EX-99.1 2 oppfi-exceedsx2022xguida.htm EX-99.1 oppfi-exceedsx2022xguida
NEWS RELEASE OppFi Exceeds 2022 Guidance with Record Revenue, Provides Positive Outlook For 2023 3/23/2023 Eighth consecutive year of pro�tability Net income of $3.3 million for full-year 2022 Adjusted net income of $5.0 million for full-year 2022 Record total revenue, net originations, and ending receivables for full-year 2022 Marketing cost per new funded loan decreased 20% year over year for full-year 2022 Closed $150 million credit facility with Castlelake, resulting in more than $530 million of funding capacity as of year end First payment default and total delinquency rates trending toward pre-pandemic levels CHICAGO--(BUSINESS WIRE)-- OppFi Inc. (NYSE: OPFI) (“OppFi” or the “Company”), a mission-driven �ntech platform that helps everyday Americans gain access to credit with digital specialty �nance products, today reported �nancial results for the fourth quarter and year ended December 31, 2022. “We delivered record net originations, total revenue and ending receivables in 2022. As a result, we achieved our eighth consecutive year of pro�tability, exceeding our guidance,” said Todd Schwartz, Chief Executive O�cer and Executive Chairman of OppFi. 1


 
“We are optimistic about 2023, while remaining mindful of the continuation of an uncertain macroeconomic environment,” continued Schwartz. “Based on credit adjustments that we implemented in 2022 and our 10-year business history, we are con�dent that we can control our success by balancing origination growth, overall risk, and expenses. First payment default and the total delinquency rates have continued to improve in the �rst quarter of 2023. As a result, we expect adjusted net income to rebound signi�cantly this year, as demonstrated by our full- year guidance.” Financial Summary The following tables present a summary of OppFi’s results for the three and twelve months ended December 31, 2022 and 2021. (in thousands, except per share data) Unaudited   Three Months Ended December 31,   Change       2022       2021   % Total revenue   $ 120,030    $ 95,958  25.1% Net (loss) income   $ (5,199)   $ 17,032  (130.5) % Adjusted net (loss) income(1)   $ (2,790)   $ 11,378  (124.5) % Adjusted EBITDA(1)   $ 9,922    $ 20,441  (51.5) % Basic EPS   $ 0.22    $ 0.85  (74.1) % Diluted EPS(2)   $ (0.22)   $ 0.19  (215.8) % Adjusted EPS(1,2)   $ (0.19)   $ 0.13  (242.3) % (in thousands, except per share data) Unaudited   Year Ended December 31,   Change       2022     2021   % Total revenue   $ 452,859  $ 350,568  29.2% Net income   $ 3,340  $ 89,795  (96.3) % Adjusted net income(1)   $ 4,976  $ 65,819  (92.4) % Adjusted EBITDA(1)   $ 53,866  $ 116,857  (53.9) % Basic EPS(a)   $ 0.51  $ 1.93  (73.6) % Diluted EPS(a)   $ 0.05  $ 0.48  (89.6) % Adjusted EPS(1)   $ 0.06  $ 0.78  (92.4) % 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. (1) Non-GAAP Financial Measures: Adjusted Net Income, Adjusted EBITDA and Adjusted EPS are �nancial measures that have not been prepared in accordance with GAAP. See “Reconciliation of Non-GAAP Financial Measures” below for a detailed description and reconciliation of such Non-GAAP �nancial measures to their most directly comparable GAAP �nancial measures. 2


 
(2) Shares of Class V common stock that are exchangeable into shares of Class A common stock as a result of OppFi's Up-C structure are excluded from the diluted shares calculation in any period in which OppFi reports a loss because the inclusion would be antidilutive. Fourth Quarter Key Performance Metrics The following tables represent key quarterly metrics. (in thousands) Unaudited   As of and for the Three Months Ended,     December 31, 2022   September 30, 2022   December 31, 2021 Total Net Originations(a)   $ 186,526    $ 182,724    $ 186,685  Ending Receivables(b)   $ 402,910    $ 407,730    $ 337,529  % of Originations by Bank Partners     95%     94%     94% Net Charge-O�s as % of Average Receivables(c)     71%     66%     53% Auto-Approval Rate(d)     68%     69%     60% a.Total net originations include both originations by bank partners on the OppFi platform, as well as direct originations by OppFi. b.Ending receivables are de�ned as the unpaid principal balances of loans at the end of the reporting period. c. Annualized net charge-o�s as a percentage of average receivables (de�ned as the unpaid principal of loans) represents total charge o�s from the period less recoveries as a percent of average receivables. Finance receivables are charged o� at the earlier of the time when accounts reach 90 days past due on a recency basis, when OppFi receives noti�cation of a customer bankruptcy or is otherwise deemed uncollectible. d.Auto-Approval Rate is calculated by taking the number of approved loans that are not decisioned by a loan advocate or underwriter (auto-approval) divided by the total number of loans approved.     