Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-39050 | |
Entity Registrant Name | OPORTUN FINANCIAL CORPORATION | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 45-3361983 | |
Entity Address, Address Line One | 2 Circle Star Way | |
Entity Address, City or Town | San Carlos, | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94070 | |
City Area Code | 650 | |
Local Phone Number | 810-8823 | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Trading Symbol | OPRT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 28,387,950 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001538716 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 168,407 | $ 136,187 |
Restricted cash | 55,348 | 32,403 |
Loans receivable at fair value | 1,971,375 | 1,696,526 |
Interest and fees receivable, net | 16,292 | 15,426 |
Right of use assets - operating | 34,952 | 46,820 |
Other assets | 101,507 | 81,689 |
Total assets | 2,347,881 | 2,009,051 |
Liabilities | ||
Secured financing | 525,471 | 246,385 |
Asset-backed notes at fair value | 1,162,948 | 1,167,309 |
Lease liabilities | 43,498 | 49,684 |
Other liabilities | 104,545 | 79,306 |
Total liabilities | 1,836,462 | 1,542,684 |
Stockholders' equity | ||
Common stock, $0.0001 par value - 1,000,000,000 shares authorized at September 30, 2021 and December 31, 2020; 28,656,945 shares issued and 28,384,922 shares outstanding at September 30, 2021; 27,951,286 shares issued and 27,679,263 shares outstanding at December 31, 2020 | 6 | 6 |
Common stock, additional paid-in capital | 448,214 | 436,499 |
Accumulated other comprehensive loss | (172) | (261) |
Retained earnings | 69,680 | 36,432 |
Treasury stock at cost, 272,023 shares at September 30, 2021 and December 31, 2020 | (6,309) | (6,309) |
Total stockholders’ equity | 511,419 | 466,367 |
Total liabilities and stockholders' equity | $ 2,347,881 | $ 2,009,051 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Common stock, par value (in USD per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 28,656,945 | 27,951,286 |
Common stock, shares outstanding (in shares) | 28,384,922 | 27,679,263 |
Treasury stock, shares (in shares) | 272,023 | 272,023 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue | ||||
Interest income | $ 145,444 | $ 128,739 | $ 401,224 | $ 415,525 |
Non-interest income | 13,640 | 8,028 | 31,427 | 27,377 |
Total revenue | 159,084 | 136,767 | 432,651 | 442,902 |
Less: | ||||
Interest expense | 10,574 | 13,408 | 36,241 | 44,879 |
Net decrease in fair value | (8,987) | (29,633) | (26,457) | (177,584) |
Net revenue | 139,523 | 93,726 | 369,953 | 220,439 |
Operating expenses: | ||||
Technology and facilities | 34,226 | 31,641 | 100,274 | 93,927 |
Sales and marketing | 32,102 | 20,634 | 79,743 | 65,521 |
Personnel | 29,039 | 26,662 | 84,412 | 79,925 |
Outsourcing and professional fees | 13,348 | 11,491 | 40,762 | 36,232 |
General, administrative and other | 2,686 | 11,138 | 22,862 | 17,591 |
Total operating expenses | 111,401 | 101,566 | 328,053 | 293,196 |
Income (loss) before taxes | 28,122 | (7,840) | 41,900 | (72,757) |
Income tax expense (benefit) | 5,143 | (1,794) | 8,652 | (19,162) |
Net income (loss) | 22,979 | (6,046) | 33,248 | (53,595) |
Change in post-termination benefit obligation | 77 | 6 | 89 | (106) |
Total comprehensive income (loss) | 23,056 | (6,040) | 33,337 | (53,701) |
Net income (loss) attributable to common stockholders | $ 22,979 | $ (6,046) | $ 33,248 | $ (53,595) |
Earnings (loss) per share: | ||||
Basic (in USD per share) | $ 0.82 | $ (0.22) | $ 1.19 | $ (1.97) |
Diluted (in USD per share) | $ 0.75 | $ (0.22) | $ 1.11 | $ (1.97) |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 28,167,686 | 27,459,192 | 27,982,273 | 27,237,246 |
Diluted (in shares) | 30,503,773 | 27,459,192 | 30,059,675 | 27,237,246 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock Warrants | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Treasury Stock |
Beginning balance (in shares) at Dec. 31, 2019 | 23,512 | 27,003,157 | |||||||
Beginning balance at Dec. 31, 2019 | $ 488,766 | $ 4,835 | $ 63 | $ 6 | $ 418,299 | $ (162) | $ 76,679 | $ 4,835 | $ (6,119) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of common stock upon exercise of stock options (in shares) | 3,161 | ||||||||
Issuance of common stock upon exercise of stock options | 20 | 20 | |||||||
Stock-based compensation expense | 4,151 | 4,151 | |||||||
Vesting of restricted stock units, net (in shares) | 137,479 | ||||||||
Vesting of restricted stock units, net | (813) | (813) | |||||||
Change in post-termination benefit obligation | (117) | (117) | |||||||
Net income (loss) | (13,301) | (13,301) | |||||||
Ending balance (in shares) at Mar. 31, 2020 | 23,512 | 27,143,797 | |||||||
Ending balance at Mar. 31, 2020 | 483,541 | $ 63 | $ 6 | 421,657 | (279) | 68,213 | (6,119) | ||
Beginning balance (in shares) at Dec. 31, 2019 | 23,512 | 27,003,157 | |||||||
Beginning balance at Dec. 31, 2019 | 488,766 | $ 4,835 | $ 63 | $ 6 | 418,299 | (162) | 76,679 | $ 4,835 | (6,119) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (53,595) | ||||||||
Ending balance (in shares) at Sep. 30, 2020 | 0 | 27,583,028 | |||||||
Ending balance at Sep. 30, 2020 | 453,021 | $ 0 | $ 6 | 431,673 | (268) | 27,919 | (6,309) | ||
Beginning balance (in shares) at Mar. 31, 2020 | 23,512 | 27,143,797 | |||||||
Beginning balance at Mar. 31, 2020 | 483,541 | $ 63 | $ 6 | 421,657 | (279) | 68,213 | (6,119) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of common stock upon exercise of stock options (in shares) | 22,407 | ||||||||
Issuance of common stock upon exercise of stock options | 79 | 79 | |||||||
Stock-based compensation expense | 4,972 | 4,972 | |||||||
Issuance of common stock upon exercise of warrants (in shares) | (23,512) | 10,972 | |||||||
Issuance of common stock upon exercise of warrants | 0 | $ (63) | 253 | (190) | |||||
Vesting of restricted stock units, net (in shares) | 153,624 | ||||||||
Vesting of restricted stock units, net | (17) | (17) | |||||||
Change in post-termination benefit obligation | 5 | 5 | |||||||
Net income (loss) | (34,248) | (34,248) | |||||||
Ending balance (in shares) at Jun. 30, 2020 | 0 | 27,330,800 | |||||||
Ending balance at Jun. 30, 2020 | 454,332 | $ 0 | $ 6 | 426,944 | (274) | 33,965 | (6,309) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of common stock upon exercise of stock options (in shares) | 4,018 | ||||||||
Issuance of common stock upon exercise of stock options | 24 | 24 | |||||||
Stock-based compensation expense | 5,194 | 5,194 | |||||||
Vesting of restricted stock units, net (in shares) | 248,210 | ||||||||
Vesting of restricted stock units, net | (489) | (489) | |||||||
Change in post-termination benefit obligation | 6 | 6 | |||||||
Net income (loss) | (6,046) | (6,046) | |||||||
Ending balance (in shares) at Sep. 30, 2020 | 0 | 27,583,028 | |||||||
Ending balance at Sep. 30, 2020 | 453,021 | $ 0 | $ 6 | 431,673 | (268) | 27,919 | (6,309) | ||
Beginning balance (in shares) at Dec. 31, 2020 | 0 | 27,679,263 | |||||||
Beginning balance at Dec. 31, 2020 | 466,367 | $ 0 | $ 6 | 436,499 | (261) | 36,432 | (6,309) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of common stock upon exercise of stock options (in shares) | 33,526 | ||||||||
Issuance of common stock upon exercise of stock options | 307 | 307 | |||||||
Stock-based compensation expense | 5,088 | 5,088 | |||||||
Vesting of restricted stock units, net (in shares) | 261,794 | ||||||||
Vesting of restricted stock units, net | (2,794) | (2,794) | |||||||
Change in post-termination benefit obligation | 6 | 6 | |||||||
Net income (loss) | 3,019 | 3,019 | |||||||
Ending balance (in shares) at Mar. 31, 2021 | 0 | 27,974,583 | |||||||
Ending balance at Mar. 31, 2021 | 471,993 | $ 0 | $ 6 | 439,100 | (255) | 39,451 | (6,309) | ||
Beginning balance (in shares) at Dec. 31, 2020 | 0 | 27,679,263 | |||||||
Beginning balance at Dec. 31, 2020 | 466,367 | $ 0 | $ 6 | 436,499 | (261) | 36,432 | (6,309) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 33,248 | ||||||||
Ending balance (in shares) at Sep. 30, 2021 | 0 | 28,384,922 | |||||||
Ending balance at Sep. 30, 2021 | 511,419 | $ 0 | $ 6 | 448,214 | (172) | 69,680 | (6,309) | ||
Beginning balance (in shares) at Mar. 31, 2021 | 0 | 27,974,583 | |||||||
Beginning balance at Mar. 31, 2021 | 471,993 | $ 0 | $ 6 | 439,100 | (255) | 39,451 | (6,309) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of common stock upon exercise of stock options (in shares) | 10,114 | ||||||||
Issuance of common stock upon exercise of stock options | 159 | 159 | |||||||
Stock-based compensation expense | 5,366 | 5,366 | |||||||
Vesting of restricted stock units, net (in shares) | 49,227 | ||||||||
Vesting of restricted stock units, net | (442) | (442) | |||||||
Change in post-termination benefit obligation | 6 | 6 | |||||||
Net income (loss) | 7,250 | 7,250 | |||||||
Ending balance (in shares) at Jun. 30, 2021 | 0 | 28,033,924 | |||||||
Ending balance at Jun. 30, 2021 | 484,332 | $ 0 | $ 6 | 444,183 | (249) | 46,701 | (6,309) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of common stock upon exercise of stock options (in shares) | 139,096 | ||||||||
Issuance of common stock upon exercise of stock options | 2,140 | 2,140 | |||||||
Stock-based compensation expense | 4,868 | 4,868 | |||||||
Vesting of restricted stock units, net (in shares) | 211,902 | ||||||||
Vesting of restricted stock units, net | (2,977) | (2,977) | |||||||
Change in post-termination benefit obligation | 77 | 77 | |||||||
Net income (loss) | 22,979 | 22,979 | |||||||
Ending balance (in shares) at Sep. 30, 2021 | 0 | 28,384,922 | |||||||
Ending balance at Sep. 30, 2021 | $ 511,419 | $ 0 | $ 6 | $ 448,214 | $ (172) | $ 69,680 | $ (6,309) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities | ||
Net income (loss) | $ 33,248 | $ (53,595) |
Depreciation and amortization | 20,390 | 14,878 |
Fair value adjustment, net | 26,457 | 177,584 |
Origination fees for loans receivable at fair value, net | (9,070) | 3,520 |
Gain on loan sales | (17,083) | (13,406) |
Stock-based compensation expense | 14,542 | 14,317 |
Deferred tax provision, net | 14,002 | (14,913) |
Other, net | 23,607 | 10,688 |
Originations of loans sold and held for sale | (136,285) | (134,552) |
Proceeds from sale of loans | 151,924 | 147,627 |
Changes in operating assets and liabilities: | ||
Interest and fee receivable, net | (2,871) | (3,678) |
Other assets | (18,224) | (8,242) |
Amount due to whole loan buyer | 3,942 | (6,544) |
Other liabilities | (851) | 5,723 |
Net cash provided by operating activities | 103,728 | 139,407 |
Cash flows from investing activities | ||
Originations of loans | (1,113,515) | (665,148) |
Repayments of loan principal | 817,843 | 804,619 |
Purchase of fixed assets, net | (2,561) | (3,610) |
Capitalization of system development costs | (18,508) | (16,492) |
Net cash provided by (used in) investing activities | (316,741) | 119,369 |
Cash flows from financing activities | ||
Borrowings under secured financing | 895,535 | 414,000 |
Borrowings under asset-backed notes | 867,251 | 0 |
Repayments of secured financing | (615,994) | (284,006) |
Repayments of asset-backed notes | (875,007) | (360,001) |
