Earnings Rebound and Credit Performance
Adjusted EBT and Adjusted Net Income Reconciliation Table
($ in thousands)
FY 2021A
FY 2022A
Net Income
89,795
3,340
Provision for Income Taxes
311
(277)
Debt Amortization
2,310
2,372
Other Addback and One-Time Expenses¹
(8,452)
1,127
Adjusted EBT
83,964
6,562
Pro-Forma Taxes²
(18,145)
(1,586)
Adjusted Net Income
65,819
4,976
20
1. For the year ended December 31, 2022, other addbacks and one-time expenses of $1.1 million included a $(9.4) million addback due to the change in fair value of the warrant liabilities, $0.1 million in income related to
the sublease of Company office space, $0.1 million in expenses related to one-time legal costs, $2.0 million in expenses related to severance, $1.0 million in expenses related to retention, $3.6 million in expenses related to
the reclassification of OppFi Card finance receivables as held for sale, $0.5 million in expenses related to the impairment of the operating lease right of use asset, and $3.4 million in stock-based compensation. For the year
ended December 31, 2021, other addbacks and one-time expenses of $(8.5) million included a $(26.4) million addback due to the change in fair value of the warrant liabilities, a $(6.4) million addback due to the gain on
forgiveness of PPP Loan, $6.6 million in public company readiness costs prior to the Business Combination, $5.3 million in expenses related to one-time legal, accounting, and other costs related to the Business Combination,
$4.2 million in expenses related to warrant valuation, $3.0 million in expenses related to severance, $0.6 million in management and board fees, a $1.8 million recruiting and salary expense, $3.0 million in profit interest and
stock compensation
2. Assumes a tax rate of 24.17% for the year ended December 31, 2022 and a tax rate of 21.61% for the year ended December 31, 2021, reflecting the U.S. federal statutory rate of 21% and a blended statutory rate for
state income taxes, in order to allow for a comparison with other publicly traded companies.
OppFi"View entire presentation