OppFi Inc.

Previous wording

OppFi also holds 35% of the outstanding equity securities of Bitty Holdings, LLC (“Bitty”), a credit access company that offers revenue-based financing and other working capital solutions to small businesses.

Current wording

OppFi Inc. (“OppFi” and, collectively with its subsidiaries, the “Company”) is a leading tech-enabled digital finance platform that works with banks to provide financial products and services for everyday Americans. Through a transparent and responsible platform, which includes financial inclusion and excellent customer experience, the Company supports consumers who are turned away by mainstream options to build better financial health. OppLoans by OppFi maintains a 4.5/5.0 star rating on Trustpilot with more than 4,900 reviews, making the Company one of the top consumer-rated financial platforms online. OppFi also holds a 35% equity interest in Bitty Holdings, LLC (“Bitty”), a credit access company that offers revenue-based financing and other working capital solutions to small businesses.

Previous wording

OppFi works with banks to facilitate short-term credit options for everyday Americans who lack access to mainstream financial products. OppFi’s specialty finance platform focuses on helping these consumers rebuild their financial health. Customers on OppFi’s platform benefit from a highly automated, transparent, efficient, and fully digital experience. The banks that work with OppFi benefit from its turn-key, outsourced marketing, data science, and proprietary technology to digitally acquire, underwrite, and service these consumers.

Current wording

OppFi’s primary mission is to facilitate financial inclusion and credit access to the 60 million everyday Americans who face credit insecurity through unwavering commitment to its customers, who benefit from a highly automated, transparent, efficient, and fully digital experience. The banks that work with OppFi benefit from its turn-key, outsourced marketing, data science, and proprietary technology to digitally acquire, underwrite, and service these consumers.

Previous wording

OppFi’s primary products are offered by its OppLoans platform. Customers on this platform are U.S. consumers who are employed, have bank accounts, and generally earn median wages. The average installment loan facilitated by OppFi is approximately $1,500, payable in installments and with an average contractual term of 11 months. Neither SalaryTap nor OppFi Card contributed meaningfully to OppFi’s results during the three and nine months ended September 30, 2024.

Current wording

OppFi’s primary products are offered by its OppLoans platform. Customers on this platform are U.S. consumers who are employed, have bank accounts, and generally earn median wages. The average installment loan facilitated by OppFi is approximately $1,750, payable in installments and with an average contractual term of 11 months.

Previous wording

•Basic and diluted earnings per share (“EPS”) of $0.21 and $0.21, respectively, for the three months ended September 30, 2024;

Current wording

•Basic and diluted loss per common share of $0.48 and $0.48, respectively, for the three months ended March 31, 2025;

Previous wording

•Adjusted net income (“Adjusted Net Income”)(1) of $28.8 million for the three months ended September 30, 2024, an increase of $15.5 million from $13.3 million for the three months ended September 30, 2023.

Current wording

•Adjusted net income (“Adjusted Net Income”)(1) of $33.8 million for the three months ended March 31, 2025, an increase of $25.0 million from $8.8 million for the three months ended March 31, 2024;

Previous wording

•Adjusted earnings per share (“Adjusted EPS”)(1) of $0.33 for the three months ended September 30, 2024, an increase of $0.18 from $0.16 for the three months ended September 30, 2023;

Current wording

•Adjusted earnings per share (“Adjusted EPS”)(1) of $0.38 for the three months ended March 31, 2025, an increase of $0.28 from $0.10 for the three months ended March 31, 2024;

Previous wording

(1) Adjusted EPS and Adjusted Net Income are not prepared in accordance with the United States Generally Accepted Accounting Principles (“GAAP”). For information regarding our uses and definitions of these measures and for reconciliations to the most directly comparable United States GAAP measures, see the section titled “Non-GAAP Financial Measures” below. Beginning with the quarter ended March 31, 2024, for all periods presented, we have updated our presentation and calculation of Adjusted EBT, and corresponding presentations and calculations of Adjusted Net Income and Adjusted EPS, to no longer add back debt issuance cost amortization.

