☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware (State or other jurisdiction of incorporation or organization) | 85-1648122 (I.R.S. Employer Identification No.) | ||||
130 E. Randolph Street. Suite 3400 Chicago, IL (Address of principal executive offices) | 60601 (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
Class A common stock, par value $0.0001 per share | OPFI | New York Stock Exchange | ||||||||||||
Warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share | OPFI WS | New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☒ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☒ | |||||||||||
Emerging growth company | ☒ |
Part I. Financial Information | |||||
Item 1. Financial Statements (Unaudited) | |||||
Part II. Other Information | |||||
June 30, | December 31, | ||||||||||
2022 | 2021 | ||||||||||
Assets | |||||||||||
Cash(1) | $ | 23,472 | $ | 25,064 | |||||||
Restricted cash(1) | 34,166 | 37,298 | |||||||||
Total cash and restricted cash | 57,638 | 62,362 | |||||||||
Finance receivables at fair value(1) | 450,703 | 383,890 | |||||||||
Finance receivables at amortized cost, net of allowance for credit losses of $1,045 and $803 as of June 30, 2022 and December 31, 2021, respectively, and unearned income of $139 and $286 as of June 30, 2022 and December 31, 2021, respectively(1) | 4,579 | 4,220 | |||||||||
Debt issuance costs, net(1) | 2,328 | 1,525 | |||||||||
Property, equipment and software, net | 14,949 | 14,643 | |||||||||
Operating lease right of use asset | 14,764 | — | |||||||||
Deferred tax asset | 24,831 | 25,593 | |||||||||
Other assets(1) | 8,278 | 9,873 | |||||||||
Total assets | $ | 578,070 | $ | 502,106 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Liabilities: | |||||||||||
Accounts payable(1) | $ | 10,229 | $ | 6,100 | |||||||
Accrued expenses(1) | 19,355 | 29,595 | |||||||||
Operating lease liability | 17,285 | — | |||||||||
Note payable | 168 | — | |||||||||
Secured borrowing payable(1) | 5,123 | 22,443 | |||||||||
Senior debt, net(1) | 331,237 | 251,578 | |||||||||
Warrant liabilities | 5,539 | 11,240 | |||||||||
Tax receivable agreement liability | 23,636 | 23,272 | |||||||||
Total liabilities | 412,572 | 344,228 | |||||||||
Commitments and contingencies (Note 14) | |||||||||||
Stockholders' equity: | |||||||||||
Preferred stock, $0.0001 par value (1,000,000 shares authorized with no shares issued and outstanding as of June 30, 2022 and December 31, 2021) | — | — | |||||||||
Class A common stock, $0.0001 par value (379,000,000 shares authorized with 14,247,912 shares issued and 13,632,260 shares outstanding as of June 30, 2022 and 13,631,484 shares issued and outstanding as of December 31, 2021) | 1 | 1 | |||||||||
Class B common stock, $0.0001 par value (6,000,000 shares authorized with no shares issued and outstanding as of June 30, 2022 and December 31, 2021) | — | — | |||||||||
Class V voting stock, $0.0001 par value (115,000,000 shares authorized with 95,729,696 and 96,338,474 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively) | 10 | 10 | |||||||||
Additional paid-in capital | 64,330 | 61,672 | |||||||||
Accumulated deficit | (66,164) | (70,723) | |||||||||
Treasury stock at cost, 615,652 shares as of June 30, 2022 | (2,153) | — | |||||||||
Total OppFi Inc.'s stockholders' deficit | (3,976) | (9,040) | |||||||||
Noncontrolling interest | 169,474 | 166,918 | |||||||||
Total stockholders' equity | 165,498 | 157,878 | |||||||||
Total liabilities and stockholders' equity | $ | 578,070 | $ | 502,106 | |||||||
(1) Includes amounts in consolidated variable interest entities ("VIEs") presented separately in the table below. | |||||||||||
Continued on next page |
The following table summarizes the consolidated assets and liabilities of VIEs, which are included in the Consolidated Balance Sheets. The assets below may only be used to settle obligations of VIEs and are in excess of those obligations. | |||||||||||
June 30, | December 31, | ||||||||||
2022 | 2021 | ||||||||||
Assets of consolidated VIEs, included in total assets above | |||||||||||
Cash | $ | 77 | $ | 46 | |||||||
Restricted cash | 24,831 | 25,780 | |||||||||
Total cash and restricted cash | 24,908 | 25,826 | |||||||||
Finance receivables at fair value | 423,511 | 379,512 | |||||||||
Finance receivables at amortized cost, net of allowance for credit losses of $50 as of June 30, 2022 | 491 | — | |||||||||
Debt issuance costs, net | 2,328 | 1,525 | |||||||||
Other assets | 41 | 34 | |||||||||
Total assets | $ | 451,279 | $ | 406,897 | |||||||
Liabilities of consolidated VIEs, included in total liabilities above | |||||||||||
Accounts payable | $ | 32 | $ | 25 | |||||||
Accrued expenses | 1,950 | 2,008 | |||||||||
Secured borrowing payable | 5,123 | 22,443 | |||||||||
Senior debt, net | 282,442 | 203,000 | |||||||||
Total liabilities | $ | 289,547 | $ | 227,476 | |||||||
See notes to consolidated financial statements. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Interest and loan related income | $ | 107,873 | $ | 78,030 | $ | 208,209 | $ | 162,133 | |||||||||||||||
Other income | 2 | 346 | 376 | 500 | |||||||||||||||||||
107,875 | 78,376 | 208,585 | 162,633 | ||||||||||||||||||||
Change in fair value of finance receivables | (42,154) | (11,306) | (91,679) | (33,695) | |||||||||||||||||||
