OppFi Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>OppFi Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations.</b>

AI Summary

OppFi Inc. (OPFI-WT) filed a Annual Report (10-K) with the SEC on March 27, 2024. OppFi Inc. filed its 2023 Form 10-K on March 27, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 130 E. Randolph Street, Suite 3400, Chicago, IL 60601. OppFi Inc. was formerly known as FG New America Acquisition Corp. until July 17, 2020. The SIC code for OppFi Inc. is 6199 (Finance Services).

Why It Matters

For investors and stakeholders tracking OppFi Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of OppFi's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors assessing the company's current standing and future prospects. Understanding the details within this filing is essential for stakeholders to evaluate the company's compliance with financial reporting standards and its strategic direction in the finance services sector.

Risk Assessment

Risk Level: medium — OppFi Inc. shows moderate risk based on this filing. The company operates in the finance services sector, which is subject to significant regulatory oversight and market fluctuations, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess OppFi Inc.'s performance and potential risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-27 — Filing Date (Date of submission)
• 0001818502-24-000005 — Accession Number (Unique identifier for the filing)

Key Players & Entities

• OppFi Inc. (company) — Filer name
• FG New America Acquisition Corp. (company) — Former company name
• 130 E. Randolph Street, Suite 3400, Chicago, IL 60601 (company) — Business address
• 2023-12-31 (date) — Fiscal year end
• 2024-03-27 (date) — Filing date
• 6199 (other) — Standard Industrial Classification

FAQ

Industry Context

OppFi Inc. operates within the finance services industry, providing financial products and services.

Regulatory Implications

As a finance services company, OppFi Inc. is subject to various financial regulations and compliance requirements.

What Investors Should Do

1. Review OppFi Inc.'s detailed financial statements for FY 2023.
2. Analyze the risk factors section for potential business challenges.
3. Compare current year performance with previous fiscal years if available in the full filing.

Key Dates

• 2024-03-27: 10-K Filing — Submission of the annual report for fiscal year 2023.
• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.

Year-Over-Year Comparison

This filing is the 2023 annual report (10-K), providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.0001 — stered Class A common stock, par value $0.0001 per share OPFI New York Stock Exchange
• $11.50 — mon stock, each at an exercise price of $11.50 per share OPFI WS New York Stock Exchan
• $2.04 — al quarter, was $ 30,369,239 based on a $2.04 closing price per share as reported on
• $1,500 — its OppLoans platform is approximately $1,500, payable in installments and for an ave
• $5.8 billion — , 2023, OppFi has facilitated more than $5.8 billion in gross loan issuance covering more th
• $509 million — d 2022, total revenue was approximately $509 million and $453 million, respectively, represe
• $453 m — enue was approximately $509 million and $453 million, respectively, representing perio
• $39 million — i generated net income of approximately $39 million and $3 million for the years ended Dece
• $3 million — income of approximately $39 million and $3 million for the years ended December 31, 2023 a
• $1,000 — U.S. adults cannot afford to pay for a $1,000 emergency expense from their savings. I
• $2,530 — on data in the report, a loan amount of $2,530 is necessary to break even at a 36% APR
• $594 — nts than for large loan amounts, with a $594 loan requiring an APR of 103.5% for a l
• $2,530 b — nder to break even and a loan amount of $2,530 being necessary for a lender to break eve