Repayments of capital lease obligations | 0 | (29) |
Payments of deferred financing costs | 0 | (205) |
Net payments related to stock-based activities | (3,607) | (1,196) |
Net cash provided by (used in) financing activities | 268,178 | (231,437) |
Net increase in cash and cash equivalents and restricted cash | 55,165 | 27,339 |
Cash and cash equivalents and restricted cash, beginning of period | 168,590 | 136,141 |
Cash and cash equivalents and restricted cash, end of period | 223,755 | 163,480 |
Supplemental disclosure of cash flow information | ||
Cash and cash equivalents | 168,407 | 109,656 |
Restricted cash | 55,348 | 53,824 |
Total cash and cash equivalents and restricted cash | 223,755 | 163,480 |
Cash paid for income taxes, net of refunds | 2,048 | 2,443 |
Cash paid for interest | 36,582 | 44,219 |
Cash paid for amounts included in the measurement of operating lease liabilities | 13,802 | 11,730 |
Supplemental disclosures of non-cash investing and financing activities | ||
Right of use assets obtained in exchange for operating lease obligations | 6,677 | 7,404 |
Non-cash investments in capitalized assets | 1,960 | 491 |
Non-cash financing activities | $ 1,121 | $ 0 |
Organization and Description of
Organization and Description of the Business | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business Oportun Financial Corporation (together with its subsidiaries, "Oportun" or the " Company") provides inclusive, affordable financial services to customers who do not have a credit score, known as credit invisibles, or who may have a limited credit history and are "mis-scored," primarily because they have a credit history that is too limited to be accurately scored by credit bureaus. The Company's primary product offerings are unsecured installment loans that are affordably priced and that help customers establish a credit history. The Company continues to expand beyond its core offering into other financial services that a significant portion of its customers already use, such as secured personal loans and credit cards. The Company uses models that are developed with Artificial Intelligence ("A.I.") and built on over 15 years of proprietary consumer insights and billions of data points. The Company's proprietary scoring model and continually evolving data analytics have enabled it to underwrite the risk of the hardworking customers that it serves. The Company is headquartered in San Carlos, California. The Company has been certified by the United States Department of the Treasury as a Community Development Financial Institution ("CDFI") since 2009. The Company uses securitization transactions, warehouse facilities and whole loan sales, to finance the principal amount of most of the loans it makes to its customers. Segments Segments are defined as components of an enterprise for which discrete financial information is available and evaluated regularly by the chief operating decision maker ("CODM") in deciding how to allocate resources and in assessing performance. The Company’s Chief Executive Officer and the Company's Chief Financial Officer are collectively considered to be the CODM. The CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. The Company’s operations constitute a single reportable segment. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation ‑ The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These statements are unaudited and reflect all normal, recurring adjustments that are, in management's opinion, necessary for the fair presentation of results. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain prior-period financial information has been reclassified to conform to current period presentation. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 ("the Annual Report"), filed with the Securities and Exchange Commission ("SEC") on February 23, 2021. Use of Estimates ‑ The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of income and expenses during the reporting period. These estimates are based on information available as of the date of the condensed consolidated financial statements; therefore, actual results could differ from those estimates and assumptions. Accounting Policies - There have been no changes to the Company's significant accounting policies from those described in Part II, Item 8 - Financial Statements and Supplementary Data in the Annual Report, except for the new accounting pronouncements subsequently adopted as noted below. Recently Adopted Accounting Standards Income Taxes - In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This ASU is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles of accounting for income taxes and to improve the consistent application of GAAP for other areas of accounting for income taxes by clarifying and amending existing guidance. The ASU is effective for fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company adopted this ASU effective January 1, 2021 with no impact on its condensed consolidated financial statements and disclosures. |
Earnings (Loss) per Share
Earnings (Loss) per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Share | 3. Earnings (Loss) per Share Basic and diluted earnings (loss) per share are calculated as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except share and per share data) 2021 2020 2021 2020 Net income (loss) $ 22,979 $ (6,046) $ 33,248 $ (53,595) Net income (loss) attributable to common stockholders $ 22,979 $ (6,046) $ 33,248 $ (53,595) Basic weighted-average common shares outstanding 28,167,686 27,459,192 27,982,273 27,237,246 Weighted average effect of dilutive securities: Stock options 1,451,687 — 1,351,288 — Restricted stock units 884,400 — 726,114 — Diluted weighted-average common shares outstanding 30,503,773 27,459,192 30,059,675 27,237,246 Earnings (loss) per share: Basic $ 0.82 $ (0.22) $ 1.19 $ (1.97) Diluted $ 0.75 $ (0.22) $ 1.11 $ (1.97) The following common share equivalent securities have been excluded from the calculation of diluted weighted-average common shares outstanding because the effect is anti-dilutive for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Stock options 1,597,130 4,462,158 2,229,446 4,352,649 Restricted stock units — 2,331,678 15,102 2,120,068 Warrants — — — 13,866 Total anti-dilutive common share equivalents 1,597,130 6,793,836 2,244,548 6,486,583 |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | 4. Variable Interest Entities As part of the Company’s overall funding strategy, the Company transfers a pool of designated loans receivable to wholly owned special-purpose subsidiaries ("VIEs") to collateralize certain asset-backed financing transactions. The Company has determined that it is the primary beneficiary of these VIEs because it has the power to direct the activities that most significantly impact the VIEs’ economic performance and the obligation to absorb the losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. Such power arises from the Company’s contractual right to service the loans receivable securing the VIEs’ asset-backed debt obligations. The Company has an obligation to absorb losses or the right to receive benefits that are potentially significant to the VIEs because it retains the residual interest of each asset-backed financing transaction either in the form of an asset-backed certificate. Accordingly, the Company includes the VIEs’ assets, including the assets securing the financing transactions, and related liabilities in its condensed consolidated financial statements. Each VIE issues a series of asset-backed securities that are supported by the cash flows arising from the loans receivable securing such debt. Cash inflows arising from such loans receivable are distributed monthly to the transaction’s lenders and related service providers in accordance with the transaction’s contractual priority of payments. The creditors of the VIEs above have no recourse to the general credit of the Company as the primary beneficiary of the VIEs and the liabilities of the VIEs can only be settled by the respective VIE’s assets. The Company retains the most subordinated economic interest in each financing transaction through its ownership of the respective residual interest in each VIE. The Company has no obligation to repurchase loans receivable that initially satisfied the financing transaction’s eligibility criteria but subsequently became delinquent or a defaulted loans receivable. The following table represents the assets and liabilities of consolidated VIEs recorded on the Company’s Condensed Consolidated Balance Sheets (Unaudited): September 30, December 31, (in thousands) 2021 2020 Consolidated VIE assets Restricted cash $ 33,182 $ 23,726 Loans receivable at fair value 1,886,776 1,580,061 Interest and fee receivable 15,233 14,191 Total VIE assets 1,935,191 1,617,978 Consolidated VIE liabilities Secured financing (1) 529,002 246,994 Asset-backed notes at fair value 1,162,948 1,167,309 Total VIE liabilities $ 1,691,950 $ 1,414,303 (1) Amounts exclude deferred financing costs. See Note 7, Borrowings for additional information. |
Loans Held for Sale
Loans Held for Sale | 9 Months Ended |
Sep. 30, 2021 | |
Transfers and Servicing [Abstract] | |
Loans Held for Sale | 5. Loans Held for Sale Whole Loan Sale Program ‑ In November 2014, the Company entered into a whole loan sale agreement with an institutional investor, which agreement was amended in March 2021 in which the term of the current agreement is set to expire on March 4, 2022. Pursuant to the agreement, the Company sells at least 10% of its unsecured loan originations, with an option to sell an additional 5%, subject to certain eligibility criteria and minimum and maximum volumes. In addition, from July 2017 to August 2020, the Company was party to a separate whole loan sale arrangement with an institutional investor providing for a commitment to sell 100% of the Company’s loans originated under its Access Loan Program. The Company chose not to renew the arrangement and allowed the agreement to expire on its terms on August 5, 2020. |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | 6. Other Assets Other assets consist of the following: September 30, December 31, (in thousands) 2021 2020 Fixed assets Computer and office equipment $ 12,612 $ 11,182 Furniture and fixtures 8,549 11,072 Purchased software 2,046 1,992 Leasehold improvements 20,221 29,543 Total cost 43,428 53,789 Less: Accumulated depreciation (33,736) (37,939) Total fixed assets, net $ 9,692 $ 15,850 System development costs: System development costs $ 75,821 $ 55,943 Less: Accumulated amortization (40,256) (28,524) Total system development costs, net $ 35,565 $ 27,419 Loans held for sale 2,602 1,158 Prepaid expenses 17,962 17,241 Deferred tax assets 2,018 1,716 Tax assets and other 33,668 18,305 Total other assets $ 101,507 $ 81,689 Fixed Assets Depreciation and amortization expense for the three months ended September 30, 2021 and 2020 was $1.3 million and $2.2 million, respectively, and for the nine months ended September 30, 2021 and 2020 it was $8.7 million, and $7.3 million, respectively. As of September 30, 2021, the Company retired $11.6 million of fixed assets associated with retail locations that were closed as a result of the retail network