Share Repurchase Program Update During the fourth quarter, OppFi had no activity on its share repurchase program. For the full-year of 2022, OppFi repurchased 703,914 shares of Class A common stock at an average price of $3.47 per share for a total of $2.4 million. Full-Year 2023 Guidance Total revenue of $500 million to $520 million, resulting in approximately 10% to 15% growth year over year Adjusted net income of $22 million to $28 million Adjusted earnings per share of $0.26 to $0.33 based on an approximate average weighted diluted share count of 84.3 million First Quarter 2023 Guidance Approximately break-even on an adjusted basis Conference Call Management will host a conference call today at 4:30 p.m. ET to discuss OppFi’s �nancial results and business 3


 
outlook. The webcast of the conference call will be made available on the Investor Relations page of the Company's website. The conference call can also be accessed with the following dial-in information: Domestic: (877) 407-0789 International: (201) 689-8562 An archived version of the webcast will be available on OppFi's website. About OppFi OppFi (NYSE: OPFI) is a mission-driven �ntech platform that helps everyday Americans gain access to credit with digital specialty �nance products. Through its unwavering commitment to customer service, the Company supports consumers, who are turned away by mainstream options, to build better �nancial health. OppFi maintains a 4.6/5.0 star rating on Trustpilot with more than 3,600 reviews and an A+ rating from the Better Business Bureau (BBB), making the Company one of the top consumer-rated �nancial platforms online. For more information, please visit opp�.com. Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. OppFi’s actual results may di�er from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "possible," "continue," and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, without limitation, OppFi’s expectations with respect to its �rst quarter and full year 2023 guidance, the future performance of OppFi’s platform, and expectations for OppFi’s growth and future �nancial performance. These forward-looking statements are based on OppFi’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. These forward-looking statements involve signi�cant risks and uncertainties that could cause the actual results to di�er materially from the expected results. Most of these factors are outside OppFi’s control and are di�cult to predict. Factors that may cause such di�erences include, but are not limited to: the impact of general economic conditions, including economic slowdowns, in�ation, interest rate changes, recessions, and tightening of credit markets on OppFi’s business; the 4


 
impact of COVID-19 on OppFi’s business; the impact of stimulus or other government programs; whether OppFi will be successful in obtaining declaratory relief against the Commissioner of the Department of Financial Protection and Innovation for the State of California; whether OppFi will be subject to AB 539; whether OppFi’s bank partners will continue to lend in California and whether OppFi’s �nancing sources will continue to �nance the purchase of participation rights in loans originated by OppFi’s bank partners in California; the impact that events involving �nancial institutions or the �nancial services industry generally, such as actual concerns or events involving liquidity, defaults, or non-performance, may have on OppFi’s business; risks related to the material weakness in OppFi’s internal controls over �nancial reporting; the risk that the business combination disrupts current plans and operations; the ability to recognize the anticipated bene�ts of the business combination, which may be a�ected by, among other things, competition, the ability of OppFi to grow and manage growth pro�tably and retain its key employees; risks related to new products; concentration risk; costs related to the business combination; changes in applicable laws or regulations; the possibility that OppFi may be adversely a�ected by other economic, business, and/or competitive factors; risks related to management transitions; risks related to the restatement of OppFi’s �nancial statements and any accounting de�ciencies or weaknesses related thereto; and other risks and uncertainties indicated from time to time in OppFi’s �lings with the