OppFi Inc. (NYSE:OPFI) Q4 2022 Earnings Call Transcript

Todd Schwartz: Okay. Yes, I mean, first of all, I’d like to start by saying, I personally purchased shares, my family personally purchased shares. But when you’re looking at some of the €“ first of all, the opportunity set, there is a €“ we feel really strong right now and our confidence level just on credits is getting higher and our ability to find very profitable transactions for growth is first and foremost. I think right now though, coming out of this, we see some competition around us where there is some balance sheet issues. And we’ve come out of this with a really strong balance sheet, with a really strong cash position €“ unrestricted cash position and feel that we want to see a couple more cards before we just start investing in spaces and being very thoughtful and strategic about where we want to allocate that capital.

And I think right now €“ I forget who said it, but cash is king in this environment. And then having a strong balance sheet is definitely something that we’ve prioritized and have worked through and feel really good about. So it’s not to say that the company is not going to purchase coming up here. We still think the stock price is disconnected from its long-term intrinsic value. And so personally, the family is purchasing. Just the company we decided, we’re going to wait for the time being.

Operator: And as there are no more questions from the webcast, I’d like to pass it back to management for any closing remarks.

Todd Schwartz: I want to thank everyone for joining us today. We’re excited by our start to 2023 with improved credit performance and a higher mix of origination to the lowest credit risk tiers. We look forward to updating you again on our progress in May. And we expect to report our Q1 results then. Thanks, everyone.

Operator: This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation and have a great day.