Oportun Financial Is Not Providing Forward-Looking Guidance >OPRT

Oportun Financial不提供前瞻性指导>OPRT

2020/05/15 04:08  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.

(MORE TO FOLLOW) Dow Jones Newswires

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

Press Release: Oportun First Quarter 2020 Revenue -2-

Operating Efficiency and Adjusted Operating Efficiency -- Operating Efficiency for the quarter was 60.3% as compared to 56.9% in the prior-year quarter. Adjusted Operating Efficiency for the first quarter was 57.8%, as compared to 55.8% in the prior-year quarter. Adjusted Operating Efficiency decreased as a result of operating expenses growing slightly faster than total revenue. The increase in operating expenses is driven by $4.2 million in investments in new products in the first quarter of 2020, as well as additional investments in technology, engineering, and data science.

Book Value and Adjusted Tangible Book Value -- Book Value for the quarter was $483.5 million, or $17.81 per share, and Adjusted Tangible Book Value was $468.8 million, or $17.27 per share.

Return On Equity ("ROE") and Adjusted ROE -- ROE for the quarter was (11.0)%, as compared to 16.5% in the prior-year quarter. Adjusted ROE for the quarter was (1.0)%, as compared to 10.6% in the prior-year quarter.

Funding and Liquidity

Oportun continues to have more than 12 months of liquidity runway, without accessing the securitization market, due to its well-established and diversified funding program.(1) The Company's balance sheet is characterized by relatively low leverage. Oportun's term securitizations and its warehouse line are non-recourse to Oportun Financial Corporation and its operating subsidiaries. The Company's term securitizations allow it to fund new loan originations for the remainder of each securitization's revolving period; the revolving periods have end dates which range from September 2020 to July 2022.

As of March 31, 2020, cash and cash equivalents were $144.8 million and restricted cash was $61.3 million. FVPF Cost of Debt and FVPF Debt-to-Equity were 4.2% and 3.0x, respectively, for and at the end of the first quarter 2020 as compared to 4.4% and 3.6x, respectively, for and at the end of the prior year. As of March 31, 2020, the Company had $120.0 million of undrawn capacity on its existing $400.0 million warehouse line, which is committed through October 2021 and provided by Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, Jefferies and Natixis, New York Branch. As a result of the decline in loan originations, as of April 30, 2020, we had $188.0 million of undrawn capacity on our warehouse line, as we have transferred certain loans from our warehouse line to pledge to our securitizations. Oportun also continues to sell a percentage of newly originated loans on a whole loan basis at a fixed price pursuant to existing flow sale contracts.



(1) As of March 31, 2020, assumes maintaining operations
and covering all upcoming debt obligations.

Financial Outlook





Given the ongoing uncertainty surrounding the duration and severity of COVID-19, Oportun is not providing forward-looking guidance at this time. The Company anticipates its future financial performance will be impacted by the pandemic, but the magnitude and timing of this impact is too dependent on external factors to reliably set guidance parameters at this time. Oportun will continue to provide updated information as the impact of the pandemic becomes clearer.

Conference Call





As previously announced, Oportun's management will host a conference call to discuss first quarter 2020 results at 5:00 p.m. EDT (2:00 p.m. PDT) today. The dial-in number for the conference call is 877-407-9208 (toll-free) or 201-493-6784 (international). Participants should call in 10 minutes prior to the scheduled start time. A live webcast of the call will be accessible from the Investor Relations page of Oportun's website at https://investor.oportun.com. Both the call and webcast are open to the general public. For those unable to listen to the live broadcast, a replay will be available through Thursday, May 28, 2020, by phone at 844-512-2921 (toll-free) or 412-317-6671 (international), passcode 13702485, and a webcast replay will be available at https://investor.oportun.com for one year. An investor presentation that includes supplemental financial information and reconciliations of certain non-GAAP measures to their most directly comparable GAAP measures, will be available on the Investor Relations page of Oportun's website at https://investor.oportun.com prior to the start of the conference call.

About Non-GAAP Financial Measures





This press release presents information about the Company's Fair Value Pro Forma ("FVPF") results, FVPF total revenue, Adjusted Net Income, Adjusted EPS, Adjusted Tangible Book Value Per Share, Adjusted EBITDA, Adjusted Operating Efficiency, and Adjusted Return on Equity, which are non-GAAP financial measures provided as a supplement to the results provided in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Non-GAAP financial measures are provided in addition to, and not as a substitute for, and are not superior to, financial measures calculated in accordance with GAAP. In addition, the non-GAAP measures the Company uses, as presented, may not be comparable to similar measures used by other companies. Reconciliations of non-GAAP to GAAP measures can be found below.

About Oportun





Oportun (Nasdaq: OPRT) is a high-growth, mission-driven Community Development Financial Institution (CDFI). Oportun provides inclusive, affordable financial services powered by a deep, data-driven understanding of its customers and advanced proprietary technology. By lending money to hardworking, low-to-moderate income individuals, Oportun helps them move forward in their lives, demonstrate their creditworthiness, and establish the credit history they need to access new opportunities. Oportun serves customers in English and Spanish; online and over the phone in 19 states, and in person at over 340 retail locations across 9 of those 19 states. For more information, please visit http://www.oportun.com.

Forward-Looking Statements





This press release contains forward-looking statements. All statements other than statements of historical fact contained in this draft press release, including statements as to future results of operations and financial position, liquidity runway, planned products and services, planned investments, business strategy and plans and objectives of management for future operations of Oportun are forward-looking statements. These statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the Oportun's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. You generally can identify these statements by terms such as "expect," "plan," "anticipate," "intend," "target," "project," "predict," "potential," "explore," "outlook," "continue," "may," "seek," "approximately," "believe," or "estimate" and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as "will," "should," "would," "likely" and "could." These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those included in the forward-looking statements. Oportun has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its business, financial condition and results of operations. These risks and uncertainties include those risks described in Oportun's filings with the Securities and Exchange Commission, including Oportun's most recent annual report on Form 10-K, and include, but are not limited to, the extent and duration of the COVID-19 pandemic, market and economic disruptions stemming from the COVID-19 pandemic; Oportun's future financial performance, including trends in revenue, net revenue, operating expenses, and net income; changes in market interest rates; increases in loan delinquencies and charge-offs; Oportun's ability to operate successfully in a highly regulated industry; the effect of management changes; cyberattacks and security vulnerabilities in Oportun's products and services; and the Oportun's ability to compete successfully. The forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, Oportun disclaims any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, there is no assurance that the events or results suggested by the forward-looking statements will in fact occur, and you should not place undue reliance on these forward-looking statements.

Contacts





Investor Contact

Nils Erdmann

650.810.9074

ir@oportun.com

Media Contact

Michael Azzano

Cosmo PR for Oportun

415.596.1978

michael@cosmo-pr.com

Oportun and the Oportun logo are registered trademarks of Oportun, Inc.



