OppFi Inc. (NYSE:OPFI) Q2 2023 Earnings Conference Call August 9, 2023 4:30 PM ET

Company Participants

Shaun Smolarz – Head-Investor Relations

Todd Schwartz – Chief Executive Officer and Executive Chairman

Pam Johnson – Chief Financial Officer

Conference Call Participants

David Scharf – JMP Securities

Mike Grondahl – Northland Securities

Operator

Good afternoon and welcome to OppFi's Second Quarter 2023 Earnings Conference Call. All participants are in a listen-only mode. As a reminder, this conference call is being recorded. After managements presentation there will be a Question-and-Answer Session. [Operator Instructions]

It is now my pleasure to introduce your host, Shaun Smolarz, Head of Investor Relations. You may begin sir.

Shaun Smolarz

Thank you, operator. Good afternoon. On today's call are Todd Schwartz, Chief Executive Officer and Executive Chairman, and Pam Johnson, Chief Financial Officer.

Our second quarter 2023 earnings press release and supplemental presentation can be found at investors.oppfi.com.

During this call, OppFi will discuss certain forward-looking information. These forward-looking statements are based on assumptions and assessments made by OppFi's management in light of their experience and assessment of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Any forward-looking statements made during this call are made as of today and OppFi undertakes no duty to update or revise any such statement, whether as a result of new information, future events or otherwise.

Important factors that could cause actual results, developments and business decisions to differ materially from forward-looking statements are described in the company's filings with the Securities and Exchange Commission, including the sections entitled Risk Factors. In today's remarks by management, the company will discuss certain non-GAAP financial metrics. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measures can be found in the earnings press release issued earlier this afternoon. This call is being webcast live and will be available for replay on our website. I would now like to turn the call over to Todd.

Todd Schwartz

Thanks, Shaun. And good afternoon everyone. I am very pleased with our second quarter results, which further demonstrate our focus on profitability. In the second quarter of 2023, we more than doubled adjusted net income year-over-year while achieving double digit revenue growth. I believe this result clearly indicates our ability to balance growth and risk while maintaining expense discipline.

Pam will review our second quarter results in detail as well as discuss our full year guidance update, which includes raising our earnings outlook. Before she does, I will cover three topics: one, the key highlights from our Q2 2023 financial performance; two, our progress on strategic business priorities for 2023; and three, an update on our corporate development initiatives.