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UNITED STATES
証券取引委員会
ワシントンDC20549
__________________________________________________________________
フォーム10-Q
__________________________________________________________________
（表1）
☒証券取引法第13条または15(d)条に基づく四半期報告書
当四半期終了時点2024年9月30日
OR
☐移行期間：             から             まで
__________から__________への移行期間について
証券取引委員会ファイル番号001-37570001-39550
__________________________________________________________________
OppFi_Logo_PRIMARY (1).gif
オップフィ・インク
（会社設立時の指定名）
__________________________________________________________________
 
デラウェア
（設立または組織の州または管轄区域）
85-1648122
（I.R.S. 雇用者識別番号）
130 E. Randolph Street. Suite 3400
シカゴ, IL
(主要執行オフィスの住所)
60601
（郵便番号）
(312) 212-8079
（登録者の電話番号（市外局番を含む））
（法人格の設立または組織の州またはその他の管轄区域）
（前回の報告以来変更された場合の前名称、前住所、および前決算期）
法12(b)に基づく登録証券：
 
証券の種類取引シンボル登録されている取引所の名称
普通株式のクラスA、株式1株あたりの議決権価額は$0.0001です OPFIニューヨーク証券取引所
ワラント、各完全なワラントを行使すると、1株のクラスA普通株式を行使できます。行使価格は1株あたり$11.50ですOPFI WSニューヨーク証券取引所
__________________________________________________________________
申請者が(1)前年度に証券取引法第1934条の13または15(d)に規定される提出が必要なすべての報告書を提出し、(2)この提出要件に過去90日間属していたかどうかをチェックマークで示してください。
はい  ☒    いいえ  ☐
申立人が、規則405に基づいて提出が必要なすべてのインタラクティブデータファイルを、前の12か月間（または申立人がこれらのファイルを提出する必要があったより短い期間）に電子的に提出したかどうかを示してください。
はい  ☒    いいえ  ☐
登録者が大口の加速ファイラー、加速ファイラー、非加速ファイラー、小規模報告会社、または新興成長企業であるかどうかをチェックマークで示してください。Exchange ActのRule 120億2における「大口加速ファイラー」「加速ファイラー」「小規模報告会社」「新興成長企業」の定義に関しては、参照してください。
 
大型急成長指数
☐
加速ファイラー
☐
非加速ファイラー
☒
小規模報告会社
☒
新興成長企業
☒
新興の成長企業の場合、Exchange Actの第13(a)条に基づき提供された新しいまたは修正された財務会計基準の遵守に関する拡張移行期間を利用しないことを選択した場合は、チェックマークを付けてください。☐
登録申請者が法120億2条に規定されるシェル企業であるかどうかをチェックマークで示してください。はい ☐ いいえ ☒
2024年11月5日現在、発行済み普通株式は 86,214,225 普通株式のシェア、を含む 21,218,110普通株式の株式シェア、株式1株当たりの額面価値は$0.0001です、 0 クラスb普通株式のシェア、1株あたり0.0001ドルの割合および 64,996,115 クラスV普通株式のシェア、1株あたり0.0001ドルの割合、流通中


目次

第I部財務情報
アイテム 1.財務諸表 (未監査)
第二部。その他の情報
i

将来の結果に影響を及ぼす可能性のある要因に関する注意事項

この第10-Qフォームに含まれる四半期報告書には、1995年の私訪問法改正法の「セーフハーバー」規定、修正された1933年の証券法第27A条、修正された1934年の証券取引所法第21E条（「取引所法」）の意味で、「将来の見通しに関する声明」が含まれています。この四半期報告書に含まれる歴史的事実以外のすべての声明、特に会社の財務状況、ビジネス戦略、および将来の運営に関する経営陣の計画と目標に関する「財務状況と業績の分析」という声明は、将来を見据えた声明です。「期待する」「推定する」「立案する」「予算を立てる」「予測する」「予期する」「計画する」「できる」「すべき」「信じる」「予測する」「可能性がある」「継続する」「として」「続ける」といった言葉やその他同様の言葉や表現は、この種の将来を見据える声明を特定することを意図しています。このような将来を見据える声明は、将来の出来事や業績に関連していますが、現在利用可能な情報に基づいて経営陣が現在信じており、実際の結果が予想や予測と大きく異なる可能性があるリスクや不確実性が関係しています。

実際の出来事、パフォーマンス、または結果が前向きな見通しに記載されている出来事、パフォーマンス、および結果と大きく異なる原因となる要因がいくつか存在する可能性があります。そのような違いの原因には、一般的な経済状況の影響、ビジネスへの景気の減速、インフレ、金利の変動、景気後退、クレジット市場の引き締めの影響などが含まれます。挑戦的なマクロ経済および市場状況の影響、刺激策またはその他の政府プログラムの影響、カリフォルニア州財務保護・イノベーション省委員に対する確認的救済を得ることができるかどうか、Ab 539の対象となるかどうか、当銀行パートナーがカリフォルニアで貸し続けるかどうか、および当銀行パートナーがカリフォルニアで発生させたローンの権利の買い取りを引き続き金融化するかどうか等です。Bittyビジネスを拡大し成長させる能力、実際の懸念または流動性、デフォルト、またはノンパフォーマンスなどを含む財務機関または金融サービス業界全般に関するイベントがビジネスに与える影響、内部統制上の財務報告における重大な欠陥に関連するリスク、成長し収益性を高め、主要従業員を確保する能力、新製品に関するリスク、評価および取引を完了する可能性に関するリスク、リスク、貸出しのコンセントレーションリスク、企業および倉庫の信用施設における様々なパウチャーを遵守する能力に関するリスク、ビジネス組み合わせに関連するコスト、適用法令または規制の変更、他の経済、ビジネス、および/または競争要因により不利な影響を受ける可能性がある可能性、管理移行に関連するリスク、財務諸表の再計上と関連する任意の会計上の欠陥または弱点、および『リスク要因』の項に含まれるその他のリスク。2024年3月27日に米国証券取引委員会に提出された会社の10-kフォームの『2023年次報告』に記載されている内容を除き、当社は新しい情報、将来のイベント、またはその他の理由により前向きな見通しを更新または修正する意図または義務を明示的に拒否します。


1
目次
パートI. 財務情報
項目1. 財務諸表
オップフィ・インクおよび子会社
連結貸借対照表（未検査）
（千単位、株式データを除く）
9月30日,12月31日、
20242023
資産
現金(1)
$44,838 $31,791 
制限付き現金(1)
29,395 42,152 
現金及び制限付き現金の総額74,233 73,943 
公正価値での金融債権(1)
461,457 463,320 
償却原価法における金融債権、信用損失債権引当金を控除した純額2 および346 2024年9月30日と2023年12月31日時点で
8 110 
決済債権(1)
5,112 1,904 
投資法適用会社19,429—
​(1)
3,226 3,834 
有形固定資産及びソフトウェアの純額11,399 10,292 
運用リース契約に基づく資産10,974 12,180 
逆強制法適用資産22,277 25,777 
その他の資産(1)
11,151 10,183 
総資産$619,266 $601,543 
負債及び株主資本
負債:
支払い予定の勘定(1)
$4,685 $4,442 
未払費用(1)
25,735 22,006 
オペレーティングリース負債13,741 15,061 
上位債務、純額(1)
325,550 332,667 
ノートペイアブル— 1,449 
ワラント債務4,114 6,864 
税金受取契約の負債25,135 25,025 
総負債398,960 407,514 
契約および不確定事項（注13）
株主資本：
优先股,每股面值为0.001美元;授权5,000,000股;未发行或未流通股份0.0001（許可株式数1,000,000 認可済みの株式数は no 2024年9月30日および2023年12月31日現在の発行済みおよび出資された株式
— — 
普通株式Aクラス,$1の名義額を持つ0.0001（許可株式数379,000,000 認可済みの株式数は 22,320,973 発行されたシェアと 20,582,349 2024年9月30日時点の発行済み株式シェア数および 19,554,774 発行されたシェアと 18,850,860 2023年12月31日現在の発行済株式数)
2 2 
クラスB普通株式$0.0001（許可株式数6,000,000 認可済みの株式数は no 2024年9月30日および2023年12月31日現在の発行済み株式数
— — 
Vクラス投票株式、$0.0001（許可株式数115,000,000 認可済みの株式数は 65,492,957 および 91,898,193 2024年9月30日および2023年12月31日時点で発行済み株式数
7 9 
追加出資資本91,528 76,480 
累積欠損(50,638)(63,591)
自己株式、購入原価法による(1,738,624 および 703,914 2024年9月30日および2023年12月31日時点の株式
(6,011)(2,460)
オップフィ・インクの株主資本合計34,888 10,440 
非支配持分185,418 183,589 
株主資本合計220,306 194,029 
負債及び株主資本の合計$619,266 $601,543 
(1) 以下の表で個別に表示されている保有金額を含む連結変数利害関係企業（"VIEs"）
次のページに続く
2
目次
オップフィ・インクおよび子会社
未監査の連結貸借対照表 - 続き
(千単位)
次の表は、連結貸借対照表に含まれるVIEの連結資産と負債をまとめたものです。以下の資産は、VIEの債務の決済にのみ使用でき、その債務を超える金額です。
9月30日、12月31日、
20242023
上記の総資産に含まれる連結VIEの資産
現金$247 $368 
制限付き現金19,574 32,782 
現金および制限付現金の合計19,821 33,150 
公正価値での金融売掛金398,743 417,138 
決済売掛金5,112 1,904 
債務発行費用、純額3,226 3,834 
その他の資産15 7 
総資産$426,917 $456,033 
上記の負債総額に含まれる連結VIEの負債
買掛金$11 $5 
未払費用3,170 3,614 
シニア債務、純額285,767 283,213 
負債総額$288,948 $286,832 
連結財務諸表の注記を参照してください。
3
目次
オップフィ・インクおよび子会社
損益計算書（未開示）
（単位:千, 株式および１株あたりのデータを除く）
9月30日に終了した3か月間、9月30日に終了した9か月間
2024202320242023
収益:
利息とローン関連の収入$135,535 $132,090 $386,890 $373,615 
その他の収入1,058 1,075 3,350 2,410 
136,593 133,165 390,240 376,025 
金融債権の公正価値の変動(45,425)(57,302)(149,546)(164,463)
金融債権の信用損失引当金(3)(195)(34)(4,131)
純収入91,165 75,668 240,660 207,431 
経費:
給与と従業員福利厚生13,803 14,761 46,028 45,407 
ダイレクトマーケティング費用13,570 14,075 35,890 38,003 
支払利息と償却済み債務発行費用11,285 12,077 33,679 34,679 
専門家手数料5,714 5,067 15,993 13,984 
技術コスト3,041 3,141 9,062 9,587 
減価償却費です2,280 3,119 7,495 9,827 
支払い処理手数料1,725 2,989 5,487 7,762 
占有率1,005 1,108 2,989 3,322 
出口費用61 — 2,946 — 
売却目的で保有している金融債権から投資目的で保有している金融債権への譲渡にかかる費用または市場調整額の引き下げ— — — (2,983)
一般、行政、その他3,589 3,750 11,228 10,198 
総経費56,073 60,087 170,797 169,786 
事業からの収入35,092 15,581 69,863 37,645 
その他の（費用）収入：
ワラント負債の公正価値の変動(1,445)334 2,750 838 
持分法投資による収入627 — 627 — 
その他の収入80 80 239 352 
税引前利益34,354 15,995 73,479 38,835 
所得税費用2,297 463 3,615 1,297 
純利益32,057 15,532 69,864 37,538 
非支配持分に帰属する純利益27,793 13,363 56,997 32,976 
OppFi株式会社に帰属する純利益$4,264 $2,169 $12,867 $4,562 
OppFi株式会社に帰属する1株当たり利益：
普通株式1株あたりの利益:
ベーシック$0.21 $0.13 $0.65 $0.29 
希釈しました$0.21 $0.13 $0.65 $0.29 
加重平均発行済普通株式:
ベーシック20,248,00416,772,27519,711,75215,820,262
希釈しました20,248,00417,057,77820,460,39616,046,831
連結財務諸表の注記を参照してください。

4
Table of Contents
OppFi Inc. and Subsidiaries
Consolidated Statements of Stockholders’ Equity (Unaudited)
(in thousands, except share data)

Class A Common StockClass V Voting StockAdditional Paid-AccumulatedTreasuryNoncontrollingTotal Stockholders’
SharesAmountSharesAmountin CapitalDeficitStockInterestEquity
Balance, June 30, 202419,600,819 $2 91,286,966 $9 $80,951 $(57,341)$(4,993)$183,061 $201,689 
Exchange of Class V shares1,028,860 — (1,028,860)— 9,538 2,439 — (11,977)— 
Issuance of common stock under equity incentive plan224,564 — — — — — — — — 
Issuance of common stock under employee stock purchase plan60,971 — — — 175 — — — 175 
Issuance of Class V shares related to equity investment— — 734,851 — 2,836 — — — 2,836 
Forfeiture of Class V shares related to forfeiture of earnout units— — (25,500,000)(2)2 — — — — 
Stock-based compensation— — — — 1,086 — — — 1,086 
Tax withholding on vesting of restricted stock units(67,870)— — — (263)— — — (263)
Purchase of treasury stock(264,995)— — — — — (1,018)— (1,018)
Member distributions— — — — — — — (13,459)(13,459)
Tax receivable agreement— — — — (163)— — — (163)
Deferred tax asset— — — — (2,634)— — — (2,634)
Net income— — — — — 4,264 — 27,793 32,057 
Balance, September 30, 202420,582,349 $2 65,492,957 $7 $91,528 $(50,638)$(6,011)$185,418 $220,306 
Balance, June 30, 202316,280,397$2 94,037,840$9 $70,889 $(60,993)$(2,460)$169,543 $176,990 
Exchange of Class V shares857,104—(857,104)—1,453303—(1,756)—
Issuance of common stock under equity incentive plan311,125————————
Issuance of common stock under employee stock purchase plan99,503———171———171
Stock-based compensation————1,086———1,086
Tax withholding on vesting of restricted stock units(136,287)———(280)———(280)
Member distributions———————(2,730)(2,730)
Tax receivable agreement————(21)———(21)
Deferred tax asset————(915)———(915)
Net income—————2,169—13,36315,532
Balance, September 30, 202317,411,842 $2 93,180,736 $9 $72,383 $(58,521)$(2,460)$178,420 $189,833 
Continued on next page









5

OppFi Inc. and Subsidiaries
Consolidated Statements of Stockholders’ Equity (Unaudited) - Continued
(in thousands, except share data)