United States Securities and Exchange Commission, in particular, contained in the section or sections captioned “Risk Factors.” OppFi cautions that the foregoing list of factors is not exclusive, and readers should not place undue reliance upon any forward-looking statements, which speak only as of the date made. OppFi does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to re�ect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Non-GAAP Financial Measures This press release includes certain non-GAAP �nancial measures that are unaudited and do not conform to GAAP, such as Adjusted EBT, Adjusted Net Income, Adjusted EBITDA and Adjusted EPS. Adjusted EBT is de�ned as Net Income, plus (1) provision for income taxes; (2) amortization of debt issuance costs; and (3) other addbacks and one-time expenses, including the change in the fair value of warrant liabilities, sublease income, expenses related to the reclassi�cation of OppFi Card receivables as held for sale, one-time legal, accounting, and other expenses related to the Business Combination, stock compensation expenses, board fees, severance, and retention. Adjusted Net Income is de�ned as Adjusted EBT as de�ned above, adjusted for taxes assuming a tax rate of 24.17% for the year ended December 31, 2022 and a tax rate of 21.61% for the year ended December 31, 2021, re�ecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes, in order to allow for a comparison with other publicly traded companies. Adjusted EBITDA is de�ned as Adjusted Net Income as de�ned above, excluding (1) pro forma and business (non-income) taxes; (2) depreciation and amortization; and (3) interest expense. Adjusted EPS is de�ned as Adjusted Net Income as de�ned above, divided by weighted average diluted shares outstanding, which represent shares of both classes of common stock outstanding, excluding 25,500,000 5


 
shares related to earnout obligations and including the impact of unvested restricted stock units, unvested performance stock units, and the employee stock purchase plan. Shares of Class V common stock that are exchangeable into shares of Class A common stock as a result of OppFi's Up-C structure are excluded from the weighted average diluted shares calculation in any period in which OppFi reports a loss because the inclusion would be antidilutive. These non-GAAP �nancial measures have not been prepared in accordance with accounting principles generally accepted in the United States and may be di�erent from non-GAAP �nancial measures used by other companies. OppFi believes that the use of these non-GAAP �nancial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. These non-GAAP measures with comparable names should not be considered in isolation from, or as an alternative to, �nancial measures determined in accordance with GAAP. See “Reconciliation of Non-GAAP Financial Measures” below for reconciliations for OppFi's non-GAAP �nancial measures to the most directly comparable GAAP �nancial measures. A reconciliation of projected 2023 Adjusted Net Income and projected 2023 Adjusted EPS to the most directly comparable GAAP �nancial measures is not included in this press release because, without unreasonable e�orts, the Company is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate these measures. Fourth Quarter Results of Operations Consolidated Statements of Operations Comparison of the three months ended December 31, 2022 and 2021 The following table presents consolidated results of operations for the three months ended December 31, 2022 and 2021 (in thousands, except number of shares and per share data).     Three Months Ended December 31,   Change       2022       2021     $   % Interest and loan related income   $ 119,634    $ 95,448    $ 24,186    25.3% Other revenue     396      510      (114)   (22.4) Total revenue     120,030      95,958      24,072    25.1  Provision for credit losses on �nance receivables     103      (748)     851    (113.8) Change in fair value of �nance receivables     (71,680)     (33,326)     (38,354)   115.1  Net revenue     48,453      61,884      (13,431)   (21.7) Expenses:                Sales and marketing     11,339      17,508      (6,169)   (35.2) Customer operations     10,381      10,225      156    1.5  Technology, products, and analytics     8,590      7,774      816    10.5  General, administrative, and other     17,017      16,153      864    5.3  Total expenses before interest expense     47,327      51,660      (4,333)   (8.4) Interest expense     10,740      6,850      3,890    56.8  Total expenses     58,067      58,510      (443)   (0.8) (Loss) income from operations     (9,614)     3,374      (12,988)   (384.9) Change in fair value of warrant liability     2,328      13,266      (10,938)   (82.5) Other income     53      —      53    —  (Loss) income before income taxes     (7,233)     16,640      (23,873)   (143.5) Provision for income taxes     (2,034)     (392)     (1,642)   418.9  Net (loss) income     (5,199)     17,032      (22,231)   (130.5) Less: net (loss) income attributable to noncontrolling interest     (8,335)     5,603      (13,938)   (248.8) Net income attributable to OppFi Inc.   $ 3,136    $ 11,429    $ (8,293)   (72.6) %                   Earnings per share attributable to OppFi Inc.:                 Earnings per common share:                 Basic   $ 0.22    $ 0.85          Diluted(a)   $ (0.22)   $ 0.19          Weighted average common shares outstanding:                 Basic     14,563,168      13,545,261          Diluted(a)     14,563,168      84,501,795          (a) Shares of Class V common stock that are exchangeable into shares of Class A common stock as a result of OppFi's Up-C structure are excluded from the diluted shares calculation in any period in which OppFi reports a loss because the inclusion would be antidilutive. 6


 
Comparison of the twelve months ended December 31, 2022 and 2021 The following table presents consolidated results of operations for the twelve months ended December 31, 2022 and 2021 (in thousands, except number of shares and per share data).     Year Ended December 31,   Change       2022       2021     $   % Interest and loan related income   $ 451,448    $ 349,029    $ 102,419    29.3% Other revenue     1,411      1,539      (128)   (8.3) Total revenue     452,859      350,568      102,291    29.2  Provision for credit losses on �nance receivables     (1,940)     (929)     (1,011)   108.8  Change in fair value of �nance receivables     (233,959)     (85,960)     (147,999)   172.2  Net revenue     216,960      263,679      (46,719)   (17.7) Expenses:                 Sales and marketing     54,407      52,622      1,785    3.4  Customer operations     42,314      40,260      2,054    5.1  Technology, products, and analytics     33,439      27,442      5,997    21.9  General, administrative, and other     57,980      61,842      (3,862)   (6.2) Total expenses before interest expense     188,140      182,166      5,974    3.3  Interest expense     35,162      24,256      10,906    45.0  Total expenses     223,302      206,422      16,880    8.2  (Loss) income from operations     (6,342)     57,257      (63,599)   (111.1) Gain on forgiveness of PPP loan     —      6,444      (6,444)   (100.0) Change in fair value of warrant liability     9,352      26,405      (17,053)   (64.6) Other income     53      —      53    —  Income before income taxes     3,063      90,106      (87,043)   (96.6) Provision for income taxes     (277)     311      (588)   (189.1) Net income     3,340      89,795      (86,455)   (96.3) Less: net (loss) income attributable to noncontrolling interest     (3,758)     64,241      (67,999)   (105.8) Net income attributable to OppFi Inc.   $ 7,098    $ 25,554    $ (18,456)   (72.2) %                   Earnings per share attributable to OppFi Inc.:                 Earnings per common share:                 Basic   $ 0.51    $ 1.93          Diluted   $ 0.05    $ 0.48          Weighted average common shares outstanding:                 Basic     13,913,626      13,218,119          Diluted     84,256,084      84,474,039          Condensed Balance Sheets Comparison of the periods ended September 30, 2022 and December 31, 2021     December 31, 2022   December 31, 2021 Assets         Cash and restricted cash   $ 49,670  $ 62,362 Finance receivables at fair value     457,296    383,890 Finance receivables at amortized cost, net     643    4,220 Other assets     72,230    51,634 Total assets   $ 579,839  $ 502,106 Liabilities and stockholders’ equity         Current liabilities   $ 71,741  $ 58,967 Total debt     347,060    274,021 Warrant liability     1,888    11,240 Total liabilities     420,689    344,228 Total stockholders’ equity     159,150    157,878 Total liabilities and stockholders’ equity   $ 579,839  $ 502,106 Total cash and restricted cash decreased by $12.7 million as of December 31, 2022 compared to December 31, 2021, driven by an increase in originated loans relative to the timing of received payments. Finance receivables at fair value increased by $73.4 million as of December 31, 2022 compared to December 31, 2021 due to high demand and record origination volume for the year ended December 31, 2022. Finance receivables at amortized cost decreased by $3.6 million primarily due to the reclassi�cation of OppFi Card �nance receivables as held for sale under other assets. Other assets as of December 31, 2022 increased by $20.6 million compared to December 31, 7


 
