united states – SGB Sports http://sgb-sports.com/ Sat, 19 Mar 2022 12:05:35 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://sgb-sports.com/wp-content/uploads/2021/05/sbg-sports-icon-150x150.png united states – SGB Sports http://sgb-sports.com/ 32 32 Here’s What Fort Bragg’s New Name Could Be https://sgb-sports.com/heres-what-fort-braggs-new-name-could-be/ Sat, 19 Mar 2022 11:15:01 +0000 https://sgb-sports.com/heres-what-fort-braggs-new-name-could-be/

FAYETTEVILLE, NC (WNCN) — Fort Bragg may be changing its name.

The North Carolina military installation, along with eight other bases in the United States, are undergoing a name change under the Naming Commission because of their commemoration of the Confederacy, a press release announced Thursday. .

The committee has until Oct. 1 to submit a name change proposal to the House Armed Services Committee and the Senate Armed Services Committee in response to the 2021 National Defense Authorization Act.

Fort Bragg is named after Confederate General Braxton Bragg.

Some of the new name suggestions include Dwight Eisenhower, Harriet Tubman and Colin Powell.

Along with Fort Bragg, Fort Hood (Texas), Fort Rucker (Alabama), Fort Polk (Louisiana), Fort Benning and Fort Gordon (Georgia) and Fort AP Hill, Fort Lee and Fort Pickett (Virginia) are all in danger of being renamed.

The Naming Commission said it visited the nine institutions last year to sit with commanders and military leaders “to get feedback on their process, their preferences for new names and an understanding of the local sensitivities.

“It is important that the names we recommend for these facilities appropriately reflect the courage, values ​​and sacrifices of our diverse military men and women,” said retired Admiral Michelle Howard, Commission Chair. of denomination. “We are also looking at the local and regional significance of names and their potential to inspire and motivate our service members.”

The Naming Commission said it received more than 34,000 submissions for new names and has since whittled it down to less than 100.

The press release did not specify when a new name should be officially chosen after the October 1 submission.

You can see all the names under consideration here.

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Ivey Garners earns second-team All-America honors by AP https://sgb-sports.com/ivey-garners-earns-second-team-all-america-honors-by-ap/ Tue, 15 Mar 2022 23:19:24 +0000 https://sgb-sports.com/ivey-garners-earns-second-team-all-america-honors-by-ap/

WEST LAFAYETTE, Indiana – Purdue second-year guard Jaden Ivey picked up his second All-American honor this season after the Associated Press (AP) selected him to the second team, the organization announced this afternoon.

The AP is one of four entities that make up the All-American Awards, joined by the United States Basketball Writers Association (USBWA), the National Association of Basketball Coaches (NABC) and the Sporting News. He was named the second-team winner by Sporting News last week. A player is considered a consensus All-American if named to all four rosters.

Ivey led the Boilermakers to a 27-7 record and a No. 3 seed at this week’s NCAA Tournament. The 6-foot-4, South Bend, Indiana native is averaging 17.4 points, 4.9 rebounds and 3.2 assists per game while adding 31 steals and 19 blocked shots. He is one of only two players nationally (Duke’s Paolo Banchero) with 575 points, 150 rebounds, 100 assists, 30 steals and 15 blocked shots.


He was named a finalist for the Jerry West Award and named to the Big Ten All-Tournament Team after averaging 19.7 points, 6.3 rebounds and 4.3 assists per game at Indianapolis.


Ivey played his best against ranked teams, averaging 19.3 points, 5.4 rebounds and 4.6 assists in eight games. He was outstanding in a win over No. 18 North Carolina with 22 points, 10 rebounds and seven assists, then added 10 points, seven rebounds and seven assists against No. 5 Villanova.


He then had one of the iconic moments of the college basketball season in an 81-78 win over No. 16 Ohio State, hitting a 25-foot fadeaway as time expired. allotted for victory beating the buzzer. Three games later, he had 26 points with six assists and four rebounds to complete a season sweep of Illinois. He also had 25 points and four assists in a big win over a Rutgers team that had won four consecutive games against nationally ranked teams.


Ivey tied a school record for most clear 3-pointers with a 6-of-6 performance against Butler in the latest edition of the Crossroads Classic.


Ivey has scored in double digits in 31 of 33 games played (missed one game with injury) and has a team record 13 games of 20 or more points, including doubles against North Carolina (22 points , 10 rebounds) and Minnesota (21 points, 10 rebounds).


The Boilermakers will face Yale in the first round of Friday’s NCAA Tournament in Milwaukee.

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OPPFI INC. MANAGEMENT REPORT OF FINANCIAL POSITION AND RESULTS OF OPERATIONS (Form 10-K) https://sgb-sports.com/oppfi-inc-management-report-of-financial-position-and-results-of-operations-form-10-k/ Fri, 11 Mar 2022 22:30:07 +0000 https://sgb-sports.com/oppfi-inc-management-report-of-financial-position-and-results-of-operations-form-10-k/

PREVIEW


We are a leading mission-driven financial technology platform that powers banks
to offer accessible financial products to everyday consumers through our
proprietary technology and artificial intelligence ("AI") and a top-rated
customer experience. Our primary mission is to facilitate financial inclusion
and credit access to the 150 million everyday consumers who lack access to
mainstream credit and help them build financial health. Consumers on our
platform benefit from higher approval rates and a highly automated, transparent,
efficient, and fully digital experience. Our bank partners benefit from our
turn-key, outsourced marketing, data science, and proprietary technology to
digitally acquire, underwrite and service everyday consumers and increase
automation throughout the lending process.

We principally service consumers on our financial platform through OppLoans,
which is our bank sponsored installment loan product that is a fully amortizing,
simple interest small dollar loan with an average loan size of approximately
$1,500 and a term of 11 months. We also recently launched our SalaryTap and
OppFi Card products, which do not currently represent a significant amount of
our business.

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Covid-19 pandemic


On March 11, 2020, the World Health Organization designated the novel
coronavirus ("COVID-19") as a global pandemic. Recently, consumer activity has
began to recover and many government mandates to restrict daily activities have
been lifted, but the long-term effects of the COVID-19 pandemic globally and in
the United States remain unknown. Worker shortages, supply chain issues,
inflationary pressures, vaccine and testing requirements, the emergence of new
variants, and the reinstatement of restrictions and health and safety related
measures in response to the emergence of new variants, such as the Delta and
Omicron variants, contributed to the volatility of ongoing recovery. There can
be no assurance that economic recovery will continue or that consumer behavior
will return to pre-pandemic levels. For further discussion please reference the
'Risk Factors' section.

Election of Fair Value

On January 1, 2021, we elected the fair value option for our OppLoan product.
Accordingly, the related finance receivables are carried at fair value in the
consolidated balance sheets and the changes in fair value are included in the
consolidated statements of operations. For more information, please refer to
"Fair Value Pro Forma" below.

RECENT DEVELOPMENTS

The main recent events that have had an impact on our activities are as follows:


•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 to certain District of Columbia consumers. As of December 31, 2021,
unpaid refunds totaled $1.5 million, which is included in accrued expenses on
the consolidated balance sheets.

•On January 6, 2022, the Company 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 the Company's 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 Exchange Act 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 the Company, decreasing the percentage
ownership of OppFi-LLC by the Company and relatively increasing the ownership by
the other members. The Repurchase Program will expire in December 2023.

•On February 23, 2022, the Board of the Company appointed Mr. Todd G. Schwartz
as the Chief Executive Officer of the Company, effective February 28, 2022. Mr.
Schwartz will continue to serve as the Executive Chairman of the Board.

•On March 7, 2022, the Company, through OppFi-LLC, 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. 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. As of
December 31, 2021, consumers living in the State of California made up
approximately 11% of the Company's finance receivables portfolio. The Company
intends to aggressively prosecute the claims set forth in the Complaint.

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STRONG POINTS


Our financial results as of and for the year ended December 31, 2021 are
summarized below:
•Basic and diluted earnings per share ("EPS") of $1.93 for the year ended
December 31, 2021;
•Adjusted basic and diluted EPS(1) of $0.78 for the year ended December 31,
2021;
•Net originations increased 23% to $595.1 million from $483.4 million for the
years ended December 31, 2021 and 2020, respectively;
•Ending receivables increased 22% to $337.5 million from $275.7 million as of
December 31, 2021 and 2020, respectively;
•Total revenue increased 20% to $350.6 million from $291.0 million for the years
ended December 31, 2021 and 2020, respectively;
•Adjusted revenue(1) increased 9 % to $350.6 million from $323.0 million for the
years ended December 31, 2021 and 2020, respectively;
•Net income increased 16% to $89.8 million from $77.5 million for the years
ended December 31, 2021 and 2020 respectively; and
•Adjusted net income(1) increased 19% to $65.8 million from $55.2 million for
the years ended December 31, 2021 and 2020, respectively.

(1) Adjusted Basic and Diluted EPS, Adjusted Revenue and Adjusted Net Income are
non-Generally Accepted Accounting Principles ("GAAP") financial measures. For
information regarding our uses and definitions of these measures and for
reconciliations to the most directly comparable United States GAAP measures, see
"Non-GAAP Financial Measures" below.

Key performance indicators


We regularly review the following key metrics, to evaluate our business, measure
our performance, identify trends affecting our business, formulate financial
projections and make strategic decisions, which may also be useful to an
investor. The following tables and related discussion set forth key financial
and operating metrics for the Company's operations as of and for the years ended
December 31, 2021 and 2020.

Note: All key performance metrics include the three products on the OpFi
platform and are not shown separately as the contributions from SalaryTap and OppFi Card were de minimis.


Total Net Originations

We measure originations to assess the growth trajectory and overall size of our
loan portfolio. There is a direct correlation between origination growth and
revenue growth. We include both bank partner originations as well as those
originated by us directly. Loans are considered to be originated when the
contract is signed between us and the prospective borrower. The vast majority of
our originations ultimately disburse to a borrower, but disbursement timing lags
that of originations. Originations may be useful to an investor because they
help understand the growth trajectory of our revenues.

The following tables present total net originations (defined as gross
originations net of transferred balance on refinanced loans), percentage of net
originations by bank partners, and percentage of net originations by new loans
for the years ended December 31, 2021 and 2020 (in thousands):

                                                         Year Ended December 31,                          Change
                                                        2021                  2020                 $                  %
Total net originations                            $        595,079       $      483,350       $ 111,729               23.1  %
Percentage of net originations by bank
partners                                                   90.6  %            65.0    %                N/A            39.4  %
Percentage of net originations by new loans                46.2  %            42.8    %                N/A             7.9  %



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Net originations increased to $595.1 million for the year ended December 31,
2021, from $483.4 million for the year ended December 31, 2020. The 23.1%
increase was primarily due to a partial recovery from the short-term reduction
in customer demand attributable to the COVID-19 pandemic and related
governmental stimulus measures that we experienced 2020. However, 2021 growth
was significantly lower than historical years due in part to the continued
impact of the pandemic on customer demand.

Our origination mix continues to shift towards a servicing / facilitation model
for bank partners from a direct origination model. Total net originations by our
bank partners increased to 90.6% for the year ended December 31, 2021, from
65.0% for the year ended December 31, 2020.

In addition, our net originations saw an increase in the percentage of
originations of new loans compared to refinanced loans as customer demand began
to return from weakness due to the onset of the COVID-19 pandemic in 2020
coupled with increased automation, which drove a higher conversion of
applications to funded loans. Total net originations of new loans as percentage
of total loans increased to 46.2% for the year ended December 31, 2021 from
42.8% for the year ended December 31, 2020.

Closing of receivables


Ending receivables are defined as the unpaid principal balances of both on- and
off-balance sheet loans at the end of the reporting period. The following table
presents ending receivables as of December 31, 2021 and 2020 (in thousands):

                                                              Change
                           2021           2020            $             %
Ending receivables      $ 337,529      $ 275,670      $ 61,859        22.4  %



Ending receivables increased to $337.5 million as of December 31, 2020 from
$275.7 million as of December 31, 2020. The 22.4% increase was primarily driven
by growth in originations in 2021. Off-balance sheet receivables were $19.7
million as of December 31, 2020, and there were no off-balance sheet receivables
as of December 31, 2021.

Average Yield

Average yield represents annualized interest income from the period as a percent
of average receivables. Receivables are defined as unpaid principal balances of
both on- and off-balance sheet loans. The following tables present average yield
for the years ended December 31, 2021 and 2020:

                            Year Ended December 31,            Change
                               2021                2020          %
Average yield                        126.9  %     128.1  %     (0.9) %



Average yield decreased to 126.9% for the year ended December 31, 2021, from
128.1% for the year ended December 31, 2020. The 0.9% decrease was driven by the
introduction of market-based offers in the fourth quarter, which offers
qualifying customers to receive a lower APR. Additionally, average yield was
driven lower by the expansion of the APR stepdown program through 2021, which
rewards eligible customers for making on-time payments by lowering their
interest rates in regular intervals.

Net charges as a percentage of average receivables


Net charge-offs as a percentage of average receivables represents annualized
total charge offs from the period less recoveries as a percent of average
receivables. Receivables are defined as unpaid principal of both on- and
off-balance sheet loans. Our charge-off policy is based on a review of
delinquent finance receivables on a loan by loan basis. Finance receivables are
charged off at the earlier of the time when accounts reach 90 days past due on a
recency basis, when we receive notification of a customer bankruptcy, or when
finance receivables are otherwise deemed uncollectible.