optimization plan. System Development Costs Amortization of system development costs for the three months ended September 30, 2021 and 2020 was $4.4 million and $2.9 million, respectively, and for the nine months ended September 30, 2021 and 2020 they were $11.7 million and $7.6 million, respectively. System development costs capitalized in the three months ended September 30, 2021 and 2020, were $7.5 million and $5.3 million, respectively, and for the nine months ended September 30, 2021 and 2020 they were $19.9 million and $16.4 million, respectively. |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Borrowings | 7. Borrowings The following table presents information regarding the Company's Secured Financing facilities: September 30, 2021 Variable Interest Entity Current Balance Commitment Amount Maturity Date (1) Interest Rate (in thousands) Oportun PLW Trust $ 525,471 $ 600,000 September 1, 2024 LIBOR (minimum of 0.00%) + 2.17% December 31, 2020 Variable Interest Entity Current Balance Commitment Amount Maturity Date (1) Interest Rate (in thousands) Oportun Funding V, LLC $ 246,385 $ 400,000 October 1, 2021 LIBOR (minimum of 0.00%) + 2.45% (1) Maturity date noted is the end of the revolving period. The Company elected the fair value option for all asset-backed notes issued on or after January 1, 2018. The following table presents information regarding asset-backed notes: September 30, 2021 Variable Interest Entity Initial note amount issued (1) Initial collateral balance (2) Current balance (1) Current collateral balance (2) Weighted average interest rate (3) Original revolving period (in thousands) Asset-backed notes recorded at fair value: Oportun Issuance Trust (Series 2021-B) $ 500,000 $ 512,759 $ 501,743 $ 523,870 2.05 % 3 years Oportun Funding XIV, LLC (Series 2021-A) 375,000 383,632 377,120 392,332 1.79 % 2 years Oportun Funding XIII, LLC (Series 2019-A) 279,412 294,118 284,085 300,002 3.46 % 3 years Total asset-backed notes recorded at fair value $ 1,154,412 $ 1,190,509 $ 1,162,948 $ 1,216,204 December 31, 2020 Variable Interest Entity Initial note amount issued (1) Initial collateral balance (2) Current balance (1) Current collateral balance (2) Weighted average interest rate (3) Original revolving period (in thousands) Asset-backed notes recorded at fair value: Oportun Funding XIII, LLC (Series 2019-A) $ 279,412 $ 294,118 $ 283,299 $ 299,237 3.46 % 3 years Oportun Funding XII, LLC (Series 2018-D) 175,002 184,213 178,182 187,570 4.50 % 3 years Oportun Funding X, LLC (Series 2018-C) 275,000 289,474 279,171 294,710 4.39 % 3 years Oportun Funding IX, LLC (Series 2018-B) 225,001 236,854 226,653 241,237 4.18 % 3 years Oportun Funding VIII, LLC (Series 2018-A) 200,004 222,229 200,004 226,242 3.83 % 3 years Total asset-backed notes recorded at fair value $ 1,154,419 $ 1,226,888 $ 1,167,309 $ 1,248,996 (1) Initial note amount issued includes notes retained by the Company as applicable. The current balances are measured at fair value for asset-backed notes recorded at fair value. (2) Includes the unpaid principal balance of loans receivable, cash, cash equivalents and restricted cash pledged by the Company. (3) Weighted average interest rate excludes notes retained by the Company. On February 18, 2021, the Company’s wholly-owned subsidiary, Oportun Funding VIII, LLC, the issuer under the 2018-A asset-backed securitization transaction, provided notice to the trustee that it had elected to redeem all $200.0 million of outstanding 2018-A Notes. The redemption was completed on March 8, 2021 and satisfied and discharged Oportun Funding VIII, LLC’s obligations under the 2018-A Notes and the indenture. On March 8, 2021, the Company issued $375.0 million of two-year fixed-rate asset-backed notes by Oportun Funding XIV, LLC, a wholly-owned subsidiary of the Company and secured by a pool of its unsecured personal installment loans (the “2021-A Securitization”). The 2021-A Securitization included four classes of fixed-rate notes: Class A, Class B, Class C and Class D notes, which were priced with a weighted average interest rate of 1.79% per annum. On March 24, 2021, the Company's wholly-owned subsidiary, Oportun Funding IX, LLC, the issuer under the Series 2018-B asset-backed securitization transaction, provided notice to the trustee that it had elected to redeem all $225.0 million of outstanding 2018-B Notes, plus the accrued and unpaid interest. The redemption was completed on April 8, 2021 and satisfied and discharged Oportun Funding IX, LLC's obligations under the 2018-B Notes and the indenture. On May 10, 2021, the Company issued $500.0 million of three-year fixed-rate asset-backed notes by Oportun Issuance Trust 2021-B, a wholly-owned subsidiary of the Company and secured by a pool of its unsecured and secured personal installment loans (the "2021-B Securitization"). The 2021-B Securitization included four classes of fixed-rate notes: Class A, Class B, Class C and Class D notes, which were priced with a weighted average fixed interest rate of 2.05% per annum. On July 8, 2021, the Company's wholly-owned subsidiary Oportun Funding X, LLC, the issuer under the Series 2018-C asset-backed securitization transaction, completed the redemption of all $275.0 million of outstanding Series 2018-C Notes, plus the accrued and unpaid interest. In connection with the redemption, all obligations of Oportun Funding X, LLC under the 2018-C Notes and the indenture were satisfied and discharged. The redemption was funded by drawing upon the Company's VFN facility, utilizing funds from the Company's 2021-B securitization transaction and using unrestricted cash. On September 8, 2021, the Company closed on a Personal Loan Warehouse facility ("PLW"). In connection with the PLW facility, the Company's wholly-owned subsidiary Oportun PLW Trust entered into a Loan and Security Agreement to borrow up to $600.0 million committed through September 2024. Borrowings under the PLW facility accrue interest at a rate equal to one-month LIBOR plus a spread of 2.17%. On September 8, 2021, the Company's wholly-owned subsidiary, Oportun Funding V, LLC, as issuer under the Variable Funding Note Warehouse ("VFN") facility, terminated the VFN facility. Final payment was made on the VFN facility in the amount of $219.0 million, plus the accrued and unpaid interest, which is the amount sufficient to satisfy and discharge Oportun Funding V, LLC's obligations under the VFN facility notes and the indenture. The final payment was funded by drawing upon the Company's PLW facility. On September 8, 2021, the Company's wholly-owned subsidiary Oportun Funding XII, LLC, the issuer under the Series 2018-D asset-backed securitization transaction, completed the redemption of all $175.0 million of outstanding Series 2018-D Notes, plus the accrued and unpaid interest. In connection with the redemption, all obligations of Oportun Funding XII, LLC under the 2018-D Notes and the indenture were satisfied and discharged. The redemption was funded by drawing upon the Company's Personal Loan Warehouse facility. On October 28, 2021, the Company announced the issuance of $500.0 million of 3 year fixed-rate asset-backed notes by Oportun Issuance Trust 2021-C, a wholly-owned subsidiary of the Company and secured by a pool of its unsecured and secured personal installment loans (the "2021-C Securitization"). The 2021-C Securitization included four classes of fixed-rate notes: Class A, Class B, Class C and Class D notes, which were priced with a weighted average fixed interest rate of 2.48% per annum. As of September 30, 2021, and December 31, 2020, the Company was in compliance with all covenants and requirements of the Secured Financing facilities and asset-backed notes. |
Other Liabilities
Other Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | 8. Other Liabilities Other liabilities consist of the following: September 30, December 31, (in thousands) 2021 2020 Accounts payable $ 5,451 $ 1,819 Accrued compensation 29,948 32,681 Accrued expenses 23,856 17,830 Accrued interest 2,424 3,430 Amount due to whole loan buyer 10,723 6,781 Deferred tax liabilities 24,861 10,557 Current tax liabilities and other 7,282 6,208 Total other liabilities $ 104,545 $ 79,306 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | 9. Stockholders' Equity Preferred Stock - The Board has the authority, without further action by the Company's stockholders, to issue up to 100,000,000 shares of undesignated preferred stock with rights and preferences, including voting rights, designated from time to time by the Board. There were no shares of undesignated preferred stock issued or outstanding as of September 30, 2021 or December 31, 2020. Common Stock - As of September 30, 2021 and December 31, 2020, the Company was authorized to issue 1,000,000,000 shares of common stock with a par value of $0.0001 per share. As of September 30, 2021, 28,656,945 and 28,384,922 shares were issued and outstanding, respectively, and 272,023 shares were held in treasury stock. As of December 31, 2020, 27,951,286 and 27,679,263 shares were issued and outstanding, respectively, and 272,023 shares were held in treasury stock. Warrants - On September 26, 2019, 3,969 shares of convertible preferred stock were issued in connection with the cashless exercise of 9,090 Series F-1 convertible preferred stock warrants. All 3,969 shares of convertible preferred stock were converted to common stock in connection with the IPO. On June 9, 2020, 10,972 shares of common stock were issued in connection with the cashless exercise of the outstanding common stock warrants. No warrants were outstanding as of September 30, 2021. |
Equity Compensation and Other B