Current wording

(1) Adjusted EPS and Adjusted Net Income are not prepared in accordance with the United States Generally Accepted Accounting Principles (“GAAP”). For information regarding our uses and definitions of these measures and for reconciliations to the most directly comparable United States GAAP measures, see the section titled “Non-GAAP Financial Measures” below.

Previous wording

We regularly review the following key metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections, and make strategic decisions, which may also be useful to an investor. The following tables and related discussion set forth key financial and operating metrics for the Company’s operations as of and for the three and nine months ended September 30, 2024 and 2023.

Current wording

We regularly review the following key metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections, and make strategic decisions, which may also be useful to an investor. The following tables and related discussion set forth key financial and operating metrics for the Company’s operations as of and for the three months ended March 31, 2025 and 2024. Percentages presented are calculated from the underlying whole-dollar amounts.

Previous wording

We measure originations to assess the growth trajectory and overall size of our loan portfolio. There is a direct correlation between origination growth and revenue growth. We include both bank partner originations as well as those originated by us directly. Loans are considered to be originated when the contract is signed between us and the prospective borrower. The vast majority of our originations ultimately disburse to a borrower, but disbursement timing lags that of originations. Originations may be useful to an investor because they help understand the growth trajectory of our revenues.

Current wording

We measure originations to assess the growth trajectory and overall size of our loan portfolio. There is a direct correlation between origination growth and revenue growth. Loans are considered to be originated when the contract is signed with the prospective borrower. The vast majority of our originations ultimately disburse to a borrower, but disbursement timing lags that of originations.

Previous wording

The following tables present total net originations (defined as gross originations net of transferred balance on refinanced loans), total retained net originations (defined as the portion of total net originations as defined above with respect to which the Company ultimately purchased a receivable from bank partners or originated directly), percentage of net originations by bank partners, and percentage of net originations by new loans for the three and nine months ended September 30, 2024 and 2023 (in thousands):

Current wording

The following table presents total net originations (defined as gross originations net of transferred balance on refinanced loans), total retained net originations (defined as the portion of total net originations with respect to which the Company ultimately purchased a receivable from bank partners), and percentage of net originations by new loans for the three months ended March 31, 2025 and 2024 (in thousands):

Previous wording

Average yield represents total revenue from the period as a percent of average receivables and is presented as an annualized metric. Receivables are defined as the unpaid principal balances of loans. The following tables present average yield for the three and nine months ended September 30, 2024 and 2023:

Current wording

Average yield represents total revenue from the period as a percent of average receivables and is presented as an annualized metric. Receivables are defined as the unpaid principal balances of loans. The following table presents average yield for the three months ended March 31, 2025 and 2024:

Previous wording

Average yield increased to 133.9% and 131.8% for the three and nine months ended September 30, 2024, respectively, from 128.5% and 127.3% for the three and nine months ended September 30, 2023, respectively. The 4.2% and 3.5% increases were driven by a decrease in delinquent loans in the portfolio that were not accruing interest throughout the period as well as an increase in the average statutory rate from a relative shift away from states with lower interest rates.

Current wording

Average yield increased to 135.8% for the three months ended March 31, 2025 from 129.5% for the three months ended March 31, 2024. The 4.8% increase was driven by a decrease in delinquent loans in the portfolio that were not accruing interest throughout the period as well as an increase in the average statutory rate due to the introduction of pricing initiatives throughout 2024.

Previous wording

The following tables present net charge-offs as a percentage of total revenue and as an annualized percentage of average receivables for the three and nine months ended September 30, 2024 and 2023:

Current wording

The following table presents net charge-offs as a percentage of total revenue and as an annualized percentage of average receivables for the three months ended March 31, 2025 and 2024:

Previous wording

Net charge-offs as a percentage of total revenue decreased to 34.3% and 38.2% for the three and nine months ended September 30, 2024, respectively, from 42.4% and 42.5% for the three and nine months ended September 30, 2023, respectively. The decreases in net charge-offs as a percentage of total revenue for the three and nine months ended September 30, 2024 are a result of a higher yielding portfolio for the reasons discussed above in “Average Yield” combined with both lower gross charge-offs and higher recoveries driving lower levels of net charge-offs compared to the three and nine months ended September 30, 2023. Net charge-offs as a percentage of average receivables decreased to 45.9% and 50.3% for the three and nine months ended September 30, 2024, respectively, from 54.5% and 54.1% for the three and nine months ended September 30, 2023, respectively. The decreases in net charge-offs as a percentage of average receivables for the three and nine months ended September 30, 2024 are a result of both lower gross charge-offs and higher recoveries driving lower levels of net charge-offs compared to the three and nine months ended September 30, 2023.