Oportun Financial Corporation CONSOLIDATED STATEMENTS
OF OPERATIONS (in millions, except share and per share
data, unaudited)

Three Months Ended
March 31,
2020 2019
Revenue

Interest income $ 150.7 $ 126.7
Non-interest income 12.7 11.6
Total revenue 163.4 138.3
Less:
Interest expense 16.4 14.6
Provision (release)
for loan losses -- (0.4)
Decrease in fair value (66.5) (25.4)
Net revenue 80.6 98.7

Operating expenses:
Technology and
facilities 30.8 21.6
Sales and marketing 24.8 21.3
Personnel 25.6 18.9
Outsourcing and
professional fees 13.6 13.5
General,
administrative and

(MORE TO FOLLOW) Dow Jones Newswires

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

Press Release: Oportun First Quarter 2020 Revenue -3-


other 3.8 3.4
Total operating expenses 98.6 78.7

Income (loss) before
taxes (18.0) 20.0
Income tax expense
(benefit) (4.7) 5.4
Net income (loss) $ (13.3) $ 14.6

Diluted Earnings (Loss)
per Common Share $ (0.49) $ 0.51
Diluted Weighted Average
Common Shares 27,015,730 3,314,387

Note: Numbers may not foot or cross-foot due to rounding.




Oportun Financial Corporation
CONSOLIDATED BALANCE SHEETS
(in millions, unaudited)

March 31, December 31,
2020 2019
Assets
Cash and cash equivalents $ 144.8 $ 72.2
Restricted cash 61.3 64.0
Loans receivable at fair value 1,760.5 1,882.1
Loans receivable at amortized
cost -- 42.5
Less:
Unamortized deferred
origination costs and
fees, net -- (0.1)
Allowance for loan losses -- (4.0)
Loans receivable at amortized
cost, net -- 38.5
Loans held for sale 0.1 0.7
Interest and fees receivable,
net 18.3 17.2
Right of use assets - operating 51.0 50.5
Deferred tax asset 1.3 1.6
Other assets 80.1 75.2
Total assets $2,117.3 $ 2,201.9

Liabilities and stockholders'
equity
Liabilities
Secured financing $ 279.1 $ 60.9
Asset-backed notes at fair
value 999.1 1,129.2
Asset-backed notes at amortized
cost 199.6 359.1
Amount due to whole loan buyer 33.3 33.4
Lease liabilities 53.8 53.4
Deferred tax liabilities 24.7 24.9
Other liabilities 44.3 52.3
Total liabilities 1,633.8 1,713.1
Stockholders' equity
Preferred stock -- --
Preferred stock, additional
paid-in capital -- --
Common stock -- --
Common stock, additional
paid-in capital 421.7 418.3
Convertible preferred and
common stock warrants 0.1 0.1
Accumulated other comprehensive
loss (0.3) (0.2)
Retained earnings 68.2 76.7
Treasury stock (6.1) (6.1)
Total stockholders' equity 483.5 488.8
Total liabilities and
stockholders' equity $2,117.3 $ 2,201.9


Note: Numbers may not foot or cross-foot due to rounding.



Oportun Financial Corporation
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions, unaudited)

Three Months Ended
March 31,
2020 2019
Cash flows from operating
activities
Net income (loss) $ (13.3) $ 14.6
Adjustments for non-cash
items 72.9 28.2
Proceeds from sale of loans
in excess of originations
of loans sold and held for
sale 8.1 5.3
Changes in balances of
operating assets and
liabilities (15.6) (1.0)
Net cash provided by
operating activities 52.1 47.2

Cash flows from investing
activities
Loan originations in excess
of loan repayments
received (32.3) (53.0)
Purchase of fixed assets,
net of sales (1.6) (2.2)
Capitalization of system
development costs (5.5) (2.5)
Net cash used in investing
activities (39.3) (57.7)

Cash flows from financing
activities
Borrowings 235.0 --
Repayments (177.0) --
Net stock-based activities (0.8) 0.1
Net cash provided by
financing activities 57.2 0.1

Net increase (decrease) in
cash and cash equivalents
and restricted cash 70.0 (10.4)
Cash and cash equivalents
and restricted cash
beginning of period 136.1 129.2
Cash and cash equivalents
and restricted cash end of
period $ 206.1 $ 118.7

Note: Numbers may not foot or cross-foot due to rounding.



Oportun Financial Corporation
CONSOLIDATED KEY PERFORMANCE METRICS
(unaudited)

Month Ended(2) Three Months Ended
April 30, March 31,
2020 2020 2019
Aggregate
Originations (1)
(Millions) $ 41.8 $ 432.8 $ 415.8
Number of loans
originated (1)
(Actuals) 11,555 143,150 150,822
Active Customers (1)
(Actuals) 743,232 777,194 699,650
Customer Acquisition
Costs (1)
(Actuals) $ 574 $ 170 $ 141
Owned Principal
Balance at End of
Period (1)
(Millions) $ 1,764.9 $1,831.0 $1,523.0
Managed Principal
Balance at End of
Period (1)
(Millions) $ 2,097.7 $2,180.4 $1,811.8
Average Daily
Principal Balance
(1) (Millions) $ 1,803.9 $1,862.1 $1,526.8
Charge-offs, net of
recoveries (1)
(Millions) $ 13.8 $ 41.4 $ 31.3
30+ delinquent
balance at end of
period (1)
(Millions) $ 70.4 $ 69.9 $ 55.8
30+ Day Delinquency
Rate (1) (%) 4.0% 3.8% 3.6%
Annualized Net
Charge-Off Rate (1)
(%) 9.4% 8.9% 8.3%
Operating Efficiency
(%) 64.9% 60.3% 56.9%
Adjusted Operating
Efficiency (%) 61.6% 57.8% 55.8%
Return on Equity (%) 9.1% (11.0)% 16.5%
Adjusted Return on
Equity (%) 7.0% (1.0)% 10.6%

(1) Credit card amounts have been excluded from these metrics for the three months ended March 31, 2020 because they are de minimis.

(2) Amounts presented for the month ended April 30, 2020 are preliminary.

Note: Numbers may not foot or cross-foot due to rounding.

Oportun Financial Corporation

ABOUT NON-GAAP FINANCIAL MEASURES

(unaudited)





The press release dated May 14, 2020 contains non-GAAP financial measures. The following tables reconcile the non-GAAP financial measures in that press release to the most directly comparable financial measures prepared in accordance with United States Generally Accepted Accounting Principles ("GAAP"). These non-GAAP financial measures include FVPF Total Revenue, Adjusted EBITDA, Adjusted Net Income, Adjusted Operating Efficiency, Adjusted Return on Equity and Adjusted EPS.

The Company believes that the provision of these non-GAAP financial measures can provide useful measures for period-to-period comparisons of Oportun's core business and useful information to investors and others in understanding and evaluating its operating results. However, non-GAAP financial measures are not calculated in accordance with GAAP and should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same names, and may differ from non-GAAP financial measures with the same or similar names that are used by other companies.