Equity Compensation and Other Benefits | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Equity Compensation and Other Benefits | 10. Equity Compensation and Other Benefits The Company's stock-based plans are described and informational disclosures are provided in the Notes to the Consolidated Financial Statements included in the Annual Report. Stock-based Compensation - Total stock-based compensation expense included in the Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited), net of amounts capitalized to system development costs is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Technology and facilities $ 736 $ 1,010 $ 2,231 $ 2,693 Sales and marketing 36 32 105 92 Personnel 3,826 4,152 12,206 11,532 Total stock-based compensation (1) $ 4,598 $ 5,194 $ 14,542 $ 14,317 (1) Amounts shown are net of $0.3 million and $0.8 million of capitalized stock-based compensation for the three and nine months ended September 30, 2021, respectively, and net of $0.3 million and $0.7 million of capitalized stock-based compensation for the three and nine months ended September 30, 2020, respectively. As of September 30, 2021, and December 31, 2020, the Company’s total unrecognized compensation cost related to nonvested stock-based option awards granted to employees was $8.3 million and $9.5 million, respectively, which will be recognized over a weighted-average vesting period of approximately 2.4 years and 2.6 years, respectively. As of September 30, 2021 and December 31, 2020, the Company's total unrecognized compensation cost related to nonvested restricted stock unit awards granted to employees was $34.0 million and $37.2 million, respectively, which will be recognized over a weighted average vesting period of approximately 2.6 years and 2.9 years, respectively. Cash flows from the tax shortfalls or benefits for tax deductions resulting from the exercise of stock options in comparison to the compensation expense recorded for those options are required to be classified as cash from financing activities. The total income tax benefit recognized in the income statement for stock-based compensation arrangements for the three and nine months ended September 30, 2021 was $0.3 million and $0.2 million, respectively. The total income tax expense recognized in the income statement for stock-based compensation arrangements for the three and nine months ended September 30, 2020 was $1.2 million and $2.4 million, respectively. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 11. Revenue Interest Income - Total interest income included in the Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Interest income Interest on loans $ 143,582 $ 127,267 $ 396,544 $ 410,124 Fees on loans 1,862 1,472 4,680 5,401 Total interest income 145,444 128,739 401,224 415,525 Non-interest Income - Total non-interest income included in the Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Non-interest income Gain on loan sales $ 7,328 $ 3,882 $ 17,083 $ 13,406 Servicing fees 3,250 3,515 9,291 12,003 Other income 3,062 631 5,053 1,968 Total non-interest income $ 13,640 $ 8,028 $ 31,427 $ 27,377 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes For the three and nine months ended September 30, 2021 and 2020, the Company calculates its year-to-date income tax expense (benefit) by applying the estimated annual effective tax rate to the year-to-date income from operations before income taxes and adjusts the income tax expense (benefit) for discrete tax items recorded in the period. During the three and nine months ended September 30, 2021, the Company recorded income tax expense of $5.1 million and $8.7 million, respectively, related to continuing operations, representing an effective tax rate of 18.3% and 20.7%, respectively. Income tax benefit for the three and nine months ended September 30, 2020 was $1.8 million and $19.2 million, respectively, representing an effective income tax rate of 22.9% and 26.3%, respectively. Our effective tax rates for the three and nine months ended September 30, 2021 and 2020 differ from the statutory tax rates primarily due to the impacts of the R&D tax credit. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 13. Fair Value of Financial Instruments Financial Instruments at Fair Value The table below compares the fair value of loans receivable and asset-backed notes to their contractual balances for the periods shown: September 30, 2021 December 31, 2020 (in thousands) Unpaid Principal Balance Fair Value Unpaid Principal Balance Fair Value Assets Loans receivable $ 1,862,143 $ 1,971,375 $ 1,639,626 $ 1,696,526 Liabilities Asset-backed notes 1,154,412 1,162,948 1,154,419 1,167,309 The Company calculates the fair value of the Fair Value Notes using independent pricing services and broker price indications, which are based on quoted prices for identical or similar notes, which are Level 2 input measures. The Company primarily uses a discounted cash flow model to estimate the fair value of Level 3 instruments based on the present value of estimated future cash flows. This model uses inputs that are inherently judgmental and reflect management’s best estimates of the assumptions a market participant would use to calculate fair value. The following tables present quantitative information about the significant unobservable inputs on its unsecured personal loan portfolio (which is the primary driver of fair value) used for the Company’s Level 3 fair value measurements: September 30, 2021 December 31, 2020 Minimum Maximum Weighted Average (2) Minimum Maximum Weighted Average Remaining cumulative charge-offs (1) 5.70% 66.03% 7.53% 7.83% 61.26% 10.03% Remaining cumulative prepayments (1) — 53.64% 40.30% — 38.92% 31.11% Average life (years) 0.15 1.28 0.76 0.17 1.29 0.80 Discount rate — — 6.52% — — 6.85% (1) Figure disclosed as a percentage of outstanding principal balance. (2) Unobservable inputs were weighted by outstanding principal balance, which are grouped by risk (type of customer, original loan maturity terms). Fair value adjustments related to financial instruments where the fair value option has been elected are recorded through earnings for the nine months ended September 30, 2021 and 2020. Certain unobservable inputs may (in isolation) have either a directionally consistent or opposite impact on the fair value of the financial instrument for a given change in that input. When multiple inputs are used within the valuation techniques for loans, a change in one input in a certain direction may be offset by an opposite change from another input. The Company developed an internal model to estimate the fair value of Fair Value Loans. To generate future expected cash flows, the model combines receivable characteristics with assumptions about borrower behavior based on the Company’s historical loan performance. These cash flows are then discounted using a required rate of return that management estimates would be used by a market participant. The Company tested the fair value model by comparing modeled cash flows to historical loan performance to ensure that the model was complete, accurate and reasonable for the Company’s use. The Company also engaged a third party to create an independent fair value estimate for the Fair Value Loans, which provides a set of fair value marks using the Company’s historical loan performance data and whole loan sale prices to develop independent forecasts of borrower behavior. Their model generates expected cash flows which were then aggregated and compared to the Company’s actual cash flows within an acceptable range. The Company's internal valuation committee provides governance and oversight over the fair value pricing calculations and related financial statement disclosures. Additionally, this committee provides a challenge of the assumptions used and outputs of the model, including the appropriateness of such measures and periodically reviews the methodology and process to determine the fair value pricing. Any significant changes to the process must be approved by the committee. The table below presents a reconciliation of loans receivable at fair value on a recurring basis using significant unobservable inputs: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Balance – beginning of period $ 1,726,914 $ 1,635,684 $ 1,696,526 $ 1,882,088 Adjustment upon adoption of ASU 2019-05 — — — 43,323 Principal disbursements 578,084 283,894 1,266,556 804,767 Principal payments from customers (317,489) (305,883) (941,747) (927,175) Gross charge-offs (29,096) (48,135) (102,293) (145,373) Net increase (decrease) in fair value 12,962 39,828 52,333 (52,242) Balance – end of period $ 1,971,375 $ 1,605,388 $ 1,971,375 $ 1,605,388 As of September 30, 2021, the aggregate fair value of loans that are 90 days or more past due and in non-accrual status was $3.6 million, and the aggregate unpaid principal balance for loans that are 90 days or more past due was $14.0 million. As of December 31, 2020, the aggregate fair value of loans that are 90 days or more past due and in non-accrual status was $2.3 million, and the aggregate unpaid principal balance for loans that are 90 days or more past due was $14.8 million. Financial Instruments Disclosed But Not Carried at Fair Value The following table presents the carrying value and estimated fair values of financial assets and liabilities disclosed but not carried at fair value and the level within the fair value hierarchy: September 30, 2021 Carrying value Estimated fair value Estimated fair value (in thousands) Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 168,407 $ 168,407 $ 168,407 $ — $ — Restricted cash 55,348 55,348 55,348 — — Loans held for sale (Note 5) 2,602 2,602 — — 2,602 Liabilities Accounts payable 5,451 5,451 5,451 — — Secured financing (Note 7) 529,002 528,458 — 528,458 — December 31, 2020 Carrying value Estimated fair value Estimated fair value (in thousands) Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 136,187 $ 136,187 $ 136,187 $ — $ — Restricted cash 32,403 32,403 32,403 — — Loans held for sale (Note 5) 1,158 1,158 — — 1,158 Liabilities Accounts payable 1,819 1,819 1,819 — — Secured financing (Note 7) 246,994 245,077 — 245,077 — The Company uses the following methods and assumptions to estimate fair value: • Cash, cash equivalents, restricted cash and accounts payable ‑ The carrying values of certain of the Company’s financial instruments, including cash and cash equivalents, restricted cash and accounts payable, approximate Level 1 fair values of these financial instruments due to their short-term nature. • Loans held for sale ‑ The fair values of loans held for sale are based on a negotiated agreement with the purchaser. • Secured financing ‑ The fair value of the secured financing facilities has been calculated using discount rates equivalent to the weighted-average market yield of comparable debt securities, which is a Level 2 input measure. There were no transfers in or out of Level 3 assets and liabilities for the three and nine months ended September 30, 2021 and 2020 and the year ended December 31, 2020. |
Leases, Commitments and Conting
Leases, Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Leases, Commitments and Contingencies | 14. Leases, Commitments and Contingencies Leases - The Company’s leases are primarily for real property consisting of retail locations and office space and have remaining lease terms of 10 years or less. As a result of the retail network optimization plan, for the three and nine months ended September 30, 2021, we incurred $0.1 million and $12.8 million in expenses, respectively, related to retail location closures. $5.3 million of the retail location closures for the nine months ended September 30, 2021 relate to the accelerated amortization of right-of-use assets and the renegotiation of lease liabilities. The retail network optimization plan was substantially completed in the third quarter and the Company does not expect any significant additional expenses to be incurred. The Company has elected the practical expedient to keep leases with terms of 12 months or less off the balance sheet as no recognition of a lease liability and a right-of-use asset is required. Operating lease expense is recognized on a straight-line basis over the lease term in "Technology and facilities" in the Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited). Most of the Company’s existing lease arrangements are classified as operating leases. At the inception of a contract, the Company determines if the contract is or contains a lease. At the commencement date of a lease, the Company recognizes a lease liability equal to the present value of the lease payments and a right-of-use asset representing the Company's right to use the underlying asset for the duration of the lease term. The Company’s