The following is a summary of the OppFi Inc. (OPFI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• OppFi reported Q1 revenue growth of 5.8%, totaling $127.3 million.

• Revenue yield increased by 3.5% to 129.5%.

• Recoveries increased significantly by 33.5%.

• Profitability increased considerably with net income rising by $6.2 million and adjusted net income by $4.9 million.

• The firm reported total cash, cash equivalents, and restricted cash of $88.7 million at the end of the quarter.

Business Progress:

• OppFi showcased strong customer payment activity in the first quarter due to prior year's underwriting tests and seasonal factors such as tax refund season.

• Company declared its first-ever special dividend of $0.12 per share and approved a new $20 million share repurchase program.

• Credit performance improved as a result of identifying higher-risk applicants and the development of a new credit model set to launch in Q2.

• The company launched an AI-powered chatbot feature, OppAI.

• Company is exploring potential partnerships or acquisitions aimed at enhancing credit access for underbanked Americans.

• For FY 2024, OppFi is forecasting total revenue of $510 million to $530 million.

More details: OppFi IR

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