Reports Q4 revenue $261.9M, consensus $263M. Members grew to 1.9M as compared to 1.5M in the prior-year quarter Products grew to 2M as compared to 1.5M in the prior-year quarter "The fourth quarter exemplified the resilience of Oportun and our business model amidst a difficult macroeconomic backdrop. I’m pleased that we delivered a profitable quarter on an adjusted basis, despite the rising rate environment and the impact of inflation," said Raul Vazquez, CEO of Oportun. "We grew our average daily principal balance sequentially by over 5%, leading to total revenues of $262 million, while focusing on returning borrowers and continuing to drive down our first payment defaults to pre-pandemic levels. We remain vigilant in managing our portfolio of loans underwritten prior to July credit tightening and continue to expect our fourth quarter charge-off rate of 12.8% will reflect the peak of this cycle. Our initial 2023 guidance reflects strong anticipated performance from the second quarter onward, benefiting from expense reductions, prudent originations and markedly lower charge-offs. Also, with the recent launch of the Oportun Mobile App, our platform is in place to build long-term, highly engaged relationships with our members in order to meet their borrowing, saving, budgeting, and spending needs."
Published first on TheFly
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