Provision for credit losses on finance receivables | (569) | (31) | (1,026) | (38) | |||||||||||||||||||
Net revenue | 65,152 | 67,039 | 115,880 | 128,900 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Direct marketing costs | 19,079 | 11,439 | 32,967 | 18,922 | |||||||||||||||||||
Salaries and employee benefits | 15,314 | 14,694 | 32,147 | 28,966 | |||||||||||||||||||
Interest expense and amortized debt issuance costs | 7,878 | 6,385 | 15,326 | 10,856 | |||||||||||||||||||
Interest expense - related party | — | — | — | 137 | |||||||||||||||||||
Depreciation and amortization | 3,366 | 2,413 | 6,604 | 4,577 | |||||||||||||||||||
Technology costs | 3,287 | 2,422 | 6,422 | 4,569 | |||||||||||||||||||
Professional fees | 3,024 | 3,674 | 5,514 | 5,880 | |||||||||||||||||||
Payment processing fees | 2,439 | 1,684 | 4,505 | 3,312 | |||||||||||||||||||
Occupancy | 1,071 | 879 | 2,140 | 1,759 | |||||||||||||||||||
Management fees - related party | — | 175 | — | 350 | |||||||||||||||||||
General, administrative and other | 3,292 | 5,287 | 6,014 | 7,201 | |||||||||||||||||||
Total expenses | 58,750 | 49,052 | 111,639 | 86,529 | |||||||||||||||||||
Income from operations | 6,402 | 17,987 | 4,241 | 42,371 | |||||||||||||||||||
Other income: | |||||||||||||||||||||||
Change in fair value of warrant liabilities | 3,297 | — | 5,701 | — | |||||||||||||||||||
Income before income taxes | 9,699 | 17,987 | 9,942 | 42,371 | |||||||||||||||||||
Provision for income taxes | 202 | — | 742 | — | |||||||||||||||||||
Net income | 9,497 | $ | 17,987 | 9,200 | $ | 42,371 | |||||||||||||||||
Net income attributable to noncontrolling interest | 6,039 | 4,666 | |||||||||||||||||||||
Net income attributable to OppFi Inc. | $ | 3,458 | $ | 4,534 | |||||||||||||||||||
Earnings per share attributable to OppFi Inc.: | |||||||||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic | $ | 0.26 | $ | — | $ | 0.33 | $ | — | |||||||||||||||
Diluted | $ | 0.10 | $ | — | $ | 0.10 | $ | — | |||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic | 13,525,101 | — | 13,553,308 | — | |||||||||||||||||||
Diluted | 84,283,102 | — | 84,377,754 | — | |||||||||||||||||||
Pro forma: | |||||||||||||||||||||||
Pro forma income tax expense (unaudited) | $ | 541 | $ | 1,228 | |||||||||||||||||||
Pro forma net income (unaudited) | $ | 17,446 | $ | 41,143 | |||||||||||||||||||
See notes to consolidated financial statements. |
Total | |||||||||||||||||||||||||||||||||||
Preferred Units | Class A Common Stock | Class V Voting Stock | Additional Paid- | Accumulated | Treasury | Noncontrolling | Stockholders' Equity / | ||||||||||||||||||||||||||||
Units | Amount | Shares | Amount | Shares | Amount | in Capital | (Deficit) Earnings | Stock | Interest | Members' Equity | |||||||||||||||||||||||||
Balance, March 31, 2022 | — | $ | — | 13,349,150 | $ | 1 | 96,338,474 | $ | 10 | $ | 62,305 | $ | (69,647) | $ | (1,037) | $ | 164,958 | $ | 156,590 | ||||||||||||||||
Exchange of Class V shares | — | — | 608,778 | — | (608,778) | — | 922 | 25 | — | (947) | — | ||||||||||||||||||||||||
Vesting of restricted stock units | — | — | 7,650 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | 1,050 | — | — | — | 1,050 | ||||||||||||||||||||||||
Purchase of treasury stock | — | — | (333,318) | — | — | — | — | — | (1,116) | — | (1,116) | ||||||||||||||||||||||||
Member distributions | — | — | — | — | — | — | — | — | — | (576) | (576) | ||||||||||||||||||||||||
Tax receivable agreement | — | — | — | — | — | — | 53 | — | — | — | 53 | ||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 3,458 | — | 6,039 | 9,497 | ||||||||||||||||||||||||
Balance, June 30, 2022 | — | $ | — | 13,632,260 | $ | 1 | 95,729,696 | $ | 10 | $ | 64,330 | $ | (66,164) | $ | (2,153) | $ | 169,474 | $ | 165,498 | ||||||||||||||||
Balance, March 31, 2021 | 41,102,500 | $ | 6,660 | — | $ | — | — | $ | — | $ | 401 | $ | 187,054 | $ | — | $ | — | $ | 194,115 | ||||||||||||||||
Effects of adopting fair value option | — | — | — | — | — | — | — | (1,817) | — | — | (1,817) | ||||||||||||||||||||||||
Profit interest compensation | — | — | — | — | — | — | 180 | — | — | — | 180 | ||||||||||||||||||||||||
Member distributions | — | — | — | — | — | — | — | (33,126) | — | — | (33,126) | ||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 17,987 | — | — | 17,987 | ||||||||||||||||||||||||
Balance, June 30, 2021 | 41,102,500 | $ | 6,660 | — | $ | — | — | $ | — | $ | 581 | $ | 170,098 | $ | — | $ | — | $ | 177,339 | ||||||||||||||||
Balance, December 31, 2021 | — | $ | — | 13,631,484 | $ | 1 | 96,338,474 | $ | 10 | $ | 61,672 | $ | (70,723) | $ | — | $ | 166,918 | $ | 157,878 | ||||||||||||||||
Exchange of Class V shares | — | — | 609 | — | (609) | — | 922 | 25 | — | (947) | — | ||||||||||||||||||||||||
Vesting of restricted stock units | — | — | 7,650 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | 1,629 | — | — | — | 1,629 | ||||||||||||||||||||||||
Purchase of treasury stock | — | — | (615,652) | — | — | — | — | — | (2,153) | — | (2,153) | ||||||||||||||||||||||||
Member distributions | — | — | — | — | — | — | — | — | — | (1,163) | (1,163) | ||||||||||||||||||||||||
Tax receivable agreement | — | — | — | — | — | — | 107 | — | — | — | 107 | ||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 4,534 | — | 4,666 | 9,200 | ||||||||||||||||||||||||