Aクラス普通株クラスV議決権株式追加有料-蓄積財務非支配的株主資本の総額
株式金額株式金額在京都赤字株式利子株式
2023年12月31日の残高18,850,860 $2 91,898,193 $9 $76,480 $(63,591)$(2,460)$183,589 $194,029 
クラスV株式の交換1,640,087 — (1,640,087)— 10,658 2,460 — (13,118)— 
普通株式の発行（株式報酬プランの下で）1,294,128 — — — — — — — — 
従業員株式購入計画の下での普通株式の発行127,043 — — — 294 — — — 294 
株式投資に関連するVクラス株式の発行— — 734,851 — 2,836 — — — 2,836 
業績に関連するVクラス株式の剥奪— — (25,500,000)(2)2 — — — — 
株式ベースの報酬— — — — 4,182 — — — 4,182 
長期債務（2024年および2023年6月30日に終了した可変利息主体に関連するものを含む）の償還(295,059)— — — (1,004)— — — (1,004)
自己株式の取得(1,034,710)— — — — — (3,551)— (3,551)
普通株式の配当（$0.12 シェアあたり）
— — — — — (2,374)— — (2,374)
共同出資者への支払い— — — — — — — (42,050)(42,050)
税金債権契約— — — — (33)— — — (33)
逆強制法適用資産— — — — (1,887)— — — (1,887)
当期純利益— — — — — 12,867 — 56,997 69,864 
2024年9月30日の残高20,582,349 $2 65,492,957$7 $91,528 $(50,638)$(6,011)$185,418 $220,306 
2022年12月31日の残高14,760,566$2 94,937,285$9 $65,501 $(63,546)$(2,460)$159,644 $159,150 
クラスV株式の交換1,756,549—(1,756,549)—3,497463—(3,960)— 
普通株式の発行（株式報酬プランの下で）841,392———————— 
従業員株式購入計画の下での普通株式の発行189,622———328———328 
株式ベースの報酬————3,070———3,070 
長期債務（2024年および2023年6月30日に終了した可変利息主体に関連するものを含む）の償還(136,287)———(280)———(280)
共同出資者への支払い———————(10,240)(10,240)
税金債権契約————938———938 
逆強制法適用資産————(671)———(671)
当期純利益—————4,562—32,97637,538 
残高、2023年9月30日17,411,842 $2 93,180,736 $9 $72,383 $(58,521)$(2,460)$178,420 $189,833 
連結財務諸表の注記を参照してください。
6
目次
オップフィ・インクおよび関連会社
キャッシュ・フロー集計表（未監査）
(千単位)
9月30日終了の9ヶ月
20242023
営業活動によるキャッシュフロー:
純利益 $69,864 $37,538 
当期純利益に調整するための項目:
ファイナンス債権の公正価値変動149,546 164,463 
ファイナンス債権貸倒引当金34 4,131 
減価償却および償却7,495 9,827 
債務発行費の償却1,759 1,872 
株式報酬費用4,182 3,070 
設備の売却損失5 1 
Lower of cost or market adjustment on transfer of finance receivables from held for sale to held for investment— (2,983)
繰延所得税1,638 248 
税金の受領に関する契約債務の調整52 — 
転換社債債務の公正価値の変化(2,750)(838)
債務免除による利益— (113)
(1,557(627)— 
資産および負債の変動：
未払利息および手数料(1,544)(600)
決済債権(3,208)(902)
リース勘定（純額）(114)(54)
その他の資産(968)1,398 
支払い予定の勘定206 (2,769)
未払費用3,729 (701)
営業活動による当期現金の提供229,299 213,588 
投資活動によるキャッシュフロー：
ファイナンス債権の発生と取得(538,447)(540,313)
ファイナンス債権の返済392,376 367,217 
設備および資本化テクノロジーの購入(8,607)(6,887)
持分法による投資の取得(15,929)— 
投資活動における純現金使用額(170,607)(179,983)
財務活動からのキャッシュフロー:
共同出資者への支払い(42,050)(10,240)
担保付き借入金の支払い— (643)
シニア債の前払い・回転信用枠の益2,554 (2,907)
償還債務-期限付きローン支払(10,000)— 
支払可能なノートの支払い(1,449)(1,857)
債務発行費用の支払い(822)(1,649)
従業員株式購入計画の受取額294 328 
制限付き株式ユニット付与時の税金控除の支払(1,004)(280)
自己株式の取得(3,551)— 
普通株式に支払われた配当金(2,374)— 
資金調達活動に使用された純現金流入額(58,402)(17,248)
現金及び制限付現金の純増加額290 16,357 
現金及び制限付き現金
開始73,943 49,670 
終了$74,233 $66,027 
キャッシュフロー情報の補足開示:
借入金に支払われた利息$32,185 $32,276 
支払法人税等$461 $73 
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7
目次
オップフィ・インクおよび関連会社
キャッシュフロー計算書（未監査）−継続
(千単位)

9月30日終了の9ヶ月
20242023
非現金ベースの投資および資金調達活動:
課税債権契約の結果としてのさらなる資本金への調整$(33)$938 
繰延税金資産の調整の結果、追加出資金の調整$(1,887)$(671)
株式投資に関連するクラスV株式の発行$2,836 $— 
未払いの株式投資に関連する発生した取引コスト$37 $— 
獲得単位の失効に関連するクラスV株式の失効$2 $— 
認識された運転リース利用資産 $— $159 
認識された運転リース債務$— $159 
売却用から投資用への再分類された金融債権$— $2,637 
約束手形で資金調達された前払保険$— $2,414 
連結財務諸表の注記を参照してください。
8
OppFi Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Table of Contents

Note 1. Organization and Nature of Operations

OppFi Inc. (“OppFi”), formerly FG New America Acquisition Corp. (“FGNA”), collectively with its subsidiaries (“Company”), is a tech-enabled, mission-driven specialty finance platform that broadens the reach of community banks to extend credit access to everyday Americans. OppFi’s primary products are offered by its OppLoans platform. OppFi’s products also previously included its payroll deduction secured installment loan product, SalaryTap, and credit card product, OppFi Card.

On July 20, 2021 (“Closing Date”), the Company completed a business combination pursuant to the Business Combination Agreement (“Business Combination Agreement”), dated as of February 9, 2021, by and among Opportunity Financial, LLC (“OppFi-LLC”), a Delaware limited liability company, OppFi Shares, LLC (“OFS”), a Delaware limited liability company, and Todd Schwartz (“Members’ Representative”), in his capacity as the representative of the members of OppFi-LLC (“Members”) immediately prior to the closing (“Closing”). The transactions contemplated by the Business Combination Agreement are referred to herein as the “Business Combination.” At the Closing, FGNA changed its name to “OppFi Inc.” OppFi’s Class A common stock, par value $0.0001 per share (“Class A Common Stock”), and redeemable warrants exercisable for Class A Common Stock (“Public Warrants”) are listed on the New York Stock Exchange (“NYSE”) under the symbols “OPFI” and “OPFI WS,” respectively.

Following the Closing, the Company is organized in an “Up-C” structure in which substantially all of the assets and the business of the Company are held by OppFi-LLC and its subsidiaries, and OppFi’s only direct assets consist of Class A common units of OppFi-LLC (“OppFi Units”). As of September 30, 2024 and December 31, 2023, OppFi owned approximately 23.9% and 17.0% of the OppFi Units, respectively, and controls OppFi-LLC as the sole manager of OppFi-LLC in accordance with the terms of the Third Amended and Restated Limited Liability Company Agreement of OppFi-LLC (“OppFi A&R LLCA”). All remaining OppFi Units (“Retained OppFi Units”) are beneficially owned by the Members. OFS holds a controlling voting interest in OppFi through its ownership of shares of Class V common stock, par value $0.0001 per share, of OppFi (“Class V Voting Stock”) in an amount equal to the number of Retained OppFi Units and therefore has the ability to control OppFi-LLC.

Note 2. Significant Accounting Policies

Basis of presentation and consolidation: The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been omitted if they substantially duplicate the disclosures contained in the Company’s annual audited consolidated financial statements pursuant to such rules and regulations.

These unaudited consolidated financial statements and related notes should be read in conjunction with the Company’s audited consolidated financial statements and the related notes as of and for the year ended December 31, 2023 included in the 2023 Annual Report. In the opinion of the Company’s management, these unaudited consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for the fair statement of the results and financial position for the periods presented. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results of operations that may be expected for the full year ending December 31, 2024.

The accompanying unaudited consolidated financial statements include the accounts of OppFi and OppFi-LLC with its wholly-owned subsidiaries and variable interest entities (“VIEs”) in which the Company is the primary beneficiary. As the primary beneficiary of the VIEs, the Company has consolidated the financial statements of the VIEs. All intercompany transactions and balances have been eliminated in consolidation.

The accompanying unaudited consolidated financial statements include the accounts of Opportunity Financial SMB, LLC (“OppFi-SMB”), a wholly-owned indirect subsidiary of OppFi-LLC.

Segments: Segments are defined as components of an enterprise for which discrete financial information is available and evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. OppFi’s Chief Executive Officer is considered to be the CODM. The CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. The Company’s operations constitute a single reportable segment.

9
OppFi Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Table of Contents
Use of estimates: The preparation of the unaudited consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.

The judgements, assumptions, and estimates used by management are based on historical experience, management’s experience and qualitative factors. The areas subject to significant estimation techniques are the determination of fair value of installment finance receivables and warrants, valuation allowance of deferred tax assets, stock-based compensation expense, income tax provision and equity method investment. For the aforementioned estimates, it is reasonably possible the recorded amounts or related disclosures could significantly change in the near future as new information is available.

Accounting policies: There have been no changes to the Company's significant accounting policies from those described in Part II, Item 8 - Financial Statements and Supplementary Data in the 2023 Annual Report.

Participation rights purchase obligations: OppFi-LLC has entered into bank partnership arrangements with certain banks insured by the FDIC. As part of these bank partnership arrangements, the banks have the ability to retain a percentage of the finance receivables they have originated, and OppFi-LLC’s participation rights are reduced by the percentage of the finance receivables retained by the banks. For the nine months ended September 30, 2024 and 2023, finance receivables originated through the bank partnership arrangements totaled 100% and 96%, respectively. As of September 30, 2024 and December 31, 2023, the unpaid principal balance of finance receivables outstanding for purchase was $16.7 million and $14.5 million, respectively.

Equity method investment: The Company accounts for its equity method investments in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 323, Investments - Equity Method and Joint Ventures, for equity investment in a company over which the Company has significant influence but does not own a controlling financial interest. Under the equity method of accounting, the initial investment, including transaction costs, is recorded at cost and the investment is subsequently adjusted for its proportionate share of the investee’s earnings or losses and amortization of basis differences. Basis differences represent differences between the cost of the investment and the underlying equity in net assets of the investment and are amortized into losses from equity method investments over the useful lives of the underlying assets that gave rise to them. Equity method goodwill is not amortized or tested for impairment; instead the equity method investment is tested for impairment.

On July 31, 2024 (the “Acquisition Date”), OppFi-SMB acquired a 35% equity interest in Bitty Holdings, LLC (“Bitty”) for (i) a cash payment of $15.2 million and (ii) 734,851 OppFi Units, valued at approximately $2.8 million as of the Acquisition Date. The Company also incurred transaction costs of approximately $0.7 million. OppFi-SMB also holds call options issued by Bitty, which entitle OppFi-SMB to purchase additional equity interests of 30% and 35% of Bitty within a specific time period from the date that is three and six years from the Acquisition Date, respectively, at six times the trailing twelve months post-tax earnings of Bitty as of June 30, 2027 and June 30, 2030, respectively. The Company determined that it does not have a controlling financial interest in Bitty but does exercise significant influence and therefore, the investment is accounted for under the equity method. For the three months ended September 30, 2024, the Company’s proportionate share of Bitty’s earnings, net of tax, was $0.6 million and is included in income from equity method investment on the consolidated statements of operations. The basis difference between the Company’s carrying value and proportionate share of Bitty’s book value is primarily related to consideration paid in excess of the Company’s proportionate share of Bitty’s book value on the Acquisition Date.

Capitalized technology: The Company capitalized software costs associated with application development totaling $3.4 million and $2.2 million for the three months ended September 30, 2024 and 2023, respectively, and $7.8 million and $6.7 million for the nine months ended September 30, 2024 and 2023, respectively. Amortization expense, which is included in depreciation and amortization on the consolidated statements of operations, totaled $2.1 million and $2.9 million for the three months ended September 30, 2024 and 2023, respectively, and $7.0 million and $9.2 million for the nine months ended September 30, 2024 and 2023, respectively.

Noncontrolling interests: Noncontrolling interests are held by the Members, who retained 76.1% and 83.0% of the economic ownership percentage of OppFi-LLC as of September 30, 2024 and December 31, 2023, respectively. In accordance with the provisions of FASB ASC 810, Consolidation, the Company classifies the noncontrolling interests as a component of stockholders’ equity in the consolidated balance sheets. Additionally, the Company has presented the net income attributable to the Company and the noncontrolling ownership interests separately in the consolidated statements of operations.

Costs associated with exit activities: Costs associated with exit activities include contract termination costs and other costs associated with exit activities. In January 2024, the Company completed the previously disclosed wind down and exited its OppFi Card product. In accordance with the provisions of FASB ASC 420, Exit or Disposal Cost Obligations, the Company recognized a liability for $2.9 million for costs related to contracts associated with its OppFi Card product that will continue to be incurred under these contracts for their remaining term without economic benefit to the Company. The Company recorded
10
OppFi Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Table of Contents
these costs in exit costs on the consolidated statements of operations. As of September 30, 2024, the Company’s remaining liability totaled $2.2 million, which is included in accrued expenses on the consolidated balance sheets.

Emerging growth company: The Company is an emerging growth company as defined under the Jumpstart Our Business Startups Act of 2012 (“Jobs Act”). The Company is permitted to delay the adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements apply to private companies. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Recently adopted accounting pronouncements: None.

Accounting pronouncements issued and not yet adopted: In March 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The purpose of ASU 2020-04 is to provide optional guidance for a period of time related to accounting for reference rate reform on financial reporting. It is intended to reduce the potential burden of reviewing contract modifications related to discontinued rates. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope. The purpose of ASU 2021-01 is to expand guidance on contract modifications and hedge accounting. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. The purpose of ASU 2022-06 is to defer the effective date of the provisions of ASU 2020-04 from December 31, 2022 to December 31, 2024. The Company did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the quarter ended September 30, 2024. This guidance is not expected to have a material impact on the Company’s consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The purpose of ASU 2023-07 is to provide guidance on new segment disclosures, including significant segment expenses. The guidance is effective for annual reporting periods beginning after December 15, 2023 and interim periods within the annual reporting period beginning after December 15, 2024. Early adoption is permitted. This guidance is not expected to have a material impact on the Company’s consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The purpose of ASU 2023-09 is to provide guidance on the enhanced income tax disclosure requirements. The guidance requires an entity to disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires certain disclosures of state versus federal income tax expense and taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The guidance is effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact on the Company’s consolidated financial statements.

Note 3. Finance Receivables

Finance receivables at fair value: The components of installment finance receivables at fair value as of September 30, 2024 and December 31, 2023 were as follows (in thousands):

September 30,December 31,
20242023
Unpaid principal balance of finance receivables - accrual$384,331 $384,587 
Unpaid principal balance of finance receivables - non-accrual29,384 31,876 
Unpaid principal balance of finance receivables$413,715 $416,463 
Finance receivables at fair value - accrual$440,822 $444,120 
Finance receivables at fair value - non-accrual1,024 1,135 
Finance receivables at fair value, excluding accrued interest and fees receivable441,846 445,255 
Accrued interest and fees receivable19,611 18,065 
Finance receivables at fair value$461,457 $463,320 
Difference between unpaid principal balance and fair value$28,131 $28,792 

11
OppFi Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Table of Contents
The Company’s policy is to discontinue and reverse the accrual of interest income on installment finance receivables at the earlier of 60 days past due on a recency basis or 90 days past due on a contractual basis. As of September 30, 2024 and December 31, 2023, the aggregate unpaid principal balance of installment finance receivables 90 days or more past due on a contractual basis was $13.4 million and $15.2 million, respectively. As of September 30, 2024 and December 31, 2023, the fair value of installment finance receivables 90 days or more past due on a contractual basis was $0.5 million and $0.5 million, respectively.

Changes in the fair value of installment finance receivables at fair value for the three and nine months ended September 30, 2024 and 2023 were as follows (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Balance at the beginning of the period$430,482 $446,956 $463,320 $457,296 
Originations201,547 192,906 538,416 539,152 
Repayments(128,092)(118,411)(392,279)(366,126)
Accrued interest and fees receivable2,945 2,316 1,546 606 
Charge-offs, net(1)
(46,826)(56,315)(148,885)(159,273)
Net change in fair value(1)
1,401 (987)(661)(5,190)
Balance at the end of the period$461,457 $466,465 $461,457 $466,465 
(1) Included in “Change in fair value of finance receivables” in the consolidated statements of operations.

