The following is a summary of the OppFi, Inc. (OPFI) Q2 2024 Earnings Call Transcript:

Financial Performance:

• OppFi reported a record Q2 revenue of $126.3 million, up 3.1% year-over-year.

• GAAP net income increased by 53.1% to $27.7 million, marking another quarterly record.

• Adjusted net income rose by 56.2% year-over-year to $24.8 million.

• Net income margin expanded significantly, increasing by 710 basis points to 21.9%.

• Adjusted net income margin improved by 660 basis points to 19.6%.

Business Progress:

• OppFi closed its first investment in Bitty Advance, establishing an entry into the small business financing market.

• Implemented operational and credit initiatives that improved loss payment and recovery performance and other key financial metrics.

• Continued strong free cash flow generation, with $18 million generated in Q2.

• Returned value to shareholders through a special dividend and share repurchasing.

• Paid down $10 million in debt, strengthening the company's financial position.

Opportunities:

• Expansion into small business financing through the Bitty Advance acquisition offers OppFi entry into a new, underserved market segment like small businesses which have difficulties accessing credit through traditional banks.

Risks:

• The gradual growth from new customer segments and the impact of economic fluctuations on consumer and small business creditworthiness poses potential risks.

More details: OppFi IR

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