Balance, June 30, 2022 | — | $ | — | 13,632,260 | $ | 1 | 95,729,696 | $ | 10 | $ | 64,330 | $ | (66,164) | $ | (2,153) | $ | 169,474 | $ | 165,498 | ||||||||||||||||
Balance, December 31, 2020 | 41,102,500 | $ | 6,660 | — | $ | — | — | $ | — | $ | 352 | $ | 92,320 | $ | — | $ | — | $ | 99,332 | ||||||||||||||||
Effects of adopting fair value option | — | — | — | — | — | — | — | 69,435 | — | — | 69,435 | ||||||||||||||||||||||||
Profit interest compensation | — | — | — | — | — | — | 229 | — | — | — | 229 | ||||||||||||||||||||||||
Member distributions | — | — | — | — | — | — | — | (34,028) | — | — | (34,028) | ||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 42,371 | — | — | 42,371 | ||||||||||||||||||||||||
Balance, June 30, 2021 | 41,102,500 | $ | 6,660 | — | $ | — | — | $ | — | $ | 581 | $ | 170,098 | $ | — | $ | — | $ | 177,339 | ||||||||||||||||
See notes to consolidated financial statements. |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 9,200 | $ | 42,371 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Change in fair value of finance receivables | 91,679 | 33,695 | |||||||||
Provision for credit losses on finance receivables | 1,026 | 38 | |||||||||
Depreciation and amortization | 6,604 | 4,577 | |||||||||
Debt issuance cost amortization | 1,506 | 1,163 | |||||||||
Profit interest and stock-based compensation expense | 1,629 | 229 | |||||||||
Amortization of operating lease | 9 | — | |||||||||
Loss on disposition of equipment | 3 | 4 | |||||||||
Deferred income taxes | 762 | — | |||||||||
Change in tax receivable agreement liability | 364 | — | |||||||||
Change in fair value of warrant liabilities | (5,701) | — | |||||||||
Changes in assets and liabilities: | |||||||||||
Accrued interest and fees receivable | (2,252) | (1,512) | |||||||||
Other assets | 1,595 | (812) | |||||||||
Accounts payable | 4,129 | (753) | |||||||||
Accrued expenses | (7,769) | 5,837 | |||||||||
Net cash provided by operating activities | 102,784 | 84,837 | |||||||||
Cash flows from investing activities: | |||||||||||
Finance receivables originated and acquired | (369,913) | (248,453) | |||||||||
Finance receivables repayments and recoveries | 212,436 | 207,156 | |||||||||
Purchases of equipment and capitalized technology | (6,913) | (6,581) | |||||||||
Net cash used in investing activities | (164,390) | (47,878) | |||||||||
Cash flows from financing activities: | |||||||||||
Member distributions | (1,163) | (34,028) | |||||||||
Net (payments) advances of secured borrowing payable | (17,320) | 1,624 | |||||||||
Net advances of senior debt | 79,442 | 76,228 | |||||||||
Net advance of note payable | 168 | — | |||||||||
Payment of subordinated debt - related party | — | (4,000) | |||||||||
Payment for debt issuance costs | (2,092) | (1,661) | |||||||||
Repurchases of common stock | (2,153) | — | |||||||||
Net cash provided by financing activities | 56,882 | 38,163 | |||||||||
Net (decrease) increase in cash and restricted cash | (4,724) | 75,122 | |||||||||
Cash and restricted cash | |||||||||||
Beginning | 62,362 | 45,657 | |||||||||
Ending | $ | 57,638 | $ | 120,779 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Interest paid on borrowed funds | $ | 14,196 | $ | 10,002 | |||||||
Income taxes paid | $ | 328 | $ | — | |||||||
Supplemental disclosure of non-cash activities: | |||||||||||
Non-cash change from adopting the fair value option on finance receivables | $ | — | $ | 69,435 | |||||||
Increase in additional paid-in capital as a result of tax receivable agreement | $ | 107 | $ | — | |||||||
Operating lease right of use asset recognized from adoption of ASU 2016-02 | $ | 15,459 | $ | — | |||||||
Operating lease liability recognized from adoption of ASU 2016-02 | $ | 17,972 | $ | — | |||||||
See notes to consolidated financial statements. |
June 30, 2022 | December 31, 2021 | ||||||||||
Unpaid principal balance of finance receivables - accrual | $ | 362,734 | $ | 307,059 | |||||||
Unpaid principal balance of finance receivables - non-accrual | 31,975 | 25,185 | |||||||||
Unpaid principal balance of finance receivables | $ | 394,709 | $ | 332,244 | |||||||
Finance receivables at fair value - accrual | $ | 432,866 | $ | 369,576 | |||||||
Finance receivables at fair value - non-accrual | 4,941 | 3,677 | |||||||||
Finance receivables at fair value, excluding accrued interest and fees receivable | 437,807 | 373,253 | |||||||||
Accrued interest and fees receivable | 12,896 | 10,637 | |||||||||
Finance receivables at fair value | $ | 450,703 | $ | 383,890 | |||||||
Difference between unpaid principal balance and fair value | $ | 43,098 | $ | 41,009 |
June 30, 2022 | December 31, 2021 | ||||||||||
Finance receivables | $ | 5,746 | $ | 5,285 | |||||||
Accrued interest and fees | 17 | 24 | |||||||||
Unearned annual fee income | (139) | (286) | |||||||||
Allowance for credit losses | (1,045) | (803) | |||||||||
Finance receivables at amortized cost, net | $ | 4,579 | $ | 4,220 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Beginning balance | $ | 931 | $ | 7 | $ | 803 | $ | 55,031 | |||||||||||||||
Effects of adopting fair value option | — | — | — | (55,031) | |||||||||||||||||||
Provisions for credit losses on finance receivables | 569 | 31 | 1,026 | 38 | |||||||||||||||||||
