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NEWS RELEASE OppFi Reports Third Quarter 2022 Financial Results 11/9/2022 Revenue increased 35% year over year to $124.2 million for the third quarter of 2022 Net Originations increased 11% year over year to $182.7 million for the third quarter of 2022 Ending Receivables increased 39% year over year to $407.7 million for the third quarter of 2022 Net loss of $(0.7) million for the third quarter of 2022 Adjusted Net Income of $0.8 million for the third quarter of 2022 Basic and Diluted EPS of $(0.04) and $(0.04), respectively, for the third quarter of 2022 Adjusted EPS of $0.01 for the third quarter of 2022 CHICAGO--(BUSINESS WIRE)-- OppFi Inc. (NYSE: OPFI) (“OppFi” or the “Company”), a leading �nancial technology platform that powers banks to help the everyday consumer gain access to credit, today reported �nancial results for the third quarter ended September 30, 2022. “We are pleased with our performance in the third quarter, which was in-line with our expectations,” said Todd Schwartz, Chief Executive O�cer and Executive Chairman of OppFi. “Following the most signi�cant adjustments to credit models in our company’s history, we ended the quarter with substantially lower early delinquency rates sequentially for both new and re�nanced loans. In addition, we extended operational e�ciencies, as demonstrated by the solid scaling of our expense structure.” 1
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“We are con�dent that the quality of the portfolio will continue to strengthen, as new vintage loans become an increasingly larger percentage of the portfolio, and non-performing loans continue to cycle out,” concluded Schwartz. “Therefore, we are optimistic that pro�tability will rebound in 2023, with the quarterly cadence accelerating throughout the year, as the net charge-o� rate improves sequentially and growth e�ciency initiatives further scale our expenses.” Financial Summary The following tables present a summary of OppFi’s results for the three months ended September 30, 2022 and 2021. (in thousands, except per share data) Unaudited Three Months Ended September 30, Change 2022 2021 % Total revenue $ 124,244 $ 91,977 35.1% Net (loss) income $ (661) $ 30,392 (102.2)% Adjusted net income $ 768 $ 17,362 (95.6)% Adjusted EBITDA $ 13,215 $ 31,778 (58.4)% Basic EPS $ (0.04) $ 1.06 (103.9)% Diluted EPS $ (0.04) $ 0.29 (113.8)% Adjusted EPS $ 0.01 $ 0.21 (95.6)% (in thousands, except per share data) Unaudited Nine Months Ended September 30, Change 2022 2021 % Total revenue $ 332,829 $ 254,610 30.7% Net income $ 8,539 $ 72,763 (88.3)% Adjusted net income $ 7,793 $ 54,439 (85.7)% Adjusted EBITDA $ 43,943 $ 96,413 (54.4)% Basic EPS(a) $ 0.29 $ 1.08 (73.1)% Diluted EPS(a) $ 0.09 $ 0.29 (69.0)% Adjusted EPS $ 0.09 $ 0.64 (85.7)% a.For the periods prior to July 20, 2021, earnings per share was not calculated, as net income prior to the Business Combination was attributable entirely to OppFi-LLC. Third Quarter Key Performance Metrics The following tables represent key quarterly metrics. (in thousands, except marketing cost per loan information) U di d 2
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Unaudited As of and for the Three Months Ended, September 30, 2022 June 30, 2022 September 30, 2021 Total Net Originations(a) $ 182,724 $ 226,201 $ 164,547 Ending Receivables(b) $ 407,730 $ 401,549 $ 293,279 % of Originations by Bank Partners 94% 95% 93% Net Charge-O�s as % of Average Receivables(c) 66% 51% 36% Auto-Approval Rate(d) 69% 62% 58% Marketing Cost per Funded Loan(e) $ 66 $ 82 $ 89 Marketing Cost per New Funded Loan(f) $ 188 $ 206 $ 255 a.Total net originations include both originations by bank partners on the OppFi platform, as well as direct originations by OppFi. b.Receivables are de�ned as unpaid principal balances of both on- and o�-balance sheet loans. c. Annualized net charge-o�s as a percentage of average receivables (de�ned as unpaid principal of both on- and o�-balance sheet loans) represents total charge o�s from the period less recoveries as a percent of average receivables. Finance receivables are charged o� at the earlier of