Press Release: Oportun First Quarter 2020 Revenue Up 18 Percent

新闻稿:Oportun 2020年第一季度收入增长18%

2020/05/15 04:05  道琼斯

Press Release: Oportun First Quarter 2020 Revenue Up 18 Percent

Oportun First Quarter 2020 Revenue Up 18 Percent

Managed Principal Balance at End of Period Up 20 Percent

Book Value Per Share of $17.81 and Adjusted Tangible Book Value Per Share of $17.27

SAN CARLOS, Calif., May 14, 2020 (GLOBE NEWSWIRE) -- Oportun Financial Corporation (Nasdaq: OPRT) ("Oportun" and the "Company") today reported financial results for the first quarter ended March 31, 2020.

"Oportun is demonstrating its resiliency in this challenging environment as we remain focused and responsive to the needs of our customers and employees," said Raul Vazquez, CEO of Oportun. "The decisive and proactive actions to adapt our credit underwriting, enhance our customer servicing and manage our liquidity will help ensure that we can continue serving as many of our customers as possible, and I am confident that our company will be even stronger when this crisis finally recedes. I want to express my gratitude once again to our employees for living our values and making it possible to continue fulfilling our mission of serving our communities."

First Quarter 2020 Financial Results


-- Aggregate Originations were $432.8M, up 4% year-over-year ("Y/Y")

-- Active Customers of 777,194, up 11% Y/Y

-- Managed Principal Balance at End of Period was $2.2B, up 20% Y/Y

-- 30+ Day Delinquency Rate of 3.8% as compared to 3.6% for the prior-year
period

-- Annualized Net Charge-Off Rate of 8.9% as compared to 8.3% for the
prior-year period

-- Total revenue and Fair Value Pro Forma ("FVPF") Total Revenue of $163.4M,
up 18% and 19% Y/Y, respectively

-- Net loss of $13.3M as compared to net income of $14.6M in the prior-year
period

-- Adjusted Net Loss of $1.2M as compared to Adjusted Net Income of $9.6M in
the prior-year period

-- Loss per share of $0.49 as compared to earnings per share of $0.57 in the
prior-year period

-- Adjusted Loss Per Share of $0.04 as compared to Adjusted Earnings Per
Share of $0.43 in the prior-year period

-- Book Value of $483.5 million, or $17.81 per share, and Adjusted Tangible
Book Value of $468.8 million, or $17.27 per share, and

-- Adjusted EBITDA of $17.9M as compared to $18.9M in the prior-year period

Operating Results



Metric GAAP Adjusted(1)
1Q20 1Q19 1Q20 1Q19
Total revenue $163.4 $138.3 $163.4 $137.4
Net income (loss) ($13.3) $14.6 ($1.2) $9.6
Diluted earnings (loss)
per share ($0.49) $0.51 ($0.04) $0.43
Annualized Net Charge-Off
Rate 8.9% 8.3% 8.9% 8.3%


Dollars in millions, except net charge-off rate and per share amounts.




(1) To facilitate useful measures for period-to-period comparisons of
its business, the Company presents key financial information on an
adjusted basis, as if the fair value option had been elected since
inception for all loans originated and held for investment and all
asset-backed notes issued. FVPF total revenue and the other adjusted
figures are non-GAAP financial measures, which the Company reports in
addition to, and not as a substitute for, financial measures
calculated in accordance with GAAP. See the section entitled "About
Non--GAAP Financial Measures" for an explanation of non--GAAP
measures, and the table entitled "Reconciliation of Non--GAAP
Financial Measures" for a reconciliation of non--GAAP to GAAP
measures.

First Quarter 2020 -- Financial and Operating Highlights





To facilitate useful measures for period-to-period comparisons, the Company has provided below unaudited financial information for the three-month periods ended March 31, 2020 and 2019 on a GAAP basis as well as a FVPF Adjusted basis. The FVPF and adjusted financial results reflect the Company's performance as if the fair value option had been elected since inception for all loans originated and held for investment and all asset-backed notes issued. All figures are as of March 31, 2020, unless otherwise noted.

