Oportun Provides COVID-19 Operational Business Update

Announces Select Preliminary First Quarter 2020 Performance Metrics

SAN CARLOS, Calif., April 02, 2020 (GLOBE NEWSWIRE) -- Oportun Financial Corporation (“Oportun” or the “Company”) (Nasdaq: OPRT) today provided an operational business update that reflects the Company’s response to the COVID-19 pandemic. In addition, the Company announced select preliminary unaudited performance metrics for the first quarter ended March 31, 2020¹.

For the three months ended March 31, 2020:

• Aggregate Originations of $433 million, up 4% year-over-year (“Y/Y”)
• Active Customers of 777,194, up 11% Y/Y
• Managed Principal Balance at End of Period of $2.2 billion, up 20% Y/Y
• 30+ Day Delinquency Rate of 3.8% compared to 3.6% for the prior-year period
• Annualized Net Charge-Off Rate of 9.0% compared to 8.3% for the prior-year period
• Cash, cash equivalents and restricted cash of $194 million compared to $119 million for the prior-year period
• More than 12 months of liquidity runway
• Total Revenue and Fair Value Pro Forma (“FVPF”) Total Revenue are both expected to be approximately $162 million
• Withdraws guidance for 1Q Adjusted EBITDA and Adjusted Net Income, and its full year 2020 guidance

______________
¹ Numbers are as of March 31, 2020, and are unaudited, preliminary and subject to change upon completion of the Company’s closing process.

Since late January, Oportun has consistently monitored and proactively navigated the COVID-19 pandemic. The Company has taken actions to manage its business in a thoughtful and conservative manner throughout this fluid situation, while ensuring the health and safety of employees and prudently pursuing its mission to provide customers with greater access to affordable financial services. Oportun believes it is well positioned strategically and financially to adapt its business to the current environment.

Safeguarding employees and customers. The health and safety of Oportun’s employees and customers is paramount as the Company fulfills its responsibility as part of an “Essential Critical Infrastructure Sector” of maintaining operations to support customers in need. Oportun is taking all necessary healthcare precautions in accordance with the guidelines of the Center for Disease Control and state and local authorities. The Company has adopted social distancing procedures within its retail locations and contact centers. Additionally, Oportun has increased the benefits it offers to employees, including increased sick leave, stipends to cover incremental childcare expenses, cash advances and access to its employee assistance fund. Whenever necessary, the Company’s teams have seamlessly adapted to working remotely.