Earnings Rebound and Credit Performance
Reduced Cost of Financing Spread and
Strong Balance Sheet to Power Growth
Ample debt capacity provides a means to fund anticipated
short-term future growth without equity
Receivable Funding Capacity ($ in millions)
Expanded funding capacity more
than 5x since 2017
Decreased cost of financing
spread by 500+ bps since 2017
Diversified institutional capital
sources
Increased financial flexibility with:
13
•
$591
corporate credit agreements
$546
$526
$532
$537
•
$66
$474
$46
$50
$71
$62
.
$62
$181
$383
$137
$143
$143
•
$36
$158
.
$338
$140
$201
$23
$346
$332
$332
$344
$52
$105
$274
$207
$40
$126
$142
asset-backed facilities
bank provided asset-based
loans
forward flow arrangements
total return swap
Remaining debt capacity
increased by $50M in July 2023
due to the SPE V facility upsize
$55
YE 2017
YE 2018
YE 2019
YE 2020
YE 2021
■Oustanding Debt
■Remaining Debt Capacity
YE 2022 Q1 2023 Q2 2023
■Cash & Restricted Cash
Q3 2023
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