Current wording

Net charge-offs as a percentage of total revenue decreased to 34.6% for the three months ended March 31, 2025 from 47.9% for the three months ended March 31, 2024. The decrease was a result of a higher yielding portfolio for the reasons discussed above in “Average Yield” combined with both lower gross charge-offs and higher recoveries driving lower levels of net charge-offs in the period. Net charge-offs as a percentage of average receivables decreased to 47.0% for the three months ended March 31, 2025 from 62.0% for the three months ended March 31, 2024. The decrease was a result of both lower gross charge-offs and higher recoveries driving lower levels of net charge-offs in the period.

Previous wording

Auto-approval rate is calculated by taking the number of approved loans that are not decisioned by a loan processor or underwriter (auto-approval) divided by the total number of loans approved. The following tables present auto approval rate for the three and nine months ended September 30, 2024 and 2023:

Current wording

Auto-approval rate is calculated by taking the number of approved loans that are not decisioned by a loan processor or underwriter (auto-approval) divided by the total number of loans approved. The following table presents auto approval rate for the three months ended March 31, 2025 and 2024:

Previous wording

Auto-approval rate increased to 76.8% and 75.4% for the three and nine months ended September 30, 2024, respectively, from 72.5% and 71.5% for the three and nine months ended September 30, 2023, respectively. The increases in auto-approval rate for the three and nine months ended September 30, 2024 were driven by the continued application of algorithmic automation projects that streamline frictional steps of the origination process.

Current wording

Auto-approval rate increased to 78.6% for the three months ended March 31, 2025 from 73.4% for the three months ended March 31, 2024. The increase was driven by the continued application of algorithmic automation projects that streamline frictional steps of the origination process.

Previous wording

Total revenue consists mainly of revenue earned from interest on receivables from outstanding loans based on the interest method. We also earn revenue from referral fees related primarily to our “Turn-Up” program, which represented 0.2% of total revenue for the three months ended September 30, 2024.

Current wording

Total revenue consists mainly of revenue earned from interest on finance receivables from outstanding loans based on the interest method. We also earn revenue from referral fees related primarily to our “Turn-Up” program, which represented 0.2% of total revenue for the three months ended March 31, 2025.

Previous wording

Total revenue increased by $14.2 million, or 3.8%, to $390.2 million for the nine months ended September 30, 2024 from $376.0 million for the nine months ended September 30, 2023. The increase was due to higher average receivables balances throughout the period, a higher average statutory rate for the loans in the portfolio, and stronger payment activity driving a higher yield on the balances.

Current wording

Total revenue increased by $12.9 million, or 10.1%, to $140.3 million for the three months ended March 31, 2025 from $127.3 million for the three months ended March 31, 2024. The increase was due to higher average receivables balances throughout the period, a higher average statutory rate for the loans in the portfolio, and stronger payment activity driving a higher yield on the balances.

Previous wording

Change in Fair Value and Provision for Credit Losses on Finance Receivables

Current wording

Change in Fair Value of Finance Receivables

Previous wording

Change in fair value consists of gross charge-offs incurred in the period on the OppLoans installment product, net of recoveries, plus the change in the fair value on the installment loans portfolio. Change in fair value totaled $149.5 million for the nine months ended September 30, 2024, which was comprised of $174.6 million of gross charge-offs and a negative fair value adjustment of $0.7 million, offset by $25.8 of recoveries, down from $164.5 million for the nine months ended September 30, 2023, which was comprised of $178.5 million of gross charge-offs and a negative fair value adjustment of $5.2 million, offset by $19.2 million of recoveries. The fair value adjustment for the nine months ended September 30, 2024 had a negative impactdue to the decrease in receivables over the period with a relatively flat fair value mark.