Since late January, Oportun has consistently monitored and proactively navigated the COVID-19 pandemic. The Company has taken actions to manage its business in a thoughtful and conservative manner throughout this fluid situation, while ensuring the health and safety of employees and prudently pursuing its mission to provide customers with greater access to affordable financial services. Oportun believes it is well positioned strategically and financially to adapt its business to the current environment.

Safeguarding employees and customers

The health and safety of Oportun's employees and customers is paramount as the Company fulfills its responsibility as part of an "Essential Critical Infrastructure Sector" of maintaining operations to support customers in need. Oportun is taking all necessary healthcare precautions in accordance with the guidelines of the Center for Disease Control and Prevention and state and local authorities. The Company has adopted social distancing procedures and other safety protocols within its retail locations and contact centers. As of April 30, 2020, 337 of Oportun's 342 retail locations remained open and all six of its contact centers continue to operate. Additionally, Oportun has increased the benefits it offers to employees, including increased sick leave, stipends to cover incremental childcare expenses, cash advances and access to its employee assistance fund. Whenever necessary, the Company's teams have seamlessly adapted to working remotely.

First Quarter 2020 Financial Results

Total Revenue and FVPF Total Revenue -- Total revenue for the first quarter was $163.4 million, increasing 18% compared to the prior-year quarter. FVPF Total Revenue was $163.4 million for the first quarter, up 19% compared to the prior-year quarter. The increase in total revenue and FVPF Total Revenue is primarily attributable to growth in our Average Daily Principal Balance, which grew from $1.5 billion for the three months ended March 31, 2019 to $1.9 billion for the three months ended March 31, 2020, an increase of 22.0%. This was partially offset by a decrease in portfolio yield of 14 basis points due to returning customers receiving lower interest rates.

Net Income (Loss) and Adjusted Net Income (Loss) -- Net income (loss) was $(13.3) million, as compared to $14.6 million in the prior-year quarter. Adjusted Net Income (Loss) was $(1.2) million compared to $9.6 million in the prior-year quarter. The decreases in net income and Adjusted Net Income reflect a reduction in the fair value of the Company's loan portfolio in the first quarter as a result of the macro-economic changes associated with the COVID-19 pandemic and higher interest rates and credit spreads as compared to the prior-year quarter. The decrease in fair value associated with the mark-to-market decrease in loans receivable was partially offset by a mark-to-market increase related to the reduction in value of the Company's asset-backed notes and current period charge-offs.

Earnings (Loss) Per Share and Adjusted EPS -- GAAP net loss per share, basic and diluted, were both $(0.49), as compared to basic and diluted earnings per share of $0.57 and $0.51, respectively, in the prior-year quarter. Adjusted EPS was $(0.04) as compared to $0.43 in the prior-year quarter.

Adjusted EBITDA -- Adjusted EBITDA was $17.9 million, down from $18.9 million in the prior-year quarter. The Company believes that Adjusted EBITDA is a useful metric because it is a proxy for Oportun's pre-tax cash profitability. In addition to adding back taxes, depreciation, amortization, stock-based compensation and one-time events, Adjusted EBITDA also excludes the non-cash impact of fair value accounting. Adjusted EBITDA as a percentage of FVPF Total Revenue was 10.9% and 13.7% for the first quarter 2020 and 2019, respectively. The lower Adjusted EBITDA Margin compared to the prior-year quarter was primarily due to reduced originations and lower application volumes in the second half of March, along with investments associated with new products and services as well as additional investments in technology, engineering, data science and public company expenses.

Credit and Operating Metrics

As news of the pandemic's spread began to surface, Oportun proactively implemented a series of changes to its underwriting criteria to reduce the Company's credit-loss exposure. Oportun has also reduced loan sizes by credit tier to better manage credit outcomes. Oportun remains committed to working with its customers during this uncertain time. Starting the last week of March, the Company began offering initial emergency hardship deferments of one month to customers who indicated they had been economically impacted by the COVID-19 pandemic. Oportun may consider Emergency Hardship Deferrals, granted one month at a time, for borrowers who continue to be impacted. As of April 30, 2020, 14.6% of its Owned Principal Balance at End of Period was in deferral status under the Emergency Hardship Deferral program. This number had decreased to 8.6% as of May 12, 2020.

Net Charge-Off Rate -- The Annualized Net Charge-Off Rate for the quarter was 8.9%, compared to 8.3% for the prior-year quarter. The Annualized Net Charge-Off Rate for the month of April was 9.4%.

