Financial Performance - GAAP net income of 1.9million,upfromanetlossof5.2 million year over year, and adjusted net income of 8.9million,upfromanadjustednetlossof2.8 million year over year[2] - Net income for 2023 was 39.5million,asignificantincreasefrom3.3 million in 2022, representing a growth of 36.1million[26]−Q42023NetIncomewas1.9 million, a significant improvement from a loss of 5.2millioninQ42022[39]−AdjustedNetIncomeforFullYear2023was43.3 million, compared to 5.0millionin2022[44]RevenueandProfitability−Totalrevenueincreasedby10.7508.9 million, compared to 452.9millionin2022,showinga56.1 million increase[34] - Total Revenue for Full Year 2023 increased by 12% year-over-year to 509million[42]−Q42023TotalRevenueincreasedby11114.7 million, up from 53.9millionin2022,reflectinga60.8 million increase[26] - Adjusted EBITDA for Q4 2023 increased to 25.8million,upfrom9.9 million in Q4 2022[39] Loan and Receivables Metrics - Net originations increased by 3% year over year to 192million,withendingreceivablesup4416 million[6][19] - Annualized net charge-offs as a percentage of average receivables decreased to 46% from 59% year over year[19] - Yield increased to 127% from 118% year over year, reflecting a decrease in delinquent loans and a shift in interest rates[19][20] - Net Originations for Full Year 2023 decreased by 1% to 748million[42]−EndingReceivablesforFullYear2023increasedby4416 million[42] Cash and Debt Management - Total cash and restricted cash increased to 73.9millionfrom49.7 million year over year[8][22] - Total debt decreased by 13millionto334.1 million, driven by the repayment of revolving lines of credit[8][22] - Cash and restricted cash increased to 73.9millionin2023from49.7 million in 2022, a 24.3millionrise[35]−Totaldebtdecreasedto334.1 million in 2023 from 347.1millionin2022,areductionof12.9 million[35] Earnings Per Share (EPS) - Adjusted EPS guidance for 2024 is projected to be between 0.53and0.57[24] - Adjusted earnings per share for 2023 was 0.51,comparedto0.06 in 2022[26] - Q4 2023 Adjusted Earnings Per Share was 0.10,comparedtoalossof0.19 in Q4 2022[39] - Full Year 2023 Adjusted Earnings Per Share was 0.51,comparedto0.06 in 2022[44] Operational Metrics - Real-time AI drove automation for 89% of decisions in 2023[3] - 63 million U.S. consumers are credit marginalized, and 62% of U.S. consumers live paycheck to paycheck[4] - OppFi facilitated over 5.8billioningrossloanissuancesinceinception,coveringmorethan3.4millionloans[47]CashFlowandShareMetrics−Netcashprovidedbyoperatingactivitiesin2023was296.1 million, up from 243.3millionin2022,anincreaseof52.8 million[37] - Weighted average diluted shares outstanding for 2023 were 85.1 million, slightly up from 84.3 million in 2022[26] Interest and Asset Metrics - Interest expense for 2023 was 46.8million,comparedto35.2 million in 2022, an increase of 11.6million[34]−TotalassetsasofDecember31,2023,were601.5 million, up from 579.8millionin2022,reflectinga21.7 million increase[35]
