Oportun beats preliminary Q1 revenue, posts positive EBITDA; adds two directors under Findell pact

Oportun Financial Corp

2024-Q1 EPS reported -$0.68 revenue$250,482,000

Q1 prelim revenue $248-250M (guidance $233-238M); net loss $(30)-(26)M vs $(102.1)M YoY.
Adjusted EBITDA $0-4M (guidance $(14)-(12)M); adjusted net income $0-4M.
Annualized NCO rate 12.0% (in line); 30+ day delinquency 5.2% vs 5.5% YoY.
Appoints Scott Parker (ex-CFO Ryder) to board; Richard Tambor as observer, to stand for election at 2024 annual meeting.
Standstill: Findell (7.7% owner) caps ownership at 9.9%, votes with board, no proxy fights; expenses up to $225k.

item 1.01 item 2.02 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Scott Parker

Director

OPRT · Oportun Financial Corp

Effective: 2024-04-19
Filed: April 22, 2024, 7:59 PM ET

the Board approved an increase in the number of directors on the Board from nine to 10 and appointed Mr. Parker to serve as a member of the Board.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Oportun Financial Corp reported first quarter ended March 31, 2024 results: revenue $248 - $250 million, net income $(30) - $(26) million.

Period: first quarter ended March 31, 2024
Revenue: $248 - $250 million
Net income: $(30) - $(26) million
Result: preliminary results

Exact text from the filing

Rate, 30+ Day Delinquency Rate, Net Loss, Adjusted EBITDA and Adjusted Net Income, for the first quarter as follows: Metric Preliminary Guidance 1Q24 1Q24 1Q23 Total Revenue $248 - $250 million $233 - $238 million $259.5 million Annualized Net Charge-Off Rate 12.0% 12.1% +/- 15 bps 12.1% 30+ Day Delinquency Rate 5.2% 5.1% - 5.3% 2 5.5% Net Income (Loss)

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Scott Parker was appointed as Director at Oportun Financial Corp.

Action: appointed
Role: Director

Exact text from the filing

the Board approved an increase in the number of directors on the Board from nine to 10 and appointed Mr. Parker to serve as a member of the Board.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Oportun Financial Corp entered into Agreement with Findell Capital Management LLC and certain of its affiliates (effective 2024-04-19).

Action: entry
Counterparty: Findell Capital Management LLC and certain of its affiliates
Effective: 2024-04-19

Exact text from the filing

On April 19, 2024, Oportun Financial Corporation (the “Company”) entered into a letter agreement (the “Agreement”) with Findell Capital Management LLC and certain of its affiliates (collectively, “Findell”).

View on SEC.gov

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Oportun Financial Corp filing history →

Source: SEC EDGAR

accession 0001538716-24-000051

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