Oportun Financial Corp Files 10-Q for Q2 2024

TL;DR

Oportun Financial Corp's Q2 2024 10-Q is in. Check financials.

AI Summary

Oportun Financial Corp filed its 10-Q for the period ending June 30, 2024. The filing covers financial activities for the first half of 2024 and the second quarter. Key financial data and disclosures related to the company's operations are presented.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational details of Oportun Financial Corp, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures, but the specific financial details within can reveal significant risks or opportunities.

Key Numbers

• 2024-06-30 — Period End Date (The end of the reporting period for this 10-Q filing.)
• 2024-08-09 — Filing Date (The date this 10-Q was officially filed with the SEC.)

Key Players & Entities

• Oportun Financial Corp (company) — Filer of the 10-Q
• 2024-06-30 (date) — End of reporting period
• 2024-08-09 (date) — Filing date
• Progreso Financiero Holdings, Inc. (company) — Former company name

FAQ

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value per share OPRT Nasdaq Global

Filing Documents

• oprt-20240630.htm (10-Q) — 2302KB
• ccw-exhibit102.htm (EX-10.2) — 126KB
• ceocertificationexhibit2q24.htm (EX-31.1) — 10KB
• cfocertificationexhibit2q24.htm (EX-31.2) — 10KB
• section1350certificationex.htm (EX-32.1) — 6KB
• image_1.jpg (GRAPHIC) — 0KB
• image_3.jpg (GRAPHIC) — 0KB
• oprt-20240630_g1.jpg (GRAPHIC) — 70KB
• oprt-20240630_g2.jpg (GRAPHIC) — 173KB
• 0001538716-24-000106.txt ( ) — 9611KB
• oprt-20240630.xsd (EX-101.SCH) — 53KB
• oprt-20240630_cal.xml (EX-101.CAL) — 74KB
• oprt-20240630_def.xml (EX-101.DEF) — 231KB
• oprt-20240630_lab.xml (EX-101.LAB) — 564KB
• oprt-20240630_pre.xml (EX-101.PRE) — 414KB
• oprt-20240630_htm.xml (XML) — 1407KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Changes in Stockholders' Equity 5 Condensed Consolidated Statements of Cash Flow 7 Notes to the Condensed Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 Item 4.

Controls and Procedures

Controls and Procedures 46

OTHER INFORMATION

PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 47 Item 1A.

Risk Factors

Risk Factors 47 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 73 Item 3. Defaults Upon Senior Securities 73 Item 4. Mine Safety Disclosures 74 Item 5. Other Information 74 GLOSSARY 75 Item 6. Exhibits 76 Signature 77 2

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements OPORTUN FINANCIAL CORPORATION Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share data) June 30, December 31, 2024 2023 Assets Cash and cash equivalents $ 72,871 $ 91,187 Restricted cash 163,765 114,829 Loans receivable at fair value 2,714,410 2,962,352 Credit cards receivable held for sale 55,720 — Capitalized software and other intangibles, net 99,688 114,735 Right of use assets - operating 9,947 21,105 Other assets 133,960 107,680 Total assets $ 3,250,361 $ 3,411,888 Liabilities and stockholders' equity Liabilities Secured financing $ 156,436 $ 289,951 Asset-backed notes at fair value 1,583,088 1,780,005 Asset-backed borrowings at amortized cost 836,893 581,468 Acquisition and corporate financing 230,382 258,746 Lease liabilities 21,734 28,376 Other liabilities 67,712 68,938 Total liabilities 2,896,245 3,007,484 Stockholders' equity Common stock, $ 0.0001 par value - 1,000,000,000 shares authorized at June 30, 2024 and December 31, 2023; 35,994,744 shares issued and 35,722,721 shares outstanding at June 30, 2024; 34,741,076 shares issued and 34,469,053 shares outstanding at December 31, 2023 7 7 Common stock, additional paid-in capital 591,731 584,555 Accumulated deficit ( 231,313 ) ( 173,849 ) Treasury stock at cost, 272,023 shares at June 30, 2024 and December 31, 2023 ( 6,309 ) ( 6,309 ) Total stockholders' equity 354,116 404,404 Total liabilities and stockholders' equity $ 3,250,361 $ 3,411,888 See Notes to the Condensed Consolidated Financial Statements. 3 OPORTUN FINANCIAL CORPORATION Condensed Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share data) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue Interest income $ 231,373 $ 240,463 $ 461,963 $ 478,082 Non-interest income 19,023 26,100 38,915 47,993 Total revenue 250,396 266,563 500,878 526,075 Less: Inte

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View this 10-Q filing on SEC EDGAR