Fair Value Pro Forma

Oportun has elected the fair value option to account for all loans held for investment that were originated on or after January 1, 2018, (the "Fair Value Loans"), and for all asset-backed notes issued on or after January 1, 2018, (the "Fair Value Notes"). The Company made this election because, for a fast-growing company that produces high-quality assets such as Oportun, fair value accounting brings its GAAP net income closer to the net cash flow generated by its business, and more in line with its more mature public peers. In order to facilitate comparisons to prior periods, the Company has provided financial information for the three months ended March 31, 2020 and for prior periods on a pro forma basis, or the Fair Value Pro Forma, 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. Upon adoption of ASU 2019-05 effective January 1, 2020, the Company elected the fair value option on all loans receivable previously measured at amortized cost.

Adjusted EBITDA

(MORE TO FOLLOW) Dow Jones Newswires

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

Press Release: Oportun First Quarter 2020 Revenue -4-

The Company defines Adjusted EBITDA as net income (loss), adjusted for the impact of the Company's election of the fair value option and further adjusted to eliminate the effect of certain items as described below. The Company believes that Adjusted EBITDA is an important measure because it allows management, investors and its board of directors to evaluate and compare operating results, including return on capital and operating efficiencies, from period to period by making the adjustments described below. In addition, it provides a useful measure for period-to-period comparisons of Oportun's business, as it removes the effect of income taxes, certain non-cash items, variable charges and timing differences.


-- The Company believes it is useful to exclude the impact of income tax
expense (benefit), as reported, because historically it has included
irregular income tax items that do not reflect ongoing business
operations.

-- The Company believes it is useful to exclude stock-based compensation
expense, net of income tax, because it is a non-cash charge.

-- The Company believes it is useful to exclude depreciation and
amortization expense because it is a non-cash charge.

-- The Company excludes the impact of the litigation reserve because it does
not believe that this item reflects ongoing business operations.

-- The Company also reverses origination fees for Fair Value Loans, net. As
a result of Oportun's election of the fair value option for Fair Value
Loans, the Company recognizes the full amount of any origination fees as
revenue at the time of loan disbursement in advance of collection of
origination fees through principal payments. As a result, the Company
believes it is beneficial to exclude the uncollected portion of such
origination fees, because such amounts do not represent cash received.

-- The Company also reverses the fair value mark-to-market adjustment
because it is a non-cash adjustment.

Adjusted Net Income (Loss)

The Company defines Adjusted Net Income (Loss) as net income (loss) adjusted for the impact of the Company's election of the fair value option and further adjusted to eliminate the effect of certain items as described below. The Company believes that Adjusted Net Income is an important measure of operating performance because it allows management, investors, and Oportun's board of directors to evaluate and compare its operating results, including return on capital and operating efficiencies, from period to period, excluding the after-tax impact of non-cash, stock-based compensation expense and one-time, non-recurring items such as litigation reserves.


-- The Company believes it is useful to exclude the impact of income tax
expense (benefit), as reported, because historically it has included
irregular income tax items that do not reflect ongoing business
operations. The Company also includes the impact of normalized income tax
expense by applying the income tax rate noted in the table.

-- The Company believes it is useful to exclude stock-based compensation
expense, net of income tax, because it is a non-cash charge.

-- The Company excludes the impact of the litigation reserve, net of tax,
because it does not believe that this item reflects its ongoing business
operations.

Adjusted Operating Efficiency

The Company defines Adjusted Operating Efficiency as total Fair Value Pro Forma operating expenses excluding stock-based compensation expense divided by Fair Value Pro Forma Total Revenue. The Company believes Adjusted Operating Efficiency is an important measure because it allows management, investors and Oportun's board of directors to evaluate how efficient the Company is at managing costs relative to revenue.

Adjusted Return on Equity

The Company defines Adjusted Return on Equity ("ROE") as annualized Adjusted Net Income divided by Fair Value Pro Forma average shareholders' equity. The Company believes Adjusted ROE is an important measure because it allows management, investors and Oportun's board of directors to evaluate the profitability of the business in relation to equity and how well the Company generates income from the equity available.

Adjusted EPS

The Company defines Adjusted EPS as Adjusted Net Income divided by weighted average diluted shares outstanding. Weighted-average diluted common shares outstanding have been adjusted to reflect the conversion of all convertible preferred shares as of the beginning of each annual period.

Adjusted Tangible Book Value Per Share ("Adjusted TBVPS")

The Company defines Adjusted TBVPS as Fair Value Pro Forma total stockholders' equity, excluding intangible assets and system development costs, divided by common shares outstanding at period end. The Company believes that Adjusted TBVPS is an important measure because it provides management, investors and our Board with an assessment of value that is more conservative than Book Value Per Share in order to evaluate the financial position, capitalization, and valuation of the business in relation to total shares outstanding at the end of the period. We believe it is important to exclude intangibles, as these would not have standalone value outside the context of the business.



Oportun Financial Corporation
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in millions, unaudited)

Three Months Ended March 31, 2020 Three Months Ended March 31, 2019
As FV FV Pro As FV FV Pro
Reported Adjustments Forma Reported Adjustments Forma
Revenue:
Interest income $150.7 $ -- $ 150.7 $126.7 $ (0.9) $ 125.8
Non-interest
income 12.7 -- 12.7 11.6 -- $ 11.6
Total revenue 163.4 -- 163.4 138.3 (0.9) 137.4
Less:
Interest
expense 16.4 (0.5) 15.9 14.6 (0.3) 14.3
Provision
(release) for
loan losses -- -- -- (0.4) 0.4 --
Net decrease in
fair value (66.5) 11.7 (54.8) (25.4) (7.9) (33.3)
Net revenue 80.6 12.1 92.7 98.7 (8.8) 89.8

Operating
expenses:
Technology and
facilities 30.8 -- 30.8 21.6 -- 21.6
Sales and
marketing 24.8 -- 24.8 21.3 -- 21.3
Personnel 25.6 -- 25.6 18.9 -- 18.9
Outsourcing and
professional
fees 13.6 -- 13.6 13.5 -- 13.5
General,
administrative
and other 3.8 -- 3.8 3.4 -- 3.4
Total operating
expenses 98.6 -- 98.6 78.7 -- 78.7

Income (loss)
before taxes (18.0) 12.1 (5.9) 20.0 (8.8) 11.1
Income tax
expense
(benefit) (4.7) 3.6 (1.1) 5.4 (2.4) 3.0
Net income (loss) $(13.3) $ 8.5 $ (4.8) $ 14.6 $ (6.5) $ 8.1

Adjusted Earnings
(Loss) per Common
Share $ (0.04) $ 0.43
Diluted Adjusted
Weighted Average
Common Shares 27,015,730 22,389,387


Month Ended April 30, 2020(1)
As FV FV Pro
Recorded Adjustments Forma
Revenue
Total Revenue $ 48.6 $ -- $48.6
Less:
Interest
Expense 4.6 (0.1) 4.6
Decrease in
fair value (7.3) (2.8) (10.1)
Net revenue 36.7 (2.8) 34.0
Total
operating
expenses 31.6 -- 31.6
Income before
taxes 5.2 (2.8) 2.4
Income tax
expense 1.5 (0.8) 0.7
Net income $ 3.6 $ (1.9) $ 1.7
(1) Amounts presented
for the month ended
April 30, 2020 are
preliminary.