the time when accounts reach 90 days past due on a recency basis, when OppFi receives noti�cation of a customer bankruptcy or is otherwise deemed uncollectible. d.Auto-Approval Rate is calculated by taking the number of approved loans that are not decisioned by a loan advocate or underwriter (auto-approval) divided by the total number of loans approved. e.Marketing Cost per Funded Loan represents marketing cost per funded loan for new and re�nanced loans. This metric is the amount of direct marketing costs incurred during a period divided by the number of loans originated during that same period. f. Marketing Cost per New Funded Loan represents marketing cost for new loans. This metric is the amount of direct marketing costs incurred during a period divided by the number of new loans originated during that same period. Share Repurchase Program Update During the third quarter, OppFi repurchased 88,262 shares of Class A common stock for $0.3 million at an average price of $3.46 per share. During the nine months ended September 30, 2022, OppFi repurchased 703,914 shares of Class A common stock at an average price of $3.47 per share for a total of $2.4 million. Full Year 2022 Guidance Rea�rmed OppFi rea�rms its full-year 2022 �nancial guidance: Total revenue growth of 20% to 25% year over year; Operating expenses as a percentage of total revenue of 43% to 47%, excluding interest expense, add backs, and one-time items; and Break-even or a modest net loss, on an adjusted basis. Conference Call Management will host a conference call today at 5:00 p.m. ET to discuss OppFi’s �nancial results and business outlook. The webcast of the conference call will be made available on the Investor Relations page of the Company's website. The conference call can also be accessed with the following dial-in information: Domestic: (877) 407-0789 3
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International: (201) 689-8562 An archived version of the webcast will be available on OppFi's website. About OppFi OppFi (NYSE: OPFI) is a leading �nancial technology platform that powers banks to help the everyday consumer gain access to credit. Through its unwavering commitment to customer service, the Company supports consumers, who are turned away by mainstream options, to build better �nancial health. In 2021, OppFi was recognized by the Deloitte North America Technology Fast 500 for the fourth consecutive year. OppFi maintains a 4.6/5.0 star rating on Trustpilot with more than 3,500 reviews and an A+ rating from the Better Business Bureau (BBB), making the Company one of the top consumer-rated �nancial platforms online. For more information, please visit opp�.com. Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. OppFi’s actual results may di�er from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," “possible,” "continue," and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, without limitation, OppFi’s expectations with respect to its full year 2022 guidance, the future performance of OppFi’s platform and expectations for OppFi’s growth and future �nancial performance. These forward-looking statements are based on OppFi’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. These forward-looking statements involve signi�cant risks and uncertainties that could cause the actual results to di�er materially from the expected results. Most of these factors are outside OppFi’s control and are di�cult to predict. Factors that may cause such di�erences include, but are not limited to: the impact of in�ation on OppFi’s business; the impact of COVID-19 on OppFi’s business; the impact of stimulus or other government programs; whether OppFi will be successful in obtaining declaratory relief against the Commissioner of the Department of Financial Protection and Innovation for the State of California; whether OppFi will be subject to AB 539; whether OppFi’s bank partners will continue to lend in California and whether OppFi’s �nancing sources will continue to �nance the purchase of participation rights in loans originated by OppFi’s bank partners in California; the risk that the business combination disrupts current plans and operations; the ability to recognize the anticipated bene�ts of the business combination, which may be a�ected by, among other things, competition, the ability of OppFi to grow and manage growth pro�tably and retain 4
