Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Allowance for credit losses | $ 1,232 | $ 803 |
Unearned annual fee income | $ (81) | $ (286) |
Preferred stock, par or stated value per share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Treasury stock, shares (in shares) | 703,914 | |
Class A Common Stock | ||
Common stock, par or stated value per share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 379,000,000 | 379,000,000 |
Common stock, shares, issued (in shares) | 14,945,336 | 13,631,484 |
Common stock, shares, outstanding (in shares) | 14,241,422 | 13,631,484 |
Class B Common Stock | ||
Common stock, par or stated value per share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 6,000,000 | 6,000,000 |
Common stock, shares, issued (in shares) | 0 | 0 |
Common stock, shares, outstanding (in shares) | 0 | 0 |
Class V Voting Stock | ||
Common stock, par or stated value per share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 115,000,000 | 115,000,000 |
Common stock, shares, issued (in shares) | 95,159,100 | 96,338,474 |
Common stock, shares, outstanding (in shares) | 95,159,100 | 96,338,474 |
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Revenue: | ||||
Interest and loan related income | $ 123,605 | $ 91,448 | $ 331,814 | $ 253,581 |
Other income | 639 | 529 | 1,015 | 1,029 |
Interest and other income | 124,244 | 91,977 | 332,829 | 254,610 |
Change in fair value of finance receivables | (70,601) | (18,940) | (162,280) | (52,635) |
Provision for credit losses on finance receivables | (1,017) | (143) | (2,043) | (181) |
Net revenue | 52,626 | 72,894 | 168,506 | 201,794 |
Expenses: | ||||
Salaries and employee benefits | 14,600 | 17,326 | 46,747 | 46,292 |
Direct marketing costs | 12,861 | 15,580 | 45,828 | 34,502 |
Interest expense and amortized debt issuance costs | 9,095 | 6,414 | 24,421 | 17,270 |
Interest expense - related party | 0 | 0 | 0 | 137 |
Depreciation and amortization | 3,452 | 2,712 | 10,056 | 7,289 |
Technology costs | 3,301 | 2,696 | 9,723 | 7,265 |
Professional fees | 3,443 | 9,511 | 8,957 | 15,391 |
Payment processing fees | 2,772 | 2,001 | 7,738 | 5,313 |
Occupancy | 1,091 | 1,006 | 3,231 | 2,765 |
Management fees - related party | 0 | 0 | 0 | 350 |
General, administrative and other | 2,980 | 4,136 | 8,533 | 11,337 |
Total expenses | 53,595 | 61,382 | 165,234 | 147,911 |
(Loss) income from operations | (969) | 11,512 | 3,272 | 53,883 |
Other income: | ||||
Gain on forgiveness of Paycheck Protection Program loan | 0 | 6,444 | 0 | 6,444 |
Change in fair value of warrant liabilities | 1,323 | 13,139 | 7,024 | 13,139 |
Income before income taxes | 354 | 31,095 | 10,296 | 73,466 |
Provision for income taxes | 1,015 | 703 | 1,757 | 703 |
Net (loss) income | (661) | 30,392 | 8,539 | 72,763 |
Net (loss) income attributable to noncontrolling interest | (90) | 16,267 | 4,576 | 58,638 |
Net (loss) income attributable to OppFi Inc. | $ (571) | $ 14,125 | $ 3,963 | $ 14,125 |
Earnings Per Share [Abstract] | ||||
Basic (in dollars per share) | $ (0.04) | $ 1.06 | $ 0.29 | $ 1.08 |
Diluted (in dollars per share) | $ (0.04) | $ 0.29 | $ 0.09 | $ 0.29 |
Weighted average common shares outstanding: | ||||
Basic (in dollars per share) | 13,972,971 | 13,363,996 | 13,694,733 | 13,107,874 |
Diluted (in dollars per share) | 13,972,971 | 84,464,783 | 84,277,277 | 84,464,783 |
Consolidated Statements of Stockholders’ Equity / Members’ Equity (Unaudited) - USD ($) $ in Thousands |
Total |
Previously Reported |
Preferred Units |
Common Stock
Class A Common Stock
|
Common Stock
Class V Voting Stock
|
Additional Paid-in Capital |
Accumulated (Deficit) Earnings |
Accumulated (Deficit) Earnings
Previously Reported
|
Treasury Stock |
Noncontrolling Interest |
---|---|---|---|---|---|---|---|---|---|---|
Beginning balance (in shares) at Dec. 31, 2020 | 41,102,500 | 0 | 0 | |||||||
Beginning balance at Dec. 31, 2020 | $ 99,332 | $ 6,660 | $ 0 | $ 0 | $ 352 | $ 92,320 | $ 0 | $ 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stock-based compensation | 673 | 673 | ||||||||
Member distributions | (51,008) | (50,241) | (767) | |||||||
Tax receivable agreement | 0 | |||||||||
Net (loss) income | 72,763 | |||||||||
Net income before transaction | $ 44,970 | $ 44,970 | ||||||||
Member contribution | 229 | 229 | ||||||||
Warrant units exercised (in shares) | 486,852 | |||||||||
Warrant units exercised | 5,517 | 5,517 | ||||||||
Reverse recapitalization (in shares) | (41,589,352) | 12,977,690 | 96,987,093 | |||||||
Reverse capitalization | (58,728) | $ (6,860) | $ 1 | $ 10 | 52,219 | (252,791) | 0 | (149,693) | ||
Unit conversion (in shares) | 486,852 | (486,852) | ||||||||
Unit conversion | 0 | |||||||||
Net income after transaction | 27,793 | 14,125 | 13,668 | |||||||
Effects of adopting fair value option | 69,435 | 69,435 | ||||||||
Ending balance (in shares) at Sep. 30, 2021 | 0 | 13,464,542 | 96,500,241 | |||||||
Ending balance at Sep. 30, 2021 | 138,413 | $ 0 | $ 1 | $ 10 | 58,990 | (82,182) | 0 | 161,594 | ||
Beginning balance (in shares) at Jun. 30, 2021 | 41,102,500 | 0 | 0 | |||||||
Beginning balance at Jun. 30, 2021 | 177,339 | $ 6,660 | $ 0 | $ 0 | 581 | 170,098 | 0 | 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stock-based compensation | 673 | 673 | ||||||||
Member distributions | (16,980) | (16,213) | (767) | |||||||
Net (loss) income | 30,392 | |||||||||
Net income before transaction | $ 2,599 | $ 2,599 | ||||||||
Member contribution | 200 | $ 200 | ||||||||
Warrant units exercised (in shares) | 486,852 | |||||||||
Warrant units exercised | 5,517 | 5,517 | ||||||||
Reverse recapitalization (in shares) | (41,589,352) | 12,977,690 | 96,987,093 | |||||||
Reverse capitalization | (58,728) | $ (6,860) | $ 1 | $ 10 | 52,219 | (252,791) | 148,693 | |||
Unit conversion (in shares) | 486,852 | (486,852) | ||||||||
Unit conversion | 0 | |||||||||
Net income after transaction | 27,793 | 14,125 | 13,668 | |||||||
Ending balance (in shares) at Sep. 30, 2021 | 0 | 13,464,542 | 96,500,241 | |||||||
Ending balance at Sep. 30, 2021 | 138,413 | $ 0 | $ 1 | $ 10 | 58,990 | (82,182) | 0 | 161,594 | ||
Beginning balance (in shares) at Dec. 31, 2021 | 0 | 13,631,484 | 96,338,474 | |||||||
Beginning balance at Dec. 31, 2021 | 157,878 | $ 0 | $ 1 | $ 10 | 61,672 | (70,723) | 0 | 166,918 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Exchange of Class V shares (in shares) | 1,179,374 | (1,179,374) | ||||||||
Exchange of Class V shares | 0 | 1,406 | 79 | (1,485) | ||||||
Vesting of restricted stock units (in shares) | 89,851 | |||||||||
Vesting of restricted stock units | 0 | |||||||||
Issuance of common stock under employee stock purchase plan (in shares) | 44,627 | |||||||||
Issuance of common stock under employee stock purchase plan | 125 | 125 | ||||||||
Stock-based compensation | 2,391 | 2,391 | ||||||||
Purchase of treasury stock (in shares) | (703,914) | |||||||||
Purchase of treasury stock | (2,460) | (2,460) | ||||||||
Member distributions | (1,315) | (1,315) | ||||||||
Tax receivable agreement | 292 | 292 | ||||||||
Net (loss) income | 8,539 | 3,963 | 4,576 | |||||||
Ending balance (in shares) at Sep. 30, 2022 | 0 | 14,241,422 | 95,159,100 | |||||||
Ending balance at Sep. 30, 2022 | 165,450 | $ 0 | $ 1 | $ 10 | 65,886 | (66,681) | (2,460) | 168,694 | ||
Beginning balance (in shares) at Jun. 30, 2022 | 0 | 13,632,260 | 95,729,696 | |||||||
Beginning balance at Jun. 30, 2022 | 165,498 | $ 0 | $ 1 | $ 10 | 64,330 | (66,164) | (2,153) | 169,474 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Exchange of Class V shares (in shares) | 570,596 | (570,596) | ||||||||
Exchange of Class V shares | 0 | 484 | 54 | (538) | ||||||
Vesting of restricted stock units (in shares) | 82,201 | |||||||||
Vesting of restricted stock units | 0 | |||||||||
Issuance of common stock under employee stock purchase plan (in shares) | 44,627 | |||||||||
Issuance of common stock under employee stock purchase plan | 125 | 125 | ||||||||
Stock-based compensation | 762 | 762 | ||||||||
Purchase of treasury stock (in shares) | (88,262) | |||||||||
Purchase of treasury stock | (307) | (307) | ||||||||
Member distributions | (152) | (152) | ||||||||
Tax receivable agreement | 185 | 185 | ||||||||
Net (loss) income | (661) | (571) | (90) | |||||||
Ending balance (in shares) at Sep. 30, 2022 | 0 | 14,241,422 | 95,159,100 | |||||||
Ending balance at Sep. 30, 2022 | $ 165,450 | $ 0 | $ 1 | $ 10 | $ 65,886 | $ (66,681) | $ (2,460) | $ 168,694 |
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Cash flows from operating activities: | ||
Net (loss) income | $ 8,539 | $ 72,763 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Change in fair value of finance receivables | 162,280 | 52,635 |
Provisions for credit losses on finance receivables | 2,043 | 181 |
Depreciation and amortization | 10,056 | 7,289 |
Debt issuance cost amortization | 1,626 | 1,735 |
Profit interest and stock-based compensation expense | 2,391 | 1,172 |
Amortization of operating lease, net | 8 | 0 |
Loss on disposition of equipment | 2 | 5 |
Deferred income taxes | 1,475 | 445 |
Change in tax receivable agreement liability | 625 | 7 |
Change in fair value of warrant units | 0 | 4,208 |
Change in fair value of warrant liabilities | (7,024) | (13,139) |
Gain on forgiveness of Paycheck Protection Program loan | 0 | (6,444) |
Changes in assets and liabilities: | ||
Accrued interest and fees receivable | (4,637) | (1,346) |
Other assets | 1,131 | (4,230) |
Accounts payable | 580 | 954 |
Accrued expenses | (6,832) | 3,855 |
Net cash provided by operating activities | 172,263 | 120,090 |
Cash flows from investing activities: | ||
Finance receivables originated and acquired | (556,441) | (402,835) |
Finance receivables repayments and recoveries | 323,146 | 303,419 |
Purchases of equipment and capitalized technology | (10,150) | (10,563) |
Net cash used in investing activities | (243,445) | (109,979) |
Cash flows from financing activities: | ||
Member distributions | (1,315) | (51,008) |
Member contributions | 0 | 200 |
Payments to Opportunity Financial, LLC unit holders | 0 | (91,646) |
Cash received in reverse capitalization | 0 | 91,857 |
Payment of capitalized transaction costs | 0 | (21,591) |
Net (payments) advances of secured borrowing payable | (20,685) | 3,767 |
Net advances of senior debt | 86,464 | 75,443 |
Payment of note payable | (735) | 0 |
Payment of subordinated debt - related party | 0 | (4,000) |
Payment for debt issuance costs | (2,105) | (1,988) |
Proceeds from employee stock purchase plan | 125 | 0 |
Repurchases of common stock | (2,460) | 0 |
Net cash provided by financing activities | 59,289 | 1,034 |
Net (decrease) increase in cash and restricted cash | (11,893) | 11,145 |
Cash and restricted cash | ||
Beginning | 62,362 | 45,657 |
Ending | 50,469 | 56,802 |
Supplemental disclosure of cash flow information: | ||
Interest paid on borrowed funds | 22,296 | 16,046 |
Income taxes paid | 337 | 0 |
Supplemental disclosure of non-cash activities: | ||
Non-cash change from adopting the fair value option on finance receivables | 0 | 69,435 |
Increase in additional paid-in capital as a result of tax receivable agreement | 292 | 0 |
Operating lease right of use asset recognized from adoption of ASU 2016-02 | 15,459 | 0 |
Operating lease liability recognized from adoption of ASU 2016-02 | 17,972 | 0 |
Non-cash investing and financing activities: | ||
Prepaid insurance financed with promissory notes | 3,243 | 0 |
Warrant liabilities recognized in the reverse recapitalization | 0 | 37,645 |
Additional paid-in capital recognized in the reverse capitalization | 0 | 78,468 |
Conversion of warrant unit liability to additional paid-in capital | 0 | 5,517 |
Forgiveness of Paycheck Protection Program loan | $ 0 | $ 6,444 |
Organization and Nature of Operations |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | Organization and Nature of Operations OppFi Inc. (“OppFi”), formerly FG New America Acquisition Corp. (“FGNA”), collectively with its consolidated subsidiaries (“Company”), is a leading mission-driven financial technology platform that powers banks to offer accessible lending products to everyday consumers through its proprietary technology and artificial intelligence and a top-rated experience. OppFi’s platform facilitates credit access products primarily through its installment loan product, OppLoans. OppFi’s credit access products also include its payroll deduction secured installment loan product, SalaryTap, and credit card product, OppFi Card. On July 20, 2021 (“Closing Date”), the Company completed a business combination pursuant to the Business Combination Agreement (“Business Combination Agreement”), dated as of February 9, 2021, by and among Opportunity Financial, LLC (“OppFi-LLC”), a Delaware limited liability company, OppFi Shares, LLC (“OFS”), a Delaware limited liability company, and Todd Schwartz (“Members’ Representative”), in his capacity as the representative of the members of OppFi-LLC (“Members”) immediately prior to the closing (“Closing”). The transactions contemplated by the Business Combination Agreement are referred to herein as the “Business Combination.” At the Closing, FGNA changed its name to “OppFi Inc.” OppFi’s Class A common stock, par value $0.0001 per share (“Class A Common Stock”) and redeemable warrants exercisable for Class A Common Stock (“Public Warrants”) are listed on the New York Stock Exchange (“NYSE”) under the symbols “OPFI” and “OPFI WS,” respectively. Following the Closing, the Company is organized in an “Up-C” structure in which substantially all of the assets and the business of the Company are held by OppFi-LLC and its subsidiaries, and OppFi’s only direct assets consist of Class A common units of OppFi-LLC (“OppFi Units”). As of September 30, 2022, OppFi owned approximately 13.0% of the OppFi Units and controls OppFi-LLC as the sole manager of OppFi-LLC in accordance with the terms of the Third Amended and Restated Limited Liability Company Agreement of OppFi-LLC (“OppFi A&R LLCA”). All remaining OppFi Units (“Retained OppFi Units”) are beneficially owned by the Members. OFS holds a controlling voting interest in OppFi through its ownership of shares of Class V common stock, par value $0.0001 per share, of OppFi (“Class V Voting Stock”) in an amount equal to the number of Retained OppFi Units and therefore has the ability to control OppFi-LLC.