The estimated amount of losses included in earnings attributable to changes in instrument-specific credit risk was $2.9 million and $5.9 million for the three months ended September 30, 2024 and 2023, respectively, and was $11.3 million and $24.7 million for the nine months ended September 30, 2024 and 2023, respectively. The credit risk component was driven by the credit loss assumption applied in the discounted cash flow model, particularly the default rate. This assumption was primarily developed based on historical data of the installment loan portfolio.

Finance receivables at amortized cost, net: The components of finance receivables at amortized cost as of September 30, 2024 and December 31, 2023 were as follows (in thousands):

September 30,December 31,
20242023
Finance receivables$10 $454 
Accrued interest and fees receivable— 2 
Allowance for credit losses(2)(346)
Finance receivables at amortized cost, net$8 $110 

In January 2024, the Company completed the wind down and exited its OppFi Card revolving charge account product; as a result, the Company charged-off its remaining OppFi Card finance receivables. As of September 30, 2024, the Company’s finance receivables measured at amortized cost were comprised solely of the SalaryTap finance receivables.

Changes in the allowance for credit losses on finance receivables at amortized cost for the three and nine months ended September 30, 2024 and 2023 were as follows (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Beginning balance $3 $2,411 $346 $96 
Provisions for credit losses on finance receivables3 195 34 4,131 
Finance receivables charged off(4)(535)(378)(2,159)
Recoveries of charge offs— 12 — 15 
Ending balance$2 $2,083 $2 $2,083 
12
OppFi Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Table of Contents
The following is an assessment of the credit quality of finance receivables measured at amortized cost and presents the recency and contractual delinquency by year of origination as of September 30, 2024 and December 31, 2023 (in thousands):

September 30, 2024
Origination year2024202320222021Total
Recency delinquency
Current$— $— $2 $6 $8 
Delinquency
30-59 days— — — 2 2 
60-89 days— — — — — 
90+ days— — — — — 
Total delinquency— — — 2 2 
Finance receivables$— $— $2 $8 $10 
Contractual delinquency
Current$— $— $— $— $— 
Delinquency
30-59 days— — — — — 
60-89 days— — — 2 2 
90+ days— — 2 6 8 
Total delinquency— — 2 8 10 
Finance receivables$— $— $2 $8 $10 

December 31, 2023
Origination year202320222021Revolving charge accountsTotal
Recency delinquency
Current$— $35 $73 $244 $352 
Delinquency
30-59 days— 3 1 16 20 
60-89 days— 1 11 9 21 
90+ days— — — 61 61 
Total delinquency— 4 12 86 102 
Finance receivables$— $39 $85 $330 $454 
Contractual delinquency
Current$— $32 $46 $244 $322 
Delinquency
30-59 days— 3 8 16 27 
60-89 days— 2 9 9 20 
90+ days— 2 22 61 85 
Total delinquency— 7 39 86 132 
Finance receivables$— $39 $85 $330 $454 

In accordance with the Company’s income recognition policy, finance receivables at amortized cost in non-accrual status as of September 30, 2024 and December 31, 2023 were $8 thousand and $30 thousand, respectively.

13
OppFi Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Table of Contents
Note 4. Property, Equipment and Software, Net

Property, equipment and software consisted of the following (in thousands):

September 30,December 31,
20242023
Capitalized technology$63,212 $55,405 
Furniture, fixtures and equipment4,333 3,964 
Leasehold improvements979 979 
Total property, equipment and software68,524 60,348 
Less accumulated depreciation and amortization(57,125)(50,056)
Property, equipment and software, net$11,399 $10,292 

Depreciation and amortization expense was $2.3 million and $3.1 million for the three months ended September 30, 2024 and 2023, respectively, and was $7.5 million and $9.8 million for the nine months ended September 30, 2024 and 2023, respectively.

Note 5. Accrued Expenses

Accrued expenses consisted of the following (in thousands):
September 30,December 31,
20242023
Accrual for services rendered and goods purchased$7,699 $6,899 
Accrued payroll and benefits6,464 8,900 
Accrued interest2,529 2,794 
Accrued exit costs2,245 — 
Other6,798 3,413 
Total$25,735 $22,006 

Note 6. Leases

The components of total lease cost for three and nine months ended September 30, 2024 and 2023 were as follows (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Operating lease cost$559 $599 $1,741 $1,761 
Variable lease expense399 495 1,168 1,488 
Short-term lease cost40 7 58 50 
Sublease income(80)(80)(239)(239)
Total lease cost$918 $1,021 $2,728 $3,060 


14
OppFi Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Table of Contents
Supplemental cash flow information related to the leases for the three and nine months ended September 30, 2024 and 2023 was as follows (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$403 $621 $1,657 $1,816 

The weighted average remaining lease term and discount rate as of September 30, 2024 and December 31, 2023 were as follows:

September 30,December 31,
20242023
Weighted average remaining lease term (in years)6.06.7
Weighted average discount rate5 %5 %
Future minimum lease payments as of September 30, 2024 were as follows (in thousands):

Year Amount
Remaining of 2024$614 
20252,482 
20262,557 
20272,633 
20282,712 
20292,794 
Thereafter2,144 
Total lease payments15,936 
Less: imputed interest(2,195)
Operating lease liabilities$13,741 

15
OppFi Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Table of Contents
Note 7. Borrowing

The following is a summary of the Company’s outstanding borrowings as of September 30, 2024 and December 31, 2023, including borrowing capacity as of September 30, 2024 (in thousands):

PurposeBorrowerBorrowing CapacitySeptember 30, 2024December 31, 2023
Interest Rate as of September 30, 2024
Maturity Date
Senior debt, net
Revolving line of creditOpportunity Funding SPE V, LLC (Tranche B)$125,000 $84,500 $103,400 SOFRplus
6.75%
June 2026
Revolving line of creditOpportunity Funding SPE V, LLC (Tranche C)125,000 62,500 37,500 SOFRplus
7.50%
July 2027
Revolving line of creditOpportunity Funding SPE IX, LLC150,000 85,871 93,871 SOFRplus
7.50%
December 2026
Revolving line of creditGray Rock SPV LLC75,000 52,896 48,442 SOFRplus
7.45%
October 2026
Total revolving lines of credit475,000 285,767 283,213 
Term loan, netOppFi-LLC50,000 39,783 49,454 SOFRplus0.11%plus10%September 2025
Total senior debt, net$525,000 $325,550 $332,667 
Note payable
Financed insurance premiumOppFi-LLC$— $— $1,449 9.70%June 2024(1)
(1) Maturity date as of 12/31/2023 and for the subsequent period until the borrowing was paid in full in June 2024.

Senior debt, net:

Revolving line of credit - Opportunity Funding SPE IX, LLC

On March 19, 2024, the Company entered into an amendment (the “First Amendment”) to its revolving credit agreement with UMB Bank, N.A. The First Amendment, among other things, removed a collateral performance trigger that the Company had previously been out of compliance with.

Revolving line of credit - Gray Rock SPV LLC

On April 12, 2024, Gray Rock SPV LLC entered into an amendment (the “Fourth Amendment”) to its revolving line of credit agreement. The Fourth Amendment, among other things, extended the maturity date from April 15, 2025 to October 16, 2026 and increased the applicable margin rate from 7.25% to 7.45%.

Term loan, net

On May 30, 2024, the Company entered into an amendment (the “Eleventh Amendment”) to its senior secured multi-draw term loan agreement (the “Loan Agreement”). The Eleventh Amendment, among other things, replaced the use of the synthetic LIBOR rates with Term Secured Overnight Financing Rate as the benchmark interest rate and amended the optional prepayments provision to allow the Company to voluntarily prepay in part, in minimum amounts of $10.0 million and increments of $10.0 million thereof.

On September 13, 2024, the Company entered into an amendment (the “Twelfth Amendment”) to the Loan Agreement. The Twelfth Amendment, among other things, extended the maturity date from March 30, 2025 to September 30, 2025 and amended the repayment provision to require OppFi-LLC to repay outstanding principal in installment amounts of $20.0 million on the last day of the fiscal quarter ending on March 31, 2025 and $10.0 million on the last day of each subsequent fiscal quarter.

Certain of the Company’s foregoing credit facilities that consist of term loan and revolving loan facilities are subject to provisions that provide for a cross-default in the event certain covenants under the relevant agreements are breached.

Total interest expense related to the Company’s senior debt, which is included in interest expense and amortized debt issuance costs in the consolidated statements of operations, was $10.7 million and $11.4 million for the three months ended September 30, 2024 and 2023, respectively, and was $31.9 million and $32.7 million for the nine months ended September 30, 2024 and 2023, respectively. Additionally, the Company has capitalized $14.8 million in debt issuance costs in connection with the Company’s senior debt as of September 30, 2024. Amortized debt issuance costs associated with the Company’s senior debt, which is included in interest expense and amortized debt issuance costs in the consolidated statements of operations, were $0.6
16
OppFi Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Table of Contents
million and $0.6 million for the three months ended September 30, 2024 and 2023, respectively, and were $1.8 million and $1.9 million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024 and December 31, 2023, unamortized debt issuance costs associated with the Company’s senior debt totaled $3.4 million and $4.3 million, respectively, of which $3.2 million and $3.8 million related to the revolving lines of credit, respectively, and $0.2 million and $0.5 million related to the term loan, respectively.

Note payable: As of September 30, 2024, the borrowing under this note payable was paid in full. Total interest expense related to notes payable, which is included in interest expense and amortized debt issuance costs in the consolidated statements of operations, was $13 thousand and $26 thousand for the three months ended September 30, 2024 and 2023, respectively, and was $65 thousand and $77 thousand for the nine months ended September 30, 2024 and 2023, respectively.

Secured borrowing payable: On February 16, 2023, the borrowings under the Company’s previous secured borrowing payable, with Opportunity Funding SPE II, LLC as borrower, were paid in full, of which borrowings totaling $0.1 million were forgiven. Subsequent to repayment, OppFi-LLC terminated the preferred return agreement. No interest expense was recognized related to secured borrowings for the three and nine months ended September 30, 2024. No interest expense was recognized related to secured borrowings for the three months ended September 30, 2023. Interest expense related to this facility was $10 thousand for the nine months ended September 30, 2023. For the three and nine months ended September 30, 2024 and 2023, there were no amortized debt issuance costs related to the secured borrowing payable.

As of September 30, 2024, required payments for all borrowings, excluding revolving lines of credit, for each of the next five years were as follows (in thousands):

YearAmount
Remainder of 2024$— 
202540,000 
2026— 
2027— 
2028— 
2029— 
Total$40,000 

Note 8. Warrant Liabilities

As of September 30, 2024 and December 31, 2023, there were 11,887,500 Public Warrants and 3,451,937 Private Placement Warrants outstanding. As of September 30, 2024 and December 31, 2023, the Company recorded warrant liabilities of $4.1 million and $6.9 million, respectively, in the consolidated balance sheets. The change in fair value of the Public Warrants and Private Placement Warrants was increased by $0.9 million and $0.5 million, respectively, for the three months ended September 30, 2024 and was decreased by $2.2 million and $0.6 million, respectively, for nine months ended September 30, 2024. The change in fair value of the Public Warrants and Private Placement Warrants was decreased by $0.2 million and $0.1 million, respectively, for the three months ended September 30, 2023 and was decreased by $0.6 million and $0.2 million, respectively, for nine months ended September 30, 2023.

17
OppFi Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Table of Contents
Note 9. Stockholders’ Equity

Share repurchase: On April 9, 2024, the Company announced that its Board of Directors (the “Board”) had authorized a program to repurchase (the “Repurchase Program”) up to $20.0 million in the aggregate of shares of the Company’s Class A Common Stock. Repurchases under the Repurchase Program may be made from time to time, on the open market, in privately negotiated transactions, or by other methods, at the discretion of the management of the Company and in accordance with the limitations set forth in Rule 10b-18 promulgated under the Exchange Act and other applicable legal requirements, including restrictions in the Company’s existing credit facilities. Repurchases may be made pursuant to any trading plan that may be adopted in accordance with SEC Rule 10b5-1, which would permit Class A Common Stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The timing and amount of the repurchases will depend on market conditions and other requirements. The Repurchase Program does not obligate the Company to repurchase any dollar amount or number of shares and the Repurchase Program may be extended, modified, suspended, or discontinued at any time. For each share of Class A Common Stock that the Company repurchases under the Repurchase Program, OppFi-LLC, the Company’s direct subsidiary, will redeem one Class A common unit of OppFi-LLC held by the Company, decreasing the percentage ownership of OppFi-LLC by the Company and relatively increasing the ownership by the other members. The Repurchase Program will expire in April 2027.

During the three months ended September 30, 2024, OppFi repurchased 264,995 shares of Class A Common Stock, which were held as treasury stock as of September 30, 2024, for an aggregate purchase price of $1.0 million at an average purchase price per share of $3.82. During the nine months ended September 30, 2024, the Company repurchased 1,034,710 shares of Class A Common Stock, which were held as treasury stock as of September 30, 2024, for an aggregate purchase price of $3.6 million at an average purchase price per share of $3.41. As of September 30, 2024, $16.4 million of the repurchase authorization under the Repurchase Program remained available.

Dividend paid: On May 1, 2024, the Company paid a dividend of $0.12 per share ($2.4 million in the aggregate) to stockholders of record of the Company’s Class A Common Stock as of the close of business on April 19, 2024.

Member Distributions: On May 1, 2024, OppFi-LLC paid a special distribution of $0.12 per share ($10.3 million in the aggregate), which is included in member distributions in the consolidated statements of stockholders’ equity, to holders of record of OppFi Units as of the close of business on April 19, 2024.

Earnout Units: On July 21, 2024, the Company determined that the 25,500,000 earnout Class A common units (the “Earnout Units”) of OppFi-LLC issued pursuant to the Business Combination Agreement, were not earned pursuant to the earnout provisions of the Business Combination Agreement on or prior to the three (3) year anniversary of the closing date of the Business Combination. Accordingly, on such date the Earnout Units were forfeited, for no consideration, by the holders thereof to OppFi-LLC and the 25,500,000 shares of Class V Voting Stock associated with the Earnout Units were forfeited, for no consideration, by OFS to the Company.

Class V Voting Stock: In connection with the acquisition of the equity interest in Bitty, the Company also issued 734,851 shares of Class V Voting Stock to OFS, which number of shares of Class V Voting Stock was equal to the number of OppFi Units issued to Blaze Capital Funding 5, LLC, a Wyoming limited liability company, as the seller of the Bitty equity interests.

Note 10. Stock-Based Compensation

On July 20, 2021, the Company established the OppFi Inc. 2021 Equity Incentive Plan (“Plan”), which provides for the grant of awards in the form of options, stock appreciation rights, restricted stock awards, restricted stock units, performance shares, performance units, cash-based awards, and other stock-based awards to employees, non-employee directors, officers, and consultants. As of September 30, 2024, the maximum aggregate number of shares of Class A Common Stock that may be issued under the Plan (including from outstanding awards) was 22,794,973 shares. As of September 30, 2024, the Company had only granted awards in the form of options, restricted stock units, and performance stock units.

18
OppFi Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Table of Contents
Stock options: A summary of the Company’s stock option activity for the nine months ended September 30, 2024 is as follows:

(in thousands, except share and per share data)Stock OptionsWeighted- Average Exercise PriceWeighted- Average Remaining Contractual Life (Years)Aggregate Intrinsic Value
Outstanding as of December 31, 2023
1,842,192$13.65 7.6$450 
   Granted—— —— 
   Exercised—— —— 
   Forfeited—— —— 
Outstanding as of September 30, 2024
1,842,192$13.65 6.8$355 
Vested and exercisable as of September 30, 2024
1,561,231$14.18 6.8$200 

The Company recognized stock-based compensation expense related to stock options of $0.1 million and $0.2 million for the three months ended September 30, 2024 and 2023, respectively, and $0.4 million and $0.5 million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024 the Company had unrecognized stock-based compensation of $0.5 million related to unvested stock options that is expected to be recognized over an estimated weighted-average period of approximately 1.0 years.