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its key employees; risks related to new products; concentration risk; costs related to the business combination; changes in applicable laws or regulations; the possibility that OppFi may be adversely a�ected by other economic, business, and/or competitive factors; risks related to management transitions; and other risks and uncertainties indicated from time to time in OppFi’s �lings with the United States Securities and Exchange Commission, in particular, contained in the section or sections captioned “Risk Factors.” OppFi cautions that the foregoing list of factors is not exclusive, and readers should not place undue reliance upon any forward-looking statements, which speak only as of the date made. OppFi does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to re�ect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Non-GAAP Financial Measures This press release includes certain non-GAAP �nancial measures that are unaudited and do not conform to GAAP, such as Adjusted EBT, Adjusted Net Income, Adjusted EBITDA and Adjusted EPS. Adjusted EBT is de�ned as Net Income, plus (1) amortization of debt transaction costs and (2) other addbacks and one-time expenses, including one-time implementation fees, stock compensation expenses, IPO readiness costs, management fees, and recruiting fees, severance and relocation. Adjusted Net Income is de�ned as Net Income, plus (1) amortization of debt transaction costs and (2) other addbacks and one-time expenses, including one-time implementation fees, stock compensation expenses, IPO readiness costs, management fees, and recruiting fees, severance and relocation adjusted for taxes assuming a tax rate of 23.99% for the three months ended September 30, 2021 and a 24.14% tax rate for the three months ended September 30, 2022 and adjusted for taxes assuming a tax rate of 24.68% for the nine months ended September 30, 2021 and a 24.09% tax rate for the nine months ended September 30, 2022, re�ecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes, in order to allow for a comparison with other publicly traded companies. Adjusted EBITDA is de�ned as Adjusted Net Income, plus (1) a tax rate of 23.99% for the three months ended September 30, 2021 and a 24.14% tax rate for the three months ended September 30, 2022 and adjusted for taxes assuming a tax rate of 24.68% for the nine months ended September 30, 2021 and a 24.09% tax rate for the nine months ended September 30, 2022, re�ecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes, in order to allow for a comparison with other publicly traded companies, (2) depreciation and amortization, (3) interest expense and (4) business (non-income) taxes. Adjusted EPS is de�ned as adjusted net income divided by weighted average diluted shares outstanding, which represent shares of both classes of common stock outstanding, excluding 25,500,000 shares related to earnout obligations and including the impact of unvested restricted stock units. These non-GAAP �nancial measures have not been prepared in accordance with accounting principles generally accepted in the United States and may be di�erent from non-GAAP �nancial measures used by other companies. OppFi believes that the use of these non-GAAP �nancial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. These non-GAAP measures with comparable 5
