Oportun Financial (NASDAQ:OPRT) Corporation (NASDAQ:OPRT)公布了2024年第一季度的强劲业绩，总收入超过预期2.5亿美元，调整后净收入为400万美元，实现盈利。该公司的信用表现显著改善，冲销率下降，拖欠率下降。Oportun还将全年调整后的息税折旧摊销前利润(EBITDA)预期上调了31%，达到区间的中点，反映出对其财务前景的信心。
Oportun创造了2.5亿美元的收入，超出了预期。
调整后的净收入达到400万美元，与去年5800万美元的净亏损相比有了重大转变。
信贷表现有所改善，净冲销率为12%，30天以上的拖欠率为5.2%。
安全人员Nal贷款产品拓展公司归功于优越的单位经济性。
运营费用同比减少25%至1.1亿美元，并计划进一步降低费用。
销售和营销费用下降了17%，仅略高于1600万美元，用户获取成本也有所下降下跌28%至138美元。
该公司将全年调整后的EBITDA预期上调了31%。
Oportun的目标是到2024年第四季度将运营费用控制在9750万美元或以下，并在今年结束时将成本结构降至峰值水平以下2.4亿美元。
新董事会成员斯科特·帕克和理查德·塔伯宣布加入董事会。
公司期待有担保的人全年贷款组合增长。
Oportun的目标是实现20%至28%的股本回报率(ROE)。
该公司专注于管理费用，目标是到2024年第四季度将运营费用控制在9750万美元或以下。
全年营收预期在9.85亿美元至10.1亿美元之间。
全年调整后的EBITDA预计在8000万美元至9000万美元之间。
利息支出增加至5 400万美元，由于未偿债务增加和债务成本增加，增加了1 500万美元。
Oportun报告称，运营活动产生的净现金流强劲，达到8,600万美元，较上年增长12%。
该公司现金状况良好，现金总额为1.97亿美元，其中6900万美元是不受限制的。
一份新的协议被签署，以出售增建的房屋在接下来的六个月里，总共损失1.5亿美元的贷款。
财报电话会议中没有具体的亏损报告。
Raul Vazquez讨论了包括储蓄产品在内的所有产品线的人员配备和预算削减。
乔提到nathan Coblentzned o正在谈判更新核心人员的仓库线所有贷款，有几个利益相关方。
没有报告即将采取的资产负债表管理行动或债务支付的修改。
Oportun在2024年有了一个良好的开端，专注于成本管理和有担保个人贷款产品的战略增长。随着信用表现的改善和进一步降低运营费用的明确途径，公司已准备好继续改善财务状况和盈利能力。董事会新成员的加入以及有担保个人贷款组合的预期增长进一步支持了Oportun对今年剩余时间的积极展望。
Oportun Financial Corporation(纳斯达克股票代码:OPRT)最近的收益报告显示，该公司在2024年第一季度取得了成功，不仅收入超出预期，而且实现了盈利。InvestingPro的数据和提示为公司的业绩和未来前景提供了额外的背景。
InvestingPro Data的指标显示，该公司的市值为1.5274亿美元，显示了该公司的规模和投资者在市场上的估值。尽管市盈率为负0.88，这通常表明该公司目前没有盈利，但预计今年的净收入增长显示出有希望的转机。该公司的市净率(Price / Book ratio)处于0.38的低位，可能表明该股相对于其账面价值被低估了。
两个与Oportun当前情况特别相关的InvestingPro提示是:
1. 预计今年的净收入将增长，这与公司在2024年第一季度的积极指导和近期盈利能力相一致。
2. 该股目前的市净率较低，这可能会引起寻找可能被低估股票的价值投资者的兴趣。
此外，该公司上周的总回报率高达25.93%，这可能会引起短线投资者的兴趣。然而，值得注意的是，该股通常价格波动较大，这可能意味着投资者面临更高的风险。
想要了解更多深入分析和额外提示的投资者可以在http://k1.fpubli.cc/file/upload/202405/12/2bssu0vaaye上找到更多的InvestingPro tips for Oportun Financial Corporation。为了获得这些见解，使用优惠券代码PRONEWS24可以获得每年或两年一次的Pro和Pro+订阅额外10%的折扣。
Oportun今年的强劲开局、信贷表现的改善以及战略举措都反映在积极的前景和数据中。鉴于对净利润增长的预期和该股目前的估值指标，投资者可能会发现Oportun是他们投资组合中一个有趣的选择。
接线员:欢迎参加Oportun金融公司2024年第一季度收益电话会议。【操作说明】。提醒一下，这次会议正在录音。现在由我来接投资者关系部的多里安·黑尔。请继续。
多里安·海尔:谢谢，大家好。和我一起讨论Oportun 2024年第一季度的业绩是;Raul Vazquez，首席执行官;Jonathan Coblentz，首席财务官和首席行政官。我要提醒参加电话会议或网络直播的所有人，今天的一些言论将包括与我们的业务、未来运营结果和财务状况、计划、产品和服务、业务战略、费用节约措施、有关我们高级担保定期贷款的陈述以及我们未来运营的管理计划和目标有关的前瞻性陈述。实际结果可能与这些前瞻性陈述的预期或暗示存在重大差异，我们提醒您不要过分依赖这些前瞻性陈述。关于可能导致这些结果产生重大差异的风险因素的更详细讨论，载于我们的收益新闻稿和我们提交给美国证券交易委员会的文件中，标题为“风险因素”，包括我们即将发布的截至2023年12月31日的年度10-Q表格。我们在本次电话会议上做出的任何前瞻性陈述都是基于截至今天的假设，我们不承担因新信息或未来事件而更新这些陈述的义务，除非法律要求。同样在今天的电话会议上，我们将提出GAAP和非GAAP财务指标，我们相信这可以是对我们核心业务的期间比较有用的指标，并将为投资者提供有关我们的财务状况和运营结果的有用信息。完整的定义列表可以在我们网站上的投资者关系部分的收益资料中找到。非GAAP财务指标是根据GAAP计算的财务指标的补充，而不是替代。所有非公认会计准则财务指标与公认会计准则财务指标的对账包括在我们的收益新闻稿、2024年第一季度财务补充和2024年第一季度收益简报的附录部分，所有这些都可以在我们网站的投资者关系部分获得。此外，本次会议正在进行网络直播，会议结束后将提供存档版本以及我们准备好的发言副本。说到这里，我现在把电话交给劳尔。