Current wording

Change in fair value consists of gross charge-offs incurred in the period on the installment finance receivables, net of recoveries, plus the change in the fair value on the installment loans portfolio. Change in fair value totaled $49.5 million for the three months ended March 31, 2025, which was comprised of $59.2 million of gross charge-offs and a negative fair value adjustment of $0.9 million, offset by $10.6 of recoveries, down from $64.1 million for the three months ended March 31, 2024, which was comprised of $69.5 million of gross charge-offs and a negative fair value adjustment of $3.1 million, offset by $8.5 million of recoveries. The fair value adjustment for the three months ended March 31, 2025 had a negative impactdue to the decrease in receivables over the period with a relatively flat fair value mark.

Previous wording

Net revenue is equal to total revenue less the change in fair value and provision for credit losses on finance receivables. Net revenue increased by $15.5 million, or 20.5%, to $91.2 million for the three months ended September 30, 2024 from $75.7 million for the three months ended September 30, 2023. This increase was due to both the increase in total revenue and the decrease in change in fair value and provision for credit losses on finance receivables.

Current wording

Net revenue is equal to total revenue less the change in fair value of, and provision for credit losses on, finance receivables. Net revenue increased by $27.6 million, or 43.7%, to $90.8 million for the three months ended March 31, 2025 from $63.2 million for the three months ended March 31, 2024. This increase was due to both the increase in total revenue and the decrease in change in fair value of, and provision for credit losses on, finance receivables.

Previous wording

Expenses decreased by $4.0 million, or 6.7%, to $56.1 million for the three months ended September 30, 2024, from $60.1 million for the three months ended September 30, 2023. The decrease in expenses was primarily driven by reduced payment processing fees related to a renegotiation, lower salary expenses from headcount efficiency, and lower capitalized technology amortization expense. The decrease was partially offset by higher professional fees. Expenses as a percent of total revenue decreased from 45.1% to 41.1% for the three months ended September 30, 2024 compared to the three months ended September 30, 2023.

Current wording

Expenses decreased by $9.6 million, or 16.6%, to $48.3 million for the three months ended March 31, 2025 from $57.9 million for the three months ended March 31, 2024. The decrease in expenses was primarily driven by lower salary expense resulting from continued headcount efficiency efforts, lower interest expense resulting from paying down debt and rate decreases throughout 2024, lower professional fees, and lower capitalized technology amortization expense. The decrease was partially offset by higher direct marketing spend resulting from higher overall issuance and testing in higher cost marketing channels. Expenses as a percent of total revenue decreased from 45.5% to 34.4% for the three months ended March 31, 2025 compared to the three months ended March 31, 2024.

Previous wording

Income from operations is the difference between net revenue and expenses. Income from operations increased by $19.5 million to $35.1 million for the three months ended September 30, 2024 from income from operations of $15.6 million for the three months ended September 30, 2023. This increase was driven by higher total revenue, lower change in fair value and provision for credit losses on finance receivables, and lower expenses for the three months ended September 30, 2024 as a result of the reasons stated above.

Current wording

Income from operations is the difference between net revenue and expenses. Income from operations increased by $37.2 million to $42.5 million for the three months ended March 31, 2025 from income from operations of $5.3 million for the three months ended March 31, 2024. This increase was driven by higher total revenue, lower change in fair value and provision for credit losses on finance receivables, and lower expenses as a result of the reasons stated above.

Previous wording

On July 31, 2024, OppFi entered into the Securities Purchase Agreement to acquire 35% of the outstanding equity securities of Bitty. OppFi determined that it does not have a controlling financial interest in Bitty, but does exercise significant influence, and therefore the investment was accounted for under the equity method. OppFi’s proportionate share of Bitty’s earnings was $0.6 million for the three months ended September 30, 2024.