2021, primarily driven by the addition of an operating lease right of use asset of $13.6 million related to the Company’s headquarters due to the adoption of a new accounting standard, the reclassi�cation of OppFi Card �nance receivables as held for sale, and an increase in amortized debt issuance costs of $2.5 million. Current liabilities increased by $12.8 million driven by the addition of an operating lease liability of $16.6 million, an increase in the tax receivable agreement liability of $2.4 million, and deferred lease revenue of $0.8 million. These increases were partially o�set by a decrease in accrued expenses of $6.4 million. Total debt increased by $73.0 million driven by an increase in utilization of revolving lines of credit of $93.1 million and new notes payable related to insurance premium �nancing of $1.6 million, which was partially o�set by lower secured borrowing payables of $21.7 million. Total equity increased by $1.3 million driven by net income and stock-based compensation, partially o�set by treasury stock as a result of repurchases made under the Company’s share repurchase program. Financial Capacity and Capital Resources As of December 31, 2022, the Company had $16.2 million in unrestricted cash, a decrease of $8.8 million from December 31, 2021. As of December 31, 2022, the Company had an additional $136.8 million of unused debt capacity under its �nancing facilities for future availability, representing a 28% overall undrawn capacity, a decrease from $158.1 million as of December 31, 2021. The reduction in undrawn debt was primarily due to funding of receivables growth. Including total �nancing commitments of $482.5 million, and cash on the balance sheet of $49.7 million, the Company had approximately $532.2 million in funding capacity as of December 31, 2022. Reconciliation of Non-GAAP Financial Measures Comparison of the three and twelve months ended December 31, 2022 and 2021       Three Months Ended December 31,   Variance (in thousands, except share and per share data) Unaudited     2022       2021     % Net (loss) income   $ (5,199)   $ 17,032    (130.5) % Provision for income taxes     (2,034)     (392)   418.9  Debt issuance cost amortization     746      574    30.0  Other addbacks and one-time expenses, net(a)     2,783      (5,530)   (150.3) Adjusted EBT(1)     (3,704)     11,684    (131.7) Less: pro forma taxes(b)     914      (306)   (398.7) Adjusted net (loss) income(1)     (2,790)     11,378    (124.5) Pro forma taxes(b)     (914)     306    (398.7) Depreciation and amortization     3,525      2,992    17.8  Interest expense     9,994      6,275    59.3  Business (non-income) taxes     107      (510)   (121.0) Adjusted EBITDA(1)   $ 9,922    $ 20,441    (51.5) %               Adjusted EPS(1)   $ (0.19)   $ 0.13      Weighted average diluted shares outstanding(c)     14,563,168      84,501,795                    (a) For the three months ended December 31, 2022, other addbacks and one-time expense of $2.8 million included a $(2.3) million addback due to the change in fair value of the warrant liabilities, $0.1 million in income related to the sublease of Company o�ce space, $0.2 million in expenses related to severance and retention, $3.6 million in expenses related to the reclassi�cation of OppFi Card �nance receivables as held for sale, $0.5 million in expenses related to the impairment of the operating lease right of use asset, and $1.0 million in stock-based compensation. For the three months ended December 31, 2021, other addbacks and one-time expenses of $(5.5) million included a $(13.3) million addback due to the change in fair value of the warrant liabilities, $3.4 million in expenses related to one-time legal costs, $2.4 million in expenses related to severance, and $1.8 million in stock-based compensation. (b) Assumes a tax rate of 24.17% for the year ended December 31, 2022 and a tax rate of 21.61% for the year ended December 31, 2021, re�ecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes, in order to allow for a comparison with other publicly traded i 8


 
