Oportun Financial (US:OPRT)2023-03-24 17:43Funding & Liquidity - Oportun delayed a $42 million residual financing facility amortization to 2024 and increased the capacity of a senior secured term loan by up to $75 million[1] - Oportun kept 2H22 Adjusted Operating Expenses flat from 1H22[1] Cost Measures - Oportun achieved a 524% 4Q adjusted operating efficiency ratio, a 1,215 bps improvement[2] - Oportun is targeting $48-53 million in 2023 run-rate expense savings, aiming for a 75% reduction in hiring and backfills[2] Loan Performance & Credit Tightening - Post-July credit tightening loans are performing better or near 2019 pre-pandemic vintages and growing in proportion[10] - First Payment Defaults have been driven down to 2019 pre-pandemic levels[6] - 4Q22 total cash was $204 million, with operating cash flow of $89 million[90] ESG Impact - Oportun's lending is 6x less expensive on average vs lending alternatives for people with little or no credit history, and 24x vs online-only lenders[18] - Oportun has helped 11 million people establish a credit history[18] - Oportun members have cumulatively saved over $23 billion in interest and fees[18] - Digit Member Savings total $89 billion+, with an average of $1,800+ saved annually per member[18] Financial Performance - Oportun projects YE 2023 portfolio yield to be over 200 basis points higher than YE 2022[90] - Oportun's total revenue for 2023 is projected to grow 52% year-over-year[41] - Oportun members using our seven credit and digital banking products are 19 million[51]