Current wording

On July 31, 2024, OppFi acquired 35% of the outstanding equity securities of Bitty. OppFi determined that it does not have a controlling financial interest in Bitty, but does exercise significant influence, and therefore the investment was accounted for under the equity method. OppFi’s proportionate share of Bitty’s earnings was $1.1 million for the three months ended March 31, 2025.

Previous wording

Income before income taxes is the sum of income from operations, the change in fair value of warrant liabilities, income from equity method investment, and other income. Income before income taxes increased by $18.4 million, or 114.8%, to $34.4 million for the three months ended September 30, 2024 from $16.0 million for the three months ended September 30, 2023 for the reasons stated above.

Current wording

Income before income taxes is the sum of income from operations, the change in fair value of warrant liabilities, income from equity method investment, and other income. Income before income taxes increased by $11.5 million, or 109.2%, to $22.0 million for the three months ended March 31, 2025 from $10.5 million for the three months ended March 31, 2024 for the reasons stated above.

Previous wording

OppFi recorded a provision for income taxes of $3.6 million for the nine months ended September 30, 2024 and $1.3 million for the nine months ended September 30, 2023. This increase is largely attributed to OppFi Inc.’s increasing ownership in OppFi-LLC.

Current wording

OppFi recorded a provision for income taxes of $1.7 million for the three months ended March 31, 2025 and $0.4 million for the three months ended March 31, 2024. This increase is largely attributed to OppFi Inc.’s increasing ownership in OppFi-LLC.

Previous wording

Net income is the difference between income before income taxes and income tax expense. Net income increased by $16.5 million to $32.1 million for the three months ended September 30, 2024 from net income of $15.5 million for the three months ended September 30, 2023 for the reasons stated above.

Current wording

Net income is the difference between income before income taxes and income tax expense. Net income increased by $10.3 million to $20.4 million for the three months ended March 31, 2025 from net income of $10.1 million for the three months ended March 31, 2024 for the for the reasons stated above.

Previous wording

Net income attributable to OppFi Inc. was $4.3 million for the three months ended September 30, 2024, up from net income attributable to OppFi Inc. of $2.2 million for the three months ended September 30, 2023. Net income attributable to OppFi Inc. represents the income solely attributable to stockholders of OppFi Inc. As a result of the Company’s Up-C structure, the underlying income or expense components that are attributable to OppFi Inc. are generally expense items related to OppFi Inc.’s status as a public company, the income or expense for the change in fair value of warrant liabilities related to the Company’s warrants, and the Company’s approximate percentage interest in the noncontrolling interest. For the three months ended September 30, 2024, the underlying income or expense components attributable to OppFi Inc. include OppFi Inc.'s percentage interest in the income attributable to noncontrolling interest of $8.7 million, partially offset by the loss on change in fair value of warrant liabilities of $1.4 million, income tax expense of $2.3 million, general and administrative expense of $0.6 million, and board fees of $0.1 million, for total net income attributable to OppFi Inc. of $4.3 million. For the three months ended September 30, 2023, the underlying income or expense components that are attributable to OppFi Inc. include OppFi Inc.’s percentage interest in the income attributable to noncontrolling interest of $2.4 million and the gain on change in fair value of warrant liabilities of $0.3 million, partially offset by income tax expense of $0.4 million and general and administrative expense and board fees of $0.1 million, for net income attributable to OppFi Inc. of $2.2 million.

Current wording

Net loss attributable to OppFi Inc. was $11.4 million for the three months ended March 31, 2025, down from net income attributable to OppFi Inc. of $5.5 million for the three months ended March 31, 2024. As a result of the Company’s Up-C structure, the underlying income or expense components are generally the economic interest in OppFi-LLC’s income or loss, expenses related to its status as a public company, and the change in fair value of warrant liabilities. For the three months ended March 31, 2025, income from economic interest was $12.5 million, offset by loss due to change in fair value of warrant liabilities of $21.6 million, income tax expense of $1.7 million, and general and administrative expense of $0.6 million, for net loss attributable to OppFi Inc. of $11.4 million. For the three months ended March 31, 2024, income from economic interest was $0.9 million and gain from change in fair value of warrant liabilities was $5.2 million, partially offset by income tax expense of $0.4 million and general and administrative expense of $0.2 million, for net income attributable to OppFi Inc. of $5.5 million.

