|
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Net income increased 136.9% year over year to $75.9 million, a Company record for any quarter
Adjusted net income1 increased 41.4% year over year to $40.7 million, a Company record for any quarter
Total revenue increased 13.5% year over year to $155.1 million, a Company record for any quarter
Raised full year revenue guidance to between $590 million and $605 million, adjusted net income1 to between $137 million and $142 million, and adjusted EPS to between $1.54 and $1.60
CHICAGO, Oct. 29, 2025 /PRNewswire/ -- OppFi Inc. (NYSE: OPFI) ("OppFi" or the "Company"), a tech-enabled digital finance platform that partners with banks to offer financial products and services to everyday Americans, today reported financial results for the third quarter ended September 30, 2025.
"OppFi continued to deliver strong performance in the third quarter 2025, achieving record quarterly revenue, profit and net originations. This continued outperformance has led to raising earnings guidance for the third time this year. Auto approval rates increased to 79.1%, which has improved operating efficiency year over year. We believe we are well positioned strategically with the Model 6.1 refit, risk-based pricing and dynamic seasonal modeling to mitigate exposure during periods of economic volatility," said Todd Schwartz, CEO and Executive Chairman of OppFi.
(1) Non-GAAP Financial Measures: Adjusted Net Income and Adjusted EPS are financial measures that have not been prepared in accordance with GAAP. See "Reconciliation of Non-GAAP Financial Measures" below for a detailed description and reconciliation of such Non-GAAP financial measures to their most directly comparable GAAP financial measures. A reconciliation of projected full year 2025 Adjusted Net Income and Adjusted EPS to the most directly comparable GAAP financial measures is not included in this press release because, without unreasonable efforts, the Company is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate these measures.
Financial Summary
The following tables present a summary of OppFi's results for the three and nine months ended September 30, 2025 and 2024 (in thousands, except per share data). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.
|
|
|
Three Months Ended September 30, |
|
Change |
||
|
(Unaudited) |
|
2025 |
|
2024 |
|
% |
|
Total revenue(1) |
|
$ 155,089 |
|
$ 136,593 |
|
13.5 % |
|
Net income |
|
$ 75,933 |
|
$ 32,057 |
|
136.9 % |
|
Net income attributable to OppFi Inc. |
|
$ 41,635 |
|
$ 4,264 |
|
876.5 % |
|
Adjusted net income(2) |
|
$ 40,727 |
|
$ 28,808 |
|
41.4 % |
|
Basic EPS |
|
$ 1.48 |
|
$ 0.21 |
|
602.1 % |
|
Diluted EPS(3) |
|
$ 0.77 |
|
$ 0.21 |
|
265.4 % |
|
Adjusted EPS(2,3) |
|
$ 0.46 |
|
$ 0.33 |
|
39.1 % |
|
|
|
|
|
|
|
|
|
|
||||||
|
(1) Total revenue is calculated as the sum of interest and loan related income and other revenue. |
||||||
|
(2) Non-GAAP Financial Measures: Adjusted Net Income and Adjusted EPS are financial measures that have not been prepared in accordance with GAAP. See "Reconciliation of Non-GAAP Financial Measures" below for a detailed description and reconciliation of such Non-GAAP financial measures to their most directly comparable GAAP financial measures. |
||||||
|
(3) Diluted EPS calculated on a GAAP basis excludes dilutive securities, including Class V Voting Stock, restricted stock units, performance stock units, and stock options in any periods in which their inclusion would have an antidilutive effect. |
|
|
|
Nine Months Ended September 30, |
|
Change |
||
|
(Unaudited) |
|
2025 |
|
2024 |
|
% |
|
Total revenue(1) |
|
$ 437,800 |
|
$ 390,240 |
|
12.2 % |
|
Net income |
|
$ 107,803 |
|
$ 69,864 |
|
54.3 % |
|
Net income attributable to OppFi Inc. |
|
$ 9,483 |
|
$ 12,867 |
|
(26.3) % |
|
Adjusted net income(2) |
|
$ 113,945 |
|
$ 62,370 |
|
82.7 % |
|
Basic EPS |
|
$ 0.36 |
|
$ 0.65 |
|
(44.2) % |
|
Diluted EPS(3) |
|
$ 0.36 |
|
$ 0.65 |
|
(44.2) % |
|
Adjusted EPS(2,3) |
|
$ 1.29 |
|
$ 0.72 |
|
78.9 % |
|
|
|
|
|
|
|
|
|
(1) Total revenue is calculated as the sum of interest and loan related income and other revenue. |
||||||
|
(2) Non-GAAP Financial Measures: Adjusted Net Income and Adjusted EPS are financial measures that have not been prepared in accordance with GAAP. See "Reconciliation of Non-GAAP Financial Measures" below for a detailed description and reconciliation of such Non-GAAP financial measures to their most directly comparable GAAP financial measures. |
||||||
|
(3) Diluted EPS calculated on a GAAP basis excludes dilutive securities, including Class V Voting Stock, restricted stock units, performance stock units, and stock options in any periods in which their inclusion would have an antidilutive effect. |
Key Performance Metrics
The following tables represent key quarterly metrics as of and for the three and nine months ended September 30, 2025 and 2024 (in thousands, except percentage metrics).