|
Significant Accounting Policies |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of presentation and consolidation: The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been omitted if they substantially duplicate the disclosures contained in the Company’s annual audited consolidated financial statements pursuant to such rules and regulations. These unaudited consolidated financial statements and related notes should be read in conjunction with the Company’s audited consolidated financial statements and the related notes as of and for the year ended December 31, 2021 included in the Company's Annual Report on Form 10-K ("Annual Report"), as amended, for the year ended December 31, 2021, filed with the SEC on March 11, 2022. In the opinion of the Company’s management, these unaudited consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for the fair statement of the results and financial position for the periods presented. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results of operations that may be expected for the full year ending December 31, 2022. The accompanying unaudited consolidated financial statements include the accounts of OppFi and OppFi-LLC with its wholly-owned subsidiaries and variable interest entities (“VIEs”) in which the Company is the primary beneficiary. The Company is considered to be the primary beneficiary of a VIE when it has both (i) the power to direct the activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses or receive benefits of a VIE that could potentially be significant to the VIE. All intercompany transactions and balances have been eliminated in consolidation. On April 15, 2022, OppFi-LLC entered into agreements with Midtown Madison Management LLC, an unrelated third party, and Gray Rock SPV LLC, an entity formed by third-party investors for the purpose of purchasing participation interests in receivables from Gray Rock Finance LLC. Under the terms of the agreements, OppFi-LLC serves as the servicer of these financial assets. As the servicer, OppFi-LLC is subject to various financial covenants, such as minimum tangible net worth, liquidity and debt-to-equity ratio. OppFi-LLC also entered into a total return swap transaction with Midtown Madison Management LLC, providing credit protection related to a reference pool of consumer receivables financed by Midtown Madison Management LLC. While Gray Rock SPV LLC is not owned by OppFi-LLC, Gray Rock SPV LLC was determined to be a VIE and OppFi-LLC is considered the primary beneficiary based on its power to direct activities through its role as a servicer and its obligations to absorb losses and right to receive benefits. Segments: Segments are defined as components of an enterprise for which discrete financial information is available and evaluated regularly by the chief operating decision maker ("CODM") in deciding how to allocate resources and in assessing performance. OppFi’s Chief Executive Officer is considered to be the CODM. The CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. The Company’s operations constitute a single reportable segment. Use of estimates: The preparation of the unaudited consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions, including those impacted by COVID-19, that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The judgements, assumptions, and estimates used by management are based on historical experience, management’s experience and qualitative factors. The areas subject to significant estimation techniques are the determination of fair value of installment finance receivables and warrants, the adequacy of the allowance for credit losses on finance receivables, operating lease right of use asset, operating lease liability, valuation allowance of deferred tax assets, stock-based compensation expense and income tax provision. For the aforementioned estimates, it is reasonably possible the recorded amounts or related disclosures could significantly change in the near future as new information is available. Accounting Policies: There have been no changes to the Company's significant accounting policies from those described in Part II, Item 8 - Financial Statements and Supplementary Data in the Annual Report, except for the new accounting pronouncement subsequently adopted as noted below and the accounting for earnings per share as noted below and in Note 17. Reclassifications: Certain reclassification of prior period amounts have been made to conform to the current period presentations. These reclassifications had no effect on the reported results of operations. Participation rights purchase obligations: OppFi-LLC has entered into bank partnership arrangements with certain banks insured by the FDIC. As part of these bank partnership arrangements, the banks have the ability to retain a percentage of the finance receivables they have originated, and OppFi-LLC’s participation rights are reduced by the percentage of the finance receivables retained by the banks. For the nine months ended September 30, 2022 and 2021, finance receivables originated through the bank partnership arrangements totaled 94% and 88%, respectively. As of September 30, 2022 and December 31, 2021, the unpaid principal balance of finance receivables outstanding for purchase was $9.7 million and $9.5 million, respectively. Troubled debt restructurings: As the terms of the receivables are typically not renegotiated and settlement offers are not typically made until after a receivable stops accruing interest income (up to 60 days delinquent), the only receivables considered to be impaired, or troubled debt restructurings, are: 1) those receivables where a settlement offer is made after receivables cease accruing interest, which may result in a modification of contractual terms, 2) the Company has received notification that a borrower is working with a third party to settle debt on his/her behalf and 3) customers who have entered into the Company’s short-term or long-term hardship programs. As of September 30, 2022 and December 31, 2021, management determined the balance of troubled debt restructuring receivables to be immaterial to the consolidated financial statements as a whole. As such, substantially all disclosures relating to impaired finance receivables, and troubled debt restructuring, have been omitted from these consolidated financial statements. Capitalized technology: The Company capitalized software costs associated with application development totaling $3.1 million and $3.8 million for the three months ended September 30, 2022 and 2021, respectively, and $9.9 million and $9.9 million for the nine months ended September 30, 2022 and 2021, respectively. Amortization expense, which is included in depreciation and amortization on the consolidated statements of operations, totaled $3.3 million and $2.5 million for the three months ended September 30, 2022 and 2021, respectively, and $9.4 million and $6.6 million for the nine months ended September 30, 2022 and 2021, respectively. Treasury stock: The Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders’ equity on the consolidated balance sheets. The Company accounts for the reissuance of treasury stock on the first-in, first out (“FIFO”) method. Earnout Units: In connection with the Closing, 25,500,000 Retained OppFi Units (“Earnout Units”) held by the Members, and an equal number of shares of Class V Voting Stock distributed to OFS in connection with the Business Combination, are subject to certain restrictions and potential forfeiture pending the achievement (if any) of certain earnout targets pursuant to the terms of the Business Combination Agreement. But for restrictions related to a lock-up (transfer restrictions) and forfeiture (earnout criteria), as such restrictions are more specifically set forth in the Investor Rights Agreement entered into at the Closing, by and among the Company, certain founder holders of FGNA, the Members, the Members’ Representative and certain other parties thereto and/or the OppFi A&R LLCA, as applicable, the Earnout Units have all other economic and voting rights of the other units of OppFi-LLC. With respect to transfers, the Earnout Units are subject to a lock-up until the later of the end of the lock-up period applicable to other OppFi Units or until such Earnout Units are earned in accordance with the Business Combination Agreement. With respect to distributions (other than tax distributions, which in respect of such Earnout Units are treated the same as any other OppFi Unit in accordance with the OppFi A&R LLCA) in relation to the Earnout Units, such distributions (other than tax distributions) are held back until the Earnout Units are earned. If an Earnout Unit is not earned, and therefore forfeited, related distributions are distributed to the other holders of units at such time. Earnout Units are earned as follows: 1) if, on or any time prior to the third (3rd) anniversary of the Closing Date, the volume weighted average price (“VWAP”) equals or exceeds twelve dollars ($12.00) per share for twenty (20) trading days of any thirty (30) consecutive trading day period following the Closing, thirty three and one third percent (33.3%) of each of the earnout voting shares and the Earnout Units shall be earned and no longer subject to each such event; 2) if, on or any time prior to the third (3rd) year anniversary of the Closing Date, the VWAP equals or exceeds thirteen dollars ($13.00) per share for twenty (20) trading days of any thirty (30) consecutive trading day period following the Closing, thirty three and one third percent (33.3%) of each of the earnout voting shares and the Earnout Units shall be earned and no longer subject to each such event; 3) if, on or any time prior to the third (3rd) anniversary of the Closing Date, the VWAP equals or exceeds fourteen dollars ($14.00) per share for twenty (20) trading days of any thirty (30) consecutive trading day period following the Closing, thirty three and one third percent (33.3%) of each of the earnout voting shares and the Earnout Units shall be earned and no longer subject to each such event; and 4) if a definitive agreement with respect to a change of control as defined in the Business Combination Agreement (“Change of Control”) is entered into on or prior to the third (3rd) anniversary of the Closing Date, then, effective as of immediately prior to closing of such Change of Control, (A) thirty three and one third percent (33.3%) of each of the earnout voting shares and the Earnout Units shall be earned and no longer subject to each such event if the price per share payable to the holders of Class A common stock in connection with such Change of Control is equal to or exceeds twelve dollars ($12.00), (B) an additional thirty three and one third percent (33.3%) of each of the earnout voting shares and the Earnout Units shall be earned and no longer subject to each such event if the price per share payable to the holders of Class A common stock in connection with such Change of Control is equal to or exceeds thirteen dollars ($13.00), and (C) an additional thirty three and one third percent (33.3%) of each of the earnout voting shares and the Earnout Units shall be earned and no longer subject to each such event if the price per share payable to the holders of Class A common stock in connection with such Change of Control is equal to or exceeds fourteen dollars ($14.00). Earnout Units are classified as equity transactions at initial issuance and at settlement when earned. Until the shares are issued and earned, the Earnout Units are not included in shares outstanding. The Earnout Units are not considered stock-based compensation. Earnings per share: Basic earnings per share available to common stockholders is calculated by dividing the net income attributable to OppFi by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share available to common stockholders is computed using the more dilutive of a) the treasury stock method, which gives effect to potentially dilutive common stock equivalents of OppFi outstanding during the period, or b) the if-converted method, which gives effect to both the potentially dilutive common stock equivalents outstanding during the period as well as an assumed full exchange of Units of OppFi-LLC into Class A common shares of OppFi as of the beginning of the period. The if-converted method would also give effect to conversion of the Earnout Units in periods they would be deemed to vest. For the if-converted method, earnings is also adjusted to reflect all income of OppFi-LLC inuring to the benefit of OppFi and taxed accordingly. In periods in which the Company reports a net loss available attributable to OppFi, diluted earnings per share available to common stockholders would be the same as basic earnings per share available to common stockholders, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. Noncontrolling interests: Noncontrolling interests are held by the Members, who retained 87.0% and 87.6% of the economic ownership percentage of OppFi-LLC as of September 30, 2022 and December 31, 2021, respectively. In accordance with the provisions of Accounting Standards Codification (“ASC”) 810, Consolidation, the Company classifies the noncontrolling interests as a component of stockholders’ equity in the consolidated balance sheets. Additionally, the Company has presented the net income attributable to OppFi and the noncontrolling ownership interests separately in the consolidated statements of operations. Emerging growth company: The Company is an emerging growth company as defined under the Jumpstart Our Business Startups Act of 2012 (“Jobs Act”). The Company is permitted to delay the adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements apply to private companies. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Accounting pronouncements issued and adopted: In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases (Topic 842) and issued certain transitional guidance and subsequent amendments between January 2018 and February 2020 (collectively, “Topic 842”). Under Topic 842, lessees are required to recognize lease assets and lease liabilities on the consolidated balance sheets for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the consolidated statements of operations. Per ASU No. 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities, issued June 2020, Topic 842, as amended, is effective for private companies for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. As permitted for emerging growth companies, the Company adopted Topic 842 under the private company transition guidance, which was effective for the Company beginning on January 1, 2022. The Company utilized the effective date method, whereby the Company will continue to present prior period financial statements and disclosures under ASC 840. In addition, the Company has elected the package of practical expedients permitted under the transition guidance which, among other things, permits companies to not reassess prior conclusions on lease identification, lease classification, and initial direct costs. The Company also elected the practical expedient which permits the Company to combine lease and non-lease components and to exclude short-term leases, defined as having an initial term of twelve months or less, from the consolidated balance sheets. The adoption of Topic 842, as amended, resulted in the Company recording a right-of-use asset and lease liability related to the Company’s operating lease of its corporate headquarters totaling approximately $15.5 million and $18.0 million, respectively, on the Company’s consolidated balance sheet as of January 1, 2022. A decrease to deferred rent totaling approximately $2.5 million, which was previously included in accrued expenses on the consolidated balance sheet, was reclassified as an offset to the right-of-use asset upon adoption of Topic 842. The adoption of the standard did not materially affect the Company's consolidated statements of operations or cash flows. Accounting pronouncements issued and not yet adopted: In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The purpose of ASU No. 2020-04 is to provide optional guidance for a period of time related to accounting for reference rate reform on financial reporting. It is intended to reduce the potential burden of reviewing contract modifications related to discontinued rates. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope. The purpose of ASU No. 2021-01 is to expand guidance on contract modifications and hedge accounting. The amendments and expedients in these updates are effective as of March 12, 2020 through December 31, 2022 and may be elected by topic. The Company is currently evaluating the impact of ASU No. 2020-04 and 2021-01 on the Company’s consolidated financial statements. In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The purpose of ASU No. 2022-02 is to provide guidance on troubled debt restructuring accounting model for creditors that have adopted Topic 326. Additionally, the guidance expands on vintage disclosure requirements. The guidance is effective for annual reporting periods beginning after December 15, 2022, including interim periods within the annual reporting period. The Company is currently evaluating the impact of ASU No. 2022-02 on the Company’s consolidated financial statements.