Previous wording

For the three months ended September 30, 2024 and 2023, the Company’s outstanding shares of Class V Voting Stock were excluded in computing the diluted earnings per share as the inclusion of these shares would have had an antidilutive effect under the if-converted method. Under the if-converted method, shares of the Company’s Class V Voting Stock are assumed to be exchanged, together with OppFi Units, into shares of the Company’s Class A Common Stock as of the beginning of the period.

Current wording

For the three months ended March 31, 2025, the Company’s outstanding shares of Class V Voting Stock were excluded in computing diluted loss per share as the inclusion of these shares would have had an antidilutive effect under the if-converted method. Under the if-converted method, shares of the Company’s Class V Voting Stock are assumed to be exchanged, together with OppFi Units, into shares of the Company’s Class A Common Stock as of the beginning of the period. For the three months ended March 31, 2024, the Company’s outstanding shares of Class V Voting Stock were included in computing diluted earnings per share as the inclusion of theses shares had a dilutive effect under the if-converted method.

Previous wording

Total cash and restricted cash increased by $0.3 million as of September 30, 2024 compared to December 31, 2023 driven by an increase in received payments relative to originations, partially offset by the cash consideration for the acquisition of the equity interest in Bitty. Finance receivables at fair value decreased by $1.9 million as of September 30, 2024 compared to December 31, 2023 mainly driven by one of our bank partners retaining a higher percentage of loans originated in certain states. Finance receivables at amortized cost, net, decreased by $0.1 million as of September 30, 2024 compared to December 31, 2023 due to the continued rundown of SalaryTap finance receivables. Equity method investment increased by $19.4 million as of September 30, 2024 compared to December 31, 2023 due to the acquisition of 35% of the outstanding equity securities in Bitty. Other assets decreased by $31 thousand as of September 30, 2024 compared to December 31, 2023 mainly due to a decrease in the operating lease right of use asset of $1.2 million and a decrease in the deferred tax asset of $3.5 million, partially offset by an increase in the settlement receivable of $3.2 million and an increase in property, equipment, and software of $1.1 million.

Current wording

Total cash and restricted cash increased by $2.5 million as of March 31, 2025 primarily driven by free cash flow generation, partially offset by the pay down of the remainder of the term loan. Finance receivables at fair value decreased by $19.0 million as of March 31, 2025 mainly driven by lower origination volume and higher payment activity due to seasonality. Equity method investment decreased by $0.7 million as of March 31, 2025 mainly due to cash distributions from Bitty. Other assets increased by $16.1 million as of March 31, 2025 mainly due to an increase in the deferred tax asset of $6.3 million, an increase in the settlement receivable of $3.1 million, an increase in property, equipment, and software of $2.6 million, and an increase in capitalized debt issuance costs of $2.2 million, partially offset by a decrease in the operating lease right of use asset of $0.6 million.

Previous wording

Accounts payable and accrued expenses increased by $4.0 million as of September 30, 2024 compared to December 31, 2023 driven by an increase in accrued expenses of $3.7 million and an increase in accounts payable of $0.2 million. Other liabilities decreased by $1.2 million as of September 30, 2024 compared to December 31, 2023 driven by a decrease in the operating lease liability of $1.3 million, partially offset by an increase in the tax receivable agreement liability of $0.1 million. Total debt decreased by $8.6 million as of September 30, 2024 compared to December 31, 2023 driven by a decrease in the term loan of $9.7 million and notes payable of $1.4 million, partially offset by an increase in utilization of revolving lines of credit of $2.6 million. Warrant liabilities decreased by $2.8 million due to the decrease in the valuation of the warrants as of September 30, 2024 compared to December 31, 2023. Total stockholders’ equity increased by $26.3 million as of September 30, 2024 compared to December 31, 2023 driven by net income and stock-based compensation, partially offset by purchases of treasury stock and dividend issuance.