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The following tables show net write-offs as a percentage of annualized average receivables for the years ended December 31, 2021 and 2020:

                                                         Year Ended December 31,            Change
                                                             2021                2020         %
Net charge-offs as % of average receivables                         37.5  % 

35.6% 5.3%




Net charge-offs as a percentage of average receivables increased by 5.3% to
37.5% for the year ended December 31, 2021, from 35.6% for the year ended
December 31, 2020. The increase for the year ended December 31, 2021 reflects a
gradual return to normalization of credit towards pre-pandemic levels due to
reduced government stimulus from 2020 and the corresponding impact on our
customers' bank balance.

Marketing cost per financed loan


Marketing cost per funded loan represents marketing cost per funded loan for new
and refinance loans. This metric is the amount of direct marketing costs
incurred during a period divided by the number of loans originated during that
same period.
The following tables present marketing cost per funded loan for the years ended
December 31, 2021 and 2020:
                                            Year Ended December 31,         

Change

                                                2021                  2020        $           %
Marketing cost per funded loan      $         78                     $ 62   

$16 25.8%




Our marketing cost per funded loan increased to $78 for the year ended
December 31, 2021, from $62 for the year ended December 31, 2020. The 25.8%
increase for the year ended December 31, 2021 was driven by the higher mix of
new versus refinanced loans year over year as well as a higher Marketing Cost
per New Funded Loan as described in the following section.

Marketing cost per new loan financed


Marketing cost per new funded loan represents the amount of direct marketing
costs incurred during a period divided by the number of new loans originated
during that same period. The following tables present marketing cost per funded
loan (new) for the years ended December 31, 2021 and 2020:

                                                  Year Ended December 31,                   Change
                                                      2021                 2020         $           %
Marketing cost per new funded loan        $         254                   $ 

211 $43 20.4%




Our marketing cost per new funded loan increased to $254 for the year ended
December 31, 2021 from $211 for the year ended December 31, 2020. The 20.4%
increase for the year ended December 31, 2021 was driven by increased mix to the
partner channel from lower cost organic channels and higher spend in direct mail
as the company pulled back direct mail spending in 2020.

Automatic approval rate


Auto-approval rate is calculated by taking the number of approved loans that are
not decisioned by a loan advocate or underwriter (auto-approval) divided by the
total number of loans approved. The following table presents auto approval rate
as of December 31, 2021 and 2020:

                              Year Ended December 31,            Change
                                  2021                2020          %
Auto-approval rate                       60.0  %     25.7  %     133.4  %


Auto-approval rate increased by 133.4% as of December 31, 2021 to 60.0%, from 25.7% to December 31, 2020through the continued application of algorithmic automation projects that streamline the frictional steps of the origination process.

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Sales and Servicing Cost per Loan Sales and Servicing cost per loan is
calculated by taking the total servicing costs, which include customer center
salaries, underwriting and reporting costs, and payment processing fees, divided
by the average amount of outstanding loans during that period. The following
tables present servicing cost per loan for the years ended December 31, 2021 and
2020:

                                               Year Ended December 31,                  Change
                                                   2021                 2020         $          %
Sales and servicing cost per loan      $         159                   $ 

148 $11 7.4%



Our servicing cost per loan increased by $11 for the year ended December 31,
2021 compared to the year ended December 31, 2020 due to the increase in
underwriting costs and payment processing fees tied to the increase in
originations. Due to improvements in auto-approval rates, which drove scale to
the business, the percentage growth in sales and servicing costs per loan of
7.4% for the year ended December 31, 2021 were significantly lower than total
net origination growth of 23.1% for the year ended December 31, 2021.

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RESULTS OF OPERATIONS

Comparison of years ended December 31, 2021 and 2020


The following table presents our consolidated results of operations for the
years ended December 31, 2021 and 2020 (in thousands, except per number of
shares and share data).

                                                        Year Ended December 31,                             Change
                                                        2021                   2020                $                    %
Interest and loan related income, gross
(a)                                             $     349,029              $ 322,165          $  26,864                    8.3  %
Other income                                            1,539                    789                750                   95.1
  Interest, loan related, and other
income                                                350,568                322,954             27,614                    8.6
Amortization of loan origination costs                      -                (31,940)            31,940                 (100.0)
  Total revenue                                       350,568                291,014             59,554                   20.5
Total provision                                          (929)               (90,787)            89,858                  (99.0)
Change in fair value of finance
receivables                                           (85,960)                     -            (85,960)                     -
  Net revenue                                         263,679                200,227             63,452                   31.7
Expenses                                              206,422                122,711             83,711                   68.2
  Income from operations                               57,257                 77,516            (20,259)                 (26.1)
Gain on forgiveness of Paycheck
Protection Program loan                                 6,444                      -              6,444                      -
Change in fair value of warrant liability              26,405                      -             26,405                      -
  Income before income taxes                           90,106                 77,516             12,590                   16.2
Provision for income taxes                               (311)                     -               (311)                     -
  Net income                                           89,795              $  77,516          $  12,279                   15.8  %
Less: net income attributable to
noncontrolling interest                                64,241

Net income attributable to Opfi Inc. $25,554


Earnings per share attributable to OppFi
Inc.: (b)
Earnings per common share:
  Basic                                         $        1.93              $       -
  Diluted                                       $        1.93              $       -
Weighted average common shares
outstanding:
  Basic                                                   13,218,119                  -
  Diluted                                                 13,227,049                  -

(a) Loan-related income mainly consists of insufficient fund charges, which are not material and were waived during the first quarter of 2021. Interest income related to financial receivables accounted for under the fair value option are included in “Interest and loan income, net” in the Consolidated Statements of Income. (b) Prior to the reverse recapitalization, all net income was attributable to the non-controlling interest. For periods prior to July 20, 2021earnings per share have not been calculated, as net earnings before the Business Combination are entirely attributable to OppFi-LLC.




Total Revenue

Total revenue consists mainly of revenue earned from interest on receivables
from outstanding loans based only on the interest method, as well as
amortization of loan origination costs in previous periods. We also earn revenue
from referral fees related primarily to our turn-up program, which represented
less than 0.5 % of total revenue for the year ended December 31, 2021.

Total revenue increased by $59.6 million, or 20.5%, to $350.6 million for the
year ended December 31, 2021 from $291.0 million for the year ended December 31,
2020. This increase was due to the removal of the amortization of loan
origination costs as a result of the election of the fair value option in 2021
as well as receivables growth in 2021 . Under the fair value option, loan
origination costs related to the origination of installment loans are expensed
when incurred and are no longer recognized as a part of total revenue.

Change in fair value and total provision


Commencing on January 1, 2021, we elected the fair value option on the OppLoan
installment product. To derive the fair value, we generally utilize discounted
cash flow analyses that factor in estimated losses and prepayments over the
estimated duration of the underlying assets. Loss and prepayment assumptions are
determined using historical loss data and include appropriate consideration of
recent trends and anticipated future performance. Future cash flows are
discounted using a rate of return that
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we believe a market participant would require based on the risk characteristics
of the loans. We did not elect the fair value option on our SalaryTap and OppFi
Card finance receivables as these products launched in November 2020 and August
2021, respectively, and inputs for fair value are not yet determined.
Accordingly, the related finance receivables are carried at amortized cost, net
of allowance for credit losses.

For the year ended December 31, 2021, change in fair value consists of gross
charge-offs incurred in the period, net of recoveries, plus the change in the
fair value on the installment loans portfolio. Change in fair value totaled
$86.0 million for the year ended December 31, 2021,which was comprised of $103.5
million of net charge-offs, partially offset by a fair market value adjustment
of $17.6 million. The fair value adjustment had a positive impact due to the
increase in receivables in the period and an increase in the fair value mark.
The fair value mark improved due to an increase in the remaining life of the
portfolio driven by a younger portfolio from origination growth in the period,
as well as an increase in the weighted average interest rate of the portfolio
driven by the higher mix of bank partner originated loans and a lower volume of
customers on assistance programs.

For the year ended December 31, 2021, total provision consists of gross
charge-offs incurred in the period, net of recoveries, plus the change in the
allowance for credit losses for our SalaryTap and OppFi Card products. For the
year ended December 31, 2020, total provision consists of gross charge-offs
incurred in the period, net of recoveries, plus the change in the allowance for
credit losses for the OppLoan product as this was the only product for the
Company during 2020 and the Company utilized incurred credit loss application
method prior to electing the fair value option on January 1, 2021. Starting
January 1, 2021, our provision for future losses is based on estimated credit
loss application whereby it reserves for life of loan losses.

Net revenue


Net revenue is equal to total revenue less the change in fair value and less
total provision costs. Total net revenue increased by $63.5 million, or 31.7%,
to $263.7 million for the year ended December 31, 2021 from $200.2 million for
the year ended December 31, 2020. This increase was attributable to the removal
of the amortization of loan origination costs from total revenue as a result of
the election of the fair value option in 2021 and growth in receivables from the
prior year.

Expenses

Expenses includes salaries and employee benefits, interest expense and amortized
debt issuance costs, servicing costs, direct marketing costs, technology costs,
depreciation and amortization, professional fees and other expenses.

Expenses increased by $83.7 million, or 68.2%, to $206.4 million for the year
ended December 31, 2021, from $122.7 million for the year ended December 31,
2020. This was primarily due to higher marketing costs due to higher
originations, an increase in salaries and employee benefits related to
additional headcount, technology infrastructure costs and professional fees
related to investments to support the company's augmentation of internal
controls, operational risk and compliance functions, insurance expenses as the
company transitioned to becoming a public entity, and the impact of the 2021
election of fair value option. As a result of the election of the fair value
option, loan origination costs, including direct marketing costs and payment
processing fees related to the origination of the OppLoan product, are
recognized as expenses when incurred and are no longer recognized as an offset
to total revenue.

Income from Operations

Income from operations is the difference between net revenue and expenses. Total
income from operations decreased by $20.3 million, or 26.1%, to $57.3 million
for the year ended December 31, 2021, from $77.5 million for the year ended
December 31, 2020.

Other income (expenses)


Other income for the year ended December 31, 2021 included the gain from
forgiveness of an unsecured loan of $6.4 million in connection with the Paycheck
Protection Program ("PPP") Loan. Additionally, other income included the change
in fair value of the warrant liability in the amount of $26.4 million. This
warrant liability arose with respect to warrants issued in connection with the
initial public offering of FGNA and is subject to re-measurement at each balance
sheet date.

Income Before Income Tax

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Income before income tax is the difference between net revenue and expenses.
Income before income tax increased by $12.6 million, or 16.2%, to $90.1 million
for the year ended December 31, 2021, from $77.5 million for the year ended
December 31, 2020.

Income tax


OppFi Inc. recorded a provision for income taxes of $0.3 million for the year
ended December 31, 2021 and no expense for the year ended December 31, 2020. As
noted above, OppFi-LLC is treated as a partnership and is not subject to income
taxes; prior to the consummation of the Business Combination on July 20, 2021,
there were no taxes attributable to OppFi Inc. as OppFi-LLC was the only
reportable entity.

Net revenue

Net income increased by $12.3 millioni.e. 15.8%, to $89.8 million for the year ended December 31, 2021 from $77.5 million for the year ended December 31, 2020.

Net income attributable to Opfi Inc.


Net income attributable to OppFi Inc. was $25.6 million for the year ended
December 31, 2021. Net income attributable to OppFi Inc. represents the income
solely attributable to stockholders of OppFi Inc. for the year ended
December 31, 2021. Prior to the consummation of the Business Combination on July
20, 2021, there was no income attributable to OppFi Inc. as OppFi-LLC was the
only reportable entity.

NON-GAAP FINANCIAL MEASURES

We believe that the provision of non-GAAP financial measures in this report,
including Fair Value Pro Forma information, Adjusted Revenue, Adjusted Basic and
Diluted EPS, Adjusted EBITDA (and margin thereof), and Adjusted Net Income (and
margin thereof) can provide useful measures for period-to-period comparisons of
our business and useful information to investors and others in understanding and
evaluating our operating results. However, non-GAAP financial measures are not
calculated in accordance with United States GAAP measures, should not be
considered an alternative to any measure of financial performance calculated and
presented in accordance with GAAP, and may not be comparable to the non-GAAP
financial measures of other companies.

Pro forma fair value


On January 1, 2021, we elected the fair value option for our OppLoan product.
Accordingly, the related finance receivables are carried at fair value in the
consolidated balance sheets and the changes in fair value are included in the
consolidated statements of operations. To derive the fair value, OppFi generally
utilizes discounted cash flow analyses that factor in estimated losses and
prepayments over the estimated duration of the underlying assets. Loss and
prepayment assumptions are determined using historical loss data and include
appropriate consideration of recent trends and anticipated future performance.
Future cash flows are discounted using a rate of return that OppFi believes a
market participant would require. Accrued interest and fees are included in
"Finance receivables" in the consolidated balance sheets. Interest income is
included in "Interest and loan related income, net" in the consolidated
statements of operations. We have adjusted 2020 financials based on applying the
fair value option in order to provide comparability to 2021 financials.

