Core Insights - Oportun Financial Corporation reported significant improvements in its Q1 2025 financial results, demonstrating growth in originations and profitability metrics [3][7]. Financial Highlights - Total originations reached $469.3 million, reflecting a 38.7% year-over-year increase, marking the second consecutive quarter of growth [3]. - Total revenue for Q1 was $235.9 million, with adjusted EPS of $0.40 compared to $0.09 in Q1 2024 [7]. - Adjusted EBITDA totaled $34 million, a substantial increase from $1.9 million in Q1 2024 [7]. Operational Analysis - The annualized net charge-off rate improved to 12.2%, at the low end of the company's guidance range [3]. - Adjusted operating expenses were $89 million, down 13% year-over-year, with operating expenses as a percentage of average daily principal balance improving by 160 basis points to 13.9% [4]. Credit Quality - The front book's annualized net charge-off rate was 11.5%, slightly above the target range of 9% to 11%, while the back book declined to only 4% of the loan portfolio, expected to decrease to 1% by year-end [5]. 2025 Outlook - Management reaffirmed its guidance for FY 2025, moderating loan originations growth expectations to 10% [6]. - Revenue is projected between $945 million and $970 million, with adjusted EBITDA expected between $135 million and $145 million, representing a 34% year-over-year increase at the midpoint [8]. Unit Economics - The company's business model targets a long-term Return on Equity in the range of 20%-28%, which appears achievable as the back book continues to shrink and operating expenses decline further [9]. Future Projections - Adjusted EPS is forecasted between $1.10 and $1.30, indicating a 73% year-over-year increase at the midpoint [14]. - The net charge-off rate is expected to be at 11.5% (±50 basis points), with the company aiming for GAAP profitability by the end of FY 2025 [14].

Oportun Financial Corporation (OPRT) closed the last trading session at $6.90, gaining 57.8% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $9.04 indicates a 31% upside potential.The mean estimate comprises seven short-term price targets with a standard deviation of $1.70. While the lowest estimate of $6.50 indicates a 5.8% decline from the current price level, the most optimistic ...

SAN CARLOS, Calif., May 12, 2025 (GLOBE NEWSWIRE) -- Oportun (Nasdaq: OPRT), a mission-driven financial services company, today announced that it has been named a Top Workplace for 2025 by San Francisco Bay Area Top Workplaces. Oportun has been named a top place by the San Francisco Chronicle for seven years and by regional or national publications in each of the last ten years. “Being recognized as a top workplace for ten years running is a testament to the people, culture and mission here at Oportun,” sai ...

Oportun Financial Corporation (OPRT) reported $235.9 million in revenue for the quarter ended March 2025, representing a year-over-year decline of 5.8%. EPS of $0.40 for the same period compares to $0.09 a year ago.The reported revenue represents a surprise of +2.98% over the Zacks Consensus Estimate of $229.08 million. With the consensus EPS estimate being $0.09, the EPS surprise was +344.44%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they co ...

Oportun Financial Corporation (OPRT) came out with quarterly earnings of $0.40 per share, beating the Zacks Consensus Estimate of $0.09 per share. This compares to earnings of $0.09 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 344.44%. A quarter ago, it was expected that this company would post earnings of $0.12 per share when it actually produced earnings of $0.49, delivering a surprise of 308.33%.Over the last four quarte ...

