OppFi Provides Business Update, Announces Participation in the ThinkEquity Conference, and Schedules Third Quarter 2023 Earnings Conference Call
October 18 2023 - 4:05PM
Business Wire
OppFi Inc. (NYSE: OPFI; OPFI WS) (“OppFi” or the “Company”), a
mission-driven fintech platform that helps everyday Americans gain
access to credit with digital specialty finance products, today
provided a business update, announced its participation in the
ThinkEquity Conference, and scheduled its third quarter 2023
earnings conference call for after the market-close on Thursday,
November 9, 2023.
Business Update
“We are very pleased with our preliminary third quarter results,
including earnings that significantly beat the analyst consensus
estimate,” said Todd Schwartz, Chief Executive Officer and
Executive Chairman of OppFi. “We are excited to share final results
after the market-close on November 9th, when we expect to raise
full-year earnings guidance for the third time this year."
“Solid revenue growth year over year was driven by higher
quality originations and stronger customer payment activity, while
earnings rebounded with improved credit performance and expense
leverage year over year,” continued Schwartz. “The net charge-off
rate decreased as a percentage of total revenue year over year, led
by adjustments and enhancements to credit models. These preliminary
results are a testament to OppFi's commitment to delivering value
to customers and shareholders.”
ThinkEquity Conference
OppFi will participate in the ThinkEquity Conference on October
19, 2023, at the Mandarin Oriental, New York. Todd Schwartz and Pam
Johnson, Chief Financial Officer, will present at 10:00 a.m. ET.
The webcast of the presentation will be available on the Investor
Relations section of OppFi's website.
Third Quarter 2023 Conference Call
The Company will report financial results for the third quarter
2023 after the market-close on Thursday, November 9, 2023.
Management will host a conference call at 4:30 p.m. ET to discuss
the financial results and business outlook. The webcast of the
conference call will be available on the Investor Relations section
of OppFi's website. Investors may pre-submit questions by emailing
investors@oppfi.com.
The conference call can also be accessed with the following
dial-in information:
Domestic: (877) 300-8521
International: (412) 317-6026
An archived version of the webcast will be available on OppFi’s
website.
About OppFi
OppFi (NYSE: OPFI; OPFI WS) is a mission-driven fintech platform
that helps everyday Americans gain access to credit with digital
specialty finance products. Through its unwavering commitment to
customer service, the Company supports consumers, who are turned
away by mainstream options, to build better financial health.
OppLoans by OppFi maintains a 4.5/5.0 star rating on Trustpilot
with more than 4,000 reviews, making the Company one of the top
consumer-rated financial platforms online. For more information,
please visit oppfi.com.
Financial Disclosure Advisory
OppFi has not yet completed its reporting process for its third
quarter 2023 ended September 30, 2023. The results presented herein
are preliminary and approximate and are based on its reasonable
estimates and the information available to it at this time. As
such, OppFi’s actual results may vary materially from the
preliminary results presented herein and will not be finalized
until OppFi reports its final results for its third quarter 2023
after the completion of its normal quarter-end accounting
procedures. In addition, any statements regarding OppFi’s estimated
financial performance for the third quarter 2023 do not present all
information necessary for an understanding of OppFi’s financial
condition and results of operations as of and for the three months
ended, and nine months ended, September 30, 2023.
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, projections of OppFi’s future financial performance,
including OppFi’s expectations with respect to its third quarter
2023 results and full year 2023 guidance, the future performance of
OppFi’s platform, and expectations for OppFi’s growth. 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, and
tightening of credit markets on OppFi’s business; the impact of
challenging macroeconomic and marketplace conditions, including
lingering effects of COVID-19 on OppFi’s business; 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; 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 the material weakness in OppFi’s internal controls over
financial reporting; the risk that the business combination
disrupts current plans and operations; the ability to recognize the
anticipated benefits of the business combination, which may be
affected by, among other things, competition and the ability of
OppFi to grow and manage growth profitably and retain its key
employees; risks related to new products; concentration risk; costs
related to the business combination; changes in applicable laws or
regulations; the possibility that OppFi may be adversely affected
by other economic, business, and/or competitive factors; risks
related to management transitions; risks related to the restatement
of OppFi’s financial statements and any accounting deficiencies or
weaknesses related thereto; 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.
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