Finance receivables charged off | (455) | (27) | (784) | (27) | |||||||||||||||||||
Ending balance | $ | 1,045 | $ | 11 | $ | 1,045 | $ | 11 |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Recency delinquency | Contractual delinquency | Recency delinquency | Contractual delinquency | |||||||||||||||||||||||
Current | $ | 4,230 | $ | 4,170 | $ | 5,016 | $ | 4,993 | ||||||||||||||||||
Delinquency | ||||||||||||||||||||||||||
30-59 days | 374 | 359 | 152 | 171 | ||||||||||||||||||||||
60-89 days | 392 | 403 | 102 | 104 | ||||||||||||||||||||||
90+ days | 750 | 814 | 15 | 17 | ||||||||||||||||||||||
Total delinquency | 1,516 | 1,576 | 269 | 292 | ||||||||||||||||||||||
Finance receivables | $ | 5,746 | $ | 5,746 | $ | 5,285 | $ | 5,285 |
June 30, 2022 | December 31, 2021 | |||||||||||||
Capitalized technology | $ | 41,371 | $ | 34,586 | ||||||||||
Furniture, fixtures and equipment | 3,914 | 3,792 | ||||||||||||
Leasehold improvements | 979 | 979 | ||||||||||||
Total property, equipment and software | 46,264 | 39,357 | ||||||||||||
Less accumulated depreciation and amortization | (31,315) | (24,714) | ||||||||||||
Property, equipment and software, net | $ | 14,949 | $ | 14,643 |
June 30, 2022 | December 31, 2021 | |||||||||||||
Accrual for services rendered and goods purchased | $ | 8,532 | $ | 10,631 | ||||||||||
Accrued payroll and benefits | 7,418 | 11,779 | ||||||||||||
Deferred rent | — | 2,513 | ||||||||||||
Other | 3,405 | 4,672 | ||||||||||||
Total | $ | 19,355 | $ | 29,595 |
Year | Amount | |||||||
Remainder of 2022 | $ | 1,147 | ||||||
2023 | 2,339 | |||||||
2024 | 2,410 | |||||||
2025 | 2,482 | |||||||
2026 | 2,557 | |||||||
2027 | 2,633 | |||||||
Thereafter | 7,650 | |||||||
Total lease payments | 21,218 | |||||||
Less: imputed interest | (3,933) | |||||||
Operating lease liability | $ | 17,285 |
Weighted average remaining lease term (in years) | 8.3 | |||||||
Weighted average discount rate | 5 | % |
Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | ||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Cash paid for operating leases included in operating activities | $ | 562 | $ | 1,124 |
Year | Amount | |||||||
2022 | $ | 2,271 | ||||||
2023 | 2,339 | |||||||
2024 | 2,410 | |||||||
2025 | 2,482 | |||||||
2026 | 2,557 | |||||||
Thereafter | 10,283 | |||||||
Total | $ | 22,342 |
Purpose | Borrower | Borrowing Capacity | June 30, 2022 | December 31, 2021 | Interest Rate as of June 30, 2022 | Maturity Date | |||||||||||||||||||||||||||||||||||
Secured borrowing payable | Opportunity Funding SPE II, LLC | $ | 5,123 | $ | 5,123 | $ | 22,443 | 15.00% | — | (1) | |||||||||||||||||||||||||||||||
Senior debt | |||||||||||||||||||||||||||||||||||||||||
Revolving line of credit | Opportunity Funding SPE III, LLC | $ | 175,000 | $ | 134,759 | $ | 119,000 | LIBOR plus 6.00% | January 2024 | ||||||||||||||||||||||||||||||||
Revolving line of credit | Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC (Tranche A) | 75,000 | 37,500 | 45,900 | LIBOR plus 7.25% | June 2025 | |||||||||||||||||||||||||||||||||||
Revolving line of credit | Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC (Tranche B) | 125,000 | 70,000 | — | SOFR plus 6.75% | June 2025 | |||||||||||||||||||||||||||||||||||
Revolving line of credit | Opportunity Funding SPE VI, LLC | — | — | 30,600 | LIBOR plus 7.25% | April 2023 | |||||||||||||||||||||||||||||||||||
Revolving line of credit | Opportunity Funding SPE IV, LLC; SalaryTap Funding SPE, LLC | 45,000 | 7,500 | 7,500 | SOFR plus 0.11% plus 3.85% | February 2024 | |||||||||||||||||||||||||||||||||||
Revolving line of credit | Gray Rock SPV LLC | 75,000 | 32,683 | — | SOFR plus 7.25% | April 2025 | |||||||||||||||||||||||||||||||||||
Total revolving lines of credit | 495,000 | 282,442 | 203,000 | ||||||||||||||||||||||||||||||||||||||
Term loan, net | OppFi-LLC | 50,000 | 48,795 | 48,578 | LIBOR plus 10.00% | March 2025 | |||||||||||||||||||||||||||||||||||
Total senior debt | $ | 545,000 | $ | 331,237 | $ | 251,578 | |||||||||||||||||||||||||||||||||||
Note payable | OppFi-LLC | $ | 168 | $ | 168 | $ | — | 4.59% | December 2022 | ||||||||||||||||||||||||||||||||
(1) | Maturity date extended indefinitely until borrowing capacity is depleted |
Year | Amount | |||||||
Remainder of 2022 | $ | — | ||||||
2023 | — | |||||||
2024 | — | |||||||
2025 | 50,000 | |||||||
2026 | — | |||||||
Total | $ | 50,000 |
Number of Common Stock Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||
Outstanding as of December 31, 2021 | 3,375,000 | $ | 15.23 | — | $ | — | ||||||||
Granted | 553,794 | 3.94 | — | — | ||||||||||
Exercised | — | — | — | — | ||||||||||
Forfeited | (1,499,822) | 14.01 | — | — | ||||||||||
Outstanding as of June 30, 2022 | 2,428,972 | $ | 13.40 | 9.28 | $ | — | ||||||||
Exercisable as of June 30, 2022 | 175,000 | $ | 15.23 | 9.06 | $ | — |
Volatility (high) | 60.00 | % | - | 65.00 | % | ||||||
Risk-free rate | 1.71% | - | 3.02% | ||||||||
Expected term (years) | 6.1 years | ||||||||||
Dividend yield | 0.00 | % |
Shares | Weighted Average Grant Date Fair Value | ||||||||||
Unvested - beginning of period | 1,818,530 | $ | 7.58 | ||||||||
Granted | 1,532,592 | 3.48 | |||||||||
Vested | (27,159) | 3.81 | |||||||||
Forfeited | (944,246) | 5.53 | |||||||||
