Oportun Financial Corp (OPRT): restructuring charge — Oportun cuts 10% of staff (~155 employees); expects $5-6M charge, $38M annual savings; provides preliminary Q4 results

Oportun Financial Corp

Reducing corporate staff by 10%, impacting ~155 employees, and cutting external contractor spending.
Expects non-recurring pre-tax charges of $5M to $6M in Q1 2023.
Anticipates annualized run-rate savings of ~$38M in compensation and benefits beginning 2023.
Announced preliminary Q4 2022 financial results; specific figures not disclosed in this release.

item 2.02 item 2.05 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Oportun Financial Corp reported preliminary financial results for the fourth quarter ended December 31, 2022.

Period: the fourth quarter ended December 31, 2022
Result: preliminary results

Exact text from the filing

On February 9, 2023, Oportun Financial Corporation (the “Company”) issued a press release announcing select preliminary financial results and operating metrics for the fourth quarter ended December 31, 2022.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Oportun Financial Corp announced a restructuring with charges of $5 million to $6 million (approximately 155 employees).

Type: restructuring
Charge: $5 million to $6 million
Headcount: approximately 155 employees

Exact text from the filing

In relation to these and other personnel related activities, management expects to incur non-recurring, pre-tax charges of $5 million to $6 million in the first quarter of 2023.

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3 earnings releases filed in the last 30 days. Browse all earnings releases →

Oportun Financial Corp filing history →

Source: SEC EDGAR

accession 0001538716-23-000014

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