|
|
|
Three Months Ended September 30, |
|
Change |
||
|
(Unaudited) |
|
2025 |
|
2024 |
|
% |
|
Total net originations(a) |
|
$ 246,109 |
|
$ 218,801 |
|
12.5 % |
|
Total retained net originations(a) |
|
$ 215,237 |
|
$ 198,441 |
|
8.5 % |
|
Ending receivables(b) |
|
$ 481,037 |
|
$ 413,714 |
|
16.3 % |
|
Net charge-offs as % of total revenue(c) |
|
35.1 % |
|
34.3 % |
|
2.3 % |
|
Net charge-offs as % of average receivables, annualized(c) |
|
46.7 % |
|
45.9 % |
|
1.7 % |
|
Average yield, annualized(d) |
|
133.2 % |
|
133.9 % |
|
(0.6) % |
|
Auto-approval rate(e) |
|
79.1 % |
|
76.8 % |
|
3.0 % |
|
|
|
|
||||
|
(a) Total net originations are defined as gross originations net of transferred balance on refinanced loans, while total retained net originations are defined as the portion of total net originations with respect to which the Company ultimately purchased a receivable from bank partners. |
||||||
|
(b) Ending receivables are defined as the unpaid principal balances of loans at the end of the reporting period. |
||||||
|
(c) Net charge-offs as a percentage of total revenue and net charge-offs as a percentage of average receivables represent total charge-offs from the period less recoveries as a percentage of total revenue and as a percentage of average receivables. Net charge-offs as a percentage of average receivables is presented as an annualized metric. Finance receivables are charged off at the earlier of the time when accounts reach 90 days past due on a recency basis, when OppFi receives notification of a customer bankruptcy or is otherwise deemed uncollectible. |
||||||
|
(d) Average yield is defined as total revenue from the period as a percent of average receivables and is presented as an annualized metric. |
||||||
|
(e) Auto-approval rate is calculated by taking the number of approved loans that are not decisioned by a loan processor or underwriter (auto-approval) divided by the total number of loans approved. |
|
|
|
Nine Months Ended September 30, |
|
Change |
||
|
(Unaudited) |
|
2025 |
|
2024 |
|
% |
|
Total net originations(a) |
|
$ 669,150 |
|
$ 587,846 |
|
13.8 % |
|
Total retained net originations(a) |
|
$ 589,905 |
|
$ 540,296 |
|
9.2 % |
|
Ending receivables(b) |
|
$ 481,037 |
|
$ 413,714 |
|
16.3 % |
|
Net charge-offs as % of total revenue(c) |
|
33.9 % |
|
38.2 % |
|
(11.2) % |
|
Net charge-offs as % of average receivables, annualized(c) |
|
45.5 % |
|
50.3 % |
|
(9.5) % |
|
Average yield, annualized(d) |
|
134.3 % |
|
131.8 % |
|
1.9 % |
|
Auto-approval rate(e) |
|
79.2 % |
|
75.4 % |
|
5.0 % |
|
|
|
|
|
|
|
|
|
(a) Total net originations are defined as gross originations net of transferred balance on refinanced loans, while total retained net originations are defined as the portion of total net originations with respect to which the Company ultimately purchased a receivable from bank partners. |
||||||
|
(b) Ending receivables are defined as the unpaid principal balances of loans at the end of the reporting period. |
||||||
|
(c) Net charge-offs as a percentage of total revenue and net charge-offs as a percentage of average receivables represent total charge-offs from the period less recoveries as a percentage of total revenue and as a percentage of average receivables. Net charge-offs as a percentage of average receivables is presented as an annualized metric. Finance receivables are charged off at the earlier of the time when accounts reach 90 days past due on a recency basis, when OppFi receives notification of a customer bankruptcy or is otherwise deemed uncollectible. |
||||||
|
(d) Average yield is defined as total revenue from the period as a percent of average receivables and is presented as an annualized metric. |
||||||
|
(e) Auto-approval rate is calculated by taking the number of approved loans that are not decisioned by a loan processor or underwriter (auto-approval) divided by the total number of loans approved. |
Full Year 2025 Guidance Update
|
(1) Non-GAAP Financial Measures: Adjusted Net Income and Adjusted EPS are financial measures that have not been prepared in accordance with GAAP. See "Reconciliation of Non-GAAP Financial Measures" below for a detailed description and reconciliation of such Non-GAAP financial measures to their most directly comparable GAAP financial measures. A reconciliation of projected full year 2025 Adjusted Net Income and Adjusted EPS to the most directly comparable GAAP financial measures is not included in this press release because, without unreasonable efforts, the Company is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate these measures. |
Conference Call
Management will host a conference call today at 9:00 a.m. ET to discuss OppFi's financial results and business outlook. The webcast of the conference call will be made available on the Investor Relations page of the Company's website.
