OppFi Reports Second Quarter 2023 Results, Raises Full-Year Earnings Outlook
08/09/2023 - 04:05 PM
Total revenue increased 14% year over year to $122.5 million for second quarter of 2023
Net income grew 90% year over year to $18.1 million for second quarter of 2023
Adjusted net income increased 138% year over year to $16.3 million for second quarter of 2023
Basic and Diluted EPS of $0.14 and $0.14 , respectively, for second quarter of 2023
Adjusted EPS of $0.19 for second quarter of 2023
Net charge-off rates decreased sequentially and year over year for second quarter of 2023
Marketing cost per funded loan decreased 23% year over year for second quarter of 2023
Total expenses as a percentage of total revenue decreased 16% year over year for second quarter of 2023
CHICAGO --(BUSINESS WIRE)--
OppFi Inc. (NYSE: OPFI; OPFI WS) (“OppFi” or the “Company”), a mission-driven fintech platform that helps everyday Americans gain access to credit with digital specialty finance products, today reported financial results for the second quarter ended June 30, 2023.
“During the quarter, we further demonstrated our focus on profitability by balancing growth and risk as well as maintaining expense discipline,” said Todd Schwartz, Chief Executive Officer and Executive Chairman of OppFi. “In the second quarter of 2023, we more than doubled adjusted net income, while achieving double-digit revenue growth, on a year-over-year basis.”
“These results were driven by improvement in credit performance, due to adjustments made last year and recent modeling enhancements, as well as continued total expense leverage and growth in recoveries,” concluded Schwartz. “We are raising our guidance for full-year adjusted net income and adjusted earnings per share, based on second quarter results and current business trends.”
Financial Summary
The following tables present a summary of OppFi’s results for the three and six months ended June 30, 2023 and 2022.
(in thousands, except per share data)
Unaudited
Three Months Ended June 30,
Change
2023
2022
%
Total revenue
$
122,486
$
107,875
13.5
%
Net income
$
18,076
$
9,497
90.3
%
Adjusted net income(1)
$
16,255
$
6,819
138.4
%
Adjusted EBITDA(1)
$
35,744
$
20,007
78.7
%
Basic EPS
$
0.14
$
0.26
(46.4
)%
Diluted EPS
$
0.14
$
0.10
36.5
%
Adjusted EPS(1)
$
0.19
$
0.08
137.1
%
(in thousands, except per share data)
Unaudited
Six Months Ended June 30,
Change
2023
2022
%
Total revenue
$
242,860
$
208,585
16.4
%
Net income
$
22,006
$
9,200
139.2
%
Adjusted net income(1)
$
20,691
$
7,377
180.5
%
Adjusted EBITDA(1)
$
55,861
$
31,192
79.1
%
Basic EPS
$
0.16
$
0.33
(53.4
)%
Diluted EPS
$
0.16
$
0.10
55.8
%
Adjusted EPS(1)
$
0.24
$
0.09
179.8
%
(1) Non-GAAP Financial Measures: Adjusted net income, Adjusted EBITDA and Adjusted EPS are financial 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 financial measures to their most directly comparable GAAP financial measures.
Second Quarter Key Performance Metrics
The following tables represent key quarterly metrics. Beginning with this quarter, for all periods presented, the Company has updated its key performance metrics to reflect the Company’s decision to wind down its SalaryTap and OppFi Card businesses. The key performance metrics presented are for the OppLoans product only and exclude the SalaryTap and OppFi Card products. Prior period metrics currently presented may differ slightly than previously reported due to the exclusion of SalaryTap and OppFi Card.
(in thousands) Unaudited
As of and for the Three Months Ended,
June 30, 2023
March 31, 2023
June 30, 2022
Total Net Originations(a)
$
200,640
$
159,596
$
224,919
Ending Receivables(b)
$
397,754
$
369,715
$
395,816
% of Originations by Bank Partners
97
%
95
%
95
%
Net Charge-Offs as % of Total Revenue(c)
36
%
49
%
43
%
Net Charge-Offs as % of Average Receivables(c)
47
%
62
%
52
%
Auto-Approval Rate(d)
72
%
70
%
63
%
a.
Total net originations include both originations by bank partners on the OppFi platform, as well as direct originations by OppFi.
b.
Receivables are defined as the unpaid principal balances of loans at the end of the reporting period.
c.
