Oportun Financial reports Q4 EPS (54c), consensus (37c)

Reports Q4 revenue $263M, consensus $262.3M. ..Adjusted EBITDA was $6.1M, up $40M from the prior year quarter, driven by a significant reduction in operating expenses”We executed well during the fourth quarter and met each of our guidance metrics,” said Raul Vazquez, CEO of Oportun. “Our top-line remained resilient and we completed full year 2023 with a record $1.1 billion of total revenue, for 11% growth year-over-year, while continuing to focus on the quality rather than the quantity of our originations under a tightened credit posture. We also continued to drive operating efficiencies and reduced our quarterly operating expenses by 15% year-over-year, setting our sixth consecutive post-IPO record for Adjusted Operating Efficiency. We’re pleased that the $200 million asset backed securitization we completed in February was ten times oversubscribed, indicative of the investment community’s strong confidence in the quality of Oportun’s underwriting and its business model. Committed to enhancing our profitability while serving our members as a much leaner enterprise, we’re ardently focused on winning in the marketplace with three differentiated core products: unsecured personal loans, secured personal loans and savings. Our initial full year 2024 guidance reflects markedly improved profitability on an adjusted basis, supported by an additional $30 million in run-rate operating expense savings to be achieved by 4Q24.”