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
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.