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Finance Receivables |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Receivables | Finance Receivables Finance receivables at fair value: The components of installment finance receivables at fair value as of September 30, 2022 and December 31, 2021 were as follows (in thousands):
The Company’s policy is to discontinue and reverse the accrual of interest income on installment finances receivables at the earlier of 60 days past due on a recency basis or 90 days past due on a contractual basis. As of September 30, 2022, the aggregate unpaid principal balance and fair value of installment finance receivables 90 days or more past due was $14.0 million and $2.2 million, respectively. As of December 31, 2021, the aggregate unpaid principal balance and fair value of installment finance receivables 90 days or more past due was $10.5 million and $1.5 million, respectively. Changes in the fair value of installment finance receivables at fair value for the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands):
Finance receivables at amortized cost, net: The components of finance receivables carried at amortized cost as of September 30, 2022 and December 31, 2021 were as follows (in thousands):
Changes in the allowance for credit losses on finance receivables for the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands):
The following is an assessment of the credit quality of finance receivables at amortized cost and presents the recency and contractual delinquency of the finance receivable portfolio as of September 30, 2022 and December 31, 2021 (in thousands):
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Property, Equipment and Software, Net |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Equipment and Software, Net | Property, Equipment and Software, Net Property, equipment and software consisted of the following (in thousands):
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Accrued Expenses |
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Payables and Accruals [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses | Accrued Expenses Accrued expenses consisted of the following (in thousands):
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company leases its office facilities under a non-cancelable operating lease agreement with an unrelated party through September 2030. Operating leases are included in "Operating lease right of use asset" and "Operating lease liability" in the consolidated balance sheets. Operating lease cost, which is included in occupancy expense in the consolidated statements of operations, totaled $1.1 million and $3.2 million, of which $0.5 million and $1.5 million was related to variable lease payments, for the three and nine months ended September 30, 2022, respectively. Cash paid for amounts included in the measurement of lease liabilities totaled $0.6 million and $1.7 million for the three and nine months ended September 30, 2022, respectively. Future minimum lease payments as of September 30, 2022 are as follows (in thousands):
The weighted average remaining lease term and discount rate as of September 30, 2022 are as follows:
Supplemental cash flow information related to the lease for the three and nine months ended September 30, 2022 are as follows (in thousands):
Disclosures under ASC 840, Leases Rent expense, which is included in occupancy expense in the consolidated statements of operations, totaled $1.0 million and $2.7 million for the three and nine months ended September 30, 2021, respectively. Future minimum lease payments as of December 31, 2021 were as follows (in thousands):
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Borrowings |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings The following is a summary of the Company’s outstanding borrowings as of September 30, 2022 and December 31, 2021, including borrowing capacity as of September 30, 2022 (in thousands):
Secured borrowing payable: As of September 30, 2022 and December 31, 2021, $165.0 million and $148.9 million, respectively, of finance receivables have been purchased with an active secured borrowing balance of $1.8 million and $22.4 million, respectively. Interest expense related to secured borrowings was $0.1 million and $0.7 million for the three months ended September 30, 2022 and 2021, respectively, and $1.3 million and $2.0 million for the nine months ended September 30, 2022 and 2021, respectively. Additionally, the Company has capitalized $0.2 million in debt issuance costs related to secured borrowings. There were no amortized debt issuance costs related to secured borrowings for the three and nine months ended September 30, 2022. Amortized debt issuance costs related to secured borrowings were $4 thousand and $29 thousand, respectively, for the three and nine months ended September 30, 2021. As of September 30, 2022 and December 31, 2021, there were no unamortized debt issuance costs related to secured borrowings. Senior debt: Corporate credit agreement On March 23, 2021, the borrowings under this revolving credit agreement were paid in full. Subsequent to repayment, OppFi-LLC terminated the revolving credit agreement. Interest expense related to the revolving credit agreement totaled $35 thousand for the nine months ended September 30, 2021. Additionally, the Company has capitalized $0.3 million in debt issuance costs in connection with this facility. For the nine months ended September 30, 2021, amortized debt issuance costs were $21 thousand. Revolving line of credit - Opportunity Funding SPE III, LLC Interest expense related to this facility was $2.8 million and $1.9 million for the three months ended September 30, 2022 and 2021, respectively, and $8.0 million and $5.1 million for the nine months ended September 30, 2022 and 2021, respectively. Additionally, the Company has capitalized $2.1 million in debt issuance costs in connection with this facility. Amortized debt issuance costs associated with this facility were $0.1 million and $0.2 million for the three months ended September 30, 2022 and 2021, respectively, and $0.5 million and $0.5 million for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022 and December 31, 2021, the remaining balance of unamortized debt issuance costs associated with the facility was $0.2 million and $0.8 million, respectively. Revolving line of credit - Opportunity Funding SPE V, LLC and Opportunity Funding SPE VII, LLC On June 14, 2022, this revolving credit agreement was amended to, among other things, increase the size of the facility from $75 million to $200 million and extend the revolving period for an additional three years to June 14, 2025. Under the amendment, this revolving credit agreement was bifurcated into two tranches: Tranche A, in amount of $75 million, and Tranche B, in an amount of $125 million. The amendment also replaced the use of Adjusted LIBOR Rate with Term Secured Overnight Financing Rate (“SOFR”) as the benchmark interest rate for Tranche B. Interest expense related to this facility was $2.9 million and $1.0 million for the three months ended September 30, 2022 and 2021, respectively, and $5.5 million and $2.5 million for the nine months ended September 30, 2022 and 2021, respectively. Additionally, the Company has capitalized $1.5 million in debt issuance costs in connection with this facility. Amortized debt issuance costs associated with this facility were $0.1 million and $0.1 million for the three months ended September 30, 2022 and 2021, respectively, and $0.4 million and $0.3 million for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022 and December 31, 2021, the remaining balance of unamortized debt issuance costs associated with this facility was $1.4 million and $0.4 million, respectively. Revolving line of credit - Opportunity Funding SPE VI, LLC On June 22, 2022, the borrowings under this revolving line of credit agreement were paid in full. Subsequent to repayment, OppFi-LLC terminated the revolving credit agreement. Interest expense related to this facility was $0.6 million for the three months ended September 30, 2021. Interest expense related to this facility were $1.6 million and $1.7 million for the nine months ended September 30, 2022 and 2021, respectively. Additionally, the Company has capitalized $0.9 million in debt issuance costs in connection with this facility. Amortized debt issuance costs associated with this facility were $0.1 million for the three months ended September 30, 2021. Amortized debt issuance costs associated with this facility were $0.1 million and $0.2 million for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, there was no unamortized debt issuance costs associated with this facility. As of December 31, 2021, the remaining balance of unamortized debt issuance costs associated with this facility was $0.1 million. Revolving line of credit - Opportunity Funding SPE IV, LLC and SalaryTap Funding SPE, LLC On March 31, 2022, this revolving credit agreement was amended to bear interest in accordance with the SOFR at a per annum rate equal to the applicable SOFR rate plus a credit spread adjustment of 0.11% plus 3.85%. Interest expense related to this facility was $0.1 million and $0.1 million for the three months ended September 30, 2022 and 2021, respectively, and $0.3 million and $0.3 million for the nine months ended September 30, 2022 and 2021, respectively. Additionally, the Company has capitalized $1.1 million in debt issuance costs in connection with this facility. Amortized debt issuance costs associated with this facility were $0.1 million and $0.1 million for the three months ended September 30, 2022 and 2021, respectively, and $0.2 million and $0.3 million for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022 and December 31, 2021, the remaining balance of unamortized debt issuance costs associated with this facility was $0.3 million and $0.3 million, respectively. Revolving line of credit - Gray Rock SPV LLC On April 15, 2022, Gray Rock SPV LLC entered into a revolving line of credit agreement that provides maximum borrowings of $75 million. Interest is payable monthly. Borrowings are secured by the assets of Gray Rock SPV LLC. The revolving line of credit agreement contains a financial covenant restricting dividend payments. For the three and nine months ended September 30, 2022, interest expense related to this facility totaled $1.0 million and $1.5 million, respectively. Additionally, the Company has capitalized $0.5 million in debt issuance costs in connection with this facility. Amortized debt issuance costs associated with this facility were $0.1 million and $0.1 million for the three and nine months ended September 30, 2022, respectively. As of September 30, 2022, the remaining balance of unamortized debt issuance costs associated with this facility was $0.4 million. Term loan, net As of September 30, 2022 and December 31, 2021, the outstanding balance of $50.0 million was net of unamortized debt issuance costs of $1.1 million and $1.4 million, respectively. Interest expense related to this facility was $1.6 million and $1.5 million for the three months ended September 30, 2022 and 2021, respectively, and $4.6 million and $3.7 million for the nine months ended September 30, 2022 and 2021, respectively. Additionally, the Company has capitalized $2.3 million in debt issuance costs in connection with this facility. Amortized debt issuance costs associated with this facility were $0.2 million and $0.1 million for the three months ended September 30, 2022 and 2021, respectively, and $0.4 million and $0.3 million for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, required payments for the term loan for each of the next five years are as follows (in thousands):
Notes payable: In March 2022, OppFi entered into a financing agreement for the financing of insurance premiums totaling $0.3 million payable in ten monthly installments of $28 thousand through December 23, 2022. Interest expense related to this note payable was $2 thousand and $4 thousand for the three and nine months ended September 30, 2022, respectively. In August 2022, OppFi entered into a financing agreement for the financing of insurance premiums totaling $2.9 million payable in eleven monthly installments of $0.3 million through July 15, 2023. Interest expense related to this note payable was $13 thousand for the three and nine months ended September 30, 2022. Subordinated debt - related party: On March 30, 2021, the borrowings under this unsecured line of credit agreement were paid in full. Interest expense related to this related party transaction was $0.1 million for the nine months ended September 30, 2021.
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Warrant Liabilities |
9 Months Ended |
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Sep. 30, 2022 | |
Warrants and Rights Note Disclosure [Abstract] | |
Warrant Liabilities | Warrant LiabilitiesAs of September 30, 2022, there were 11,887,500 Public Warrants and 3,451,937 Private Placement Warrants outstanding. As of September 30, 2022 and December 31, 2021, the Company recorded warrant liabilities of $4.2 million and $11.2 million, respectively, in the consolidated balance sheets. The change in fair value of the Public Warrants and Private Placement Warrants was $0.9 million and $0.4 million, respectively, for the three months ended September 30, 2022 and was $5.2 million and $1.8 million, respectively, for the nine months ended September 30, 2022. The change in fair value of the Public Warrants and Private Placement Warrants was $9.0 million and $4.1 million, respectively, for the three and nine months ended September 30, 2021. |
Stockholders’ Equity |
9 Months Ended |
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Sep. 30, 2022 | |
Equity [Abstract] | |
Stockholders’ Equity | Stockholders’ EquityShare repurchase: On January 6, 2022, OppFi announced that its Board of Directors (“Board”) had authorized a program to repurchase (“Repurchase Program”) up to $20.0 million in the aggregate of shares of Class A Common Stock. Repurchases under the Repurchase Program may be made from time to time, on the open market, in privately negotiated transactions, or by other methods, at the discretion of the management of the Company and in accordance with the limitations set forth in Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended, and other applicable legal requirements. The timing and amount of the repurchases will depend on market conditions and other requirements. The Repurchase Program does not obligate the Company to repurchase any dollar amount or number of shares and the Repurchase Program may be extended, modified, suspended, or discontinued at any time. For each share of Class A Common Stock that the Company repurchases under the Repurchase Program, OppFi-LLC will redeem one Class A common unit of OppFi-LLC held by OppFi, decreasing the percentage ownership of OppFi-LLC by OppFi and relatively increasing the ownership by the Members. The Repurchase Program will expire in December 2023. During the three months ended September 30, 2022, OppFi repurchased 88,262 shares of Class A Common Stock, which were held as treasury stock as of September 30, 2022, at an average purchase price of $3.46 per share for an aggregate purchase price of $0.3 million. During the nine months ended September 30, 2022, OppFi repurchased 703,914 shares of Class A Common Stock, which were held as treasury stock as of September 30, 2022, at an average purchase price of $3.47 per share for an aggregate purchase price of $2.4 million. As of September 30, 2022, $17.6 million of the repurchase authorization under the Repurchase Program remained available.
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Stock-Based Compensation |
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Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation On July 20, 2021, OppFi established the OppFi Inc. 2021 Equity Incentive Plan (“Plan”), which provides for the grant of awards in the form of options, stock appreciation rights, restricted stock awards, restricted stock units, performance shares, performance units, cash-based awards, and other stock-based awards to employees, non-employee directors, officers, and consultants. As of September 30, 2022, the maximum aggregate number of shares of Class A Common Stock that may be issued under the Plan (including from outstanding awards) was 11,772,630 shares. As of September 30, 2022, OppFi had only granted awards in the form of options, restricted stock units, and performance stock units. Stock options: A summary of the Company’s stock option activity for the nine months ended September 30, 2022 is as follows:
For the three and nine months ended September 30, 2022, the Company recognized negative stock-based compensation expense of $0.1 million and $0.1 million, respectively, due to forfeitures. As of September 30, 2022 and December 31, 2021, the Company had unrecognized stock-based compensation related to unvested stock options of $1.9 million and $6.1 million, respectively, that is expected to be recognized over an estimated weighted average period of approximately 3.0 years and 3.5 years, respectively. The weighted average grant date fair value of stock options granted during the nine months ended September 30, 2022 was $1.96. The fair value of each option grant during the nine months ended September 30, 2022 was estimated on the grant date using the Black-Scholes option pricing model based on the following assumptions:
Restricted stock units: A summary of the Company’s restricted stock unit (“RSU”) activity for the nine months ended September 30, 2022 is as follows:
For the three and nine months ended September 30, 2022, the Company recognized stock-based compensation of $0.3 million and $1.4 million related to RSUs, respectively. As of September 30, 2022 and December 31, 2021, total unrecognized compensation expense related to RSUs was $9.0 million and $12.2 million, respectively, which will be recognized over a weighted average vesting period of approximately 3.3 years and 3.6 years, respectively. Performance stock units: A summary of the Company’s performance stock unit (“PSU”) activity for the nine months ended September 30, 2022 is as follows:
For the three and nine months ended September 30, 2022, the Company recognized stock-based compensation of $0.3 million and $0.4 million related to PSUs, respectively. As of September 30, 2022 and December 31, 2021, total unrecognized compensation expense related to PSUs was $1.4 million and $0.5 million, respectively, which will be recognized over a weighted average vesting period of approximately 3.6 years and 3.8 years, respectively. Employee Stock Purchase Plan: On July 20, 2021, the Company established the OppFi Inc. 2021 Employee Stock Purchase Plan (“ESPP”). The ESPP permits eligible employees to contribute up to 10% of their compensation, not to exceed the IRS allowable limit, to purchase shares of Class A Common Stock during six month offerings. Eligible employees will purchase the shares at a price per share equal to the lesser of 85% of the fair market value of the Class A Common Stock on the first trading day of the offering period or the last trading day of the offering period. The offering periods begin each January 1 and July 1, with the initial offering period beginning on January 1, 2022. As of September 30, 2022, the maximum aggregate number of shares of Class A Common Stock that may be issued under the ESPP was 1,200,000 and consists of authorized but unissued or reacquired shares of Class A Common Stock. The maximum aggregate number of shares of Class A Common Stock that may be issued under the ESPP shall be cumulatively increased on each January 1, through and including January 1, 2030, by a number of shares equal to the smallest of (a) one percent of the number of shares of Class A Common Stock issued and outstanding on the immediately preceding December 31, (b) 2,400,000 shares, or (c) an amount determined by the Board. As of September 30, 2022, there were 44,627 shares of Class A Common Stock purchased under the ESPP. As of December 31, 2021, no shares of Class A Common Stock had been purchased under the ESPP. ESPP employee payroll contributions accrued as of September 30, 2022 were $0.1 million and are included within accrued expenses on the consolidated balance sheets. Payroll contributions accrued as of September 30, 2022 will be used to purchase shares at the end of the ESPP offering period ending on December 31, 2022. Payroll contributions ultimately used to purchase shares are reclassified to stockholders’ equity on the purchase date. During the three and nine months ended September 30, 2022, the Company recognized ESPP compensation expense of $30 thousand and $63 thousand, respectively. Profit unit interests: Prior to the Business Combination, OppFi-LLC issued profit unit interests, which were recapitalized as OppFi Units in connection with the adoption by the Members in accordance with the terms of the OppFi A&R LLCA immediately prior to the Closing. Total profit interest compensation expense for the three and nine months ended September 30, 2021 was $0.2 million and $0.2 million, respectively. The compensation expense accounted for all vested units based on the following assumptions:
A summary of the Company’s profit unit interests activity for the nine months ended September 30, 2021 is as follows:
A summary of the Company’s non-vested units activity for the nine months ended September 30, 2021 is as follows:
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Income Taxes |
9 Months Ended |
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Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the three months ended September 30, 2022, OppFi recorded an income tax expense of $1.0 million and reported consolidated income before income taxes of $0.4 million, resulting in a 286% effective income tax rate. For the nine months ended September 30, 2022, OppFi recorded an income tax expense of $1.8 million and reported consolidated income before income taxes of $10.3 million, resulting in a 17.1% effective income tax rate. As OppFi-LLC was classified as a partnership for federal income tax purposes, OppFi-LLC did not record a federal income tax expense for the three and nine months ended September 30, 2021. Because no income tax was recorded prior to the Closing Date, for the three and nine months ended September 30, 2021, OppFi recorded an income tax expense of $0.7 million and reported consolidated income before taxes of $31.1 million and $73.5 million, resulting in an effective tax rate of 2.3% and 1.0%, respectively. OppFi’s effective income tax rates for the three and nine months ended September 30, 2022 and for the pro forma 2021 differ from the federal statutory income tax rate of 21% primarily due to the noncontrolling interest in the Up-C partnership structure, nondeductible expenses, state income taxes, and discrete tax items. For the three months ended September 30, 2022, Gray Rock SPV LLC’s income was included in the noncontrolling interest adjustment, because its activity was included in income before income taxes, but excluded from taxation at the Company as Gray Rock SPV LLC is not owned by the Company or OppFi-LLC. For the nine months ended September 30, 2022, there were two discrete items recorded, which consist of a $0.5 million adjustment related to a prior period stock compensation during the three months ended March 31, 2022 and a $0.1 million adjustment related to the vesting of RSUs and the calculated tax shortfall during the three months ended September 30, 2022. For the nine months ended September 30, 2022, the impact of these two discrete items increased the effective tax rate by 5.8%. Excluding the aforementioned discrete items, the effective tax rate for the nine months ended September 30, 2022 would have been 11.3%. OppFi is subject to a 21% federal income tax rate on its activities and its distributive share of income from OppFi-LLC, as well as various state and local income taxes. As of September 30, 2022, OppFi owned 13.0% of the outstanding units of OppFi-LLC and considers appropriate tax accounting only on this portion of OppFi-LLC’s activity. The Company does not have an ownership interest in Gray Rock SPV LLC; as such, there is no tax accounting with regards to this VIE. Additionally, OppFi’s income tax rate varies from the 21% statutory federal income tax rate primarily due to a permanent difference related to the adjustment of the warrant liabilities recorded by OppFi. This fair value adjustment of the warrant liabilities represents a large portion of OppFi’s pre-tax book income or loss and is a permanent difference between GAAP and taxable income, which impacts OppFi’s effective income tax rate. The Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was enacted on March 27, 2020 in the United States to provide emergency assistance to individuals and businesses affected by the COVID-19 pandemic. For the three and nine months ended September 30, 2022, the impact of the CARES Act was immaterial to the Company’s tax provision. However, under the CARES Act, the Company is deferring the employer portion of payroll tax payments through December 31, 2022. There were no unrecognized tax benefits as of September 30, 2022 or December 31, 2021, and there were also no amounts accrued for the payment of interest and penalties as of September 30, 2022 or December 31, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviations from its position. The Company is subject to income tax examinations by major taxing authorities since inception.
