Financial Performance - GAAP net income of $1.9 million, up from a net loss of $5.2 million year over year, and adjusted net income of $8.9 million, up from an adjusted net loss of $2.8 million year over year[2] - Net income for 2023 was $39.5 million, a significant increase from $3.3 million in 2022, representing a growth of $36.1 million[26] - Q4 2023 Net Income was $1.9 million, a significant improvement from a loss of $5.2 million in Q4 2022[39] - Adjusted Net Income for Full Year 2023 was $43.3 million, compared to $5.0 million in 2022[44] Revenue and Profitability - Total revenue increased by 10.7% year over year, with a 12.9 percentage point decrease in annualized net charge-off rate to 46.4%[2] - Total revenue for 2023 was $508.9 million, compared to $452.9 million in 2022, showing a $56.1 million increase[34] - Total Revenue for Full Year 2023 increased by 12% year-over-year to $509 million[42] - Q4 2023 Total Revenue increased by 11% year-over-year, driven by higher credit demand[51] - Adjusted EBITDA for 2023 reached $114.7 million, up from $53.9 million in 2022, reflecting a $60.8 million increase[26] - Adjusted EBITDA for Q4 2023 increased to $25.8 million, up from $9.9 million in Q4 2022[39] Loan and Receivables Metrics - Net originations increased by 3% year over year to $192 million, with ending receivables up 4% to $416 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 $748 million[42] - Ending Receivables for Full Year 2023 increased by 4% to $416 million[42] Cash and Debt Management - Total cash and restricted cash increased to $73.9 million from $49.7 million year over year[8][22] - Total debt decreased by $13 million to $334.1 million, driven by the repayment of revolving lines of credit[8][22] - Cash and restricted cash increased to $73.9 million in 2023 from $49.7 million in 2022, a $24.3 million rise[35] - Total debt decreased to $334.1 million in 2023 from $347.1 million in 2022, a reduction of $12.9 million[35] Earnings Per Share (EPS) - Adjusted EPS guidance for 2024 is projected to be between $0.53 and $0.57[24] - Adjusted earnings per share for 2023 was $0.51, compared to $0.06 in 2022[26] - Q4 2023 Adjusted Earnings Per Share was $0.10, compared to a loss of $0.19 in Q4 2022[39] - Full Year 2023 Adjusted Earnings Per Share was $0.51, compared to $0.06 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 $5.8 billion in gross loan issuance since inception, covering more than 3.4 million loans[47] Cash Flow and Share Metrics - Net cash provided by operating activities in 2023 was $296.1 million, up from $243.3 million in 2022, an increase of $52.8 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 $46.8 million, compared to $35.2 million in 2022, an increase of $11.6 million[34] - Total assets as of December 31, 2023, were $601.5 million, up from $579.8 million in 2022, reflecting a $21.7 million increase[35]
OppFi (OPFI) - 2023 Q4 - Annual Results