Company Quick10K Filing
Oportun Financial Corporation
10-Q 2020-06-30 Filed 2020-08-07
10-Q 2020-03-31 Filed 2020-05-15
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-13
S-1 2019-07-17 Public Filing
8-K 2020-08-06 Earnings, Exhibits
8-K 2020-07-28 Regulation FD, Exhibits
8-K 2020-07-08 Leave Agreement, Earnings, Regulation FD, Exhibits
8-K 2020-06-03
8-K 2020-05-22
8-K 2020-05-14
8-K 2020-04-02
8-K 2020-03-09
8-K 2020-02-27
8-K 2019-11-12

OPRT 10Q Quarterly Report

Part I ‑ Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II ‑ Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibit Index
EX-10.2 oportunfundingvbaseind.htm
EX-10.3 oportunfundingvindentu.htm
EX-31.1 ceocertexhibitq22020.htm
EX-31.2 cfocertexhibitq22020.htm
EX-32.1 section1350certsq22020.htm

Oportun Financial Corporation Earnings 2020-06-30

Balance SheetIncome StatementCash Flow

oprt-20200630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
or
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________
Commission File Number 001-39050
OPORTUN FINANCIAL CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Delaware45-3361983
State or Other Jurisdiction of
Incorporation or Organization
I.R.S. Employer Identification No.
2 Circle Star Way
San Carlos,CA94070
Address of Principal Executive OfficesZip Code
(650) 810-8823
Registrant’s Telephone Number, Including Area Code

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.0001 par value per shareOPRTNasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes      No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Smaller reporting company
Accelerated filer
Emerging growth company
Non-accelerated filer
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes     No 
The number of shares of registrant’s common stock outstanding as of July 31, 2020 was 27,331,162.