leases include options to extend or terminate the arrangement at the end of the original lease term. The Company generally does not include renewal or termination options in its assessment of the leases unless extension or termination for certain assets is deemed to be reasonably certain. Variable lease payments and short-term lease costs were deemed immaterial. The Company’s leases do not provide an explicit rate. The Company uses its contractual borrowing rate to determine lease discount rates. As of September 30, 2021, maturities of lease liabilities, excluding short-term leases and leases on a month-to-month basis, were as follows: (in thousands) Operating Leases Lease expense 2021 (remaining three months) $ 3,491 2022 13,576 2023 11,872 2024 9,761 2025 7,786 2026 1,881 Thereafter 324 Total lease payments 48,691 Imputed interest (3,885) Total leases $ 44,806 Sublease income 2021 (remaining three months) $ (435) 2022 (896) 2023 and thereafter — Total lease payments (1,331) Imputed interest 23 Total sublease income $ (1,308) Net lease liabilities $ 43,498 Weighted average remaining lease term 3.9 years Weighted average discount rate 4.11 % As of December 31, 2020, maturities of lease liabilities, excluding short-term leases and leases on a month-to-month basis, were as follows: (in thousands) Operating Leases Lease expense 2021 15,788 2022 12,967 2023 10,881 2024 9,069 2025 6,989 Thereafter 1,641 Total lease payments 57,335 Imputed interest (5,247) Total leases 52,088 Sublease income 2021 (1,594) 2022 (896) 2023 and thereafter — Total lease payments (2,490) Imputed interest 86 Total sublease income (2,404) Net lease liabilities 49,684 Weighted average remaining lease term 4.3 years Weighted average discount rate 4.42 % Purchase Commitment ‑ The Company has commitments to purchase information technology and communication services in the ordinary course of business, with various terms through 2026. These amounts are not reflective of the Company’s entire anticipated purchases under the related agreements; rather, they are determined based on the non-cancelable amounts to which the Company is contractually obligated. The Company’s purchase obligations are $2.1 million for the remainder of 2021, $13.1 million in 2022, $6.3 million in 2023, $2.7 million in 2024 and $1.4 million in 2025 and thereafter. Credit Card Program and Servicing Agreement ‑ On February 5, 2021, the Company entered into a Receivables Retention Facility Agreement, an Amended and Restated Credit Card Program and Servicing Agreement and other related documents with WebBank, a Utah-chartered industrial bank, providing it with additional funding to expand its credit card product (the "Retention Facility"). Under the Retention Facility agreements, WebBank will originate, fund and retain credit card receivables up to $25.0 million. The Company will purchase any excess receivables originated above the $25.0 million amount, in addition to certain ineligible receivables and charged-off receivables. The Retention Facility commenced on February 9, 2021 and has a two Bank Partnership Program and Servicing Agreement - Oportun entered into a bank partnership program with MetaBank, N.A. on August 11, 2020. In accordance with the agreements underlying the bank partnership program, Oportun has a commitment to purchase an increasing percentage of program loans originated by MetaBank based on thresholds specified in the agreements. The partnership was rolled out in August of 2021 and as of September 30, 2021, the Company has a commitment to purchase an additional $0.3 million of program loans based on originations through September 30, 2021. Whole Loan Sale Program ‑ The Company has a commitment to sell to a third-party institutional investor 10% of its unsecured loan originations that satisfy certain eligibility criteria, and an additional 5% at the Company’s sole option. For details regarding the whole loan sale program, refer to Note 5, Loans Held for Sale . Access Loan Sale Program ‑ From July 2017 to August 2020, the Company was party to a separate whole loan sale arrangement with an institutional investor with a commitment to sell 100% of the originations pursuant to the Company’s loan program for customers who do not meet the qualifications of its core loan origination program and service the sold loans. For details regarding this program, refer to Note 5, Loans Held for Sale . Unfunded Loan and Credit Card Commitments - Unfunded loan and credit card commitments at September 30, 2021 and December 31, 2020 were $3.0 million and $3.5 million, respectively. Litigation - On January 2, 2018, a complaint, captioned Opportune LLP v. Oportun, Inc. and Oportun, LLC, Civil Action No. 4:18-cv-00007 (the "Opportune Lawsuit"), was filed by plaintiff Opportune LLP in the United States District Court for the Southern District of Texas, against the Company and its wholly-owned subsidiary, Oportun, LLC. The complaint alleged various claims for trademark infringement, unfair competition, trademark dilution and misappropriation against the Company and Oportun, LLC and called for injunctive relief requiring the Company and Oportun, LLC to cease using its marks, as well as monetary damages related to the claims. In addition, on January 2, 2018, the plaintiff initiated a cancellation proceeding, Proceeding No. 92067634, before the Trademark Trial and Appeal Board seeking to cancel certain of the Company's trademarks, (the "Cancellation Proceeding" and, together with the Opportune Lawsuit, the "Opportune Matter"). On March 5, 2018, the Trademark Trial and Appeal Board granted the Company's motion to suspend the Cancellation Proceeding pending final disposition of the Opportune Lawsuit. On April 24, 2018, the District Court granted the Company's motion to partially dismiss the complaint, dismissing the plaintiff's misappropriation claim. On February 22, 2019, the plaintiff filed an amended complaint adding an additional claim under the Anti-Cybersquatting Protection Act to the remaining claims in the original complaint. On August 30, 2019, the Company filed a motion for summary judgment on all of the plaintiff's claims. On January 22, 2020, the District Court issued its decision denying the Company's motion for summary judgment. Settlement negotiations are on-going at this time. No trial date has been set. In connection with discussions regarding settlement of the Opportune Matter, the Company has recorded a liability of $5.9 million within Other liabilities and a corresponding insurance recovery receivable of $5.0 million within Other assets in the Condensed Consolidated Balance Sheets (Unaudited) as of September 30, 2021. Actual results could differ from these estimates. See Part II. Item 1. Legal Proceedings for additional information regarding legal proceedings in which the Company is involved. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation ‑ The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These statements are unaudited and reflect all normal, recurring adjustments that are, in management's opinion, necessary for the fair presentation of results. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain prior-period financial information has been reclassified to conform to current period presentation. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 ("the Annual Report"), filed with the Securities and Exchange Commission ("SEC") on February 23, 2021. |
Use of Estimates | Use of Estimates ‑ The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of income and expenses during the reporting period. These estimates are based on information available as of the date of the condensed consolidated financial statements; therefore, actual results could differ from those estimates and assumptions. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards Income Taxes - In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This ASU is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles of accounting for income taxes and to improve the consistent application of GAAP for other areas of accounting for income taxes by clarifying and amending existing guidance. The ASU is effective for fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company adopted this ASU effective January 1, 2021 with no impact on its condensed consolidated financial statements and disclosures. |
Fair Value of Financial Instruments | Fair value adjustments related to financial instruments where the fair value option has been elected are recorded through earnings for the nine months ended September 30, 2021 and 2020. Certain unobservable inputs may (in isolation) have either a directionally consistent or opposite impact on the fair value of the financial instrument for a given change in that input. When multiple inputs are used within the valuation techniques for loans, a change in one input in a certain direction may be offset by an opposite change from another input. The Company developed an internal model to estimate the fair value of Fair Value Loans. To generate future expected cash flows, the model combines receivable characteristics with assumptions about borrower behavior based on the Company’s historical loan performance. These cash flows are then discounted using a required rate of return that management estimates would be used by a market participant. The Company tested the fair value model by comparing modeled cash flows to historical loan performance to ensure that the model was complete, accurate and reasonable for the Company’s use. The Company also engaged a third party to create an independent fair value estimate for the Fair Value Loans, which provides a set of fair value marks using the Company’s historical loan performance data and whole loan sale prices to develop independent forecasts of borrower behavior. Their model generates expected cash flows which were then aggregated and compared to the Company’s actual cash flows within an acceptable range. The Company's internal valuation committee provides governance and oversight over the fair value pricing calculations and related financial statement disclosures. Additionally, this committee provides a challenge of the assumptions used and outputs of the model, including the appropriateness of such measures and periodically reviews the methodology and process to determine the fair value pricing. Any significant changes to the process must be approved by the committee. |
Short-term Leases | The Company has elected the practical expedient to keep leases with terms of 12 months or less off the balance sheet as no recognition of a lease liability and a right-of-use asset is required. Operating lease expense is recognized on a straight-line basis over the lease term in "Technology and facilities" in the Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited). |
Earnings (Loss) per Share (Tabl