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Interest Expense and Amortized Debt Issuance Costs |
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expense And Amortized Debt Issuance Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expense and Amortized Debt Issuance Costs | Interest Expense and Amortized Debt Issuance Costs The following table summarizes interest expense and amortized debt issuance costs for the three and nine months ended September 30, 2022 and 2021 (in thousands):
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value MeasurementsFair value on a nonrecurring basis: The Company has no assets or liabilities measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. Fair value measurement on a recurring basis: The Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 are as follows (in thousands):
The following table presents quantitative information about the significant unobservable inputs used for the Company’s installment finance receivables fair value measurements as of September 30, 2022 and December 31, 2021:
(2) The fair value measurement for the Public Warrants is categorized as Level 1 due to the use of an observable market quote in an active market under the ticker OPFI WS. (3) The fair value of the Private Placement Warrants is measured using a Monte Carlo simulation; accordingly, the fair value measurement for the Private Placement Warrants is categorized as Level 3.
Financial assets and liabilities not measured at fair value: The following table presents the carrying value and estimated fair values of financial assets and liabilities disclosed but not carried at fair value and the level within the fair value hierarchy as of September 30, 2022 and December 31, 2021 (in thousands):
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Commitments, Contingencies and Related Party Transactions |
9 Months Ended |
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Sep. 30, 2022 | |
Commitments Contingencies And Related Party Transactions [Abstract] | |
Commitments, Contingencies and Related Party Transactions | Commitments, Contingencies and Related Party Transactions Legal contingencies: Due to the nature of its business activities, the Company is subject to extensive regulations and legal actions and is currently involved in certain legal proceedings, including class action allegations, and regulatory matters, which arise in the normal course of business. In accordance with applicable accounting guidance, the Company establishes an accrued liability for legal proceedings and regulatory matters when those matters present loss contingencies which are both probable and reasonably estimable. The Company has received inquiries from certain agencies and states on its lending compliance, the validity of the bank partnership model, and its ability to facilitate the servicing of bank originated loans. Management is confident that its lending practices and the bank partnership structure, in addition to the Company’s technologies, services, and overall relationship with its bank partners, complies with state and federal laws. However, the inquiries are still in process and the outcome is unknown at this time. The Company is vigorously defending all legal proceedings and regulatory matters. Except as described below, management does not believe that the resolution of any currently pending legal proceedings and regulatory matters will have a material adverse effect on the Company’s financial condition, results of operations, or cash flows. On November 18, 2021, the Company entered into a Consent Judgement and Order (“Settlement”) with the Attorney General of the District of Columbia (“District”) to resolve all matters in a dispute related to the action previously filed against the Company by the District (“Action”). The Company denies the allegations in the Action and denies that it has violated any law or engaged in any deceptive or unfair practices. The Action was resolved to avoid the expense of protracted litigation. As part of the Settlement, the Company agreed to, among other things, refrain from certain business activities in the District of Columbia, pay $0.3 million to the District of Columbia and provide refunds totaling $1.5 million to certain District of Columbia consumers. As of December 31, 2021, unpaid refunds due to certain District of Columbia consumers totaled $1.5 million, which is included in accrued expenses on the consolidated balance sheet as of such date. During the nine months ended September 30, 2022, the Company distributed refunds totaling $1.5 million to the District of Columbia consumers and there were no unpaid refunds due as of September 30, 2022. On March 7, 2022, the Company filed a complaint for declaratory and injunctive relief (“Complaint”) against the Commissioner (in her official capacity) of the Department of Financial Protection and Innovation of the State of California (“Defendant”) in the Superior Court of the State of California, County of Los Angeles, Central Division (“Court”). The Complaint seeks a declaration that the interest rate caps set forth in the California Financing Law, as amended by the Fair Access to Credit Act, a/k/a AB 539 (“CFL”), do not apply to loans that are originated by the Company’s federally-insured state-chartered bank partners and serviced through the Company’s technology and service platform pursuant to a contractual arrangement with each such bank (“Program”). The Complaint further seeks injunctive relief against the Defendant, preventing the Defendant from enforcing interest rate caps under the CFL against the Company based on activities related to the Program. On April 8, 2022, the Defendant filed a cross-complaint against the Company attempting to enforce the CFL against the Company and, among other things, void loans that are originated by the Company’s federally-insured state-chartered bank partners through the Program in California and seek financial penalties against the Company. On May 10, 2022, the Company filed a Demurrer to the cross-complaint of the Defendant. On July 7, 2022, the Defendant filed its opposition to the Company’s Demurrer to the cross-complaint of the Defendant. On September 30, 2022, the Court overruled the Company’s Demurrer to the Defendant’s cross-complaint. The Company intends to continue to aggressively prosecute the claims set forth in the Complaint and vigorously defend itself and its position as the matter proceeds through the court process. The Company believes that the Defendant’s position is without merit as explained in the Company’s initial Complaint. Related party transactions: OppFi-LLC previously had an unsecured line of credit agreement with Schwartz Capital Group (“SCG”) with a maximum available amount of $4.0 million, which was paid in full on March 30, 2021. Interest expense related to this related party transaction was $0.1 million for the nine months ended September 30, 2021. In August 2020, OppFi-LLC entered into a Management Fee Agreement (“Management Fee Agreement”) with SCG. Pursuant to the terms of the Management Fee Agreement, SCG provided board and advisory services. Effective upon the Closing, OppFi-LLC terminated the Management Fee Agreement. For the nine months ended September 30, 2021, management fees under the Management Fee Agreement totaled $0.4 million. Severance agreements: The Company entered into Severance Agreements and General Releases (“Severance Agreements”) with the Company’s former Chief Executive Officer and other key employees. In connection with these Severance Agreements, the Company agreed to, among other things, pay certain severance benefits for one year. Severance expense, which is included in salaries and employee benefits in the consolidated statements of operations, totaled negative $6 thousand due to a true-up adjustment and $0.2 million for the three months ended September 30, 2022 and 2021, respectively, and $2.0 million and $0.6 million for the nine months ended September 30, 2022 and 2021, respectively.
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Concentration of Credit Risk |
9 Months Ended |
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Sep. 30, 2022 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | Concentration of Credit RiskFinancial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of finance receivables. As of September 30, 2022, consumers living primarily in Texas and Florida made up approximately 14% and 14%, respectively, of the gross amount of the Company’s portfolio of finance receivables. As of September 30, 2022, there were no other states that made up more than 10% or more of the gross amount of the Company’s portfolio of finance receivables. As of December 31, 2021, consumers living primarily in Florida, Texas and California made up approximately 14%, 14% and 11%, respectively, of the gross amount of the Company’s portfolio of finance receivables. Furthermore, such consumers’ ability to honor their installment contracts may be affected by economic conditions in these areas. The Company is also exposed to a concentration of credit risk inherent in providing alternate financing programs to borrowers who cannot obtain traditional bank financing. |
Retirement Plan |
9 Months Ended |
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Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Retirement Plan | Retirement PlanThe Company sponsors a 401(k) retirement plan (“401(k) Plan”) for its employees. Full time employees (except certain non-resident aliens) who are age 21 and older are eligible to participate in the 401(k) Plan. The 401(k) Plan participants may elect to contribute a portion of their eligible compensation to the 401(k) Plan. The Company has elected a matching contribution up to 4% on eligible employee compensation. The Company’s contribution, which is included in salaries and employee benefits in the consolidated statements of operations, totaled $0.4 million and $0.4 million for the three months ended September 30, 2022 and 2021, respectively, and $1.2 million and $1.1 million for the nine months ended September 30, 2022 and 2021, respectively. |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) Earnings Per Share | (Loss) Earnings Per Share Prior to the reverse recapitalization in connection with the Closing (“Reverse Recapitalization”), all net income was attributable to the noncontrolling interest. For the periods prior to July 20, 2021, earnings per share was not calculated because net income prior to the Business Combination was attributable entirely to OppFi-LLC. The following table sets forth the computation of basic and diluted (loss) earnings per share for the three and nine months ended September 30, 2022 and 2021 (in thousands, except share and per share data):
The following table presents securities that have been excluded from the calculation of diluted earnings per share as their effect would have been anti-dilutive for the three and nine months ended September 30, 2022 and 2021:
Prior Period Financial Statement Revision: The Company has identified adjustments required to correct its previous calculations of diluted earnings per share for the three and nine months ended September 30, 2021. The Company determined that it misapplied the guidance prescribed by FASB ASC 260-10-55-20(b). The misapplication resulted in an overstatement of $0.77 in diluted earnings per share and $0.79 in diluted earnings per share for the three and nine months ended September 30, 2021, respectively. As a result, the Company assessed the materiality of the revision related to the calculation of diluted earnings per share to prior periods’ financial statements in accordance with Securities and Exchange Commission Staff Accounting Bulletin (“SAB”) No. 99, Materiality (“SAB 99”), and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements (“SAB 108”), codified in FASB ASC 250, Accounting Changes and Error Corrections. The Company determined that the impact of the diluted earnings per share errors was not material to the previously issued annual and interim unaudited consolidated financial statements using the guidance of SAB 99 and 108. Accordingly, the revisions to diluted earnings per share have been reflected in the prior comparative amounts presented in the September 30, 2022 interim financial statements. The revisions had no impact on the Company’s net income or stockholders' equity.
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Subsequent Events |
9 Months Ended |
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Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated the impact of events that have occurred through the date these financial statements were issued and identified the following event that required disclosure. Leases: On October 10, 2022, the Company entered into a sublease of approximately 10,481 square feet of its office space in Chicago, Illinois. The sublease will expire on August 31, 2025, the date on which the underlying lease agreement will terminate. The Company will receive approximately $0.9 million of base rent payments over the sublease term.
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Significant Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been omitted if they substantially duplicate the disclosures contained in the Company’s annual audited consolidated financial statements pursuant to such rules and regulations. |
Consolidation | These unaudited consolidated financial statements and related notes should be read in conjunction with the Company’s audited consolidated financial statements and the related notes as of and for the year ended December 31, 2021 included in the Company's Annual Report on Form 10-K ("Annual Report"), as amended, for the year ended December 31, 2021, filed with the SEC on March 11, 2022. In the opinion of the Company’s management, these unaudited consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for the fair statement of the results and financial position for the periods presented. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results of operations that may be expected for the full year ending December 31, 2022. The accompanying unaudited consolidated financial statements include the accounts of OppFi and OppFi-LLC with its wholly-owned subsidiaries and variable interest entities (“VIEs”) in which the Company is the primary beneficiary. The Company is considered to be the primary beneficiary of a VIE when it has both (i) the power to direct the activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses or receive benefits of a VIE that could potentially be significant to the VIE. All intercompany transactions and balances have been eliminated in consolidation.
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Segments | Segments: Segments are defined as components of an enterprise for which discrete financial information is available and evaluated regularly by the chief operating decision maker ("CODM") in deciding how to allocate resources and in assessing performance. OppFi’s Chief Executive Officer is considered to be the CODM. The CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. The Company’s operations constitute a single reportable segment. |
Use of estimates | Use of estimates: The preparation of the unaudited consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions, including those impacted by COVID-19, that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The judgements, assumptions, and estimates used by management are based on historical experience, management’s experience and qualitative factors. The areas subject to significant estimation techniques are the determination of fair value of installment finance receivables and warrants, the adequacy of the allowance for credit losses on finance receivables, operating lease right of use asset, operating lease liability, valuation allowance of deferred tax assets, stock-based compensation expense and income tax provision. For the aforementioned estimates, it is reasonably possible the recorded amounts or related disclosures could significantly change in the near future as new information is available.