TABLE OF CONTENTS
PART I ‑ FINANCIAL INFORMATION
PART II ‑ OTHER INFORMATION

2


GLOSSARY

Terms and abbreviations used in this report are defined below.
Term or AbbreviationDefinition
30+ Day Delinquency Rate (1)
Unpaid principal balance for our owned loans that are 30 or more calendar days contractually past due as of the end of the period divided by Owned Principal Balance as of such date
Access Loan ProgramA program intended to make credit available to select borrowers who do not qualify for credit under Oportun's core loan origination program
Active Customers (1)
Number of customers with an outstanding loan serviced by us at the end of a period. Active Customers includes customers whose loans are owned by us and loans that have been sold that we continue to service. Customers with charged-off accounts are excluded from Active Customers
Adjusted EBITDAAdjusted EBITDA is a non-GAAP financial measure calculated as net income (loss), adjusted for the impact of our election of the fair value option and further adjusted to eliminate the effect of the following items: income tax expense (benefit), COVID-19 expenses, stock-based compensation, depreciation and amortization, litigation reserve, origination fees for Fair Value Loans, net and fair value mark-to-market adjustment
Adjusted Earnings Per Share ("EPS")Adjusted EPS is a non-GAAP financial measure calculated by dividing Adjusted Net Income by adjusted weighted-average diluted common shares outstanding. Weighted-average diluted common shares outstanding have been adjusted to reflect the conversion of all preferred shares as of the beginning of each annual period
Adjusted Net IncomeAdjusted Net Income is a non-GAAP financial measure calculated by adjusting our net income (loss), for the impact of our election of the fair value option, and further adjusted to exclude income tax expense (benefit), COVID-19 expenses, stock-based compensation expense and litigation reserve, net of tax
Adjusted Operating EfficiencyAdjusted Operating Efficiency is a non-GAAP financial measure calculated by dividing total operating expenses (excluding COVID-19 expenses, stock-based compensation expense and litigation reserve) by Fair Value Pro Forma Total Revenue
Adjusted Return on Equity ("ROE")Adjusted Return on Equity is a non-GAAP financial measure calculated by dividing annualized Adjusted Net Income by Average Fair Value Pro Forma total stockholders’ equity
Adjusted Tangible Book ValueFair Value Pro Forma total stockholders' equity, excluding intangible assets and system development costs
Adjusted Tangible Book Value Per ShareAdjusted Tangible Book Value divided by common shares outstanding at period end. Common shares outstanding at period end have been adjusted to reflect the conversion of all preferred shares as of the beginning of each annual period.
Aggregate Originations (1)
Aggregate amount disbursed to borrowers during a specific period. Aggregate Originations excludes any fees in connection with the origination of a loan
Annualized Net Charge-Off Rate (1)
Annualized loan principal losses (net of recoveries) divided by the Average Daily Principal Balance of owned loans for the period
AOCIAccumulated other comprehensive income (loss)
APRAnnual Percentage Rate
Average Daily Debt BalanceAverage of outstanding debt principal balance at the end of each calendar day during the period
Asset-Backed Notes at Fair Value (or "Fair Value Notes")All asset-backed notes issued by Oportun on or after January 1, 2018
Average Daily Principal Balance (1)
Average of outstanding principal balance of owned loans at the end of each calendar day during the period
BoardOportun’s Board of Directors
Book ValueTotal assets less total liabilities, or equal to total stockholders' equity
Book Value Per ShareBook Value divided by common shares outstanding at period end
Cost of DebtAnnualized interest expense divided by Average Daily Debt Balance
Customer Acquisition Cost (1)
Sales and marketing expenses, which include the costs associated with various paid marketing channels, including direct mail, digital marketing and brand marketing and the costs associated with our telesales and retail operations divided by number of loans originated to new and returning customers during a period
Emergency Hardship DeferralAny receivable that has had one or more payments deferred and added at the end of the loan payment schedule in connection with a local or wide-spread emergency declared by local, state or federal government such as a natural disaster, government shutdown or pandemic
Fair Value Loans (or "Loans Receivable at Fair Value")All loans receivable held for investment that were originated on or after January 1, 2018
Fair Value Pro FormaIn order to facilitate comparisons to periods prior to January 1, 2018, certain metrics included in this presentation have been shown on a pro forma basis, or the Fair Value Pro Forma, as if we had elected the fair value option since our inception for all loans originated and held for investment and all asset-backed notes issued
Fair Value Pro Forma Total RevenueFair Value Pro Forma Total Revenue is calculated as the sum of Fair Value Pro Forma interest income and non-interest income. Fair Value Pro Forma interest income includes interest on loans and fees; origination fees are recognized upon disbursement. Non-interest income includes gain on sales, servicing fees and other income. The Company adopted ASU 2019-05 as of January 1, 2020 and as a result Fair Value Pro Forma Total Revenue and GAAP Total Revenue are equal for all prospective reporting periods.
Fair Value Notes (or "Asset-Backed Notes at Fair Value")All asset-backed notes issued by Oportun on or after January 1, 2018
FICO® score or FICO®A credit score created by Fair Isaac Corporation
First Payment Defaults
Calculated as the principal balance of any loan whose first payment becomes 30 days past due, divided by the aggregate principal balance of all loans originated during that same period
GAAPGenerally Accepted Accounting Principles
3


Term or AbbreviationDefinition
Initial Fair Value LoansAll loans receivable held for investment that were originated on or after January 1, 2018
LeverageAverage Daily Debt Balance divided by Average Daily Principal Balance
Loans Receivable at Amortized CostLoans held for investment that were originated prior to January 1, 2018. Upon the adoption of ASU 2019-05 as of January 1, 2020 this line item has been eliminated for all prospective reporting periods.
Loans Receivable at Fair Value (or "Fair Value Loans")All Initial Fair Value Loans, together with the Subsequent Fair Value Loans
Managed Principal Balance at End of Period (1)
Total amount of outstanding principal balance for all loans, including loans sold, which we continue to service, at the end of the period
Net RevenueNet Revenue is calculated by subtracting interest expense and provision (release) for loan losses from total revenue and adding the net increase (decrease) in fair value.
Operating EfficiencyTotal operating expenses divided by total revenue
Owned Principal Balance at End of Period (1)
Total amount of outstanding principal balance for all loans, excluding loans sold, at the end of the period
Portfolio Yield (1)
Annualized interest income as a percentage of Average Daily Principal Balance
Principal BalanceOriginal principal balance reduced by principal payments received to date
Return on EquityAnnualized net income divided by average stockholders' equity for a period
Subsequent Fair Value LoansAll loans receivable held for investment, previously measured at amortized cost for which the Company elected the fair value option upon adoption of ASU 2019-05, effective January 1, 2020
TDR Finance Receivables
Troubled debt restructured finance receivables. This is only applicable to Loans Receivable at Amortized Cost. Debt restructuring in which a concession is granted to the borrower as a result of economic or legal reasons related to the borrower’s financial difficulties. Upon the adoption of ASU 2019-05 as of January 1, 2020 this line item has been eliminated for all prospective reporting periods.
Secured FinancingAsset-backed revolving debt facility
VIEsVariable interest entities
Weighted Average Interest RateAnnualized interest expense as a percentage of average debt
(1) Credit card data has been excluded from these metrics for the three and six months ended June 30, 2020 because they are de minimis.

