Oportun Financial Q1 2023 Earnings Call Transcript

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Provided by Quartr
May 8, 2023

There are 7 speakers on the call.

Operator

Welcome to Oportun Financial Corporation's First Quarter 2023 Earnings Conference Call. All lines have been placed on mute to prevent background noise. After the speakers' remarks, there will be a question and answer session. Today's call is being recorded. For opening remarks and introductions, I'd like to turn the call over to Dorian Hair, Senior Vice President Mr.

Operator

Hare, you may begin.

Speaker 1

Thanks, and hello, everyone. With me to discuss Oportun's Q1 2023 results Arul Vasquez, Chief Executive Officer and Jonathan Copeland, Chief Financial Officer and Chief Administrative Officer. I'll remind everyone on the call or webcast that some of the remarks made today will include forward looking statements related to our business, Future results of operations and financial position, planned products and services, business strategy and plans and objectives of management for our future operations. Actual results may differ materially from those contemplated or implied by these forward looking statements, and we caution you not to place undue reliance on these Forward looking statements. A more detailed discussion of the risk factors that could cause these results to differ materially are set forth in our earnings press release And in our filings with the Securities and Exchange Commission under the caption Risk Factors, including our upcoming Form 10 Q filing for the quarter ended March 31, 2023.

Speaker 1

Any forward looking statements that we make on this call are based on assumptions as of today, We undertake no obligation to update these statements as a result of new information or future events other than as required by law. Also on today's call, we will present both GAAP and non GAAP financial measures, which we believe can be useful measures for the period to period comparisons of our core business and which we'll provide useful information to investors regarding our financial condition and results of operations. A full list of definitions can be found in our earnings materials available at the Investor Relations section on our website. Non GAAP financial measures are presented in addition to and not as a substitute for financial measures calculated in accordance with GAAP. A reconciliation of non GAAP to GAAP financial measures is included in our earnings press release, our Q1 2023 financial supplement and the appendix section of the Q1 2023 earnings presentation, all of which are available at the Investor Relations section of our website at investor.

Speaker 1

.Com. In addition, this call is being webcast, and an archived version will be available after the call along with the script of our prepared remarks. With that, I will now turn the call over to Raul.

Speaker 2

Thanks, Dori, and good afternoon, everyone. Thanks for joining us. Today, I'll discuss our Q1 financial performance, share how we're managing through this dynamic macroeconomic environment by minimizing costs and maximizing efficiency, And I'll provide an update on our strategic initiatives. Let me begin with our Q1 performance. We generated total revenue of $260,000,000 Exceeding our guidance range and up 21% year over year, reflecting higher than anticipated average daily principal balance and higher non interest income from our savings product.

Speaker 2

Our 1st quarter annualized net charge off rate of 12.1% Also outperformed our guidance range of 12.5 percent plus or minus 15 basis points. As a reminder, Starting last July, we began to significantly tighten our underwriting standards to address the impact of inflation on our members. We're pleased that the 1st payment defaults and delinquencies on our post July vintages continue to perform near or better and 2019 pre pandemic levels. Finally, by driving higher revenue and exercising disciplined expense management, We produced a narrower adjusted EBITDA loss of $24,000,000 compared to the $49,000,000 to $44,000,000 loss Guidance range that we provided. We are focusing on adjusted EBITDA in 2023 because it demonstrates the cash flow generation capability of the business and it is not impacted by swings in fair value.

Speaker 2

Jonathan will cover Q1 adjusted net income and the impact of non cash fair value mark to market changes. Overall, we made good progress this quarter. There is still work to be done and the entire team is focused on driving more value for our shareholders. Let me shift now to how we are managing the business in this uncertain macroeconomic environment. The headline is that we are taking a conservative And are focused on the things that we can control, while carefully monitoring the economic environment.

Speaker 2

I'll go into more detail regarding what that means for us, Starting with expenses. First, we're fully committed to optimizing our cost structure. We delivered a 48% q1 adjusted operating efficiency ratio over 1300 basis points better than Q1 2022 And our 3rd consecutive quarterly record for efficiency. However, we believe additional expense reductions are necessary to ensure Oportun is best In addition to the cost reduction measures we enacted in February, We announced today that we are taking further measures to lower our expenses and optimize our efficiency. Specifically, We are reducing our expense base by another 255 employees as well as further reducing contractor and vendor spending.

