Wed, Apr 30, 8:34 PM (17 days ago)
**Oportun Financial Corporation (OPRT) 10-K/A Summary** **Financial Performance:** - **Revenue:** Not explicitly stated. - **Net Income:** Full-year net loss of $79 million, an improvement of $101 million compared to 2023. - **Adjusted Net Income:** $29 million, an improvement of $100 million compared to 2023. - **Adjusted EBITDA:** $105 million, an increase of $86 million compared to 2023. - **Portfolio Yield:** 33.5%, an increase of 125 basis points compared to 32.2% in 2023. - **Operating Expenses:** 23% year-over-year reduction in total operating expenses and a 20% decline in adjusted operating expenses. **Strategic Overview:** - Streamlined product offerings, reduced costs, and strengthened capital position. - Divested non-core business segments, including the credit card portfolio. - Refinanced corporate financing facility with a new $235 million Secured Term Loan. - Committed to sustainable growth and maximizing shareholder value. **Future Outlook:** - Focus on core personal loan, secured personal loan, and savings products. - Optimized business configuration and capital structure. - Maintained a disciplined approach to lending and operational optimization. **Risk Factors:** - Persistent inflation and elevated interest rates. - Market competition and regulatory environment. **Financial Condition:** - Improved financial and operational results. - Enhanced operational and balance sheet flexibility. **Market Position Changes:** - No significant changes mentioned in market position. **Executive Compensation:** - **Raul Vazquez (CEO):** Total compensation of $1,894,102, including salary, stock awards, and bonuses. - **Kathleen Layton (CLO):** Total compensation of $790,917. - **Patrick Kirscht (CCO):** Total compensation of $1,289,720. **Board and Committee Changes:** - **Audit and Risk Committee:** Sandra A. Smith (Chair), Mohit Daswani, Louis Miramontes, Scott Parker. - **Compensation and Leadership Committee:** Louis Miramontes (Chair), Mohit Daswani, Ginny Lee, Scott Parker. - **Credit Risk and Finance Committee:** R. Neil Williams (Chair), Jo Ann Barefoot, Carlos Minetti, Sandra A. Smith, Richard Tambor. - **Nominating, Governance and Social Responsibility Committee:** Ginny Lee (Chair), Jo Ann Barefoot, Carlos Minetti, Richard Tambor. **Amendment Details:** - **Purpose:** To amend and restate Part III, Items 10, 11, 12, 13, and 14 of the Original Form 10-K. - **Impact:** No changes to financial statements or disclosures related to Items 307 and 308 of Regulation S-K. - **Certifications:** New certifications from principal executive, financial, and accounting officers. **Ticker:** OPRT