OppFi, Inc (NYSE:OPFI) Q3 2024 Results Conference Call November 7, 2024 9:00 AM ET

Company Participants

John Kakos - Senior Vice President, Controller
Todd Schwartz - Chief Executive Officer and Executive Chairman, Director
Pamela Johnson - Chief Financial Officer

Conference Call Participants

Lucas Horton - Northland Securities
David Storms - Stonegate Capital Partners

Operator

Good morning, and welcome to OppFi's Third Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. [Operator Instructions]

It is now my pleasure to introduce your host, John Kakos, SVP Controller. You may begin.

John Kakos

Thank you, operator. Good morning, and welcome to OppFi's Third Quarter 2024 Earnings Call.

Today, we have Executive Chairman and CEO, Todd Schwartz; and CFO, Pam Johnson, presenting our financial results before taking questions. You can access the earnings presentation on our website at investors.oppfi.com.

During this call, OppFi may discuss certain forward-looking information. 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 SEC. Please refer to Slide 2 of the earnings presentation for our disclaimer statements covering forward-looking statements and references to information about non-GAAP financial measures, which will be discussed throughout today's call. Reconciliation of those measures to GAAP measures can be found in the appendix to our earnings presentation.

With that, I'd like to turn it over to Todd.

Todd Schwartz

Thanks, John, and good morning, everyone.

This quarter, we achieved record quarterly net income and revenue, which has enabled us to raise full year earnings guidance for the third time this year. The record quarterly net income was a result of credit initiatives that continue to drive strong loss payment and recovery performance, marketing cost efficiency and prudent expense discipline across the organization. We're also proud that we have successfully executed on some of the strategic initiatives that we previously outlined during the past several quarters. We've also realized additional operational efficiencies that have continued to strengthen the core business and increase profitability.

Pamela will review our third quarter results in detail and our earnings guidance increase for full year 2024. Before she does, I will cover the highlights. Total revenue increased to $136.6 million, a company record for any quarter. GAAP net income grew 106.4% to $32.1 million, another OppFi record for any quarter, and adjusted net income increased 116.2% year-over-year to $28.8 million, also a company record for any quarter.