Thanks, Raul, good afternoon, and everyone.
on integral reducing core focusing a as collaboration profitably had of quarter of Western and are second our over credit our Lending new anticipated portfolio our performance the card the growing base sale we mentioned, positioned further are Raul products, improve upon second expense Service term. exciting Union towards half in to the and a year. milestones The As the and the strong long business with
after total Oportun million, $X.XX. Continuing an year-over-year. posture, As XX% of $X.X quarter profitable a operate the conservative million adjusted or originations the of revenue Sequentially, second adjusted shown income aligning growth originations Slide with credit $XXX on under XX%, basis consecutive were and on million seasonal EPS to quarter. we first were for for of pattern down up delivered the typical with were of X, adjusted net $XXX
yield to primarily portfolio conservative $XX of XXX that $XXX increases Net principal decline X% driven million, partially to decline balance to offset credit price as by $XX unfavorable due X%, revenue million the value an with expense. improving year-over-year, declined XX.X%. in onetime was mark along points interest card million and daily Raul our basis average revenue our mentioned, the our total revenue higher by by posture credit under portfolio Total XX% year-over-year, down fair increased
on expense that fair value value net of card To million $XXX the card receivables price million the was offer total of of XX% period driven process, thus the fair the outstanding rate current our the by fair of $XX sold new credit This an X.X% was elaborate charge-offs credit received environment. being of million portfolio, $XX up Our setting in decrease of in increase highest mark. reflects Interest agreed-upon part ago year-over-year. the and year the primarily the impact selling at as and review million by of we X.X% debt period, strategic to primarily higher versus mark. the in reflecting was value our increased debt driven $XX cost
now to efficiency. expenses and operating Turning
reduction the initiatives. our continue benefit of We see cost to
Our May. from force optimization for $XXX year million asset $X the second $X Bay right-of-use the XX% in prior a operating of Area decrease half while headquarters in million million expenses we expenses of in to a enacted relating workforce including and total the QX period, reductions our impairment in in the reflected
drive to lower remain GAAP our operating of XXXX second QX We and expenses. achieve million $XX.X track in structure the cost in half will continue to on
a by discipline. second marketing down as expenses and our quarter, a XX% over $XXX public us driven year-over-year, down for to company, was the pleased were $XX I'm and low new year-over-year just that sales cost CAC our In XX% share of our million,
income was net to adjusted revenue we For operating lower in lower principally $X $X.XX versus recorded by adjusted expenses. year million average higher $X.XX. The partially of driven adjusted and balance, and EPS the quarter of million prior due lower $X principal yield to the quarter, by offset daily compared decline
structure portfolio and was a on reflected This cost driven $XX or year-over-year impact Adjusted increase EBITDA, loan basis. which and of $XX excludes adjustments second XXX% lower million mark-to-market fair quarter. our on of the value million charge-offs the notes dollar net sharply our by a in reduced
the announced expenses lower by EBITDA enacting guidance than reductions end adjusted primarily EBITDA our expenses. operating performance our Our high on able $XX our by exceeded expediently outperformance. the We adjusted previously charge-offs operating of to lower-than-anticipated range to $XX contributed of more million Lower also annualized expense anticipated. were million,
credit Now let me discuss QX performance.