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                                                                       Year Ended December 31,                                        Variance
                                               2021                                        2020                                           %
                                                                                         Fair Value          Fair Value Pro
(in thousands, unaudited)                   As Reported           As Reported           Adjustments              Forma

Interest, loan related, and other
income                                    $    350,568          $    291,014          $      31,940          $   322,954                     8.6  %
Total provision                                   (929)              (90,787)                90,787                    -                       -
Fair value adjustments (a)                     (85,960)                    -               (104,028)            (104,028)                  (17.4)
Net revenue                                    263,679               200,227                 18,699              218,926                    20.4
Expenses
Sales and marketing                             52,622                15,333                 22,510               37,843                    39.1
Customer operations                             40,260                33,697                  4,482               38,179                     5.5
Technology, products, and analytics             27,442                19,745                      -               19,745                    39.0
General, administrative, and other              61,842                32,708                      -               32,708                    89.1
Total expenses before interest
expense                                        182,166               101,483                 26,992              128,475                    41.8
Interest expense (b)                            24,256                21,228                      -               21,228                    14.3
Income from operations                          57,257                77,516                 (8,293)              69,223                   (17.3)
Gain on forgiveness of Paycheck
Protection Program loan                          6,444                     -                      -                    -                       -
Change in fair value of warrant
liability                                       26,405                     -                      -                    -                       -
  Income before income taxes                    90,106                77,516                 (8,293)              69,223                    30.2
Provision for income taxes                        (311)                    -                      -                    -                       -
  Net income                                    89,795          $     77,516          $      (8,293)         $    69,223                    29.7  %
Less: net income attributable to
noncontrolling interest                         64,241
  Net income attributable to OppFi
Inc.                                      $     25,554

(a) Fair value adjustment of $104 million includes the net allocations of $89.6 million and a Fair Market Value Adjustment of $14.4 million due to lower receivables and a lower fair market value rating due to the COVID-19 pandemic. (b) Includes debt amortization costs.




Adjusted Revenue

Adjusted revenue is a non-GAAP financial measure defined as our total revenue,
as reported, adjusted for the impact of amortization of loan origination costs.
Under the fair value option, loan origination costs related to the origination
of installment loans are expensed when incurred and are no longer recognized as
a part of total revenue. We believe that adjusted revenue is an important
measure because it allows management, investors, and our board of directors to
evaluate and compare our revenue for period-to-period comparisons of our
business, as it removes the effect of differing accounting methodologies.

                                                   Year Ended December 31,           Variance
(in thousands, unaudited)                            2021               2020            %
Total revenue                                $     350,568           $ 291,014        20.5   %
Amortization of loan origination costs                   -              31,940           -
Adjusted revenue                             $     350,568           $ 322,954         8.6   %


Adjusted net income and adjusted EBITDA


Adjusted Net Income is a non-GAAP measure defined as our GAAP net income,
adjusted for the impact of our election of the fair value option, further
adjusted to eliminate the effect of certain items as shown below as well as
adjusting taxes for comparison purposes. We believe that Adjusted Net Income is
an important measure because it allows management, investors, and our board of
directors to evaluate and compare our operating results from period-to-period by
making the adjustments described below.

Adjusted EBITDA is a non-GAAP measure defined as our net income adjusted and adjusted for the items shown below, including taxes, depreciation and amortization and interest expense. We believe Adjusted EBITDA is an important measure because it allows management, investors and our Board of Directors to assess and compare our operating results for the period.

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to-period by making the adjustments described below. In addition, it provides a
useful measure for period-to-period comparisons of our business, as it removes
the effect of taxes, certain non-cash items, variable charges, and timing
differences.

                                                              Year Ended December 31,                     Variance
(in thousands, except share and per share data)
Unaudited                                                     2021                   2020                     %
Net income                                            $      89,795              $   77,516                      15.8  %
Provision for income taxes                                      311                       -                         -
FV adjustments                                                    -                  (8,293)                   (100.0)
Debt issuance cost amortization                               2,310                   1,945                      18.8
Other addback and one-time expense(a)                        (8,452)                  2,439                    (446.5)
Adjusted EBT                                                 83,964                  73,607                      14.1
Less: pro forma taxes(b)                                    (18,145)                (18,402)                     (1.4)
Adjusted net income                                          65,819                  55,205                      19.2
Pro forma taxes(b)                                           18,145                  18,402                      (1.4)
Depreciation and amortization                                10,282                   6,732                      52.7
Interest expense                                             21,946                  19,284                      13.8
Business (non-income) taxes                                     665                   1,527                     (56.5)
Loss on disposition of equipment                                  6                       -                         -
Adjusted EBITDA                                       $     116,863              $  101,150                      15.5  %

Adjusted basic EPS: (c)                               $        0.78              $        -
Weighted average adjusted basic shares:                         84,465,109                   -
Adjusted diluted EPS: (c)                             $        0.78              $        -
Weighted average adjusted diluted shares:                       84,474,039                   -

(a) For the year ended December 31, 2021, other addback and one-time expense 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, and a $24.4 million impact to the G&A line item in expenses comprised of: $6.6 million in
one-time expenses related to the Business Combination, $3.0 million in profit interest and stock compensation, $4.2
million in the change in fair value of warrant units outstanding prior to Business Combination, and $10.6 million in
other one-time expenses.
(b) Assumes a tax rate of 25% for the year ended December 31, 2020 and a 21.61% tax rate after, 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.
(c) Prior to the 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, as net income prior to the Business Combination
was attributable entirely to OppFi-LLC.





Adjusted Shares as Reflected in Adjusted Basic and Diluted Earnings Per Share

                                                            Year Ended December 31,
(unaudited)                                                2021                    2020

Weighted average Class A common shares outstanding 13,218,119

             -

Weighted average Class V voting shares outstanding 96,746,990

             -
Elimination of earnouts at period end                   (25,500,000)                    -
Weighted average adjusted basic shares                    84,465,109                    -
Dilutive impact of unvested restricted stock units             8,930                    -
Weighted average adjusted diluted shares                  84,474,039                    -



                                             Year Ended December 31,
(unaudited)                                    2021              2020

Adjusted net income (in thousands) $65,819 $55,205
Weighted average of adjusted basic shares $84,465,109 $ – Adjusted core EPS:

                      $          0.78      $      -



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                                               Year Ended December 31,
(unaudited)                                      2021              2020

Adjusted net income (in thousands) $65,819 $55,205
Weighted average adjusted diluted shares $84,474,039 $ – Adjusted diluted EPS:

                      $          0.78      $      -




Condensed Balance Sheets

Comparison of years ended December 31, 2021 and 2020


The following table presents our condensed balance sheet as of December 31, 2021
and 2020 (in thousands):

                                                     Year Ended December 31,                              Change
                                                     2021                   2020                  $                    %
Assets
Cash and restricted cash                     $      62,362              $   45,657          $   16,705                  36.6  %
Finance receivables at fair value                  383,890                       -             383,890                     -
Finance receivables at amortized cost,
net                                                  4,220                 222,243            (218,023)                (98.1)
Other assets                                        51,634                  17,943              33,691                 187.8
Total assets                                 $     502,106              $  285,843          $  216,263                  75.7  %
Liabilities and stockholders' equity /
members' equity
Other liabilities                            $      58,967              $   28,406          $   30,561                 107.6  %
Total debt                                         274,021                 158,105             115,916                  73.3
Warrant liability                                   11,240                       -              11,240                     -
Total liabilities                                  344,228                 186,511             157,717                  84.6
Total stockholders'equity / members'
equity                                             157,878                  99,332              58,546                  58.9
Total liabilities and stockholders'
equity /members' equity                      $     502,106              $  285,843          $  216,263                  75.7  %



Total cash and restricted cash increased by $16.7 million as of December 31,
2021 compared to December 31, 2020, driven by free cash flow from operations as
well as increased borrowings under the Atalaya Credit Agreement and higher
utilization of senior debt to finance receivables growth, transaction expenses,
and tax distribution. Finance receivables as of December 31, 2021 increased
compared to December 31, 2020 due to higher unpaid on-balance sheet principal
balances as well as the election of the fair value option in 2021. Other assets
as of December 31, 2021 increased by $33.7 million compared to December 31,
2020, driven by the addition of a deferred tax asset of $25.6 million related to
the Business Combination, as well as $5.1 million largely consisting of prepaid
expenses and $4.1 million of property, equipment and capitalized technology
costs, partially offset by $1.1 million of debt issuance costs.

Other liabilities increased by $30.6 million driven by a tax receivable
agreement liability in connection with the business combination with a balance
of $23.3 million as of December 31, 2021. Total debt increased by $115.9 million
driven by an increase in utilization of leverage facilities of $49.3 million and
a $24.8 million net impact of the corporate credit facility refinancing, offset
by $6.4 million of loan forgiveness of the PPP loan. Total equity increased by
$58.5 million driven by net income of $89.8 million and impact of adoption of
the fair value method of accounting of $69.4 million, partially offset by net
distributions and transaction related adjustments to equity.

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CASH AND CAPITAL RESOURCES

To date, funds from operating income and our ability to secure loan commitments have provided us with the liquidity needed to fund our operations.

The maturities of our funding facilities are staggered over three years to minimize refinancing risk.

The following table shows our unrestricted cash and unused debt as of
December 31, 2021 (in thousands):

                         December 31, 2021       December 31, 2020
Unrestricted cash       $           25,064      $           25,601
Undrawn debt            $          158,100      $          338,108



As of December 31, 2021, we had $25.1 million in unrestricted cash, a decrease
of $0.5 million from December 31, 2020. As of December 31, 2021, we had an
additional $158.1 million of unused debt capacity under our financing facilities
for future availability, representing a 38 % overall undrawn capacity, a
decrease from $338.1 million as of December 31, 2020. The reduction in undrawn
debt was due to funding of receivables growth, transaction expenses related to
the Business Combination, and tax distributions covering the full year 2020 and
2021 annual estimates. Including total financing commitments of $411 million,
and cash on the balance sheet of $62.4 million, we had approximately $473
million in funding capacity as of December 31, 2021.

We believe that our unrestricted cash, undrawn debt and funds from operating
income will be sufficient to meet our liquidity needs for at least the next 12
months from the date of this Annual Report. Our future capital requirements will
depend on multiple factors, including our revenue growth, aggregate receivables
balance, interest expense, working capital requirements, cash provided by and
used in operating, investing and financing activities and capital expenditures.

To the extent our unrestricted cash balances, funds from operating income and
funds from undrawn debt are insufficient to satisfy our liquidity needs in the
future, we may need to raise additional capital through equity or debt financing
and may not be able to do so on terms acceptable to it, if at all. If we are
unable to raise additional capital when needed, our results of operations and
financial condition could be materially and adversely impacted.


Cash flow


The following table presents cash provided by (used in) operating, investing and
financing activities during the year ended December 31, 2021 and 2020 (in
thousands):

                                                         Year Ended December 31,                             Change
                                                         2021                   2020                $                    %
Net cash provided by operating activities        $     167,346              $ 192,112          $ (24,766)               (12.9)  %
Net cash used in investing activities                 (199,470)               (98,312)          (101,158)              (102.9)
Net cash provided by (used in) financing
activities                                              48,829                (84,122)           132,951                158.0
Net increase in cash and restricted cash         $      16,705              $   9,678          $   7,027                 72.6   %



Operating Activities

Net cash provided by operating activities was $167.3 million for the year ended
December 31, 2021. This was a decrease of $24.8 million when compared to net
cash provided by operating activities of $192.1 million for the year ended
December 31, 2020. Cash provided by operating activities decreased due to higher
expenses in 2021, driven by higher marketing costs due to higher originations,
as well as an increase in salaries and employee benefits, and increased
investment in technology infrastructure.

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Investing activities


Net cash used in investing activities was $199.5 million for the year ended
December 31, 2021. This was an increase of $101.2 million when compared to net
cash used in investing activities of $98.3 million for the year ended
December 31, 2020, due to higher finance receivables originated and acquired,
partially offset by higher finance receivables repaid.

Fundraising activities


Net cash provided by financing activities was $48.8 million for the year ended
December 31, 2021. This was an increase of $133.0 million when compared to net
cash used in financing activities of $84.1 million for the year ended
December 31, 2020, primarily due to an increase in net advances in borrowings,
partially offset by an increase in member distributions and capitalized
transaction costs.



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Financing modalities


Our corporate credit facilities consist of term loans and revolving loan
facilities that we have drawn on to finance our operations and for other
corporate purposes. These borrowings are generally secured by all the assets of
OppFi-LLC that have not otherwise been sold or pledged to secure our structured
finance facilities, such as assets belonging to certain of the special purpose
entity subsidiaries of OppFi-LLC ("SPEs"). In addition, we, through our SPEs,
have entered into warehouse credit facilities to partially finance the
origination of loans by us on our platform or the purchase of participation
rights in loans originated by our bank partners through our platform, which
credit facilities are secured by the loans or participation rights. The
following is a summary of OppFi's borrowings as of December 31, 2021 and 2020
(in thousands):


                                                                                                                                Interest Rate as of
                                                             Borrowing           December 31,           December 31,            December 31, 2021,                     Maturity
          Purpose                     Borrower(s)             Capacity               2021                   2020                  Except as Noted                        Date
                                  Opportunity Funding
Secured borrowing payable         SPE II, LLC               $  38,500          $      22,443          $      16,025                   15.00%                              -         (1)
Senior debt
Revolving line of credit          OppFi-LLC                 $       -          $           -          $       5,000                   LIBOR plus 2.50% (2) (3)     February 2022
                                  Opportunity Funding
Revolving line of credit          SPE III, LLC                175,000                119,000                 59,200                   LIBOR plus 6.00% (3)         January 2024
                                  Opportunity Funding
                                  SPE V, LLC;
                                  Opportunity Funding
Revolving line of credit          SPE VII, LLC                 75,000                 45,900                 24,222                   LIBOR plus 7.25% (3)         April 2024
                                  Opportunity Funding
Revolving line of credit          SPE VI, LLC                  50,000                 30,600                 16,148                   LIBOR plus 7.25% (3)         April 2023
                                  Opportunity Funding
                                  SPE IV, LLC;
                                  SalaryTap Funding
Revolving line of credit          SPE, LLC                     45,000                  7,500                 12,506                   LIBOR plus 3.85% (3)         February 2024
Total revolving lines of
credit                                                        345,000                203,000                117,076
Term loan, net                    OppFi-LLC                    50,000                 48,578                 14,650                  LIBOR plus 10.00% (3)         March 2025
Total senior debt                                           $ 395,000          $     251,578          $     131,726
Subordinated debt                 OppFi-LLC                 $       -          $           -          $       4,000                   14.00%           (2)         December 2023
Other debt                        OppFi-LLC                 $       -          $           -          $       6,354                    1.00%           (4)         April 2022



(1) Maturity date extended indefinitely until borrowing capacity is depleted
(2) Interest rate as of 12/31/2020 and for the subsequent period thru and until
loan was repaid
(3) Subject to customary LIBOR replacement provisions as set forth below in
"Financing Agreements."
(4) Interest rate as of 12/31/2020 and for the subsequent period thru and until
loan was forgiven
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Here is an analysis of our current credit facilities.