Note: Numbers may not foot or cross-foot due to rounding.



Oportun Financial Corporation
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in millions, unaudited)

March 31, 2020 March 31, 2019
As FV FV Pro As FV FV Pro
Reported Adjustments Forma Reported Adjustments Forma
Assets
Cash and cash
equivalents $ 144.8 $ -- $ 144.8 $ 58.1 $ -- $ 58.1
Restricted
cash 61.3 -- 61.3 60.6 -- 60.6
Loans
receivable 1,760.5 -- 1,760.5 1,557.5 13.5 1,571.0
Other assets 150.7 -- 150.7 131.1 (4.7) 126.5
Total assets 2,117.3 -- 2,117.3 1,807.4 8.8 1,816.2

Liabilities
Total debt 1,477.8 (10.6) 1,467.2 1,316.4 0.7 1,317.0
Other
liabilities 156.0 3.6 159.6 127.9 3.0 130.8
Total
liabilities 1,633.8 (7.0) 1,626.8 1,444.2 3.6 1,447.9
Total
stockholders'

(MORE TO FOLLOW) Dow Jones Newswires

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

Press Release: Oportun First Quarter 2020 Revenue -5-


equity 483.5 7.0 490.5 363.2 5.2 368.3
Total
liabilities
and
stockholders'
equity $2,117.3 $ -- $2,117.3 $1,807.4 $ 8.8 $1,816.2



April 30, 2020(1)
As FV FV Pro
Recorded Adjustments Forma
Assets

Cash and cash
equivalents $ 132.3 $ -- $ 132.3
Restricted
cash 52.4 -- 52.4
Loans
receivable 1,680.7 -- 1,680.7
Other assets 154.0 -- 154.0
Total Assets 2,019.3 -- 2,019.3

Liabilities
Total debt 1,389.5 (7.8) 1,381.6
Other
liabilities 141.1 2.6 143.7
Total
Liabilities 1,530.5 (5.2) 1,525.3
Total
stockholders'
equity 488.8 5.2 494.0
Total
liabilities
and
stockholders'
equity $ 2,019.3 $ -- $2,019.3
(1) Amounts presented for the month
ended April 30, 2020 are preliminary.

Note: Numbers may not foot or cross-foot due to rounding.



Oportun Financial Corporation
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in millions, unaudited)

Month Ended(1) Three Months Ended
April 30, March 31,
Adjusted EBITDA 2020 2020 2019
Net income (loss) $ 3.6 $ (13.3) $ 14.6
Adjustments:
Fair Value Pro
Forma net income
adjustment (1.9) 8.5 (6.5)
Income tax expense
(benefit) 0.7 (1.1) 3.0
Depreciation and
amortization 1.6 4.7 2.9
Stock-based
compensation
expense 1.6 4.2 2.0
Origination fees
for Fair Value
Loans, net 1.5 1.5 0.8
Fair value
mark-to-market
adjustment (3.7) 13.4 2.1
Adjusted EBITDA $ 3.4 $ 17.9 $ 18.9



Month Ended(1) Three Months Ended
April 30, March 31,
Adjusted Net Income 2020 2020 2019
Net income (loss) $ 3.6 $ (13.3) $ 14.6
Adjustments:
Fair Value Pro
Forma net income
adjustment (1.9) 8.5 (6.5)
Income tax expense
(benefit) 0.7 (1.1) 3.0
Stock-based
compensation
expense 1.6 4.2 2.0
Adjusted income (loss)
before taxes 4.0 (1.7) 13.1
Normalized income
tax expense
(benefit) 1.2 (0.5) 3.5
Adjusted Net Income
(Loss) $ 2.8 $ (1.2) $ 9.6
(1) Amounts presented for the month ended April 30,
2020 are preliminary.

Note: Numbers may not foot or cross-foot due to rounding.



Oportun Financial Corporation
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in millions, except share and per share data, unaudited)

Three Months Ended
March 31,
GAAP Earnings (Loss) per Share 2020 2019
Net income (loss) $ (13.3) $ 14.6
Less: Net income allocated to
participating securities (1) -- (12.9)
Net income (loss)attributable to common
stockholders $ (13.3) $ 1.7

Basic weighted-average common shares
outstanding 27,015,730 2,938,006
Weighted average effect of dilutive
securities:
Stock options -- 317,433
Restricted stock units -- 46,512
Warrants -- 12,436
Diluted weighted-average common shares
outstanding 27,015,730 3,314,387

Earnings (loss) per share:
Basic $ (0.49) $ 0.57
Diluted $ (0.49) $ 0.51



Three Months Ended
March 31,
Adjusted Earnings (Loss) Per Share 2020 2019
Diluted earnings (loss) per share $ (0.49) $ 0.51
Adjusted Net Income (Loss) $ (1.2) $ 9.6

Basic weighted-average common shares
outstanding 27,015,730 2,938,006
Weighted-average common shares
outstanding based on assumed
convertible preferred conversion -- 19,075,000
Weighted average effect of dilutive
securities:
Stock options -- 317,433
Restricted stock units -- 46,512
Warrants -- 12,436
Diluted adjusted weighted-average
common shares outstanding 27,015,730 22,389,387

Adjusted Earnings (Loss) Per Share $ (0.04) $ 0.43

(1) In a period of net income, both earnings and dividends (if any) are allocated to participating securities. In a period of net loss, only dividends (if any) are allocated to participating securities.

Note: Numbers may not foot or cross-foot due to rounding.



Oportun Financial Corporation
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in millions, except share and per share data, unaudited)

April 30, March 31, December 31,
2020(2) 2020 2019
Adjusted Tangible
Book Value Per
Share
Stockholders' equity $ 488.8 $ 483.5 $ 488.8
Adjustments:
Fair Value Pro
Forma
stockholders'
equity
adjustment 5.2 7.0 (1.5)
Intangible
assets, net
(1) (22.8) (21.7) (18.5)
Adjusted Tangible
Book Value $ 471.2 $ 468.8 $ 468.8

Total common shares
outstanding at end
of period 27,171,802 27,143,797 27,003,157

Book Value Per Share $ 17.99 $ 17.81 $ 18.10
Adjusted Tangible
Book Value Per
Share $ 17.34 $ 17.27 $ 17.36

(1) Intangible assets, net consists of trademarks and internally developed software, net.

(2) Amounts presented for the month ended April 30, 2020 are preliminary.