Speaker 2

These reductions mean our corporate staff, which excludes retail and contact center agents, will decline by an additional 19%. Aggregated with the actions we took in Q1, we have reduced our corporate staff by 28% this year. These actions will generate annualized savings of $78,000,000 to $83,000,000 which combined with the February actions will result in total annualized savings of $126,000,000 to $136,000,000 by the end of the year. I want to highlight the work we've done to reduce costs in a few ways. In terms of our 2023 operating expense forecast, we expect that all the expense reduction efforts will translate to a q4 2023 OpEx of approximately $125,000,000 for a new run rate cost base When we exit 2023 of approximately $500,000,000 We can also look at OpEx ratio, which is our ratio of annualized operating expenses to owned principal balance.

Speaker 2

As you can see on Slide 6, Our adjusted OpEx ratio was 16.4 percent in Q1, a 370 basis point improvement from 20.1 percent in Q1 twenty nineteen. Our Q1 2023 adjusted OpEx This ratio would have been 14.7 percent pro form a for the cost reductions. Finally, we can compare the growth in our expense base to the growth in revenue and growth in the portfolio. On an absolute basis, we expect that our anticipated annualized Q4 'twenty three expense base We'll be 38% above 2019 operating expenses, whereas our full year revenue 2023 guidance will be 62% to 67% higher than 2019 total revenue and the owned portfolio is 101% higher than 2019. There are unique considerations with each metric, but all of these metrics highlight the work we've done to position the business for future success.

Speaker 2

Let me now shift to our thinking on originations in this environment. As we've been sharing for several quarters, we are focused on quality, not quantity of originations. That was evident in our Q1 originations of $408,000,000 which were down notably from the same period last year. I've also shared that we are pleased with the performance of our originations since we tightened our credit standards in July 2022. That said, we believe it's prudent in this uncertain environment to be conservative with our level of originations, And we've continued to tighten credit since our last earnings call in March.

Speaker 2

As such, our current view for origination levels this year is lower than what we envisioned when we last spoke to you. Although we are not providing guidance on originations this year, I am sharing this directional perspective with you To give you a more comprehensive sense of how we're managing the business and help you understand the guidance that Jonathan will share with you a bit later. Turning to credit in this environment, the performance of our portfolio has 2 distinct drivers. The post July origination vintages, which we refer to as our front Book and the originations made prior to our significant credit tightening, which we refer to as the back book. The front book represents the loans that we've originated over the last 9 months and despite continued inflation Is performing at levels that are near or better than 2019 performance.

Speaker 2

The back book continues to represent the bulk of our delinquencies and charge offs. Our Q1 loss performance was 40 basis points better than the middle of our guidance range because our collections and analytics teams successfully managed the late stage delinquency buckets, thereby keeping those delinquent loans from turning into Q1 losses. We continue to carefully manage the back book, but some of the loans that didn't charge off in Q1 continue to be delinquent. And in light of much lower tax refunds this year, some of the expected Q1 losses may simply shift into Q2. Therefore, our Q2 guidance reflects a higher level of losses than Q1, but the top end of our full year guidance for losses Has not changed.

Speaker 2

Wrapping up my comments on credit, given that the average life of our back book loans is only 1 year, I am confident that we will successfully work through this challenge in 2023. To quantify this for you, our forecast reflects that the level of Pre July, underwritten loans on our balance sheet will decrease from $1,600,000,000 at the end of the first quarter to $1,200,000,000 at the end of the second quarter and to $700,000,000 at the end of the year. The final point I want to share regarding how we are managing the business in this environment relates to pricing. We are reaffirming our view that Portfolio yield at the end of this year will be approximately 200 basis points higher than the level at the end of 2022. We have increased yield while remaining committed to our 36% APR cap and keeping our members' loan payments very close to what they're used to paying.

Speaker 2

Our low first payment default rates and delinquency rates of recent vintages indicate that our pricing decisions are not impacting credit performance. Before turning things over to Jonathan, I want to spend a few minutes discussing our strategic initiatives and how we're Allocating capital in this environment. 1st and foremost, we're allocating capital to the 2 most proven and profitable parts of the business. As you can see on Slide 7 of our earnings presentation, 85% of our G and A spend is allocated to the core unsecured personal loan business, which we believe is appropriate for the largest and most profitable component of our business. We will continue to leverage data, technology and AI to grow it at prudent levels and enhance its profitability in future years.