Amended and Updated Program Agreement with Midtown Madison Management, LLC and fund of Atalaya Capital Management (Opportunity Funding SPE II, LLC)


OppFi-LLC and Opportunity Funding SPE II, LLC, a wholly owned subsidiary of
OppFi-LLC ("SPE II"), are parties to an Amended and Restated Program Agreement,
originally entered into on August 1, 2017 (as amended to date, the "Program
Agreement"), with Midtown Madison Management, LLC, as purchaser agent
("Purchaser Agent") for funds of Atalaya Capital Management ("Program
Purchasers"). Pursuant to the terms of the Program Agreement and related
participation purchase and sale agreements, the Program Purchasers have agreed
to purchase from SPE II up to $165.0 million of 97.5% participation interests
in: (i) finance receivables directly originated by OppFi-LLC and acquired by SPE
II and (ii) participation rights in the economic interests of finance
receivables originated by OppFi-LLC's bank partners on our platform and acquired
by SPE II. Pursuant to the terms of the Program Agreement, the Program
Purchasers earn a preferred return of 15% on the participation interests
purchased and a performance fee after the preferred return has been satisfied.

SPE II has certain repurchase obligations with respect to participation
interests purchased by the Program Purchasers if representations and warranties
made by SPE II with respect thereto are not accurate when made. Pursuant to a
servicing agreement, OppFi-LLC has agreed to service the finance receivables and
participation rights, as applicable, purchased by SPE II and the participation
interests therein purchased by the Program Purchasers. The obligations of SPE II
under the Program Agreement are secured by substantially all of the assets of
SPE II.

The Purchaser Agent may at any time refuse to purchase participation interests
pursuant to the Program Agreement, provided that following such a refusal, SPE
II will have the right to terminate the Program Agreement at any time and for
any reason, in its sole discretion, upon giving five business days notice to the
Purchaser Agent.

The Program Agreement contains certain customary representations and warranties
and affirmative and negative covenants, including minimum tangible net worth and
liquidity and performance metrics related to the participation interests
purchased by the Program Purchasers, and provides for certain events of default,
including, but not limited to, a cross-default on certain other debt obligations
and bankruptcy or insolvency events, subject to customary cure periods, as
applicable.

Senior Secured Multiple Draw Term Loan Facility with Midtown Madison Management, LLC and fund of Atalaya Capital Management


OppFi-LLC is party to that certain Senior Secured Multi-Draw Term Loan Facility
with Midtown Madison Management, LLC as agent for Atalaya Special Opportunities
Fund VII LP (together with the other affiliated funds that became lenders party
thereto, the "Atalaya Lenders"), originally entered into on November 9, 2018 (as
amended to date, the "Atalaya Term Loan Facility"). The Atalaya Term Loan
Facility provides for maximum term loan commitments by the Atalaya Lenders of up
to $50 million, substantially all of which has been drawn by OppFi-LLC.

The Atalaya Term Loan Facility bears interest at the one-month LIBOR rate plus
10%, subject to a LIBOR floor of 2.00%, payable monthly in arrears. The Atalaya
Term Loan Facility provides that following the date of a public statement of the
cessation of publication of all tenors of LIBOR (subject to an early opt-in
election), LIBOR shall be replaced as a benchmark rate in the Atalaya Term Loan
Facility with term SOFR (or another alternative rate if term SOFR is not able to
be determined), with such adjustments to cause the new benchmark rate to be
economically equivalent to LIBOR at the time of the LIBOR cessation.

OppFi-LLC's obligations under the Atalaya Term Loan Facility are secured by all
of OppFi-LLC's assets, other than the assets and equity interests of the SPEs,
and are guaranteed by all of its subsidiaries, other than the SPEs.

The Atalaya Term Loan Facility is subject to a borrowing base and various
financial covenants, including maximum consolidated debt to EBITDA ratio and
minimum consolidated fixed charge coverage ratio and liquidity. Outstanding
obligations under the Atalaya Term Loan Facility may be prepaid beginning on
September 30, 2022, subject to prepayment premiums. In addition, OppFi-LLC is
subject to certain mandatory prepayment requirements in the event its borrowings
under the Atalaya Term Loan Facility exceed its borrowing base. The Atalaya Term
Loan Facility contains certain customary representations and warranties and
affirmative and negative covenants, including with respect to dividends and
other restricted payments. Outstanding obligations under the Atalaya Term Loan
Facility, including unpaid principal and interest, are due on March 30, 2025
unless there is an earlier event of default such as bankruptcy, default on
interest payments, a cross default on certain other debt obligations, or failure
to perform or observe covenants, at which point the obligations may become due
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sooner, and additional default interest shall be due in addition to any other amounts due and payable while such events of default are pending.


In connection with entering into the Atalaya Term Loan Facility and certain
amendments thereto, OppFi-LLC issued to Midtown Madison Management, LLC, as
agent for the Atalaya Lenders, warrants to purchase equity interests in
OppFi-LLC. These warrants were transferred to affiliates of the Atalaya Lenders
and were automatically exercised in connection with the Closing, and such
affiliates of the Atalaya Lenders became Members. In connection with the
execution of the OppFi A&R LLCA, such equity interests were recapitalized into
Retained OppFi Units representing less than 1% of the outstanding OppFi Units
immediately following the Closing.

Amended and Restated Revolving Credit Agreement with Ares Agent Services, LP
(Opportunity Funding SPE III, LLC)


OppFi-LLC, Opportunity Funding SPE III, LLC, a wholly owned subsidiary of
OppFi-LLC ("SPE III"), OppWin, LLC a wholly owned subsidiary of OppFi-LLC
("OppWin"), and the other credit parties and guarantors thereto, are parties to
an Amended and Restated Revolving Credit Agreement, originally entered into on
January 31, 2020 (as amended to date, the "Ares SPE III Credit Agreement"), with
Ares Agent Services, L.P., as administrative agent and collateral agent
("Ares"), and the lenders party thereto. The Ares SPE III Credit Agreement
provides for a senior secured asset-backed revolving credit facility with
maximum available borrowings for SPE III, as borrower, of $175 million.

Borrowings under the Ares SPE III Credit Agreement are secured by substantially
all of the assets of SPE III. Pursuant to receivables purchase agreements, SPE
III has agreed to purchase from OppFi-LLC and OppWin, as applicable, (i) finance
receivables directly originated by OppFi-LLC and (ii) participation rights in
the economic interests of finance receivables originated by OppFi-LLC's bank
partners on our platform. OppFi-LLC and OppWin have certain repurchase
obligations with respect to finance receivables or participation rights
purchased by SPE III if representations and warranties made by OppFi-LLC or
OppWin, as applicable, with respect thereto are not accurate when made. Pursuant
to a servicing agreement, OppFi-LLC has agreed to service the finance
receivables and participation rights, as applicable, purchased by SPE III.

Libor Rate Loans (as defined in the Ares SPE III Credit Agreement) bear interest
at a floating rate that is the greater of (i) 2.00% and (ii) one-month LIBOR,
plus 6.00% (subject to customary LIBOR replacement provisions), and Base Rate
Loans (as defined in the Ares SPE III Credit Agreement) bear interest at the
Base Rate (as defined in the Ares SPE III Credit Agreement), plus 6.00%. The
Ares SPE III Credit Agreement provides that if LIBOR is no longer available, a
broadly accepted comparable successor rate, including any adjustments thereto,
will be applied in lieu of LIBOR in a manner consistent with market practice to
maintain the then-current yield. Interest is payable monthly in arrears, and any
amounts due under the Ares SPE III Credit Agreement may be prepaid voluntarily
subsequent to its first anniversary upon notice to Ares, subject to the
borrowing base limitations and other customary conditions and further subject in
certain cases to prepayment premiums and minimum utilization penalties.
Borrowings under the Ares SPE III Credit Agreement are subject to a borrowing
base.

The Ares SPE III credit agreement must mature on January 31, 2024and all amounts unpaid thereunder are due on that date.


The Ares SPE III Credit Agreement contains certain customary representations and
warranties and affirmative and negative covenants, including with respect to
dividends and other restricted payments, various financial covenants, including
minimum adjusted tangible net worth, liquidity, earnings and maximum senior
leverage ratio, and performance metrics related to the finance receivables and
participation rights purchased by SPE III, and provides for certain events of
default, including, but not limited to, failure to pay any principal, interest
or other amounts when due, failure to perform or observe covenants,
cross-default on certain other debt obligations and bankruptcy or insolvency
events, subject to customary cure periods, as applicable. Amounts owed by
OppFi-LLC under the Ares SPE III Credit Agreement could be accelerated and
become immediately due and payable following the occurrence an event of default,
and additional default interest is due in addition to any other amounts owed and
payable while such events of default are ongoing.

Revolving credit agreement with BMO Harris Bank, North America. (Funding Opportunity SPE IV, LLC and SalaryTap SPE Funding, LLC)


OppFi-LLC, SPE IV, STF Borrower, OppWin, and the other credit parties and
guarantors thereto, are parties to the BMO Credit Agreement with BMO as
administrative agent and collateral agent, and the lenders party thereto. The
BMO Credit Agreement provides for a senior secured reserve-based revolving
credit facility with maximum available borrowings for SPE IV and STF Borrower,
as borrowers, of $45 million, which may be increased in accordance with the
terms thereof, and an accordion feature of $30 million.

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Borrowings under the BMO Credit Agreement are secured by substantially all of
the assets of SPE IV and STF Borrower, respectively. Pursuant to receivables
purchase agreements, SPE IV and STF Borrower have each agreed to purchase from
OppFi-LLC and OppWin, as applicable, (i) finance receivables directly originated
by OppFi-LLC and (ii) participation rights in the economic interests of finance
receivables originated by OppFi-LLC's bank partners on our platform. OppFi-LLC
and OppWin have certain repurchase obligations with respect to finance
receivables or participation rights purchased by SPE IV and STF Borrower if
representations and warranties made by OppFi-LLC or OppWin, as applicable, with
respect thereto are not accurate when made. Pursuant to a servicing agreement,
OppFi-LLC has agreed to service the finance receivables (including SalaryTap
receivables) and participation rights, as applicable, purchased by SPE IV and
STF Borrower, respectively.

Borrowings under the BMO Credit Agreement bear interest at a floating rate that
is the greater of (i) 0.50% and (ii) LIBOR plus 3.85%. Interest is payable
monthly in arrears, and any amounts due under the BMO Credit Agreement may be
prepaid voluntarily from time to time upon notice to BMO, subject to the
borrowing base limitations and other customary conditions and generally without
premium or penalty. Borrowings under the BMO Credit Agreement are subject to a
borrowing base. The BMO Credit Agreement provides that following the date of a
public statement of the cessation of publication of all tenors of LIBOR (subject
to an early opt-in election), LIBOR shall be replaced as a benchmark rate in the
BMO Credit Agreement with term SOFR (or another alternative rate if term SOFR is
not able to be determined), with such adjustments to cause the new benchmark
rate to be economically equivalent to LIBOR at the time of the LIBOR cessation.

The BMO Credit Agreement is scheduled to terminate on August 19, 2023, and all
outstanding amounts thereunder are due no later than six months following such
date.

The BMO Credit Agreement contains certain customary representations and
warranties and affirmative and negative covenants, including with respect to
dividends and other restricted payments, various financial covenants, including
minimum adjusted tangible net worth, liquidity, earnings and maximum senior
leverage ratio, and performance metrics related to the finance receivables and
participation rights purchased by SPE IV and STF Borrower, respectively, and
provides for certain events of default, including, but not limited to, failure
to pay any principal, interest or other amounts when due, failure to perform or
observe covenants, cross-default on certain other debt obligations and
bankruptcy or insolvency events, subject to customary cure periods, as
applicable. Amounts owed by OppFi-LLC under the BMO Credit Agreement could be
accelerated and become immediately due and payable following the occurrence an
event of default, and additional default interest is due in addition to any
other amounts owed and payable while such events of default are ongoing.

OppFi-LLC provided security for the obligations of SPE IV and the Borrower STF, respectively, under the BMO Credit Agreement.