PART I [Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) Oportun reported Q1 2025 net income of $9.8 million, a turnaround from a $26.4 million loss in Q1 2024, with stable assets and increased operating cash flow [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets remained stable at $3.226 billion as of March 31, 2025, with liabilities decreasing to $2.86 billion and stockholders' equity rising to $366.1 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $78,542 | $59,968 | | Loans receivable at fair value | $2,770,486 | $2,778,523 | | **Total assets** | **$3,226,305** | **$3,227,103** | | **Liabilities** | | | | Secured financing | $445,495 | $535,469 | | Asset-backed notes at fair value | $863,859 | $1,080,690 | | Asset-backed borrowings at amortized cost | $1,281,274 | $984,333 | | **Total liabilities** | **$2,860,206** | **$2,873,294** | | **Total stockholders' equity** | **$366,099** | **$353,809** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2025 net income reached $9.8 million, a turnaround from a $26.4 million loss in Q1 2024, due to reduced fair value adjustments and lower operating expenses Statement of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Total revenue | $235,904 | $250,482 | | Interest expense | $57,403 | $54,465 | | Net decrease in fair value | $(72,672) | $(116,850) | | Net revenue | $105,829 | $79,167 | | Total operating expenses | $92,670 | $109,642 | | **Net income (loss)** | **$9,767** | **$(26,439)** | | **Diluted EPS** | **$0.21** | **$(0.68)** | [Condensed Consolidated Statements of Cash Flow](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flow) Net cash from operating activities increased to $101.0 million in Q1 2025, with a shift to cash used in investing activities and a significant decrease in financing cash usage Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $100,977 | $85,882 | | Net cash provided by (used in) investing activities | $(55,520) | $36,461 | | Net cash used in financing activities | $(29,109) | $(131,806) | | **Net increase (decrease) in cash** | **$16,348** | **$(9,463)** | | **Cash, cash equivalents and restricted cash, end of period** | **$230,973** | **$196,553** | [Notes to the Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, the significant role of VIEs in funding, fair value measurements for financial instruments, and potential tax liabilities - The company is a mission-driven financial services company and has been certified as a Community Development Financial Institution (CDFI) since 2009[21](index=21&type=chunk) - The company transfers loans to wholly owned special-purpose subsidiaries (VIEs) to collateralize asset-backed financing. As the primary beneficiary, Oportun consolidates these VIEs. As of March 31, 2025, consolidated VIEs held **$2.32 billion** in loans receivable and had **$2.16 billion** in related liabilities[30](index=30&type=chunk)[32](index=32&type=chunk) - In January 2025, the company issued **$425.1 million** of series 2025-A asset-backed notes with a weighted average yield of **6.95%**[51](index=51&type=chunk) - The company has a potential liability ranging from zero to **$3.8 million** related to a value-added tax dispute in Mexico for tax years 2017-2019, but has not recorded an accrual as the loss is not considered probable[93](index=93&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q1 2025 profitability was driven by improved credit performance, 38.8% growth in originations, increased net revenue, and a 15.5% reduction in operating expenses [Overview](index=25&type=section&id=Overview) Oportun, a certified CDFI, offers personal loans and savings products, leveraging a proprietary credit model and diversified capital markets funding - Oportun offers unsecured personal loans (**$300 to $10,000**) and secured personal loans (**$2,525 to $18,500**), with all loans capped at a **36% APR**[117](index=117&type=chunk)[118](index=118&type=chunk) - The company leverages its technology through a 'Lending as a Service' model, with partners like DolFinTech and a new collaboration with Western Union[121](index=121&type=chunk) - The company has a diversified capital markets funding program, having participated in **24 sponsored or co-sponsored bond offerings** since 2015[122](index=122&type=chunk) [Key Financial and Operating Metrics](index=27&type=section&id=Key%20Financial%20and%20Operating%20Metrics) Q1 2025 Aggregate Originations grew 38.8% to $469.4 million, with the 30+ Day Delinquency Rate improving to 4.7% and Net Charge-Off Rate stable at 12.2% Key Financial and Operating Metrics | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Aggregate Originations | $469,396 thousand | $338,216 thousand | | Portfolio Yield | 33.0% | 32.5% | | 30+ Day Delinquency Rate | 4.7% | 5.2% | | Annualized Net Charge-Off Rate | 12.2% | 12.0% | - The increase in Aggregate Originations was driven by additional marketing efforts, leading to a rise in the number of loans originated to **142,843** from **115,912** in the prior year period[129](index=129&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Q1 2025 total revenue decreased to $235.9 million, but net revenue increased to $105.8 million, and operating expenses fell 15.5%, resulting in $13.2 million income before taxes - Total revenue decreased by **$14.6 million (5.8%)** YoY, primarily due to a **5.1%** decrease in Average Daily Principal Balance, partially offset by a **49 basis point** increase in portfolio yield[143](index=143&type=chunk) - Interest expense increased by **$2.9 million (5.4%)** YoY, driven by a **65 basis point** increase in the Cost of Debt, reflecting higher interest rates on recent debt issuances[146](index=146&type=chunk) - The 'Net decrease in fair value' improved to **$(72.7) million** from **$(116.9) million** YoY. The Q1 2025 figure includes a **$4.9 million** positive mark-to-market adjustment on financial instruments, compared to a **$3.0 million** positive adjustment in Q1 2024, which also included a **$(33.5) million** mark on other loans