Speaker 2

Approximately 10% of our G and A spend is allocated to our savings product, which is profitable on a cash flow basis at that level of investment. 2nd, we're maintaining optionality for future growth opportunities with minimal current investment. Our strategy to develop and offer a suite of financial products to drive higher member lifetime value and more profitable relationships Was validated by the initial levels of member adoption and early financial results. That said, We have reduced the levels of capital allocated across all those products to approximately 5% of our total G and A in the near term and will prudently ramp up growth initiatives when the macroeconomic backdrop inevitably improves. In summary, while we continue to carefully monitor the economic environment, we are focused on the things we can control: Expense levels, prioritization of our core business, conservative originations, collections efforts and pricing.

Speaker 2

We plan to extend this approach to each of these areas into 2024 and anticipate that our sharply reduced cost structure, Lower credit losses and pricing initiatives will fortify our business economics and substantially enhance our margins and efficiency. For the remainder of 2023, we plan to maintain our conservative stance, which will be reflected in our guidance given the uncertain environment. With that, I will turn it over to Jonathan for additional details on our Q1 financial performance and our updated 2023

Speaker 3

guidance. Thanks, and good afternoon, everyone. As Raul mentioned, Oportun delivered solid performance in the Q1 versus our expectations. I'm optimistic that Oportun will emerge as a more sustainably profitable business given our front book strong performance, Our more efficient cost structure and shrinking back book. In the Q1, we generated $260,000,000 of total revenue, Up 21% year over year as shown on Slide 8, and $88,000,000 of adjusted net loss Or $2.60 of adjusted net loss per share.

Speaker 3

Higher net charge offs, non cash fair value mark to market declines And higher interest expense drove the earnings decline, partially offset by revenue growth and lower operating expenses. Our aggregate originations were $408,000,000 down 49% year over year, reflecting our ongoing credit tightening actions and are focused on high quality originations. Net revenue was $5,000,000 down 98% year over year, Primarily due to non cash charges, including a net change in fair value decline of $216,000,000 This included the non cash impact of declining fair value mark to market adjustments on our ABS notes and our loans of $86,000,000 And net charge offs of $92,000,000 Higher interest expense also contributed to the net revenue decline, which was partially offset by the higher total revenue. The fair value price of our loans decreased to 100.3% as of March 31 and resulted in a $37,000,000 mark to market decrease. The reduction in Fair value of our loans was driven by an increase in our assumption for remaining cumulative charge offs due to higher charge offs on our back book, partially offset by a lower discount rate due to lower interest rates and tighter credit spreads for our ABS notes.

Speaker 3

The $49,000,000 mark to market increase in our asset backed notes, which contributed negatively towards our earnings, resulted from a 158 basis point increase in weighted average price to 94.1%. Interest expense of $39,000,000 was up $25,000,000 year over year, primarily driven by increased debt issuance and the increase in our cost of debt to 5.5% versus 2.6% in the year ago period. Turning to expenses. We maintained strong discipline with adjusted operating expenses declining 8% sequentially and 5% year over year. As you can see on the right side of Slide 8, adjusted operating efficiency at 48% Was an improvement of over 1300 basis points year over year.

Speaker 3

This figure will continue to improve as the 126 $6,000,000 of annualized run rate savings from our cost optimization efforts take hold over the course of the remainder of this year. In the Q1, our sales and marketing expenses were $19,000,000 down 10% sequentially and down 44% year over year as part of our expense discipline. Our customer acquisition cost was $192 Up 27% from the prior year period as lower marketing expenditures were offset by lower aggregate originations due to credit tightening. Our CAC varies with origination volumes given the fixed costs associated with our retail network. As I indicated on our prior earnings call, we expected the non cash fair value mark to market to cause us to have a loss in the Q1 of 2023.

Speaker 3

For the quarter, we recorded an adjusted net loss of $88,000,000 compared to $53,000,000 net profit in the prior year quarter And adjusted net loss per share of $2.60 versus a prior year net earnings per share of $1.58 Adjusted EBITDA was negative $24,000,000 in the first quarter, a $58,000,000 decrease compared to $34,000,000 in the prior year quarter, but better than our guidance range of negative $49,000,000 to negative $44,000,000 The year over year Decline was primarily driven by higher net charge offs and interest expense, along with the impact of loan sales. We believe that our profitability will be markedly improved during the remaining three quarters of 2023 as reflected in the guidance that I will share in a few minutes. Now let me provide detail regarding Q1 credit performance. Our first quarter annualized net charge off rate was 12.1% compared to 8.6% in the prior year period and 12.8% in the 4th quarter. While the seventy basis sequential decline outperformed our expectations in Q1 and the back book continues to comprise the bulk of our loans, our guidance will reflect And as Raul covered, shifting previously expected losses will cause charge offs to be higher in Q2.