companies. (c) Shares of Class V common stock that are exchangeable into shares of Class A common stock as a result of OppFi's Up-C structure are excluded from the diluted shares calculation in any period in which OppFi reports a loss because the inclusion would be antidilutive.     Year Ended December 31,   Variance (in thousands, except share and per share data) Unaudited     2022       2021     % Net income   $ 3,340    $ 89,795    (96.3) % Provision for income taxes     (277)     311    (189.1) Debt issuance cost amortization     2,372      2,310    2.7  Other addbacks and one-time expenses, net(a)     1,127      (8,452)   (113.3) Adjusted EBT(1)     6,562      83,964    (92.2) Less: pro forma taxes(b)     (1,586)     (18,145)   (91.3) Adjusted net income(1)     4,976      65,819    (92.4) Pro forma taxes(b)     1,586      18,145    (91.3) Depreciation and amortization     13,581      10,282    32.1  Interest expense     32,789      21,946    49.4  Business (non-income) taxes     934      665    40.5  Adjusted EBITDA(1)   $ 53,866    $ 116,857    (53.9) %               Adjusted EPS(1)   $ 0.06    $ 0.78      Weighted average diluted shares outstanding     84,256,084      84,474,039        (a) For the year ended December 31, 2022, other addbacks and one-time expenses of $1.1 million included a $(9.4) million addback due to the change in fair value of the warrant liabilities, $0.1 million in income related to the sublease of Company o�ce space, $0.1 million in expenses related to one- time legal costs, $2.0 million in expenses related to severance, $1.0 million in expenses related to retention, $3.6 million in expenses related to the reclassi�cation of OppFi Card �nance receivables as held for sale, $0.5 million in expenses related to the impairment of the operating lease right of use asset, and $3.4 million in stock-based compensation. For the year ended December 31, 2021, other addbacks and one-time expenses of $(8.5) million included a $(26.4) million addback due to the change in fair value of the warrant liabilities, a $(6.4) million addback due to the gain on forgiveness of PPP Loan, $6.6 million in public company readiness costs prior to the Business Combination, $5.3 million in expenses related to one-time legal, accounting, and other costs related to the Business Combination, $4.2 million in expenses related to warrant valuation, $3.0 million in expenses related to severance, $0.6 million in management and board fees, $1.8 million in recruiting and salary expense, and $3.0 million in pro�t interest and stock compensation. (b) Assumes a tax rate of 24.17% for the year ended December 31, 2022 and a tax rate of 21.61% for the year ended December 31, 2021, re�ecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes, in order to allow for a comparison with other publicly traded companies. Adjusted Earnings Per Share     Three Months Ended December 31, (unaudited) 2022   2021   Weighted average Class A common stock outstanding 14,563,168  13,545,261  Weighted average Class V voting stock outstanding —  96,420,815  Elimination of earnouts at period end —  (25,500,000) Dilutive impact of restricted stock units —  35,718  Dilutive impact of performance stock units —  —  Dilutive impact of employee stock purchase plan —  —  Weighted average diluted shares outstanding(a) 14,563,168  84,501,795    Three Months Ended December 31, (unaudited)   2022       2021 Adjusted net income (in thousands)(1) $ (2,790)   $ 11,378 Weighted average diluted shares outstanding(a)   14,563,168      84,501,795 Adjusted EPS(1) $ (0.19)   $ 0.13   Year Ended December 31, (unaudited) 2022     2021   9


 
Weighted average Class A common stock outstanding 13,913,626    13,218,119  Weighted average Class V voting stock outstanding 95,724,487    96,746,990  Elimination of earnouts at period end (25,500,000)   (25,500,000) Dilutive impact of restricted stock units 105,928    8,930  Dilutive impact of performance stock units 9,492    —  Dilutive impact of employee stock purchase plan 2,551    —  Weighted average diluted shares outstanding 84,256,084    84,474,039    Year Ended December 31, (unaudited)   2022     2021 Adjusted net income (in thousands)(1) $ 4,976  $ 65,819 Weighted average diluted shares outstanding   84,256,084    84,474,039 Adjusted EPS(1) $ 0.06  $ 0.78 (a) Shares of Class V common stock that are exchangeable into shares of Class A common stock as a result of OppFi's Up-C structure are excluded from the diluted shares calculation in any period in which OppFi reports a loss because the inclusion would be antidilutive. (1) Non-GAAP Financial Measures: Adjusted Net Income, Adjusted EBT, Adjusted EPS and Adjusted EBITDA are �nancial measures that have not been prepared in accordance with GAAP. See “Reconciliation of Non-GAAP Financial Measures” above for a detailed description of such Non-GAAP �nancial measures.   Investor Relations: investors@opp�.com Media Relations: media@opp�.com Source: OppFi 10