sold[149](index=149&type=chunk)[150](index=150&type=chunk)[151](index=151&type=chunk) - Total operating expenses decreased by **$17.0 million (15.5%)** YoY, with significant reductions in Technology and facilities (**-$10.7 million**), Personnel (**-$3.6 million**), and General, administrative and other (**-$4.4 million**)[142](index=142&type=chunk) [Non-GAAP Financial Measures](index=33&type=section&id=Non-GAAP%20Financial%20Measures) Q1 2025 non-GAAP measures show strong improvement, with Adjusted EBITDA at $33.5 million, Adjusted Net Income at $18.6 million, and Adjusted EPS at $0.40 Reconciliation of Net Income (Loss) to Adjusted EBITDA (in thousands) | Line Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net income (loss) | $9,767 | $(26,439) | | Adjustments | $23,766 | $28,378 | | **Adjusted EBITDA** | **$33,533** | **$1,939** | Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) (in thousands) | Line Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net income (loss) | $9,767 | $(26,439) | | Adjustments | $15,770 | $31,400 | | Adjusted income (loss) before taxes | $25,537 | $4,961 | | Normalized income tax expense | $6,895 | $1,339 | | **Adjusted Net Income** | **$18,642** | **$3,622** | Adjusted EPS | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Adjusted Net Income | $18,642 thousand | $3,622 thousand | | Diluted adjusted weighted-average shares | 47,037,799 | 39,336,639 | | **Adjusted EPS** | **$0.40** | **$0.09** | [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) Oportun maintains $1.05 billion in total liquidity capacity, with $580.3 million available as of March 31, 2025, ensuring sufficient funds for the next 12 months Total Liquidity Reserves as of March 31, 2025 (in thousands) | Source | Total capacity | Amount borrowed/utilized | Remaining available capacity | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | $78,542 | N/A | $78,542 | | Restricted cash | $152,431 | N/A | $152,431 | | Secured financing | $766,130 | $448,937 | $317,193 | | Whole loan forward flow agreements | $50,000 | $17,915 | $32,085 | | **Total liquidity** | **$1,047,103** | **$466,852** | **$580,251** | - The company targets liquidity levels to support at least twelve months of expected net cash outflows without accessing its Corporate Financing facility or equity markets[195](index=195&type=chunk) - In October 2024, the company entered into a new **$235 million** senior secured term loan (Credit Agreement), maturing in November 2028, which was used to repay its previous credit agreement[216](index=216&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is classified as a "Smaller Reporting Company" and is therefore not required to provide the information for this item - As a "Smaller Reporting Company" as defined by Item 10 of Regulations S-K, the Company is not required to provide this information[229](index=229&type=chunk) [Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of the end of the reporting period, the Chief Executive Officer concluded that the company's disclosure controls and procedures were effective at the reasonable assurance level[230](index=230&type=chunk) - There were no changes in internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[232](index=232&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any legal proceedings expected to have a material adverse effect on its business or financial condition - The Company is not presently a party to any legal proceedings that, if determined adversely, would individually or taken together have a material adverse effect on its business, financial condition, cash flows or results of operations[94](index=94&type=chunk)[234](index=234&type=chunk) [Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks including competition, reliance on its bank partner, macroeconomic sensitivity, fair value accounting volatility, and regulatory challenges - The company relies on its bank partner, Pathward, N.A., to originate a substantial portion of its loans (**97% of personal loans in Q1 2025**). The partnership agreement expires in August 2025, and a termination or failure to renew could materially and adversely affect the business[246](index=246&type=chunk)[247](index=247&type=chunk) - The company uses estimates in determining the fair value of its loans and asset-backed notes. Incorrect estimates could lead to write-downs of assets or write-ups of liabilities, adversely affecting results. As of March 31, 2025, Loans Receivable at Fair Value represented **86% of total assets**[251](index=251&type=chunk)[252](index=252&type=chunk) - The business is exposed to geographic concentration risk, with **39.0%** of its Owned Principal Balance from California, **26.4%** from Texas, and **10.4%** from Florida as of March 31, 2025[308](index=308&type=chunk)[309](index=309&type=chunk) - The financial services industry is highly regulated. Changes in regulations, particularly from the CFPB, or legal challenges to the 'true lender' status in bank partnerships could adversely affect the business[365](index=365&type=chunk)[370](index=370&type=chunk)[385](index=385&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=68&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of its equity securities during the reporting period - We had no unregistered sales of our securities in the reporting period not previously reported[411](index=411&type=chunk) [Defaults Upon Senior Securities](index=68&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities during the reporting period - None[413](index=413&type=chunk) [Mine Safety Disclosures](index=68&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[414](index=414&type=chunk) [Other Information](index=68&type=section&id=Item%205.%20Other%20Information) During the first quarter of 2025, none of the company's directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - During the three months ended March 31, 2025, none of our directors or officers adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement"[415](index=415&type=chunk)