Earnings (Loss) per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings (Loss) Per Share | Basic and diluted earnings (loss) per share are calculated as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except share and per share data) 2021 2020 2021 2020 Net income (loss) $ 22,979 $ (6,046) $ 33,248 $ (53,595) Net income (loss) attributable to common stockholders $ 22,979 $ (6,046) $ 33,248 $ (53,595) Basic weighted-average common shares outstanding 28,167,686 27,459,192 27,982,273 27,237,246 Weighted average effect of dilutive securities: Stock options 1,451,687 — 1,351,288 — Restricted stock units 884,400 — 726,114 — Diluted weighted-average common shares outstanding 30,503,773 27,459,192 30,059,675 27,237,246 Earnings (loss) per share: Basic $ 0.82 $ (0.22) $ 1.19 $ (1.97) Diluted $ 0.75 $ (0.22) $ 1.11 $ (1.97) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following common share equivalent securities have been excluded from the calculation of diluted weighted-average common shares outstanding because the effect is anti-dilutive for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Stock options 1,597,130 4,462,158 2,229,446 4,352,649 Restricted stock units — 2,331,678 15,102 2,120,068 Warrants — — — 13,866 Total anti-dilutive common share equivalents 1,597,130 6,793,836 2,244,548 6,486,583 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The following table represents the assets and liabilities of consolidated VIEs recorded on the Company’s Condensed Consolidated Balance Sheets (Unaudited): September 30, December 31, (in thousands) 2021 2020 Consolidated VIE assets Restricted cash $ 33,182 $ 23,726 Loans receivable at fair value 1,886,776 1,580,061 Interest and fee receivable 15,233 14,191 Total VIE assets 1,935,191 1,617,978 Consolidated VIE liabilities Secured financing (1) 529,002 246,994 Asset-backed notes at fair value 1,162,948 1,167,309 Total VIE liabilities $ 1,691,950 $ 1,414,303 (1) Amounts exclude deferred financing costs. See Note 7, Borrowings for additional information. |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | Other assets consist of the following: September 30, December 31, (in thousands) 2021 2020 Fixed assets Computer and office equipment $ 12,612 $ 11,182 Furniture and fixtures 8,549 11,072 Purchased software 2,046 1,992 Leasehold improvements 20,221 29,543 Total cost 43,428 53,789 Less: Accumulated depreciation (33,736) (37,939) Total fixed assets, net $ 9,692 $ 15,850 System development costs: System development costs $ 75,821 $ 55,943 Less: Accumulated amortization (40,256) (28,524) Total system development costs, net $ 35,565 $ 27,419 Loans held for sale 2,602 1,158 Prepaid expenses 17,962 17,241 Deferred tax assets 2,018 1,716 Tax assets and other 33,668 18,305 Total other assets $ 101,507 $ 81,689 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | The following table presents information regarding the Company's Secured Financing facilities: September 30, 2021 Variable Interest Entity Current Balance Commitment Amount Maturity Date (1) Interest Rate (in thousands) Oportun PLW Trust $ 525,471 $ 600,000 September 1, 2024 LIBOR (minimum of 0.00%) + 2.17% December 31, 2020 Variable Interest Entity Current Balance Commitment Amount Maturity Date (1) Interest Rate (in thousands) Oportun Funding V, LLC $ 246,385 $ 400,000 October 1, 2021 LIBOR (minimum of 0.00%) + 2.45% (1) Maturity date noted is the end of the revolving period. The Company elected the fair value option for all asset-backed notes issued on or after January 1, 2018. The following table presents information regarding asset-backed notes: September 30, 2021 Variable Interest Entity Initial note amount issued (1) Initial collateral balance (2) Current balance (1) Current collateral balance (2) Weighted average interest rate (3) Original revolving period (in thousands) Asset-backed notes recorded at fair value: Oportun Issuance Trust (Series 2021-B) $ 500,000 $ 512,759 $ 501,743 $ 523,870 2.05 % 3 years Oportun Funding XIV, LLC (Series 2021-A) 375,000 383,632 377,120 392,332 1.79 % 2 years Oportun Funding XIII, LLC (Series 2019-A) 279,412 294,118 284,085 300,002 3.46 % 3 years Total asset-backed notes recorded at fair value $ 1,154,412 $ 1,190,509 $ 1,162,948 $ 1,216,204 December 31, 2020 Variable Interest Entity Initial note amount issued (1) Initial collateral balance (2) Current balance (1) Current collateral balance (2) Weighted average interest rate (3) Original revolving period (in thousands) Asset-backed notes recorded at fair value: Oportun Funding XIII, LLC (Series 2019-A) $ 279,412 $ 294,118 $ 283,299 $ 299,237 3.46 % 3 years Oportun Funding XII, LLC (Series 2018-D) 175,002 184,213 178,182 187,570 4.50 % 3 years Oportun Funding X, LLC (Series 2018-C) 275,000 289,474 279,171 294,710 4.39 % 3 years Oportun Funding IX, LLC (Series 2018-B) 225,001 236,854 226,653 241,237 4.18 % 3 years Oportun Funding VIII, LLC (Series 2018-A) 200,004 222,229 200,004 226,242 3.83 % 3 years Total asset-backed notes recorded at fair value $ 1,154,419 $ 1,226,888 $ 1,167,309 $ 1,248,996 (1) Initial note amount issued includes notes retained by the Company as applicable. The current balances are measured at fair value for asset-backed notes recorded at fair value. (2) Includes the unpaid principal balance of loans receivable, cash, cash equivalents and restricted cash pledged by the Company. (3) Weighted average interest rate excludes notes retained by the Company. |
Other Liabilities (Tables)
Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other liabilities consist of the following: September 30, December 31, (in thousands) 2021 2020 Accounts payable $ 5,451 $ 1,819 Accrued compensation 29,948 32,681 Accrued expenses 23,856 17,830 Accrued interest 2,424 3,430 Amount due to whole loan buyer 10,723 6,781 Deferred tax liabilities 24,861 10,557 Current tax liabilities and other 7,282 6,208 Total other liabilities $ 104,545 $ 79,306 |
Equity Compensation and Other_2
Equity Compensation and Other Benefits (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Equity Compensation and Other Benefits | Stock-based Compensation - Total stock-based compensation expense included in the Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited), net of amounts capitalized to system development costs is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Technology and facilities $ 736 $ 1,010 $ 2,231 $ 2,693 Sales and marketing 36 32 105 92 Personnel 3,826 4,152 12,206 11,532 Total stock-based compensation (1) $ 4,598 $ 5,194 $ 14,542 $ 14,317 (1) Amounts shown are net of $0.3 million and $0.8 million of capitalized stock-based compensation for the three and nine months ended September 30, 2021, respectively, and net of $0.3 million and $0.7 million of capitalized stock-based compensation for the three and nine months ended September 30, 2020, respectively. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Interest Income | Interest Income - Total interest income included in the Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Interest income Interest on loans $ 143,582 $ 127,267 $ 396,544 $ 410,124 Fees on loans 1,862 1,472 4,680 5,401 Total interest income 145,444 128,739 401,224 415,525 |
Non-Interest Income | Non-interest Income - Total non-interest income included in the Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Non-interest income Gain on loan sales $ 7,328 $ 3,882 $ 17,083 $ 13,406 Servicing fees 3,250 3,515 9,291 12,003 Other income 3,062 631 5,053 1,968 Total non-interest income $ 13,640 $ 8,028 $ 31,427 $ 27,377 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Loans Receivable and Asset-Backed Notes | The table below compares the fair value of loans receivable and asset-backed notes to their contractual balances for the periods shown: September 30, 2021 December 31, 2020 (in thousands) Unpaid Principal Balance Fair Value Unpaid Principal Balance Fair Value Assets Loans receivable $ 1,862,143 $ 1,971,375 $ 1,639,626 $ 1,696,526 Liabilities Asset-backed notes 1,154,412 1,162,948 1,154,419 1,167,309 |
Quantitative Information About Significant Unobservable Inputs | The following tables present quantitative information about the significant unobservable inputs on its unsecured personal loan portfolio (which is the primary driver of fair value) used for the Company’s Level 3 fair value measurements: September 30, 2021 December 31, 2020 Minimum Maximum Weighted Average (2) Minimum Maximum Weighted Average Remaining cumulative charge-offs (1) 5.70% 66.03% 7.53% 7.83% 61.26% 10.03% Remaining cumulative prepayments (1) — 53.64% 40.30% — 38.92% 31.11% Average life (years) 0.15 1.28 0.76 0.17 1.29 0.80 Discount rate — — 6.52% — — 6.85% (1) Figure disclosed as a percentage of outstanding principal balance. (2) Unobservable inputs were weighted by outstanding principal balance, which are grouped by risk (type of customer, original loan maturity terms). |
Reconciliation of Loans Receivable at Fair Value Using Significant Unobservable Inputs | The table below presents a reconciliation of loans receivable at fair value on a recurring basis using significant unobservable inputs: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Balance – beginning of period $ 1,726,914 $ 1,635,684 $ 1,696,526 $ 1,882,088 Adjustment upon adoption of ASU 2019-05 — — — 43,323 Principal disbursements 578,084 283,894 1,266,556 804,767 Principal payments from customers (317,489) (305,883) (941,747) (927,175) Gross charge-offs (29,096) (48,135) (102,293) (145,373) Net increase (decrease) in fair value 12,962 39,828 52,333 (52,242) Balance – end of period $ 1,971,375 $ 1,605,388 $ 1,971,375 $ 1,605,388 |
Carry Value and Estimated Fair Values of Financial Assets and Liabilities | The following table presents the carrying value and estimated fair values of financial assets and liabilities disclosed but not carried at fair value and the level within the fair value hierarchy: September 30, 2021 Carrying value Estimated fair value Estimated fair value (in thousands) Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 168,407 $ 168,407 $ 168,407 $ — $ — Restricted cash 55,348 55,348 55,348 — — Loans held for sale (Note 5) 2,602 2,602 — — 2,602 Liabilities Accounts payable 5,451 5,451 5,451 — — Secured financing (Note 7) 529,002 528,458 — 528,458 — December 31, 2020 Carrying value Estimated fair value Estimated fair value (in thousands) Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 136,187 $ 136,187 $ 136,187 $ — $ — Restricted cash 32,403 32,403 32,403 — — Loans held for sale (Note 5) 1,158 1,158 — — 1,158 Liabilities Accounts payable 1,819 1,819 1,819 — — Secured financing (Note 7) 246,994 245,077 — 245,077 — |
Leases, Commitments and Conti_2
Leases, Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Maturities of Lease Liabilities | As of September 30, 2021, maturities of lease liabilities, excluding short-term leases and leases on a month-to-month basis, were as follows: (in thousands) Operating Leases Lease expense 2021 (remaining three months) $ 3,491 2022 13,576 2023 11,872 2024 9,761 2025 7,786 2026 1,881 Thereafter 324 Total lease payments 48,691 Imputed interest (3,885) Total leases $ 44,806 Sublease income 2021 (remaining three months) $ (435) 2022 (896) 2023 and thereafter — Total lease payments (1,331) Imputed interest 23 Total sublease income $ (1,308) Net lease liabilities $ 43,498 Weighted average remaining lease term 3.9 years Weighted average discount rate 4.11 % As of December 31, 2020, maturities of lease liabilities, excluding short-term leases and leases on a month-to-month basis, were as follows: (in thousands) Operating Leases Lease expense 2021 15,788 2022 12,967 2023 10,881 2024 9,069 2025 6,989 Thereafter 1,641 Total lease payments 57,335 Imputed interest (5,247) Total leases 52,088 Sublease income 2021 (1,594) 2022 (896) 2023 and thereafter — Total lease payments (2,490) Imputed interest 86 Total sublease income (2,404) Net lease liabilities 49,684 Weighted average remaining lease term 4.3 years Weighted average discount rate 4.42 % |