Restricted stock units: A summary of the Company’s restricted stock units (“RSUs”) activity for the nine months ended September 30, 2024 is as follows:

SharesWeighted- Average Grant Date Fair Value
Unvested as of December 31, 2023
1,768,811$3.45 
Granted2,065,4912.76 
Vested(1,386,628)2.92 
Forfeited(471,327)3.34 
Unvested as of September 30, 2024
1,976,347$3.12 

The Company recognized stock-based compensation related to RSUs of $0.9 million and $0.9 million for the three months ended September 30, 2024 and 2023, respectively, and $3.6 million and $2.5 million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, total unrecognized compensation expense related to RSUs was $5.8 million, which will be recognized over a weighted-average vesting period of approximately 2.7 years.

Performance stock units: A summary of the Company’s performance stock units (“PSUs”) activity for the nine months ended September 30, 2024 is as follows:

SharesWeighted-Average Grant Date Fair Value
Unvested as of December 31, 2023
127,835$3.42 
Granted—— 
Vested(39,009)3.49 
Forfeited—— 
Unvested as of September 30, 2024
88,826$3.39 

The Company recognized stock-based compensation related to PSUs of $26 thousand and $0.1 million for the three months ended September 30, 2024 and 2023, respectively, and $93 thousand and $0.1 million for the nine months ended September 30,
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OppFi Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Table of Contents
2024 and 2023, respectively. As of September 30, 2024, total unrecognized compensation expense related to PSUs was $0.1 million, which will be recognized over a weighted-average vesting period of approximately 1.5 years.

Employee Stock Purchase Plan: On July 20, 2021, the Company established the OppFi Inc. 2021 Employee Stock Purchase Plan (“ESPP”). As of September 30, 2024, the maximum aggregate number of shares of Class A Common Stock that may be issued under the ESPP was 1,672,427 and may consist of authorized but unissued or reacquired shares of Class A Common Stock.

As of September 30, 2024 and December 31, 2023, there were 361,292 and 234,249 shares of the Company’s Class A Common Stock purchased under the ESPP, respectively. As of September 30, 2024 and December 31, 2023, ESPP employee payroll contributions of $0.1 million and $0.1 million, respectively, are included within accrued expenses on the consolidated balance sheets. Payroll contributions accrued as of September 30, 2024 will be used to purchase shares at the end of the ESPP offering period ending on December 31, 2024. Payroll contributions ultimately used to purchase shares are reclassified to stockholders’ equity on the purchase date. The Company recognized ESPP compensation expense of $18 thousand and $23 thousand for the three months ended September 30, 2024 and 2023, respectively, and $64 thousand and $68 thousand for the nine months ended September 30, 2024 and 2023, respectively.

Note 11. Income Taxes

For the three months ended September 30, 2024, OppFi recorded an income tax expense of $2.3 million and reported consolidated income before income taxes of $34.4 million, resulting in a 6.7% effective income tax rate. For the three months ended September 30, 2023, OppFi recorded an income tax expense of $0.5 million and reported consolidated income before income taxes of $16.0 million, resulting in a 2.8% effective income tax rate. For the nine months ended September 30, 2024, OppFi recorded an income tax expense of $3.6 million and reported consolidated income before income taxes of $73.5 million, resulting in a 4.9% effective tax rate. For the nine months ended September 30, 2023, OppFi recorded an income tax expense of $1.3 million and reported consolidated income before income taxes of $38.8 million, resulting in a 3.3% effective income tax rate.

OppFi’s effective income tax rates for the three and nine months ended September 30, 2024 and 2023, differ from the federal statutory income tax rate of 21% primarily due to the noncontrolling interest in the Up-C partnership structure, nondeductible expenses, state income taxes, warrant liability, and discrete tax items. The warrant liability is recorded by OppFi and is a fair market value adjustment of the warrant liability and is a permanent difference between GAAP and taxable income, which impacts OppFi’s effective income tax rate. For the three months ended September 30, 2024, one discrete item was recorded of $0.1 million related to stock compensation, which in total decreased the effective tax rate by 0.3%. Excluding the aforementioned discrete item, the effective tax rate for the three months ended September 30, 2024 would have been 7.0%. For the three months ended September 30, 2023, one discrete item was recorded consisting of a $45 thousand benefit related to stock compensation, which in total decreased the effective tax rate by 0.3%. Excluding the aforementioned discrete item, the effective tax rate for the three months ended September 30, 2023 would have been 3.1%. For the nine months ended September 30, 2024, two discrete items were recorded consisting of $17 thousand expense related to a prior period adjustment based on FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes,” and $0.3 million benefit related to stock compensation, which in total decreased the effective tax rate by 0.4%. Excluding the aforementioned discrete items, the effective tax rate for the nine months ended September 30, 2024, would have been 5.3%. For the nine months ended September 30, 2023, two discrete items were recorded consisting of a $7 thousand expense related to a prior period state tax adjustment during the three months ended March 31, 2023, and a $48 thousand benefit related to stock compensation, which in total decreased the effective tax rate by 0.1%. Excluding the aforementioned discrete items, the effective tax rate for the nine months ended September 30, 2023, would have been 3.4%.

OppFi is subject to a 21% federal income tax rate on its activities and its distributive share of income from OppFi-LLC, as well as various state and local income taxes. As of September 30, 2024 and 2023, OppFi owned 23.9% and 15.7%, respectively, of the outstanding units of OppFi-LLC and considers appropriate tax accounting only on this portion of OppFi-LLC’s activity. Additionally, OppFi’s income tax rate varies from the 21% statutory federal income tax rate primarily due to a permanent difference related to the adjustment of the warrant liabilities recorded by OppFi. This fair value adjustment of the warrant liabilities represents a large portion of OppFi’s pre-tax book income or loss and is a permanent difference between GAAP and taxable income, which impacts OppFi’s effective income tax rate.

As of September 30, 2024 and December 31, 2023, OppFi recorded an unrecognized tax benefit of $55 thousand and $38 thousand, respectively, related to research and development credits allocated from OppFi-LLC. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no amounts accrued for the payment of interest and penalties as of September 30, 2024 and December 31, 2023. The Company is currently not aware of any issues under review that could result
20
OppFi Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Table of Contents
in significant payments, accruals or material deviations from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

Note 12. Fair Value Measurements

Fair value on a nonrecurring basis: The Company has no assets or liabilities measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances.

Fair value measurement on a recurring basis: The Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 were as follows (in thousands):

公正価値測定
2024年9月30日レベル 1レベル 2レベル 3
金融資産:
支払利息や手数料を含まない公正価値における金融債権 (1)
$441,846 $— $— $441,846 
金融負債:
公的ワラント債務 - 公的ワラント (2)
2,497 2,497 — — 
私募ワラント債務 - 非公募発行ワラント (3)
1,617 — — 1,617 
公正価値測定
2023年12月31日レベル 1レベル 2レベル 3
金融資産:
支払利息や手数料を含まない公正価値における金融債権 (1)
$445,255 $— $— $445,255 
金融負債:
公的ワラント債務 - 公的ワラント (2)
4,636 4,636 — — 
私募ワラント債務 - 非公募発行ワラント (3)
2,228 — — 2,228 
(1) 企業は、内部で開発された割引現金フローモデルを使用して、分割支払いファイナンス債権ポートフォリオの公正価値を主に見積もります。モデルは、不可観測の入力を使用しますが、市場参加者が公正価値を計算する際に使用するだろう仮定の企業の最良の見積もりを反映しています。
(2) 公開ワラントの公正価値測定は、OPFI WSの歩み値で観察可能な市場の板情報を使用するため、レベル1に分類されています。
(3) 非公募発行ワラントの公正価値は、Black-Scholesオプション価格モデルを使用して測定されます。そのため、非公募発行ワラントの公正価値測定は、レベル3に分類されています。
2024年および2023年の9月30日に終了した3ヶ月および9ヶ月の間に、レベル3の公正価値測定において資産または負債の移動はありませんでした。

以下の表は、2024年9月30日および2023年12月31日時点での企業の分割支払い金融債権の公正価値測定に使用される重要な不可測な入力に関する数量情報を示しています。
2024年9月30日2023年12月31日
ファイナンス債権の金利157.72 %156.15 %
割引率24.78 %26.34 %
サービス料*3.00 %2.96 %
残りの寿命0.62 年0.60 年
デフォルト率*27.46 %25.63 %
償却利息*4.74 %4.34 %
前払い率*20.68 %20.90 %
*ファイナンス債権のパーセンテージとして記載


21
オップフィ・インクおよび子会社
連結財務諸表の注記（未監査）
目次
以下の表は、2024年9月30日および2023年12月31日時点で会社の非公募発行ワラントに使用された重要な仮定を示しています。
2024年9月30日2023年12月31日
入力$11.50の行使価額
価格ワラント		$15の行使
価格ワラント		$11.50の行使価額
価格ワラント		$15の行使
価格ワラント
無リスク金利3.69 %3.63 %4.07 %3.84 %
予想期間（年）1.8 年6.8 年2.6 年7.6 年
予想ボラティリティ48.30 %48.30 %44.10 %44.10 %
行使価格$11.50 $15.00 $11.50 $15.00 
ワラントの公正価値$0.22 $1.16 $0.41 $1.30 
次の表は、ワラント債務（万ドル単位）の公正価値の変化を示しています - 私募株式配当証書:
$11.50の行使価額
価格ワラント		$15の行使
価格ワラント		合計
2023年12月31日時点の公正価値$1,041 $1,187 $2,228 
公正価値の変動(838)(648)(1,486)
2024年3月31日時点の公正価値203 539 742 
公正価値の変動127 255 382 
2024年6月30日時点における公正価値330 794 1,124 
公正価値の変動229 264 493 
2024年9月30日現在の公正価値$559 $1,058 $1,617 

公正価値で評価されていない金融資産および金融負債: 以下の表は、2024年9月30日および2023年12月31日現在の、公開されているが公正価値で評価されていない金融資産および負債の帳簿価額と推定公正価値、および公正価値階層内のレベルを示しています（千単位）:
公正価値測定
2024年9月30日レベル 1レベル 2レベル 3
資産:
現金$44,838 $44,838 $— $— 
制限付き現金29,395 29,395 — — 
未払利息および手数料19,611 19,611 — — 
償却原価法による金額の受取債権、純額8 — — 8 
決済債権5,112 5,112 — — 
負債:
上位債務、純額325,550 — — 325,550 
公正価値測定
2023年12月31日レベル 1レベル 2レベル 3
資産:
現金$31,791 $31,791 $— $— 
制限付き現金42,152 42,152 — — 
未払利息および手数料18,065 18,065 — — 
償却原価法による金額の受取債権、純額110 — — 110 
決済債権1,9041,904——
負債:
上位債務、純額332,667 — — 332,667 
債務不足額証券1,449 — — 1,449 

22
オップフィ・インクおよび子会社
連結財務諸表の注記（未監査）
目次
ノート13責務、懸念事項、および関係者取引

法的手続き: ビジネス活動の性質により、会社は幅広い規制や法的手続きに対応しており、現在はクラスアクションの申し立てや規制問題など、通常業務の一環として特定の法的手続きに関与しています。適用可能な会計原則に従い、会社は確実性が高くかつ合理的に見積もれる損失の予想がある場合、法的手続きや規制問題に対する負債を設定します。

会社は、貸出の遵守に関する特定機関や州からの問い合わせ、銀行提携モデルの妥当性、銀行発行ローンの処理を支援する能力について、受けています。経営陣は、自社の貸し出しの実践や銀行提携構造、さらに会社のテクノロジー、サービス、および銀行パートナーとの総合的な関係が州法と連邦法に準拠していると確信しています。ただし、問い合わせはまだ進行中であり、この時点では結果は未知です。

The Company is vigorously defending all legal proceedings and regulatory matters. Except as described below, management does not believe that the resolution of any currently pending legal proceedings and regulatory matters will have a material adverse effect on the Company’s financial condition, results of operations, or cash flows.

On March 7, 2022, the Company filed a complaint for declaratory and injunctive relief (“Complaint”) against the Commissioner (in her official capacity) of the Department of Financial Protection and Innovation of the State of California (“Defendant”) in the Superior Court of the State of California, County of Los Angeles, Central Division (“Court”). The Complaint seeks a declaration that the interest rate caps set forth in the California Financing Law, as amended by the Fair Access to Credit Act, a/k/a AB 539 (“CFL”), do not apply to loans that are originated by the Company’s federally-insured state-chartered bank partners and serviced through the Company’s technology and service platform pursuant to a contractual arrangement with each such bank (“Program”). The Complaint further seeks injunctive relief against the Defendant, preventing the Defendant from enforcing interest rate caps under the CFL against the Company based on activities related to the Program. On April 8, 2022, the Defendant filed a cross-complaint against the Company attempting to enforce the CFL against the Company and, among other things, void loans that are originated by the Company’s federally-insured state-chartered bank partners through the Program in California and seek financial penalties against the Company. On October 17, 2022, the Company filed a cross-complaint against the Defendant seeking declaratory relief for issuing an underground regulation to determine the “true lender” under the CFL without complying with California’s Administrative Procedures Act. On January 30, 2023, the Defendant filed a motion for a preliminary injunction seeking to enjoin the Company from providing services to FinWise in connection with loans made to California consumers to the extent that such loans are in excess of California’s interest rate caps. On September 26, 2023, the Court sustained the Defendant’s demurrer to the Company’s cross-complaint with leave to amend. On October 26, 2023, the Company filed its amended cross-complaint. On October 30, 2023, the Defendant’s motion for preliminary injunction was denied. On November 27, 2023, the Defendant filed her answer to the Company’s cross-complaint. The Company intends to continue to aggressively prosecute the claims set forth in the Complaint and vigorously defend itself and its position as the matter proceeds through the court process. The Company believes that the Defendant’s position is without merit as explained in the Complaint.

On July 20, 2023, a stockholder filed a putative class action complaint in the Court of Chancery of the State of Delaware (Case No. 2023-0737) on behalf of a purported class of Company stockholders naming certain of FGNA’s former directors and officers and its controlling stockholder, FG New America Investors, LLC (the “Sponsor”), as defendants. The lawsuit alleges that the defendants breached their fiduciary duties to the stockholders of FGNA stemming from FGNA’s merger with OppFi-LLC and that the defendants were unjustly enriched. The lawsuit seeks, among other relief, unspecified damages, redemption rights, and attorneys’ fees. Neither the Company nor any of the Company’s current officers or directors are parties to the lawsuit. The Company is obligated to indemnify certain of the defendants in the action. The Company has tendered defense of this action under its directors’ and officers' insurance policy. Due to the early stage of this case, neither the likelihood that a loss, if any, will be realized, nor an estimate of the possible loss or range of loss, if any, can be determined.

Related party transactions: In connection with the Business Combination, OppFi entered into the Tax Receivable Agreement with the Members and the Members’ Representative (the “Tax Receivable Agreement”). The Tax Receivable Agreement provides for payment to the Members of 90% of the U.S. federal, state and local income tax savings realized by the Company as a result of the increases in tax basis and certain other tax benefits related to the transactions contemplated under the Business Combination Agreement and the exchange of Retained OppFi Units for Class A Common Stock or cash.

Note 14. Concentration of Credit Risk

Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of finance receivables. As of September 30, 2024, consumers living primarily in Texas, Florida and Virginia made up approximately 14%, 12% and 11%, respectively, of the Company’s portfolio of finance receivables. As of September 30, 2024, there were no other states that made up more than 10% or more of the Company’s portfolio of finance receivables. As of
23
OppFi Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Table of Contents
December 31, 2023, consumers living primarily in Texas, Florida and Virginia made up approximately 16%, 12%, and 11%, respectively, of the Company’s portfolio of finance receivables. Furthermore, such consumers’ ability to honor their installment contracts may be affected by economic conditions in these areas. The Company is also exposed to a concentration of credit risk inherent in providing alternate financing programs to borrowers who cannot obtain traditional bank financing.