Annualized net charge-offs as a percentage of total revenue and annualized net charge-offs as a percentage of average receivables (defined as the unpaid principal of loans) represents total charge offs from the period less recoveries as a percent of total revenue and average receivables, respectively. Finance receivables are charged off at the earlier of the time when accounts reach 90 days past due on a recency basis, when OppFi receives notification 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.
Full Year 2023 Guidance Update
Affirm total revenue
$500 million to $520 million , resulting in approximately 10% to 15% growth year over year;
Raise adjusted net income
$29 million to $35 million , from previous range of $24 million to $30 million ; and
Increase adjusted earnings per share
$0.34 to $0.41 based on approximate weighted average diluted share count of 85.0 million, from previous range of $0.28 to $0.35 , based on approximate weighted average diluted share count of 85.0 million.
Conference Call
Management will host a conference call today at 4:30 p.m. ET to discuss OppFi’s financial results and business 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; OPFI WS) is a mission-driven fintech platform that helps everyday Americans gain access to credit with digital specialty finance products. Through its unwavering commitment to customer service, the Company supports consumers, who are turned away by mainstream options, to build better financial health. OppLoans by OppFi maintains a 4.5/5.0 star rating on Trustpilot with more than 3,900 reviews, making the Company one of the top consumer-rated financial platforms online. For more information, please visit oppfi.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 differ 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 full year 2023 guidance, the future performance of OppFi’s platform, and expectations for OppFi’s growth and future financial 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 significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside OppFi’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the impact of general economic conditions, including economic slowdowns, inflation, interest rate changes, recessions, and tightening of credit markets on OppFi’s business; the impact of challenging macroeconomic and marketplace conditions, including lingering effects 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 financing sources will continue to finance the purchase of participation rights in loans originated by OppFi’s bank partners in California ; the impact that events involving financial institutions or the financial 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 financial reporting; the risk that the business combination disrupts current plans and operations; the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of OppFi to grow and manage growth profitably 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 affected by other economic, business, and/or competitive factors; risks related to management transitions; risks related to the restatement of OppFi’s financial statements and any accounting deficiencies or weaknesses related thereto; and other risks and uncertainties indicated from time to time in OppFi’s filings 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 reflect 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 financial 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 defined as Net Income, plus (1) provision for income taxes; (2) amortization of debt issuance costs; (3) other addbacks and one-time expenses; and (4) sublease income. Adjusted Net Income is defined as Adjusted EBT as defined above, adjusted for taxes assuming a tax rate of 24.17% for the three months ended June 30, 2023 and a tax rate of 24.14% for the three months ended June 30, 2022, reflecting 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 defined as Adjusted Net Income as defined above, excluding (1) pro forma and business (non-income) taxes; (2) depreciation and amortization; and (3) interest expense. Adjusted EPS is defined as Adjusted Net Income as defined above, divided by weighted average diluted shares outstanding, which represent shares of both classes of common stock outstanding, excluding 25,500,000 shares related to earnout obligations and including the impact of unvested restricted stock units, unvested performance stock units, and the employee stock purchase plan. These non-GAAP financial measures have not been prepared in accordance with accounting principles generally accepted in the United States and may be different from non-GAAP financial measures used by other companies. OppFi believes that the use of these non-GAAP financial 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, financial measures determined in accordance with GAAP. See “Reconciliation of Non-GAAP Financial Measures” below for reconciliations for OppFi's non-GAAP financial measures to the most directly comparable GAAP financial measures. A reconciliation of projected full year 2023 Adjusted Net Income and projected full year 2023 Adjusted EPS to the most directly comparable GAAP financial measures is not included in this press release because, without unreasonable efforts, the Company is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate these measures.
Second Quarter Results of Operations
Consolidated Statements of Operations
Comparison of the three months ended June 30, 2023 and 2022
The following table presents consolidated results of operations for the three months ended June 30, 2023 and 2022 (in thousands, except number of shares and per share data, unaudited).