Raul Vazquez: Thanks, Dorian and good afternoon, everyone. Thank you for joining us. Today, I'll discuss our first quarter performance and update you on our progress on key areas of focus. Let me begin with four highlights of our Q1 performance. First, we generated revenue of $250 million outperforming the top end of our guidance range by $12 million or 5%. This outperformance was driven by a strong March with higher interest income and portfolio yield as the price increases we've been enacting took hold at a higher rate than anticipated. Second, our Q1 annualized net charge off rate was 12% and at the low end of our guidance range 22 basis points lower sequentially and seven basis points better than last year. Our quarterly net charge offs measured in dollars declined year-over-year for the second consecutive quarter in this instance by 7%. Third our GAAP operating were just under down $110 million down 15% sequentially and 25% year-over-year. The last time we reported quarterly GAAP operating expenses below $110 million was the first quarter of 2021. Finally, our profitability is markedly improved with both our adjusted EBITDA and adjusted net income turning positive from year ago losses. Adjusted EBITDA was $2 million an improvement of $22 million year-over-year. We generated $4 million in adjusted net income, a $61 million improvement from the year ago quarter and our GAAP net income improvement was even more substantial at $76 million. In summary, I'm proud of how the team executed and pleased that Q1 showed more signs of the expected business recovery that I outlined during the last earnings call. I'll now update you on progress we're making on our 2024 strategic priorities, which gives me confidence in our outlook. Starting with credit, I'll highlight three positive dynamics that we're seeing. First, as you can see on Slide 5 of our earnings presentation, the loss rates 12 or more months post disbursement for our front book of loans continue to run approximately 400 basis points lower when compared to our back book of loans with our Q1 2023 vintage now joining that group. Even more encouraging, we're now seeing that more recent front book vintages are outperforming their predecessors. As a reminder, the back book is comprised of loans originated prior to the first material tightening in July of 2022. The front book of loans is comprised of origination since then. Second, you can also see on Slide 6 that the back book shrank to 16% of our own principal balance at the end of the first quarter, but disproportionately accounted for 40% of our gross charge offs. We still expect the impact of the back book to diminish throughout 2024 and our back book to shrink to 3% of our own principal balance at the end of this year and third, starting in late January, we started experiencing positive trends in early-stage delinquencies, which continued in February and March. One-to-29-day delinquencies are now running well below 2023 levels and the positive trends are starting to roll into 30-to-59-day delinquencies. We expect that these favorable trends will drive 30 plus day