Delinquency Rate -- 30+ day delinquencies were 3.8% at the end of the quarter, compared to 3.6% at the end of the prior-year quarter, consistent with the Company's preliminary estimate. For the periods ending April 30, 2020 and May 12, 2020, the 30+ day delinquencies were 4.0% and 4.1%, respectively.

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May 14, 2020 16:05 ET (20:05 GMT)

新闻稿:Oportun 2020年第一季度收入增长18%

波顿2020年第一季度收入增长18%

期末管理本金余额上升20%

每股账面价值为17.81美元,调整后每股有形账面价值为17.27美元

亚洲网加利福尼亚州圣卡洛斯5月14日电Oportun金融公司(纳斯达克市场代码:OPRT)(以下简称“Oportun”和“公司”)今天公布了截至2020年3月31日的第一季度财务业绩。

Oportun首席执行官劳尔·巴斯克斯(Raul Vazquez)表示:“Oportun正在展示其在这个充满挑战的环境中的弹性,因为我们仍然专注于并响应我们客户和员工的需求。”“调整我们的信贷承保、加强我们的客户服务和管理我们的流动性的果断和积极主动的行动,将有助于确保我们能够继续为尽可能多的客户提供服务,我相信,当这场危机最终消退时,我们的公司将变得更加强大。我想再次对我们的员工表示感谢,感谢他们践行我们的价值观,使我们有可能继续履行我们服务社区的使命。”

2020年第一季度财务业绩


-总发起额为4.328亿美元,同比增长4%(“Y/Y”)

-活跃客户777,194人,同比增长11%

-期末管理本金余额为22亿美元,同比增长20%

-30天以上拖欠率为3.8%,而上一年为3.6%
周期

-年化净冲销率为8.9%,而年化净冲销率为8.3%
上一年期间

-总收入和公允价值预计(“FVPF”)总收入为1.634亿美元,
同比分别增长18%和19%

-净亏损1330万美元,而上年净收益为1460万美元
周期

-调整后净亏损120万美元,而#年调整后净收益为960万美元
上一年期间

-每股亏损0.49美元,而全年每股收益为0.57美元
上一年期间

-调整后每股亏损0.04美元,与调整后每股收益相比
上年同期的份额为0.43美元

-账面价值4.835亿美元,或每股17.81美元,调整后的有形资产
账面价值4.688亿美元,或每股17.27美元,以及

-调整后的EBITDA为1790万美元,而去年同期为1890万美元

经营业绩



调整后的公制GAAP(%1)
1Q20 1Q19 1Q20 1Q19
总收入$163.4$138.3$163.4$137.4
净收益(亏损)(13.3美元)14.6美元(1.2美元)9.6美元
摊薄收益(亏损)
每股(0.49美元)0.51美元(0.04美元)0.43美元
年化净冲销
利率8.9%8.3%8.9%8.3%


百万美元,不包括净冲销率和每股金额。




(1)便利采取有用的措施进行期间与期间的比较
作为其业务的一部分,该公司将在以下情况下提供关键的财务信息
调整后的基准,就好像公允价值期权是从
为投资而发起和持有的所有贷款的发起和所有
发行的资产担保票据。FVPF总收入和其他调整后的
这些数字是非GAAP财务衡量标准,公司在
是对财务措施的补充,而不是作为替代措施
按照公认会计原则计算。请参阅标题为“关于”的部分
“非GAAP财务计量”对非GAAP的解释
措施“和题为”非公认会计准则对账“的表格
非GAAP与GAAP对账的“财务措施”
措施。

2020年第一季度--财务和运营亮点





为了便于采取有用的措施进行期间间比较,本公司提供了以下基于GAAP以及FVPF调整后的截至2020年3月31日和2019年3月31日的三个月期间的未经审计财务信息。FVPF和调整后的财务结果反映了公司的业绩,就好像自成立以来为所有发起和持有的投资贷款以及所有发行的资产担保票据选择了公允价值选择权一样。除另有说明外,所有数据均为截至2020年3月31日。