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Reclassifications | Reclassifications: Certain reclassification of prior period amounts have been made to conform to the current period presentations. These reclassifications had no effect on the reported results of operations. |
Participation rights purchase obligation | Participation rights purchase obligations: OppFi-LLC has entered into bank partnership arrangements with certain banks insured by the FDIC. As part of these bank partnership arrangements, the banks have the ability to retain a percentage of the finance receivables they have originated, and OppFi-LLC’s participation rights are reduced by the percentage of the finance receivables retained by the banks. For the nine months ended September 30, 2022 and 2021, finance receivables originated through the bank partnership arrangements totaled 94% and 88%, respectively. As of September 30, 2022 and December 31, 2021, the unpaid principal balance of finance receivables outstanding for purchase was $9.7 million and $9.5 million, respectively. |
Troubled debt restructurings | Troubled debt restructurings: As the terms of the receivables are typically not renegotiated and settlement offers are not typically made until after a receivable stops accruing interest income (up to 60 days delinquent), the only receivables considered to be impaired, or troubled debt restructurings, are: 1) those receivables where a settlement offer is made after receivables cease accruing interest, which may result in a modification of contractual terms, 2) the Company has received notification that a borrower is working with a third party to settle debt on his/her behalf and 3) customers who have entered into the Company’s short-term or long-term hardship programs. As of September 30, 2022 and December 31, 2021, management determined the balance of troubled debt restructuring receivables to be immaterial to the consolidated financial statements as a whole. As such, substantially all disclosures relating to impaired finance receivables, and troubled debt restructuring, have been omitted from these consolidated financial statements. |
Capitalized technology | Capitalized technology: The Company capitalized software costs associated with application development totaling $3.1 million and $3.8 million for the three months ended September 30, 2022 and 2021, respectively, and $9.9 million and $9.9 million for the nine months ended September 30, 2022 and 2021, respectively. Amortization expense, which is included in depreciation and amortization on the consolidated statements of operations, totaled $3.3 million and $2.5 million for the three months ended September 30, 2022 and 2021, respectively, and $9.4 million and $6.6 million for the nine months ended September 30, 2022 and 2021, respectively. |
Earnings per share | Earnings per share: Basic earnings per share available to common stockholders is calculated by dividing the net income attributable to OppFi by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share available to common stockholders is computed using the more dilutive of a) the treasury stock method, which gives effect to potentially dilutive common stock equivalents of OppFi outstanding during the period, or b) the if-converted method, which gives effect to both the potentially dilutive common stock equivalents outstanding during the period as well as an assumed full exchange of Units of OppFi-LLC into Class A common shares of OppFi as of the beginning of the period. The if-converted method would also give effect to conversion of the Earnout Units in periods they would be deemed to vest. For the if-converted method, earnings is also adjusted to reflect all income of OppFi-LLC inuring to the benefit of OppFi and taxed accordingly. In periods in which the Company reports a net loss available attributable to OppFi, diluted earnings per share available to common stockholders would be the same as basic earnings per share available to common stockholders, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. |
Noncontrolling interests | Noncontrolling interests: Noncontrolling interests are held by the Members, who retained 87.0% and 87.6% of the economic ownership percentage of OppFi-LLC as of September 30, 2022 and December 31, 2021, respectively. In accordance with the provisions of Accounting Standards Codification (“ASC”) 810, Consolidation, the Company classifies the noncontrolling interests as a component of stockholders’ equity in the consolidated balance sheets. Additionally, the Company has presented the net income attributable to OppFi and the noncontrolling ownership interests separately in the consolidated statements of operations. |
Emerging growth company | Emerging growth company: The Company is an emerging growth company as defined under the Jumpstart Our Business Startups Act of 2012 (“Jobs Act”). The Company is permitted to delay the adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements apply to private companies. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. |
Accounting pronouncements issued and adopted and Accounting pronouncements issued and not yet adopted | Accounting pronouncements issued and adopted: In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases (Topic 842) and issued certain transitional guidance and subsequent amendments between January 2018 and February 2020 (collectively, “Topic 842”). Under Topic 842, lessees are required to recognize lease assets and lease liabilities on the consolidated balance sheets for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the consolidated statements of operations. Per ASU No. 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities, issued June 2020, Topic 842, as amended, is effective for private companies for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. As permitted for emerging growth companies, the Company adopted Topic 842 under the private company transition guidance, which was effective for the Company beginning on January 1, 2022. The Company utilized the effective date method, whereby the Company will continue to present prior period financial statements and disclosures under ASC 840. In addition, the Company has elected the package of practical expedients permitted under the transition guidance which, among other things, permits companies to not reassess prior conclusions on lease identification, lease classification, and initial direct costs. The Company also elected the practical expedient which permits the Company to combine lease and non-lease components and to exclude short-term leases, defined as having an initial term of twelve months or less, from the consolidated balance sheets. The adoption of Topic 842, as amended, resulted in the Company recording a right-of-use asset and lease liability related to the Company’s operating lease of its corporate headquarters totaling approximately $15.5 million and $18.0 million, respectively, on the Company’s consolidated balance sheet as of January 1, 2022. A decrease to deferred rent totaling approximately $2.5 million, which was previously included in accrued expenses on the consolidated balance sheet, was reclassified as an offset to the right-of-use asset upon adoption of Topic 842. The adoption of the standard did not materially affect the Company's consolidated statements of operations or cash flows. Accounting pronouncements issued and not yet adopted: In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The purpose of ASU No. 2020-04 is to provide optional guidance for a period of time related to accounting for reference rate reform on financial reporting. It is intended to reduce the potential burden of reviewing contract modifications related to discontinued rates. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope. The purpose of ASU No. 2021-01 is to expand guidance on contract modifications and hedge accounting. The amendments and expedients in these updates are effective as of March 12, 2020 through December 31, 2022 and may be elected by topic. The Company is currently evaluating the impact of ASU No. 2020-04 and 2021-01 on the Company’s consolidated financial statements. In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The purpose of ASU No. 2022-02 is to provide guidance on troubled debt restructuring accounting model for creditors that have adopted Topic 326. Additionally, the guidance expands on vintage disclosure requirements. The guidance is effective for annual reporting periods beginning after December 15, 2022, including interim periods within the annual reporting period. The Company is currently evaluating the impact of ASU No. 2022-02 on the Company’s consolidated financial statements.
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Finance Receivables (Tables) |
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Installment Finance Receivables at Fair Value | The components of installment finance receivables at fair value as of September 30, 2022 and December 31, 2021 were as follows (in thousands):
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Schedule of Changes in Fair Value of Installment Finance Receivables | Changes in the fair value of installment finance receivables at fair value for the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands):
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Schedule of Finance Receivables | The components of finance receivables carried at amortized cost as of September 30, 2022 and December 31, 2021 were as follows (in thousands):
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Summary of Changes in Allowance for Credit Losses on Finance Receivables | Changes in the allowance for credit losses on finance receivables for the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands):
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Summary of Credit Quality Finance Receivable Portfolio | The following is an assessment of the credit quality of finance receivables at amortized cost and presents the recency and contractual delinquency of the finance receivable portfolio as of September 30, 2022 and December 31, 2021 (in thousands):
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Property, Equipment and Software, Net (Tables) |
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property, Equipment and Software | Property, equipment and software consisted of the following (in thousands):
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Accrued Expenses (Tables) |
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Expenses | Accrued expenses consisted of the following (in thousands):
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Leases (Tables) |
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Lease, Liability, Maturity | Future minimum lease payments as of September 30, 2022 are as follows (in thousands):
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Schedule of Weighted Average Lease Term/Discount and Supplemental Cash Flow Information Related to Leases | The weighted average remaining lease term and discount rate as of September 30, 2022 are as follows:
Supplemental cash flow information related to the lease for the three and nine months ended September 30, 2022 are as follows (in thousands):
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Schedule of Future Minimum Lease Payments | Future minimum lease payments as of December 31, 2021 were as follows (in thousands):
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Borrowings (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Borrowings | The following is a summary of the Company’s outstanding borrowings as of September 30, 2022 and December 31, 2021, including borrowing capacity as of September 30, 2022 (in thousands):
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Summary of Required Payments for Borrowings, Excluding Secured Borrowing and Revolving Lines of Credit | As of September 30, 2022, required payments for the term loan for each of the next five years are as follows (in thousands):
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Stock-Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Company's Stock Option, Activity | A summary of the Company’s stock option activity for the nine months ended September 30, 2022 is as follows:
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Schedule of Valuation Assumptions, Options | The fair value of each option grant during the nine months ended September 30, 2022 was estimated on the grant date using the Black-Scholes option pricing model based on the following assumptions:
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Summary of Restricted Stock Unit, Activity | A summary of the Company’s restricted stock unit (“RSU”) activity for the nine months ended September 30, 2022 is as follows:
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Summary of PSU Activity | A summary of the Company’s performance stock unit (“PSU”) activity for the nine months ended September 30, 2022 is as follows:
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Schedule of Valuation Assumptions, Profit Unit Interests | The compensation expense accounted for all vested units based on the following assumptions:
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Schedule of Profit Unit Interest | A summary of the Company’s profit unit interests activity for the nine months ended September 30, 2021 is as follows:
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Schedule of Non-vested Units | A summary of the Company’s non-vested units activity for the nine months ended September 30, 2021 is as follows:
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Interest Expense and Amortized Debt Issuance Costs (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expense And Amortized Debt Issuance Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Interest Expense and Amortized Debt Issuance Costs | The following table summarizes interest expense and amortized debt issuance costs for the three and nine months ended September 30, 2022 and 2021 (in thousands):
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Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 are as follows (in thousands):
(2) The fair value measurement for the Public Warrants is categorized as Level 1 due to the use of an observable market quote in an active market under the ticker OPFI WS. (3) The fair value of the Private Placement Warrants is measured using a Monte Carlo simulation; accordingly, the fair value measurement for the Private Placement Warrants is categorized as Level 3.
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Schedule of Fair Value Measurement Input and Valuation Techniques | The following table presents quantitative information about the significant unobservable inputs used for the Company’s installment finance receivables fair value measurements as of September 30, 2022 and December 31, 2021:
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Schedule of Changes in Fair Value of Liabilities |
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Schedule of Carrying Value and Estimated Fair Values of Financial Assets and Liabilities | The following table presents the carrying value and estimated fair values of financial assets and liabilities disclosed but not carried at fair value and the level within the fair value hierarchy as of September 30, 2022 and December 31, 2021 (in thousands):
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(Loss) Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted (loss) earnings per share for the three and nine months ended September 30, 2022 and 2021 (in thousands, except share and per share data):
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Schedule of Antidilutive Securities Excluded from Calculation of Earnings Per Share | The following table presents securities that have been excluded from the calculation of diluted earnings per share as their effect would have been anti-dilutive for the three and nine months ended September 30, 2022 and 2021:
Prior Period Financial Statement Revision: The Company has identified adjustments required to correct its previous calculations of diluted earnings per share for the three and nine months ended September 30, 2021. The Company determined that it misapplied the guidance prescribed by FASB ASC 260-10-55-20(b). The misapplication resulted in an overstatement of $0.77 in diluted earnings per share and $0.79 in diluted earnings per share for the three and nine months ended September 30, 2021, respectively. As a result, the Company assessed the materiality of the revision related to the calculation of diluted earnings per share to prior periods’ financial statements in accordance with Securities and Exchange Commission Staff Accounting Bulletin (“SAB”) No. 99, Materiality (“SAB 99”), and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements (“SAB 108”), codified in FASB ASC 250, Accounting Changes and Error Corrections. The Company determined that the impact of the diluted earnings per share errors was not material to the previously issued annual and interim unaudited consolidated financial statements using the guidance of SAB 99 and 108. Accordingly, the revisions to diluted earnings per share have been reflected in the prior comparative amounts presented in the September 30, 2022 interim financial statements. The revisions had no impact on the Company’s net income or stockholders' equity.