Three Months Ended June 30,
Change
2023
2022
$
%
Interest and loan related income
$
121,583
$
107,873
$
13,710
12.7
%
Other revenue
903
2
901
45050.0
%
Total revenue
122,486
107,875
14,611
13.5
%
Change in fair value of finance receivables
(44,043
)
(42,154
)
(1,889
)
4.5
%
Provision for credit losses on finance receivables
(3,866
)
(569
)
(3,297
)
579.4
%
Net revenue
74,577
65,152
9,425
14.5
%
Expenses:
Sales and marketing
12,314
17,804
(5,490
)
(30.8
)%
Customer operations
10,445
10,850
(405
)
(3.7
)%
Technology, products, and analytics
9,779
8,294
1,485
17.9
%
General, administrative, and other
12,474
13,924
(1,450
)
(10.4
)%
Total expenses before interest expense
45,012
50,872
(5,860
)
(11.5
)%
Interest expense
11,231
7,878
3,353
42.6
%
Total expenses
56,243
58,750
(2,507
)
(4.3
)%
Income from operations
18,334
6,402
11,932
186.4
%
Change in fair value of warrant liability
351
3,297
(2,946
)
93.6
%
Other income
79
—
79
—
%
Income before income taxes
18,764
9,699
9,065
93.5
%
Income tax expense
688
202
486
240.6
%
Net income
18,076
9,497
8,579
90.3
%
Less: net income attributable to noncontrolling interest
15,934
6,039
9,895
163.9
%
Net income attributable to OppFi Inc.
$
2,142
$
3,458
$
(1,316
)
(38.1
)%
Earnings per share attributable to OppFi Inc.:
Earnings per common share:
Basic
$
0.14
$
0.26
Diluted
$
0.14
$
0.10
Weighted average common shares outstanding:
Basic
15,632,120
13,525,101
Diluted
15,873,753
84,283,102
Comparison of the six months ended June 30, 2023 and 2022
The following table presents consolidated results of operations for the six months ended June 30, 2023 and 2022 (in thousands, except number of shares and per share data, unaudited).
Six Months Ended June 30,
Change
2023
2022
$
%
Interest and loan related income
$
241,525
$
208,209
$
33,316
16.0
%
Other revenue
1,335
376
959
255.1
%
Total revenue
242,860
208,585
34,275
16.4
%
Change in fair value of finance receivables
(107,161
)
(91,679
)
(15,482
)
16.9
%
Provision for credit losses on finance receivables
(3,936
)
(1,026
)
(2,910
)
283.6
%
Net revenue
131,763
115,880
15,883
13.7
%
Expenses:
Sales and marketing
22,161
31,394
(9,233
)
(29.4
)%
Customer operations
20,706
20,881
(175
)
(0.8
)%
Technology, products, and analytics
19,733
16,523
3,210
19.4
%
General, administrative, and other
24,497
27,515
(3,018
)
(11.0
)%
Total expenses before interest expense
87,097
96,313
(9,216
)
(9.6
)%
Interest expense
22,602
15,326
7,276
47.5
%
Total expenses
109,699
111,639
(1,940
)
(1.7
)%
Income from operations
22,064
4,241
17,823
420.3
%
Change in fair value of warrant liability
504
5,701
(5,197
)
(91.2
)%
Other income
272
—
272
—
%
Income before income taxes
22,840
9,942
12,898
129.7
%
Provision for income taxes
834
742
92
12.4
%
Net income
22,006
9,200
12,806
139.2
%
Less: net income attributable to noncontrolling interest
19,613
4,666
14,947
320.3
%
Net income attributable to OppFi Inc.
$
2,393
$
4,534
$
(2,141
)
(47.2
)%
Earnings per share attributable to OppFi Inc.:
Earnings per common share:
Basic
$
0.16
$
0.33
Diluted
$
0.16
$
0.10
Weighted average common shares outstanding:
Basic
15,336,366
13,553,308
Diluted
15,533,467
84,377,754
Condensed Consolidated Balance Sheets
Comparison of the periods ended June 30, 2023 and December 31, 2022
Unaudited
(in thousands)
June 30, 2023
December 31, 2022
Assets
Cash and restricted cash
$
62,108
$
49,670
Finance receivables at fair value
446,956
457,296
Finance receivables at amortized cost, net
325
643
Other assets
67,991
72,230
Total assets
$
577,380
$
579,839
Liabilities and stockholders’ equity
Current liabilities
$
26,833
$
29,558
Other liabilities
40,289
42,183
Total debt
331,884
347,060
Warrant liabilities
1,384
1,888
Total liabilities
400,390
420,689
Total stockholders’ equity
176,990
159,150
Total liabilities and stockholders' equity
$
577,380
$
579,839
Total cash and restricted cash increased by $12.4 million as of June 30, 2023 compared to December 31, 2022, driven by an increase in received payments relative to originated loans. Finance receivables at fair value decreased by $10.3 million as of June 30, 2023, compared to December 31, 2022 due to lower origination volume and strong repayment activity for the six months ended June 30, 2023. Finance receivables at amortized cost, net decreased by $0.3 million as of June 30, 2023 compared to December 31, 2022, due to the continued rundown of OppFi Card and SalaryTap finance receivables and an increase in the allowance for credit losses. Other assets decreased by $4.2 million as of June 30, 2023 compared to December 31, 2022, mainly driven by a decrease in property, equipment, and software of $2.1 million and amortized debt issuance costs of $0.8 million .