Note: Numbers may not foot or cross-foot due to rounding.

(END) Dow Jones Newswires

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

*DJ Oportun Financial 1Q Rev $163.4M >OPRT



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May 14, 2020 16:07 ET (20:07 GMT)

*DJ Oportun Financial 1Q Loss/Shr 49c >OPRT



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May 14, 2020 16:07 ET (20:07 GMT)

*DJ Oportun Financial 1Q Adj Loss/Shr 4c >OPRT



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May 14, 2020 16:07 ET (20:07 GMT)

*DJ Oportun Financial Is Not Providing Forward-Looking Guidance >OPRT



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May 14, 2020 16:08 ET (20:08 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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)

新闻稿:Oportun 2020年第一季度收入-2-

经营效率和调整后的经营效率--本季度的经营效率为60.3%,而去年同期为56.9%。第一季度调整后的运营效率为57.8%,而去年同期为55.8%。由于运营费用的增长略快于总收入的增长,调整后的运营效率有所下降。运营费用的增长是由2020年第一季度420万美元的新产品投资以及技术、工程和数据科学方面的额外投资推动的。

账面价值和调整后的有形账面价值--该季度的账面价值为4.835亿美元,或每股17.81美元,调整后的有形账面价值为4.688亿美元,或每股17.27美元。

该季度的股本回报率(“ROE”)和调整后的ROE--ROE为(11.0)%,而去年同期为16.5%。该季度调整后的净资产收益率为(1.0)%,而去年同期为10.6%。

资金和流动性

由于其完善和多样化的融资计划,Oportun继续拥有超过12个月的流动性跑道,而不进入证券化市场。(1)该公司的资产负债表的特点是杠杆率相对较低。Oportun的定期证券化及其仓储线对Oportun金融公司及其运营子公司没有追索权。该公司的定期证券化使其能够在每个证券化的循环期的剩余时间内为新的贷款来源提供资金;循环期的结束日期从2020年9月到2022年7月不等。

截至2020年3月31日,现金和现金等价物为1.448亿美元,限制性现金为6130万美元。2020年第一季度末和2020年第一季度末,FVPF债务成本和FVPF债务权益比成本分别为4.2%和3.0倍,而上年末分别为4.4%和3.6倍。截至2020年3月31日,该公司现有的4.0亿美元仓库线上有1.2亿美元的未提取能力,这一承诺将持续到2021年10月,由摩根士丹利公司、高盛公司、杰富瑞公司和Natixis纽约分行提供。由于贷款来源的下降,截至2020年4月30日,我们的仓库线上有1.88亿美元的未提取容量,因为我们已经将某些贷款从我们的仓库线转移到我们的证券化上。根据现有的流动销售合同,Oportun还继续在整个贷款基础上以固定价格出售一定比例的新发放贷款。



(1)自2020年3月31日起,假设维持运营
并覆盖所有即将到来的债务义务。

财务展望





考虑到围绕冠状病毒持续时间和严重程度的持续不确定性,波顿目前不提供前瞻性指导。该公司预计其未来的财务业绩将受到这场大流行的影响,但这种影响的大小和时机过于依赖外部因素,目前无法可靠地设定指导参数。随着大流行的影响变得更加清楚,波顿将继续提供最新信息。

电话会议





正如之前宣布的那样,Oportun的管理层将在下午5点主持一次电话会议,讨论2020年第一季度的业绩。美国东部夏令时(下午2:00)PDT)今天。电话会议的拨入号码是877-407-9208(免费)或201-493-6784(国际)。参赛者应在预定开始时间前10分钟打电话。此次电话会议的现场网络直播可从波顿公司网站的投资者关系页面收看,网址为:https://investor.oportun.com.。电话会议和网络直播都对公众开放。如果不能收听现场直播,可以通过电话8445122921(免费)或4123176671(国际)重播到2020年5月28日(星期四),密码是13702485,网络直播重播将在https://investor.oportun.com上进行,为期一年。包括补充财务信息以及某些非公认会计准则衡量标准与其最直接可比性公认会计原则衡量标准的对账的投资者演示文稿将在电话会议开始前在波顿公司网站https://investor.oportun.com的投资者关系页面上提供。

关于非GAAP财务指标





本新闻稿介绍公司的公允价值预计收益(“FVPF”)结果、FVPF总收入、调整后净收入、调整后每股收益、调整后每股有形账面价值、调整后EBITDA、调整后运营效率和调整后股本回报率,这些是非GAAP财务衡量标准,是根据美国公认会计原则(“GAAP”)提供的结果的补充。非GAAP财务计量是对根据GAAP计算的财务计量的补充,而不是作为替代,也不是高于根据GAAP计算的财务计量。此外,该公司使用的非GAAP衡量标准可能无法与其他公司使用的类似衡量标准相比较。可以在下面找到非GAAP与GAAP度量的对账。

关于波尔图





Oportun(纳斯达克市场代码:OPRT)是一家高增长、使命驱动的社区发展金融机构(CDFI)。Oportun提供包容性的、负担得起的金融服务,其动力来自对客户的深入、数据驱动的理解和先进的专有技术。通过向勤奋的中低收入个人放贷,Oportun帮助他们在生活中向前迈进,展示他们的信誉,并建立他们获得新机会所需的信用记录。Oportun以英语和西班牙语为客户提供服务;在线和电话服务于19个州,并在这19个州中的9个州的340多个零售点面对面提供服务。欲获知更多信息,请访问网址:http://www.oportun.com.。

前瞻性陈述





本新闻稿包含前瞻性陈述。除本新闻稿草案中包含的历史事实陈述外,其他所有陈述,包括有关未来经营结果和财务状况、流动资金跑道、计划的产品和服务、计划的投资、业务战略以及未来经营的管理计划和目标的陈述,都是前瞻性陈述。这些陈述涉及已知和未知的风险、不确定性、假设和其他因素,这些风险、不确定性、假设和其他因素可能导致Oportun的实际结果、业绩或成就与前瞻性陈述明示或暗示的任何未来结果、业绩或成就大不相同。通常,您可以通过诸如“期望”、“计划”、“预期”、“打算”、“目标”、“计划”、“预测”、“潜在”、“探索”、“展望”、“继续”、“可能”、“寻求”、“近似”、“相信”或“估计”等术语以及类似的表达或这些单词或可比较单词的否定版本,以及诸如“将,“应该”、“将会”、“很可能”和“可能”。这些陈述会受到某些风险和不确定因素的影响,这些风险和不确定因素可能导致实际结果与前瞻性陈述中包含的结果大不相同。波顿公司的这些前瞻性陈述主要是基于它目前对未来事件和财务趋势的预期和预测,它认为这些事件和财务趋势可能会影响其业务、财务状况和运营结果。这些风险和不确定性包括Oportun提交给证券交易委员会的文件中描述的风险,包括Oportun最近的10-K表格年度报告,并包括但不限于冠状病毒大流行的范围和持续时间, 这些数据包括冠状病毒大流行造成的市场和经济混乱;波尔图未来的财务表现,包括收入、净收入、运营费用和净收入的趋势;市场利率的变化;贷款拖欠和冲销的增加;波尔图在监管严格的行业中成功运营的能力;管理层变动的影响;网络攻击和波尔图产品与服务的安全漏洞;以及波尔图成功竞争的能力。前瞻性陈述仅在作出之日发表,除联邦证券法要求的范围外,Oportun没有义务更新任何前瞻性陈述,以反映陈述发表之日之后的事件或情况,或反映意外事件的发生。鉴于这些风险和不确定性,不能保证前瞻性陈述中建议的事件或结果确实会发生,您不应过度依赖这些前瞻性陈述。

