Other Information
+Added: Securities Trading Plans of Directors and Executive Officers
+Added: During the three months ended September 30, 2024, none of our directors or officers adopted , modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
Terms and abbreviations used in this report are defined below.
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Adjusted Operating Efficiency Adjusted Operating Efficiency is a non-GAAP financial measure calculated by dividing adjusted total operating expenses (excluding stock-based compensation expense and certain non-recurring charges) by total revenue
+Added: Adjusted Operating Expense
+Added: Adjusted Operating Expense is a non-GAAP financial measure calculated by adjusting total operating expenses to exclude stock-based compensation expense and certain non-recurring charges
+Added: Adjusted Operating Expense Ratio
+Added: Adjusted Operating Expense Ratio is a non-GAAP financial measure calculated as Adjusted Operating Expense divided by Average Daily Principal Balance
Adjusted Return on Equity ("ROE") Adjusted Return on Equity is a non-GAAP financial measure calculated by dividing annualized Adjusted Net Income by average total stockholders’ equity
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Average Daily Debt Balance Average of outstanding debt principal balance at the end of each calendar day during the period
−Removed: Average Daily Principal Balance Average of outstanding principal balance of owned loans and credit card receivables at the end of each calendar day during the period
+Added: Average Daily Principal Balance Average of outstanding principal balance of owned loans and credit cards receivable at the end of each calendar day during the period
Board Oportun’s Board of Directors
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Operating Efficiency Total operating expenses divided by total revenue
+Added: Operating Expense Ratio
+Added: Total operating expenses divided by Average Daily Principal Balance
Owned Principal Balance at End of Period Total amount of outstanding principal balance for all loans and credit card receivables, excluding loans and receivables sold or loans retained by a bank partner, at the end of the period
−Removed: Personal Loan Warehouse (or "PLW") Revolving personal loan warehouse debt facility, collateralized by unsecured personal loans and secured personal loans that replaced the VFN facility.
+Added: Personal Loan Warehouse (or "PLW") Revolving personal loan warehouse debt facilities, collateralized by unsecured personal loans and secured personal loans.
Included as "Secured Financing" on the Consolidated Balance Sheets
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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
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 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
+Added: Secured Financing Asset-backed revolving debt facilities, including (1) the PLW facilities that are 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: Letter Agreement, dated April 19, 2024, between Oportun Financial Corporation, Findell Capital Management LLC and certain other persons .
+Added: Receivables Purchase Agreement, dated as of September 24, 2024, by and among Oportun, Inc., Oportun CCW Trust, Oportun CCW Depositor, LLC and Continental Purchasing, LLC.*
10.1 9/26/2024
−Removed: Eleventh Amendment to Indenture by and between Oportun CCW Trust and Wilmington Trust, National Association, dated as of April 30 , 2024.
+Added: Seventh Amendment to the Loan and Security Agreement by and among Oportun PLW Trust, Oportun PLW Depositor, LLC, Oportun, Inc., the Lenders thereto, and Wilmington Trust, National Association, dated as of August 29, 2024 .
+Added: Master Amendment to Transaction Documents by and among Oportun PLW Trust, Oportun PLW Depositor, LLC, Oportun, Inc., the Lenders thereto, and Wilmington Trust, National Association, dated as of September 20, 2024.
+Added: Indenture between Oportun Issuance Trust 2024- 2 and Wilmington Trust, National Association, dated as of August 29, 2024 .
+Added: Loan and Security Agreement by and between Oportun PLW II Trust, Oportun PLW II Depositor, LLC, Oportun, Inc., the Lenders thereto, and Wilmington Trust, National Association, dated as of August 5, 2024 .
+Added: Twe lfth Amendment to Indenture by and between Oportun CCW Trust and Wilmington Trust, National Association, dated as of September 24 , 2024.
+Added: Amendment to the Loan and Security Agreement by and among Oportun PLW II Trust, Oportun PLW II Depositor, LLC, Oportun, Inc., the Lenders thereto, and Wilmington Trust, National Association, dated as of November 1, 2024.
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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The registrant agrees to furnish supplementally to the SEC a copy of any omitted schedule or exhibit upon request by the SEC.
+Added: Certain portions of this exhibit have been omitted pursuant to Item 601(b)(10) of Regulation S-K by means of marking such portions with asterisks because the registrant has determined that the information is not material and would likely cause competitive harm to the registrant 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.
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OPORTUN FINANCIAL CORPORATION
−Removed: August 9, 2024 By:
+Added: November 12, 2024 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.