Current liabilities decreased by $2.7 million as of June 30, 2023, compared to December 31, 2022, mainly driven by a decrease in accounts payable of $2.3 million and accrued expenses of $0.4 million . Other liabilities decreased by $1.9 million as of June 30, 2023, compared to December 31, 2022 due to a decrease in the operating lease liability of $0.6 million and the tax receivable agreement liability of $1.3 million . Total debt decreased by $15.2 million as of June 30, 2023, compared to December 31, 2022, driven by a decrease in utilization of revolving lines of credit of $12.8 million and repayment of the secured borrowing payable of $0.8 million and notes payable of $1.6 million . Total equity increased by $17.8 million as of June 30, 2023, compared to December 31, 2022, driven by net income and stock-based compensation.
Financial Capacity and Capital Resources
As of June 30, 2023, OppFi had $26.8 million in unrestricted cash, an increase of $10.6 million from December 31, 2022. As of June 30, 2023, OppFi had an additional $142.4 million of unused debt capacity under its financing facilities for future availability, representing a 30% overall undrawn capacity, an increase from $136.8 million as of December 31, 2022. The increase in undrawn debt was due to using excess cash to pay down debt on the Company’s revolving credit lines. Including total financing commitments of $475.0 million , and cash on the balance sheet of $62.1 million , OppFi had approximately $537.1 million in funding capacity as of June 30, 2023.
Reconciliation of Non-GAAP Financial Measures
Comparison of the three and six months ended June 30, 2023 and 2022
(in thousands, except share and per share data)
Three Months Ended June 30,
Variance
(Unaudited)
2023
2022
%
Net income
$
18,076
$
9,497
90.3
%
Provision for income taxes
688
202
240.6
%
Debt issuance cost amortization
514
435
18.2
%
Other addbacks and one-time expenses, net(a)
2,237
(1,145
)
(295.4
)%
Sublease income
(79
)
—
—
%
Adjusted EBT
21,436
8,989
138.5
%
Less: pro forma taxes(b)
(5,181
)
(2,170
)
138.8
%
Adjusted net income
16,255
6,819
138.4
%
Pro forma taxes(b)
5,181
2,170
138.8
%
Depreciation and amortization
3,317
3,366
(1.5
)%
Interest expense
10,717
7,442
44.0
%
Business (non-income) taxes
274
210
30.5
%
Adjusted EBITDA
$
35,744
$
20,007
78.7
%
Adjusted EPS
$
0.19
$
0.08
Weighted average diluted shares outstanding
84,750,663
84,283,102
(a) For the three months ended June 30, 2023, other addbacks and one-time expenses, net of $2.2 million included a $(0.4) million addback due to the change in fair value of the warrant liabilities, a $(3.1) million addback from the reclassification of OppFi Card finance receivables from assets held for sale to assets held for investment at amortized cost, a $3.8 million expense related to provision for credit losses on the OppFi Card finance receivables, $0.6 million in severance expenses, $0.1 million in retention expenses, $0.8 million in expenses related to stock compensation, and $0.4 million in professional fees related to corporate development. For the three months ended June 30, 2022, other addbacks and one-time expenses, net of $(1.1) million included a $(3.3) million addback due to the change in fair value of the warrant liabilities, $0.5 million in severance expenses, $0.1 million in retention expenses, $1.1 million in expenses related to stock compensation, and a $0.5 million one-time origination fee expense.
(b) Assumes a tax rate of 24.17% for the three months ended June 30, 2023 and 24.14% for the three months ended June 30, 2022, reflecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes.