delinquencies further down in Q2 from the 5.2% level during Q1 2024 which were already down over 60 basis point from Q4 2023. Improving credit outcomes is our top priority and I'm pleased with the progress we've made and expect to continue to make this year. Relating to our priority to fortify business economics during 2024, I'd like to update you on our expense management progress. As you can see on Slide 7 of our earnings presentation, we are significantly more efficient today than we were during our IPO year five years ago. Adjusted OpEx as a percentage of average managed principal balance was down by almost 400 basis points to 13% in Q1, 2024 versus 16.9% in Q1, 2019. And we've made substantial progress to get our GAAP operating expenses below $110 million for Q1 2024 remaining on track to achieve operating expenses of $97.5 million or below by Q4, 2024. In summary, we outperformed our expectations for the first quarter, including a return to adjusted profitability and remain keenly focused on expense management with even more profitability improvement on the horizon. Jonathan will share the details with you shortly, but I want to let you know that we are raising full year adjusted EBITDA guidance by 31% at the midpoint of the range. Shifting to our priority to identify high quality originations, I'd like to highlight our prudent expansion in secured personal loans or our SPL product, which you can see on Slide 8. As a reminder, we launched SPL in the summer of 2020 and paused our originations in four states during 2023 due to our rebalancing of priorities and our desire to retool the partnership with Pathward. Available only in California as of the end of last year, we reintroduced secured personal loans in our next two biggest states, Texas and Florida at the end of the first quarter. We also re launched SPL in Arizona and New Jersey earlier this month and are rolling out the product in Illinois for the first time during this quarter. We are excited about the expansion of SPL because of its superior unit economics. Not only did losses last year run approximately 350 basis points lower for our secured personal loans as compared to unsecured, but revenue per loan was over 50% higher since on average SPL loans are over $3,000 larger. In addition, responsibly expanding secured lending which is collateralized by members autos allows us to better serve our members. Our SPL product has allowed us to invite 3 of 10 applicants who we weren't able to approve for unsecured personal loans to apply for an SBL loan. In summary, I am very pleased with our first quarter performance yet we expect a better second quarter than our first quarter and our conviction remains strong to be profitable on an adjusted basis during 2024. With that, I will turn it over to Jonathan for additional details on our first quarter financial performance as well as our second quarter and full year guidance.