Unvested - end of period | 2,379,717 | $ | 5.30 |
Shares | Weighted Average Grant Date Fair Value | ||||||||||
Unvested - beginning of period | 78,907 | $ | 7.69 | ||||||||
Granted | 425,264 | 3.81 | |||||||||
Vested | — | — | |||||||||
Forfeited | (55,451) | 7.69 | |||||||||
Unvested - end of period | 448,720 | $ | 4.01 |
Expected term | 3 years | |||||||
Volatility | 68.0 | % | ||||||
Discount for lack of marketability | 45.0 | % | ||||||
Risk free rate | 0.2 | % |
Avg Fair Value | |||||||||||
Units | at Grant Date | ||||||||||
Outstanding at December 31, 2020 | 12,202,135 | $ | 0.08 | ||||||||
Granted | — | — | |||||||||
Forfeited | (54,800) | 0.08 | |||||||||
Outstanding at March 31, 2021 | 12,147,335 | 0.08 | |||||||||
Granted | — | — | |||||||||
Forfeited | — | — | |||||||||
Outstanding at June 30, 2021 | 12,147,335 | $ | 0.08 |
Avg Fair Value | |||||||||||
Units | at Grant Date | ||||||||||
Non-vested units at December 31, 2020 | 4,738,333 | $ | 0.12 | ||||||||
Granted | — | — | |||||||||
Vested | (325,835) | 0.15 | |||||||||
Forfeited | (54,800) | 0.08 | |||||||||
Non-vested units at March 31, 2021 | 4,357,698 | 0.12 | |||||||||
Granted | — | — | |||||||||
Vested | (2,522,476) | 0.07 | |||||||||
Forfeited | — | — | |||||||||
Non-vested units at June 30, 2021 | 1,835,222 | $ | 0.20 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Interest expense | $ | 7,443 | $ | 5,743 | $ | 14,282 | $ | 9,693 | |||||||||||||||
Amortized debt issuance costs | 435 | 642 | 1,044 | 1,163 | |||||||||||||||||||
Interest expense and amortized debt issuance costs | $ | 7,878 | $ | 6,385 | $ | 15,326 | $ | 10,856 |
(1) The Company primarily estimates the fair value of its installment finance receivables portfolio using discounted cash flow models that have been internally developed. The models use inputs that are unobservable but reflect the Company’s best estimates of the assumptions a market participant would use to calculate fair value. | ||||||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||
Interest rate on finance receivables | 149.90 | % | 147.60 | % | ||||||||||
Discount rate | 24.90 | % | 21.80 | % | ||||||||||
Servicing cost* | 5.00 | % | 5.00 | % | ||||||||||
Remaining life | 0.64 years | 0.62 years | ||||||||||||
Default rate* | 19.46 | % | 17.70 | % | ||||||||||
Accrued interest* | 3.27 | % | 3.20 | % | ||||||||||
Prepayment rate* | 16.39 | % | 21.00 | % | ||||||||||
*Stated as a percentage of finance receivables |
Carrying Value | Fair Value Measurements | |||||||||||||||||||||||||
June 30, 2022 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Cash | $ | 23,472 | $ | 23,472 | $ | — | $ | — | ||||||||||||||||||
Restricted cash | 34,166 | 34,166 | — | — | ||||||||||||||||||||||
Accrued interest and fees receivable | 12,896 | 12,896 | — | — | ||||||||||||||||||||||
Finance receivables at amortized cost, net | 4,579 | — | — | 4,579 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Secured borrowing payable | 5,123 | — | — | 5,123 | ||||||||||||||||||||||
Senior debt, net | 331,237 | — | — | 331,237 | ||||||||||||||||||||||
Carrying Value | Fair Value Measurements | |||||||||||||||||||||||||
December 31, 2021 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Cash | $ | 25,064 | $ | 25,064 | $ | — | $ | — | ||||||||||||||||||
Restricted cash | 37,298 | 37,298 | — | — | ||||||||||||||||||||||
Accrued interest and fees receivable | 10,637 | 10,637 | — | — | ||||||||||||||||||||||
Finance receivables at amortized cost, net | 4,220 | — | — | 4,220 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Secured borrowing payable | 22,443 | — | — | 22,443 | ||||||||||||||||||||||
Senior debt, net | 251,578 | — | — | 251,578 |
Three Months Ended | Six Months Ended | ||||||||||
June 30, 2022 | June 30, 2022 | ||||||||||
Numerator: | |||||||||||
Net income attributable to OppFi Inc. | $ | 3,458 | $ | 4,534 | |||||||
Net income available to Class A common stockholders - Basic | 3,458 | 4,534 | |||||||||
Dilutive effect of warrants on net income to Class A common stockholders | — | — | |||||||||
Net income attributable to noncontrolling interest | 6,039 | 4,666 | |||||||||
Income tax provision | (1,451) | (1,120) | |||||||||
Net income available to Class A common stockholders - Diluted | $ | 8,046 | $ | 8,080 | |||||||
Denominator: | |||||||||||
Weighted average Class A common stock outstanding - Basic | 13,525,101 | 13,553,308 | |||||||||
Effect of dilutive securities: | |||||||||||
Stock options | — | — | |||||||||
Restricted stock units | 125,383 | 89,519 | |||||||||
Performance stock units | 18,245 | 9,123 | |||||||||
Warrants | — | — | |||||||||
Employee stock purchase plan | — | — | |||||||||
Units, excluding Earnout Units | 70,614,373 | 70,725,804 | |||||||||
Dilutive potential common shares | 70,758,001 | 70,824,446 | |||||||||
Weighted average units outstanding - diluted | 84,283,102 | 84,377,754 | |||||||||
Earnings per share: | |||||||||||
Basic EPS | $ | 0.26 | $ | 0.33 | |||||||
Diluted EPS | $ | 0.10 | $ | 0.10 |
Three Months Ended | Six Months Ended | ||||||||||
June 30, 2022 | June 30, 2022 | ||||||||||
Public Warrants | 11,887,500 | 11,887,500 | |||||||||
Private Unit Warrants | 231,250 | 231,250 | |||||||||
$11.50 Exercise Price Warrants | 2,248,750 | 2,248,750 | |||||||||
$15 Exercise Price Warrants | 912,500 | 912,500 | |||||||||