Current wording

Accounts payable and accrued expenses decreased by $0.4 million as of March 31, 2025 driven by a decrease in accrued expenses of $1.4 million and an increase in accounts payable of $1.1 million. Other liabilities increased by $5.9 million as of March 31, 2025 driven by an increase in the tax receivable agreement liability of $6.3 million, partially offset by a decrease in the operating lease liability of $0.5 million. Total debt decreased by $30.8 million as of March 31, 2025 driven primarily by the $29.9 million pay down of the remainder of the term loan. Warrant liabilities increased by $21.6 million as of March 31, 2025 due to the increase in the valuation of the warrants correlated with the increase in the share price of OppFi’s Class A Common Stock. Total stockholders’ equity increased by $2.6 million as of March 31, 2025 driven by net income, stock-based compensation, and the deferred tax asset, partially offset by distributions to members of OppFi-LLC, payments to the members of OppFi-LLC pursuant to the Tax Receivable Agreement, and common stock dividend declared but not paid.

Previous wording

Adjusted EBT is a non-GAAP measure defined as our GAAP net income adjusted to eliminate the effect of certain items as shown below, including income tax expense, other income, change in fair value of warrant liabilities, and other addbacks and one-time expenses. Adjusted Net Income is a non-GAAP measure defined as our Adjusted EBT less pro forma taxes for comparison purposes. We believe that Adjusted EBT and Adjusted Net Income are important measures because they allow management, investors, and our Board to evaluate and compare our operating results from period-to-period by making the adjustments described below.

Current wording

Adjusted EBT is a non-GAAP measure defined as our GAAP net income adjusted to eliminate the effect of certain items as shown below, including income tax expense, other income, change in fair value of warrant liabilities, and other adjustments, net. Adjusted Net Income is a non-GAAP measure defined as our Adjusted EBT less pro forma taxes for comparison purposes. We believe that Adjusted EBT and Adjusted Net Income are important measures because they allow management, investors, and our Board to evaluate and compare our operating results from period-to-period by making the adjustments described below.

Previous wording

The following tables present reconciliations of non-GAAP financial measures for the three and nine months ended September 30, 2024 and 2023 (in thousands, except share and per share data). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.

Current wording

The following table presents reconciliations of non-GAAP financial measures for the three months ended March 31, 2025 and 2024 (in thousands, except share and per share data). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.

Previous wording

Adjusted EPS is defined as adjusted net income divided by weighted average diluted shares outstanding, which represents shares of both classes of common stock outstanding, excluding 25,500,000 shares related to earnout units, and including the impact of dilutive securities, such as restricted stock units, performance stock units, and stock options. The earnout units were not earned pursuant to the earnout provisions of the Business Combination Agreement on or prior to July 21, 2024, the third anniversary of the closing date of the Company’s business combination. Accordingly, on such date the earnout units and associated Class V Voting Stock were forfeited. We believe that presenting Adjusted EPS is useful to investors and others because, due to the Company’s Up-C structure, Basic EPS calculated on a GAAP basis excludes a large percentage of the Company’s outstanding shares of common stock, which are Class V Voting Stock, and Diluted EPS calculated on a GAAP basis excludes dilutive securities, including Class V Voting Stock, restricted stock units, performance stock units, and stock options, in any periods in which their inclusion would have an antidilutive effect. Shares of the Company’s Class V Voting Stock may be exchanged, together with OppFi Units, into shares of the Company’s Class A Common Stock. We believe that presenting Adjusted EPS is useful to investors and others because it presents the Company’s Adjusted Net Income on a per share basis based on the shares of the Company’s common stock that would be issued but for, and can be issued as a result of, the Company’s Up-C structure.