Filing Documents

• opfi-20231231.htm (10-K) — 2704KB
• exhibit106-oppfixexecutive.htm (EX-10.6) — 90KB
• opfi-20231231x10xkex211xsu.htm (EX-21.1) — 12KB
• opfi-20231231x10xkex231xco.htm (EX-23.1) — 3KB
• opfi-20231231x10xkex311.htm (EX-31.1) — 10KB
• opfi-20231231x10xkex312.htm (EX-31.2) — 10KB
• opfi-20231231x10xkex321.htm (EX-32.1) — 6KB
• opfi-20231231x10xkex322.htm (EX-32.2) — 6KB
• exhibit971-oppfiincpolicyo.htm (EX-97.1) — 28KB
• opfi-20231231_g1.gif (GRAPHIC) — 86KB
• opfi-20231231_g2.jpg (GRAPHIC) — 48KB
• 0001818502-24-000005.txt (&nbsp;) — 13557KB
• opfi-20231231.xsd (EX-101.SCH) — 95KB
• opfi-20231231_cal.xml (EX-101.CAL) — 113KB
• opfi-20231231_def.xml (EX-101.DEF) — 543KB
• opfi-20231231_lab.xml (EX-101.LAB) — 1059KB
• opfi-20231231_pre.xml (EX-101.PRE) — 816KB
• opfi-20231231_htm.xml (XML) — 1874KB

Risk Factors

Item 1A. Risk Factors 19

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 66

C . Cybersecurity

Item 1 C . Cybersecurity 67

Properties

Item 2. Properties 68

Legal Proceedings

Item 3. Legal Proceedings 68

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 68 Part II 69

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 69

[ Reserved ]

Item 6. [ Reserved ] 69

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 69

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 84

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 85

Changes in and Disagreements With Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 127

Controls and Procedures

Item 9A. Controls and Procedures 127

Other Information

Item 9B. Other Information 128

Disclosure Regarding Foreign Jurisdiction that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevent Inspections. 128 Part III 129

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 129

Executive Compensation

Item 11. Executive Compensation 129

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters 129

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 129

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 129 Part IV 130

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 130

Form 10-K Summary

Item 16. Form 10-K Summary 135

Signatures

Signatures 136 2 CAUTIONARY NOTE CONCERNING FACTORS THAT MAY AFFECT FUTURE RESULTS This Annual Report 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. All statements, other than statements of historical fact included in this Form 10-K including, without limitation, statements in "Management's Discussion and Analysis of Financial Condition and Results of Operations" regarding the Company's financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "possible," "continue,"and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management's current beliefs, based on information currently available and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. 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 our business; the impact of challenging macroeconomic and marketplace conditions, including lingering effects of COVID-19 on our business; the impact of stimulus or other government programs; whether we will be successful in obtaining declaratory reli

BUSINESS

ITEM 1. BUSINESS Unless the context otherwise requires, all references in this section to "OppFi" or the "Company" refers to Opportunity Financial, LLC ("OppFi-LLC") and its subsidiaries prior to the consummation of the Business Combination, or to OppFi Inc. and its subsidiaries from and after the Business Combination. OppFi's business and the industry in which OppFi operates is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the section titled "Risk Factors" and elsewhere in this report. These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by OppFi. On July 20, 2021 ("Closing Date"), OppFi completed a business combination pursuant to the Business Combination Agreement ("Business Combination Agreement"), dated as of February 9, 2021, by and among FG New America Acquisition Corp. ("FGNA"), OppFi-LLC, a Delaware limited liability company, OppFi Shares, LLC ("OFS"), a Delaware limited liability company, and Todd Schwartz ("Members' Representative"), in his capacity as the representative of the members of OppFi-LLC ("Members") immediately prior to the closing ("Closing") of the transactions contemplated by the Business Combination Agreement ("Business Combination"). At the Closing, FGNA changed its name to "OppFi Inc." OppFi's Class A common stock, par value $0.0001 per share ("Class A Common Stock") and redeemable warrants exercisable for Class A Common Stock ("Public Warrants") are listed on the New York Stock Exchange ("NYSE") under the symbols "OPFI" and "OPFI WS," respectively. Following the Closing, OppFi is organized in an "Up-C" structure in which substantially all of the assets and the business of the Company are held by OppFi-LLC and its subsidiaries, and OppFi's only direct assets consist of Class A common units of OppFi-LLC ("OppFi Units"). As of December 31, 2023, OppFi owned approximately 17.0% of the OppFi

View Full Filing

View this 10-K filing on SEC EDGAR