n\n\nStock options\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n\n\nRestricted stock units\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n\n\nDiluted weighted-average common shares outstanding\n \n \n39,964,322\n \n \n \n38,283,071\n \n \n \n39,562,204\n \n \n \n36,333,570\n \n\n\n \n \n \n \n \n \n \n \n \n\n\nEarnings (loss) per share:\n \n \n \n \n \n \n \n \n\n\nBasic\n \n$\n(0.75\n)\n \n$\n(0.55\n)\n \n$\n(2.21\n)\n \n$\n(3.80\n)\n\n\nDiluted\n \n$\n(0.75\n)\n \n$\n(0.55\n)\n \n$\n(2.21\n)\n \n$\n(3.80\n)\n\n\n\n\n\n\n \n \nThree Months EndedSeptember 30,\n \nNine Months EndedSeptember 30,\n\n\nAdjusted Earnings (loss) Per Share\n \n \n2024\n \n \n \n2023\n \n \n \n2024\n \n \n \n2023\n \n\n\nDiluted earnings (loss) per share\n \n$\n(0.75\n)\n \n$\n(0.55\n)\n \n$\n(2.21\n)\n \n$\n(3.80\n)\n\n\n \n \n \n \n \n \n \n \n \n\n\nAdjusted Net Income\n \n$\n0.9\n \n \n$\n(11.8\n)\n \n$\n7.8\n \n \n$\n(63.1\n)\n\n\n \n \n \n \n \n \n \n \n \n\n\nBasic weighted-average common shares outstanding\n \n \n39,964,322\n \n \n \n38,283,071\n \n \n \n39,562,204\n \n \n \n36,333,570\n \n\n\nWeighted average effect of dilutive securities:\n \n \n \n \n \n \n \n \n\n\nStock options\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n\n\nRestricted stock units\n \n \n267,148\n \n \n \n—\n \n \n \n390,785\n \n \n \n—\n \n\n\nDiluted adjusted weighted-average common shares outstanding\n \n \n40,231,470\n \n \n \n38,283,071\n \n \n \n39,952,989\n \n \n \n36,333,570\n \n\n\n \n \n \n \n \n \n \n \n \n\n\nAdjusted Earnings (loss) Per Share(1)\n \n$\n0.02\n \n \n$\n(0.31\n)\n \n$\n0.19\n \n \n$\n(1.74\n)\n\n\n \n\n\nNote: Numbers may not foot or cross-foot due to rounding.\n\n\n(1) Our calculation of Adjusted Net Income (Loss) was updated in Q1 2024 to more closely align with management’s internal view of the performance of the business. The Q3 2023 and YTD 2023 values for Adjusted EPS shown in the table above have been revised and presented on a comparable basis, prior to these revisions the values would have been $(0.46) and $(2.85), respectively.\n\n\n \n\n\n\n\n\n\nOportun Financial CorporationRECONCILIATION OF FORWARD LOOKING NON-GAAP FINANCIAL MEASURES(in millions, unaudited)\n\n\n \n\n\n \n \n4Q 2024\n \nFY 2024\n \n\n\n \n \nLow\n \nHigh\n \nLow\n \nHigh\n \n\n\nAdjusted EBITDA\n \n \n \n \n \n \n \n \n \n\n\nNet (loss)\n \n$\n(12.1\n)\n*\n$\n(10.6\n)\n*\n$\n(47.8\n)\n*\n$\n(46.2\n)\n*\n\n\nAdjustments:\n \n \n \n \n \n \n \n \n \n\n\nIncome tax expense (benefit)\n \n \n(3.4\n)\n \n \n(2.9\n)\n \n \n(12.9\n)\n \n \n(12.5\n)\n \n\n\nInterest on corporate financing\n \n \n10.1\n \n \n \n10.1\n \n \n \n49.8\n \n \n \n49.8\n \n \n\n\nDepreciation and amortization\n \n \n11.5\n \n \n \n11.5\n \n \n \n51.2\n \n \n \n51.2\n \n \n\n\nStock-based compensation expense\n \n \n3.3\n \n \n \n3.3\n \n \n \n13.6\n \n \n \n13.6\n \n \n\n\nWorkforce optimization expenses\n \n \n—\n \n \n \n—\n \n \n \n2.9\n \n \n \n2.9\n \n \n\n\nOther non-recurring charges\n \n \n18.6\n \n \n \n18.6\n \n \n \n35.2\n \n \n \n35.2\n \n \n\n\nFair value mark-to-market adjustment\n \n*\n \n*\n \n*\n \n*\n \n\n\nAdjusted EBITDA\n \n$\n28.0\n \n \n$\n30.0\n \n \n$\n92.0\n \n \n$\n94.0\n \n \n\n\n \n\n\n*Due to the uncertainty in macroeconomic conditions, we are unable to precisely forecast the fair value mark-to-market adjustments on our loan portfolio and asset-backed notes. As a result, while we fully expect there to be a fair value mark-to-market adjustment which could have an impact on GAAP net income (loss), the net income (loss) number shown above assumes no change in the fair value mark-to-market adjustment.\n\n\n \n\n\n\n\n\n\n \n \nFY 2025\n\n\nAdjusted Net Income and Adjusted EPS\n \nLow\n \nHigh\n\n\nNet income\n \n$\n12.6\n \n$\n25.1\n\n\nAdjustments:\n \n \n \n \n\n\nIncome tax expense (benefit)\n \n \n4.7\n \n \n9.3\n\n\nStock-based compensation expense\n \n \n14.4\n \n \n14.4\n\n\nOther non-recurring charges\n \n \n6.4\n \n \n6.4\n\n\nMark-to-market adjustment on ABS notes\n \n \n30.8\n \n \n30.8\n\n\nAdjusted income before taxes\n \n \n68.9\n \n \n86.0\n\n\nNormalized income tax expense\n \n \n18.7\n \n \n23.2\n\n\nAdjusted Net Income\n \n$\n50.2\n \n$\n62.8\n\n\n \n \n \n \n \n\n\nDiluted weighted-average common shares outstanding\n \n \n50.2\n \n \n50.2\n\n\n \n \n \n \n \n\n\nDiluted earnings per share\n \n$\n0.25\n \n$\n0.50\n\n\nAdjusted Earnings Per Share\n \n$\n1.00\n \n$\n1.25\n\n\n \n\n\nNote: Numbers may not foot or cross-foot due to rounding.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483068250"}