Note 15. Retirement Plan

The Company sponsors a 401(k) retirement plan (“401(k) Plan”) for its employees. Full time employees (except certain non-resident aliens) and others, as defined in the plan document, who are age 21 and older are eligible to participate in the 401(k) Plan. The 401(k) Plan participants may elect to contribute a portion of their eligible compensation to the 401(k) Plan. The Company has elected a matching contribution up to 4% on eligible employee compensation. The Company’s contribution, which is included in salaries and employee benefits in the consolidated statements of operations, totaled $0.4 million and $0.4 million for the three months ended September 30, 2024 and 2023, respectively, and $1.1 million and $1.2 million for the nine months ended September 30, 2024 and 2023, respectively.

24
OppFi Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Table of Contents
Note 16. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2024 and 2023 (in thousands, except share and per share data):

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Numerator:
Net income attributable to OppFi Inc.$4,264 $2,169 $12,867 $4,562 
Net income available to Class A common stockholders - Basic4,264 2,169 12,867 4,562 
Net income attributable to noncontrolling interest— 35 494 68 
Income tax expense— (8)(116)(16)
Net income available to Class A common stockholders - Diluted$4,264 $2,196 $13,245 $4,614 
Denominator:
Weighted-average Class A common stock outstanding - Basic20,248,00416,772,27519,711,75215,820,262
Effect of dilutive securities:
   Stock options——2,920—
   Restricted stock units—235,514672,399198,698
   Performance stock units—49,98973,32527,871
   Warrants————
   Employee stock purchase plan————
   Retained OppFi Units, excluding Earnout Units————
   Dilutive potential common shares—285,503748,644226,569
Weighted-average units outstanding - diluted20,248,00417,057,77820,460,39616,046,831
Earnings per share:
Basic$0.21 $0.13 $0.65 $0.29 
Diluted$0.21 $0.13 $0.65 $0.29 

The following table presents securities that have been excluded from the calculation of diluted earnings per share as their effect would have been anti-dilutive for the three and nine months ended September 30, 2024 and 2023:

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Public Warrants11,887,500 11,887,500 11,887,500 11,887,500 
Private Unit Warrants231,250 231,250 231,250 231,250 
$11.50 Exercise Price Warrants2,248,750 2,248,750 2,248,750 2,248,750 
$15 Exercise Price Warrants912,500 912,500 912,500 912,500 
Underwriter Warrants59,437 59,437 59,437 59,437 
Stock Options1,842,192 1,889,754 1,842,192 1,949,233 
Restricted stock units2,151,880 1,874,078 2,092,188 2,071,183 
Performance stock units89,559 143,897 102,561 201,845 
Noncontrolling interest - Earnout Units (1)
— 25,500,000 — 25,500,000 
Noncontrolling interest - OppFi Units65,664,358 68,230,327 65,908,534 68,779,582 
Potential common stock85,087,426 112,977,493 85,284,912 113,841,280 
(1) Earnout Units were not earned pursuant to the earnout provisions of the Business Combination Agreement on or prior to July 21, 2024, the three (3) year anniversary of the closing date of the Company’s business combination. Accordingly, on such date the Earnout Units were forfeited.


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OppFi Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Table of Contents
Note 17. Subsequent Events

The Company has evaluated the impact of events that have occurred through the date these financial statements were issued and has not identified any subsequent events that required disclosure.
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ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the unaudited consolidated financial statements and related notes thereto included elsewhere in this Quarterly Report on Form 10-Q. This discussion contains forward-looking statements that involve risks and uncertainties. You should review the sections titled “Cautionary Note Concerning Factors That May Affect Future Results” and “Risk Factors” of this Form 10-Q and our Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission on March 27, 2024 (“2023 Annual Report”), for a discussion of forward-looking statements and important factors that could cause actual results to differ materially from the results described or implied by the forward-looking statements contained in the following discussion and analysis.
OVERVIEW

OppFi is a tech-enabled, mission-driven specialty finance platform that broadens the reach of community banks to extend credit access to everyday Americans. The Company’s platform powers banks to offer accessible lending products through its proprietary technology and top-rated customer experience. OppFi’s primary mission is to facilitate financial inclusion and credit access to the 63 million everyday Americans who are credit marginalized with digital specialty finance products and an unwavering commitment to its customers.

OppFi works with banks to facilitate short-term credit options for everyday Americans who lack access to mainstream financial products. OppFi’s specialty finance platform focuses on helping these consumers rebuild their financial health. Customers on OppFi’s platform benefit from a highly automated, transparent, efficient, and fully digital experience. The banks that work with OppFi benefit from its turn-key, outsourced marketing, data science, and proprietary technology to digitally acquire, underwrite, and service these consumers.

OppFi’s primary products are offered by its OppLoans platform. Customers on this platform are U.S. consumers who are employed, have bank accounts, and generally earn median wages. The average installment loan facilitated by OppFi is approximately $1,500, payable in installments and with an average contractual term of 11 months. Neither SalaryTap nor OppFi Card contributed meaningfully to OppFi’s results during the three and nine months ended September 30, 2024.

OppFi also holds 35% of the outstanding equity securities of Bitty Holdings, LLC (“Bitty”), a credit access company that offers revenue-based financing and other working capital solutions to small businesses.

On the Closing Date, OppFi completed the Business Combination. At the Closing, FGNA changed its name to “OppFi Inc.” OppFi’s Class A Common Stock and Public Warrants are listed on the NYSE under the symbols “OPFI” and “OPFI WS,” respectively.

Unless the context otherwise requires, all references in this section to “OppFi” or the “Company” refer to OppFi-LLC and its subsidiaries prior to the Closing, or to OppFi Inc. and its subsidiaries from and after the Closing. See Item 1. “Organization and Nature of Operations” for more information.

HIGHLIGHTS

Our financial results as of and for the three months ended September 30, 2024 are summarized below:
•Basic and diluted earnings per share (“EPS”) of $0.21 and $0.21, respectively, for the three months ended September 30, 2024;
•Adjusted earnings per share (“Adjusted EPS”)(1) of $0.33 for the three months ended September 30, 2024, an increase of $0.18 from $0.16 for the three months ended September 30, 2023;
•Net originations increased 11.8% to $218.8 million from $195.7 million for the three months ended September 30, 2024 and 2023, respectively;
•Ending receivables decreased 0.5% to $413.7 million from $415.9 million as of September 30, 2024 and 2023, respectively;
•Total revenue increased 2.6% to $136.6 million from $133.2 million for the three months ended September 30, 2024 and 2023, respectively;
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•Net income of $32.1 million for the three months ended September 30, 2024, an increase of $16.5 million from $15.5 million for the three months ended September 30, 2023; and
•Adjusted net income (“Adjusted Net Income”)(1) of $28.8 million for the three months ended September 30, 2024, an increase of $15.5 million from $13.3 million for the three months ended September 30, 2023.

(1) Adjusted EPS and Adjusted Net Income are not prepared in accordance with the United States Generally Accepted Accounting Principles (“GAAP”). For information regarding our uses and definitions of these measures and for reconciliations to the most directly comparable United States GAAP measures, see the section titled “Non-GAAP Financial Measures” below. Beginning with the quarter ended March 31, 2024, for all periods presented, we have updated our presentation and calculation of Adjusted EBT, and corresponding presentations and calculations of Adjusted Net Income and Adjusted EPS, to no longer add back debt issuance cost amortization.

Share Repurchase Program

On April 4, 2024, the Board authorized a new share repurchase program to repurchase up to $20.0 million in the aggregate of shares of our Class A Common Stock. This new share repurchase program will expire in April 2027. During the three months ended September 30, 2024, OppFi repurchased 264,995 shares of Class A Common Stock, which were held as treasury stock as of September 30, 2024, for an aggregate purchase price of $1.0 million at an average purchase price per share of $3.82. During the nine months ended September 30, 2024, the Company repurchased 1,034,710 shares of Class A Common Stock, which were held as treasury stock as of September 30, 2024, for an aggregate purchase price of $3.6 million at an average purchase price per share of $3.41. As of September 30, 2024, $16.4 million of the repurchase authorization under the Repurchase Program remained available.

Bitty Purchase Agreement

On July 31, 2024, we entered into a Securities Purchase Agreement, dated as of July 31, 2024 (the “Securities Purchase Agreement”), to acquire 35% of the outstanding equity securities of Bitty, a credit access company that offers revenue-based financing and other working capital solutions. The acquisition closed on July 31,2024 (the “Acquisition Date”). The aggregate consideration paid in connection with the acquisition consisted of (i) a cash payment of approximately $15.3 million and (ii) 734,851 OppFi Units, valued at approximately $2.7 million.

Pursuant to the Securities Purchase Agreement, one of our subsidiaries has (a) the right to purchase an additional 30% of the outstanding equity securities of Bitty within a specific time period from the date that is three years from the Acquisition Date, and (b) the right to purchase all of the remaining equity securities of Bitty within a specific time period from the date that is six years from the Acquisition Date.

For further details, see Note 2 to the Consolidated Financial Statements, “Significant Accounting Policies.”
KEY PERFORMANCE METRICS

We regularly review the following key metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections, and make strategic decisions, which may also be useful to an investor. The following tables and related discussion set forth key financial and operating metrics for the Company’s operations as of and for the three and nine months ended September 30, 2024 and 2023.

The key performance metrics presented are for the OppLoans product only and exclude the SalaryTap and OppFi Card products.

Total Net Originations

We measure originations to assess the growth trajectory and overall size of our loan portfolio. There is a direct correlation between origination growth and revenue growth. We include both bank partner originations as well as those originated by us directly. Loans are considered to be originated when the contract is signed between us and the prospective borrower. The vast majority of our originations ultimately disburse to a borrower, but disbursement timing lags that of originations. Originations may be useful to an investor because they help understand the growth trajectory of our revenues.





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The following tables present total net originations (defined as gross originations net of transferred balance on refinanced loans), total retained net originations (defined as the portion of total net originations as defined above with respect to which the Company ultimately purchased a receivable from bank partners or originated directly), percentage of net originations by bank partners, and percentage of net originations by new loans for the three and nine months ended September 30, 2024 and 2023 (in thousands):
Three Months Ended September 30,Change
20242023$%
Total net originations$218,801 $195,671 $23,130 11.8 %
Total retained net originations$198,441 $190,727 $7,714 4.0 %
Percentage of net originations by bank partners100.0 %97.9 %N/A2.1 %
Percentage of net originations by new loans46.8 %44.0 %N/A6.4 %

Nine Months Ended September 30,Change
20242023$%
Total net originations$587,846 $555,907 $31,939 5.7 %
Total retained net originations$540,296 $541,717 $(1,421)(0.3)%
Percentage of net originations by bank partners100.0 %96.9 %N/A3.2 %
Percentage of net originations by new loans44.7 %43.9 %N/A1.8 %

Total net originations increased to $218.8 million and $587.8 million for the three and nine months ended September 30, 2024, respectively, from $195.7 million and $555.9 million for the three and nine months ended September 30, 2023, respectively. The 11.8% and 5.7% increases for the three and nine months ended September 30, 2024 were a result of bank partners’ expansion into additional states, increased demand through certain marketing partners, and enhanced lead evaluation capabilities driving higher quality applications. Total retained net originations increased to $198.4 million and decreased to $540.3 million for the three and nine months ended September 30, 2024, respectively, from $190.7 million and $541.7 million for the three and nine months ended September 30, 2023, respectively. The 4.0% increase for the three months ended September 30, 2024 was a result of the originations growth outpacing the growth in the percentage of loans retained by our bank partners, while the 0.3% decrease for the nine months ended September 30, 2024 was attributed to one of our bank partners retaining a higher percentage of loans originated in certain states.

Total net originations by our bank partners increased to 100.0% and 100.0% for the three and nine months ended September 30, 2024, respectively, from 97.9% and 96.9% for the three and nine months ended September 30, 2023, respectively. During the third quarter of 2023, the Company ceased directly originating loans and transitioned completely to a servicing / facilitation model for bank partners.

Total net originations of new loans as a percentage of total loans increased to 46.8% and 44.7% for the three and nine months ended September 30, 2024, respectively, from 44.0% and 43.9% for the three and nine months ended September 30, 2023, respectively. The increases are a result of accelerating growth from our bank partners’ expansion into additional states, increased demand through certain marketing partners, and enhanced lead evaluation capabilities driving higher quality applications.

Ending Receivables

Ending receivables are defined as the unpaid principal balances of loans at the end of the reporting period. The following table presents ending receivables as of September 30, 2024 and 2023 (in thousands):

As of September 30, 2024Change
20242023$%
Ending receivables$413,714 $415,933 $(2,219)(0.5)%

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Ending receivables decreased to $413.7 million as of September 30, 2024 from $415.9 million as of September 30, 2023. The 0.5% decrease was primarily driven by one of our bank partners retaining a higher percentage of loans originated in certain states.

Average Yield

Average yield represents total revenue from the period as a percent of average receivables and is presented as an annualized metric. Receivables are defined as the unpaid principal balances of loans. The following tables present average yield for the three and nine months ended September 30, 2024 and 2023:

Three Months Ended September 30,Change
20242023%
Average yield, annualized133.9 %128.5 %4.2 %

Nine Months Ended September 30,Change
20242023%
Average yield, annualized131.8 %127.3 %3.5 %

Average yield increased to 133.9% and 131.8% for the three and nine months ended September 30, 2024, respectively, from 128.5% and 127.3% for the three and nine months ended September 30, 2023, respectively. The 4.2% and 3.5% increases were driven by a decrease in delinquent loans in the portfolio that were not accruing interest throughout the period as well as an increase in the average statutory rate from a relative shift away from states with lower interest rates.

Net Charge-Offs as a Percentage of Total Revenue and Net Charge-Offs as a Percentage of Average Receivables

Net charge-offs as a percentage of total revenue and net charge-offs as a percentage of average receivables represent total charge-offs from the period less recoveries as a percentage of total revenue and as a percentage of average receivables. Net charge-offs as a percentage of average receivables is presented as an annualized metric. Receivables are defined as the unpaid principal balances of loans. Our charge-off policy is based on a review of delinquent finance receivables on a loan-by-loan basis. Finance receivables are charged off at the earlier of the time when accounts reach 90 days past due on a recency basis, when we receive notification of a customer bankruptcy, or when finance receivables are otherwise deemed uncollectible.

The following tables present net charge-offs as a percentage of total revenue and as an annualized percentage of average receivables for the three and nine months ended September 30, 2024 and 2023:

Three Months Ended September 30,Change
20242023%
Net charge-offs as % of total revenue34.3 %42.4 %(19.1)%
Net charge-offs as % of average receivables, annualized45.9 %54.5 %(15.8)%

Nine Months Ended September 30,Change
20242023%
Net charge-offs as % of total revenue38.2 %42.5 %(10.1)%
Net charge-offs as % of average receivables, annualized50.3 %54.1 %(7.0)%

Net charge-offs as a percentage of total revenue decreased to 34.3% and 38.2% for the three and nine months ended September 30, 2024, respectively, from 42.4% and 42.5% for the three and nine months ended September 30, 2023, respectively. The decreases in net charge-offs as a percentage of total revenue for the three and nine months ended September 30, 2024 are a result of a higher yielding portfolio for the reasons discussed above in “Average Yield” combined
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with both lower gross charge-offs and higher recoveries driving lower levels of net charge-offs compared to the three and nine months ended September 30, 2023. Net charge-offs as a percentage of average receivables decreased to 45.9% and 50.3% for the three and nine months ended September 30, 2024, respectively, from 54.5% and 54.1% for the three and nine months ended September 30, 2023, respectively. The decreases in net charge-offs as a percentage of average receivables for the three and nine months ended September 30, 2024 are a result of both lower gross charge-offs and higher recoveries driving lower levels of net charge-offs compared to the three and nine months ended September 30, 2023.