Jonathan Coblentz: Thanks, Raul, and good afternoon, everyone. As Raul mentioned, we had a strong first quarter and are positioned to improve upon our performance throughout the balance of the year. We remain focused on sustainably increasing our profitability in 2024 and beyond by driving performance in our three differentiated core products, unsecured and secured personal loans, as well as our savings product. We will continue to do so while reducing costs and maintaining our conservative credit posture. As shown on Slide 10, Oportun delivered total revenue of $250 million and we returned to profitability with adjusted net income of $4 million or adjusted EPS of $0.09. Continuing to operate under a tightened credit posture, originations of $338 million were down 17% year-over-year. Sequentially, originations were down 23% from the fourth quarter, aligning with the typical seasonal pattern following year end. While dollar volume of originations and average loan size declined due to our tightening actions, I'm pleased to share that better-than-expected demand for new members drove 16% year-over-year growth in the number of loans originated. These incremental loans were also better credit quality as the credit profile of our application pool improved. This sets us up well for future growth when these new members return for subsequent loans. The year-over-year revenue decline of 3% outpaced our originations decline by 14 percentage points. This outperformance resulted from our price increases as portfolio yield increased 113 basis points year-over-year, improving to 32.5%. We will continue to enhance yield throughout 2024, while remaining committed to our 36% APR cap. Net revenue was $79 million up markedly year-over-year due to reduced non cash fair value marks and lower charge offs, partially offset by higher interest expense. Our total net decrease in fair value of $117 million was primarily driven by current period charge offs of $85 million. Total fair value mark-to-market adjustments were favorable by $3 million as the mark-to-market on our loan portfolio was largely offset by the mark-to-market on our remaining fair value asset backed notes. As a reminder, we elected last year to stop fair valuing our new debt financings in our GAAP financials. Interest expense of $54 million was up $15 million year- over-year. This was primarily driven by increased debt outstanding and the increase in our cost of debt to 7.5% versus 5.2% in the year ago period, reflecting the higher rate environment. Turning now to operating expenses and efficiency. We continue to see the benefits from our previously announced cost structure optimization initiatives. Our $110 million in total operating expenses in Q1 reflected a 25% reduction from the prior year period. We will continue to drive our cost structure lower in 2024 with the $30 million of additional annualized operating expense reductions that we announced on our last earnings call. We continue to target $97.5 million in Q4 GAAP operating expenses. In the first quarter, our sales and marketing expenses were just over $16 million down 17% year over year and I'm pleased to share that our CAC was $138 was down 28% year-over-year and at our lowest level since the second quarter of 2022. For the quarter, we recorded adjusted net income of $4 million compared to a $58 million adjusted net loss in the prior year quarter and adjusted EPS of $0.09 versus a prior year net loss per share of $1.70 This marked improvement in adjusted profitability was primarily driven by reduced operating expenses and credit losses, along with current period mark-to-market increases in our loan portfolio as our discount rate and remaining cumulative net charge off expectations both declined. Adjusted EBITDA, which excludes the impact of fair value mark-to-market adjustments on our loan portfolio and notes was $2 million in the first quarter. This reflected a strong year-over-year increase of $22,000,000 driven by our sharply reduced cost structure. Now on Slide 11, let me discuss Q1 credit performance. Our annualized net charge off rate of 12% was at the low