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OppFi Inc. (OPFI-0.67%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenue to $136.6 million from $133.2 million in the same quarter the previous year. The increase is attributed to a higher average statutory rate and stronger payment activity.
Net income for the quarter was $32.1 million, up from $15.5 million in the previous year. Net income attributable to OppFi Inc. was $4.3 million, compared to $2.2 million in the previous year.
Basic and diluted earnings per share were both $0.21 for the quarter, compared to $0.13 in the previous year.
Adjusted earnings per share were $0.33, an increase from $0.16 in the previous year.
Net originations increased to $218.8 million from $195.7 million, while ending receivables decreased slightly to $413.7 million from $415.9 million.
Net charge-offs as a percentage of total revenue decreased to 34.3% from 42.4% in the previous year.
OppFi reported a net cash provided by operating activities of $229.3 million for the nine months ended September 30, 2024, compared to $213.6 million for the same period in 2023.
OppFi's total assets as of September 30, 2024, were $619.3 million, up from $601.5 million at the end of 2023.
The company announced a share repurchase program, authorizing up to $20 million in repurchases of its Class A Common Stock, with $16.4 million remaining available as of September 30, 2024.
The filing also discusses the company's acquisition of a 35% equity interest in Bitty Holdings, LLC, a credit access company, for $15.3 million in cash and 734,851 OppFi Units.
OppFi identified a material weakness in its internal controls over financial reporting related to information technology general controls, which it is in the process of remediating.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the OppFi Inc. Class A quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.