Underwriter Warrants | 59,437 | 59,437 | |||||||||
Stock Options | 2,428,972 | 2,278,034 | |||||||||
Restricted stock units | 1,248,203 | 1,304,376 | |||||||||
Performance stock units | 125,564 | 102,236 | |||||||||
Noncontrolling interest - Earnout Units | 25,500,000 | 25,500,000 | |||||||||
Potential common stock | 44,642,176 | 44,524,083 |
Three Months Ended June 30, | Change | |||||||||||||||||||||||||
2022 | 2021 | $ | % | |||||||||||||||||||||||
Total net originations | $ | 226,201 | $ | 144,039 | $ | 82,162 | 57.0 | % | ||||||||||||||||||
Percentage of net originations by bank partners | 94.9 | % | 93.0 | % | N/A | 2.0 | % | |||||||||||||||||||
Percentage of net originations by new loans | 56.0 | % | 41.7 | % | N/A | 34.3 | % |
Six Months Ended June 30, | Change | |||||||||||||||||||||||||
2022 | 2021 | $ | % | |||||||||||||||||||||||
Total net originations | $ | 388,957 | $ | 243,848 | $ | 145,109 | 59.5 | % | ||||||||||||||||||
Percentage of net originations by bank partners | 94.7 | % | 86.1 | % | N/A | 10.0 | % | |||||||||||||||||||
Percentage of net originations by new loans | 54.6 | % | 38.4 | % | N/A | 42.2 | % |
June 30, | Change | |||||||||||||||||||||||||
2022 | 2021 | $ | % | |||||||||||||||||||||||
Ending receivables | $ | 401,549 | $ | 260,377 | $ | 141,172 | 54.2 | % |
Three Months Ended June 30, | Change | |||||||||||||||||||
2022 | 2021 | % | ||||||||||||||||||
Average yield | 118.1 | % | 128.5 | % | (8.1) | % |
Six Months Ended June 30, | Change | |||||||||||||||||||
2022 | 2021 | % | ||||||||||||||||||
Average yield | 118.3 | % | 129.2 | % | (8.4) | % |
Three Months Ended June 30, | Change | |||||||||||||||||||
2022 | 2021 | % | ||||||||||||||||||
Net charge-offs as % of average receivables | 51.4 | % | 28.4 | % | 81.0 | % |
Six Months Ended June 30, | Change | |||||||||||||||||||
2022 | 2021 | % | ||||||||||||||||||
Net charge-offs as % of average receivables | 53.2 | % | 29.1 | % | 82.8 | % |
Three Months Ended June 30, | Change | |||||||||||||||||||||||||
2022 | 2021 | $ | % | |||||||||||||||||||||||
Marketing cost per funded loan | $ | 82 | $ | 72 | $ | 10 | 13.9 | % |
Six Months Ended June 30, | Change | |||||||||||||||||||||||||
2022 | 2021 | $ | % | |||||||||||||||||||||||
Marketing cost per funded loan | $ | 79 | $ | 64 | $ | 15 | 23.4 | % |
Three Months Ended June 30, | Change | |||||||||||||||||||||||||
2022 | 2021 | $ | % | |||||||||||||||||||||||
Marketing cost per new funded loan | $ | 206 | $ | 245 | $ | (39) | (15.9) | % |
Six Months Ended June 30, | Change | |||||||||||||||||||||||||
2022 | 2021 | $ | % | |||||||||||||||||||||||
Marketing cost per new funded loan | $ | 212 | $ | 250 | $ | (38) | (15.2) | % |
June 30, | Change | |||||||||||||||||||
2022 | 2021 | % | ||||||||||||||||||
Auto-approval rate | 62.4 | % | 50.5 | % | 23.6 | % |
Three Months Ended June 30, | Change | |||||||||||||||||||||||||
2022 | 2021 | $ | % | |||||||||||||||||||||||
Sales and servicing cost per loan | $ | 147 | $ | 164 | $ | (17) | (10.4) | % |
Six Months Ended June 30, | Change | |||||||||||||||||||||||||
2022 | 2021 | $ | % | |||||||||||||||||||||||
Sales and servicing cost per loan | $ | 143 | $ | 161 | $ | (18) | (11.2) | % |
(in thousands, except share and per share data) | Three Months Ended June 30, | Change | ||||||||||||||||||||||||
2022 | 2021 | $ | % | |||||||||||||||||||||||
Interest and loan related income | $ | 107,873 | $ | 78,030 | $ | 29,843 | 38.2 | % | ||||||||||||||||||
Other income | 2 | 346 | (344) | (99.4) | % | |||||||||||||||||||||
Total revenue | 107,875 | 78,376 | 29,499 | 37.6 | % | |||||||||||||||||||||
Provision for credit losses on finance receivables | (569) | (31) | (538) | 1735.5 | % | |||||||||||||||||||||
Change in fair value of finance receivables | (42,154) | (11,306) | (30,848) | 272.8 | % | |||||||||||||||||||||
Net revenue | 65,152 | 67,039 | (1,887) | (2.8) | % | |||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Sales and marketing | 17,804 | 11,545 | 6,259 | 54.2 | % | |||||||||||||||||||||
Customer operations | 10,850 | 9,876 | 974 | 9.9 | % | |||||||||||||||||||||
Technology, products, and analytics | 8,294 | 6,513 | 1,781 | 27.3 | % | |||||||||||||||||||||
General, administrative, and other | 13,924 | 14,733 | (809) | (5.5) | % | |||||||||||||||||||||
Total expenses before interest expense | 50,872 | 42,667 | 8,205 | 19.2 | % | |||||||||||||||||||||
Interest expense | 7,878 | 6,385 | 1,493 | 23.4 | % | |||||||||||||||||||||
Income from operations | 6,402 | 17,987 | (11,585) | (64.4) | % | |||||||||||||||||||||
Change in fair value of warrant liability | 3,297 | — | 3,297 | — | % | |||||||||||||||||||||
Income before income taxes | 9,699 | 17,987 | (8,288) | (46.1) | % | |||||||||||||||||||||
Provision for income taxes | 202 | — | 202 | — | % | |||||||||||||||||||||
Net income | 9,497 | $ | 17,987 | $ | (8,490) | (47.2) | % | |||||||||||||||||||
Less: net income attributable to noncontrolling interest | 6,039 | |||||||||||||||||||||||||
Net income attributable to OppFi Inc. | $ | 3,458 | ||||||||||||||||||||||||
Earnings per share attributable to OppFi Inc.: (a) | ||||||||||||||||||||||||||
Earnings per common share: | ||||||||||||||||||||||||||
Basic | $ | 0.26 | $ | — | ||||||||||||||||||||||