(in thousands, except share and per share data)
Six Months Ended June 30,
Variance
(Unaudited)
2023
2022
%
Net income
$
22,006
$
9,200
139.2
%
Provision for income taxes
834
742
12.4
%
Debt issuance cost amortization
1,278
1,044
22.4
%
Other addbacks and one-time expenses, net(a)
3,324
(1,269
)
(361.9
)%
Sublease income
(159
)
—
—
%
Adjusted EBT
27,283
9,717
180.8
%
Less: pro forma taxes(b)
(6,592
)
(2,340
)
181.7
%
Adjusted net income
20,691
7,377
180.5
%
Pro forma taxes(b)
6,592
2,340
181.7
%
Depreciation and amortization
6,708
6,604
1.6
%
Interest expense
21,324
14,282
49.3
%
Business (non-income) taxes
546
589
(7.3
)%
Adjusted EBITDA
$
55,861
$
31,192
79.1
%
Adjusted EPS
$
0.24
$
0.09
Weighted average diluted shares outstanding
84,592,228
84,377,754
(a) For the six months ended June 30, 2023, other addbacks and one-time expenses, net of $3.3 million included a $(0.5) million addback due to the change in fair value of the warrant liabilities, a $(0.1) million addback due to partial forgiveness of the secured borrowing payable, a $(3.0) million addback from the reclassification of OppFi Card finance receivables from assets held for sale to assets held for investment at amortized cost, a $3.8 million expense related to provision for credit losses on the OppFi Card finance receivables, $0.6 million in severance expenses, $0.1 million in retention expenses, $2.0 million in expenses related to stock compensation, and $0.4 million in professional fees related to corporate development. For the six months ended June 30, 2022, other addbacks and one-time expenses, net of $(1.3) million included a $(5.7) million addback due to the change in fair value of the warrant liabilities, $2.0 million in severance expenses, $0.1 million in retention expenses, $1.6 million in expenses related to stock compensation, a $0.5 million one-time origination fee expense, and $0.2 million in one-time legal expenses.
(b) Assumes a tax rate of 24.16% for the six months ended June 30, 2023 and a 24.08% tax rate for the six months ended June 30, 2022, reflecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes.
Adjusted Earnings Per Share
Three Months Ended June 30,
(Unaudited)
2023
2022
Weighted average Class A common stock outstanding
15,632,120
13,525,101
Weighted average Class V voting stock outstanding
94,376,910
96,114,373
Elimination of earnouts at period end
(25,500,000
)
(25,500,000
)
Dilutive impact of restricted stock units
238,008
125,383
Dilutive impact of performance stock units
3,625
18,245
Weighted average diluted shares outstanding
84,750,663
84,283,102
(in thousands, except share and per share data)
Three Months Ended
June 30, 2023
Three Months Ended
June 30, 2022
(Unaudited)
$
Per Share
$
Per Share
Weighted average diluted shares outstanding
84,750,663
84,283,102
Net income
$
18,076
$
0.21
$
9,497
$
0.11
Provision for income taxes
688
0.01
202
—
Debt amortization
514
0.01
435
0.01
Other addbacks and one-time expenses
2,237
0.03
(1,145
)
(0.01
)
Sublease income
(79
)
—
—
—
Adjusted EBT
21,436
0.25
8,989
0.11
Less: pro forma taxes
(5,181
)
(0.06
)
(2,170
)
(0.03
)
Adjusted net income
16,255
0.19
6,819
0.08
Six Months Ended June 30,
(Unaudited)
2023
2022
Weighted average Class A common stock outstanding
15,336,366
13,553,308
Weighted average Class V voting stock outstanding
94,558,761
96,225,804
Elimination of earnouts at period end
(25,500,000
)
(25,500,000
)
Dilutive impact of restricted stock units
180,290
89,519
Dilutive impact of performance stock units
16,811
9,123
Weighted average diluted shares outstanding
84,592,228
84,377,754
(in thousands, except share and per share data)
Six Months Ended
June 30, 2023
Six Months Ended
June 30, 2022
(Unaudited)
$
Per Share
$
Per Share
Weighted average diluted shares outstanding
84,592,228
84,377,754
Net income
$
22,006
$
0.26
$
9,200
$
0.11
Provision for income taxes
834
0.01
742
0.01
Debt amortization
1,278
0.02
1,044
0.01
Other addbacks and one-time expenses
3,324
0.04
(1,269
)
(0.02
)
Sublease income
(159
)
—
—
—
Adjusted EBT
27,283
0.32
9,717
0.12
Less: pro forma taxes
(6,592
)
(0.08
)
(2,340
)
(0.03
)
Adjusted net income
20,691
0.24
7,377
0.09
View source version on businesswire.com: https://www.businesswire.com/news/home/20230809518035/en/
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Source: OppFi