Earnings (Loss) per Share - Ear
Earnings (Loss) per Share - Earnings Per Share Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||
Net income (loss) | $ 22,979 | $ 7,250 | $ 3,019 | $ (6,046) | $ (34,248) | $ (13,301) | $ 33,248 | $ (53,595) |
Net income (loss) attributable to common stockholders | $ 22,979 | $ (6,046) | $ 33,248 | $ (53,595) | ||||
Basic weighted-average common shares outstanding (in shares) | 28,167,686 | 27,459,192 | 27,982,273 | 27,237,246 | ||||
Weighted average effect of dilutive securities: | ||||||||
Diluted weighted-average common shares outstanding (in shares) | 30,503,773 | 27,459,192 | 30,059,675 | 27,237,246 | ||||
Earnings (loss) per share: | ||||||||
Basic (in USD per share) | $ 0.82 | $ (0.22) | $ 1.19 | $ (1.97) | ||||
Diluted (in USD per share) | $ 0.75 | $ (0.22) | $ 1.11 | $ (1.97) | ||||
Stock options | ||||||||
Weighted average effect of dilutive securities: | ||||||||
Equity compensation (in shares) | 1,451,687 | 0 | 1,351,288 | 0 | ||||
Restricted stock units | ||||||||
Weighted average effect of dilutive securities: | ||||||||
Equity compensation (in shares) | 884,400 | 0 | 726,114 | 0 |
Earnings (Loss) per Share - Ant
Earnings (Loss) per Share - Anti-dilutive Securities (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents (in shares) | 1,597,130 | 6,793,836 | 2,244,548 | 6,486,583 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents (in shares) | 1,597,130 | 4,462,158 | 2,229,446 | 4,352,649 |
Restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents (in shares) | 0 | 2,331,678 | 15,102 | 2,120,068 |
Warrants | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents (in shares) | 0 | 0 | 0 | 13,866 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Variable Interest Entity [Line Items] | |||
Restricted cash | $ 55,348 | $ 32,403 | $ 53,824 |
Loans receivable at fair value | 1,971,375 | 1,696,526 | |
Interest and fees receivable, net | 16,292 | 15,426 | |
Total assets | 2,347,881 | 2,009,051 | |
Secured financing | 525,471 | 246,385 | |
Asset-backed notes at fair value | 1,162,948 | 1,167,309 | |
Total liabilities | 1,836,462 | 1,542,684 | |
Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Restricted cash | 33,182 | 23,726 | |
Loans receivable at fair value | 1,886,776 | 1,580,061 | |
Interest and fees receivable, net | 15,233 | 14,191 | |
Total assets | 1,935,191 | 1,617,978 | |
Secured financing | 529,002 | 246,994 | |
Asset-backed notes at fair value | 1,162,948 | 1,167,309 | |
Total liabilities | $ 1,691,950 | $ 1,414,303 |
Loans Held for Sale (Details)
Loans Held for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Transfers and Servicing [Abstract] | ||||
Originations of loans sold and held for sale | $ 61,300 | $ 39,800 | $ 136,285 | $ 134,552 |
Gain on sale of loans | 7,300 | 3,900 | 17,083 | 13,406 |
Servicing fees | $ 3,250 | $ 3,515 | $ 9,291 | $ 12,003 |
Minimum loans to be sold under Whole Loan Sale Agreement | 10.00% | 10.00% | ||
Additional loans to be sold under Whole Loan Sale Agreement | 5.00% | 5.00% | ||
Minimum loans to be sold under Access Loan Program | 100.00% | 100.00% |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Fixed assets | |||||
Computer and office equipment | $ 12,612 | $ 12,612 | $ 11,182 | ||
Furniture and fixtures | 8,549 | 8,549 | 11,072 | ||
Purchased software | 2,046 | 2,046 | 1,992 | ||
Leasehold improvements | 20,221 | 20,221 | 29,543 | ||
Total cost | 43,428 | 43,428 | 53,789 | ||
Less: Accumulated depreciation | (33,736) | (33,736) | (37,939) | ||
Total fixed assets, net | 9,692 | 9,692 | 15,850 | ||
System development costs: | |||||
System development costs | 75,821 | 75,821 | 55,943 | ||
Less: Accumulated amortization | (40,256) | (40,256) | (28,524) | ||
Total system development costs, net | 35,565 | 35,565 | 27,419 | ||
Loans held for sale | 2,602 | 2,602 | 1,158 | ||
Prepaid expenses | 17,962 | 17,962 | 17,241 | ||
Deferred tax assets | 2,018 | 2,018 | 1,716 | ||
Tax assets and other | 33,668 | 33,668 | 18,305 | ||
Total other assets | 101,507 | 101,507 | $ 81,689 | ||
Depreciation | 1,300 | $ 2,200 | 8,700 | $ 7,300 | |
Restructuring Cost and Reserve [Line Items] | |||||
Amortization of system development costs | 4,400 | 2,900 | 11,700 | 7,600 | |
System development costs | $ 7,500 | $ 5,300 | 19,900 | $ 16,400 | |
Facility Closing | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Retired fixed assets | $ 11,600 |
Borrowings (Details)
Borrowings (Details) | Oct. 28, 2021USD ($) | Sep. 08, 2021USD ($) | May 10, 2021USD ($) | Mar. 08, 2021USD ($)class | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Jul. 08, 2021USD ($) | Mar. 24, 2021USD ($) | Feb. 18, 2021USD ($) |
Debt Instrument [Line Items] | |||||||||
Current Balance | $ 525,471,000 | $ 246,385,000 | |||||||
Initial collateral balance | 9,300,000 | ||||||||
Current balance | 1,162,948,000 | 1,167,309,000 | |||||||
Credit Facility | Warehouse Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Current Balance | 525,471,000 | 246,385,000 | |||||||
Commitment Amount | $ 600,000,000 | $ 400,000,000 | |||||||
Repayments of facility | $ 219,000,000 | ||||||||
Credit Facility | Warehouse Facility | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest Rate, basis spread minimum | 0.00% | 0.00% | |||||||
Interest Rate, basis spread | 2.17% | 2.45% | |||||||
Credit Facility | New Warehouse Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Commitment Amount | $ 600,000,000 | ||||||||
Interest Rate, basis spread | 2.17% | ||||||||
Asset-Backed Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Initial note amount issued | $ 1,154,412,000 | $ 1,154,419,000 | |||||||
Current balance | 1,162,948,000 | 1,167,309,000 | |||||||
Asset-Backed Notes | Initial Collateral | |||||||||
Debt Instrument [Line Items] | |||||||||
Initial collateral balance | 1,190,509,000 | 1,226,888,000 | |||||||
Asset-Backed Notes | Current Collateral | |||||||||
Debt Instrument [Line Items] | |||||||||
Initial collateral balance | 1,216,204,000 | 1,248,996,000 | |||||||
Asset-Backed Notes | Oportun Issuance Trust (Series 2021-B) | |||||||||
Debt Instrument [Line Items] | |||||||||
Initial note amount issued | $ 500,000,000 | 500,000,000 | |||||||
Current balance | $ 501,743,000 | ||||||||
Weighted average interest rate | 2.05% | 2.05% | |||||||
Original revolving period | 3 years | 3 years | |||||||
Number of debt classes | class | 4 | ||||||||
Asset-Backed Notes | Oportun Issuance Trust (Series 2021-B) | Initial Collateral | |||||||||
Debt Instrument [Line Items] | |||||||||
Initial collateral balance | $ 512,759,000 | ||||||||
Asset-Backed Notes | Oportun Issuance Trust (Series 2021-B) | Current Collateral | |||||||||
Debt Instrument [Line Items] | |||||||||
Initial collateral balance | 523,870,000 | ||||||||
Asset-Backed Notes | Oportun Funding XIV, LLC (Series 2021-A) | |||||||||
Debt Instrument [Line Items] | |||||||||
Initial note amount issued | $ 375,000,000 | 375,000,000 | |||||||
Current balance | $ 377,120,000 | ||||||||
Weighted average interest rate | 1.79% | 1.79% | |||||||
Original revolving period | 2 years | 2 years | |||||||
Number of debt classes | class | 4 | ||||||||
Asset-Backed Notes | Oportun Funding XIV, LLC (Series 2021-A) | Initial Collateral | |||||||||
Debt Instrument [Line Items] | |||||||||
Initial collateral balance | $ 383,632,000 | ||||||||
Asset-Backed Notes | Oportun Funding XIV, LLC (Series 2021-A) | Current Collateral | |||||||||
Debt Instrument [Line Items] | |||||||||
Initial collateral balance | 392,332,000 | ||||||||
Asset-Backed Notes | Oportun Funding XIII, LLC (Series 2019-A) | |||||||||
Debt Instrument [Line Items] | |||||||||
Initial note amount issued | 279,412,000 | 279,412,000 | |||||||
Current balance | $ 284,085,000 | $ 283,299,000 | |||||||
Weighted average interest rate | 3.46% | 3.46% | |||||||
Original revolving period | 3 years | 3 years | |||||||
Asset-Backed Notes | Oportun Funding XIII, LLC (Series 2019-A) | Initial Collateral | |||||||||
Debt Instrument [Line Items] | |||||||||
Initial collateral balance | $ 294,118,000 | $ 294,118,000 | |||||||
Asset-Backed Notes | Oportun Funding XIII, LLC (Series 2019-A) | Current Collateral | |||||||||
Debt Instrument [Line Items] | |||||||||
Initial collateral balance | $ 300,002,000 | 299,237,000 | |||||||
Asset-Backed Notes | Oportun Funding XII, LLC (Series 2018-D) | |||||||||
Debt Instrument [Line Items] | |||||||||
Initial note amount issued | $ 175,000,000 | 175,002,000 | |||||||
Current balance | $ 178,182,000 | ||||||||
Weighted average interest rate | 4.50% | ||||||||
Original revolving period | 3 years | ||||||||
Asset-Backed Notes | Oportun Funding XII, LLC (Series 2018-D) | Initial Collateral | |||||||||
Debt Instrument [Line Items] | |||||||||
Initial collateral balance | $ 184,213,000 | ||||||||
Asset-Backed Notes | Oportun Funding XII, LLC (Series 2018-D) | Current Collateral | |||||||||
Debt Instrument [Line Items] | |||||||||
Initial collateral balance | 187,570,000 | ||||||||
Asset-Backed Notes | Oportun Funding X, LLC (Series 2018-C) | |||||||||
Debt Instrument [Line Items] | |||||||||
Initial note amount issued | 275,000,000 | $ 275,000,000 | |||||||
Current balance | $ 279,171,000 | ||||||||
Weighted average interest rate | 4.39% | ||||||||
Original revolving period | 3 years | ||||||||
Asset-Backed Notes | Oportun Funding X, LLC (Series 2018-C) | Initial Collateral | |||||||||
Debt Instrument [Line Items] | |||||||||
Initial collateral balance | $ 289,474,000 | ||||||||
Asset-Backed Notes | Oportun Funding X, LLC (Series 2018-C) | Current Collateral | |||||||||
Debt Instrument [Line Items] | |||||||||
Initial collateral balance | 294,710,000 | ||||||||
Asset-Backed Notes | Oportun Funding IX, LLC (Series 2018-B) | |||||||||
Debt Instrument [Line Items] | |||||||||
Initial note amount issued | 225,001,000 | $ 225,000,000 | |||||||
Current balance | $ 226,653,000 | ||||||||
Weighted average interest rate | 4.18% | ||||||||
Original revolving period | 3 years | ||||||||
Asset-Backed Notes | Oportun Funding IX, LLC (Series 2018-B) | Initial Collateral | |||||||||
Debt Instrument [Line Items] | |||||||||
Initial collateral balance | $ 236,854,000 | ||||||||
Asset-Backed Notes | Oportun Funding IX, LLC (Series 2018-B) | Current Collateral | |||||||||
Debt Instrument [Line Items] | |||||||||
Initial collateral balance | 241,237,000 | ||||||||
Asset-Backed Notes | Oportun Funding VIII, LLC (Series 2018-A) | |||||||||
Debt Instrument [Line Items] | |||||||||
Initial note amount issued | 200,004,000 | $ 200,000,000 | |||||||
Current balance | $ 200,004,000 | ||||||||
Weighted average interest rate | 3.83% | ||||||||
Original revolving period | 3 years | ||||||||
Asset-Backed Notes | Oportun Funding VIII, LLC (Series 2018-A) | Initial Collateral | |||||||||
Debt Instrument [Line Items] | |||||||||
Initial collateral balance | $ 222,229,000 | ||||||||