触点





投资者联系人

尼尔斯·埃尔德曼(Nils Erdmann)

650.810.9074

邮箱:ir@optun.com

媒体接触

迈克尔·阿扎诺

Oportun的COSMO公关

415.596.1978

邮箱:michael@cosmo-pr.com

Oportun和Oportun徽标是Oportun公司的注册商标。



波顿金融公司合并报表
运营成本(百万,不包括每股和每股
数据,未经审计)

三个月
三月三十一号,
2020 2019
营业收入

利息收入$150.7$126.7
非利息收入12.7 11.6
总收入163.4 138.3
更少:
利息支出16.4 14.6
供应(发布)
贷款损失--(0.4)
公允价值减少(66.5)(25.4)
净收入80.6 98.7

业务费用:
技术和
设施30.8 21.6
销售和市场营销24.8 21.3
人员25.6 18.9
外包和
专业费用13.6 13.5
将军,
管理和

(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)

新闻稿:Oportun 2020年第一季度收入-3-


其他3.8 3.4
总运营费用98.6 78.7

以前的收入(亏损)
税费(18.0)20.0
所得税费用
(利益)(4.7)5.4
净收益(亏损)$(13.3)$14.6

摊薄收益(亏损)
每股普通股$(0.49)$0.51
稀释加权平均
普通股27,015,730 3,314,387

注:由于四舍五入的关系,数字可能不会跨脚或跨脚。




波顿金融公司
综合资产负债表
(单位:百万,未经审计)

3月31日,12月31日,
2020 2019
资产
现金及现金等价物$144.8$72.2.
受限现金61.3 64.0
按公允价值计算的应收贷款1,760.5 1,882.1
已摊销的应收贷款
成本--42.5
更少:
未摊销延期
发起成本和
费用,净额--(0.1)
贷款损失拨备--(4.0)
已摊销的应收贷款
成本,净额--38.5
持有待售贷款0.1 0.7
应收利息和手续费,
净额18.3 17.2
使用权资产--经营性资产51.0 50.5
递延税项资产1.3 1.6
其他资产80.1 75.2
总资产$2,117.3$2,201.9

负债和股东的责任
权益
负债
担保融资279.1美元60.9美元
交易会上的资产支持票据
价值999.1 1,129.2
摊销的资产支持票据
成本199.6 359.1
欠全部贷款购买者的金额33.3 33.4
租赁负债53.8 53.4
递延税项负债24.7 24.9
其他负债44.3 52.3
总负债1,633.8 1,713.1
股东权益
优先股
优先股,附加
实收资本
普通股
普通股,附加
实收资本421.7 418.3
可兑换优先和
普通股认股权证0.1 0.1
累计其他综合
亏损(0.3)(0.2)
留存收益68.2 76.7
库存股(6.1)(6.1)
股东权益总额483.5 488.8
总负债和
股东权益$2,117.3$2,201.9


注:由于四舍五入的关系,数字可能不会跨脚或跨脚。



波顿金融公司
简明合并现金流量表
(单位:百万,未经审计)

三个月
三月三十一号,
2020 2019
运营现金流
活动
净收益(亏损)$(13.3)$14.6
非现金调整
项目72.9 28.2
出售贷款所得款项
超过原始量
出售和持有的贷款
销售额8.1 5.3
银行结余的变动
运营资产和
负债(15.6)(1.0)
由以下公司提供的净现金
经营活动52.1 47.2

投资现金流
活动
超额贷款来源
贷款还款率
已收到(32.3)(53.0)
购买固定资产,
扣除销售额后的净额(1.6)(2.2)
系统的资本化
开发成本(5.5)(2.5)
用于投资的净现金
活动(39.3)(57.7)

融资现金流
活动
借款235.0--
还款(177.0)--
基于股票的活动净额(0.8)0.1
由以下公司提供的净现金
融资活动57.2 0.1

净增加(减少)
现金和现金等价物
和受限现金70.0(10.4)
现金和现金等价物
和受限现金
期初136.1 129.2
现金和现金等价物
和受限现金期末
期间$206.1$118.7

注:由于四舍五入的关系,数字可能不会跨脚或跨脚。



波顿金融公司
整合的关键绩效指标
(未经审计)

截至的月份(2)截至的三个月
四月三十日,三月三十一日,
2020 2020 2019
集料
原件(1)
(百万)$41.8百万$432.8$415.8
贷款数量
始发(%1)
(实际)11,555 143,150 150,822
活跃客户(1)
(实际)743,232 777,194 699,650
客户获取
费用(1)
(实际数字)$574$170$141
拥有主体
末尾余额
期间(1)
(百万)$1,764.9$1,831.0$1,523.0
托管主体
末尾余额
期间(1)
(百万)$2,097.7$2,180.4$1,811.8
日均
本金余额
(1)(百万)$1,803.9$1,862.1$1,526.8
冲销,净额
恢复(1)
(百万)$13.8$41.4$31.3
30多名违约者
末尾余额
期间(1)
(百万)$70.4$69.9$55.8
拖欠30天以上
利率(1)(%)4.0%3.8%3.6%
年化净额
冲销率(1)
(%) 9.4% 8.9% 8.3%
运营效率
(%) 64.9% 60.3% 56.9%
调整后的运营
效率(%)61.6%57.8%55.8%
股本回报率(%)9.1%(11.0)%16.5%
调整后的回报率为
股本(%)7.0%(1.0)%10.6%

(1)截至2020年3月31日的三个月,信用卡金额已被排除在这些指标之外,因为它们是De Minimis。

(2)提交的截至2020年4月30日的月份的金额是初步的。

注:由于四舍五入的关系,数字可能不会跨脚或跨脚。

波顿金融公司

关于非GAAP财务指标

(未经审计)





日期为2020年5月14日的新闻稿包含非GAAP财务指标。下表将该新闻稿中的非GAAP财务指标与根据美国公认会计原则(“GAAP”)编制的最直接可比财务指标进行了协调。这些非GAAP财务指标包括FVPF总收入、调整后的EBITDA、调整后的净收入、调整后的经营效率、调整后的股本回报率和调整后的每股收益。