Auto-Approval Rate

Auto-approval rate is calculated by taking the number of approved loans that are not decisioned by a loan processor or underwriter (auto-approval) divided by the total number of loans approved. The following tables present auto approval rate for the three and nine months ended September 30, 2024 and 2023:

Three Months Ended September 30,Change
20242023%
Auto-approval rate76.8 %72.5 %5.9 %

Nine Months Ended September 30,Change
20242023%
Auto-approval rate75.4 %71.5 %5.5 %

Auto-approval rate increased to 76.8% and 75.4% for the three and nine months ended September 30, 2024, respectively, from 72.5% and 71.5% for the three and nine months ended September 30, 2023, respectively. The increases in auto-approval rate for the three and nine months ended September 30, 2024 were driven by the continued application of algorithmic automation projects that streamline frictional steps of the origination process.


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RESULTS OF OPERATIONS
Comparison of the three months ended September 30, 2024 and 2023

The following table presents our consolidated results of operations for the three months ended September 30, 2024 and 2023 (in thousands, except share and per share data). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.

Three Months Ended September 30,Change
(unaudited)20242023$%
Interest and loan related income$135,535 $132,090 $3,445 2.6 %
Other revenue1,058 1,075 (17)(1.6)
     Total revenue136,593 133,165 3,428 2.6 
Change in fair value of finance receivables(45,425)(57,302)11,877 (20.7)
Provision for credit losses on finance receivables(3)(195)192 (98.4)
     Net revenue91,165 75,668 15,497 20.5 
Expenses:
Sales and marketing11,256 12,814 (1,558)(12.2)
Customer operations(a)
12,202 11,996 206 1.7 
Technology, products, and analytics8,437 9,732 (1,295)(13.3)
General, administrative, and other(a)
12,893 13,468 (575)(4.3)
     Total expenses before interest expense44,788 48,010 (3,222)(6.7)
Interest expense11,285 12,077 (792)(6.6)
     Total expenses56,073 60,087 (4,014)(6.7)
     Income from operations35,092 15,581 19,511 125.2 
Change in fair value of warrant liabilities(1,445)334 (1,779)(532.2)
Income from equity method investment627 — 627 — 
Other income80 80 — — 
    Income before income taxes34,354 15,995 18,359 114.8 
Income tax expense2,297 463 1,834 396.4 
    Net income32,057 15,532 16,525 106.4 
Less: net income attributable to noncontrolling interest27,793 13,363 14,430 108.0 
     Net income attributable to OppFi Inc.$4,264 $2,169 $2,095 96.6 %
Earnings per share attributable to OppFi Inc.:
Earnings per common share:
   Basic$0.21 $0.13 
   Diluted$0.21 $0.13 
Weighted average common shares outstanding:
   Basic20,248,00416,772,275
   Diluted20,248,00417,057,778
(a) Beginning with the quarter ended March 31, 2024, for all periods presented, the Company reclassified certain expenses that were previously included in general, administrative, and other expenses to customer operations expenses.

Total Revenue

Total revenue consists mainly of revenue earned from interest on receivables from outstanding loans based on the interest method. We also earn revenue from referral fees related primarily to our “Turn-Up” program, which represented 0.2% of total revenue for the three months ended September 30, 2024.

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Total revenue increased by $3.4 million, or 2.6%, to $136.6 million for the three months ended September 30, 2024 from $133.2 million for the three months ended September 30, 2023. The increase was due to a higher average statutory rate for the loans in the portfolio as well as stronger payment activity driving a higher yield on the balances.

Change in Fair Value and Provision for Credit Losses on Finance Receivables

Commencing on January 1, 2021, we elected the fair value option on the OppLoans installment product. To derive the fair value, we utilize discounted cash flow analyses that factor in estimated losses and prepayments over the estimated duration of the underlying assets. Loss and prepayment assumptions are determined using historical loss data and include appropriate consideration of recent trends and anticipated future performance. Future cash flows are discounted using a rate of return that we believe a market participant would require based on the risk characteristics of the loans. We did not elect the fair value option on our SalaryTap and OppFi Card finance receivables, which are carried at amortized cost, net of allowance for credit losses.

Change in fair value consists of gross charge-offs incurred in the period on the OppLoans installment product, net of recoveries, plus the change in the fair value on the installment loans portfolio. Change in fair value totaled $45.4 million for the three months ended September 30, 2024, which was comprised of $55.6 million of gross charge-offs, offset by $8.8 million of recoveries and a positive fair value adjustment of $1.4 million, down from $57.3 million for the three months ended September 30, 2023, which was comprised of $62.6 million of gross charge-offs and a negative fair value adjustment of $1.0 million, offset by $6.3 million of recoveries. The fair value adjustment for the three months ended September 30, 2024 had a positive impact due to the increase in receivables over the period with a relatively flat fair value mark.

Provision for credit losses on finance receivables consists of gross charge-offs incurred in the period, net of recoveries, plus the change in allowance for credit losses for our SalaryTap and OppFi Card products. Provision for credit losses on finance receivables decreased by $192 thousand to $3 thousand for the three months ended September 30, 2024 from $0.2 million for the three months ended September 30, 2023. The decrease is largely attributed to very few remaining active SalaryTap finance receivables during the three months ended September 30, 2024.

Net Revenue

Net revenue is equal to total revenue less the change in fair value and provision for credit losses on finance receivables. Net revenue increased by $15.5 million, or 20.5%, to $91.2 million for the three months ended September 30, 2024 from $75.7 million for the three months ended September 30, 2023. This increase was due to both the increase in total revenue and the decrease in change in fair value and provision for credit losses on finance receivables.

Expenses

Expenses includes costs related to salaries and employee benefits, interest expense and amortized debt issuance costs, sales and marketing, customer operations, technology, products, and analytics, and general, administrative, and other expenses.

Expenses decreased by $4.0 million, or 6.7%, to $56.1 million for the three months ended September 30, 2024, from $60.1 million for the three months ended September 30, 2023. The decrease in expenses was primarily driven by reduced payment processing fees related to a renegotiation, lower salary expenses from headcount efficiency, and lower capitalized technology amortization expense. The decrease was partially offset by higher professional fees. Expenses as a percent of total revenue decreased from 45.1% to 41.1% for the three months ended September 30, 2024 compared to the three months ended September 30, 2023.

Income from Operations

Income from operations is the difference between net revenue and expenses. Income from operations increased by $19.5 million to $35.1 million for the three months ended September 30, 2024 from income from operations of $15.6 million for the three months ended September 30, 2023. This increase was driven by higher total revenue, lower change in fair value and provision for credit losses on finance receivables, and lower expenses for the three months ended September 30, 2024 as a result of the reasons stated above.




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Change in Fair Value of Warrant Liabilities

The fair value of warrant liabilities increased by $1.4 million for the three months ended September 30, 2024 and decreased by $0.3 million for the three months ended September 30, 2023. These warrant liabilities arose with respect to warrants issued in connection with the initial public offering of FGNA and are subject to re-measurement at each balance sheet date.

Income from Equity Method Investment

On July 31, 2024, OppFi entered into the Securities Purchase Agreement to acquire 35% of the outstanding equity securities of Bitty. OppFi determined that it does not have a controlling financial interest in Bitty, but does exercise significant influence, and therefore the investment was accounted for under the equity method. OppFi’s proportionate share of Bitty’s earnings was $0.6 million for the three months ended September 30, 2024.

Other Income

Other income totaled $0.1 million for the three months ended September 30, 2024 and $0.1 million for the three months ended September 30, 2023. Other income for both periods was comprised of $0.1 million in income related to the Company subleasing one floor of its office space.

Income Before Income Taxes

Income before income taxes is the sum of income from operations, the change in fair value of warrant liabilities, income from equity method investment, and other income. Income before income taxes increased by $18.4 million, or 114.8%, to $34.4 million for the three months ended September 30, 2024 from $16.0 million for the three months ended September 30, 2023 for the reasons stated above.

Income Tax Expense

OppFi recorded an income tax expense of $2.3 million for the three months ended September 30, 2024 and $0.5 million for the three months ended September 30, 2023. This increase is largely attributed to OppFi Inc.’s increasing ownership in OppFi-LLC.

Net Income

Net income is the difference between income before income taxes and income tax expense. Net income increased by $16.5 million to $32.1 million for the three months ended September 30, 2024 from net income of $15.5 million for the three months ended September 30, 2023 for the reasons stated above.

Net Income Attributable to OppFi Inc.

Net income attributable to OppFi Inc. was $4.3 million for the three months ended September 30, 2024, up from net income attributable to OppFi Inc. of $2.2 million for the three months ended September 30, 2023. Net income attributable to OppFi Inc. represents the income solely attributable to stockholders of OppFi Inc. As a result of the Company’s Up-C structure, the underlying income or expense components that are attributable to OppFi Inc. are generally expense items related to OppFi Inc.’s status as a public company, the income or expense for the change in fair value of warrant liabilities related to the Company’s warrants, and the Company’s approximate percentage interest in the noncontrolling interest. For the three months ended September 30, 2024, the underlying income or expense components attributable to OppFi Inc. include OppFi Inc.'s percentage interest in the income attributable to noncontrolling interest of $8.7 million, partially offset by the loss on change in fair value of warrant liabilities of $1.4 million, income tax expense of $2.3 million, general and administrative expense of $0.6 million, and board fees of $0.1 million, for total net income attributable to OppFi Inc. of $4.3 million. For the three months ended September 30, 2023, the underlying income or expense components that are attributable to OppFi Inc. include OppFi Inc.’s percentage interest in the income attributable to noncontrolling interest of $2.4 million and the gain on change in fair value of warrant liabilities of $0.3 million, partially offset by income tax expense of $0.4 million and general and administrative expense and board fees of $0.1 million, for net income attributable to OppFi Inc. of $2.2 million.

Diluted Earnings per Share

For the three months ended September 30, 2024 and 2023, the Company’s outstanding shares of Class V Voting Stock were excluded in computing the diluted earnings per share as the inclusion of these shares would have had an antidilutive effect under the if-converted method. Under the if-converted method, shares of the Company’s Class V Voting Stock are assumed to
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be exchanged, together with OppFi Units, into shares of the Company’s Class A Common Stock as of the beginning of the period.
Comparison of the nine months ended September 30, 2024 and 2023

The following table presents our consolidated results of operations for the nine months ended September 30, 2024 and 2023 (in thousands, except share and per share data). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.

9月30日終了の9ヶ月変化
(未監査)20242023$%
利息および融資関連収入$386,890 $373,615 $13,275 3.6 %
その他の収益3,350 2,410 940 39.0 
売上高合計390,240 376,025 14,215 3.8 
ファイナンス債権の公正価値変動(149,546)(164,463)14,917 (9.1)
ファイナンス債権貸倒引当金(34)(4,131)4,097 (99.2)
売上高240,660 207,431 33,229 16.0 
費用:
販売とマーケティング30,258 34,975 (4,717)(13.5)
顧客の種類(a)
35,173 34,770 403 1.2 
テクノロジー、製品、および分析27,364 29,465 (2,101)(7.1)
280,138(a)
44,323 35,897 8,426 23.5 
利息費用前の総費用137,118 135,107 2,011 1.5 
利子費用33,679 34,679 (1,000)(2.9)
総経費170,797 169,786 1,011 0.6 
営業収入69,863 37,645 32,218 85.6 
転換社債債務の公正価値の変化2,750 838 1,912 228.2 
(1,557627 — 627 — 
その他の収入239 352 (113)(32.1)
法人税引前当期純利益73,479 38,835 34,644 89.2 
法人税費用3,615 1,297 2,318 178.7 
当期純利益69,864 37,538 32,326 86.1 
非支配株主持分に帰属する当期純利益を控除した金額56,997 32,976 24,021 72.8 
オップフィ・インクに帰属する当期純利益。$12,867 $4,562 $8,305 182.0 %
オップフィ・インクに帰属する1株当たり利益:
1株当たりの利益：
　　　基本$0.65 $0.29 
　　　希薄化後$0.65 $0.29 
平均発行済み普通株式数:
　　　基本19,711,75215,820,262
　　　希薄化後20,460,39616,046,831
(a) 2024年3月31日を終了する四半期以降、前提示されたすべての期間において、会社は以前一般管理およびその他の費用に含まれていた特定の費用を顧客運営費用に再分類しました。





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総収益

総売上高は主に、利息法に基づく未収貸付金の利息による収益からなります。また、「Turn-Up」プログラムに関連する紹介手数料からも収益を上げており、2024年9月30日までの9か月間の総売上高の0.2%を占めています。

売上高は2024年9月30日までの9か月間で3.8％、または1420万ドル増の39020万ドルになり、2023年9月30日までの9か月間の37600万ドルから増加しました。この増加は、期間中の平均債権残高の高さ、ポートフォリオのローンの平均法定金利の高さ、残高の収益率の向上をもたらすより強力な支払い活動によるものです。

金融債権の公正価値の変動と信用損失引当金

2021年1月1日から、私たちはOppLoansの分割払い商品に対して公正価値オプションを選択しました。公正価値を導出するために、私たちは推定される損失と前払いを考慮に入れた割引キャッシュフロー分析を利用し、基礎となる資産の推定期間を通じて分析を行います。損失と前払いの仮定は、過去の損失データを用いて決定され、最近の傾向や予想される将来のパフォーマンスを適切に考慮に入れています。将来のキャッシュフローは、融資のリスク特性に基づいて市場参加者が要求するであろうリターンの率を使用して割引されます。 私たちは、クレジット損失の引当金を差し引いたうえで、償却原価で扱われるSalaryTapおよびOppFi Cardのファイナンス債権に対して公正価値オプションを選択しませんでした。

公正価値の変動は、回収額を差し引いたOppLoansの分割払い商品における期間中の粗減損と、分割払いローンポートフォリオの公正価値の変動から構成されます。公正価値の変動は2024年9月30日終了の9ヶ月間で14950万ドルとなり、これは17460万ドルの粗減損と70万ドルの負の公正価値調整からなり、回収額は25.8万ドルで、2023年9月30日終了の9ヶ月間の16450万ドルから減少したもので、これは17850万ドルの粗減損と520万ドルの負の公正価値調整からなり、回収額は1920万ドルでした。この2024年9月30日終了の9ヶ月間の公正価値調整は、負の影響を及ぼしました。 この期間に借入金の減少により、公正価値のマークは比較的横ばいでした。

Provision for credit losses on finance receivables consists of gross charge-offs incurred in the period, net of recoveries, plus the change in allowance for credit losses for our SalaryTap and OppFi Card products. Provision for credit losses on finance receivables decreased by $4.1 million to $34 thousand for the nine months ended September 30, 2024 from $4.1 million for the nine months ended September 30, 2023. The decrease is largely attributed to very few remaining active SalaryTap finance receivables during the nine months ended September 30, 2024, while provision for credit losses was increased during nine months ended September 30, 2023 to account for the then-impending closure of OppFi Card finance receivables.

Net Revenue

Net revenue is equal to total revenue less the change in fair value and provision for credit losses on finance receivables. Net revenue increased by $33.2 million, or 16.0%, to $240.7 million for the nine months ended September 30, 2024 from $207.4 million for the nine months ended September 30, 2023. This increase was due to both the increase in total revenue and the decrease in change in fair value and provision for credit losses on finance receivables.

Expenses

Expenses includes costs related to salaries and employee benefits, interest expense and amortized debt issuance costs, sales and marketing, customer operations, technology, products, and analytics, and other general and administrative expenses.