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Organization and Nature of Operations (Details) - $ / shares |
Sep. 30, 2022 |
Dec. 31, 2021 |
Jul. 20, 2021 |
---|---|---|---|
Class of Stock [Line Items] | |||
Ownership interest held, percent | 13.00% | ||
Class A Common Stock | |||
Class of Stock [Line Items] | |||
Common stock, par or stated value per share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Class V Voting Stock | |||
Class of Stock [Line Items] | |||
Common stock, par or stated value per share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2022
USD ($)
segment
|
Sep. 30, 2021
USD ($)
|
Jan. 01, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Jul. 20, 2021
day
$ / shares
shares
|
|
Accounting Policies [Abstract] | |||||||
Number of reportable segments | segment | 1 | ||||||
Finance receivables originated through the bank partnership arrangements, percentage | 94.00% | 88.00% | |||||
Finance receivables originated through the bank partnership arrangements | $ 9,700 | $ 9,700 | $ 9,500 | ||||
Accrual period for financing receivables | 60 days | ||||||
Development and capitalized software costs | 3,100 | $ 3,800 | $ 9,900 | $ 9,900 | |||
Capitalized software costs, amortization expense | 3,300 | $ 2,500 | 9,400 | $ 6,600 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Operating lease right of use asset | 14,409 | 14,409 | 0 | ||||
Operating lease liability | 16,930 | 16,930 | 0 | ||||
Decrease in deferred rent | $ (4,797) | $ (4,797) | $ (4,672) | ||||
Class V Voting Stock | |||||||
Schedule Of Reverse Recapitalization [Line Items] | |||||||
Stock subject to restrictions (in shares) | shares | 25,500,000 | ||||||
Earnout Units | |||||||
Schedule Of Reverse Recapitalization [Line Items] | |||||||
Stock subject to restrictions (in shares) | shares | 25,500,000 | ||||||
Earnout Units | Earnout Units, Option One | |||||||
Schedule Of Reverse Recapitalization [Line Items] | |||||||
Earnout unit, volume weighted average price (in dollars per share) | $ / shares | $ 12.00 | ||||||
Earnout unit, threshold trading days | day | 20 | ||||||
Earnout unit, threshold consecutive trading days | day | 30 | ||||||
Earnout Units | Earnout Units, Option One | Earnout Units, Tranche One | |||||||
Schedule Of Reverse Recapitalization [Line Items] | |||||||
Percentage of earnout voting shares | 33.30% | ||||||
Earnout Units | Earnout Units, Option One | Earnout Units, Tranche Two | |||||||
Schedule Of Reverse Recapitalization [Line Items] | |||||||
Percentage of earnout voting shares | 33.30% | ||||||
Earnout Units | Earnout Units, Option One | Earnout Units, Tranche Three | |||||||
Schedule Of Reverse Recapitalization [Line Items] | |||||||
Percentage of earnout voting shares | 33.30% | ||||||
Earnout Units | Earnout Units, Option Two | |||||||
Schedule Of Reverse Recapitalization [Line Items] | |||||||
Earnout unit, volume weighted average price (in dollars per share) | $ / shares | $ 13.00 | ||||||
Earnout unit, threshold trading days | day | 20 | ||||||
Earnout unit, threshold consecutive trading days | day | 30 | ||||||
Earnout Units | Earnout Units, Option Two | Earnout Units, Tranche One | |||||||
Schedule Of Reverse Recapitalization [Line Items] | |||||||
Percentage of earnout voting shares | 33.30% | ||||||
Earnout Units | Earnout Units, Option Two | Earnout Units, Tranche Two | |||||||
Schedule Of Reverse Recapitalization [Line Items] | |||||||
Percentage of earnout voting shares | 33.30% | ||||||
Earnout Units | Earnout Units, Option Two | Earnout Units, Tranche Three | |||||||
Schedule Of Reverse Recapitalization [Line Items] | |||||||
Percentage of earnout voting shares | 33.30% | ||||||
Earnout Units | Earnout Units, Option Three | |||||||
Schedule Of Reverse Recapitalization [Line Items] | |||||||
Earnout unit, volume weighted average price (in dollars per share) | $ / shares | $ 14.00 | ||||||
Earnout unit, threshold trading days | day | 20 | ||||||
Earnout unit, threshold consecutive trading days | day | 30 | ||||||
Earnout Units | Earnout Units, Option Three | Earnout Units, Tranche One | |||||||
Schedule Of Reverse Recapitalization [Line Items] | |||||||
Percentage of earnout voting shares | 33.30% | ||||||
Earnout Units | Earnout Units, Option Three | Earnout Units, Tranche Two | |||||||
Schedule Of Reverse Recapitalization [Line Items] | |||||||
Percentage of earnout voting shares | 33.30% | ||||||
Earnout Units | Earnout Units, Option Three | Earnout Units, Tranche Three | |||||||
Schedule Of Reverse Recapitalization [Line Items] | |||||||
Percentage of earnout voting shares | 33.30% | ||||||
Pro Forma | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Operating lease right of use asset | $ 15,500 | ||||||
Operating lease liability | 18,000 | ||||||
Pro Forma | Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Decrease in deferred rent | $ 2,500 | ||||||
Existing Equity Holders | |||||||
Schedule Of Reverse Recapitalization [Line Items] | |||||||
Ownership interest retained | 87.00% | 87.00% | 87.60% |
Finance Receivables - Schedule of Components of Installment Finance Receivables At Fair Value (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
Receivables [Abstract] | ||||
Unpaid principal balance of finance receivables - accrual | $ 368,775 | $ 307,059 | ||
Unpaid principal balance of finance receivables - non-accrual | 33,796 | 25,185 | ||
Unpaid principal balance of finance receivables | 402,571 | 332,244 | ||
Finance receivables at fair value - accrual | 437,573 | 369,576 | ||
Finance receivables at fair value - non-accrual | 5,206 | 3,677 | ||
Finance receivables at fair value, excluding accrued interest and fees receivable | 442,779 | 373,253 | ||
Accrued interest and fees receivable | 15,286 | 10,637 | ||
Finance receivables at fair value | [1] | 458,065 | 383,890 | |
Difference between unpaid principal balance and fair value | $ 40,208 | $ 41,009 | ||
|
Finance Receivables - Additional Information (Detail) - USD ($) $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2022 |
Dec. 31, 2021 |
|||
Accrual period for financing receivables | 60 days | |||
Aggregate unpaid principal balance | $ 402,571 | $ 332,244 | ||
Fair value of receivables | [1] | 458,065 | 383,890 | |
Finance receivables in non-accrual status | $ 1,400 | 100 | ||
Recency delinquency | ||||
Accrual period for financing receivables | 60 days | |||
Contractual delinquency | ||||
Accrual period for financing receivables | 90 days | |||
90+ days | ||||
Aggregate unpaid principal balance | $ 14,000 | 10,500 | ||
Fair value of receivables | $ 2,200 | $ 1,500 | ||
|
Finance Receivables - Changes in Fair Value of Finance Installment Receivables (Details) - Financing Receivable - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at the beginning of the period | $ 450,703 | $ 296,381 | $ 383,890 | $ 289,166 |
Originations of principal | 185,092 | 155,055 | 550,483 | 401,373 |
Repayments of principal and recoveries | (109,519) | (98,202) | (318,677) | (303,305) |
Accrued interest and fees receivable | 2,390 | (180) | 4,649 | 1,332 |
Charge-offs, net | (67,709) | (24,891) | (161,479) | (62,046) |
Adjustment to fair value | 0 | 0 | 0 | (1,817) |
Net change in fair value | (2,892) | 5,951 | (801) | 9,411 |
Balance at the end of the period | $ 458,065 | $ 334,114 | $ 458,065 | $ 334,114 |
Finance Receivables - Schedule of Finance Receivables (Detail) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
||
---|---|---|---|---|---|---|---|---|
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Finance receivables | $ 5,159 | $ 5,285 | ||||||
Accrued interest and fees | 12 | 24 | ||||||
Unearned annual fee income | (81) | (286) | ||||||
Allowance for credit losses | (1,232) | $ (1,045) | (803) | $ (146) | $ (11) | $ (55,031) | ||
Finance receivables at amortized cost, net | [1] | $ 3,858 | $ 4,220 | |||||
|
Finance Receivables - Summary of Changes in Allowance for Credit Losses on Finance Receivables (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 1,045 | $ 11 | $ 803 | $ 55,031 |
Effects of adopting fair value option | 0 | 0 | 0 | (55,031) |
Provisions for credit losses on finance receivables | 1,017 | 143 | 2,043 | 181 |
Finance receivables charged off | (831) | (8) | (1,615) | (35) |
Recoveries of charge-offs | 1 | 0 | ||
Ending balance | $ 1,232 | $ 146 | $ 1,232 | $ 146 |
Finance Receivables - Summary of Credit Quality Finance Receivable Portfolio (Detail) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Recency delinquency | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables | $ 5,159 | $ 5,285 |
Recency delinquency | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables | 3,518 | 5,016 |
Recency delinquency | Total delinquency | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables | 1,641 | 269 |
Recency delinquency | 30-59 days | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables | 290 | 152 |
Recency delinquency | 60-89 days | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables | 227 | 102 |
Recency delinquency | 90+ days | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables | 1,124 | 15 |
Contractual delinquency | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables | 5,159 | 5,285 |
Contractual delinquency | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables | 3,399 | 4,993 |
Contractual delinquency | Total delinquency | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables | 1,760 | 292 |
Contractual delinquency | 30-59 days | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables | 302 | 171 |
Contractual delinquency | 60-89 days | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables | 285 | 104 |
Contractual delinquency | 90+ days | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables | $ 1,173 | $ 17 |
Property, Equipment and Software, Net - Schedule of Property, Equipment and Software (Detail) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software | $ 49,501 | $ 39,357 |
Less accumulated depreciation and amortization | (34,766) | (24,714) |
Property, equipment and software, net | 14,735 | 14,643 |
Capitalized technology | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software | 44,460 | 34,586 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software | 4,062 | 3,792 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software | $ 979 | $ 979 |
Property, Equipment and Software, Net - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Property, Plant and Equipment [Abstract] | ||||
Depreciation and amortization expense | $ 3.5 | $ 2.7 | $ 10.1 | $ 7.3 |
Accrued Expenses (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
Payables and Accruals [Abstract] | ||||
Accrued payroll and benefits | $ 8,080 | $ 11,779 | ||
Accrual for services rendered and goods purchased | 7,285 | 10,631 | ||
Deferred rent | 0 | 2,513 | ||
Other | 4,797 | 4,672 | ||
Total | [1] | $ 20,162 | $ 29,595 | |
|
Leases - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Leases [Abstract] | ||||
Operating lease cost | $ 1,100 | $ 3,200 | ||
Variable lease payment | 500 | 1,500 | ||
Operating cash flows for operating leases included in operating activities | $ 568 | $ 1,692 | ||
Rent expense | $ 1,000 | $ 2,700 |
Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Leases [Abstract] | ||
Remainder of 2022 | $ 579 | |
2023 | 2,339 | |
2024 | 2,410 | |
2025 | 2,482 | |
2026 | 2,557 | |
2027 | 2,633 | |
Thereafter | 7,650 | |
Total lease payments | 20,650 | |
Less: imputed interest | (3,720) | |
Operating lease liability | $ 16,930 | $ 0 |
Leases - Schedule of Weighted Average Lease Term/Discount and Supplemental Cash Flow Information Related to Leases (Details) $ in Thousands |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2022
USD ($)
|
|
Leases [Abstract] | ||
Weighted average remaining lease term (in years) | 8 years | 8 years |
Weighted average discount rate | 5.00% | 5.00% |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows for operating leases included in operating activities | $ 568 | $ 1,692 |
Leases - Schedule of Future Minimum Lease Payments (Detail) $ in Thousands |
Dec. 31, 2021
USD ($)
|
---|---|
Leases [Abstract] | |
2022 | $ 2,271 |
2023 | 2,339 |
2024 | 2,410 |
2025 | 2,482 |
2026 | 2,557 |
Thereafter | 10,283 |
Total | $ 22,342 |
Borrowings - Schedule of Borrowings (Detail) - USD ($) $ in Thousands |
9 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2022 |
Sep. 30, 2022 |
Jun. 14, 2022 |
Apr. 15, 2022 |
Dec. 31, 2021 |
|
Term loan, net | |||||
Debt Instrument [Line Items] | |||||
Total | $ 50,000 | ||||
Secured borrowing payable | |||||
Debt Instrument [Line Items] | |||||
Borrower | Opportunity Funding SPE II, LLC | ||||
Borrowing Capacity | $ 1,758 | ||||
Total | $ 1,758 | $ 22,443 | |||
Interest rate | 15.00% | ||||
Senior debt | |||||
Debt Instrument [Line Items] | |||||
Borrowing Capacity | $ 545,000 | ||||
Total | 338,369 | 251,578 | |||
Senior debt | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Borrowing Capacity | 495,000 | ||||
Total | $ 289,464 | 203,000 | |||
Senior debt | Revolving Line Of Credit, Maturing January 2024, Opportunity Funding SPE III, LLC | |||||
Debt Instrument [Line Items] | |||||
Borrower | Opportunity Funding SPE III, LLC | ||||
Borrowing Capacity | $ 175,000 | ||||
Total | $ 127,159 | 119,000 | |||
Maturity Date | January 2024 | ||||
Senior debt | Revolving Line Of Credit, Tranche A, Maturing June 2025, Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC | |||||
Debt Instrument [Line Items] | |||||
Borrower | Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC (Tranche A) | ||||
Borrowing Capacity | $ 75,000 | $ 75,000 | |||
Total | $ 37,500 | 45,900 | |||
Maturity Date | June 2025 | ||||
Senior debt | Revolving Line Of Credit, Tranche B, Maturing June 2025, Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC | |||||
Debt Instrument [Line Items] | |||||
Borrower | Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC (Tranche B) | ||||
Borrowing Capacity | $ 125,000 | $ 125,000 | |||
Total | $ 84,750 | 0 | |||
Maturity Date | June 2025 | ||||
Senior debt | Revolving Line Of Credit, Maturing April 2023, Opportunity Funding SPE VI, LLC | |||||
Debt Instrument [Line Items] | |||||
Borrower | Opportunity Funding SPE VI, LLC | ||||
Borrowing Capacity | $ 0 | ||||
Total | $ 0 | 30,600 | |||
Maturity Date | April 2023 | ||||
Senior debt | Revolving Line Of Credit, Maturing February 2024, Opportunity Funding SPE IV, LLC; SalaryTap Funding SPE, LLC | |||||
Debt Instrument [Line Items] | |||||
Borrower | Opportunity Funding SPE IV, LLC; SalaryTap Funding SPE, LLC | ||||
Borrowing Capacity | $ 45,000 | ||||
Total | $ 0 | 7,500 | |||
Maturity Date | February 2024 | ||||
Senior debt | Revolving Line Of Credit, Maturing April 2025, Gray Rock SPV, LLC | |||||
Debt Instrument [Line Items] | |||||
Borrower | Gray Rock SPV LLC | ||||
Borrowing Capacity | $ 75,000 | $ 75,000 | |||
Total | $ 40,055 | 0 | |||
Maturity Date | April 2025 | ||||
Senior debt | Term loan, net | |||||
Debt Instrument [Line Items] | |||||
Borrower | OppFi-LLC | ||||
Borrowing Capacity | $ 50,000 | ||||
Total | $ 48,905 | 48,578 | |||
Maturity Date | March 2025 | ||||
Notes payable | |||||
Debt Instrument [Line Items] | |||||
Borrowing Capacity | $ 2,508 | ||||
Total | $ 2,508 | 0 | |||
Notes payable | Financed Insurance Premium, Maturing December 2022, OppFi-LLC | |||||
Debt Instrument [Line Items] | |||||
Borrower | OppFi-LLC | ||||
Borrowing Capacity | $ 84 | ||||
Total | $ 84 | 0 | |||
Interest rate | 4.59% | ||||
Maturity Date | December 2022 | ||||
Notes payable | Financed Insurance Premium, Maturing July 2023, OppFi-LLC | |||||
Debt Instrument [Line Items] | |||||
Borrower | OppFi-LLC | ||||
Borrowing Capacity | $ 2,424 | ||||
Total | $ 2,424 | $ 0 | |||
Interest rate | 7.07% | ||||
Maturity Date | July 2023 | ||||
London Interbank Offered Rate (LIBOR) | Senior debt | Revolving Line Of Credit, Maturing January 2024, Opportunity Funding SPE III, LLC | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 6.00% | ||||
London Interbank Offered Rate (LIBOR) | Senior debt | Revolving Line Of Credit, Maturing April 2023, Opportunity Funding SPE VI, LLC | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 7.25% | ||||
London Interbank Offered Rate (LIBOR) | Senior debt | Revolving Line Of Credit, Maturing February 2024, Opportunity Funding SPE IV, LLC; SalaryTap Funding SPE, LLC | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 3.85% | 3.85% | |||