Speaker 3

Regarding our capital and liquidity, as of March 31, total cash was $202,000,000 of which $74,000,000 was unrestricted and $128,000,000 was restricted. Additionally, net cash flow from operations for the Q1 was $77,000,000 up 99% year over year, which supported net debt repayment, including required ABS note amortization, along with loan originations. These activities resulted in a $2,000,000 decline in total cash during the quarter. Also as of March 31, dollars 315,000,000 of our combined $720,000,000 in warehouse lines were undrawn and available. Last week, we borrowed the second $25,000,000 on the up to $75,000,000 upsizing of the senior secured term loan.

Speaker 3

As previously contemplated and discussed on our earnings call, the consideration for the 2nd draw included penny warrants for common stock representing approximately 2.5 percent of the company. The funds are fulfilling their purpose of increasing our liquidity position amidst an uncertain macroeconomic backdrop, while we manage our back book portfolio downward. Turning now to our guidance. Our outlook for the 2nd quarter is Total revenue of $250,000,000 to $255,000,000 annualized net charge off rate 12.8%, plus or minus 15 basis points, adjusted EBITDA of $2,000,000 to $7,000,000 Our guidance for the full year is total revenue of $975,000,000 to $1,000,000,000 In line with our prior guidance, annualized net charge off rate of 11.6 percent, plus or minus 40 basis points, With the high end maintained and the low end increased by 20 basis points from our prior guidance. Adjusted EBITDA of $70,000,000 to $75,000,000 up approximately $17,000,000 at the midpoint from our prior guidance, driven by $40,000,000 in new expense reductions to be captured this calendar year, partially offset by higher net charge offs and non corporate interest expense.

Speaker 3

Before I turn the call back over to Raul, I want to share with you that I have confidence that our decision to significantly reduce our expense base and maintain a conservative origination stance Will allow us to navigate the current environment and become a more sustainably profitable business. Raul, back over to you.

Speaker 2

Thanks, Jonathan. As we've communicated, while we performed solidly and made progress in the Q1, we remain Highly cognizant of the uncertain macro environment and the related credit implications. The leadership Team and I have made the necessary adjustments to create a more efficient and more profitable business. With the significant expense reductions we spoke about today, Oportun has enhanced its cash flow in comparison to our prior forecast, which we expect will carry over into 2024 and beyond. With that, operator, let's open up the line for questions.

Operator

Thank you. And answer session. Our first question comes from John Hecht with Jefferies. Please state your question.

Speaker 4

Afternoon, guys. Thanks very much. I think you gave enough information with respect to the kind of net saves over the course of the year. But maybe can you just give us some detail about the cadence of the cost saves just so we get it in our models as accurately as possible.

Speaker 3

Sure, John. It's Jonathan. We said in our remarks that For the Q4, we expected that our GAAP operating expense would be around 1 point excuse me, about $125,000,000 So again, dollars 125,000,000 So from a modeling perspective, I think it would be very reasonable to assume that it kind of Step down from the current level over the next couple of quarters.

Speaker 2

John, this is Raul. The other way to think about this from a modeling Perspective is that we start to see the impact of the cost reduction about 3 months after we take the action. So the February action means that the expenses will really start to I'm sorry, the savings of the February action, we start to see this month and really in June. And the savings from the action that we took today, we'll start to see in August. So that's the other way to think about it in terms of, Say monthly expense savings and what quarter you'd start to see the savings in.

Speaker 4

Okay. That's very helpful. And then you guys have a lot of different channels Can lean on for growth. You've got the bank partnerships, some retail partners, your own store base, your own kind of organic digital channel. Where like how do you think about the mix of that over the next few quarters given that you're kind of fine tuning your business?

Speaker 4

Is there any Are those channels you're relying more on or less on given, call it, the backdrop?

