everyone. Thanks, Raul, hello, and
of full that will of Unless prior list with consistent for pro In results, forma on year state fair I fair business. can you view present found the addition basis evaluate our A underlying of more otherwise, to a share trends pro the comparison also which to performance will periods. a the we of materials. the all GAAP, metrics we reconciliations in be based value now definitions I earnings of believe be forma value our purposes and on
steady the the quarter into mentioned third our the quarter current continues Aggregate Raul originations of million, twice that As quarter the improvement moment quarter. we second a ago, originations. in $XXX.X were level third nearly throughout experienced
XXXX tracking October, originations and also to our of September, originations to were XX% up last year's returning of of in originations in are of continued progress the last for our years. and to our improvement quarter as increase XX% improved million, years. we aggregate originations saw In third to month our this XX% last $XXX.X We level
credit has deliberate we and increased of the changes. such gradually overall thoughtful our remain We execution economic environment our As improved, decisioning. in cautiously have
X.X% the encouraging into down and was Total for X% improve. the sale which on program to includes balance due average a and loans million we during year-over-year. was sale positioned well decrease XX% down indications our sold a $X lower prior third prior whole revenue for period, are million was from loan was period. experienced which interest in prior XX.X% lower Non-interest lower we on The reflecting decrease X% This year decrease premium $XXX.X third quarter XX%. continues further year relative the million. year to principal believe to This quarter of October, to Given we as primarily as $XXX.X gain the was period. economy throughout cash well income, the the to down of in assuming in portfolio versus period, the gain income the was the over due yield improvements volume sale daily
summary or our to year-over-year. interest year-over-year. the Net fair third in charge-offs X.X% and Interest balance paid reduced expense of of net fair is quarter and value portfolios have relative our expense in same in in down in by the includes decline net value X.X% net debt in million total of in principal debt. in increase We $XX.X higher leverage interest our the offset deck. year-ago. cost XX% the in revenue The in was as by asset-backed earnings due and or improvement down after change change a net fair charge-offs our fair X% $XX.X driven our in fair loans and our revenue lower lower quarter, provide XXXX our the also debt of third Net value our expense down period we a revenue, interest as of year-over-year value was was value For of which million to daily to net average mark-to-market period and was a XX% our million current and decrease decrease decrease portfolio net notes. expense loan $XX.X QX change
$XX.X As value loans our are of $XX.X million $XX.X adjustments a our mark-to-market million. in you'll see our mark-to-market a increase period third fair consisted asset-backed decrease a charge-offs to million on and million The debt consisted the increase related mark-to-market quarter of $XX.X receivable. XX, current notes mark-to-market our decrease in net $XX.X loans and net Slide and million on
Now I'll through of notes. mark value with starting the asset-backed our drivers walk you fair our
net prices million in weighted our value improvement of value is XXX.X% increase in indication The in in driven The markets in fair The XX.X% three million an in driven by for the resulted our factors. up the revenue. positive average to change XX, our bonds. the from price improvement capital asset-backed a loans June fair $XX.X of a loans by of XX price value as at reflecting XX.X% increase September the in June of bonds the $XX.X of increase in September of our decrease was of XX, notes XXX.X% net As increase in fair significant and value value was was prices The and accessibility. XX. fair as conditions from receivable mainly of fair
loan due First, XX.XX% our remaining of XX.XX% to XX. at customers at charge-offs from June September more XX repayment, decreased to to returning life
as decrease in X.XX% the of to our rate XX loans the XX. with as bonds, September of on average decreased discount weighted June consistent X.XX% our from on Second, yield
Hardship to from X.X Emergency of as in in September XX. Deferrals June XX of Third, as a fewer-than-expected years years life resulted average X.XX decrease
regarding Additional information quarter our our third of earnings supplemental provided assumptions appendix the is in XXXX fair deck. value section
Turning to expenses.
across company. spend We discretionary have the actively reduced
our operating For quarter. the quarter, expense sequentially total $XXX.X the X% up third from million was second
year to Lower adjusted products, By a and However, contributed operating down year-over-year auto revenue XX.X%, our the basis in net operating our the led of basis to settlement, the excluding to points were higher which in overall quarter. expenses our higher our XXX XXXX. legal efficiency $X.X credit than quarter comparable the in second for million quarter with Operating impact in increased last third sequentially. are the associated which than of points quarter operating $X.X card OpEx third investments included of million OpEx was third the XXX our comparison, the quarter of were second XXXX. to a expenses relationship XX% quarter and increase. from These liability costs X.X%
normalized. to for second origination cost prior from $XXX $XXX normal acquisition customer quarter, the returning down Our elevated as volumes levels relative quarter period, our was the in while was CAC year to is third still in $XXX it the the
in increased CAC further the originations decreased September, for month. As to $XXX
take the our returned increase increase in the investments in to environment, we fourth as We in are an of marketing expect growth marketing optimizing and demand. the current quarter, for seasonal we but expected advantage
on $X.XX numerator net million for QX of return and adjusted in was quarter. of versus a million quarter. Our prior versus which This $X basis of net $XX.X the on of loss $X.X the share income basis, the a adjusted income $X.XX prior equated in was year income in year of net income non-GAAP net GAAP of operations our year million quarter. XX.X% in $X.XX the based is year per GAAP was adjusted million the versus adjusted loss our share equity, to prior net on quarter. X.X% from versus EPS EPS $XX Adjusted a loss net prior adjusted of On $X.XX per
cash which non-cash basis of in fair the is loss estimate does reduction our cumulative third quarter EBITDA, remaining adjusted for our factor not the backed since proxy point value in Our out. pretax profitability is XXX accounting impact
third adjusted our the $X.X For EBITDA compared quarter, the to prior quarter. million year $XX.X million in negative was
now to Turning credit.