Revolving credit agreement with Midtown Madison Management, LLC and fund of
Atalaya Capital Management (Funding Opportunity SPE V, LLC and Funding Opportunity SPE VII, LLC)


OppFi-LLC, SPE V, SPE VII, OppWin, and the other credit parties and guarantors
thereto, are parties to the Atalaya Credit Agreement, with Atalaya, and the
various funds of Atalaya Capital Management party thereto as lenders. The
Atalaya Credit Agreement provides for a senior secured reserve-based revolving
credit facility with maximum available borrowings for SPE V and SPE VII, as
borrowers, of $75 million, subject to certain requirements to borrow pro rata
from the Atalaya Credit Agreement and the Ares SPE VI Credit Agreement (as
defined below).

Borrowings under the Atalaya Credit Agreement are secured by substantially all
of the assets of SPE V and SPE VII, respectively. Pursuant to receivables
purchase agreements, SPE V and SPE VII have each agreed to purchase from
OppFi-LLC and OppWin, as applicable, (i) finance receivables directly originated
by OppFi-LLC and (ii) participation rights in the economic interests of finance
receivables originated by OppFi-LLC's bank partners on our platform. OppFi-LLC
and OppWin have certain repurchase obligations with respect to finance
receivables or participation rights purchased by SPE V and SPE VII,
respectively, if representations and warranties made by OppFi-LLC or OppWin, as
applicable, with respect thereto are not accurate when made. Pursuant to a
servicing agreement, OppFi-LLC has agreed to service the finance receivables
(including OppFi Card receivables) and participation rights, as applicable,
purchased by SPE V and SPE VII, respectively.

Libor Rate Loans (as defined in the Atalaya Credit Agreement) bear interest at a
floating rate that is the greater of (i) 2.25% and (ii) one-month LIBOR, plus
7.25%, and Base Rate Loans (as defined in the Atalaya Credit Agreement) bear
interest at the Base Rate (as defined in the Atalaya Credit Agreement), plus
7.25%. Interest is payable monthly in arrears, and any amounts due under the
Atalaya Credit Agreement may be prepaid voluntarily subsequent to its first
anniversary upon notice to Atalaya, subject to the borrowing base limitations
and other customary conditions and further subject in certain cases to
prepayment premium and minimum utilization penalties. The Atalaya Credit
Agreement provides that if LIBOR is no longer available, the administrative
agent of the Atalaya Credit Agreement may select a comparable replacement index
applied to similarly situated
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borrowers under similar credit facilities in good faith in its sole discretion
upon written notice. Borrowings under the Atalaya Credit Agreement are subject
to a borrowing base.

The Atalaya Credit Agreement expires on April 15, 2024and all amounts unpaid thereunder are due on that date.


The Atalaya Credit Agreement contains certain customary representations and
warranties and affirmative and negative covenants, including with respect to
dividends and other restricted payments, various financial covenants, including
minimum adjusted tangible net worth, liquidity, earnings and maximum senior
leverage ratio, and performance metrics related to the finance receivables and
participation rights purchased by SPE V and SPE VII, respectively, and provides
for certain events of default, including, but not limited to, failure to pay any
principal, interest or other amounts when due, failure to perform or observe
covenants, cross-default on certain other debt obligations and bankruptcy or
insolvency events, subject to customary cure periods, as applicable. Amounts
owed by OppFi-LLC under the Atalaya Credit Agreement could be accelerated and
become immediately due and payable following the occurrence an event of default,
and additional default interest is due in addition to any other amounts owed and
payable while such events of default are ongoing.

Revolving credit agreement with Ares Agent Services, LP (Funding Opportunity SPE VI, LLC)


OppFi-LLC, Opportunity Funding SPE VI, LLC, a wholly owned SPV subsidiary of
OppFi-LLC ("SPE VI"), OppWin, and the other credit parties and guarantors
thereto, are parties to a Revolving Credit Agreement, originally entered into on
April 15, 2019 (as amended to date, the "Ares SPE VI Credit Agreement"), with
Ares and the lenders party thereto. The Ares SPE VI Credit Agreement provides
for a senior secured asset-backed revolving credit facility with maximum
available borrowings for SPE VI, as borrower, of $50 million, subject to certain
requirements to borrow pro rata from the Ares SPE VI Credit Agreement and the
Atalaya Credit Agreement.

Borrowings under the Ares SPE IV Credit Agreement are secured by substantially
all of the assets of SPE VI. Pursuant to receivables purchase agreements, SPE VI
has agreed to purchase from OppFi-LLC and OppWin, as applicable, (i) finance
receivables directly originated by OppFi-LLC and (ii) participation rights in
the economic interests of finance receivables originated by OppFi-LLC's bank
partners on our platform. OppFi-LLC and OppWin have certain repurchase
obligations with respect to finance receivables or participation rights
purchased by SPE VI if representations and warranties made by OppFi-LLC or
OppWin, as applicable, with respect thereto are not accurate when made. Pursuant
to a servicing agreement, OppFi-LLC has agreed to service the finance
receivables and participation rights, as applicable, purchased by SPE VI.

Libor Rate Loans (as defined in the Ares SPE VI Credit Agreement bear interest
at a floating rate that is the greater of (i) 2.25% and (ii) one-month LIBOR,
plus 7.25%, and Base Rate Loans (as defined in the Ares SPE VI Credit Agreement)
bear interest at the Base Rate (as defined in the Ares SPE VI Credit Agreement),
plus 7.25%. The Ares SPE VI Credit Agreement provides that if LIBOR is no longer
available, a broadly accepted comparable successor rate, including any
adjustments thereto, will be applied in lieu of LIBOR in a manner consistent
with market practice to maintain the then-current yield. Interest is payable
monthly in arrears, and any amounts due under the Ares SPE VI Credit Agreement
may be prepaid voluntarily subsequent to its first anniversary upon notice to
Ares, subject to the borrowing base limitations and other customary conditions
and further subject in certain cases to prepayment premium and minimum
utilization penalties. Borrowings under the Ares SPE VI Credit Agreement are
subject to a borrowing base.

The Ares SPE VI credit agreement must end on April 15, 2023and all amounts unpaid thereunder are due on that date.


The Ares SPE VI Credit Agreement contains certain customary representations and
warranties and affirmative and negative covenants, including with respect to
dividends and other restricted payments, various financial covenants, including
minimum adjusted tangible net worth, liquidity, earnings and maximum senior
leverage, ratio, and performance metrics related to the finance receivables and
participation rights purchased by SPE VI, and provides for certain events of
default, including, but not limited to, failure to pay any principal, interest
or other amounts when due, failure to perform or observe covenants,
cross-default on certain other debt obligations and bankruptcy or insolvency
events, subject to customary cure periods, as applicable. Amounts owed by
OppFi-LLC under the Ares SPE VI Credit Agreement could be accelerated and become
immediately due and payable following the occurrence of an event of default, and
additional default interest is due in addition to any other amounts owed and
payable while such events of default are ongoing.

LIBOR Transition

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In July 2017, the FCA, which regulates LIBOR, announced its intention to stop
compelling banks to submit rates for the calculation of LIBOR after 2021. On
December 31, 2021, IBA, the administrator of LIBOR, announced plans to cease
publication for all USD LIBOR tenors (except the one- and two-week tenors, which
ceased on December 31, 2021) on June 30, 2023. The Federal Reserve Board and the
Federal Reserve Bank of New York have identified the SOFR as its preferred
alternative to LIBOR in derivatives and other financial contracts. Each of our
credit facilities provides for the replacement of LIBOR as discussed above in
"Financing Arrangements." We do not expect the replacement of LIBOR to have any
effect on our liquidity or the financial terms of our credit facilities

Off-balance sheet arrangements


In Texas and Ohio, OppFi-LLC previously arranged for consumers to obtain finance
receivable products from independent third-party lenders as part of the Credit
Access Business and Credit Service Organization programs (collectively, the "CSO
Program"). For the consumer finance receivable products originated by the
third-party lenders under the CSO Program, the lenders were responsible for
providing the criteria by which the consumer's application was underwritten and,
if approved, determining the amount of the finance receivable. When a consumer
executed an agreement with OppFi-LLC under the CSO Program, OppFi-LLC agreed,
for a fee payable to OppFi-LLC by the consumer, to provide certain services to
the consumer, one of which was to guarantee the consumer's obligation to repay
the finance receivable obtained by the consumer from the third-party lender if
the consumer failed to do so.

On April 23, 2019, the Company discontinued the CSO Program in Ohio and no new
finance receivables were originated through this program after that date. As of
December 31, 2021, there were no finance receivables remaining under the CSO
Program in Ohio.

At March 19, 2021the Company terminated the CSO program in Texas. From
December 31, 2021there were no outstanding financial claims under the CSO program in Texas.

The guarantees represented an obligation to purchase specific overdue financial claims secured by a collateral account established in favor of the respective lenders.


As of December 31, 2020, the unpaid principal balance of off-balance sheet
active finance receivables which were guaranteed by the Company was $19.7
million. Upon the election of the fair value option for installment loan finance
receivables on January 1, 2021, the Company released the reserve for repurchase
liabilities as the income rights and related losses were included in the
valuation of finance receivables at fair value, which was included in the fair
value adjustment to retained earnings. As of December 31, 2020, the Company
recorded a reserve for repurchase liabilities of $4.2 million, which represents
the liability for estimated losses on finance receivables guaranteed. The
Company used a similar methodology for determining the reserve for repurchase
liabilities as it does for calculating the allowance for credit losses on
finance receivables.

Under the terms of the CSO Program, the Company was required to maintain a
restricted cash balance equal to the guaranty, which is determined and settled
on a weekly basis. On a daily basis, a receivable and/or payable is recorded to
recognize the outstanding settlement balance. As of December 31, 2020, the
restricted cash balance held in a federally insured bank account related to the
CSO Program was $3.1 million. As of December 31, 2020, there was a payable
balance of $0.8 million related to settlement which was included in accrued
expenses on the consolidated balance sheets.
Critical Accounting Policies and Estimates

The preparation of consolidated financial statements in accordance with GAAP
requires OppFi to make estimates and judgments that affect reported amounts of
assets, liabilities, income and expenses and related disclosures. OppFi bases
estimates on historical experience and on various other assumptions that are
believed to be reasonable under current circumstances, results of which form the
basis for making judgments about the carrying value of certain assets and
liabilities that are not readily available from other sources. Estimates are
evaluated on an ongoing basis. To the extent that there are differences between
OppFi's estimates and actual results, OppFi's future financial statement
presentation, financial condition, results of operations and cash flows will be
affected.

Accounting policies, as described in detail in the notes to the Company's
consolidated financial statements, are an integral part of the OppFi's
consolidated financial statements. A thorough understanding of these accounting
policies is essential when reviewing OppFi's reported results of operations and
financial position. Management believes that the critical accounting
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policies and estimates listed below require OpFi to make difficult, subjective or complex judgments about matters that are inherently uncertain.

-Valuation of installment financing receivables recognized at fair value on option;

-Determination of the provision for credit losses; and

-Valuation of public and private vouchers


Fair value is the price that could be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants as of
the measurement date. Fair value is determined using different inputs and
assumptions based upon the instrument being valued. Where observable market
prices from transactions for identical assets or liabilities are not available,
we identify market prices for similar assets or liabilities. If observable
market prices are unavailable or impracticable to obtain for any such similar
assets or liabilities, we look to other modeling techniques, which often
incorporate unobservable inputs which are inherently subjective and require
significant judgment. Fair value estimates requiring significant judgments are
determined using various inputs developed by management with the appropriate
skills, understanding and knowledge of the underlying asset or liability to
ensure the development of fair value estimates is reasonable. In certain cases,
our assessments, with respect to assumptions market participants would make, may
be inherently difficult to determine, and the use of different assumptions could
result in material changes to these fair value measurements.

Installment Finance Receivables: To derive the fair value, the Company generally
utilizes discounted cash flow analyses that factor in estimated losses and
prepayments over the estimated duration of the underlying assets. Loss and
prepayment assumptions are determined using historical loss data and include
appropriate consideration of recent trends and anticipated future performance.
Future cash flows are discounted using a rate of return that the Company
believes a market participant would require.

The following describes the key inputs to discounted cash flow analyzes that require significant judgment:


•Discount rate: The discount rate utilized in the discounted cash flow analyses
reflects our estimate of the rate of return that a market participant would
require when investing in financial instruments with similar risk and return
characteristics.

•Servicing cost: The servicing cost percentage that is applied to portfolio's
expected cash flows reflects our estimate of the amount we would incur to
service the underlying assets over the assets' remaining lives. Servicing costs
are derived from an internal analysis of our cost structure considering the
characteristics of our installment finance receivables and have been benchmarked
against observable information on comparable assets in the marketplace.

•Remaining life: Remaining life is the time weighted average of the estimated
principal payments divided by the principal balance at the measurement date. The
timing of estimated principal payments is impacted by scheduled amortization of
loans, charge-offs, and prepayments.

•Default rate: The default rate reflects our estimate of principal payments that
will not be repaid over the remaining life of an installment finance receivable.
Charge-off expectations are developed using the historical performance of our
installment finance receivable portfolio but also incorporate discretionary
adjustments based on our expectations of future credit performance.

•Prepayment rate: The prepayment rate is the estimated percentage of principal
payments that will occur earlier than contractually required over the remaining
life of an installment finance receivable. Prepayments accelerate the timing of
principal repayment and reduce interest payments. Prepayment rates in our
discounted cash flow models are developed using historical results but may also
incorporate discretionary adjustments based on our expectations of future
performance.