Financial Data and Key Metrics Changes - The company reported a net income of $9.8 million for Q1 2025, a $36 million improvement year over year, resulting in a return on equity (ROE) of 11% [7] - Adjusted net income increased to $19 million, reflecting a $15 million year-over-year increase, with adjusted EBITDA reaching $34 million, a $32 million increase [7][19] - Total revenue for Q1 was $236 million, down $15 million or 6% year over year, primarily due to the absence of $11 million in credit card revenue from the previous year [16][17] Business Line Data and Key Metrics Changes - Originations for Q1 were $469 million, up 39% year over year, with secured personal loans accounting for 19% of this growth [9][16] - The secured personal loans portfolio grew by 59% year over year to $178 million, representing 7% of the company's total portfolio [12] - Operating expenses were reported at $93 million, down 15% year over year, while marketing expenditures increased by $4 million or 24% [11][18] Market Data and Key Metrics Changes - The annualized net charge-off rate was 12.2%, at the low end of guidance, with a 56 basis point year-over-year decline in the thirty-plus day delinquency rate to 4.7% [8][21] - The company expects a further decline in the thirty-plus day delinquency rate to 4.5% in April [9] - The company anticipates a year-over-year growth in originations in the 10% range for Q2, supported by continued outperformance in secured personal loans [10] Company Strategy and Development Direction - The company is focused on three strategic priorities: improving credit outcomes, strengthening business economics, and identifying high-quality originations [11][12] - The company aims to maintain a GAAP ROE in the range of 20% to 28% over the long term, with adjusted ROE for Q1 at 21% [12][25] - The company is adjusting its underwriting models to better align with current economic conditions, including inflation and unemployment [13][67] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to remain profitable on a GAAP basis for the full year 2025, despite macroeconomic uncertainties [7][27] - The company is taking a cautious approach to originations growth, moderating its full-year outlook to approximately 10% due to current economic conditions [10][52] - Management emphasized the importance of monitoring key economic indicators and adjusting strategies accordingly [13][27] Other Important Information - The company has reduced its debt-to-equity ratio from 7.9 times to 7.6 times quarter over quarter, supported by GAAP profitability and strong operating cash flow [22] - The company has raised approximately $3 billion in diversified financings since June 2023, maintaining strong access to capital markets [23] - The board has decided to reduce its size for improved efficiency and to reflect shareholder feedback [56] Q&A Session Summary Question: Update on online or digital loan application activity versus in-branch - Management noted a small shift of about two points from physical to online applications, indicating stable overall performance [30][32] Question: Strategy for growing secured loans - The secured personal loans book grew 59% year over year, with a focus on presenting both secured and unsecured products to customers [33][34] Question: Comments on competition in the current macro environment - Management believes the competitive environment remains constructive, with rational pricing among competitors [35][36] Question: Impact of app features on customer acquisition costs - Customer acquisition costs remained stable year over year, with a focus on driving awareness of both secured and unsecured products [41][42] Question: Observations on repayment patterns since phasing out physical checks - No unexpected shifts were noted in repayment patterns, with delinquencies showing a downward trend [44][45] Question: Shift towards returning borrowers for originations - Management is pleased with the growth of returning borrowers, which typically have lower acquisition costs and loss levels [46][48] Question: Macro outlook and its impact on originations guidance - The decision to taper originations growth is based on a cautious approach to the uncertain macroeconomic environment [52][53] Question: Operating expense outlook and potential factors for underperformance - Management is focused on maintaining discipline in operating expenses, with some marketing dollars pushed to the second half of the year [54][55] Question: Decision to shrink the size of the Board - The Board's decision to reduce its size was based on efficiency and shareholder feedback [56]