Diluted | $ | 0.10 | $ | — | ||||||||||||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||||||||
Basic | 13,525,101 | — | ||||||||||||||||||||||||
Diluted | 84,283,102 | — | ||||||||||||||||||||||||
(a) For the periods prior to July 20, 2021, earnings per share was not calculated, as net income prior to the Business Combination was attributable entirely to OppFi-LLC. |
June 30, 2022 | December 31, 2021 | Change | ||||||||||||||||||||||||
$ | % | |||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Cash and restricted cash | $ | 57,638 | $ | 62,362 | $ | (4,724) | (7.6) | % | ||||||||||||||||||
Finance receivables at fair value | 450,703 | 383,890 | 66,813 | 17.4 | ||||||||||||||||||||||
Finance receivables at amortized cost, net | 4,579 | 4,220 | 359 | 8.5 | ||||||||||||||||||||||
Other assets | 65,150 | 51,634 | 13,516 | 26.2 | ||||||||||||||||||||||
Total assets | $ | 578,070 | $ | 502,106 | $ | 75,964 | 15.1 | % | ||||||||||||||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||||||||
Other liabilities | $ | 70,505 | $ | 58,967 | $ | 11,538 | 19.6 | % | ||||||||||||||||||
Total debt | 336,528 | 274,021 | 62,507 | 22.8 | ||||||||||||||||||||||
Warrant liabilities | 5,539 | 11,240 | (5,701) | (50.7) | ||||||||||||||||||||||
Total liabilities | 412,572 | 344,228 | 68,344 | 19.9 | ||||||||||||||||||||||
Total stockholders’ equity | 165,498 | 157,878 | 7,620 | 4.8 | ||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 578,070 | $ | 502,106 | $ | 75,964 | 15.1 | % |
Three Months Ended June 30, | Variance | |||||||||||||||||||
(in thousands, except share and per share data) Unaudited | 2022 | 2021 | % | |||||||||||||||||
Net income | $ | 9,497 | $ | 17,987 | (47.2) | % | ||||||||||||||
Provision for income taxes | 202 | — | — | |||||||||||||||||
Debt issuance cost amortization | 435 | 642 | (32.2) | % | ||||||||||||||||
Other addbacks and one-time expenses, net(a) | (1,145) | 5,135 | (122.3) | % | ||||||||||||||||
Adjusted EBT1 | 8,989 | 23,764 | (62.2) | % | ||||||||||||||||
Less: pro forma taxes(b) | (2,170) | (5,941) | (63.5) | % | ||||||||||||||||
Adjusted net income1 | 6,819 | 17,823 | (61.7) | % | ||||||||||||||||
Pro forma taxes(b) | 2,170 | 5,941 | (63.5) | % | ||||||||||||||||
Depreciation and amortization | 3,366 | 2,413 | 39.5 | % | ||||||||||||||||
Interest expense | 7,442 | 5,744 | 29.6 | % | ||||||||||||||||
Business (non-income) taxes | 210 | 357 | (41.2) | % | ||||||||||||||||
Net gain/loss on fixed asset sale | 2 | 4 | ||||||||||||||||||
Adjusted EBITDA1 | $ | 20,009 | $ | 32,282 | (38.0) | % | ||||||||||||||
Adjusted EPS1: (c) | $ | 0.08 | $ | — | ||||||||||||||||
Weighted average diluted shares outstanding | 84,283,102 | — |
Six Months Ended June 30, | Variance | |||||||||||||||||||
(in thousands, except share and per share data) Unaudited | 2022 | 2021 | % | |||||||||||||||||
Net income | $ | 9,200 | $ | 42,371 | (78.3) | % | ||||||||||||||
Provision for income taxes | 742 | — | — | |||||||||||||||||
Debt issuance cost amortization | 1,044 | 1,163 | (10.2) | % | ||||||||||||||||
Other addbacks and one-time expenses, net(a) | (1,269) | 5,902 | (121.5) | % | ||||||||||||||||
Adjusted EBT1 | 9,717 | 49,436 | (80.3) | % | ||||||||||||||||
Less: pro forma taxes(b) | (2,340) | (12,359) | (81.1) | % | ||||||||||||||||
Adjusted net income1 | 7,377 | 37,077 | (80.1) | % | ||||||||||||||||
Pro forma taxes(b) | 2,340 | 12,359 | (81.1) | % | ||||||||||||||||
Depreciation and amortization | 6,604 | 4,577 | 44.3 | % | ||||||||||||||||
Interest expense | 14,282 | 9,830 | 45.3 | % | ||||||||||||||||
Business (non-income) taxes | 589 | 792 | (25.6) | % | ||||||||||||||||
Net gain/loss on fixed asset sale | 2 | 4 | ||||||||||||||||||
Adjusted EBITDA1 | $ | 31,194 | $ | 64,639 | (51.7) | % | ||||||||||||||
Adjusted EPS1: (c) | $ | 0.09 | $ | — | ||||||||||||||||
Weighted average diluted shares outstanding | 84,377,754 | — |
Three Months Ended June 30, | |||||||||||
(unaudited) | 2022 | 2021 | |||||||||
Weighted average Class A common stock outstanding | 13,525,101 | — | |||||||||
Weighted average Class V voting stock outstanding | 96,114,373 | — | |||||||||
Elimination of earnouts at period end | (25,500,000) | — | |||||||||
Dilutive impact of restricted stock units | 125,383 | — | |||||||||
Dilutive impact of performance stock units | 18,245 | — | |||||||||
Weighted average diluted shares outstanding | 84,283,102 | — |
Three Months Ended June 30, | |||||||||||
(unaudited) | 2022 | 2021 | |||||||||
Adjusted net income (in thousands)1 | $ | 6,819 | $ | 17,823 | |||||||
Weighted average diluted shares outstanding | 84,283,102 | — | |||||||||
Adjusted EPS:1 | $ | 0.08 | $ | — |
Six Months Ended June 30, | |||||||||||
(unaudited) | 2022 | 2021 | |||||||||
Weighted average Class A common stock outstanding | 13,553,308 | — | |||||||||
Weighted average Class V voting stock outstanding | 96,225,804 | — | |||||||||
Elimination of earnouts at period end | (25,500,000) | — | |||||||||
Dilutive impact of restricted stock units | 89,520 | — | |||||||||
Dilutive impact of performance stock units | 9,123 | — | |||||||||
Weighted average diluted shares outstanding | 84,377,754 | — |
Six Months Ended June 30, | |||||||||||
(unaudited) | 2022 | 2021 | |||||||||
Adjusted net income (in thousands)1 | $ | 7,377 | $ | 37,077 | |||||||
