OppFi Inc. (NYSE:OPFI) Q2 2022 Earnings Conference Call August 9, 2022 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

Chris Brendler - D.A. Davidson

Operator

Good afternoon and welcome to OppFi's Second Quarter 2022 Earnings Call. All participants are in a listen-only mode. As a reminder, this conference call is being recorded. After management's presentation there will be a question-and-answer session.

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

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 2022 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 statements, 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 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 morning. 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’d like to cover three topics today, including the key financial and operational highlights from our solid second quarter, our view on the macroeconomic environment and its impact on our customers, and provide a quick update on strategic initiatives underway that are designed to position us for success in 2023 and beyond.

We are pleased with our financial and operational performance for the second quarter relative to our expectations. Continued strong customer demand led to a 57% year-over-year increase in originations. Marketing cost per funded loan dropped by 16% year-over-year to $206.