The conference call can also be accessed with the following dial-in information:
An archived version of the webcast will be available on OppFi's website.
About OppFi
OppFi (NYSE: OPFI) is a tech-enabled digital finance platform that partners with banks to offer financial products and services to everyday Americans. Through this transparent and responsible platform, which emphasizes financial inclusion and exceptional customer experience, the Company assists consumers who are underserved by traditional financing options in building improved financial health. OppLoans by OppFi maintains a 4.4/5.0 star rating on Trustpilot based on over 5,200 reviews, positioning the Company among the top consumer-rated financial platforms online. OppFi also holds a 35% equity interest in Bitty Holdings, LLC ("Bitty"), a credit access company that provides revenue-based financing and other working capital solutions to small businesses. For additional information, please visit oppfi.com.
Contacts:
Investor Relations:
Mike Gallentine
Head of Investor Relations
[email protected]
Media Relations:
[email protected]
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of 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. OppFi's actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "possible," "continue," and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, without limitation, OppFi's expectations with respect to its full year 2025 guidance, the future performance of OppFi's platform and underwriting models, and expectations for OppFi's growth and future financial performance. These forward-looking statements are based on OppFi's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside OppFi's control and are difficult to predict. Factors that may cause such differences include, but are not limited to, the impact of general economic conditions, including economic slowdowns, inflation, interest rate changes, recessions, the impact of tariffs, and tightening of credit markets on OppFi's business; the impact of challenging macroeconomic and marketplace conditions; the impact of stimulus or other government programs; whether OppFi will be successful in obtaining declaratory relief against the Commissioner of the Department of Financial Protection and Innovation for the State of California; whether OppFi will be subject to AB 539; whether OppFi's bank partners will continue to lend in California and whether OppFi's financing sources will continue to finance the purchase of participation rights in loans originated by OppFi's bank partners in California; OppFi's ability to scale and grow the Bitty business; the impact that events involving financial institutions or the financial services industry generally, such as actual concerns or events involving liquidity, defaults, or non-performance, may have on OppFi's business; risks related to any material weakness in OppFi's internal controls over financial reporting; the ability of OppFi to grow and manage growth profitably and retain its key employees; risks related to new products; risks related to evaluating and potentially consummating acquisitions; concentration risk; risks related to OppFi's ability to comply with various covenants in its corporate and warehouse credit facilities; risks related to potential litigation; changes in applicable laws or regulations, including, but not limited to, impacts from the One Big Beautiful Bill Act; the possibility that OppFi may be adversely affected by other economic, business, and/or competitive factors; risks related to management transitions; and other risks and uncertainties indicated from time to time in OppFi's filings with the United States Securities and Exchange Commission, in particular, contained in the section or sections captioned "Risk Factors." OppFi cautions that the foregoing list of factors is not exclusive, and readers should not place undue reliance upon any forward-looking statements, which speak only as of the date made. OppFi does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures that are unaudited and do not conform to GAAP, such as Adjusted EBT, Adjusted Net Income, and Adjusted EPS. Adjusted EBT is defined as Net Income, adjusted for (1) income tax expense; (2) change in fair value of warrant liabilities; (3) other adjustments, net; and (4) other income. Adjusted Net Income is defined as Adjusted EBT as defined above, adjusted for taxes assuming a tax rate for each period presented that reflects the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes, in order to allow for a comparison with other publicly traded companies. Adjusted EPS is defined as Adjusted Net Income as defined above, divided by weighted average diluted shares outstanding, which represents shares of both classes of common stock outstanding and includes the impact of dilutive securities, such as restricted stock units, performance stock units, and stock options. These non-GAAP financial measures have not been prepared in accordance with accounting principles generally accepted in the United States and may be different from non-GAAP financial measures used by other companies. OppFi believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. These non-GAAP measures with comparable names should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. See "Reconciliation of Non-GAAP Financial Measures" below for reconciliations for OppFi's non-GAAP financial measures to the most directly comparable GAAP financial measures. A reconciliation of projected full year 2025 Adjusted Net Income and Adjusted EPS to the most directly comparable GAAP financial measures is not included in this press release because, without unreasonable efforts, the Company is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate these measures.
