Oportun Financial Corp Files 2023 Annual Report on Form 10-K

Ticker: OPRT · Form: 10-K · Filed: Mar 15, 2024 · CIK: 1538716

Sentiment: neutral

Topics: 10-K, Annual Report, Financial Services, Oportun Financial Corp, SEC Filing

TL;DR

<b>Oportun Financial Corp has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Oportun Financial Corp (OPRT) filed a Annual Report (10-K) with the SEC on March 15, 2024. Oportun Financial Corp filed its 2023 Form 10-K on March 15, 2024. The filing covers the fiscal year ending December 31, 2023. The company was formerly known as Progreso Financiero Holdings, Inc. Oportun Financial Corp is incorporated in Delaware. The company's principal business address is 2 Circle Star Way, San Carlos, CA 94070.

Why It Matters

For investors and stakeholders tracking Oportun Financial Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Oportun's financial health, operational strategies, and risk factors for the past fiscal year, crucial for investors and stakeholders to assess the company's current standing and future prospects. The detailed financial data and disclosures within the 10-K are essential for understanding Oportun's performance in the competitive financial services sector and its compliance with regulatory requirements.

Risk Assessment

Risk Level: medium — Oportun Financial Corp shows moderate risk based on this filing. The company operates in the financial services sector, which is subject to significant regulatory oversight and market volatility, as indicated by the numerous risk factors typically disclosed in a 10-K filing.

Analyst Insight

Review the detailed financial statements and risk factor disclosures in the 10-K to assess Oportun's financial stability and growth potential in the evolving fintech landscape.

Key Numbers

Key Players & Entities

FAQ

When did Oportun Financial Corp file this 10-K?

Oportun Financial Corp filed this Annual Report (10-K) with the SEC on March 15, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Oportun Financial Corp (OPRT).

Where can I read the original 10-K filing from Oportun Financial Corp?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Oportun Financial Corp.

What are the key takeaways from Oportun Financial Corp's 10-K?

Oportun Financial Corp filed this 10-K on March 15, 2024. Key takeaways: Oportun Financial Corp filed its 2023 Form 10-K on March 15, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company was formerly known as Progreso Financiero Holdings, Inc..

Is Oportun Financial Corp a risky investment based on this filing?

Based on this 10-K, Oportun Financial Corp presents a moderate-risk profile. The company operates in the financial services sector, which is subject to significant regulatory oversight and market volatility, as indicated by the numerous risk factors typically disclosed in a 10-K filing.

What should investors do after reading Oportun Financial Corp's 10-K?

Review the detailed financial statements and risk factor disclosures in the 10-K to assess Oportun's financial stability and growth potential in the evolving fintech landscape. The overall sentiment from this filing is neutral.

How does Oportun Financial Corp compare to its industry peers?

Oportun Financial Corp operates within the finance services industry, specifically focusing on providing credit to individuals who may not have access to traditional banking services.

Are there regulatory concerns for Oportun Financial Corp?

As a financial services company, Oportun is subject to various regulations governing lending, consumer protection, and financial reporting, as evidenced by its SEC filings.

Risk Factors

Industry Context

Oportun Financial Corp operates within the finance services industry, specifically focusing on providing credit to individuals who may not have access to traditional banking services.

Regulatory Implications

As a financial services company, Oportun is subject to various regulations governing lending, consumer protection, and financial reporting, as evidenced by its SEC filings.

What Investors Should Do

  1. Analyze Oportun's revenue streams and growth drivers for FY2023.
  2. Evaluate the company's risk management strategies, particularly concerning geographic concentration.
  3. Assess Oportun's financial health and capital structure based on the 10-K data.

Key Dates

Year-Over-Year Comparison

This is the initial 10-K filing for the period ending December 31, 2023, following its previous filings.

Filing Stats: 4,571 words · 18 min read · ~15 pages · Grade level 15.3 · Accepted 2024-03-15 17:19:42

Key Financial Figures

Filing Documents

Forward-Looking Statements

Forward-Looking Statements 3 PART I Item 1.

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 36 I tem 1C. C ybersecurity 36 Item 2.

Properties

Properties 37 Item 3.

Legal Proceedings

Legal Proceedings 37 Item 4. Mine Safety Disclosures 37 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 38 Item 6. Reserved 38 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 39 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 58 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 59 Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34 ) 59 Consolidated Balance Sheets 61 Consolidated Statements of Operation s 62 Consolidated Statements of Changes in Stockholders' Equity 63 Consolidated Statements of Cash Flow 64 Notes to the Consolidated Financial Statements 65 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 87 Item 9A.

Controls and Procedures

Controls and Procedures 87 Item 9B. Other Information 88 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 88 GLOSSARY 89 PART III Item 10. Directors, Executive Officers and Corporate Governance 91 Item 11.

Executive Compensation

Executive Compensation 91 Item 12.

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

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 91 Item 13. Certain Relationships and Related Transactions, and Director Independence 91 Item 14. Principal Account ant Fees and Services 91 PART IV Item 15. Exhibit and Financial Statement Schedules 92 Item 16. Form 10-K Summary 92 Exhibit Index 93

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K, including the documents referenced herein, contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"), concerning our business, operations and financial performance and condition, as well as our plans, objectives and expectations for our business operations and financial performance and condition. Any statements contained herein that are not statements of historical facts are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "aim," "anticipate," "assume," "believe," "contemplate," "continue," "could," "due," "estimate," "expect," "goal," "intend," "may," "objective," "plan," "predict," "potential," "positioned," "seek," "should," "target," "will," "would," and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These forward-looking statements include, but are not limited to, statements about: our future financial performance, including our expectations regarding our revenue, our operating expenses and our ability to achieve and maintain profitability; our ability to increase the volume of loans we make; our ability to manage loan non-performance, delinquencies and charge-off rates; our ability to obtain any additional financing or any refinancing of our debt; our ability to effectively estimate the fair value of our loans receivable held for investment and our asset-backed notes; our expectations regarding the effect of fair value mark-to-market adjustments on our loan portfolio and asset-backed notes; our expectations and management of future growth,

Business

Item 1. Business Company Overview With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers its members with the confidence to build a better financial future. We design our products to holistically address two of the most fundamental challenges to financial health and resilience - access to responsible and affordable credit, and adequate savings. Financial Health in America According to a January 2024 survey by Bankrate, more than half of all Americans do not have enough savings to cover an unplanned expense of $1,000. In 2023, the Financial Health Network ("FHN") reported that more than two-thirds of U.S. households "struggle with spending, saving, borrowing and planning" according to its Financial Health Pulse 2023 U.S. Trends Report. When presented with an unexpected expense they cannot postpone, like a car that won't start when one needs to get to work, or a broken tooth that refuses to be ignored, most people lack adequate savings and will typically require access to credit in order to cover their immediate need. Serving our Members' Financial Needs Oportun recognizes that while most everyone will face an unplanned expense or bill of one kind of another, there are more than a hundred million adults in the United States who Oportun estimates would struggle further because they lack access to responsible and affordable credit when they need it. Many of these people are likely to be declined for any kind of loan or credit card from a mainstream financial services provider, like a bank or credit union. Without access to credit, an unplanned bill of $1,000 or more has the potential to become a life-changing crisis for millions of people. For many of our members, being unable to afford a car repair can lead to them not being able to get to work, which causes loss of income, and perhaps even significant financial insecurity for a family that will now struggle to make the most basic of ends meet. This occurs daily across the count

View Full Filing

View this 10-K filing on SEC EDGAR

View on Read The Filing