Warrants: OppFi holds public and private placement warrants that are recorded as
a liability on the consolidated balance sheets. These liabilities are subjected
to remeasurement at each balance sheet date and are recorded at fair value. We
value Public Warrants at market price based on a quoted price in the
marketplace. For Private Placement Warrants, Private Units Warrants and
Underwriter Warrants, we estimate the fair value using a Monte Carlo simulation
model. This model utilizes unobservable inputs, including expected volatility,
risk-free interest rate, and expected term. These inputs may be influenced by
several factors that can change significantly and are difficult to predict.
These estimates are inherently risky and require significant judgment on the
part of management.

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Allowance for Credit Losses: Effective, January 1, 2021, OppFi adopted ASU
2016-13, replacing their incurred loss impairment methodology with the current
expected credit losses methodology for their SalaryTap and OppFi Card finance
receivables. The allowance for credit losses represents management's best
estimate of current expected credit losses over the life of these portfolios.
Estimating credit losses requires judgment in determining loan specific
attributes impacting the borrower's ability to repay contractual obligations.
The allowance for credit losses is assessed at each balance sheet date and
adjustments are recorded in the provision for credit losses on finance
receivables. The allowance is currently estimated using market data for
determining anticipated credit losses of its SalaryTap and OppFi Card finance
receivables until sufficient internal data exists. Management believes its
allowance is adequate to absorb the expected life of loan credit losses as of
the balance sheet date. Actual losses incurred may differ materially from
management's estimates.

Changes in these estimates, that are likely to occur from period to period, or
the use of different estimates that the Company could have reasonably used in
the current period, would have a material impact on the Company's financial
position, results of operations or liquidity.

© Edgar Online, source Previews

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The Origins of University of Illinois Women’s Athletics https://sgb-sports.com/the-origins-of-university-of-illinois-womens-athletics/ Thu, 10 Mar 2022 22:13:09 +0000 https://sgb-sports.com/the-origins-of-university-of-illinois-womens-athletics/

By Mike Pearson

FightingIllini.com

It took more than a century after the University of Illinois first admitted female students in 1870 for there to be gender equality in intercollegiate athletics.

As the author of the UI Directory expressed in the 1905 edition of Illio“Better results are being achieved every year in women’s athletics, and it is hoped that in the near future girls will equal boys in athletics.”

It’s not that Illinois was different from other universities in the country. In fact, the sports timeline for women was almost identical to that of its college counterparts.

In 1874 a female calisthenics program was established and in 1896 “club” sports began to appear at the U of I. It was then that the women of Illini hosted Wesleyan College in basketball at Urbana and beat them by a score of 28-14.

Surprisingly enough, women were initially more active than men in the new sport of basketball, invented by James Naismith in 1891. Female athletes, then known as “Illinae”, wore black jumpsuits while they tossed the ball into peach baskets.

Noted Illio“Everyone was delighted with the agility, nerve and skill of the young women, and their perfect handling of the game.”

The “men” on campus, it was said, viewed basketball as a “dumb game” for female students only. Their attitude finally changed and the men made it a varsity sport in 1905-06.

An organization called the Women’s Athletic Association (WAA) was formed in 1903. It started with a few dozen members and grew to over 200 by 1920. The number of sports offered to female athletes increased dramatically in 1927 when seasons of four sports have been established. . A woman was allowed to participate in one major sport (field hockey, football, basketball, volleyball, swimming, baseball, and track and field) and one minor sport (tennis, golf, rifle shooting, bowling, hiking, and something called device).

In 1915, Louise Freer was appointed the first head of physical education for women. She oversaw the WAA from 1915 to 1949 and oversaw the first major letter “I” awards to WAA members for athletic success in 1919.

A 1923 WAA manual suggested that female athletes sleep eight hours, consume no coffee or tea or eat between meals, and take a hot shower followed by a cold shower after each practice and match.

During the decade of the 1930s, the first free-standing women’s gymnasium was built, but there was a trend away from intercollegiate competition for women due to a fear of rivalry and professionalism. Typically, multiple colleges competed at one site. At the same time, participation in intramurals has increased.

A daily illini The article said that the philosophy of physical educators was that collegiate athletics and the WAA “should be recreational and enjoyed by many women.” They strongly disapproved of the selection of a single group of highly skilled players.

In the 1940s, 50s, and 60s, the trend in women’s athletics shifted towards extramural competition, primarily due to the equalization of sporting opportunities for women and men.

One person who was on hand for almost 40 years as a member of IU’s women’s physical education staff was Carita Robertson. In a 1975 interview, Robertson said that attendance was popular because “there wasn’t that much to do on campus then”.

In 1952, the WAA became the WSA (Women’s Sports Association) because, as one campus official explained, “the philosophy of the program was really sports rather than athletics. Athletics were not accepted for women. The students trained themselves and the coach was more of an advisor.”

In 1964, the organization’s title changed again, this time to Women’s Extramural Sports Association (WESA) in 1964, under new director Helga Deutsch.

Karol Kahrs, director of WESA from 1966 to 1970, said the organization’s goal was maximum participation of all female students.

“The development of leadership and social skills was emphasized,” Kahrs said. “Winning was de-emphasized.”

WESA became the Women’s Intercollegiate Sports Association in 1973 and had to drop four of its nine sports due to lack of funds. A year later, women’s sport would receive a much-needed injection of support.

The last title change occurred in 1974, two years after members of the United States Congress passed the Title IX Amendment in the summer of 1972, signaling legal equality of the sexes and prohibiting discrimination on the basis of sex. In June 1974, women’s varsity athletics was adopted by the Athletic Association, the precursor to the Division of Intercollegiate Athletics.

Seven sports – volleyball, golf, swimming, basketball, tennis, gymnastics and track and field – were officially launched in the 1974-75 season and life would never be the same for the University’s female athletes. from Illinois.

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Crowley’s name is now common in hockey and rugby https://sgb-sports.com/crowleys-name-is-now-common-in-hockey-and-rugby/ Sat, 05 Mar 2022 22:49:00 +0000 https://sgb-sports.com/crowleys-name-is-now-common-in-hockey-and-rugby/
Casey Crowley, in blue, in the United States.

Provided / Stuff

Casey Crowley, in blue, in the United States.

Will Johnston

The name Crowley is synonymous with Taranaki rugby, but it now becomes a common name in another code.

Cousins ​​Anna and Casey Crowley have been selected to a 25-person Blacksticks women’s hockey team after a week-long selection camp in Auckland to prepare for the World Cup and Commonwealth Games this year. They are two of the four Taranaki players selected.

Anna, daughter of former Taranaki full-back Alan, was selected again, but Casey, the daughter of former Taranaki full-back and Italy coach Kieran, got her first call-up.

Speaking on The Most FM Sports Show on Saturday morning, Anna said it was a proud family moment.

“It will be pretty cool if Casey and I can debut on the same game, it will be really special for us,” said the 22-year-old defender.

Casey, 25, mostly played hockey for the University of Maine in Canada until she graduated in 2019.

During her four-year career for the Black Bears, she was the American East Midfielder of the Year, had 30 goals and 29 assists for a total of 89 points during her college career abroad. She has since returned to New Zealand.

Meanwhile, Anna will have a lot to play for after missing out on the Olympic team. But the rookie knew it was a development year and there is a different motivation for this season.

“This year, I want to be able to make my mark and make my debut. But what will be will be.

With Stacey Michelsen and Ella Gunson retiring, there’s a new generation of young players coming in, so Anna fits into that category and relishes the opportunity.

“It’s pretty cool to come in and be the underdog. The world is probably like ‘this team is brand new’, it’s always exciting to be able to show what we have to offer.”

Preparation for the World Cup will include north-south matches, trans-Tasman series against Australia here or across the gap and intense training.

The grueling weekly schedule includes matches against men’s teams.

“That’s what we need,” Anna said.

“Their ball speed and presence on the ball are incredible. Facing the Netherlands and Argentina, they are fast women, so it’s a very good preparation.

Twenty players will be selected for the World Cup squad, but it will be reduced to 18 for the Commonwealth Games in Birmingham.

Anna has no indication if she will make the cut.

“We’ll know closer to the time.”

Hope Ralph and Holly Pearson of Taranaki were also selected to the team.

Pearson has already picked up 27 caps for New Zealand and Ralph will be looking to add to his 19 international caps.

  • Story brought to you by Sports News Taranaki
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REGIONAL MANAGEMENT CORP. MANAGEMENT REPORT ON FINANCIAL POSITION AND RESULTS OF OPERATIONS. (Form 10-K) https://sgb-sports.com/regional-management-corp-management-report-on-financial-position-and-results-of-operations-form-10-k/ Fri, 04 Mar 2022 22:18:05 +0000 https://sgb-sports.com/regional-management-corp-management-report-on-financial-position-and-results-of-operations-form-10-k/
The following discussion and analysis should be read in conjunction with, and is
qualified in its entirety by reference to, our audited consolidated financial
statements and the related notes that appear in Part II, Item 8, "Financial
Statements and Supplementary Data" in this Annual Report on Form 10-K. These
discussions contain forward-looking statements that reflect our current
expectations and that include, but are not limited to, statements concerning our
strategies, future operations, future financial position, future revenues,
projected costs, expectations regarding demand and acceptance for our financial
products, growth opportunities and trends in the market in which we operate,
prospects, and plans and objectives of management. The words "anticipates,"
"believes," "estimates," "expects," "intends," "may," "plans," "projects,"
"predicts," "will," "would," "should," "could," "potential," "continue," and
similar expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these identifying words. We
may not actually achieve the plans, intentions, or expectations disclosed in our
forward-looking statements, and you should not place undue reliance on our
forward-looking statements. Our forward-looking statements involve risks and
uncertainties that could cause actual results, events, and/or performance to
differ materially from the plans, intentions, and expectations disclosed in the
forward-looking statements. Such risks and uncertainties include, without
limitation, the risks set forth in Part I, Item 1A, "Risk Factors" in this
Annual Report on Form 10-K. The COVID-19 pandemic may also magnify many of these
risks and uncertainties. The forward-looking information we have provided in
this Annual Report on Form 10-K pursuant to the safe harbor established under
the Private Securities Litigation Reform Act of 1995 should be evaluated in the
context of these factors. Forward-looking statements speak only as of the date
they were made, and we undertake no obligation to update or revise such
statements, except as required by the federal securities laws.

Overview


We are a diversified consumer finance company that provides installment loan
products primarily to customers with limited access to consumer credit from
banks, thrifts, credit card companies, and other lenders. As of December 31,
2021, we operated under the name "Regional Finance" in 350 branch locations in
13 states across the United States, serving 460,600 active accounts. Most of our
loan products are secured, and each is structured on a fixed-rate, fixed-term
basis with fully amortizing equal monthly installment payments, repayable at any
time without penalty. We source our loans through our omni-channel platform,
which includes our branches, centrally-managed direct mail campaigns, digital
partners, retailers, and our consumer website. We operate an integrated branch
model in which nearly all loans, regardless of origination channel, are serviced
through our branch network. This provides us with frequent contact with our
customers, which we believe improves our credit performance and customer
loyalty. Our goal is to consistently grow our finance receivables and to soundly
manage our portfolio risk, while providing our customers with attractive and
easy-to-understand loan products that serve their varied financial needs.

Our products include small, large and retail installment loans:

• Small loans (?$2,500) – Starting the December 31, 2021we had 269.5 thousand

outstanding short-term loans, representing $445.0 million net

debt financing. This included 137,200 small convenience loans

checks, representative $197.5 million in net financial claims.

• Large loans (>$2,500) – Starting the December 31, 2021we had 184.1 thousand

significant installment loans outstanding, representing $969.4 million net

debt financing. This included 15,700 high convenience loans

checks, representative $49.2 million in net financial claims.

• Personal Loans – As of December 31, 2021we had 6.7 thousand retail purchases

outstanding loans, representing $10.5 million in net financial claims.

• Optional insurance products: we offer optional payments and guarantees

protection insurance to our direct lending customers.



Small and large installment loans are our core loan products and will be the
drivers of our future growth. Our primary sources of revenue are interest and
fee income from our loan products, of which interest and fees relating to small
and large installment loans are the largest component. In addition to interest
and fee income from loans, we derive revenue from optional insurance products
purchased by customers of our direct loan products.

For more information on our business activities, see Part I, point 1, “Activities”.

Regional management company | 2021 Annual Report on Form 10-K | 46 ————————————————- ——————————-

Impact of the COVID-19 pandemic on the outlook


The COVID-19 pandemic has resulted in economic disruption and uncertainty. At
the outset of the pandemic, during the second quarter of 2020, we experienced a
decrease in demand. Since that time, our loan growth has steadily increased. As
of December 31, 2021, our net finance receivables were $1.4 billion, $290.0
million higher than as of December 31, 2020. Future consumer demand remains
subject to the uncertainty around the extent and duration of the pandemic.

Due to the pandemic, we have experienced the temporary closure of some branches in 2021 due to company-initiated quarantine measures. However, all of our branches have been open for the majority of 2021.


Throughout the pandemic, we have employed a data-driven approach to managing our
risk, which is essential during periods of market volatility. We manage this
risk through our custom risk and response scorecards, analysis of early payment
activity, and detailed geographic and customer segmentation to ensure that
incremental direct mail loan volume is capable of absorbing credit losses at two
to three times our historical levels while still providing positive contribution
margin.