end of our guidance range. This compared to 12.1% in the prior year period. Our 30 plus day delinquency rate declined year-over-year by 21 basis points and sequentially by 64 basis points to 5.2%. As Raul mentioned, our early-stage delinquencies are running well below 2023 levels, and we expect our 30 plus day delinquency rate to continue to improve going forward. The last time the early-stage buckets were running below the prior year was three years ago when 2021 levels were below 2020. Regarding our capital and liquidity, as shown on Slide 12, net cash flows from operating activities for the Q1 were strong at $86 million up 12% year-over-year. As of March 31, total cash was $197 million of which $69 million was unrestricted and $127 million was restricted. Further bolstering our liquidity was $607 million in available funding capacity under our warehouse lines and remaining whole loan sale agreement capacity of $258 million. I'm also pleased to share that since quarter end, we signed a new agreement with one of our partners to sell an additional $150 million of whole loans over the next six months. Before I leave our discussion of capital and liquidity, I want to share that we are getting closer to completing our strategic review of our credit card product, and we continue to evaluate refinancing options on our senior secured term loan. Turning now to our guidance as shown on Slide 13, our outlook for the second quarter is total revenue of $245 million to $250 million annualized net charge off rate of 12.4%, plus or minus 15 basis points adjusted EBITDA of $14 million to $17 million. Let me spend a minute providing you with a bit of color. First, on revenue, the seasonally lower origination volume in Q1 means that our portfolio will decline slightly in Q2. However, expected higher portfolio yield will lead Q2 revenue to be only slightly down to flat compared to Q1. With respect to credit, we expect Q2 charge offs in dollars to be flat to down sequentially, so the higher annual charge off guide at the midpoint for Q2 is driven entirely by a lower receivables base. On Slide 14, you can see how impactful portfolio growth is to our annualized net charge off rate. Finally, on profitability, strong sequential adjusted EBITDA improvement from $2 million in Q1 to $15 million at the midpoint for Q2 reflects our ongoing cost discipline and operational improvement we expect throughout the remainder of the year. Our guidance for the full year is total revenue of $985 million to $1.010 billion, annualized net charge off rate of 11.9% plus or minus 50 basis points, adjusted EBITDA of $80 million to $90 million. I'm pleased that we're able to provide you with full year guidance reflecting the continuation of the 2024 business recovery we initiated in Q1. Driven by a resilient top line amidst credit tightening, prudent underwriting and further cost reductions, our full year adjusted EBITDA guidance reflects $66 million of improvement over last year at the midpoint or approximately 350% year-over-year growth. Raul, back over to you.
劳尔:谢谢你，乔纳森。在结束之前，我想公开欢迎斯科特·帕克加入Oportun董事会。在斯科特被任命为独立董事之前，Oportun于4月22日宣布与Findell Capital达成合作协议。Scott目前担任Nations Benefits的首席财务官，Nations Benefits是医疗保健行业补充福利和金融科技解决方案的领先提供商。作为一名经验丰富的首席财务官，Scott曾在Ryder System(纽约证券交易所代码:R)、oneMain Holdings(纽约证券交易所代码:OMF)和CIT Group(纽约证券交易所代码:CIT)领导财务职能。我还要欢迎理查德·塔伯成为执董会观察员。里奇已同意在我们的2024年年度股东大会上竞选独立董事。Rich曾担任oneMain Holdings的执行副总裁兼风险官。他还曾担任J.P. Morgan零售金融服务首席风险官、American Express (NYSE:AXP)小企业服务首席风险官，并在其他机构担任过其他行政和风险管理相关职位。董事会和管理团队将从Scott和Rich的观点和贡献中受益，因为我们将继续专注于纪律执行和推动盈利的可持续增长。包括Scott和Rich在内，去年我们增加了四位高素质的独立人士参加我们的董事会会议。最后，我想强调的是，我们对第一季度的业绩感到满意，GAAP净收入提高了7600万美元，调整后的盈利能力也有所恢复。我们对我们的前景充满信心，并提高了我们的收入和调整后的EBITDA指导，同时重申我们对今年调整后盈利的预期。我们预计，到2024年，年化成本结构将比峰值水平低2.4亿美元，我们的库存几乎将被消除，我们打算推动业务实现20%至28%的投资回报率，我们在3月份首次提出目标单位经济模型时曾谈到过。最后，我要感谢Oportun团队在第一季度的扎实执行，以及他们对我们的复苏和使命的持续承诺。我还要感谢我们的股东一直以来对Oportun的支持和信任。说到这里，接线员，让我们开始提问吧。
接线员:我们今天的第一个问题来自公民JMP的大卫·沙夫。您的电话现在接通了。
大卫·沙夫:很好。下午好，谢谢你回答我的问题。我想再深入研究一下年底的费用基数指引。我想你提到过，你已经消除了大约240年的峰值水平。当我们看第四季度的运行率，9700万美元的年化指导，基于你所做的一切，无论是重新启动有担保的个人贷款，其他产品，州扩张，你认为4亿美元是一个目标年化费用水平，还是为了实现20%到28%的ROE目标，运行率必须进一步下降吗?