Financial Data and Key Metrics Changes - The company reported a net income of $9.8 million for Q1 2025, a $36 million improvement year over year, resulting in a return on equity (ROE) of 11% [6] - Adjusted net income increased to $19 million, reflecting a $15 million year-over-year increase, with adjusted EBITDA reaching $34 million, a $32 million increase [6][18] - Operating expenses were reported at $93 million, down 15% year over year, with expectations of approximately $390 million for the full year 2025 [10][17] Business Line Data and Key Metrics Changes - Originations for Q1 2025 totaled $469 million, up 39% year over year, with secured personal loans accounting for 19% of this growth [8][14] - The secured personal loans portfolio grew by 59% year over year, reaching $178 million, representing 7% of the company's total portfolio [11][12] - The annualized net charge-off rate was 12.2%, at the low end of guidance, with a decline in dollar net charge-offs for the sixth consecutive quarter [7][20] Market Data and Key Metrics Changes - The company expects year-over-year growth in originations to be in the 10% range for Q2 2025, reflecting a cautious approach due to macroeconomic uncertainties [9][12] - The thirty-plus day delinquency rate improved to 4.5% in April, down from 4.7% in Q1, indicating positive underlying trends [7][20] Company Strategy and Development Direction - The company is focused on three strategic priorities: improving credit outcomes, strengthening business economics, and identifying high-quality originations [10][11] - The guidance for full-year 2025 reflects a commitment to performance improvement despite macroeconomic uncertainties, with adjusted EPS expectations of $1.1 to $1.3, indicating strong growth [13][24] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertainty in the macroeconomic environment, including potential higher unemployment and inflation, leading to a more cautious outlook on originations growth [51][52] - The company plans to adjust its marketing expenditures based on macroeconomic conditions, with a focus on maintaining operational discipline [53] Other Important Information - The company has successfully reduced its debt-to-equity ratio from 7.9 times to 7.6 times, with no further mandatory corporate debt repayment obligations for the remainder of 2025 [21] - The company raised approximately $3 billion in diversified financings since June 2023, maintaining strong access to capital markets [22] Q&A Session Summary Question: Update on online or digital loan application activity versus in-branch - Management noted a small shift of about two points from physical to online applications, indicating stable performance across channels [30][31] Question: Strategy for growing secured loans - The secured personal loans grew by 59% year over year, with a focus on presenting both secured and unsecured products to customers [32][33] Question: Comments on competition in the current macro environment - Management expressed confidence in their competitive position, noting that competitors are behaving rationally in pricing [34][35] Question: Impact of app features on customer acquisition costs - The cost to acquire customers remained stable year over year, with a focus on driving awareness of secured personal loans [39][41] Question: Changes in repayment patterns since phasing out physical checks - No unexpected shifts were noted in repayment patterns, with delinquencies showing a downward trend [43][44] Question: Shift towards returning borrowers for originations - Management confirmed a focus on returning borrowers, who generally present lower acquisition costs and loss levels [45][46] Question: Macro outlook and originations guidance - The decision to taper originations growth to 10% was based on a cautious approach to the macroeconomic environment [51][52] Question: Operating expense outlook and factors affecting it - Management indicated a focus on maintaining discipline in operating expenses, with potential adjustments based on macro conditions [53] Question: Decision to shrink the size of the Board - The Board's decision to reduce its size was based on feedback from shareholders and a desire for more efficient governance [54]

1Q 2025 Earnings Presentation May 8, 2025 This presentation and the accompanying oral presentation contain forward-looking statements. All statements other than statements of historical fact contained in this presentation and the accompanying oral presentation, including statements as to future performance, results of operations and financial position; achievement of our strategic priorities and goals; our expectations regarding loan origination growth; our expectations regarding macroeconomic conditions an ...

Oportun Reports First Quarter 2025 Financial Results GAAP EPS of $0.21 increased $0.89 year-over-year Adjusted EPS of $0.40 increased $0.31 year-over-year Operating expenses of $93 million reduced 15% year-over-year Reiterating full year 2025 credit performance and profit expectations SAN CARLOS, CA – May 8, 2025 – Oportun Financial Corporation (Nasdaq: OPRT) ("Oportun", or the "Company") today reported financial results for the first quarter ended March 31, 2025. "We started 2025 with a strong first quarte ...