Current wording

Adjusted EPS is defined as adjusted net income divided by weighted average diluted shares outstanding, which represents shares of both classes of common stock outstanding and includes the impact of dilutive securities, such as restricted stock units, performance stock units, and stock options. The earnout units were not earned pursuant to the earnout provisions of the Business Combination Agreement on or prior to July 21, 2024, the third anniversary of the closing date of the Company’s business combination. Accordingly, on such date the earnout units and associated Class V Voting Stock were forfeited. We believe that presenting Adjusted EPS is useful to investors and others because, due to the Company’s Up-C structure, Basic EPS calculated on a GAAP basis excludes a large percentage of the Company’s outstanding shares of common stock, which are Class V Voting Stock, and Diluted EPS calculated on a GAAP basis excludes dilutive securities, including Class V Voting Stock, restricted stock units, performance stock units, and stock options, in any periods in which their inclusion would have an antidilutive effect. Shares of the Company’s Class V Voting Stock may be exchanged, together with OppFi Units, into shares of the Company’s Class A Common Stock. Adjusted EPS therefore presents the Company’s Adjusted Net Income on a per share basis based on the shares of the Company’s common stock that would be issued but for, and can be issued as a result of, the Company’s Up-C structure.

Previous wording

The following tables present reconciliations of non-GAAP financial measures for the three and nine months ended September 30, 2024 and 2023 (in thousands, except share and per share data). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.

Current wording

The following tables present reconciliations of non-GAAP financial measures for the three months ended March 31, 2025 and 2024 (in thousands, except share and per share data). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.

Previous wording

Maturities of our financing facilities are staggered over two years to help minimize refinance risk.

Current wording

Maturities of our financing facilities are staggered over four years to help minimize refinance risk.

Previous wording

As of September 30, 2024, OppFi had $44.8 million in unrestricted cash, an increase of $13.0 million from December 31, 2023. As of September 30, 2024, OppFi had an additional $199.4 million of unused debt capacity under its financing facilities for future availability, representing a 38% overall undrawn capacity, an increase from $192.3 million as of December 31, 2023. The increase in undrawn debt was driven primarily by using excess cash to pay down debt on our term loan. Including total financing commitments of $525.0 million and cash and restricted cash on the balance sheet of $74.2 million, OppFi had approximately $599.2 million in funding capacity as of September 30, 2024.

Current wording

As of March 31, 2025, OppFi had $58.0 million in unrestricted cash, a decrease of $3.4 million from December 31, 2024. As of March 31, 2025, OppFi had an additional $237.0 million of unused debt capacity under its financing facilities for future availability, representing a 45% overall undrawn capacity, an increase from $206.2 million as of December 31, 2024. The increase in undrawn debt was driven primarily by using excess cash to pay down debt on our term loan and adding an additional $50 million in capacity to one of our revolving lines of credit. Including total financing commitments of $525.0 million and cash and restricted cash on the balance sheet of $90.8 million, OppFi had approximately $615.8 million in funding capacity as of March 31, 2025.

Previous wording

The following table presents cash provided by (used in) operating, investing and financing activities during the nine months ended September 30, 2024 and 2023 (in thousands):

Current wording

The following table presents cash provided by (used in) operating, investing and financing activities for the three months ended March 31, 2025 and 2024 (in thousands):

Previous wording

Net cash provided by operating activities was $229.3 million for the nine months ended September 30, 2024. This was an increase of $15.7 million when compared to net cash provided by operating activities of $213.6 million for the nine months ended September 30, 2023. Cash provided by operating activities increased mainly due to higher net income.

Current wording

Net cash provided by operating activities was $83.7 million for the three months ended March 31, 2025. This was an increase of $9.3 million when compared to net cash provided by operating activities of $74.4 million for the three months ended March 31, 2024, mainly due to higher net income.

Previous wording

Net cash used in investing activities was $170.6 million for thenine months ended September 30, 2024. This was a decrease of $9.4 million when compared to net cash used in investing activities of $180.0 million for thenine months ended September 30, 2023, mainly due to lower finance receivables originated and acquired and higher finance receivables repaid and recovered, partially offset by the cash consideration for the acquisition of the equity interest in Bitty.

Current wording

Net cash used in investing activities was $34.2 million for the three months ended March 31, 2025. This was an increase of $16.2 million when compared to net cash used in investing activities of $18.0 million for the three months ended March 31, 2024, mainly due to higher finance receivables originated and acquired and capitalization of technology development expenses, partially offset by higher finance receivables repaid and recovered.