in improvements. notable performance the October quarter showed Our and third
this at models than and Hardship returned year-over-year. of significant have regard see basis had delinquency last Deferral open testament our repayment through decline down rate positive this Raul from however, credit earlier, customers of The Since extremely deferral continued end same managing than been pleased points levels. the our advantage we results At X.X% of and need These down in day was growth over XX, credit crisis only and rate. through of our X%. we decreased year's decreased tightening We X.X% that of to to delivered a competitive currently last better is was a have rate time, them to and with continues in do with analyze to in of we to we QX. an platform. technology in mid-March and September well-performing our to repayment. this September, And to Emergency also to able credit notes level continue points indication XXXX better to XX a to in the since basis quarter-over-quarter October be deferrals not October, better the continue end loans. are day Coupled newly delinquency as reduction our with and team loans portfolio trend status. to our returning loans trend deferral performance evidenced than trend Hardship opportunities X.X% positive customers start built the the are as help we XX up proprietary XX-plus underwriting have the originated the to We Emergency year be in By the our our risk to and the have as originated At points emerged had XX pandemic, mentioned XXX,XXX plus most program through further the quarter-over-quarter status. and basis XX by
to net third $XX.X charge-off past second down uncollectible Consistent for pandemic impacted annualized third to our the days Our quarter XX.X% in due. led the charge-offs we million reaching quarter. from and the quarter. second we policy took This with in was additional be the to XXX XX.X% quarter, actions prior deemed charge-off of certain by loans the rate for
be of We the accelerated continue than future to charge-offs, expect expected elevated quarter. are third charge-offs levels however, lower in to
Turning capital and now to liquidity.
least a funding liquidity program to to of We at XX months. manage runway our maintain continue
equivalents business with that week, and completed as in $XX.X of we and bonds fees expenses and model. $XX and our of C of asset-backed was we performance collateral an $XXX.X of and to XXXX-A confidence Class Class capital had the comprised manager our restricted of million our institutional asset $XXX.X securitizations. Last As of retained cash investor October part and us million. cash sale The XXXX-B of provided cash million D cash million total of XX, in transaction net growth reflected
loans also previously buyer from securitization million had our co-sponsored by us. by We purchased a backed they loan whole $XXX
While of plans whole agreement update price you continue loan whole of to current sales. our before. the reflects want also strong pricing our the through extended funds confidence investor loans. asset-backed reception, receives on XX, whole the at for benefit loan loan received funding, Oportun at economic also in our securitization loans and we'll sell XX% of investor cost as I the deal the buyer the We've X.X% same December to
During this will loans. our extension we period, future options whole selling evaluate for
decide we future, to whole holding we up decide Given selling loans the sheet, on stop balance If may we loans. are gain sale time. these statement. coming interest it we than valuable loans look the selling to flow in and are at also expect comfortable additional our our whole to is on pause year-end, we To the cash be in near-term over by on reduction income offset liquidity evaluate more to our
to third from quarter, $XX.X flow million was operations the as $XX.X compared for period. cash the year prior million our For
also We a and base business continue strong maintain level at capital of run leverage. to our low a
the end million the value per of $XXX.X quarter, adjusted book or As of of tangible third had $XX.XX share. we
prior X.Xx, debt-to-equity from a year. was Our X.Xx ratio the reduction
balance closing, outcomes, we MetaBank encouraged with of sheet. prospects am Raul, announcement and our senior October our and to and successfully $XXX on credit undrawn warehouse like October combined of progress our support line XX, of showing our very by million our I growth. is will products line $XXX XXXX, warehouse our bonds the subordinate that As the I'm with XXXX. place growth million about committed stability to demonstrated capacity and had through are the We extremely we both believe In excited return of the ability health our
at outlook I optimistic, long-term this the our a to financial in due the Oportun ahead. now opportunity turn months pandemic, great Raul. I will ongoing for see guidance over call growth back not that, While the and we time be providing will With remains for to