自1月下旬以来,波顿一直在监测和积极应对冠状病毒大流行。在这种多变的情况下,公司已经采取行动,以深思熟虑和保守的方式管理其业务,同时确保员工的健康和安全,并谨慎地履行其使命,为客户提供更多获得负担得起的金融服务的机会。波顿认为,它在战略和财务上处于有利地位,可以使其业务适应当前的环境。

保障员工和客户的安全

Oportun的员工和客户的健康和安全是最重要的,因为公司履行了其作为“基本关键基础设施部门”的一部分的责任,即维持运营以支持有需要的客户。Oportun正在根据疾病控制和预防中心以及州和地方当局的指导方针采取一切必要的医疗预防措施。该公司在其零售点和联系中心内采用了社交距离程序和其他安全协议。截至2020年4月30日,奥波顿342家零售店中的337家仍在营业,其所有6个联系中心都在继续运营。此外,Oportun还增加了向员工提供的福利,包括增加病假、支付递增的育儿费用的津贴、现金预付款和获得员工援助基金。只要有必要,公司的团队就可以无缝地适应远程工作。

2020年第一季度财务业绩

总收入和FVPF总收入--第一季度总收入为1.634亿美元,比去年同期增长18%。第一季度FVPF总收入为1.634亿美元,比去年同期增长19%。总收入和FVPF总收入的增长主要是由于我们的平均每日本金余额的增长,从截至2019年3月31日的三个月的15亿美元增长到截至2020年3月31日的三个月的19亿美元,增长了22.0%。这部分被投资组合收益率下降14个基点所抵消,原因是回头客获得了较低的利率。

净收益(亏损)和调整后的净收益(亏损)--净收益(亏损)为1330万美元,而去年同期为1460万美元。调整后的净收益(亏损)为120万美元,而去年同期为960万美元。净收入和调整后净收入的减少反映了公司第一季度贷款组合的公允价值减少,这是与冠状病毒大流行相关的宏观经济变化以及与去年同期相比更高的利率和信贷利差的结果。与应收贷款按市价计价减少相关的公允价值减少被与公司资产支持票据价值减少和本期冲销相关的按市价计价增加部分抵消。

每股收益(亏损)和调整后每股收益--GAAP基本和稀释后每股净亏损均为0.49美元,而去年同期的基本和稀释后每股收益分别为0.57美元和0.51美元。调整后的每股收益为0.04美元,而去年同期为0.43美元。

调整后的EBITDA--调整后的EBITDA为1790万美元,低于去年同期的1890万美元。该公司认为,调整后的EBITDA是一个有用的指标,因为它代表了波顿公司的税前现金盈利能力。除了增加补缴税款、折旧、摊销、基于股票的补偿和一次性事件外,调整后的EBITDA还排除了公允价值会计的非现金影响。2020年第一季度和2019年第一季度,调整后的EBITDA占FVPF总收入的百分比分别为10.9%和13.7%。与去年同期相比,调整后的EBITDA利润率下降的主要原因是3月下半月原始量和申请量减少,以及与新产品和服务相关的投资,以及在技术、工程、数据科学和上市公司开支方面的额外投资。

信用和运营指标

随着疫情蔓延的消息开始浮出水面,波顿主动对其承保标准进行了一系列修改,以减少公司的信用损失风险。Oportun还按信用级别减少了贷款规模,以更好地管理信贷结果。在这段不确定的时期,Oportun仍然致力于与客户合作。从3月份的最后一周开始,该公司开始向那些表示他们受到冠状病毒大流行的经济影响的客户提供最初一个月的紧急困难延期。波顿可能会考虑为继续受到影响的借款人提供紧急困难延期,每次批准一个月。截至2020年4月30日,根据紧急困难延期计划,其在期末拥有的本金余额的14.6%处于延期状态。截至2020年5月12日,这一数字已降至8.6%。

净冲销率--该季度的年化净冲销率为8.9%,而去年同期为8.3%。4月份的年化净撇账率为9.4%。

拖欠率--本季度末30天以上的拖欠率为3.8%,而上一年季度末为3.6%,这与公司的初步估计一致。截至2020年4月30日和2020年5月12日,30天以上的拖欠率分别为4.0%和4.1%。

(更多后续报道)道琼斯通讯社

2020年5月14日东部时间16:05(格林尼治标准时间20:05)

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