The following is a summary of the OppFi Inc. (OPFI) Q1 2024 Earnings Call Transcript:
Financial Performance:
OppFi reported Q1 revenue growth of 5.8%, totaling $127.3 million.
Revenue yield increased by 3.5% to 129.5%.
Recoveries increased significantly by 33.5%.
Profitability increased considerably with net income rising by $6.2 million and adjusted net income by $4.9 million.
The firm reported total cash, cash equivalents, and restricted cash of $88.7 million at the end of the quarter.
Business Progress:
OppFi showcased strong customer payment activity in the first quarter due to prior year's underwriting tests and seasonal factors such as tax refund season.
Company declared its first-ever special dividend of $0.12 per share and approved a new $20 million share repurchase program.
Credit performance improved as a result of identifying higher-risk applicants and the development of a new credit model set to launch in Q2.
The company launched an AI-powered chatbot feature, OppAI.
Company is exploring potential partnerships or acquisitions aimed at enhancing credit access for underbanked Americans.
For FY 2024, OppFi is forecasting total revenue of $510 million to $530 million.
More details: OppFi IR
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.