OppFi Inc. (NYSE:OPFI) Q1 2024 Earnings Conference Call May 8, 2024 9:00 AM 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 - Citizens JMP
Dave Storms - Stonegate
Ross Davisson - Banneton Capital

Operator

Good morning and welcome to OppFi’s First Quarter 2024 Earnings Conference Call. [Operator Instructions] It is now my pleasure to introduce your host, Shaun Smolarz, Head of Investor Relations. You may begin.

Shaun Smolarz

Thank you, operator. Good morning. On today’s call are Todd Schwartz, Chief Executive Officer and Executive Chairman; and Pam Johnson, Chief Financial Officer. Our first quarter 2024 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 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 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 morning everyone. We are very pleased to report our first quarter 2024 results, which exceeded our earnings guidance and enabled us to raise our full year earnings outlook. When we introduced our full year guidance in March, we had limited visibility into 2024 based on the seasonality of the business. However, our profitability accelerated to end the quarter with a strong tax refund season, and we continue to see favorable credit trends in our portfolio. Pam will review our first quarter results in detail and revised guidance for full year 2024. Before she does, I will cover four primary topics: one, highlights from our first quarter of 2024; two, progress on our operational initiatives; three, commentary on our macroeconomic outlook; and four, discussion of our capital allocation strategy.