Speaker 2

Well, I think we'd say right now that the three Channels that we're relying the most on are certainly our bank partnership channel that continues to be a channel that we're pleased with. We're also pleased with our retail channel because that generates quite a bit of traffic without necessarily having to spend Outbound marketing in this environment and then finally online continues to be a good channel for us. The reduction that we have taken in sales and marketing And we did share that sales and marketing is down about 45% year over year. The bulk of that cut is in digital. So although online continues to be a strong channel for us, we have seen reduced applications and loans there as we've cut the marketing there, John.

Speaker 4

Okay. And then you guys have talked about, obviously tightening and the benefits that we should see in that over the coming quarters months. Maybe how do you measure the incremental credit quality? Maybe specifically what terms Or underwriting factors have you changed? And how do we see that or how do you characterize that in the front book?

Speaker 3

Yes. So,

Speaker 2

the things that we're really focused on in originations today are really, Number 1, focusing on repeat borrowers, those who've had success with our loans in the past and then number 2, across both repeat and new borrowers, Really focusing on those who have higher free cash flow. Although inflation is coming down, the decline is very Slow, right? Inflation continues to be persistent. So we think the best thing to do right now is continue to focus on those applicants who have high free cash So in terms of what we look at to measure success, it's really some of the content that we put in the earnings deck. And that's really number 1, when we look at our originations over the last 9 months, you can see in the 1st payment defaults, that's Page 9 of our earnings deck, That they continue to be below 2019, that's the green line on that chart.

Speaker 2

And you can see in that chart, The green line continues to be below 2019, so that gives us confidence. And then on Page 10 of the deck, we also shared what The 30 plus day delinquency rates look like from September to January, and all of those continue to be better at or near 2019 levels. So that's the other thing that really gives us confidence, John, when we think about the front book, right, those loans that we made since the tightening. And then finally, though you didn't ask, when we look at the overall picture, we look at a declining back book and we chose in this quarter to show it to you as Just dollars to really try to emphasize the point of how much that back book is shrinking. So you can see that it was $1,600,000,000 at the end of Q1, it will decline by $400,000,000 this quarter and then another $500,000,000 in the remainder of the year.

Speaker 2

So as that continues to decline, the front book becomes a bigger and bigger proportion of our book overall and we'll start to See a better delinquency and losses picture emerge.

Speaker 4

Great. Thanks for all that detail. Thank you.

Speaker 2

Thank you, John.

Operator

Our next question comes from Rick Shane with JPMorgan. Please state your question.

Speaker 5

Thanks guys. Really two questions. One is that when we look at the repayment rate for the Q1, it seems a little bit lower than we We would have necessarily expected, given seasonality and given some of the tightening in terms of credit, Is that just noise or is there something going on there that we should be aware of?

Speaker 3

Hey, Rick, it's Jonathan. I think that's consistent with what we've been saying about tax returns, tax refunds being lower For our customers, so with less cash flow, you would see seasonally lower payment rates.

Speaker 2

And Rick, this is Raul. As you know, you've heard us say this over the years, a tax refund tends to be one of the largest Checks that our members get all year and a data point that I read last week indicates that tax refunds ended up being 28% lower year over year. So as you can imagine, if that's one of the biggest checks our members get and it's almost 30% lower, That would impact the ability to repay at a rate that we've seen historically in Q1.

Speaker 5

Got it. And obviously, that rolls into the Q2 credit outlook, which makes sense. That's right. The other thing, obviously, that stands out is when you look at the Vintage curves, clearly underperformance of the 2021 vintage. But what Stands out to me is that normally by about this time you start to see the curve flatten out and it continues to really Have a upward sloping trajectory.

Speaker 5

When what should we be looking for to see that start to inflect?

Speaker 2

Well, I think that's the part of the Bottech that we're actively managing, Rick. That's If you think about 2021, that was the vintage that really, really felt the impact of high inflation, that felt the impact Just all the elements that we've been talking about, higher rents, higher gas prices, that's the curve that we would have seen really start to flatten out in a normal tax So we'll have more information to provide next quarter because that's really where our collections and analytics teams are focused It's just figuring out how do we get in touch with those members, how do we figure out the best way to help them so that that way they can get back to the normal payment behavior that we would expect to see.