Consolidated Statements of Operations
The following tables present consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024 (in thousands, except share and per share data). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.
|
|
|
Three Months Ended September 30, |
|
Change |
||||
|
(Unaudited) |
|
2025 |
|
2024 |
|
$ |
|
% |
|
Revenue: |
|
|
|
|
|
|
|
|
|
Interest and loan related income |
|
$ 153,706 |
|
$ 135,535 |
|
$ 18,171 |
|
13.4 % |
|
Other revenue |
|
1,383 |
|
1,058 |
|
325 |
|
30.7 |
|
|
|
155,089 |
|
136,593 |
|
18,496 |
|
13.5 |
|
Change in fair value of finance receivables |
|
(50,532) |
|
(45,425) |
|
(5,107) |
|
11.2 |
|
Provision for credit losses on finance receivables |
|
— |
|
(3) |
|
3 |
|
(100.0) |
|
Net revenue |
|
104,557 |
|
91,165 |
|
13,392 |
|
14.7 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
14,513 |
|
13,803 |
|
710 |
|
5.1 |
|
Direct marketing costs |
|
14,514 |
|
13,570 |
|
944 |
|
7.0 |
|
Interest expense and amortized debt issuance costs |
|
10,079 |
|
11,285 |
|
(1,206) |
|
(10.7) |
|
Professional fees |
|
6,100 |
|
5,714 |
|
386 |
|
6.8 |
|
Technology costs |
|
3,131 |
|
3,041 |
|
90 |
|
3.0 |
|
Payment processing fees |
|
1,712 |
|
1,725 |
|
(13) |
|
(0.8) |
|
Depreciation and amortization |
|
1,133 |
|
2,280 |
|
(1,147) |
|
(50.3) |
|
Occupancy |
|
1,030 |
|
1,005 |
|
25 |
|
2.5 |
|
Exit costs, net |
|
— |
|
61 |
|
(61) |
|
(100.0) |
|
General, administrative and other |
|
3,900 |
|
3,589 |
|
311 |
|
8.7 |
|
Total expenses |
|
56,112 |
|
56,073 |
|
39 |
|
0.1 |
|
Income from operations |
|
48,445 |
|
35,092 |
|
13,353 |
|
38.1 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
Change in fair value of warrant liabilities |
|
31,688 |
|
(1,445) |
|
33,133 |
|
2293.6 |
|
Income from equity method investment |
|
1,365 |
|
627 |
|
738 |
|
117.7 |
|
Other income |
|
82 |
|
80 |
|
2 |
|
2.5 |
|
Income before income taxes |
|
81,580 |
|
34,354 |
|
47,226 |
|
137.5 |
|
Income tax expense |
|
5,647 |
|
2,297 |
|
3,350 |
|
145.9 |
|
Net income |
|
75,933 |
|
32,057 |
|
43,876 |
|
136.9 |
|
Less: net income attributable to noncontrolling interest |
|
34,298 |
|
27,793 |
|
6,505 |
|
23.4 |
|
Net income attributable to OppFi Inc. |
|
$ 41,635 |
|
$ 4,264 |
|
$ 37,371 |
|
876.5 % |
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share attributable to OppFi Inc.: |
|
|
|
|
|
|
||
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ 1.48 |
|
$ 0.21 |
|
|
|
|
|
Diluted |
|
$ 0.77 |
|
$ 0.21 |
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
28,163,404 |
|
20,248,004 |
|
|
|
|
|
Diluted |
|
88,236,591 |
|
20,248,004 |
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
Change |
||||
|
(Unaudited) |
|
2025 |
|
2024 |
|
$ |
|
% |
|
Revenue: |
|
|
|
|
|
|
|
|
|
Interest and loan related income |
|
$ 433,968 |
|
$ 386,890 |
|
$ 47,078 |
|
12.2 % |
|
Other revenue |
|
3,832 |
|
3,350 |
|
482 |
|
14.4 |
|
|
|
437,800 |
|
390,240 |
|
47,560 |
|
12.2 |
|
Change in fair value of finance receivables |
|
(142,187) |
|
(149,546) |
|
7,359 |
|
(4.9) |
|
Provision for credit losses on finance receivables |
|
— |
|
(34) |
|
34 |
|
(100.0) |
|
Net revenue |
|
295,613 |
|
240,660 |
|
54,953 |
|
22.8 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
46,045 |