London Interbank Offered Rate (LIBOR) | Senior debt | Term loan, net | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 10.00% | ||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Senior debt | Revolving Line Of Credit, Tranche A, Maturing June 2025, Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 7.36% | ||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Senior debt | Revolving Line Of Credit, Tranche B, Maturing June 2025, Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 6.75% | ||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Senior debt | Revolving Line Of Credit, Maturing February 2024, Opportunity Funding SPE IV, LLC; SalaryTap Funding SPE, LLC | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.11% | ||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Senior debt | Revolving Line Of Credit, Maturing April 2025, Gray Rock SPV, LLC | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 7.25% |
Borrowings - Additional Information (Detail) |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 14, 2022
USD ($)
|
Mar. 31, 2022
installment
|
Aug. 31, 2022
USD ($)
installment
|
Mar. 31, 2022
USD ($)
installment
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2021
USD ($)
|
Jun. 13, 2022
USD ($)
|
Apr. 15, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Mar. 29, 2021
USD ($)
|
|||
Short-term Debt [Line Items] | ||||||||||||||
Secured debt | [1] | $ 1,758,000 | $ 1,758,000 | $ 22,443,000 | ||||||||||
Interest expense | 8,513,000 | $ 5,842,000 | 22,795,000 | $ 15,535,000 | ||||||||||
Amortized debt issuance costs | 582,000 | 572,000 | 1,626,000 | 1,735,000 | ||||||||||
Debt issuance costs, net | [1] | 2,331,000 | 2,331,000 | 1,525,000 | ||||||||||
Interest expense paid | 22,296,000 | 16,046,000 | ||||||||||||
Interest expense paid to related party | 0 | 0 | 0 | 137,000 | ||||||||||
Secured borrowing payable | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Finance receivable purchased | 165,000,000 | 165,000,000 | 148,900,000 | |||||||||||
Secured debt | 1,800,000 | 1,800,000 | 22,400,000 | |||||||||||
Interest expense | 100,000 | 700,000 | 1,300,000 | 2,000,000 | ||||||||||
Capitalized issuance costs | 200,000 | |||||||||||||
Amortized debt issuance costs | 0 | 4,000 | 0 | 29,000 | ||||||||||
Debt issuance costs, net | 0 | 0 | 0 | |||||||||||
Borrowing Capacity | 1,758,000 | 1,758,000 | ||||||||||||
Senior debt | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Borrowing Capacity | 545,000,000 | 545,000,000 | ||||||||||||
Senior debt | Revolving Line Of Credit, Maturing February 2022, OppFi-LLC | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Capitalized issuance costs | 300,000 | |||||||||||||
Amortized debt issuance costs | 21,000 | |||||||||||||
Interest expense paid | 35,000 | |||||||||||||
Senior debt | Revolving Line Of Credit, Maturing January 2024, Opportunity Funding SPE III, LLC | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Interest expense | 2,800,000 | 1,900,000 | 8,000,000 | 5,100,000 | ||||||||||
Capitalized issuance costs | 2,100,000 | |||||||||||||
Amortized debt issuance costs | 100,000 | 200,000 | 500,000 | 500,000 | ||||||||||
Debt issuance costs, net | 200,000 | 200,000 | 800,000 | |||||||||||
Borrowing Capacity | 175,000,000 | 175,000,000 | ||||||||||||
Senior debt | Revolving Line Of Credit, Maturing June 2025, Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Interest expense | 2,900,000 | 1,000,000 | 5,500,000 | 2,500,000 | ||||||||||
Capitalized issuance costs | 1,500,000 | |||||||||||||
Amortized debt issuance costs | 100,000 | 100,000 | 400,000 | 300,000 | ||||||||||
Debt issuance costs, net | 1,400,000 | 1,400,000 | 400,000 | |||||||||||
Borrowing Capacity | $ 200,000,000 | $ 75,000,000 | ||||||||||||
Term of extension | 3 years | |||||||||||||
Senior debt | Revolving Line Of Credit, Tranche A, Maturing June 2025, Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Borrowing Capacity | $ 75,000,000 | 75,000,000 | 75,000,000 | |||||||||||
Senior debt | Revolving Line Of Credit, Tranche B, Maturing June 2025, Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Borrowing Capacity | $ 125,000,000 | 125,000,000 | 125,000,000 | |||||||||||
Senior debt | Revolving Line Of Credit, Maturing April 2023, Opportunity Funding SPE VI, LLC | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Interest expense | 600,000 | 1,600,000 | 1,700,000 | |||||||||||
Capitalized issuance costs | 900,000 | |||||||||||||
Amortized debt issuance costs | 100,000 | 100,000 | 200,000 | |||||||||||
Debt issuance costs, net | 0 | 0 | 100,000 | |||||||||||
Borrowing Capacity | 0 | 0 | ||||||||||||
Senior debt | Revolving Line Of Credit, Maturing February 2024, Opportunity Funding SPE IV, LLC; SalaryTap Funding SPE, LLC | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Interest expense | 100,000 | 100,000 | 300,000 | 300,000 | ||||||||||
Capitalized issuance costs | 1,100,000 | |||||||||||||
Amortized debt issuance costs | 100,000 | 100,000 | 200,000 | 300,000 | ||||||||||
Debt issuance costs, net | 300,000 | 300,000 | 300,000 | |||||||||||
Borrowing Capacity | 45,000,000 | 45,000,000 | ||||||||||||
Senior debt | Revolving Line Of Credit, Maturing April 2025, Gray Rock SPV, LLC | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Interest expense | 1,000,000 | 1,500,000 | ||||||||||||
Capitalized issuance costs | 500,000 | |||||||||||||
Amortized debt issuance costs | 100,000 | 100,000 | ||||||||||||
Debt issuance costs, net | 400,000 | 400,000 | ||||||||||||
Borrowing Capacity | 75,000,000 | 75,000,000 | $ 75,000,000 | |||||||||||
Senior debt | Term loan, net | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Interest expense | 1,600,000 | 1,500,000 | 4,600,000 | 3,700,000 | ||||||||||
Capitalized issuance costs | 2,300,000 | |||||||||||||
Amortized debt issuance costs | 200,000 | $ 100,000 | 400,000 | 300,000 | ||||||||||
Debt issuance costs, net | 1,100,000 | 1,100,000 | $ 1,400,000 | |||||||||||
Borrowing Capacity | 50,000,000 | 50,000,000 | ||||||||||||
Principal amount of debt | 50,000,000 | $ 50,000,000 | ||||||||||||
Senior debt | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Line Of Credit, Tranche A, Maturing June 2025, Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Basis spread on variable rate | 7.36% | |||||||||||||
Senior debt | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Line Of Credit, Tranche B, Maturing June 2025, Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Basis spread on variable rate | 6.75% | |||||||||||||
Senior debt | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Line Of Credit, Maturing February 2024, Opportunity Funding SPE IV, LLC; SalaryTap Funding SPE, LLC | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Basis spread on variable rate | 0.11% | |||||||||||||
Senior debt | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Line Of Credit, Maturing April 2025, Gray Rock SPV, LLC | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Basis spread on variable rate | 7.25% | |||||||||||||
Senior debt | London Interbank Offered Rate (LIBOR) | Revolving Line Of Credit, Maturing January 2024, Opportunity Funding SPE III, LLC | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Basis spread on variable rate | 6.00% | |||||||||||||
Senior debt | London Interbank Offered Rate (LIBOR) | Revolving Line Of Credit, Maturing April 2023, Opportunity Funding SPE VI, LLC | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Basis spread on variable rate | 7.25% | |||||||||||||
Senior debt | London Interbank Offered Rate (LIBOR) | Revolving Line Of Credit, Maturing February 2024, Opportunity Funding SPE IV, LLC; SalaryTap Funding SPE, LLC | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Basis spread on variable rate | 3.85% | 3.85% | ||||||||||||
Senior debt | London Interbank Offered Rate (LIBOR) | Term loan, net | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Basis spread on variable rate | 10.00% | |||||||||||||
Notes payable | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Borrowing Capacity | 2,508,000 | $ 2,508,000 | ||||||||||||
Notes payable | Financed Insurance Premium, Maturing December 2022, OppFi-LLC | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Interest expense | 2,000 | 4,000 | ||||||||||||
Borrowing Capacity | 84,000 | 84,000 | ||||||||||||
Financing of insurance premiums | $ 300,000 | |||||||||||||
Number of monthly installment payments | installment | 10 | 10 | ||||||||||||
Monthly installments | $ 28,000 | |||||||||||||
Notes payable | Financed Insurance Premium, Maturing July 2023, OppFi-LLC | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Interest expense | 13,000 | 13,000 | ||||||||||||
Borrowing Capacity | $ 2,424,000 | $ 2,424,000 | ||||||||||||
Financing of insurance premiums | $ 2,900,000 | |||||||||||||
Number of monthly installment payments | installment | 11 | |||||||||||||
Monthly installments | $ 300,000 | |||||||||||||
Subordinated debt | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Borrowing Capacity | $ 4,000,000.0 | |||||||||||||
Interest expense paid to related party | $ 100,000 | |||||||||||||
|
Borrowings - Summary of Required Payments for Borrowings, Excluding Secured Borrowing and Revolving Lines of Credit (Detail) - Term loan, net $ in Thousands |
Sep. 30, 2022
USD ($)
|
---|---|
Debt Instrument [Line Items] | |
Remainder of 2022 | $ 0 |
2023 | 0 |
2024 | 0 |
2025 | 50,000 |
2026 | 0 |
Total | $ 50,000 |
Warrant Liabilities - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Class of Warrant or Right [Line Items] | |||||
Warrant liabilities | $ 4,216 | $ 4,216 | $ 11,240 | ||
Change in fair value of warrant liabilities | $ (1,323) | $ (13,139) | $ (7,024) | $ (13,139) | |
Public Warrants | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants outstanding (in shares) | 11,887,500 | 11,887,500 | |||
Change in fair value of warrant liabilities | $ 900 | (9,000) | $ 5,200 | (9,000) | |
Private Unit Warrants | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants outstanding (in shares) | 3,451,937 | 3,451,937 | |||
Change in fair value of warrant liabilities | $ 400 | $ (4,100) | $ 1,800 | $ (4,100) |
Stockholders’ Equity - Additional information (Details) - Class A Common Stock - USD ($) |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2022 |
Jan. 06, 2022 |
|
Class of Stock [Line Items] | |||
Stock repurchase program, authorized amount | $ 20,000,000.0 | ||
Repurchase and retirement of common stock (in shares) | 88,262 | 703,914 | |
Average purchase price (in dollars per share) | $ 3.46 | $ 3.47 | |
Stock repurchased during period, value | $ 300,000 | $ 2,400,000 | |
Remaining authorized repurchase amount | $ 17,600,000 | $ 17,600,000 |
Stock-Based Compensation - Additional Information (Details) - USD ($) |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Dec. 31, 2021 |
Jul. 20, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based compensation not yet recognized related to unvested options | $ 1,900,000 | $ 6,100,000 | $ 1,900,000 | $ 1,900,000 | $ 6,100,000 | |||
Weighted-average grant date fair value of stock options (in dollars per share) | $ 1.96 | |||||||
ESPP employee payroll contributions | 100,000 | 100,000 | $ 100,000 | |||||
ESPP compensation expense | 30,000 | 63,000 | ||||||
Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share based compensation expenses | (100,000) | $ (100,000) | ||||||
Unvested award, cost not yet recognized, period for recognition | 3 years | 3 years 6 months | ||||||
Restricted stock units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share based compensation expenses | 300,000 | $ 1,400,000 | ||||||
Unrecognized compensation expense | 9,000,000 | 12,200,000 | 9,000,000 | $ 9,000,000 | $ 12,200,000 | |||
Award vesting period | 3 years 3 months 18 days | 3 years 7 months 6 days | ||||||
Performance stock units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share based compensation expenses | 300,000 | $ 400,000 | ||||||
Unvested award, cost not yet recognized, period for recognition | 3 years 7 months 6 days | 3 years 9 months 18 days | ||||||
Unrecognized compensation expense | 1,400,000 | 500,000 | 1,400,000 | $ 1,400,000 | $ 500,000 | |||
Employee Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Maximum eligible employee compensation contribution percentage | 10.00% | |||||||
Offering period | 6 months | |||||||
Fair market value share purchase percentage | 85.00% | |||||||
Profit Unit Interest | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share based compensation expenses | $ 200,000 | $ 200,000 | ||||||
Unrecognized compensation expense | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||
Class A Common Stock | Employee Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares authorized for issuance (in shares) | 1,200,000 | 1,200,000 | 1,200,000 | |||||
Percentage of outstanding stock maximum | 1.00% | |||||||
Outstanding stock maximum (in shares) | 2,400,000 | |||||||
Shares purchased under the ESPP (in shares) | 44,627 | 0 | ||||||
Class A Common Stock | Equity Incentive Plan 2021 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares authorized for issuance (in shares) | 11,772,630 | 11,772,630 | 11,772,630 |
Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Dec. 31, 2021 |
|
Number of Common Stock Options | ||
Outstanding beginning balance (in shares) | 3,375,000 | |
Granted (in shares) | 553,794 | |
Exercised (in shares) | 0 | |
Forfeited (in shares) | (1,949,822) | |
Outstanding ending balance (in shares) | 1,978,972 | |
Vested and exercisable (in shares) | 1,075,000 | |
Weighted Average Exercise Price | ||
Outstanding beginning balance (in dollars per share) | $ 15.23 | |
Granted (in dollars per share) | 3.94 | |
Exercised (in dollars per share) | 0 | |
Forfeited (in dollars per share) | 14.29 | |
Outstanding ending balance (in dollars per share) | 12.99 | |
Vested and exercisable (in dollars per share) | $ 15.23 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Weighted Average Remaining Contractual Life (Years) | 8 years 9 months 18 days | |
Vested and exercisable, Weighted-Average Remaining Contractual Life (Years) | 8 years 9 months 18 days | |
Aggregate Intrinsic Value | $ 0 | $ 0 |
Vested and exercisable, Aggregate Intrinsic Value | $ 0 |
Stock-Based Compensation - Schedule of Valuation Assumptions, Options (Details) |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Volatility, minimum | 60.00% |
Volatility, maximum | 65.00% |
Risk-free rate, minimum | 1.71% |
Risk-free rate, maximum | 302.00% |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected term (years) | 6 years 1 month 6 days |
Dividend yield | 0.00% |
Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted stock units |
9 Months Ended |
---|---|
Sep. 30, 2022
$ / shares
shares
| |
Shares | |
Outstanding beginning balance (in shares) | shares | 1,818,530 |
Granted (in shares) | shares | 1,913,043 |
Vested (in shares) | shares | (410,962) |
Forfeited (in shares) | shares | (1,197,275) |
Outstanding ending balance (in shares) | shares | 2,123,336 |
Weighted Average Grant Date Fair Value | |
Outstanding beginning balance (in dollars per share) | $ / shares | $ 7.58 |
Granted (in dollars per share) | $ / shares | 3.40 |
Vested (in dollars per share) | $ / shares | 6.83 |
Forfeited (in dollars per share) | $ / shares | 5.24 |
Outstanding ending balance (in dollars per share) | $ / shares | $ 4.55 |
Stock-Based Compensation - Summary of PSU Activity (Details) - Performance stock units |
9 Months Ended |
---|---|
Sep. 30, 2022
$ / shares
shares
| |
Shares | |
Outstanding beginning balance (in shares) | shares | 78,907 |
Granted (in shares) | shares | 425,264 |
Vested (in shares) | shares | 0 |
Forfeited (in shares) | shares | (55,451) |
Outstanding ending balance (in shares) | shares | 448,720 |
Weighted Average Grant Date Fair Value | |
Outstanding beginning balance (in dollars per share) | $ / shares | $ 7.69 |
Granted (in dollars per share) | $ / shares | 3.81 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 7.69 |
Outstanding ending balance (in dollars per share) | $ / shares | $ 4.01 |
Stock-Based Compensation - Schedule of Valuation Assumptions, Profit Unit Interests (Detail) - Profit Unit Interest |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected term (years) | 3 years |
Volatility | 68.00% |
Discount for lack of marketability | 45.00% |
Risk-free rate | 0.20% |