乔纳森·科布伦茨:是的。大卫，我们给出了指引，并在电话会议上重申，我们的目标是2024年第四季度的GAAP运营支出达到9750万美元左右。这比4亿美元少一点。我们认为当我们表示当我们首次提出了单位经济模式,最后一次,这是代表21页的甲板走了出去,在一点点的增长,随着时间的推移我们将能够产生这些结果所以我想说,随着业务的变大,运营成本可能增加通货膨胀,但我们的目的是运行很瘦,很明显我们将进入2025年运行速度低于4亿美元,运营方面。
大卫·沙夫:明白了，明白了。是的，我只是凑合一下。也许只是第四季度指南的后续。我知道会有某种共享资源。很难给出一个确切的数字，但只是为了了解一些背景。你能分享一下这9700万美元中有多少分配给了Digit或之前的Digit或储蓄产品，不管你在内部怎么称呼它?
乔纳森·科布伦茨:是的，大卫，我们不提供这个信息。不幸的是，我不能对此发表评论。
劳尔·巴斯克斯:大卫，我要说的是，这是劳尔。我想说的是，很明显，我们已经在所有产品线上执行了人员和预算的削减。所以储蓄产品也有很大的减少。我们去年宣布，我们将关闭收购中涉及的几个产品，这是连续第二年，储蓄团队将成为公司的现金贡献者，显然，在这种经济环境下，产生大量现金的能力很重要。因此，我们对它在现金产生方面所发挥的作用感到满意，我们在上次收益电话会议上提到，使用储蓄应用程序的借款人的拖欠率比不使用该应用程序的借款人的拖欠率低45%。所以我们也很高兴这个团队所做的工作所带来的好处。
大卫·沙夫:明白了。也许还有最后一个关于资金的后续问题。在新闻稿中，你提到了核心个人贷款的仓库线。它只承诺了四五个月，我想直到九月。任何关于作为新伙伴重新谈判的最新消息，续约将在9月份到期。
乔纳森·科布伦茨:当然。是的。好问题。我们已经开始着手我们的更新和我们有很多感兴趣的,所以我想说,我没有一个特定的更新现在分享,但是这个过程是很好,这是不足为奇的,至少对我来说,鉴于我们的信用改善性能和考虑到仓库银行主要看向资产支持的外卖机会市场,您可能还记得,我们共享最后财报电话会议,今年2月,我们带着一笔2亿美元的定期资产支持证券上市，获得了10倍的超额认购，定价也比预期的要低得多。因此，资产支持的市场依然强劲。我们仍然可以访问，这预示着一个非常成功的安全的个人线路更新。仓库更新。
接线员:今天的下一个问题来自杰富瑞的马修·赫尔威特。您的电话现在接通了。
Matthew Hurwit:大家好。谢谢你回答这个问题。继续大卫的问题，是否有任何资产负债表管理行动或债务支付的修改或任何即将到来的资产负债表项目需要强调?
乔纳森·科布伦茨:不，我会说不。
Matthew Hurwit:好的。就SPL产品而言，您能否与我们分享一下目前在投资组合中所占的比例，如果不能，您认为该产品的发展前景如何?
乔纳森·科布伦茨:我们实际上披露了这一点。在新闻发布会上。我们说三月底的SPL产品是1.1亿美元。所以很明显，我们刚刚从上个季度开始重新扩展到其他州。因此，我们当然预计这一数字将在今年有所增长。
劳尔·巴斯克斯:马特，这是一个管理着大约30亿美元的投资组合。
接线员:我们的问答环节已经结束了。我想请大家继续发言或作结束语。
劳尔·巴斯克斯:我们要感谢你们所有人参加今天的电话会议，我们期待着很快再次与你们交谈。
话务员:[话务员结束语]。
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