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Customer Acquisition Cost (or "CAC") Sales and marketing expenses, which include the costs associated with various paid marketing channels, including direct mail, digital marketing and brand marketing and the costs associated with our telesales and retail operations divided by number of loans originated and new credit cards activated to new and returning borrowers during a period
−Removed: Emergency Hardship Deferral Any receivable that currently has one or more payments deferred and added at the end of the loan payment schedule in connection with a local or wide-spread emergency declared by local, state or federal government
FICO® score or FICO® A credit score created by Fair Isaac Corporation
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Members Members include borrowers with an outstanding or successfully paid off loan, originated by us or under a bank partnership program that we service, or individuals who have been approved for a credit card issued under a bank partnership program.
−Removed: Members also include individuals who have signed-up to use or are using any of our Digit Savings, Digit Direct, Digit Investing and/or Digit Retirement products
+Added: Members also include individuals who have signed-up to use or are using any of our Savings, Direct, Investing and/or Retirement products
Net Revenue Net Revenue is calculated by subtracting interest expense from total revenue and adding the net increase (decrease) in fair value
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Portfolio Yield Annualized interest income as a percentage of Average Daily Principal Balance
−Removed: Term or Abbreviation Definition
Principal Balance Original principal balance reduced by principal payments received and principal charge-offs to date for our personal loans.
Purchases and cash advances, reduced by returns and principal payments received and principal charge-offs to date for our credit cards
+Added: Term or Abbreviation Definition
Products Products refers to the aggregate number of personal loans and/or credit card accounts that our Members have had or been approved for that have been originated by us or through one of our bank partners.
−Removed: Products also include the aggregate number of digital banking products we offer as a result of our acquisition of Digit, including Digit Savings, Digit Direct, Digit Investing and Digit Retirement, that our Members use or have signed-up to use
+Added: Products also include the aggregate number of digital banking products we offer, including Savings, Direct, Investing and Retirement, that our Members use or have signed-up to use
Return on Equity Annualized net income divided by average stockholders' equity for a period
−Removed: Secured Financing Asset-backed revolving debt facilities, including (1) the VFN facility, which was collateralized by unsecured personal loans, terminated September 8, 2021 and replaced with the PLW facility that is collateralized by unsecured personal loans and secured personal loans and (2) the CCW facility that is collateralized by credit card accounts
−Removed: Variable Funding Note Warehouse (or "VFN") Asset-backed revolving debt facility, collateralized by unsecured personal loans, terminated on September 8, 2021.
−Removed: Formerly defined solely as "Secured Financing" on the Consolidated Balance Sheets
−Removed: VIEs Variable interest entities
+Added: Secured Financing Asset-backed revolving debt facilities, including (1) the PLW facility that is collateralized by unsecured personal loans and secured personal loans and (2) the CCW facility that is collateralized by credit card accounts
Weighted Average Interest Rate Annualized interest expense as a percentage of average debt
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Exhibit Filing Date Filed Herewith
−Removed: 10.1¥ Credit Agreement, dated as of September 14, 2022, by and among Oportun Financial Corporation, Wilmington Trust, National Association, and the Lenders party thereto.
−Removed: 10.2¥ Fourth Amendment to Loan and Security Agreement by and between Oportun PLW Trust, Oportun PLW Depositor, LLC, Oportun, Inc., the Lenders thereto, and Wilmington Trust, National Association, dated as of September 14 , 2022 .
−Removed: 10.3¥ Third Amendment to Indenture by and between Oportun CCW Trust and Wilmington Trust, National Association, dated as of September 14 , 2022.
−Removed: 10.4¥ Master Amendment to Transaction Documents by and between Oportun CCW Trust, Oportun Depositor, LLC, Oportun, Inc., Wilmington Trust, National Association, and Wilmington Savings Fund Society, FSB, dated as of September 28, 2022.
−Removed: 10.5¥ Indenture between Oportun Issuance Trust 2022-3 and Wilmington Trust, National Association, dated as of November 3, 2022.
+Added: 4.1 Form of Warrant
+Added: 8-K 001-39050 4.1 3/13/2023
+Added: 4.2 Registration Rights Agreement, dated as of March 10, 2023, by and among Oportun Financial Corporation, Wilmington Trust, National Association, and the Lenders party thereto.
+Added: 8-K 001-39050 4.2 3/13/2023
+Added: 10.1† Amendment No.
+Added: 2 to Credit Agreement, dated as of March 10, 2023, by and among Oportun Financial Corporation, the Subsidiary Guarantors party thereto, Wilmington Trust, National Association, and the Lenders party thereto.
+Added: 8-K 001-39050 10.1 3/13/2023
31.1 Rule 13a-14(a)/15d-14(a) Certifications of the Chief Executive Officer and Director of Oportun Financial Corporation
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104 Cover Page Interactive Data File in Inline XBRL format (Included in Exhibit 101).
−Removed: ¥ Portions of this exhibit have been omitted from the exhibit because they are both not material and would be competitively harmful if publicly disclosed.
** The certifications attached as Exhibit 32.1 that accompany this Quarterly Report on Form 10-Q are not deemed filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Quarterly Report on Form 10-Q, irrespective of any general incorporation language contained in such filing.
+Added: † Portions of this exhibit have been omitted pursuant to Item 601 of Regulation S-K.
+Added: The registrant agrees to furnish supplementally to the SEC a copy of any omitted schedule or exhibit upon request by the SEC.
The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.
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OPORTUN FINANCIAL CORPORATION
−Removed: November 8, 2022 By:
+Added: May 10, 2023 By:
/s/ Jonathan Coblentz
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.