OppFi Inc. (NYSE:OPFI) Q4 2023 Earnings Conference Call March 7, 2024 4:30 PM ET

Company Participants

Shaun Smolarz - Head, Investor Relations

Todd Schwartz - Chief Executive Officer & Executive Chairman

Pam Johnson - Chief Financial Officer

Conference Call Participants

Mike Grondahl - Northland Securities

Zachary Oster - JMP Securities

Dave Storms - Stonegate

Operator

Good afternoon, and welcome to OppFi's Fourth Quarter and Full Year 2023 Earnings Conference Call. All participants are in listen-only mode. As a reminder, this conference call is being recorded. After management's presentation, there will be a question-and-answer session. [Operator Instructions]

It's 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 fourth quarter and full year 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 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 United States 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.

We're excited to begin 2024 and leverage our strong 2023 to continue achieving profitable growth. 2023 marked our ninth consecutive year of net income, with annual records for total revenue and ending receivables. We achieved what we said we would do, and credit improvements and operating efficiencies led us to raise full year earnings guidance 3 times. In addition, our solid fourth quarter enabled us to exceed our final full year earnings guidance for 2023. In 2024, we plan to maintain our strategy to be disciplined with underwriting, emphasizing profitability over portfolio growth, while simultaneously aiming for further operating efficiency throughout the company.