4


PART I ‑ FINANCIAL INFORMATION

Item 1. Financial Statements

OPORTUN FINANCIAL CORPORATION
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share data)
June 30,December 31,
20202019
Assets
Cash and cash equivalents$139,218  $72,179  
Restricted cash58,742  63,962  
Loans receivable at fair value1,635,684  1,882,088  
Loans receivable at amortized cost  42,546  
Less:
Unamortized deferred origination costs and fees, net  (103) 
Allowance for loan losses  (3,972) 
Loans receivable at amortized cost, net  38,471  
Loans held for sale368  715  
Interest and fees receivable, net20,206  17,185  
Right of use assets - operating48,253  50,503  
Other assets72,151  76,771  
Total assets$1,974,622  $2,201,874  
Liabilities and stockholders' equity
Liabilities
Secured financing$96,175  $60,910  
Asset-backed notes at fair value 1,097,929  1,129,202  
Asset-backed notes at amortized cost199,793  359,111  
Amount due to whole loan buyer31,119  33,354  
Lease liabilities51,221  53,357  
Other liabilities44,053  77,174  
Total liabilities1,520,290  1,713,108  
Stockholders' equity
Preferred stock, $0.0001 par value - 100,000,000 shares authorized at June 30, 2020 and December 31, 2019; 0 shares issued and outstanding at June 30, 2020 and December 31, 2019    
Preferred stock, additional paid-in capital    
Common stock, $0.0001 par value - 1,000,000,000 shares authorized at June 30, 2020 and December 31, 2019; 27,602,823 shares issued and 27,330,800 shares outstanding at June 30, 2020; 27,262,639 shares issued and 27,003,157 shares outstanding at December 31, 20196  6  
Common stock, additional paid-in capital426,944  418,299  
Common stock warrants  63  
Accumulated other comprehensive loss(274) (162) 
Retained earnings33,965  76,679  
Treasury stock at cost, 272,023 and 259,482 shares at June 30, 2020 and December 31, 2019(6,309) (6,119) 
Total stockholders’ equity454,332  488,766  
Total liabilities and stockholders' equity$1,974,622  $2,201,874  
See Notes to the Condensed Consolidated Financial Statements.

5


OPORTUN FINANCIAL CORPORATION
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)
(in thousands, except share and per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2020201920202019
Revenue
Interest income$136,086  $129,760  $286,786  $256,506  
Non-interest income6,621  12,836  19,349  24,418  
Total revenue142,707  142,596  306,135  280,924  
Less:
Interest expense15,110  14,633  31,471  29,252  
Provision (release) for loan losses  (2,963)   (3,329) 
Decrease in fair value(81,482) (28,812) (147,951) (54,228) 
Net revenue46,115  102,114  126,713  200,773  
Operating expenses:
Technology and facilities31,512  24,436  62,286  46,077  
Sales and marketing20,060  23,101  44,887  44,367  
Personnel27,681  18,900  53,263  37,777  
Outsourcing and professional fees11,123  13,207  24,741  26,756  
General, administrative and other2,640  3,572  6,453  6,930  
Total operating expenses93,016  83,216  191,630  161,907  
Income (loss) before taxes(46,901) 18,898  (64,917) 38,866  
Income tax expense (benefit)(12,653) 5,106  (17,368) 10,460  
Net income (loss)$(34,248) $13,792  $(47,549) $28,406  
Change in post-termination benefit obligation5  (41) (112) (44) 
Total comprehensive income (loss)$(34,243) $13,751  $(47,661) $28,362  
Net income (loss) attributable to common stockholders$(34,248) $1,542  $(47,549) $3,230  
Share data:
Earnings (loss) per share:
Basic$(1.26) $0.52  $(1.75) $1.10  
Diluted$(1.26) $0.52  $(1.75) $1.08  
Weighted average common shares outstanding:
Basic27,233,394  2,942,833  27,125,054  2,940,164  
Diluted27,233,394  2,955,914  27,125,054  2,987,143  
See Notes to the Condensed Consolidated Financial Statements.
6