Expenses increased by $1.0 million, or 0.6%, to $170.8 million for the nine months ended September 30, 2024 from $169.8 million for the nine months ended September 30, 2023. The increase in expenses was primarily driven by a one-time expense associated with the exit activities from the OppFi Card product, a one-time adjustment as a result of the reclassification of OppFi Card assets from held for sale to held for investment at amortized cost that offset expenses for the nine months ended September 30, 2023, and higher professional fees. The increase was partially offset by lower direct marketing spend expense resulting from a shift towards relatively lower-cost loans, reduced payment processing fees related to a renegotiation, and lower capitalized technology amortization expense. Despite the overall increase in expenses for the nine months ended September 30, 2024, expenses as a percent of total revenue decreased from 45.2% to 43.8% for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023.

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Income from Operations

営業利益は純売上高と費用の差額です。2024年9月30日終了時点の9か月間の営業利益は、2023年9月30日終了時点の9か月間の営業利益3760万ドルから3220万ドル増の6990万ドルに増加しました。この上昇は主に総売上高が増加し、より低い 財務債権に対する公正価値の変動および貸倒引当金の変更が、わずかに高い 費用により、2024年9月30日終了時点の9か月間の支出が上昇しました。これは上記の理由によるものです。

新株予約権 pass-through相場の変動

2024年9月30日および2023年9月30日終了の9か月間において、ワラント pass:liabilities の公正価値はそれぞれ270万ドルおよび80万ドル減少しました。これらのワラント pass:liabilities は、FGNAの新規株式公開に関連して発行されたワラントに起因し、各決算日において再評価されます。

持分法投資からの収入

2024年7月31日、OppFiはBitlyの発行済株式の35%を取得するための証券購入契約を締結しました。OppFiはBitlyに対する支配的な財務権益を持っていないことを判断しましたが、実質的な影響力を行使しており、したがって、投資は資本法に基づいて計上されました。OppFiのBitlyの利益に対する割合シェアは2024年9月30日までの9ヶ月間で60万ドルでした。

Other Income

Other income totaled $0.2 million for the nine months ended September 30, 2024 and $0.4 million for the nine months ended September 30, 2023. For the nine months ended September 30, 2024, other income includes $0.2 million in income related to the Company subleasing one floor of its office space. For the nine months ended September 30, 2023, other income includes $0.2 million in income related to the Company subleasing one floor of its office space and $0.1 million from the gain on partial loan forgiveness of the secured borrowing payable.

Income Before Income Taxes

Income before income taxes is the sum of income from operations, the change in fair value of warrant liabilities, income from equity method investment, and other income. Income before income taxes increased by $34.6 million, or 89.2%, to $73.5 million for the nine months ended September 30, 2024 from $38.8 million for the nine months ended September 30, 2023 for the reasons stated above.

Income Tax Expense

OppFi recorded a provision for income taxes of $3.6 million for the nine months ended September 30, 2024 and $1.3 million for the nine months ended September 30, 2023. This increase is largely attributed to OppFi Inc.’s increasing ownership in OppFi-LLC.

Net Income

Net income is the difference between income before income taxes and income tax expense. Net income increased by $32.3 million to $69.9 million for the nine months ended September 30, 2024 from net income of $37.5 million for the for the reasons stated above.

Net Income Attributable to OppFi Inc.

Net income attributable to OppFi Inc. was $12.9 million for the nine months ended September 30, 2024, up from $4.6 million for the nine months ended September 30, 2023. Net income attributable to OppFi Inc. represents the income solely attributable to stockholders of OppFi Inc. As a result of the Company’s Up-C structure, the underlying income or expense components that are attributable to OppFi Inc. are generally expense items related to OppFi Inc.’s status as a public company, the income or expense for the change in fair value of warrant liabilities related to the Company’s warrants, and the Company’s approximate percentage interest in the noncontrolling interest. The underlying income or expense components that are attributable to OppFi Inc. for the nine months ended September 30, 2024 are OppFi Inc.’s percentage interest in the income attributable to noncontrolling interest of $14.9 million and gain on change in fair value of warrant liabilities of $2.7 million, partially offset by income tax expense of $3.6 million, general and administrative expense of $0.8 million, and board fees of $0.3 million, for total
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net income attributable to OppFi Inc. of $12.9 million. The underlying income or expense components that are attributable to OppFi Inc. for the nine months ended September 30, 2023 are OppFi Inc.’s percentage interest in the income attributable to noncontrolling interest of $5.6 million and gain on change in fair value of warrant liabilities of $0.8 million, partially offset by income tax expense of $1.2 million, general and administrative expense of $0.3 million, and board fees of $0.3 million, for total net income attributable to OppFi Inc. of $4.6 million.


Diluted Earnings per Share

For the nine months ended September 30, 2024 and 2023, the Company’s outstanding shares of Class V Voting Stock were excluded in computing the diluted earnings per share as the inclusion of these shares would have had an antidilutive effect under the if-converted method. Under the if-converted method, shares of the Company’s Class V Voting Stock are assumed to be exchanged, together with OppFi Units, into shares of the Company’s Class A Common Stock as of the beginning of the period.


CONDENSED BALANCE SHEETS

Comparison as of September 30, 2024 and December 31, 2023

The following table presents our condensed balance sheet as of September 30, 2024 and December 31, 2023 (in thousands). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.

(Unaudited)Change
September 30,December 31,$%
20242023
Assets
Cash and restricted cash$74,233 $73,943 $290 0.4 %
Finance receivables at fair value461,457 463,320 (1,863)(0.4)
Finance receivables at amortized cost, net8 110 (102)(92.8)
Equity method investment19,429 — 19,429 — 
Other assets64,139 64,170 (31)— 
Total assets$619,266 $601,543 $17,723 2.9 %
Liabilities and stockholders’ equity
Accounts payable and accrued expenses$30,420 $26,448 $3,972 15.0 %
Other liabilities38,876 40,086 (1,210)(3.0)
Total debt325,550 334,116 (8,566)(2.6)
Warrant liabilities4,114 6,864 (2,750)(40.1)
Total liabilities398,960 407,514 (8,554)(2.1)
Total stockholders’ equity220,306 194,029 26,277 13.5 
Total liabilities and stockholders’ equity$619,266 $601,543 $17,723 2.9 %

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Total cash and restricted cash increased by $0.3 million as of September 30, 2024 compared to December 31, 2023 driven by an increase in received payments relative to originations, partially offset by the cash consideration for the acquisition of the equity interest in Bitty. Finance receivables at fair value decreased by $1.9 million as of September 30, 2024 compared to December 31, 2023 mainly driven by one of our bank partners retaining a higher percentage of loans originated in certain states. Finance receivables at amortized cost, net, decreased by $0.1 million as of September 30, 2024 compared to December 31, 2023 due to the continued rundown of SalaryTap finance receivables. Equity method investment increased by $19.4 million as of September 30, 2024 compared to December 31, 2023 due to the acquisition of 35% of the outstanding equity securities in Bitty. Other assets decreased by $31 thousand as of September 30, 2024 compared to December 31, 2023 mainly due to a decrease in the operating lease right of use asset of $1.2 million and a decrease in the deferred tax asset of $3.5 million, partially offset by an increase in the settlement receivable of $3.2 million and an increase in property, equipment, and software of $1.1 million.

Accounts payable and accrued expenses increased by $4.0 million as of September 30, 2024 compared to December 31, 2023 driven by an increase in accrued expenses of $3.7 million and an increase in accounts payable of $0.2 million. Other liabilities decreased by $1.2 million as of September 30, 2024 compared to December 31, 2023 driven by a decrease in the operating lease liability of $1.3 million, partially offset by an increase in the tax receivable agreement liability of $0.1 million. Total debt decreased by $8.6 million as of September 30, 2024 compared to December 31, 2023 driven by a decrease in the term loan of $9.7 million and notes payable of $1.4 million, partially offset by an increase in utilization of revolving lines of credit of $2.6 million. Warrant liabilities decreased by $2.8 million due to the decrease in the valuation of the warrants as of September 30, 2024 compared to December 31, 2023. Total stockholders’ equity increased by $26.3 million as of September 30, 2024 compared to December 31, 2023 driven by net income and stock-based compensation, partially offset by purchases of treasury stock and dividend issuance.

NON-GAAP FINANCIAL MEASURES

We believe that the provision of non-GAAP financial measures in this report, including Adjusted EBT, Adjusted Net Income, and Adjusted EPS can provide useful measures for period-to-period comparisons of our business and useful information to investors and others in understanding and evaluating our operating results. However, non-GAAP financial measures are not calculated in accordance with GAAP measures, should not be considered an alternative to any measure of financial performance calculated and presented in accordance with GAAP, and may not be comparable to the non-GAAP financial measures of other companies.

Adjusted EBT and Adjusted Net Income

Beginning with the quarter ended March 31, 2024, for all periods presented, we have updated our presentation and calculation of Adjusted EBT, and the corresponding presentations and calculations of Adjusted Net Income and Adjusted EPS, to no longer add back debt issuance cost amortization.

Adjusted EBT is a non-GAAP measure defined as our GAAP net income adjusted to eliminate the effect of certain items as shown below, including income tax expense, other income, change in fair value of warrant liabilities, and other addbacks and one-time expenses. Adjusted Net Income is a non-GAAP measure defined as our Adjusted EBT less pro forma taxes for comparison purposes. We believe that Adjusted EBT and Adjusted Net Income are important measures because they allow management, investors, and our Board to evaluate and compare our operating results from period-to-period by making the adjustments described below.

Adjusted EBT and Adjusted Net Income exclude certain expenses that are required in accordance with GAAP because they are non-recurring items (such as severance), non-cash expenditures (such as changes in the fair value of warrant liabilities and expenses related to stock compensation), or are not related to our underlying business performance. We believe these adjustments provide investors with a comparative view of expenses that the Company expects to incur on an ongoing basis.

The following tables present reconciliations of non-GAAP financial measures for the three and nine months ended September 30, 2024 and 2023 (in thousands, except share and per share data). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.







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Comparison of the three months ended September 30, 2024 and 2023

(in thousands, except share and per share data)Three Months Ended September 30,Variance
(unaudited)20242023$%
Net income$32,057 $15,532 $16,525 106.4 %
Income tax expense2,297 463 1,834 396.4 
Other income(80)(80)— — 
Change in fair value of warrant liabilities1,445 (334)1,779 532.2 
Other addbacks and one-time expenses, net(a)
1,967 1,991 (24)(1.2)
Adjusted EBT(b)
37,686 17,572 20,114 114.5 
Less: pro forma taxes(c)
8,878 4,247 4,631 109.0 
Adjusted net income(b)
$28,808 $13,325 $15,483 116.2 %
Adjusted earnings per share(b)
$0.33 $0.16 
Weighted average diluted shares outstanding86,806,62885,288,105
(a) For the three months ended September 30, 2024, other addbacks and one-time expenses, net, of $2.0 million included $1.1 million in expenses related to stock compensation, $0.9 million in expenses related to legal matters, and $0.1 million in expenses related to OppFi Card’s exit activities, partially offset by a $0.2 million addback related to corporate development. For the three months ended September 30, 2023, other addbacks and one-time expenses, net, of $2.0 million included $1.1 million in expenses related to stock compensation, $0.4 million in expenses related to corporate development, $0.2 million in expenses related to legal matters, $0.2 million in expenses related to provision for credit losses on the OppFi Card finance receivables, and $0.1 million in expenses related to retention and severance.

(b) Beginning with the quarter ended March 31, 2024, for all periods presented, the Company has updated its presentation and calculation of Adjusted EBT, and the corresponding presentations and calculations of Adjusted Net Income and Adjusted EPS, to no longer add back debt issuance cost amortization.
(c) Assumes a tax rate of 23.56% for the three months ended September 30, 2024 and 24.17% for the three months ended September 30, 2023, reflecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes.

Comparison of the nine months ended September 30, 2024 and 2023

(in thousands, except share and per share data)Nine Months Ended September 30,Variance
(unaudited)20242023$%
Net income$69,864 $37,538 $32,326 86.1 %
Income tax expense3,615 1,297 2,318 178.7 
Other income(239)(352)113 (32.1)
Change in fair value of warrant liabilities(2,750)(838)(1,912)228.2 
Other addbacks and one-time expenses, net(a)
11,103 5,934 5,169 87.1 
Adjusted EBT(b)
81,593 43,579 38,014 87.2 
Less: pro forma taxes(c)
19,223 10,531 8,692 82.5 
Adjusted net income(b)
$62,370 $33,048 $29,322 88.7 %
Adjusted earnings per share(b)
$0.72 $0.39 
Weighted average diluted shares outstanding86,368,93084,826,413
(a) For the nine months ended September 30, 2024, other addbacks and one-time expenses, net, of $11.1 million included $4.2 million in expenses related to stock compensation, $3.0 million in expenses related to OppFi Card’s exit activities, $2.1 million in expenses related to legal matters, $1.2 million in expenses related to severance, and $0.7 million in expenses related to corporate development. For the nine months ended September 30, 2023, other addbacks and one-time expenses, net, of $5.9 million included $4.0 million in expenses related to provision for credit losses on the OppFi Card finance receivables, $3.1 million in expenses related to stock compensation, $0.9 million in expenses related to retention and severance, $0.8 million in expenses related to corporate development, and $0.2 million in expenses related to legal matters, partially offset by a $3.0 million addback from the reclassification of OppFi Card finance receivables from assets held for sale to assets held for investment at amortized cost.
(b) Beginning with the quarter ended March 31, 2024, for all periods presented, the Company has updated its presentation and calculation of Adjusted EBT, and the corresponding presentations and calculations of Adjusted Net Income and Adjusted EPS, to no longer add back debt issuance cost amortization.
(c) Assumes a tax rate of 23.56% for the nine months ended September 30, 2024 and a 24.17% tax rate for the nine months ended September 30, 2023, reflecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes.
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Adjusted Earnings Per Share

調整後epsとは、調整後の当期純利益を希薄化後株式の加重平均で割ったものであり、普通株式の両クラスを代表する発行済株式から、アーンアウトユニットに関連する２5,500,000株を除外し、制限付き株単位や、業績株単位、オプションなどの希薄価値証券の影響を含みます。アーンアウトユニットは、会社のビジネス組み合わせ契約のアーンアウト規定によって2024年7月21日、つまり会社のビジネス組み合わせの決済日の３周年前に獲得されなかったため、当該日にはアーンアウトユニットと関連するVクラス株式が没収されました。当社は、調整後epsを提示することが投資家やその他の関係者にとって有用であると考えています。なぜなら、当該日に、Vクラス株式のアウトスタンディングな発行済株式の大部分を除外するGAAPベースで計算された基本epsや、制限付き株単位、業績株単位、オプションを除く一部期間の希薄epsはアンチダイルーシブ効果を持っていた期間を除いて希薄価値証券を除外します。当社のVクラス株式は、OppFiユニットとの交換により、当社のAクラス普通株式に交換される可能性があります。当社は、調整後epsを提示することが投資家やその他の関係者にとって有用であると考えています。なぜなら、当社の調整後当期純利益を共有ごとに提示し、が、GAAPベースで計算された基本epsで算出される当社の発行済株式、つまりVクラス株式を、希薄epsで算出される当社の希薄価値証券、制限付き株単位、業績株単位、オプションを除外したものが示されるためです。

以下の表は、2024年および2023年9月30日終了の3か月および9か月に対する非GAAP財務指標の調整を示しています（単位は千ドル、1株および1株当たりのデータを除く）。いくつかの列や行は、開示目的で四捨五入された数字を使用しているため、合計しない場合があります。表示されているパーセンテージは、基となる整数ドル金額から計算されています。

2024年と2023年の9月30日に終了した3ヶ月の比較

9月30日終了の3ヶ月
(未監査)20242023
加重平均発行済みクラスA 普通株式20,248,00416,772,275
加重平均発行済みクラスV 議決権株式65,664,35893,730,327
期末の成果に基づく報酬の除外—(25,500,000)
制限付株式ユニットの希薄化の影響811,941235,514
業績に基づく株式ユニットの希薄化の影響73,56449,989
ストックオプションの希薄化の影響8,761—
希薄化後株式平均発行株数86,806,62885,288,105