We proactively adjusted our underwriting criteria at the start of the pandemic
in 2020 to adapt to the new environment and continue to originate loans with
appropriately enhanced lending criteria. As we progress through the pandemic and
acquire additional data, we continue to update and sharpen our underwriting
standards, paying close attention to those geographies and industries that have
been most affected by the virus and related economic disruption. As of December
31, 2021, our allowance for loan losses included $14.4 million of reserves
related to the expected economic impact of the COVID-19 pandemic. Our
contractual delinquency as a percentage of net finance receivables increased to
6.0% as of December 31, 2021, up from 5.3% as of December 31, 2020. We believe
this increase corresponds to the decrease in pandemic-related government
stimulus. Going forward, we may experience changes to the macroeconomic
assumptions within our forecast and changes to our credit loss performance
outlook, both of which could lead to further changes in our allowance for credit
losses, reserve rate, and provision for credit losses expense.

We proactively diversified our funding over the past few years and continue to
maintain a strong liquidity profile. During 2021, we (i) successfully closed a
$248.7 million asset-backed securitization with a three-year revolving period
and weighted-average coupon ("WAC") of 2.08% (replacing a prior transaction with
a two-year revolving period and WAC of 4.87%); (ii) enhanced our warehouse
facility capacity to $300.0 million by amending and restating our previously
existing warehouse facility and closing two new warehouse credit facilities;
(iii) successfully closed asset-backed securitizations of $200.0 million, and
$125.0 million, respectively, each with five-year revolving periods. As of
December 31, 2021, we had $209.7 million of immediate liquidity, comprised of
unrestricted cash on hand and immediate availability to draw down cash from our
revolving credit facilities. Our liquidity position has improved $15.3 million
since December 31, 2020. In addition, we ended 2021 with $556.8 million of
unused capacity on our revolving credit facilities (subject to the borrowing
base). We believe our liquidity position provides us substantial runway to fund
our growth initiatives and to support the fundamental operations of our
business.

We continue to rely more heavily on online operations for customer access,
including remote loan closings. On the digital front, we continue to build and
expand upon our end-to-end online and mobile origination capabilities for new
and existing customers, along with additional digital servicing functionality.
Combined with remote loan closings, we believe that these omni-channel sales and
service capabilities will expand the market reach of our branches, increase our
average branch receivables, and improve our revenues and operating efficiencies,
while at the same time increasing customer satisfaction.

The extent to which the pandemic will ultimately impact our business and
financial condition will depend on future events that are difficult to forecast,
including, but not limited to, the duration and severity of the pandemic
(including as a result of waves of outbreak or variant strains of the virus),
the success of actions taken to contain, treat, and prevent the spread of the
virus, and the speed at which normal economic and operating conditions return
and are sustained.

Factors Affecting Our Results of Operations

Our business is driven by several factors affecting our revenues, costs and results of operations, including the following:


Quarterly Information and Seasonality. Our loan volume and contractual
delinquency follow seasonal trends. Demand for our small and large loans is
typically highest during the second, third, and fourth quarters, which we
believe is largely due to customers borrowing money for vacation,
back-to-school, and holiday spending. Loan demand has generally been the lowest
during the first quarter, which we believe is largely due to the timing of
income tax refunds. Delinquencies generally reach their lowest point in the
first half of the year and rise in the second half of the year. The CECL
accounting model requires earlier recognition of credit losses compared to the
prior incurred loss approach. This could result in larger allowance for credit
loss releases in periods of portfolio liquidation, and larger provisions for
credit losses in periods of portfolio growth compared to prior years.
Consequently, we experience seasonal fluctuations in our operating results.
However, changes in borrower assistance programs and customer access


Regional management company | 2021 Annual Report on Form 10-K | 47 ————————————————- ——————————-

external economic stimulus measures related to the COVID-19 pandemic have impacted our typical seasonal trends in loan volume and delinquency.


Growth in Loan Portfolio. The revenue that we derive from interest and fees is
largely driven by the balance of loans that we originate and purchase. Average
net finance receivables were $1.2 billion in 2021 and $1.1 billion in 2020. We
source our loans through our branches, direct mail program, retail partners,
digital partners, and our consumer website. Our loans are made almost
exclusively in geographic markets served by our network of branches. Increasing
the number of loans per branch and growing our state footprint allows us to
increase the number of loans that we are able to service. In April 2021, we
opened our first branch in Illinois, our twelfth state, and in September 2021,
we opened our first branch in Utah, our thirteenth state. In February 2022, we
opened our first branch in Mississippi, our fourteenth state. We expect to enter
at least an additional five states by the end of 2022. After assessing our
legacy branch network for clear opportunities to consolidate operations into
larger branches within close geographic proximity, we closed 31 branches during
the fourth quarter of 2021. This branch optimization is consistent with our
omni-channel strategy and builds upon our recent successes in entering new
states with a lighter branch footprint, while still providing customers with
best-in-class service. We plan to add additional branches in new and existing
states where it is favorable for us to conduct business.

Product Mix. We are exposed to different credit risks and charge different
interest rates and fees with respect to the various types of loans we offer. Our
product mix also varies to some extent by state, and we may further diversify
our product mix in the future. The interest rates and fees vary from state to
state, depending on the competitive environment and relevant laws and
regulations.

Asset Quality and Allowance for Credit Losses. Our results of operations are
highly dependent upon the credit quality of our loan portfolio. The credit
quality of our loan portfolio is the result of our ability to enforce sound
underwriting standards, maintain diligent servicing of the portfolio, and
respond to changing economic conditions as we grow our loan portfolio. Our
allowance for credit losses estimate changed on January 1, 2020, as we adopted
the CECL accounting model. See Note 2, "Significant Accounting Policies" of the
Notes to Consolidated Financial Statements in Part II, Item 8, "Financial
Statements and Supplementary Data," for more information on our allowance for
credit losses.

The primary underlying factors driving the provision for credit losses for each
loan type are our underwriting standards, the general economic conditions in the
areas in which we conduct business, loan portfolio growth, and the effectiveness
of our collection efforts. In addition, the market for repossessed automobiles
at auction is another underlying factor that we believe influences the provision
for credit losses for loans collateralized by automobiles. We monitor these
factors, and the amount and past due status of all loans, to identify trends
that might require us to modify the allowance for credit losses.

Interest Rates. Our costs of funds are affected by changes in interest rates, as
the interest rates that we pay on certain of our credit facilities are variable.
As a component of our strategy to manage the interest rate risk associated with
future interest payments on our variable-rate debt, we have purchased interest
rate cap contracts. As of December 31, 2021, we held interest rate cap contracts
with an aggregate notional principal amount of $550.0 million.

Operating costs. Our financial results are impacted by operating costs and head office functions. These costs are included in general and administrative expenses in our Consolidated Statements of Income.

Components of operating results

Interest and commission income. Our interest and fee income consists primarily of interest earned on outstanding loans. Accumulation of interest income on financial claims is suspended when an account becomes overdue for 90 days. If the account is charged off, accrued interest income is reversed as a reduction to interest and fee income.


Most states allow certain fees in connection with lending activities, such as
loan origination fees, acquisition fees, and maintenance fees. Some states allow
for higher fees while keeping interest rates lower. Loan fees are additional
charges to the customer and generally are included in the annual percentage rate
shown in the Truth in Lending disclosure that we make to our customers. The fees
may or may not be refundable to the customer in the event of an early payoff,
depending on state law. Fees are recognized as income over the life of the loan
on the constant yield method.

Insurance Income, Net. Our insurance operations are a material part of our
overall business and are integral to our lending activities. Insurance income,
net consists primarily of earned premiums, net of certain direct costs, from the
sale of various optional payment and collateral protection insurance products
offered to customers who obtain loans directly from us. Insurance income, net
also includes the earned premiums and direct costs associated with the non-file
insurance that we purchase to protect us from


Regional management company | 2021 Annual Report on Form 10-K | 48 ————————————————- ——————————-



credit losses where, following an event of default, we are unable to take
possession of personal property collateral because our security interest is not
perfected. We do not sell insurance to non-borrowers. Direct costs included in
insurance income, net are claims paid, claims reserves, ceding fees, and premium
taxes paid. We do not allocate to insurance income, net, any other head office
or branch administrative costs associated with management of insurance
operations, management of captive insurance company, marketing and selling
insurance products, legal and compliance review, or internal audits.

As reinsurer, we maintain cash reserves for life insurance claims in an amount
determined by the unaffiliated insurance company. As of December 31, 2021, the
restricted cash balance for these cash reserves was $19.9 million. The
unaffiliated insurance company maintains the reserves for non-life claims.

Other Income. Our other income consists primarily of late charges assessed on
customers who fail to make a payment within a specified number of days following
the due date of the payment. In addition, fees for extending the due date of a
loan, returned check charges, commissions earned from the sale of an auto club
product, and interest income from restricted cash are included in other income.

Provision for Credit Losses. Provisions for credit losses are charged to income
in amounts that we estimate as sufficient to maintain an allowance for credit
losses at an adequate level to provide for lifetime expected credit losses on
the related finance receivable portfolio. Credit loss experience, current
conditions, reasonable and supportable economic forecasts, delinquency of
finance receivables, loan portfolio growth, the value of underlying collateral,
and management's judgment are factors used in assessing the overall adequacy of
the allowance and the resulting provision for credit losses. Our provision for
credit losses fluctuates so that we maintain an adequate credit loss allowance
that reflects lifetime expected credit losses for each finance receivable type.
Changes in our delinquency and net credit loss rates may result in changes to
our provision for credit losses. Substantial adjustments to the allowance may be
necessary if there are significant changes in forecasted economic conditions or
loan portfolio performance.

General and Administrative Expenses. Our financial results are impacted by the
costs of operations and head office functions. Those costs are included in
general and administrative expenses within our consolidated statements of
income. Our general and administrative expenses are comprised of four
categories: personnel, occupancy, marketing, and other. We measure our general
and administrative expenses as a percentage of average net finance receivables,
which we refer to as our operating expense ratio.

Our personnel expenses are the largest component of our general and administrative expenses and consist primarily of salaries and wages, overtime, contract labor, relocation costs, incentives, benefits and related social charges associated with all of our operations and head office employees.


Our occupancy expenses consist primarily of the cost of renting our facilities,
all of which are leased, and the utility, depreciation of leasehold improvements
and furniture and fixtures, communication services, data processing, and other
non-personnel costs associated with operating our business.

Our marketing expenses consist primarily of costs associated with our direct
mail campaigns (including postage and costs associated with selecting
recipients), digital marketing, maintaining our consumer website, and some local
marketing by branches. These costs are expensed as incurred.

Other expenses consist primarily of legal, compliance, audit, and consulting
costs, as well as non-employee director compensation, amortization of software
licenses and implementation costs, electronic payment processing costs, bank
service charges, office supplies, software maintenance and support, and credit
bureau charges. We frequently experience fluctuations in other expenses as we
grow our loan portfolio and expand our market footprint. For a discussion
regarding how risks and uncertainties associated with the current regulatory
environment may impact our future expenses, net income, and overall financial
condition, see Part I, Item 1A, "Risk Factors."

Interest Expense. Our interest expense consists primarily of paid and accrued
interest for debt, unused line fees, and amortization of debt issuance costs on
debt. Interest expense also includes costs attributable to the change in the
fair value of interest rate caps.

Income Taxes. Income taxes consist of state and federal income taxes. Deferred
tax assets and liabilities are recognized for the future tax consequences
attributable to temporary differences between the financial statement carrying
amounts of existing assets and liabilities and their respective tax bases.
Deferred tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The change in


Regional management company | 2021 Annual Report on Form 10-K | 49 ————————————————- ——————————-



deferred tax assets and liabilities is recognized in the period in which the
change occurs, and the effects of future tax rate changes are recognized in the
period in which the enactment of new rates occurs.

Operating results

The following table summarizes our results of operations, in dollars and as a percentage of average net financial claims:


                                                                      Year Ended December 31,
                                               2021                             2020                             2019
                                                      % of                             % of                             % of
                                                  Average Net                      Average Net                      Average Net
                                                    Finance                          Finance                          Finance
Dollars in thousands                Amount        Receivables        Amount        Receivables        Amount        Receivables
Revenue
Interest and fee income            $ 382,544               31.5 %   $ 335,215               31.2 %   $ 321,169               31.8 %
Insurance income, net                 35,482                2.9 %      28,349                2.6 %      20,817                2.1 %
Other income                          10,325                0.9 %      10,342                1.0 %      13,727                1.4 %
Total revenue                        428,351               35.3 %     373,906               34.8 %     355,713               35.3 %
Expenses
Provision for credit losses           89,015                7.3 %     123,810               11.5 %      99,611                9.9 %

Personnel                            119,833                9.9 %     109,560               10.2 %      94,000                9.3 %
Occupancy                             24,126                2.0 %      22,629                2.1 %      22,576                2.2 %
Marketing                             14,405                1.2 %      10,357                1.0 %       8,206                0.8 %
Other                                 37,150                3.0 %      33,770                3.1 %      32,202                3.3 %
Total general and administrative     195,514               16.1 %     176,316               16.4 %     156,984               15.6 %

Interest expense                      31,349                2.6 %      37,852                3.6 %      40,125                4.0 %
Income before income taxes           112,473                9.3 %      35,928                3.3 %      58,993                5.8 %
Income taxes                          23,786                2.0 %       9,198                0.8 %      14,261                1.4 %
Net income                         $  88,687                7.3 %   $  26,730                2.5 %   $  44,732                4.4 %

Information explaining the variations in our results of operations from one year to the next is provided on the following pages.

Comparison of December 31, 2021Vs December 31, 2020

The following discussion and table describe the changes in financial claims by product type:

• Small loans (?$2,500) – Outstanding small loans increased by $42.0 million,

i.e. 10.4%, at $445.0 million at December 31, 2021from $403.1 million at

December 31, 2020. The increase is the result of new growth initiatives,

improved demand for customer credit and increased marketing, partially offset by

the general transition of customers from small loans to large loans.