Speaker 5

Got it. And when we think about these things normally, what we would be looking for is some Sort of slowing of the year over year change in rate of delinquencies, is there anything that when you look at that Vintage from because again, we can see the charge offs, but we can't see the delinquency trends on a vintage basis. Are there indications there that start to give you comfort that over the next 3 or 6 months that Herb will start to flatten out other than just anything other than burnout.

Speaker 2

Yes. Well, we've always felt that our members have a high Willingness to pay. The challenge anytime they become delinquent is a challenge, say, in the ability to pay. So the couple of things that give me confidence, Rick, when I think about Number 1 is you know because you watch this very carefully and we all got information just a few days ago on this, The employment market continues to be exceptionally strong. Number 2, though I did mention earlier, inflation is coming down slowly.

Speaker 2

It's just it ends up being quite sticky. The good news is it is coming down, right? So we think that a combination Of a strong employment market with inflation starting to abate a bit and then the actions that we can take on our side, Whether it's a temporary reduction in payments, other things just to help someone really improve their cash flow over the span of, say, 30 days, Those are the sorts of things that we've seen help us in the past when someone is dealing with a temporary problem in making their payments. So that's really what gives us confidence is things are improving a bit economically, while the job market stays very strong.

Speaker 5

Got it. Okay. Very helpful. Thank you.

Speaker 2

Thank you, Rick.

Operator

Our next question comes from Sanjay Sakhrani with KBW. Please state your question.

Speaker 6

Hi. This is actually Stephen Kwok filling in for Sanjay. Thanks for taking my questions. The first one I had was just around the fund book loss rates that you expect. If I were just to do the math of the first half First of your full year guidance, it implies a back half of the year about 10.5% at the midpoint.

Speaker 6

Just curious as to How we should think about what part of that is from the front book versus the back book? And from a longer term perspective, What else is a more normalized charge off that you expect to get to?

Speaker 3

Yes. Stephen, great question. So I think our long term goal ultimately is to get back to our 7% to 9% charge off range. We've been pretty consistent about articulating that. In terms of the second half of the year, I agree at a high level with your math in that our guidance Comparing the full year to 1Q actuals and 2Q guide suggests lower levels of losses in the second half of the year.

Speaker 3

I won't state a specific number about But you can do the math and kind of back into it. And then the back book is still contributing, but It's going to contribute less, right, as Raul mentioned a moment ago, and you can see this on Slide 10 of our deck, We've shown the expected dollar decline of the back book. It's about $1,600,000,000 at March 31st and by the end of the year, It's going to have declined by $900,000,000 to about $700,000,000 outstanding. So, we expect less And less contribution.

Speaker 6

Got it. And then just curious as to within the full year charge off guidance, What type of assumptions are you using on the macro side? Has anything changed relative to the prior guidance on that?

Speaker 2

No. I think from a macro perspective, we haven't changed our assumptions in terms of just continuing to see a strong employment market For our members, I think as we've talked about in the past, there are layoffs certainly that are taking place throughout the But our sense is that for our member, right, your typical kind of blue collar worker, the employment market continues to be quite So we haven't changed our assumption regarding a robust employment market for our member.

Speaker 6

Got it. And the final question I have is just around the raised EBITDA by about $15,000,000 $20,000,000 How much of that It was attributed to this quarter perhaps outperforming versus, I guess, back the remainder of the year being better. Thanks.

Speaker 3

I think it incorporates all of that, right? We expect over $40,000,000 of the expense saves that We announced the incremental expense saves to hit in 2023, and that's potentially offset by Potentially higher charge offs and potentially higher interest expense. We We always look at a range of assumptions in setting guidance and consider multiple different scenarios and coming up with a total guide.

Speaker 2

Stephen, I think underlying that is a really high degree of confidence that we have That our business is improving its profitability every single quarter starting in this quarter as you could tell with the guidance for adjusted EBITDA being positive. And then to your point, there are significant improvements expected in Q3 and Q4, which again, right, are indicated by the full year guidance for adjusted EBITDA And the fact that we did raise back items. That's right.

Speaker 3

If you looked at what our guidance implies, it suggests over $80,000,000 Our adjusted EBITDA in the second half.

Operator

Thank you. There are no further questions at this time. I'll hand the floor back to Raul Vasquez for closing remarks.

Speaker 2

I want to thank everyone once again for joining us on today's And we look forward to speaking with you again soon.

Operator

Thank you. And that concludes today's conference.

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Earnings Conference Call
Oportun Financial Q1 2023
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