（単位:千, 株式および１株あたりのデータを除く）終了した3ヶ月
2024年9月30日		終了した3ヶ月
2023年9月30日
(未監査)$1株あたり$1株あたり
希薄化後株式平均発行株数86,806,628 85,288,105 
当期純利益$32,057 $0.37 $15,532 $0.18 
法人税費用2,297 0.03463 0.01
その他の収入(80)—(80)—
転換社債債務の公正価値の変化1,445 0.02(334)—
その他の追加と一度きりの経費、当期純利益1,967 0.021,991 0.02
調整後の税引前利益(a)
37,686 0.4317,572 0.21
差引：プロフォーマ税8,878 0.104,247 0.05
調整後の当期純利益(a)
$28,808 $0.33 $13,325 $0.16 
(a) 2024年3月31日を終了とする四半期から、すべての提示期間において、会社は調整後EBTの提示と計算方法を更新し、それに伴う調整後当期純利益および調整後epsの提示と計算方法を、借入債務発行コストの償却を追加しない形に変更しました。



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2024年9月30日および2023年に終了した9か月の比較

9月30日終了の9ヶ月
(未監査)20242023
希薄化後の加重平均普通株式発行済み数19,711,75215,820,262
希薄化後の加重平均Vクラス議決株式発行済み数65,908,53494,279,582
期末におけるアーンアウトの除去—(25,500,000)
制限株式ユニットの希薄化影響672,399198,698
パフォーマンス株式ユニットの希薄化影響73,32527,871
ストックオプションの希薄化影響2,920—
希薄化後株式平均発行株数86,368,93084,826,413

（単位:千, 株式および１株あたりのデータを除く）九ヶ月の終了
2024年9月30日		九ヶ月の終了
2023年9月30日
(未監査)$1株あたり$1株あたり
希薄化後株式平均発行株数86,368,930 84,826,413 
当期純利益$69,864 $0.81 $37,538 $0.44 
法人税費用3,615 0.041,297 0.02
その他の収入(239)—(352)—
転換社債債務の公正価値の変化(2,750)(0.03)(838)(0.01)
その他の加算項目および一時的な費用、純額11,103 0.135,934 0.07
調整後の税引前利益(a)
81,593 0.9443,579 0.51
控除：プロフォーマ税19,223 0.2210,531 0.12
調整後の当期純利益(a)
$62,370 $0.72 $33,048 $0.39 
(a) 2024年3月31日に終了した四半期から、示された全期間にわたり、当社は調整後EBtの提示および計算を更新し、調整後当期純利益と調整後epsの該当する提示および計算を、債務発行コストの償却を再加算しない形に変更しました。

流動性と資本資源 当社の主要な流動性源は、オペレーションからの資金提供およびその場での売却販売契約です。当社の主要な資本使用は、設備投資、運転資本、および買収です。

現時点では、営業収益から受け取った資金と融資契約を獲得する能力が、運営資金を提供し、当社の業務を資金調達するのに必要な流動性を提供しています。

私たちの資金調達施設の満期は、再融資リスクを最小限に抑えるために2年にわたって分散されています。

次の表には、2024年9月30日と2023年12月31日時点の無制限の現金および未引き出し借金が示されています（千ドル単位）：

9月30日,12月31日、
20242023
制限のない現金$44,838 $31,791 
未引き落としの借金$199,450 $192,333 

2024年9月30日現在、OppFiは無制限の現金で4480万ドルを保有しており、2023年12月31日から1300万ドル増加しました。2024年9月30日現在、OppFiは将来の利用可能性のためにファイナンス施設に未使用の追加19940万ドルを持っており、全体の未引落し容量の38％を表し、これは2023年12月31日時点の19230万ドルから増加しています。 未引き出しの債務の増加は、過剰な現金を使って当社の期限付きローンの支払いを行ったことによるものでした。 2024年9月30日現在、合計の金融融資コミットメントが52500万ドルで、財務諸表上の現金および制限された現金が7420万ドルで、OppFiは資金調達能力として約59920万ドルを持っていました。

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OppFi believes that its unrestricted cash, undrawn debt and funds from operating income will be sufficient to meet its liquidity needs, including repayment of the current portion of its debt as it becomes due, for at least the next 12 months from the date of this Quarterly Report. The Company’s future capital requirements will depend on multiple factors, including its revenue growth, aggregate receivables balance, interest expense, working capital requirements, cash provided by and used in operating, investing and financing activities and capital expenditures.

To the extent OppFi’s unrestricted cash balances, funds from operating income and funds from undrawn debt are insufficient to satisfy its liquidity needs in the future, the Company may need to raise additional capital through equity or debt financing and may not be able to do so on terms acceptable to the Company, if at all. If the Company is unable to raise additional capital when needed, its results of operations and financial condition could be materially and adversely impacted.

CASH FLOWS

The following table presents cash provided by (used in) operating, investing and financing activities during the nine months ended September 30, 2024 and 2023 (in thousands):

Nine Months Ended September 30,Change
(In thousands, except % change)20242023$%
Net cash provided by operating activities$229,299 $213,588 $15,711 7.4  %
Net cash used in investing activities(170,607)(179,983)9,376 (5.2)
Net cash used in financing activities(58,402)(17,248)(41,154)238.6 
Net increase in cash and restricted cash$290 $16,357 $(16,067)(98.2)  %

Operating Activities

Net cash provided by operating activities was $229.3 million for the nine months ended September 30, 2024. This was an increase of $15.7 million when compared to net cash provided by operating activities of $213.6 million for the nine months ended September 30, 2023. Cash provided by operating activities increased mainly due to higher net income.

Investing Activities

Net cash used in investing activities was $170.6 million for the nine months ended September 30, 2024. This was a decrease of $9.4 million when compared to net cash used in investing activities of $180.0 million for the nine months ended September 30, 2023, mainly due to lower finance receivables originated and acquired and higher finance receivables repaid and recovered, partially offset by the cash consideration for the acquisition of the equity interest in Bitty.

Financing Activities

Net cash used in financing activities was $58.4 million for the nine months ended September 30, 2024. This was an increase of $41.2 million when compared to net cash used in financing activities of $17.2 million for the nine months ended September 30, 2023, primarily due to an increase in distributions to members of OppFi-LLC, net payments of senior debt, repurchases of common stock, and dividends paid on common stock.


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Table of Contents         
FINANCING ARRANGEMENTS

Our corporate credit facilities consist of term loans and revolving loan facilities that we have drawn on to finance our operations and for other corporate purposes. These borrowings are generally secured by all the assets of OppFi-LLC that have not otherwise been sold or pledged to secure our structured finance facilities, such as assets belonging to certain of the special purpose entity subsidiaries of OppFi-LLC (“SPEs”). In addition, we, through our SPEs, have entered into warehouse credit facilities to partially finance the purchase of participation rights in loans originated by our bank partners through our platform, which credit facilities are secured by the loans or participation rights. For a detailed discussion on financing arrangements refer to Note 7 to the Consolidated Financial Statements (Unaudited) in Part I, Item 1 of this Quarterly Report on Form 10-Q. The following is a summary of OppFi’s outstanding borrowings as of September 30, 2024 and December 31, 2023, including borrowing capacity as of September 30, 2024 (in thousands):

BorrowingSeptember 30,December 31,Interest Rate as ofMaturity
PurposeBorrower(s)Capacity20242023September 30, 2024Date
Senior debt, net
Revolving line of creditOpportunity Funding SPE V, LLC (Tranche B)$125,000 $84,500 $103,400 SOFRplus6.75%June 2026
Revolving line of creditOpportunity Funding SPE V, LLC (Tranche C)125,000 62,500 37,500 SOFRplus7.50%July 2027
Revolving line of creditOpportunity Funding SPE IX, LLC (Castlelake)150,000 85,871 93,871 SOFRplus7.50%December 2026
Revolving line of creditGray Rock SPV LLC75,000 52,896 48,442 SOFRplus7.45%October 2026
Total revolving lines of credit475,000 285,767 283,213 
Term loan, netOppFi-LLC50,000 39,783 49,454 SOFRplus0.11%plus10.00%September 2025
Total senior debt, net$525,000 $325,550 $332,667 
Note Payable
Financed insurance premiumOppFi-LLC$— $— $1,4499.70%June 2024(1)
(1) Maturity date as of 12/31/2023 and for the subsequent period until the borrowing was paid in full in June 2024.

LIBOR Transition

In July 2017, the Financial Conduct Authority, which regulates LIBOR, announced its intention to stop compelling banks to submit rates for the calculation of LIBOR after 2021. On December 31, 2021, ICE Benchmark Administration, the administrator of LIBOR, announced plans to cease publication for all USD LIBOR tenors (except the one- and two-week tenors, which ceased on December 31, 2021) on June 30, 2023. The Federal Reserve Board and the Federal Reserve Bank of New York have identified the SOFR as its preferred alternative to LIBOR in derivatives and other financial contracts. As of September 30, 2024, all of our LIBOR-based credit facilities have been transitioned to the SOFR. The replacement of LIBOR did not have any material effect on our liquidity or the financial terms of our credit facilities.

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Table of Contents         
CRITICAL ACCOUNTING ESTIMATES

There have been no material changes to the information on critical accounting estimates in our 2023 Annual Report.

ITEM 3.     QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 

As a “smaller reporting company,” as defined by Item 10 of Regulation S-K, the Company is not required to provide the information required by this Item.
ITEM 4.    CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, management has evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of September 30, 2024 (“Evaluation Date”). Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of the Evaluation Date, the Company’s disclosure controls and procedures were not effective due to the material weakness in its internal control over financial reporting disclosed in Part II, Item 9A of our 2023 Annual Report.

Previously Identified Material Weakness in Internal Control Over Financial Reporting

Notwithstanding the material weakness in the Company’s internal control over financial reporting described below, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that the consolidated financial statements of the Company as included in this Quarterly Report on Form 10-Q present fairly, in all material respects, the Company's financial condition, results of operations and cash flows as of and for the periods presented in accordance with generally accepted accounting principles in the United States.

As discussed in Part II, Item 9A in our 2023 Annual Report, management determined that the Company’s internal control over financial reporting was not effective due to the existence of the material weakness in internal control over financial reporting related to information technology general controls associated with the Company’s financially relevant information systems. Management determined that the Company’s user access controls designed to ensure appropriate segregation of duties, adequate restriction of users and privileged access to the Company’s financially relevant information systems were not operating effectively and the Company’s user access control designed to ensure appropriate segregation of duties was not designed effectively. Management believes that compensating controls are in place and operating effectively to mitigate the risks associated with the identified material weakness as it is being remediated (as described below).

Remediation Plan for Previously Identified Material Weakness in Internal Control Over Financial Reporting

Management is committed to remediating the material weakness described above as promptly as possible. Management believes that certain of the controls in question are designed effectively and that these controls, when operating effectively, will provide appropriate remediation of part of the material weakness. In particular, as part of its remediation plan, the Company is implementing comprehensive access control protocols in order to implement restrictions on user and privileged access to the Company’s financially relevant information systems and will be providing internal control training for personnel involved in remediating this material weakness. In addition, management continues to design and implement new controls to ensure appropriate segregation of duties. Management intends to test the ongoing operating effectiveness of the controls in future periods. The material weakness cannot be considered completely remediated until the applicable controls have operated for a sufficient period of time and management has concluded, through testing, that these controls are designed and operating effectively. The Company can provide no assurance that its remediation efforts described herein will be successful and that the Company will not have material weaknesses in the future.

Changes in Internal Control Over Financial Reporting

Other than the planned changes to the Company’s internal control over financial reporting described in “Remediation Plan for Previously Identified Material Weakness in Internal Control Over Financial Reporting” above, there were no changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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Table of Contents         
PART II. OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS
See “Legal contingencies” of Note 13 to the Consolidated Financial Statements (Unaudited) in Part I, Item 1 of this Quarterly Report on Form 10-Q.

ITEM 1A.    RISK FACTORS
There have been no material changes from the Risk Factors previously disclosed in Part 1, Item 1A, of our 2023 Annual Report.

ITEM 2.     UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
2024年4月9日、会社は取締役会が会社が最大で$2000万の普通株式の株式を取得するための買戻しプログラムを承認したことを発表しました。買戻しプログラムの下での買戻しは、時折、市場で、非公開での交渉によるトランザクションで、またはその他の方法で、会社の経営陣の裁量により、取引所法に基づく100億18号の規則などに規定された制限に従って行われます。買戻しは、SEC規則10b5-1に準拠して採択される可能性のある取引計画に基づいて行われる可能性があり、これにより、内部者取引法において会社がそうすることが制限されている場合に普通株式を買い戻すことが許可されます。買戻しのタイミングや金額は、市況やその他の要件に依存します。買戻しプログラムは、会社に対して任意で、任意の金額や株式数を買い戻す義務を負わせず、いつでも延長、変更、一時停止、または中止される可能性があります。買戻しプログラムの下で会社が買い戻す各普通株式について、会社の直接子会社であるOppFi-LLCは、OppFi-LLCが保有する一つのAクラスの普通株式ユニットを償還し、OppFi-LLCの割合所有権を会社が減少させ、他のメンバーによる所有権を相対的に増加させます。買戻しプログラムは2027年4月に満了します。
下の表は、2024年第3四半期における普通株式クラスAの毎月の自己株式取得に関する情報を示しています。
Period自社株式の総数1株あたりの平均購入価格リパーチェズ・プログラムの一環として購入された株式の総数リパーチェズ・プログラムの下で購入できる株式のおおよその金額
2024年7月1日〜7月31日76,242 $3.46 76,242 $17,201,752 
2024年8月1日 - 2024年8月31日61,650 3.52 61,650 16,983,410 
2024年9月1日〜9月30日127,103 4.18 127,103 16,449,465 
合計264,995 $3.82 264,995 $16,449,465 

債券 ITEM 3. 上位有価証券のデフォルト 
なし。

アイテム 4. 鉱山安全開示
不適用です。

ITEm 5.     その他の情報 
取締役および幹部の証券取引計画
前回の財務四半期に、私たちの取締役または役員（取引所法のルール16a-1（f）に定義されたもの）から連絡を受けていませんでした。 採用 および 終了 'ルール10b5-1取引条件'または'非ルール10b5-1取引条件'（それぞれ規制S-kの項目408で定義されたもの）の件について。

46
目次         
項目6.    展示物
展示番号説明
10.1†*
10.2†+
10.3†+*
10.4†*
31.1*
31.2*
32.1**
32.2**
101.INS*
Inline XBRLインスタンスドキュメント - インスタンスドキュメントはインタラクティブデータファイルに表示されません。そのため、XBRLタグはInline XBRLドキュメント内に埋め込まれています。
101.SCH*インラインXBRLタクソノミ拡張スキーマドキュメント
101.CAL*インラインXBRLタクソノミ拡張計算リンクベースドキュメント
101.DEF*インラインXBRLタクソノミ拡張定義リンクベースドキュメント
101.LAB*インラインXBRLタクソノミ拡張ラベルリンクベースドキュメント
101.PRE*インラインXBRLタクソノミ拡張プレゼンテーションリンクベースドキュメント
104*カバーページインタラクティブデータファイル（インラインXBRL形式で構成され、エキシビット101に含まれる）
___________________________
† この展示の特定の部分は、規制S-k項目（601）（b）（10）に従って省略されています。
+ この出品及びこの出品のスケジュールの一部は、Regulation S-k Item 601(a)(5)に従って省略されています。発行者は、SECの要請に応じて、省略された全出品およびスケジュールのコピーを提供することに同意します。
* 提出書類。
** これに添付されます。




47
目次         
署名
証券取引法に基づき、当該報告書を承認した登録者は、正当に代表者によって署名されました。
日付：2024年11月7日
オップフィ・インク
By:Pamela D. Johnson
Pamela D. Johnson
チーフ財務責任者（プリンシパル財務および会計責任者）






48