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names should not be considered in isolation from, or as an alternative to, �nancial measures determined in accordance with GAAP. A reconciliation for OppFi's non-GAAP �nancial measures to the most directly comparable GAAP �nancial measures is in the table below. Third Quarter Results of Operations Consolidated Statements of Operations Comparison of the three months ended September 30, 2022 and 2021 The following table presents consolidated results of operations for the three months ended September 30, 2022 and 2021 (in thousands, except number of shares and per share data). Three Months Ended September 30, Change 2022 2021 $ % Interest and loan related income $ 123,605 $ 91,448 $ 32,157 35.2% Other income 639 529 110 20.8% Total revenue 124,244 91,977 32,267 35.1% Provision for credit losses on �nance receivables (1,017) (143) (874) 611.2% Change in fair value of �nance receivables (70,601) (18,940) (51,661) 272.8% Net revenue 52,626 72,894 (20,268) (27.8)% Expenses: Sales and marketing 11,674 15,633 (3,959) (25.3)% Customer operations 10,591 10,550 41 0.4% Technology, products, and analytics 8,325 7,329 996 13.6% General, administrative, and other 13,909 21,456 (7,547) (35.2)% Total expenses before interest expense 44,499 54,968 (10,469) (19.0)% Interest expense 9,096 6,414 2,682 41.8% Total expenses 53,595 61,382 (7,787) (12.7)% (Loss) income from operations (969) 11,512 (12,481) (108.4)% Gain on forgiveness of PPP loan — 6,444 (6,444) —% Change in fair value of warrant liability 1,323 13,139 (11,816) (89.9)% Income before income taxes 354 31,095 (30,741) (98.9)% Provision for income taxes 1,015 703 312 44.4% Net (loss) income (661) 30,392 (31,053) (102.2)% Less: net (loss) income attributable to noncontrolling interest (90) 16,267 (16,357) (100.6)% Net (loss) income attributable to OppFi Inc. $ (571) $ 14,125 $ (14,696) (104.0)% (Loss) earnings per share attributable to OppFi Inc.: (Loss) earnings per common share: Basic $ (0.04) $ 1.06 Diluted $ (0.04) $ 0.29 Weighted average common shares outstanding: Basic 13,972,971 13,363,996 Diluted 13,972,971 84,464,783 Comparison of the nine months ended September 30, 2022 and 2021 The following table presents consolidated results of operations for the nine months ended September 30, 2022 and 2021 (in thousands, except number of shares and per share data). 6
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Nine Months Ended September 30, Change 2022 2021 $ % Interest and loan related income $ 331,814 $ 253,581 $ 78,233 30.9% Other income 1,015 1,029 (14) (1.4)% Total revenue 332,829 254,610 78,219 30.7% Provision for credit losses on �nance receivables (2,043) (181) (1,862) 1028.7% Change in fair value of �nance receivables (162,280) (52,635) (109,645) 208.3% Net revenue 168,506 201,794 (33,288) (16.5)% Expenses: Sales and marketing 43,067 35,114 7,953 22.6% Customer operations 31,933 30,036 1,897 6.3% Technology, products, and analytics 24,848 19,669 5,179 26.3% General, administrative, and other 40,965 45,686 (4,721) (10.3)% Total expenses before interest expense 140,813 130,505 10,308 7.9% Interest expense 24,421 17,406 7,015 40.3% Total expenses 165,234 147,911 17,323 11.7% Income from operations 3,272 53,883 (50,611) (93.9)% Gain on forgiveness of PPP loan — 6,444 (6,444) —% Change in fair value of warrant liability 7,024 13,139 (6,115) (46.5)% Income before income taxes 10,296 73,466 (63,170) (86.0)% Provision for income taxes 1,757 703 1,054 149.9% Net income 8,539 72,763 (64,224) (88.3)% Less: net income attributable to noncontrolling interest 4,576 58,638 (54,062) (92.2)% Net income attributable to OppFi Inc. $ 3,963 $ 14,125 $ (10,162) (71.9)% Earnings per share attributable to OppFi Inc.: Earnings per common share: Basic $ 0.29 $ 1.08 Diluted $ 0.09 $ 0.29 Weighted average common shares outstanding: Basic 13,694,733 13,107,874 Diluted 84,277,277 84,464,783 Condensed Balance Sheets Comparison of the periods ended September 30, 2022 and December 31, 2021 (in thousands) Unaudited September 30, 2022 December 31, 2021 Assets Cash and restricted cash $ 50,469 $ 62,362 Finance receivables at fair value 458,065 383,890 Finance receivables at amortized cost, net 3,858 4,220 Other assets 67,578 51,634 Total assets $ 579,970 $ 502,106 Liabilities and stockholders’ equity Current liabilities $ 67,668 $ 58,967 Total debt 342,636 274,021 Warrant liabilities 4,216 11,240 Total liabilities 414,520 344,228 Total stockholders’ equity 165,450 157,878 Total liabilities and stockholders' equity $ 579,970 $ 502,106 Total cash and restricted cash decreased by $11.9 million as of September 30, 2022 compared to December 31, 2021, driven by an increase in originated loans relative to the timing of received payments. Finance receivables as of September 30, 2022 increased compared to December 31, 2021 due to high demand and origination volume for the nine months ended September 30, 2022. Other assets as of September 30, 2022 increased by $15.9 million compared to December 31, 2021, driven by the addition of an operating lease right of use asset of $14.4 million related to the Company’s headquarters due to the adoption of a new accounting standard and an increase in tax receivable of $1.2 million. 7