Asset-Backed Notes | Oportun Funding VIII, LLC (Series 2018-A) | Current Collateral | |||||||||
Debt Instrument [Line Items] | |||||||||
Initial collateral balance | $ 226,242,000 | ||||||||
Asset-Backed Notes | Oportun Issuance Trust (Series 2021-C) | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Initial note amount issued | $ 500,000,000 | ||||||||
Weighted average interest rate | 2.48% | ||||||||
Original revolving period | 3 years |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Accounts payable | $ 5,451 | $ 1,819 |
Accrued compensation | 29,948 | 32,681 |
Accrued expenses | 23,856 | 17,830 |
Accrued interest | 2,424 | 3,430 |
Amount due to whole loan buyer | 10,723 | 6,781 |
Deferred tax liabilities | 24,861 | 10,557 |
Current tax liabilities and other | 7,282 | 6,208 |
Total other liabilities | $ 104,545 | $ 79,306 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - $ / shares | Jun. 09, 2020 | Sep. 26, 2019 | Sep. 30, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||||
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | ||
Preferred stock, shares issued (in shares) | 0 | 0 | ||
Preferred stock, shares outstanding (in shares) | 0 | 0 | ||
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | ||
Common stock, par value (in USD per share) | $ 0.0001 | $ 0.0001 | ||
Common stock, shares issued (in shares) | 28,656,945 | 27,951,286 | ||
Common stock, shares outstanding (in shares) | 28,384,922 | 27,679,263 | ||
Treasury stock, shares (in shares) | 272,023 | 272,023 | ||
Number of warrants outstanding (in shares) | 0 | |||
Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Issuance of common stock upon exercise of warrants (in shares) | 3,969 | |||
Common Stock Warrants | Series F-1 Preferred | ||||
Class of Stock [Line Items] | ||||
Issuance of common stock upon exercise of warrants (in shares) | 9,090 | |||
Common Stock | ||||
Class of Stock [Line Items] | ||||
Shares converted (in shares) | 3,969 | |||
Issuance of common stock upon exercise of warrants (in shares) | 10,972 |
Equity Compensation and Other_3
Equity Compensation and Other Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Total stock-based compensation | $ 4,598 | $ 5,194 | $ 14,542 | $ 14,317 | |
Capitalized compensation expense | 300 | 300 | 800 | 700 | |
Income tax expense (benefit) recognized in the income statement for stock-based compensation arrangements | (300) | 1,200 | (200) | 2,400 | |
Stock options | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Unrecognized compensation cost | 8,300 | $ 8,300 | $ 9,500 | ||
Unrecognized compensation cost, period for recognition | 2 years 4 months 24 days | 2 years 7 months 6 days | |||
Restricted stock units | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Unrecognized compensation cost, period for recognition | 2 years 7 months 6 days | 2 years 10 months 24 days | |||
Unrecognized compensation cost | 34,000 | $ 34,000 | $ 37,200 | ||
Technology and facilities | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Total stock-based compensation | 736 | 1,010 | 2,231 | 2,693 | |
Sales and marketing | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Total stock-based compensation | 36 | 32 | 105 | 92 | |
Personnel | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Total stock-based compensation | $ 3,826 | $ 4,152 | $ 12,206 | $ 11,532 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest income | ||||
Interest on loans | $ 143,582 | $ 127,267 | $ 396,544 | $ 410,124 |
Fees on loans | 1,862 | 1,472 | 4,680 | 5,401 |
Total interest income | 145,444 | 128,739 | 401,224 | 415,525 |
Non-interest income | ||||
Gain on loan sales | 7,328 | 3,882 | 17,083 | 13,406 |
Servicing fees | 3,250 | 3,515 | 9,291 | 12,003 |
Other income | 3,062 | 631 | 5,053 | 1,968 |
Total non-interest income | $ 13,640 | $ 8,028 | $ 31,427 | $ 27,377 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ 5,143 | $ (1,794) | $ 8,652 | $ (19,162) |
Effective tax rate | 18.30% | 22.90% | 20.70% | 26.30% |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments Financial Instruments at Fair Value (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Loans receivable, unpaid principal balance | $ 1,862,143 | $ 1,862,143 | $ 1,639,626 | ||
Loans receivable, fair value | 1,971,375 | 1,971,375 | 1,696,526 | ||
Asset-backed notes, unpaid principal balance | 1,154,412 | 1,154,412 | 1,154,419 | ||
Asset-backed notes at fair value | 1,162,948 | 1,162,948 | 1,167,309 | ||
Fair value of loans 90 days or more past due | 3,600 | 3,600 | 2,300 | ||
Aggregate unpaid principal balance of loans 90 days or more past due | $ 14,000 | $ 14,000 | $ 14,800 | ||
Level 3 | Remaining cumulative charge-offs | Minimum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Unobservable inputs for unsecured personal loan portfolio | 0.0570 | 0.0570 | 0.0783 | ||
Level 3 | Remaining cumulative charge-offs | Maximum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Unobservable inputs for unsecured personal loan portfolio | 0.6603 | 0.6603 | 0.6126 | ||
Level 3 | Remaining cumulative charge-offs | Weighted Average | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Unobservable inputs for unsecured personal loan portfolio | 0.0753 | 0.0753 | 0.1003 | ||
Level 3 | Remaining cumulative prepayments | Minimum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Unobservable inputs for unsecured personal loan portfolio | 0 | 0 | 0 | ||
Level 3 | Remaining cumulative prepayments | Maximum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Unobservable inputs for unsecured personal loan portfolio | 0.5364 | 0.5364 | 0.3892 | ||
Level 3 | Remaining cumulative prepayments | Weighted Average | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Unobservable inputs for unsecured personal loan portfolio | 0.4030 | 0.4030 | 0.3111 | ||
Level 3 | Average life (years) | Minimum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Unobservable inputs for unsecured personal loan portfolio | 0.15 | 0.15 | 0.17 | ||
Level 3 | Average life (years) | Maximum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Unobservable inputs for unsecured personal loan portfolio | 1.28 | 1.28 | 1.29 | ||
Level 3 | Average life (years) | Weighted Average | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Unobservable inputs for unsecured personal loan portfolio | 0.76 | 0.76 | 0.80 | ||
Level 3 | Discount rate | Weighted Average | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Unobservable inputs for unsecured personal loan portfolio | 0.0652 | 0.0652 | 0.0685 | ||
Loans receivable at fair value | Level 3 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance – beginning of period | $ 1,726,914 | $ 1,635,684 | $ 1,696,526 | $ 1,882,088 | |
Adjustment upon adoption of ASU 2019-05 | 0 | 0 | 0 | 43,323 | |
Principal disbursements | 578,084 | 283,894 | 1,266,556 | 804,767 | |
Principal payments from customers | (317,489) | (305,883) | (941,747) | (927,175) | |
Gross charge-offs | (29,096) | (48,135) | (102,293) | (145,373) | |
Net increase (decrease) in fair value | 12,962 | 39,828 | 52,333 | (52,242) | |
Balance – end of period | $ 1,971,375 | $ 1,605,388 | $ 1,971,375 | $ 1,605,388 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments Financial Instruments at Amortized Cost (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Level 1 | ||
Assets | ||
Cash and cash equivalents | $ 168,407 | $ 136,187 |
Restricted cash | 55,348 | 32,403 |
Loans held for sale | 0 | 0 |
Liabilities | ||
Accounts payable | 5,451 | 1,819 |
Secured financing | 0 | 0 |
Level 2 | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Loans held for sale | 0 | 0 |
Liabilities | ||
Accounts payable | 0 | 0 |
Secured financing | 528,458 | 245,077 |
Level 3 | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Loans held for sale | 2,602 | 1,158 |
Liabilities | ||
Accounts payable | 0 | 0 |
Secured financing | 0 | 0 |
Carrying value | ||
Assets | ||
Cash and cash equivalents | 168,407 | 136,187 |
Restricted cash | 55,348 | 32,403 |
Loans held for sale | 2,602 | 1,158 |
Liabilities | ||
Accounts payable | 5,451 | 1,819 |
Secured financing | 529,002 | 246,994 |
Estimated fair value | ||
Assets | ||
Cash and cash equivalents | 168,407 | 136,187 |
Restricted cash | 55,348 | 32,403 |
Loans held for sale | 2,602 | 1,158 |
Liabilities | ||
Accounts payable | 5,451 | 1,819 |
Secured financing | $ 528,458 | $ 245,077 |
Leases, Commitments and Conti_3
Leases, Commitments and Contingencies (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jul. 28, 2021 | Feb. 05, 2021 | Dec. 31, 2020 | |
Lease expense | |||||||
2021 (remaining three months) | $ 3,491 | $ 3,491 | |||||
2022 | 13,576 | 13,576 | $ 15,788 | ||||
2023 | 11,872 | 11,872 | 12,967 | ||||
2024 | 9,761 | 9,761 | 10,881 | ||||
2025 | 7,786 | 7,786 | 9,069 | ||||
2026 | 1,881 | 1,881 | 6,989 | ||||
Thereafter | 324 | 324 | 1,641 | ||||
Total lease payments | 48,691 | 48,691 | 57,335 | ||||
Imputed interest | (3,885) | (3,885) | (5,247) | ||||
Total leases | 44,806 | 44,806 | 52,088 | ||||
Sublease income | |||||||
Remainder of year | (435) | (435) | |||||
Year one | (896) | (896) | (1,594) | ||||
Year two | (896) | ||||||
After year one | 0 | 0 | |||||
After year two | 0 | ||||||
Total lease payments | (1,331) | (1,331) | (2,490) | ||||
Imputed interest | 23 | 23 | 86 | ||||
Total sublease income | (1,308) | (1,308) | (2,404) | ||||
Net lease liabilities | $ 43,498 | $ 43,498 | $ 49,684 | ||||
Weighted average remaining lease term | 3 years 10 months 24 days | 3 years 10 months 24 days | 4 years 3 months 18 days | ||||
Weighted average discount rate | 4.11% | 4.11% | 4.42% | ||||
Rental expenses under operating leases | $ 4,300 | $ 5,200 | $ 19,900 | $ 15,500 | |||
Retained credit card originations limit | $ 38,500 | $ 25,000 | |||||
Credit card servicing agreement term | 2 years | ||||||
Initial collateral balance | $ 9,300 | $ 9,300 | |||||
Minimum loans to be sold under Whole Loan Sale Agreement | 10.00% | 10.00% | |||||
Additional loans to be sold under Whole Loan Sale Agreement | 5.00% | 5.00% | |||||
Minimum loans to be sold under Access Loan Program | 100.00% | 100.00% | |||||
Unfunded loan and credit card commitments | $ 3,000 | $ 3,000 | $ 3,500 | ||||
Liability for settlement | 5,900 | 5,900 | |||||
Insurance recovery receivable | 5,000 | 5,000 | |||||
Information Technology and Communication Services | |||||||
Sublease income | |||||||
Purchase obligation, remainder of 2021 | 2,100 | 2,100 | |||||
Purchase obligation, 2022 | 13,100 | 13,100 | |||||
Purchase obligation, 2023 | 6,300 | 6,300 | |||||
Purchase obligation, 2024 | 2,700 | 2,700 | |||||
Purchase obligation, 2025 and thereafter | $ 1,400 | 1,400 | |||||
Bank Partnership Program and Servicing Agreement Loans | |||||||
Sublease income | |||||||
Purchase commitment | $ 300 | ||||||
Maximum | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Remaining lease term | 10 years | 10 years | |||||
Facility Closing | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring costs | $ 100 | $ 12,800 | |||||
Contract Termination | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring costs | $ 5,300 |
Uncategorized Items - oprt-2021
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2019-05 [Member] |