OppFi Inc Stock Price, News & Analysis

OppFi Inc. (NYSE: OPFI) announced a significant expansion of its credit facility with Atalaya Capital Management, increasing it from $75 million to $200 million. This enhancement will support the company's strategy for profitable growth and fund receivables growth while refinancing existing debt. CEO Todd Schwartz noted record consumer demand, indicating a robust market position. This upsized facility comes amid inflationary pressures impacting consumers, emphasizing OppFi's commitment to meet increasing credit demand.

OppFi (NYSE: OPFI) announced a $20 million share repurchase program, implementing a 10b5-1 trading plan effective June 10, 2022, to buy back Class A common stock during its quarterly earnings blackout. The Schwartz family purchased $1.9 million of shares at an average price of $3.13, totaling 608,217 shares, believing the stock price is undervalued. These actions reflect confidence in the company's growth prospects, as OppFi emphasizes its commitment to facilitating credit access to underserved consumers.

OppFi reported a 20% revenue increase year-over-year to $100.7 million for Q1 2022, alongside a remarkable 63% growth in net originations to $162.8 million. Ending receivables grew 38% to $338.5 million. The company experienced a net loss of $(0.3 million, with adjusted net income at $0.6 million and basic EPS at $0.08. OppFi reaffirms its full-year 2022 guidance, anticipating 20% to 25% growth in revenue and receivables, with a target adjusted EBITDA margin between 20% and 25%.

OppFi Inc. (NYSE: OPFI) has appointed Manuel Chagas as Chief Operating Officer and Shaun Smolarz as Head of Investor Relations. Chagas will oversee operations and banking partnerships, aiming for improved productivity and employee engagement. He brings valuable experience from Discover Financial Services. Smolarz, with over a decade in capital markets, will enhance investor relations and expand analyst coverage. Both appointments are expected to bolster OppFi's growth strategy and shareholder value.

OppFi Inc. (NYSE: OPFI) will report its first quarter 2022 financial results on May 5, 2022, before the market opens. Following the release, management will host a conference call at 9:00 am ET to discuss the results and future outlook. Investors can access the call via dial-in numbers or through the company's Investor Relations webpage. An archived version of the conference call will be available for replay until May 19, 2022.

OppFi Inc. (NYSE: OPFI) has appointed Ms. Pamela Johnson as its new Chief Financial Officer, succeeding Mr. Shiven Shah, who held the position for five years. Johnson, who previously served as Chief Accounting Officer at OppFi, has over a decade of experience in finance, including roles at Heights Finance Corporation and Pioneer Financial Services. The transition is expected to be seamless as Shah will assist in an advisory role until the end of Q2 2022. This management change is anticipated to strengthen OppFi’s financial leadership amidst its mission for financial inclusion.

OppFi reported solid financial results for Q4 and full-year 2021 with net income of $17 million for Q4 and $90 million for the year. The company's adjusted net income rose by 19% year over year to $66 million. Revenue increased 4% to $95.96 million in Q4 and 20.5% to $350.57 million for the full year. Notable metrics include a 25% growth in net originations and a record total of $595 million for the year. Ending receivables also grew by 22% year over year. For 2022, the company anticipates revenue growth between 20% to 25% year-over-year.

OppFi (NYSE: OPFI) has filed a Complaint for Declaratory and Injunctive Relief against California's Department of Financial Protection and Innovation. The complaint, submitted on March 7, 2022, seeks to affirm that California's interest rate caps do not apply to loans from its bank partners. OppFi asserts that prior court rulings support its position, allowing it to serve approximately 7.2 million Californians needing credit. The company emphasizes its legal practices are compliant with both state and federal law.

OppFi (NYSE:OPFI) will release its fourth quarter and full year 2021 financial results on March 10, 2022, post-market. A conference call and webcast will follow at 5:00 pm ET to discuss these results, accessible via their Investor Relations page. The company is recognized for its financial technology services that help consumers access credit, with strong customer ratings and multiple accolades, including being part of the Inc. 5000 for six consecutive years.