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Current liabilities increased by $8.7 million as of September 30, 2022 compared to December 31, 2021, driven by the addition of an operating lease liability of $16.9 million and an increase in accounts payable of $0.6 million. These increases were partially o�set by a decrease of accrued expenses of $9.4 million as of September 30, 2022 compared to December 31, 2021. Total debt increased by $68.6 million as of September 30, 2022 compared to December 31, 2021, driven by an increase in utilization of revolving lines of credit of $86.8 million, which was partially o�set by lower secured borrowing payables of $20.7 million. Total equity increased by $7.6 million as of September 30, 2022 compared to December 31, 2021, driven by net income and stock-based compensation, partially o�set by treasury stock as a result of the share repurchase program. Financial Capacity and Capital Resources As of September 30, 2022, OppFi had $14.0 million in unrestricted cash, a decrease of $11.1 million from December 31, 2021. As of September 30, 2022, the Company had an additional $168.0 million of unused debt capacity under its �nancing facilities for future availability, representing a 33 % overall undrawn capacity, an increase from $158.1 million as of December 31, 2021. The increase in undrawn debt was due to an amendment to one of the Company’s revolving lines of credit, which increased the size of the facility from $75 million to $200 million. Including total �nancing commitments of $507.5 million, and cash on the balance sheet of $50.5 million, OppFi had $558.0 million in funding capacity as of September 30, 2022. Reconciliation of Non-GAAP Financial Measures Comparison of the three and nine months ended September 30, 2022 and 2021 Three Months Ended September 30, Variance (in thousands, except share and per share data) Unaudited 2022 2021 % Net (loss) income $ (661) $ 30,392 (102.2)% Provision for income taxes 1,015 703 44.4% Debt issuance cost amortization 582 572 1.7% Other addbacks and one-time expenses, net(a) 76 (8,825) (100.9)% Adjusted EBT1 1,012 22,842 (95.6)% Less: pro forma taxes(b) (244) (5,480) (95.5)% Adjusted net income1 768 17,362 (95.6)% Pro forma taxes(b) 244 5,480 (95.5)% Depreciation and amortization 3,452 2,712 27.3% Interest expense 8,513 5,841 45.7% Business (non-income) taxes 238 383 (37.9)% Adjusted EBITDA1 $ 13,215 $ 31,778 (58.4)% Adjusted EPS1: $ 0.01 $ 0.21 Weighted average diluted shares outstanding 84,080,808 84,464,783 (a) For the three months ended September 30, 2022, other addbacks and one-time expenses of $0.1 million included a $(1.3) million addback due to the change in fair value of the warrant liabilities, a $(0.1) million recruiting related addback, a $0.8 million expense related to severance and retention bonuses, and $0.8 million in expenses related to stock compensation. For the three months ended September 30, 2021, other addbacks and one-time expenses of $(8.8) million included a $(13.1) million addback due to the change in fair value of the warrant liabilities, a $(6.4) million addback due to the gain on forgiveness of the PPP Loan, $6.6 million in public company readiness costs prior to the Business Combination, $1.0 million in accounting and legal costs related to the Business Combination, a $0.9 million expense related to warrant valuation, a $0.2 million expense related to severance, a $0 1 illi l d b d f $1 0 illi i i d l d $0 9 illi l d k i 8