Our million to $XX year annualized the was XX.X% charge-offs to in dollar that I'd year-over-year note net XX.X% million. net period. compared charge-off $XX declined as XX% also prior rate to
rate Our delinquency XX-plus basis and XX basis declined year-over-year points points by X.XX%. sequentially XX day to by
end levels. of below remain the of July, delinquencies As XX-plus XXXX
measured $XXX million dollars $XXX to in year-over-year declined Our delinquencies XX-plus from XX% million. day
year-over-year. record Regarding $XXX from operating shown the for on Slide XX, million, net cash liquidity, a X% quarter flows our second activities and up as were capital
As of paid note was was that June of available restricted. total quarter. million. funding are liquidity during these our our unrestricted $XXX I'd $XX Further debt remaining levels loan million the million which cash warehouse $XXX agreement having XX, the capacity and down million corporate million whole was in liquidity of was $XXX bolstering million, after sale lines of under capacity $XX and $XXX
recent since quarter has agreement activity the our a model. upon I'm Oportun and including million end, whole secured into warehouse investors new unsecured XXXX. $XXX our in loan securitizations personal business agreements that signed billion performance June of income also financings, last to pleased from and year, we of to for loan share warehouse fund over fixed confidence their vintages and diversified banks raised and strong $X.X based sales, in Since
that an we'll loan, you final when involving Before arrangement good I progress in with provide a to secured our senior discussions are move share term making on, I want we update and to have share. refinancing we
our to now XX. on Slide as guidance, Turning shown
decline $XXX in adjusted owned outlook that million quarter Our annualized the to I'd the projected second of plus for of net rate revenue note million, XX.X%, total QX million year-over-year. portfolio is is or EBITDA XX $XX to minus $XXX basis by to of million. $XX charge-off points, XX%
year-over-year Slide portfolio to you annualized see by lower, points remain basis respectively. grow for XX% and where or points XXX charge-off be net our loan basis flat would As expectations XQ XX, rate 'XX, can XXX on during our to
Our reflects QX growth. adjusted almost EBITDA guidance at year-over-year the XX% midpoint
from Our reductions that expense is our guidance EBITDA expense. sooner marketing completing higher the from quarter. in EBITDA interest also QX QX adjusted due anticipated than increase It's down and worth expense adjusted seasonal QX to in operating benefited noting planned a our
$XX the full points, million to for minus XX annualized is revenue of $XX net to adjusted year guidance total million million. charge-off XX.X%, of $XXX EBITDA or $X.XX rate Our of billion, basis plus
represents to this be also million $X respectively, charge-offs $X total by the year, million reflects back of and prior book. higher reflects the than net performance for our which EBITDA annualized full half approximately of XX revised uplifts While the driven basis revenue in expectations our guidance of guidance year it second $X midpoint, the at adjusted additional midpoints, rate and the million, of charge-off largely points at our
our higher adjusted our as expect EBITDA into half adjusted will higher I'm impact by be runway pleased the enhancements despite $XX our revenue the that the second negative in card XX% selling able also XXXX, a that yield high-quality from we guidance first credit net our increase implies second commitment to identifying portfolio. midpoint half than well. are Creating expected full to originations at and guidance markedly over generate driven year to million strong we and income revenue half, the our
towards for the Before back returns to update to we our call long-term close, like investor look progress to you I'd Raul what could on believe handing Oportun like.
comparison metrics or and remove nonrecurring long-term they for a While sense better our future targets GAAP our items I'll rate. adjusted run targets, using be of since provide
XX% is we added members business average owned of believe reminder, borrowing primarily a value even to from sustainable. better that savings our income yield When while deliver As total balance we our we as than alternatives. percentage target a principal is be has see XX% a personal loan product, our APR, noninterest revenue a to
of As yield we revenue total target. already are at QX, our
XX% generate model, In to X% to and a our of X% unit are annualized an funds yield. to charge-off XX% cost we XX% economics a net targeting risk-adjusted rate
For the our QX, year-over-year of X% under credit principal XX% target range, daily but charge-off impacted balance conservative by was we posture. above funds, report our X% did cost average rate of declining our
front to want charge-off long-term our the remove you within book was performance, again back remind our XX.X%, you I QX that annualized if target from However, the net book rate for range. already the
XX% for Lastly, value fair marks. 'XX also included noncash our yield unfavorable risk-adjusted XQ X% of
XX%, XX.X% in to summary, our while year. half adjusted reductions comparison 'XX long-term operating is XX% delivering principal ratio X% operating the Finally, attainable. X% was this to we a QX, by In X% XX.X%, over while target further of progress the made expense guiding towards In our cost in long ROE assets for assuming XQ to the term see adjusted expenses target in second we a balance, target. return on of
see On ROE target. the identified can to to from adjusted we've key XX% XX, Slide drivers XX% X our you long-term X% to grow
time. our to of loan First, ongoing from credit our reduce and rollout back to from expect do model XX% we're annualized so performance to over prudently charge-off by growing and XX% net seeking XX% X% our the driving by to eliminating XX% book, to our VXX improvements rate portfolio
achieving to expense percentage that growth benefiting resulting Second, tailwind principal and our beyond our target to from and also XXXX reduce scale. attaining on as of XQ, into We're we're an from way seeking product portfolio with for to expenses XX.X%. the maintaining annualized our operating GAAP $XX.X XX.X% conservative operating owned balance of simplified million and discipline our adjusted cost by portfolio
And third, from reduce to we're X.X:X seeking leverage X:X. to our ratio debt-to-equity
corporate remaining our We do in to by expected million debt expect have to the flow $XX secured end allocate securitization facility our financing so before towards recent cash of residuals including in by we repayment the repayment continuing as of our quarters, January. free our
our returning make profitability. the on to to to by executing towards increase confident target GAAP years our I XX% ROE ability drivers. our in next expect progress equity also these We am several maintaining to over stockholders' by key and XX%
over to back you. Raul,