|
46,028 |
|
17 |
|
0.0 |
|
Direct marketing costs |
|
36,692 |
|
35,890 |
|
802 |
|
2.2 |
|
Interest expense and amortized debt issuance costs |
|
29,965 |
|
33,679 |
|
(3,714) |
|
(11.0) |
|
Professional fees |
|
15,091 |
|
15,993 |
|
(902) |
|
(5.6) |
|
Technology costs |
|
9,474 |
|
9,062 |
|
412 |
|
4.5 |
|
Payment processing fees |
|
4,869 |
|
5,487 |
|
(618) |
|
(11.3) |
|
Depreciation and amortization |
|
4,395 |
|
7,495 |
|
(3,100) |
|
(41.4) |
|
Occupancy |
|
3,099 |
|
2,989 |
|
110 |
|
3.7 |
|
Exit costs, net |
|
(1,449) |
|
2,946 |
|
(4,395) |
|
(149.2) |
|
General, administrative and other |
|
11,687 |
|
11,228 |
|
459 |
|
4.1 |
|
Total expenses |
|
159,868 |
|
170,797 |
|
(10,929) |
|
(6.4) |
|
Income from operations |
|
135,745 |
|
69,863 |
|
65,882 |
|
94.3 |
|
Other (expense) income: |
|
|
|
|
|
|
|
|
|
Change in fair value of warrant liabilities |
|
(23,223) |
|
2,750 |
|
(25,973) |
|
(944.5) |
|
Income from equity method investment |
|
3,562 |
|
627 |
|
2,935 |
|
468.1 |
|
Other income |
|
241 |
|
239 |
|
2 |
|
0.8 |
|
Income before income taxes |
|
116,325 |
|
73,479 |
|
42,846 |
|
58.3 |
|
Income tax expense |
|
8,522 |
|
3,615 |
|
4,907 |
|
135.7 |
|
Net income |
|
107,803 |
|
69,864 |
|
37,939 |
|
54.3 |
|
Less: net income attributable to noncontrolling interest |
|
98,320 |
|
56,997 |
|
41,323 |
|
72.5 |
|
Net income attributable to OppFi Inc. |
|
$ 9,483 |
|
$ 12,867 |
|
$ (3,384) |
|
(26.3) % |
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share attributable to OppFi Inc.: |
|
|
|
|
|
|
||
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ 0.36 |
|
$ 0.65 |
|
|
|
|
|
Diluted |
|
$ 0.36 |
|
$ 0.65 |
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
26,168,321 |
|
19,711,752 |
|
|
|
|
|
Diluted |
|
26,168,321 |
|
20,460,396 |
|
|
|
|
Condensed Consolidated Balance Sheets
The following table presents consolidated balance sheets as of September 30, 2025 and December 31, 2024 (in thousands). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
Change |
||
|
|
|
2025 |
|
2024 |
|
$ |
|
% |
|
Assets |
|
|
|
|
|
|
|
|
|
Cash and restricted cash |
|
$ 75,193 |
|
$ 88,288 |
|
$ (13,095) |
|
(14.8) % |
|
Finance receivables at fair value |
|
541,899 |
|
473,696 |
|
68,203 |
|
14.4 |
|
Equity method investment |
|
18,888 |
|
19,194 |
|
(306) |
|
(1.6) |
|
Other assets |
|
84,635 |
|
59,993 |
|
24,642 |
|
41.1 |
|
Total assets |
|
$ 720,615 |
|
$ 641,171 |
|
$ 79,444 |
|
12.4 % |
|
Liabilities and stockholders' equity |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ 33,570 |
|
$ 33,290 |
|
$ 280 |
|
0.8 % |
|
Total debt |
|
320,844 |
|
318,758 |
|
2,086 |
|
0.7 |
|
Warrant liabilities |
|
38,331 |
|
15,108 |
|
23,223 |
|
153.7 |
|
Other liabilities |
|
50,616 |
|
39,802 |
|
10,814 |
|
27.2 |
|
Total liabilities |
|
443,361 |
|
406,958 |
|
36,403 |
|
8.9 |
|
Total stockholders' equity |
|
277,254 |
|
234,213 |
|
43,041 |
|
18.4 |
|
Total liabilities and stockholders' equity |
|
$ 720,615 |
|
$ 641,171 |
|
$ 79,444 |
|
12.4 % |
Condensed Consolidated Statement of Cash Flows
The following table presents the consolidated statement of cash flows for the nine months ended September 30, 2025 and 2024 (in thousands). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.