本公司相信,提供这些非GAAP财务指标可以为Oportun核心业务的定期比较提供有用的衡量标准,并为投资者和其他人了解和评估其经营业绩提供有用的信息。然而,非GAAP财务指标不是根据GAAP计算的,不应被视为替代或优于根据GAAP编制的财务业绩指标。这些非GAAP财务指标不反映全面的会计制度,与同名的GAAP指标不同,也可能与其他公司使用的名称相同或相似的非GAAP财务指标不同。

公允价值形式公允价值

Oportun已选择公允价值选项来核算2018年1月1日或之后为投资而持有的所有贷款(“公允价值贷款”),以及2018年1月1日或之后发行的所有资产担保票据(“公允价值票据”)。该公司之所以选择这一选择,是因为对于一家生产Oportun等优质资产的快速增长的公司来说,公允价值会计使其GAAP净收入更接近其业务产生的净现金流,更符合更成熟的上市同行。为了便于与前一时期进行比较,本公司提供了截至2020年3月31日的三个月和前一时期的财务信息,这是在预计基础上或公允价值预计基础上提供的,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项一样。在通过ASU 2019-05自2020年1月1日起生效后,公司选择了以前按摊销成本计量的所有应收贷款的公允价值选项。

调整后的EBITDA

(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)

新闻稿:Oportun 2020年第一季度收入-4-

本公司将经调整EBITDA定义为净收益(亏损),根据本公司选择公允价值期权的影响进行调整,并进一步调整以消除下述某些项目的影响。本公司认为,调整后的EBITDA是一项重要的衡量标准,因为它允许管理层、投资者和董事会通过进行下述调整,评估和比较不同时期的经营业绩,包括资本回报率和经营效率。此外,由于消除了所得税、某些非现金项目、可变费用和时间差异的影响,它为Oportun业务的期间比较提供了一个有用的衡量标准。


-公司认为排除所得税的影响是有用的
费用(收益),如报告的那样,因为从历史上看,它包括
不能反映正在进行的业务的非正常所得税项目
运营部。

-公司认为排除基于股票的薪酬是有用的
费用,扣除所得税后的净额,因为它是非现金费用。

-公司认为将折旧和折旧排除在外是有用的
摊销费用,因为它是非现金费用。

-本公司不包括诉讼准备金的影响,因为它确实如此
不相信此项目反映了正在进行的业务运营。

-公司还取消公允价值贷款的发放费,净额。作为
波顿选择公允价值公允价值期权的结果
贷款,本公司确认任何发起费用的全部金额为
提前收取贷款时的收入
通过本金支付的发起费。因此,本公司
我认为将未收集的部分排除在外是有益的
起始费,因为这样的金额并不代表收到的现金。

-公司还逆转了公允价值按市值计价的调整
因为这是非现金调整。

调整后净收益(亏损)

本公司将经调整净收益(亏损)定义为经本公司选择公允价值期权的影响调整,并进一步调整以消除下述某些项目的影响的净收益(亏损)。该公司认为,调整后的净收入是衡量经营业绩的重要指标,因为它允许管理层、投资者和Oportun董事会评估和比较不同时期的经营业绩,包括资本回报率和运营效率,不包括非现金、基于股票的薪酬支出和一次性、非经常性项目(如诉讼准备金)的税后影响。


-公司认为排除所得税的影响是有用的
费用(收益),如报告的那样,因为从历史上看,它包括
不能反映正在进行的业务的非正常所得税项目
运营部。该公司还包括标准化所得税的影响
通过应用表中注明的所得税税率来计算费用。

-公司认为排除基于股票的薪酬是有用的
费用,扣除所得税后的净额,因为它是非现金费用。

-公司不包括诉讼准备金的影响,税后净额,
因为它不相信这个项目反映了它正在进行的业务
运营部。

调整后的运营效率

公司将调整后的经营效率定义为公允价值预计营业费用总额(不包括股票薪酬费用)除以公允价值预计营业收入总额。该公司认为,调整后的运营效率是一项重要的衡量标准,因为它使管理层、投资者和Oportun董事会能够评估公司管理成本相对于收入的效率。

调整后的股本回报率

本公司将调整后股本回报率(“ROE”)定义为年化调整后净收入除以公允价值形式平均股东权益。该公司认为,调整后的净资产收益率是一项重要的衡量标准,因为它允许管理层、投资者和Oportun董事会评估业务相对于股本的盈利能力,以及公司从现有股本中获得收入的情况。

调整后每股收益

该公司将调整后每股收益定义为调整后净收入除以加权平均稀释后流通股。加权平均稀释已发行普通股已进行调整,以反映截至每个年度初所有可转换优先股的转换情况。

调整后每股有形账面价值(“调整后TBVPS”)

公司将调整后的TBVPS定义为公允价值形式的股东权益总额,不包括无形资产和系统开发成本,除以期末已发行的普通股。本公司相信,经调整的TBVPS是一项重要措施,因为它为管理层、投资者及我们的董事会提供比每股账面价值更为保守的价值评估,以评估业务相对于期末总流通股的财务状况、资本及估值。我们认为,将无形资产排除在外很重要,因为这些资产在业务环境之外不会有独立的价值。



波顿金融公司
非公认会计准则财务指标的对账
(单位:百万,未经审计)

截至2020年3月31日的三个月截至2019年3月31日的三个月
AS FV FV Pro AS FV FV Pro
报告调整表报告调整表
收入:
利息收入$150.7$--$150.7$126.7$(0.9)$125.8
非利息
收入12.7--12.7 11.6--11.6美元
总收入163.4-163.4 138.3(0.9)137.4
更少:
利息
开支16.4(0.5)15.9 14.6(0.3)14.3
备抵
(版本)用于
贷款损失-(0.4)0.4--
年净减幅
公允价值(66.5)11.7(54.8)(25.4)(7.9)(33.3)
净收入80.6 12.1 92.7 98.7(8.8)89.8

操作
费用:
技术和
设施30.8--30.8 21.6--21.6
销售和
营销部24.8--24.8 21.3--21.3
人员25.6--25.6 18.9--18.9
外包和
专业型
收费13.6--13.6 13.5--13.5
将军,
行政性
和其他3.8--3.8--3.4--3.4
总运营量
开支98.6--98.6 78.7--78.7

收入(亏损)
税前(18.0)12.1(5.9)20.0(8.8)11.1
所得税
费用
(利益)(4.7)3.6(1.1)5.4(2.4)3.0
净收益(亏损)$(13.3)$8.5$(4.8)$14.6$(6.5)$8.1

调整后收益
(亏损)每份普通股
股票$(0.04)$0.43
稀释调整后
加权平均
普通股27,015,730 22,389,387


截至2020年4月30日(1)
作为FV FV Pro
记录的调整表
营业收入
总收入$48.6$--$48.6
更少:
利息
费用4.6(0.1)4.6
减少
公允价值(7.3)(2.8)(10.1)
净收入36.7(2.8)34.0
总计
操作
开支31.6--31.6
以前的收入
税项5.2(2.8)2.4
所得税
费用1.5(0.8)0.7
净收入$3.6$(1.9)$1.7
(1)已呈交的款额
截至本月底的
2020年4月30日是
初步的。