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$0.1 million expense related to board fees, a $1.0 million recruiting and salary expense, and a $0.9 million expense related to stock compensation. (b) Assumes a tax rate of 23.99% for the three months ended September 30, 2021 and a 24.14% tax rate for the three months ended September 30, 2022, re�ecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes. Nine Months Ended September 30, Variance (in thousands, except share and per share data) Unaudited 2022 2021 % Net income $ 8,539 $ 72,763 (88.3)% Provision for income taxes 1,757 703 149.9% Debt issuance cost amortization 1,626 1,735 (6.3)% Other addbacks and one-time expenses, net(a) (1,656) (2,923) (43.3)% Adjusted EBT1 10,266 72,278 (85.8)% Less: pro forma taxes(b) (2,473) (17,839) (86.1)% Adjusted net income1 7,793 54,439 (85.7)% Pro forma taxes(b) 2,473 17,839 (86.1)% Depreciation and amortization 10,056 7,289 38.0% Interest expense 22,795 15,671 45.5% Business (non-income) taxes 826 1,175 (29.7)% Adjusted EBITDA1 $ 43,943 $ 96,413 (54.4)% Adjusted EPS1: $ 0.09 $ 0.64 Weighted average diluted shares outstanding 84,277,277 84,464,783 (a) For the nine months ended September 30, 2022, other addbacks and one-time expenses of $(1.7) million included a $(7.0) million addback due to the change in fair value of the warrant liabilities, $2.9 million in expenses related to severance and retention bonuses, $2.4 million in expenses related to stock compensation, and $0.1 million in one-time legal expenses. For the nine months ended September 30, 2021, other addbacks and one-time expenses of $(2.9) million included a $(13.1) million addback due to the change in fair value of the warrant liabilities, a $(6.4) million addback due to the gain on forgiveness of the PPP Loan, $6.6 million in public company readiness costs prior to the Business Combination, $2.6 million in expenses related to one-time legal, accounting, and other costs related to the Business Combination, $4.2 million in expenses related to warrant valuation, $0.6 million in expenses related to severance, $0.4 million in management and board fees, a $1.0 million recruiting and salary expense, and a $1.2 million expense related to stock compensation. (b) Assumes a tax rate of 24.68% for the nine months ended September 30, 2021 and a 24.09% tax rate for the nine months ended September 30, 2022, re�ecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes. Adjusted Earnings Per Share Three Months Ended September 30, (unaudited) 2022 2021 Weighted average Class A common stock outstanding 13,972,971 13,363,996 Weighted average Class V voting stock outstanding 95,397,996 96,600,787 Elimination of earnouts at period end (25,500,000) (25,500,000) Dilutive impact of restricted stock units 192,127 — Dilutive impact of performance stock units 17,714 — Weighted average diluted shares outstanding 84,080,808 84,464,783 Three Months Ended September 30, (unaudited) 2022 2021 Adjusted net income (in thousands)1 $ 768 $ 17,362 Weighted average diluted shares outstanding 84,080,808 84,464,783 Adjusted EPS:1 $ 0.01 $ 0.21 Nine Months Ended September 30, (unaudited) 2022 2021 Weighted average Class A common stock outstanding 13,694,733 13,107,874 Weighted average Class V voting stock outstanding 95,946,836 96,856,909 Eli i i f i d d (25 500 000) (25 500 000) 9
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Elimination of earnouts at period end (25,500,000) (25,500,000) Dilutive impact of restricted stock units 123,722 — Dilutive impact of performance stock units 11,986 — Weighted average diluted shares outstanding 84,277,277 84,464,783 Nine Months Ended September 30, (unaudited) 2022 2021 Adjusted net income (in thousands)1 $ 7,793 $ 54,439 Weighted average diluted shares outstanding 84,277,277 84,464,783 Adjusted EPS:1 $ 0.09 $ 0.64 (1) Non-GAAP Financial Measures: Adjusted Net Income, Adjusted EBT, Adjusted EPS and Adjusted EBITDA are �nancial measures that have not been prepared in accordance with GAAP. See the “Note Regarding Non-GAAP Financial Measures” for a detailed description and reconciliation of such Non- GAAP �nancial measures to their most directly comparable GAAP �nancial measures. Investor Relations: investors@opp�.com Media Relations: media@opp�.com Source: OppFi 10