|
|
|
Nine Months Ended September 30, |
|
Change |
||||
|
(Unaudited) |
|
2025 |
|
2024 |
|
$ |
|
% |
|
Net cash provided by operating activities |
|
$ 284,481 |
|
$ 229,299 |
|
$ 55,182 |
|
24.1 % |
|
Net cash used in investing activities |
|
(218,419) |
|
(170,607) |
|
(47,812) |
|
28.0 |
|
Net cash used in financing activities |
|
(79,157) |
|
(58,402) |
|
(20,755) |
|
35.5 |
|
Net (decrease) increase in cash and restricted cash |
|
$ (13,095) |
|
$ 290 |
|
$ (13,385) |
|
(4615.1) % |
Financial Capacity and Capital Resources
As of September 30, 2025, OppFi had $45.4 million in unrestricted cash, a decrease of $15.9 million from December 31, 2024. As of September 30, 2025, OppFi had an additional $204.2 million of unused debt capacity under its financing facilities for future availability, representing a 39% overall undrawn capacity, a decrease from $206.2 million as of December 31, 2024. The decrease in undrawn debt was driven primarily by an increase in the utilization of revolving lines of credit to fund receivables growth. Including total financing commitments of $525.0 million and cash and restricted cash on the balance sheet of $75.2 million, OppFi had approximately $600.2 million in funding capacity as of September 30, 2025.
Reconciliation of Non-GAAP Financial Measures
The following tables present reconciliations of non-GAAP financial measures for the three and nine months ended September 30, 2025 and 2024 (in thousands, except share and per share data). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.
Adjusted EBT and Adjusted Net Income
Comparison of the three months ended September 30, 2025 and 2024
|
|
|
Three Months Ended September 30, |
|
Change |
||||
|
(Unaudited) |
|
2025 |
|
2024 |
|
$ |
|
% |
|
Net income |
|
$ 75,933 |
|
$ 32,057 |
|
$ 43,876 |
|
136.9 % |
|
Income tax expense |
|
5,647 |
|
2,297 |
|
3,350 |
|
145.9 |
|
Other income |
|
(82) |
|
(80) |
|
(2) |
|
2.5 |
|
Change in fair value of warrant liabilities |
|
(31,688) |
|
1,445 |
|
(33,133) |
|
(2293.6) |
|
Other adjustments, net(a) |
|
3,393 |
|
1,967 |
|
1,426 |
|
72.5 |
|
Adjusted EBT |
|
53,203 |
|
37,686 |
|
15,517 |
|
41.2 |
|
Less: pro forma taxes(b) |
|
12,476 |
|
8,878 |
|
3,598 |
|
40.5 |
|
Adjusted net income |
|
$ 40,727 |
|
$ 28,808 |
|
$ 11,919 |
|
41.4 % |
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per share |
|
$ 0.46 |
|
$ 0.33 |
|
|
|
|
|
Weighted average diluted shares outstanding |
|
88,236,591 |
|
86,806,628 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) For the three months ended September 30, 2025, other adjustments, net of $3.4 million included $1.9 million in expenses related to stock compensation, $1.0 million in expenses related to corporate development, $0.4 million in expenses related to legal matters, and $0.1 million in expenses related to severance. For the three months ended September 30, 2024, other adjustments, net of $2.0 million included $1.1 million in expenses related to stock compensation, $0.9 million in expenses related to legal matters, and $0.1 million in expenses related to OppFi Card's exit activities, partially offset by a $0.2 million addback related to corporate development. The sum of the individual components of other adjustments, net may not equal the total presented due to the use of rounded numbers for disclosure purposes. |
||||||||
|
(b) Assumes a tax rate of 23.45% for the three months ended September 30, 2025 and 23.56% for the three months ended September 30, 2024, reflecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes. |
Comparison of the nine months ended September 30, 2025 and 2024
|
|
|
Nine Months Ended September 30, |
