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Earnings Call Summary | OppFi(OPFI.US) Q1 2024 Earnings Conference

moomoo AI ·  May 9 06:21  · Conference Call

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

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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