注:由于四舍五入的关系,数字可能不会跨脚或跨脚。



波顿金融公司
非公认会计准则财务指标的对账
(单位:百万,未经审计)

2020年3月31日2019年3月31日
AS FV FV Pro AS FV FV Pro
报告调整表报告调整表
资产
现金和现金
等价物$144.8$--$144.8$58.1$--$58.1
受限
现金61.3--61.3 60.6--60.6
贷款
应收账款1,760.5--1,760.5 1,557.5 13.5 1,571.0
其他资产150.7--150.7 131.1(4.7%)126.5
总资产2,117.3--2,117.3 1,807.4 8.8 1,816.2

负债
总债务1,477.8(10.6)1,467.2 1,316.4 0.7 1,317.0
其他
负债156.0 3.6159.6 127.9 3.0130.8
总计
负债1,633.8(7.0)1,626.8 1,444.2 3.6 1,447.9
总计
股东的

(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)

新闻稿:Oportun 2020年第一季度收入-5-


股本483.5 7.0490.5 363.2 5.2%368.3
总计
负债

股东的
股本$2,117.3$--$2,117.3$1,807.4$8.8$1,816.2



2020年4月30日(1)
作为FV FV Pro
记录的调整表
资产

现金和现金
等价物$132.3$--$132.3
受限
现金52.4--52.4
贷款
应收账款1,680.7--1,680.7
其他资产154.0--154.0
总资产2,019.3--2,019.3

负债
总债务1,389.5(7.8)1,381.6
其他
负债141.1 2.6143.7
总计
负债1530.5(5.2)1525.3
总计
股东的
股本488.8 5.2 494.0
总计
负债

股东的
股本$2,019.3$--$2,019.3
(1)当月列报的金额
截止到2020年4月30日是初步的。

注:由于四舍五入的关系,数字可能不会跨脚或跨脚。



波顿金融公司
非公认会计准则财务指标的对账
(单位:百万,未经审计)

截止月份(1)截至3个月
四月三十日,三月三十一日,
调整后的EBITDA 2020 2020 2019年
净收益(亏损)$3.6$(13.3)$14.6
调整:
公允价值专业版
形式净收入
调整(1.9)8.5(6.5)
所得税费用
(利益)0.7(1.1)3.0
折旧和折旧
摊销1.6 4.7 2.9
基于股票的
补偿
费用1.6 4.2 2.0
始发费
对于公允价值
贷款,净额1.5 1.5 0.8
公允价值
按市值计价
调整(3.7)13.4 2.1
调整后的EBITDA$3.4$17.9$18.9



截止月份(1)截至3个月
四月三十日,三月三十一日,
调整后的净收入2020 2020 2019年
净收益(亏损)$3.6$(13.3)$14.6
调整:
公允价值专业版
形式净收入
调整(1.9)8.5(6.5)
所得税费用
(利益)0.7(1.1)3.0
基于股票的
补偿
费用1.6 4.2 2.0
调整后收益(亏损)
税前4.0(1.7)13.1
归一化收入
税费
(利益)1.2(0.5)3.5
调整后净收益
(亏损)$2.8$(1.2)$9.6
(1)截至4月30日的月份的列报款额,
2020年是初步阶段。

注:由于四舍五入的关系,数字可能不会跨脚或跨脚。



波顿金融公司
非公认会计准则财务指标的对账
(以百万为单位,未经审计的股票和每股数据除外)

三个月
三月三十一号,
GAAP 2020-2019年每股收益(亏损)
净收益(亏损)$(13.3)$14.6
减去:分配给的净收入
参展证券(1)--(12.9)
可归因于普通股的净收益(亏损)
股东$(13.3)$1.7

基本加权平均普通股
未偿债务27,015,730 2,938,006
稀释剂的加权平均效果
证券:
股票期权--317,433
限制性股票单位--46,512股
认股权证--12,436张
稀释加权平均普通股
未偿债务27,015,730 3,314,387

每股收益(亏损):
基本$(0.49)$0.57
稀释后$(0.49)$0.51



三个月
三月三十一号,
2020-2019年调整后每股收益(亏损)
稀释后每股收益(亏损)$(0.49)$0.51
调整后净收益(亏损)$(1.2)$9.6

基本加权平均普通股
未偿债务27,015,730 2,938,006
加权平均普通股
基于假设的未偿债务
可兑换优先转换--19,075,000
稀释剂的加权平均效果
证券:
股票期权--317,433
限制性股票单位--46,512股
认股权证--12,436张
稀释调整加权平均数
已发行普通股27,015,730 22,389,387

调整后每股收益(亏损)$(0.04)$0.43

(1)在净收益期间内,收益及股息(如有的话)均分配予参与证券。在净亏损期间,只有股息(如果有的话)分配给参与的证券。

注:由于四舍五入的关系,数字可能不会跨脚或跨脚。



波顿金融公司
非公认会计准则财务指标的对账
(以百万为单位,未经审计的股票和每股数据除外)

四月三十日,三月三十一日,十二月三十一日,
2020(2) 2020 2019
调整后的有形资产
每件物品的账面价值
分享
股东权益$488.8$483.5$488.8
调整:
公允价值专业版
形形
股东的
权益
调整5.2 7.0(1.5)
无形
资产,净额
(1) (22.8) (21.7) (18.5)
调整后的有形资产
账面价值$471.2$468.8$468.8

普通股总数
结束时表现突出
期间27,171,802 27,143,797 27,003,157

每股账面价值$17.99$17.81$18.10
调整后的有形资产
每件物品的账面价值
股票$17.34$17.27$17.36

(1)无形资产,NET由商标和内部开发的软件组成,NET。

(2)提交的截至2020年4月30日的月份的金额是初步的。

注:由于四舍五入的关系,数字可能不会跨脚或跨脚。

(完)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)

*DJ Oportun Financial第一季度修订版1.634亿美元>OPRT



(更多关注)道琼斯通讯社(212-416-2800)

2020年5月14日东部时间16:07(格林尼治标准时间20:07)

*DJ Oportun Financial第一季度亏损/Shr 49c>OPRT



(更多关注)道琼斯通讯社(212-416-2800)

2020年5月14日东部时间16:07(格林尼治标准时间20:07)

*DJ Oportun Financial第一季度调整亏损/Shr 4c>OPRT



(更多关注)道琼斯通讯社(212-416-2800)

2020年5月14日东部时间16:07(格林尼治标准时间20:07)

*DJ Oportun Financial不提供前瞻性指导>OPRT



(更多关注)道琼斯通讯社(212-416-2800)

2020年5月14日东部时间16:08(格林尼治标准时间20:08)

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