|
Change |
||||
|
(Unaudited) |
|
2025 |
|
2024 |
|
$ |
|
% |
|
Net income |
|
$ 107,803 |
|
$ 69,864 |
|
$ 37,939 |
|
54.3 % |
|
Income tax expense |
|
8,522 |
|
3,615 |
|
4,907 |
|
135.7 |
|
Other income |
|
(241) |
|
(239) |
|
(2) |
|
0.8 |
|
Change in fair value of warrant liabilities |
|
23,223 |
|
(2,750) |
|
25,973 |
|
944.5 |
|
Other adjustments, net(a) |
|
9,544 |
|
11,103 |
|
(1,559) |
|
(14.0) |
|
Adjusted EBT |
|
148,851 |
|
81,593 |
|
67,258 |
|
82.4 |
|
Less: pro forma taxes(b) |
|
34,906 |
|
19,223 |
|
15,683 |
|
81.6 |
|
Adjusted net income |
|
$ 113,945 |
|
$ 62,370 |
|
$ 51,575 |
|
82.7 % |
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per share |
|
$ 1.29 |
|
$ 0.72 |
|
|
|
|
|
Weighted average diluted shares outstanding |
|
88,218,365 |
|
86,368,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) For the nine months ended September 30, 2025, other adjustments, net of $9.5 million included $8.3 million in expenses related to stock compensation, $1.0 million in expenses related to corporate development, $0.9 million in expenses related to legal matters, $0.7 million in expenses related to severance, and $0.2 million in expenses related to an adjustment to the Company's outstanding lease obligations, partially offset by a $1.4 million addback related to the partial forgiveness of remaining expenses related to OppFi Card's exit activities. For the nine months ended September 30, 2024, other adjustments, net of $11.1 million included $4.2 million in expenses related to stock compensation, $2.9 million in expenses related to OppFi Card's exit activities, $2.1 million in expenses related to legal matters, $1.2 million in expenses related to severance, and $0.7 million in expenses related to corporate development. The sum of the individual components of other adjustments, net may not equal the total presented due to the use of rounded numbers for disclosure purposes. |
||||||||
|
(b) Assumes a tax rate of 23.45% for the nine months ended September 30, 2025 and 23.56% for the nine months ended September 30, 2024, reflecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes. |
Adjusted Earnings Per Share
Comparison of the three months ended September 30, 2025 and 2024
|
|
Three Months Ended September 30, |
||
|
(Unaudited) |
2025 |
|
2024 |
|
Weighted average Class A common stock outstanding |
28,163,404 |
|
20,248,004 |
|
Weighted average Class V voting stock outstanding |
58,852,443 |
|
65,664,358 |
|
Dilutive impact of restricted stock units |
969,852 |
|
811,941 |
|
Dilutive impact of performance stock units |
31,906 |
|
73,564 |
|
Dilutive impact of stock options |
218,986 |
|
8,761 |
|
Weighted average diluted shares outstanding |
88,236,591 |
|
86,806,628 |
|
|
Three Months Ended September 30, |
||||||
|
(In thousands, except share and per share data) |
2025 |
|
2024 |
||||
|
(Unaudited) |
$ |
|
Per Share |
|
$ |
|
Per Share |
|
Weighted average diluted shares outstanding |
|
|
88,236,591 |
|
|
|
86,806,628 |
|
Net income |
$ 75,933 |
|
$ 0.86 |
|
$ 32,057 |
|
$ 0.37 |
|
Income tax expense |
5,647 |
|
0.06 |
|
2,297 |
|
0.03 |
|
Other income |
(82) |
|
— |
|
(80) |
|
— |
|
Change in fair value of warrant liabilities |
(31,688) |
|
(0.36) |
|
1,445 |
|
0.02 |
|
Other adjustments, net(a) |
3,393 |
|
0.04 |
|
1,967 |
|
0.02 |
|
Adjusted EBT |
53,203 |
|
0.60 |
|
37,686 |
|
0.43 |
|
Less: pro forma taxes(b) |
12,476 |
|
0.14 |
|
8,878 |
|
0.10 |
|
Adjusted net income |
$ 40,727 |
|
$ 0.46 |
|
$ 28,808 |
|
$ 0.33 |
|
|
|
|
|
|
|
|
|
|