Stock-Based Compensation - Schedule of Profit Unit Interest (Detail) - Profit Unit Interest - $ / shares |
3 Months Ended | ||
---|---|---|---|
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
|
Units | |||
Outstanding beginning balance (in shares) | 12,147,335 | 12,147,335 | 12,202,135 |
Granted (in shares) | 0 | 0 | 0 |
Forfeited (in shares) | (536,278) | 0 | (54,800) |
Exchange in reverse recapitalization (in shares) | (11,611,057) | ||
Outstanding ending balance (in shares) | 0 | 12,147,335 | 12,147,335 |
Avg Fair Value at Grant Date | |||
Outstanding beginning balance (in dollars per share) | $ 0.08 | $ 0.08 | $ 0.08 |
Granted (in dollars per share) | 0 | 0 | 0 |
Forfeited (in dollars per share) | 0.10 | 0 | 0.08 |
Exchange in reverse recapitalization (in dollars per share) | 0.08 | ||
Outstanding ending balance (in dollars per share) | $ 0 | $ 0.08 | $ 0.08 |
Stock-Based Compensation - Schedule of Non-vested Units (Detail) - Non-vested Units - $ / shares |
3 Months Ended | ||
---|---|---|---|
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
|
Units | |||
Outstanding beginning balance (in shares) | 1,835,222 | 4,357,698 | 4,738,333 |
Granted (in shares) | 0 | 0 | 0 |
Vested (in shares) | (84,990) | (2,522,476) | (325,835) |
Forfeited (in shares) | (536,278) | 0 | (54,800) |
Exchange in reverse recapitalization (in shares) | (1,213,954) | ||
Outstanding ending balance (in shares) | 0 | 1,835,222 | 4,357,698 |
Avg Fair Value at Grant Date | |||
Outstanding beginning balance (in dollars per share) | $ 0.20 | $ 0.12 | $ 0.12 |
Granted (in dollars per share) | 0 | 0 | 0 |
Vested (in dollars per share) | 0.20 | 0.07 | 0.15 |
Forfeited (in dollars per share) | 0.10 | 0 | 0.08 |
Exchange in reverse recapitalization (in dollars per share) | 0.22 | ||
Outstanding ending balance (in dollars per share) | $ 0 | $ 0.20 | $ 0.12 |
Income Taxes - Additional Information (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Income Tax Examination [Line Items] | ||||||
Provision for income taxes | $ 1,015,000 | $ 703,000 | $ 1,757,000 | $ 703,000 | ||
Income before income taxes | $ 354,000 | $ 31,095,000 | $ 10,296,000 | $ 73,466,000 | ||
Effective income tax rate, percent | 286.00% | 2.30% | 17.10% | 1.00% | ||
Statutory income tax rate, percent | 21.00% | |||||
Effective income tax rate, stock compensation adjustment, amount | $ 100,000 | $ 500,000 | ||||
Effective income tax rate, stock compensation adjustment, percent | 5.80% | |||||
Effective income tax rate, excluding tax expense, stock compensation adjustment, percent | 11.30% | |||||
Ownership interest held, percent | 13.00% | 13.00% | ||||
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 | |||
Income tax examination, penalties and interest accrued | $ 0 | $ 0 | $ 0 | |||
Pro Forma | ||||||
Income Tax Examination [Line Items] | ||||||
Provision for income taxes | $ 700,000 | $ 700,000 |
Interest Expense and Amortized Debt Issuance Costs - Summary of Interest Expense And Amortized Debt Issuance Costs (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Interest Expense And Amortized Debt Issuance Costs [Abstract] | ||||
Interest expense | $ 8,513 | $ 5,842 | $ 22,795 | $ 15,535 |
Amortized debt issuance costs | 582 | 572 | 1,626 | 1,735 |
Interest expense and amortized debt issuance costs | $ 9,095 | $ 6,414 | $ 24,421 | $ 17,270 |
Fair Value Measurements - Schedule of Financial Assets and Liabilities that are Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Financial assets: | ||
Finance receivables at fair value, excluding accrued interest and fees receivable | $ 442,779 | $ 373,253 |
Financial liabilities: | ||
Warrant liabilities | 4,216 | 11,240 |
Fair Value, Recurring | Carrying Value | ||
Financial assets: | ||
Finance receivables at fair value, excluding accrued interest and fees receivable | 442,779 | 373,253 |
Fair Value, Recurring | Carrying Value | Public Warrants | ||
Financial liabilities: | ||
Warrant liabilities | 2,853 | 8,083 |
Fair Value, Recurring | Carrying Value | Private Placement Warrants | ||
Financial liabilities: | ||
Warrant liabilities | 1,363 | 3,157 |
Fair Value, Recurring | Fair Value Measurements | Level 1 | ||
Financial assets: | ||
Finance receivables at fair value, excluding accrued interest and fees receivable | 0 | 0 |
Fair Value, Recurring | Fair Value Measurements | Level 1 | Public Warrants | ||
Financial liabilities: | ||
Warrant liabilities | 2,853 | 8,083 |
Fair Value, Recurring | Fair Value Measurements | Level 1 | Private Placement Warrants | ||
Financial liabilities: | ||
Warrant liabilities | 0 | 0 |
Fair Value, Recurring | Fair Value Measurements | Level 2 | ||
Financial assets: | ||
Finance receivables at fair value, excluding accrued interest and fees receivable | 0 | 0 |
Fair Value, Recurring | Fair Value Measurements | Level 2 | Public Warrants | ||
Financial liabilities: | ||
Warrant liabilities | 0 | 0 |
Fair Value, Recurring | Fair Value Measurements | Level 2 | Private Placement Warrants | ||
Financial liabilities: | ||
Warrant liabilities | 0 | 0 |
Fair Value, Recurring | Fair Value Measurements | Level 3 | ||
Financial assets: | ||
Finance receivables at fair value, excluding accrued interest and fees receivable | 442,779 | 373,253 |
Fair Value, Recurring | Fair Value Measurements | Level 3 | Public Warrants | ||
Financial liabilities: | ||
Warrant liabilities | 0 | 0 |
Fair Value, Recurring | Fair Value Measurements | Level 3 | Private Placement Warrants | ||
Financial liabilities: | ||
Warrant liabilities | $ 1,363 | $ 3,157 |
Fair Value Measurements - Schedule of Fair Value Measurement Input and Valuation Techniques of Installment Financing Receivables (Detail) |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Interest rate on finance receivables | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Installment financing receivables, fair value measurement | 1.5080 | 1.4760 |
Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Installment financing receivables, fair value measurement | 0.2590 | 0.2180 |
Servicing cost | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Installment financing receivables, fair value measurement | 0.0500 | 0.0500 |
Remaining life | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Installment financing receivables, fair value measurement | 0.59 | 0.62 |
Default rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Installment financing receivables, fair value measurement | 0.1957 | 0.1770 |
Accrued interest | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Installment financing receivables, fair value measurement | 0.0380 | 0.0320 |
Prepayment rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Installment financing receivables, fair value measurement | 0.2120 | 0.2100 |
Fair Value Measurements - Schedule of Fair Value Measurement Input and Valuation Techniques of Private Placement Warrants (Detail) - Level 3 - Warrants |
Sep. 30, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
---|---|---|
$11.50 Exercise Price Warrants | Risk-free interest rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants, fair value measurement | 0.0298 | 0.0119 |
$11.50 Exercise Price Warrants | Expected term (years) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants, fair value measurement | 5,000.0 | 4,600 |
$11.50 Exercise Price Warrants | Expected volatility | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants, fair value measurement | 0.6060 | 0.4840 |
$11.50 Exercise Price Warrants | Exercise price | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants, fair value measurement | 11.50 | 11.50 |
$11.50 Exercise Price Warrants | Fair value of warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants, fair value measurement | 0.26 | 0.74 |
$15 Exercise Price Warrants | Risk-free interest rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants, fair value measurement | 0.0298 | 0.0150 |
$15 Exercise Price Warrants | Expected term (years) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants, fair value measurement | 10,000.0 | 9,600 |
$15 Exercise Price Warrants | Expected volatility | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants, fair value measurement | 0.6060 | 0.4840 |
$15 Exercise Price Warrants | Exercise price | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants, fair value measurement | 15.00 | 15.00 |
$15 Exercise Price Warrants | Fair value of warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants, fair value measurement | 0.77 | 1.40 |
Fair Value Measurements - Schedule of Changes in Fair Value of Private Placement Warrants (Detail) - Level 3 - Warrants - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
|
Private Placement Warrants | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | $ 1,735 | $ 2,655 | $ 3,157 |
Change in fair value | (372) | (920) | (502) |
Ending Balance | 1,363 | 1,735 | 2,655 |
$11.50 Exercise Price Warrants | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 914 | 1,523 | 1,879 |
Change in fair value | (254) | (609) | (356) |
Ending Balance | 660 | 914 | 1,523 |
$15 Exercise Price Warrants | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 821 | 1,132 | 1,278 |
Change in fair value | (118) | (311) | (146) |
Ending Balance | $ 703 | $ 821 | $ 1,132 |
Fair Value Measurements - Schedule of Carrying Value and Estimated Fair Values of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
Assets | ||||
Cash | [1] | $ 14,011 | $ 25,064 | |
Restricted cash | [1] | 36,458 | 37,298 | |
Accrued interest and fees receivable | 15,286 | 10,637 | ||
Finance receivables at amortized cost, net | [1] | 3,858 | 4,220 | |
Liabilities: | ||||
Secured debt | [1] | 1,758 | 22,443 | |
Senior debt, net | [1] | 338,369 | 251,578 | |
Level 1 | ||||
Assets | ||||
Cash | 14,011 | 25,064 | ||
Restricted cash | 36,458 | 37,298 | ||
Accrued interest and fees receivable | 15,286 | 10,637 | ||
Finance receivables at amortized cost, net | 0 | 0 | ||
Liabilities: | ||||
Secured debt | 0 | 0 | ||
Senior debt, net | 0 | 0 | ||
Level 2 | ||||
Assets | ||||
Cash | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Accrued interest and fees receivable | 0 | 0 | ||
Finance receivables at amortized cost, net | 0 | 0 | ||
Liabilities: | ||||
Secured debt | 0 | 0 | ||
Senior debt, net | 0 | 0 | ||
Level 3 | ||||
Assets | ||||
Cash | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Accrued interest and fees receivable | 0 | 0 | ||
Finance receivables at amortized cost, net | 3,858 | 4,220 | ||
Liabilities: | ||||
Secured debt | 1,758 | 22,443 | ||
Senior debt, net | $ 338,369 | $ 251,578 | ||
|
Commitments, Contingencies and Related Party Transactions - Additional Information (Detail) - USD ($) |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Nov. 18, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
Mar. 29, 2021 |
|
Loss Contingencies [Line Items] | |||||||
Litigation settlement, amount awarded to other party | $ 300,000 | ||||||
Unpaid settlement funds | $ 1,500,000 | $ 1,500,000 | |||||
Damages paid, value | $ 1,500,000 | ||||||
Interest expense - related party | $ 0 | $ 0 | 0 | $ 137,000 | |||
Management fees | 0 | 0 | 0 | 350,000 | |||
Severance costs | $ (6,000) | $ 200,000 | $ 2,000,000 | 600,000 | |||
Subordinated debt | |||||||
Loss Contingencies [Line Items] | |||||||
Debt agreement, maximum available amount | $ 4,000,000.0 | ||||||
Interest expense - related party | $ 100,000 |
Concentration of Credit Risk - Additional Information (Detail) - Financing Receivable - Geographic Concentration Risk |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Texas | ||
Concentration Risk [Line Items] | ||
Concentration risk, Percentage | 14.00% | 14.00% |
Florida | ||
Concentration Risk [Line Items] | ||
Concentration risk, Percentage | 14.00% | 14.00% |
California | ||
Concentration Risk [Line Items] | ||
Concentration risk, Percentage | 11.00% |
Retirement Plan - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Retirement Benefits [Abstract] | ||||
Employer matching contribution, percent of match | 4.00% | |||
Salaries and employee benefits | $ 0.4 | $ 0.4 | $ 1.2 | $ 1.1 |
(Loss) Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Numerator: | ||||
Net (loss) income attributable to OppFi Inc. | $ (571) | $ 14,125 | $ 3,963 | $ 14,125 |
Net (loss) income available to Class A common stockholders - Basic | (571) | 14,125 | 3,963 | 14,125 |
Dilutive effect of warrants on net income to Class A common stockholders | 0 | 0 | 0 | 0 |
Net (loss) income attributable to noncontrolling interest | (90) | 16,267 | 4,576 | 58,638 |
Provision for income taxes | 0 | (3,308) | (1,105) | (3,308) |
Net (loss) income available to Class A common stockholders - Diluted | $ (571) | $ 24,485 | $ 7,434 | $ 24,485 |
Denominator: | ||||
Weighted average Class A common stock outstanding - Basic (in shares) | 13,972,971 | 13,363,996 | 13,694,733 | 13,107,874 |
Effect of dilutive securities: | ||||
Dilutive common unit equivalents (in shares) | 0 | 71,100,787 | 70,582,544 | 71,356,909 |
Weighted average units outstanding - diluted (in shares) | 13,972,971 | 84,464,783 | 84,277,277 | 84,464,783 |
Basic EPS (in dollars per share) | $ (0.04) | $ 1.06 | $ 0.29 | $ 1.08 |
Diluted EPS (in dollars per share) | $ (0.04) | $ 0.29 | $ 0.09 | $ 0.29 |
Previously Reported | ||||
Numerator: | ||||
Net (loss) income attributable to noncontrolling interest | $ 0 | $ 13,668 | $ 4,576 | $ 13,668 |
Stock Options | ||||
Effect of dilutive securities: | ||||
Dilutive securities (in shares) | 0 | 0 | 0 | 0 |
Restricted stock units | ||||
Effect of dilutive securities: | ||||
Dilutive securities (in shares) | 0 | 0 | 123,722 | 0 |
Performance stock units | ||||
Effect of dilutive securities: | ||||
Dilutive securities (in shares) | 0 | 0 | 11,986 | 0 |
Warrants | ||||
Effect of dilutive securities: | ||||
Warrants (in shares) | 0 | 0 | 0 | 0 |
Employee Stock | ||||
Effect of dilutive securities: | ||||
Dilutive securities (in shares) | 0 | 0 | 0 | 0 |
Units, Excluding Earnout Units | ||||
Effect of dilutive securities: | ||||
Dilutive securities (in shares) | 0 | 71,100,787 | 70,446,836 | 71,356,909 |
(Loss) Earnings Per Share - Schedule of Securities Excluded from Calculation of Diluted Earnings Per Share (Details) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential common stock (in shares) | 115,471,864 | 46,439,437 | 44,953,643 | 46,439,437 |
Warrants | Public Warrants | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential common stock (in shares) | 11,887,500 | 11,887,500 | 11,887,500 | 11,887,500 |
Warrants | Private Unit Warrants | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential common stock (in shares) | 231,250 | 231,250 | 231,250 | 231,250 |
Warrants | $11.50 Exercise Price Warrants | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential common stock (in shares) | 2,248,750 | 2,248,750 | 2,248,750 | 2,248,750 |
Warrants | $15 Exercise Price Warrants | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential common stock (in shares) | 912,500 | 912,500 | 912,500 | 912,500 |
Warrants | Underwriter Warrants | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential common stock (in shares) | 59,437 | 59,437 | 59,437 | 59,437 |
Stock Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential common stock (in shares) | 1,978,972 | 5,600,000 | 2,178,347 | 5,600,000 |
Restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential common stock (in shares) | 2,545,635 | 0 | 1,718,129 | 0 |
Performance stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential common stock (in shares) | 448,720 | 0 | 217,730 | 0 |
Noncontrolling interest - Earnout Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential common stock (in shares) | 25,500,000 | 25,500,000 | 25,500,000 | 25,500,000 |
Noncontrolling interest - OppFi Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential common stock (in shares) | 69,659,100 | 0 | 0 | 0 |
(Loss) Earnings Per Share - Additional Information (Detail) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Diluted (in dollars per share) | $ (0.04) | $ 0.29 | $ 0.09 | $ 0.29 |
Revision of Prior Period, Error Correction, Adjustment | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Diluted (in dollars per share) | $ 0.77 | $ 0.79 |
Subsequent Events - Additional Information (Detail) - Subsequent Event $ in Millions |
Oct. 10, 2022
USD ($)
ft²
|
---|---|
Subsequent Event [Line Items] | |
Area of real estate property | ft² | 10,481 |
Operating lease, payments to be received | $ | $ 0.9 |