The following is a summary of the Oportun Financial Corporation (OPRT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Oportun Financial Corporation has generated a Q1 revenue of $250 million, exceeding their peak guidance range by $12 million.

• The GAAP operating expenses decreased by 15% sequentially and 25% year-over-year, now standing at $110 million.

• The net charge off rate for this quarter was at 12%, at the lower end of their guidance range.

• Both adjusted EBITDA and adjusted net income showed growth compared to the same period last year, with totals of $2 million and $4 million respectively.

Business Progress:

• Oportun Financial Corporation is on track to reach operating expenses of $97.5 million or lower by Q4, 2024. They also plan to exit 2024 with a cost structure that is $240 million below peak levels.

• The company's secured personal loan (SPL) product has expanded into Texas, Florida, Arizona, and New Jersey, with a plan to launch in Illinois this quarter.

• The company made key appointments to the Board of Directors and Board observers to support disciplined execution and growth.

• Furthermore, Oportun noted a successful $200 million Absolute-Backed Security (ABS) deal in the market, coming in as ten times oversubscribed and priced better than expected.

• Initiatives to improve credit outcomes and rigorous underwriting, are expected to continue to improve over the year.

More details: Oportun Financial IR

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