OPORTUN FINANCIAL CORPORATION
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)
(in thousands, except share data)
For the Six Months Ended June 30, 2020
Convertible Preferred StockCommon Stock WarrantsCommon Stock
SharesPar Value Additional Paid-in CapitalSharesPar Value SharesPar Value Additional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTreasury StockTotal Stockholders' Equity
Balance – January 1, 2020  $  $  23,512  $63  27,003,157  $6  $418,299  $(162) $76,679  $(6,119) $488,766  
Issuance of common stock upon exercise of stock options—  —  —  —  —  3,161  —  20  —  —  —  20  
Stock-based compensation expense—  —  —  —  —  —  —  4,151  —  —  —  4,151  
Vesting of restricted stock units, net—  —  —  —  —  137,479  —  (813) —  —  —  (813) 
Cumulative effect of adoption of ASU 2019-05—  —  —  —  —  —  —  —  —  4,835  —  4,835  
Change in post-termination benefit obligation—  —  —  —  —  —  —  —  (117) —  —  (117) 
Net loss—  —  —  —  —  —  —  —  —  (13,301) —  (13,301) 
Balance – March 31, 2020  $  $  23,512  $63  27,143,797  $6  $421,657  $(279) $68,213  $(6,119) $483,541  
Issuance of common stock upon exercise of stock options—  $—  $—  —  $—  22,407  $—  $79  $—  $—  $—  $79  
Stock-based compensation expense—  —  —  —  —  —  —  4,972  —  —  —  4,972  
Issuance of common stock upon exercise of warrants—  —  —  (23,512) (63) 10,972  —  253  —  —  (190) —  
Vesting of restricted stock units, net—  —  —  —  —  153,624  —  (17) —  —  —  (17) 
Change in post-termination benefit obligation—  —  —  —  —  —  —  —  5  —  —  5  
Net loss—  —  —  —  —  —  —  —  —  (34,248) —  (34,248) 
Balance – June 30, 2020  $  $    $  27,330,800  $6  $426,944  $(274) $33,965  $(6,309) $454,332  
See Notes to the Condensed Consolidated Financial Statements.
7


OPORTUN FINANCIAL CORPORATION
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)
(in thousands, except share data)
For the Six Months Ended June 30, 2019
Convertible Preferred StockConvertible Preferred and Common Stock WarrantsCommon Stock
SharesPar Value Additional Paid-in CapitalSharesPar Value SharesPar Value Additional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTreasury StockTotal Stockholders' Equity
Balance – January 1, 201914,043,977  $16  $257,887  24,959  $130  2,935,249  $3  $44,411  $(132) $52,662  $(8,428) $346,549  
Issuance of common stock upon exercise of stock options—  —  —  —  —  7,317  —  142  —  —  —  142  
Stock-based compensation expense—  —  —  —  —  —  —  1,980  —  —  —  1,980  
Cumulative effect of adoption of ASC 842—  —  —  —  —  —  —  —  —  (125) —  (125) 
Change in post-termination benefit obligation—  —  —  —  —  —  —  —  (3) —  —  (3) 
Net income—  —  —  —  —  —  —  —  —  14,614  —  14,614  
Balance – March 31, 201914,043,977  $16  $257,887  24,959  $130  2,942,566  $3  $46,533  $(135) $67,151  $(8,428) $363,157  
Issuance of common stock upon exercise of stock options—  —  —  —  —  2,216  —  4  —  —  —  4  
Stock-based compensation expense—  —  —  —  —  —  —  2,035  —  —  —  2,035