Weighted average diluted shares outstanding | 84,377,754 | — | |||||||||
Adjusted EPS:1 | $ | 0.09 | $ | — |
June 30, 2022 | December 31, 2021 | |||||||||||||
Unrestricted cash | $ | 23,472 | $ | 25,064 | ||||||||||
Undrawn debt | $ | 212,400 | $ | 158,100 |
(In thousands, except % change) | Six Months Ended June 30, | Change | ||||||||||||||||||||||||
2022 | 2021 | $ | % | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 102,784 | $ | 84,837 | $ | 17,947 | 21.2 | % | ||||||||||||||||||
Net cash used in investing activities | (164,390) | (47,878) | (116,512) | (243.4) | ||||||||||||||||||||||
Net cash provided by financing activities | 56,882 | 38,163 | 18,719 | (49.0) | ||||||||||||||||||||||
Net (decrease) increase in cash and restricted cash | $ | (4,724) | $ | 75,122 | $ | (79,846) | (106.3) | % |
Borrowing | June 30, | December 31, | Interest Rate as of | Maturity | |||||||||||||||||||||||||||||||||||||
Purpose | Borrower(s) | Capacity | 2022 | 2021 | June 30, 2022 | Date | |||||||||||||||||||||||||||||||||||
Secured borrowing payable | Opportunity Funding SPE II, LLC | $ | 5,123 | $ | 5,123 | $ | 22,443 | 15.00% | — | (2) | |||||||||||||||||||||||||||||||
Senior debt | |||||||||||||||||||||||||||||||||||||||||
Revolving line of credit | Opportunity Funding SPE III, LLC | $ | 175,000 | $ | 134,759 | $ | 119,000 | LIBOR plus 6.00% | January 2024 | ||||||||||||||||||||||||||||||||
Revolving line of credit | Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC (Tranche A) | 75,000 | 37,500 | 45,900 | LIBOR plus 7.25% | June 2025 | |||||||||||||||||||||||||||||||||||
Revolving line of credit | Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC (Tranche B) | 125,000 | 70,000 | — | SOFR plus 6.75% | June 2025 | |||||||||||||||||||||||||||||||||||
Revolving line of credit | Opportunity Funding SPE VI, LLC | — | — | 30,600 | LIBOR plus 7.25% | April 2023 | |||||||||||||||||||||||||||||||||||
Revolving line of credit | Opportunity Funding SPE IV, LLC; SalaryTap Funding SPE, LLC | 45,000 | 7,500 | 7,500 | SOFR plus 0.11% plus 3.85% | February 2024 | |||||||||||||||||||||||||||||||||||
Revolving line of credit | Gray Rock SPV, LLC | 75,000 | 32,683 | — | SOFR plus 7.25% | April 2025 | |||||||||||||||||||||||||||||||||||
Total revolving lines of credit | 495,000 | 282,442 | 203,000 | ||||||||||||||||||||||||||||||||||||||
Term loan, net | OppFi-LLC | 50,000 | 48,795 | 48,578 | LIBOR plus 10.00% | March 2025 | |||||||||||||||||||||||||||||||||||
Total senior debt | $ | 545,000 | $ | 331,237 | $ | 251,578 | |||||||||||||||||||||||||||||||||||
Note payable | OppFi-LLC | $ | 168 | $ | 168 | $ | — | 4.59% | December 2022 |
Period | Total Number of Shares Repurchased | Average Price Paid per Share | Total Number of Shares Purchased as part of the Repurchase Program | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Repurchase Program | ||||||||||||||||||||||
April 1 - April 30, 2022 | — | $ | — | — | $ | 19,000,000 | ||||||||||||||||||||
May 1 - May 31, 2022 | 29,802 | 3.03 | 29,802 | 18,900,000 | ||||||||||||||||||||||
June 1 - June 30, 2022 | 303,516 | 3.34 | 303,516 | 17,850,000 | ||||||||||||||||||||||
Total | 333,318 | $ | 3.31 | 333,318 | $ | 17,850,000 |
Exhibit Number | Description | ||||||||||
10.1†+ | |||||||||||
10.2 | |||||||||||
10.3† | |||||||||||
10.4*† | |||||||||||
31.1* | |||||||||||
31.2* | |||||||||||
32.1** | |||||||||||
32.2** | |||||||||||
101.INS* | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||||||||
101.SCH* | Inline XBRL Taxonomy Extension Schema Document | ||||||||||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||||||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||||||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||||||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||||||||
104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Date: August 9, 2022 | OppFi Inc. | |||||||
By: | /s/ Pamela D. Johnson | |||||||
Pamela D. Johnson | ||||||||
Chief Financial Officer (Principal Financial and Accounting Officer) |
OPPORTUNITY FUNDING SPE III, LLC, as Borrower By:_/s/ Vasili Gerogiannis___________________ Name: Vasili Gerogiannis Title: Chief Capital Officer | |||||
OPPORTUNITY FINANCIAL, LLC, in its individual capacity, as Originator, Servicer, a Seller and a Guarantor By:_/s/ Vasili Gerogiannis___________________ Name: Vasili Gerogiannis Title: Chief Capital Officer | |||||
OPPWIN, LLC, as a Seller and a Guarantor By:_/s/ Vasili Gerogiannis___________________ Name: Vasili Gerogiannis Title: Chief Capital Officer OPPFI MANAGEMENT HOLDINGS, LLC, as a Guarantor By:_/s/ Vasili Gerogiannis___________________ Name: Vasili Gerogiannis Title: Chief Capital Officer OPPORTUNITY FINANCIAL CARD COMPANY, LLC as a Guarantor By:_/s/ Vasili Gerogiannis___________________ Name: Vasili Gerogiannis Title: Chief Capital Officer |
/s/ Todd G. Schwartz | |||||
Todd G. Schwartz | |||||
Chief Executive Officer (Principal Executive Officer) |
/s/ Pamela D. Johnson | |||||
Pamela D. Johnson | |||||
Chief Financial Officer (Principal Financial and Accounting Officer) |
/s/ Todd G. Schwartz | |||||
Todd G. Schwartz | |||||
Chief Executive Officer (Principal Executive Officer) |
/s/ Pamela D. Johnson | |||||
Pamela D. Johnson | |||||
Chief Financial Officer (Principal Financial and Accounting Officer) |