(a) For the three months ended September 30, 2025, other adjustments, net of $3.4 million included $1.9 million in expenses related to stock compensation, $1.0 million in expenses related to corporate development, $0.4 million in expenses related to legal matters, and $0.1 million in expenses related to severance. For the three months ended September 30, 2024, other adjustments, net of $2.0 million included $1.1 million in expenses related to stock compensation, $0.9 million in expenses related to legal matters, and $0.1 million in expenses related to OppFi Card's exit activities, partially offset by a $0.2 million addback related to corporate development. The sum of the individual components of other adjustments, net may not equal the total presented due to the use of rounded numbers for disclosure purposes. |
|||||||
|
(b) Assumes a tax rate of 23.45% for the three months ended September 30, 2025 and 23.56% for the three months ended September 30, 2024, reflecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes. |
Comparison of the nine months ended September 30, 2025 and 2024
|
|
Nine Months Ended September 30, |
||
|
(Unaudited) |
2025 |
|
2024 |
|
Weighted average Class A common stock outstanding |
26,168,321 |
|
19,711,752 |
|
Weighted average Class V voting stock outstanding |
60,590,252 |
|
65,908,534 |
|
Dilutive impact of restricted stock units |
1,205,261 |
|
672,399 |
|
Dilutive impact of performance stock units |
45,237 |
|
73,325 |
|
Dilutive impact of stock options |
209,294 |
|
2,920 |
|
Weighted average diluted shares outstanding |
88,218,365 |
|
86,368,930 |
|
|
Nine Months Ended September 30, |
||||||
|
(In thousands, except share and per share data) |
2025 |
|
2024 |
||||
|
(Unaudited) |
$ |
|
Per Share |
|
$ |
|
Per Share |
|
Weighted average diluted shares outstanding |
|
|
88,218,365 |
|
|
|
86,368,930 |
|
Net income |
$ 107,803 |
|
$ 1.22 |
|
$ 69,864 |
|
$ 0.81 |
|
Income tax expense |
8,522 |
|
0.10 |
|
3,615 |
|
0.04 |
|
Other income |
(241) |
|
— |
|
(239) |
|
— |
|
Change in fair value of warrant liabilities |
23,223 |
|
0.26 |
|
(2,750) |
|
(0.03) |
|
Other adjustments, net(a) |
9,544 |
|
0.11 |
|
11,103 |
|
0.13 |
|
Adjusted EBT |
148,851 |
|
1.69 |
|
81,593 |
|
0.94 |
|
Less: pro forma taxes(b) |
34,906 |
|
0.40 |
|
19,223 |
|
0.22 |
|
Adjusted net income |
$ 113,945 |
|
$ 1.29 |
|
$ 62,370 |
|
$ 0.72 |
|
|
|
|
|
|
|
|
|
|
(a) For the nine months ended September 30, 2025, other adjustments, net of $9.5 million included $8.3 million in expenses related to stock compensation, $1.0 million in expenses related to corporate development, $0.9 million in expenses related to legal matters, $0.7 million in expenses related to severance, and $0.2 million in expenses related to an adjustment to the Company's outstanding lease obligations, partially offset by a $1.4 million addback related to the partial forgiveness of remaining expenses related to OppFi Card's exit activities. For the nine months ended September 30, 2024, other adjustments, net of $11.1 million included $4.2 million in expenses related to stock compensation, $2.9 million in expenses related to OppFi Card's exit activities, $2.1 million in expenses related to legal matters, $1.2 million in expenses related to severance, and $0.7 million in expenses related to corporate development. The sum of the individual components of other adjustments, net may not equal the total presented due to the use of rounded numbers for disclosure purposes. |
|||||||
|
(b) Assumes a tax rate of 23.45% for the nine months ended September 30, 2025 and 23.56% for the nine months ended September 30, 2024, reflecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes. |
SOURCE OppFi
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