• Large loans (>$2,500) – Outstanding large loans increased by $254.1

million, or 35.5%, to $969.4 million at December 31, 2021from $715.2

       million at December 31, 2020. The increase was due to new growth
       initiatives, improved customer loan demand, increased marketing, and the
       transition of small loan customers to large loans.

• Car loans – Outstanding car loans decreased by $2.5 million,

i.e. 65.5%, at $1.3 million at December 31, 2021from $3.9 million at

December 31, 2020. We stopped providing car loans in November 2017

       to focus on growing our core loan portfolio.


Regional management company | 2021 Annual Report on Form 10-K | 50 ————————————————- ——————————-

• Retail Loans – Outstanding retail loans decreased $3.6 millioni.e. 25.2%,

       to $10.5 million at December 31, 2021, from $14.1 million at December 31,
       2020.


                                                             Net Finance Receivables by Product
                                                                                           YoY $           YoY %
Dollars in thousands                      December 31, 2021       December 31, 2020      Inc (Dec)       Inc (Dec)
Small loans                              $           445,023     $           403,062     $   41,961            10.4 %
Large loans                                          969,351                 715,210        254,141            35.5 %
Total core loans                                   1,414,374               1,118,272        296,102            26.5 %
Automobile loans                                       1,343                   3,889         (2,546 )         (65.5 )%
Retail loans                                          10,540                  14,098         (3,558 )         (25.2 )%
Total net finance receivables            $         1,426,257     $         1,136,259     $  289,998            25.5 %

Number of branches at period end                         350                     365            (15 )          (4.1 )%
Net finance receivables per branch       $             4,075     $             3,113     $      962            30.9 %


Comparison of the year ended December 31, 2021compared to the year ended
December 31, 2020


Net Income. Net income increased $62.0 million, or 231.8%, to $88.7 million in
2021, from $26.7 million in 2020. The increase was primarily due to an increase
in revenue of $54.4 million, a decrease in provision for credit losses of $34.8
million, and a decrease in interest expense of $6.5 million, offset by an
increase in general and administrative expenses of $19.2 million and an increase
in income taxes of $14.6 million.

Revenue. Total revenue increased $54.4 million, or 14.6%, to $428.4 million in
2021, from $373.9 million in 2020. The components of revenue are explained in
greater detail below.

Interest and Fee Income. Interest and fee income increased $47.3 million, or
14.1%, to $382.5 million in 2021, from $335.2 million in 2020. The increase was
primarily due to a 13.0% increase in average net finance receivables and a 0.3%
increase in average yield.

The following table presents the average net balance of financial receivables and the average yield of our loan products:

                              Average Net Finance Receivables for the Year Ended                           Average Yields for the Year Ended
                                                                             YoY %                                                                 YoY %
Dollars in thousands    December 31, 2021        December 31, 2020         Inc (Dec)         December 31, 2021         December 31, 2020         Inc (Dec)
Small loans             $          394,394       $          406,675               (3.0 )%                  38.2 %                    37.3 %              0.9 %
Large loans                        805,808                  642,085               25.5 %                   28.5 %                    27.9 %              0.6 %
Automobile loans                     2,422                    6,315              (61.6 )%                  13.0 %                    14.0 %             (1.0 )%
Retail loans                        11,259                   18,791              (40.1 )%                  18.3 %                    18.2 %              0.1 %
Total interest and
fee yield               $        1,213,883       $        1,073,866               13.0 %                   31.5 %                    31.2 %              0.3 %

Small and large loan yields increased by 0.9% and 0.6%, respectively, in 2021 compared to 2020, primarily due to improved credit performance across the portfolio due to the underwriting crunch during the pandemic and our overall shift in mix towards higher credit quality customers, resulting in fewer loans in non-accumulation and fewer write-offs of accrued interest.


As a result of our focus on large loan growth over the last several years, the
large loan portfolio has grown faster than the rest of our loan products, and we
expect that this trend will continue in the future. Over time, large loan growth
will change our product mix, which will reduce our total interest and fee yield
percentage.


Regional management company | 2021 Annual Report on Form 10-K | 51 ————————————————- ——————————-



We continue to originate new loans with enhanced lending criteria. Demand for
our loan products has continued to recover as total originations increased to
$1.5 billion in 2021, from $1.1 billion in 2020. The following table represents
the principal balance of loans originated and refinanced:


                                                            Loans 

Created for the fiscal year ended

                                                                                           YoY $           YoY %
Dollars in thousands                      December 31, 2021       December 31, 2020      Inc (Dec)       Inc (Dec)
Small loans                              $           602,613     $           516,124     $   86,489            16.8 %
Large loans                                          856,699                 557,952        298,747            53.5 %
Retail loans                                           8,275                   9,201           (926 )         (10.1 )%
Total loans originated                   $         1,467,587     $         1,083,277     $  384,310            35.5 %

The following table summarizes the components of the increase in interest and commission income:


                                                         Components of 

Increase in interest and commission income

                                               Year Ended December 31, 2021 

Compared to the year ended December 31, 2020

                                                                        Increase (Decrease)
                                                                                        Volume &
Dollars in thousands                          Volume               Rate                   Rate                   Net
Small loans                                 $    (4,576 )       $     3,781         $           (114 )       $      (909 )
Large loans                                      45,737               3,530                      900              50,167
Automobile loans                                   (546 )               (64 )                     40                (570 )
Retail loans                                     (1,373 )                23                       (9 )            (1,359 )
Product mix                                       4,465              (4,066 )                   (399 )                 -

Total increase in interest and commission income $43,707 $3,204

         $            418         $    47,329


The $47.3 million increase in interest and fee income in 2021 compared to 2020
was primarily driven by growth of our average net finance receivables and
improved credit performance across the portfolio, which resulted in fewer loans
in non-accrual status and fewer interest accrual reversals. These benefits were
partially offset by the intended product mix shift toward large loans and the
portfolio composition shift toward higher credit quality customers with lower
interest rates due to the use of enhanced credit standards during the pandemic.

Insurance Income, Net. Insurance income, net increased $7.1 million, or 25.2%,
to $35.5 million in 2021, from $28.3 million in 2020. In both 2021 and 2020,
personal property insurance premiums represented the largest component of
aggregate earned insurance premiums, and life insurance claims expense
represented the largest component of direct insurance expenses.

The following table summarizes the components of insurance income, net:


                                                    Insurance Premiums and 

Direct expenditures for the year ended

                                                                                                 YoY $            YoY %
Dollars in thousands                      December 31, 2021         December 31, 2020            B(W)             B(W)
Earned premiums                          $            53,218       $            42,816       $      10,402           24.3 %
Claims, reserves, and certain direct
expenses                                             (17,736 )                 (14,467 )            (3,269 )        (22.6 )%
Insurance income, net                    $            35,482       $            28,349       $       7,133           25.2 %


Fiscal 2021 earned premiums increased by $10.4 million and claims, reserves, and
certain direct expenses increased by $3.3 million, in each case compared to
2020. The increase in earned premiums was primarily due to loan growth and
adjusted pricing. The increase in claims, reserves, and certain direct expenses
compared to 2020 was primarily due to increases in insurance claims expense and
ceding fees of $2.8 million and $0.6 million, respectively, offset by a $0.3
million decrease in reserves for expected insurance claims during 2021.

Other income. Other income from $10.3 million in 2021 was comparable to $10.3 million in 2020.


Provision for Credit Losses. Our provision for credit losses decreased $34.8
million, or 28.1%, to $89.0 million in 2021, from $123.8 million in 2020. The
decrease was due to a decrease in the allowance for credit losses of $18.4
million primarily due to the release of COVID-19 reserves in 2021 and a decrease
in net credit losses of $16.4 million compared to the prior-year period.


Regional management company | 2021 Annual Report on Form 10-K | 52 ————————————————- ——————————-



Allowance for Credit Losses. We evaluate delinquency and losses in each of our
loan products in establishing the allowance for credit losses. The following
table sets forth our allowance for credit losses compared to the related finance
receivables as of the end of the periods indicated:

                                                    Allowance for Credit Losses for the Year
                                                                      Ended
                                                      December 31,             December 31,
Dollars in thousands                                      2021                     2020
Beginning balance                                   $        150,000         $         62,200
Impact of CECL adoption                                            -                   60,100
COVID-19 reserve build (release)                             (16,000 )                 30,400
General reserve build (release) due to portfolio
change                                                        25,300                   (2,700 )
Ending balance                                      $        159,300         $        150,000
Allowance for credit losses as a percentage of
net finance receivables                                         11.2 %                   13.2 %


As of December 31, 2021, our allowance for credit losses included $14.4 million
of reserves related to the expected economic impact of the COVID-19 pandemic.
The allowance for credit losses included a net build of $25.3 million related to
portfolio growth and a base reserve release of $2.7 million during 2021 and
2020, respectively. We ran several macroeconomic stress scenarios, and our final
forecast assumes a resumption of normal unemployment rates at the end of 2022.
See Note 4, "Finance Receivables, Credit Quality Information, and Allowance for
Credit Losses" of the Notes to Consolidated Financial Statements in Part II,
Item 8, "Financial Statements and Supplementary Data," for additional
information regarding our allowance for credit losses.

Net Credit Losses. Net credit losses decreased $16.4 million, or 17.1%, to $79.7
million in 2021, from $96.1 million in 2020. The decrease was primarily due to
historically low delinquency levels. Net credit losses as a percentage of
average net finance receivables were 6.6% in 2021, compared to 8.9% in 2020. We
expect future increases to net credit losses as a percentage of average net
finance receivables as our delinquency rates rise toward more normalized levels.

Delinquency Performance. Our contractual delinquency as a percentage of net
finance receivables increased to 6.0% as of December 31, 2021, from 5.3% as of
December 31, 2020 as delinquency levels continued to normalize. Our credit
performance remains strong due to the quality and adaptability of our
underwriting criteria and the performance of our custom scorecards. We expect
contractual delinquency as a percentage of net finance receivables to continue
to rise towards more normalized levels in future periods.

The following tables include delinquency balances by aging category and by
product:

                                         Contractual Delinquency by Aging
Dollars in thousands               December 31, 2021           December 31, 2020
Current                         $ 1,237,165        86.7 %   $   990,467        87.2 %
1 to 29 days past due               104,201         7.3 %        85,342         7.5 %
Delinquent accounts:
30 to 59 days                        25,283         1.9 %        18,381         1.6 %
60 to 89 days                        20,395         1.4 %        14,955         1.3 %
90 to 119 days                       15,962         1.0 %        10,496         0.9 %
120 to 149 days                      12,466         0.9 %         9,085         0.8 %
150 to 179 days                      10,785         0.8 %         7,533         0.7 %
Total contractual delinquency   $    84,891         6.0 %   $    60,450         5.3 %
Total net finance receivables   $ 1,426,257       100.0 %   $ 1,136,259       100.0 %



                                        Contractual Delinquency by Product
Dollars in thousands               December 31, 2021           December 31, 2020
Small loans                     $    39,794          8.9 %   $    27,703        6.9 %
Large loans                          44,264          4.6 %        31,259        4.4 %
Automobile loans                         84          6.3 %           296        7.6 %
Retail loans                            749          7.1 %         1,192        8.5 %
Total contractual delinquency   $    84,891          6.0 %   $    60,450        5.3 %


Regional management company | 2021 Annual Report on Form 10-K | 53 ————————————————- ——————————-




General and Administrative Expenses. Our general and administrative expenses
increased $19.2 million, or 10.9%, to $195.5 million in 2021 from $176.3 million
in 2020. The absolute dollar increase in general and administrative expenses is
explained in greater detail below.

Personnel. The largest component of general and administrative expenses is
personnel expense, which increased $10.3 million, or 9.4%, to $119.8 million in
2021, from $109.6 million in 2020. We had several offsetting increases and
decreases in personnel expenses during 2021. Labor expense and incentive costs
increased $7.8 million and $7.4 million, respectively, compared to 2020.
Additionally, 2021 included branch optimization costs of $0.3 million.
Capitalized loan origination costs, which reduced personnel expenses, increased
by $1.8 million compared to the 2020 due to an increase in loans originated.
Additionally, 2020 included executive transition costs of $3.0 million and
severance expense related to workforce actions of $0.8 million.

Occupancy. Occupancy expenses increased $1.5 million, or 6.6%, to $24.1 million
in 2021, from $22.6 million in 2020. The increase was primarily due to costs
related to our branch optimization initiative of $1.1 million and an increase in
COVID-19 enhanced sanitation efforts of $0.2 million.

Marketing. Marketing expenses increased $4.0 million, or 39.1%, to $14.4 million
in 2021, from $10.4 million in 2020. The increase was primarily due to increased
activity in our direct mail campaigns and digital marketing to support growth
and abnormally low marketing spend in the second quarter of 2020. At the outset
of the pandemic during the second quarter of 2020, we temporarily paused direct
mail and digital marketing aimed at customer acquisition, before gradually
restarting our marketing campaigns in May 2020.

Other Expenses. Other expenses increased $3.4 million, or 10.0%, to $37.2
million in 2021, from $33.8 million in 2020, primarily due to increased
investment in digital and technological capabilities of $3.0 million.
Additionally, we often experience increases in other expenses including legal
and settlement expenses, external fraud, collections expense, bank fees, and
certain professional expenses as we grow our loan portfolio and expand our
market footprint.

Operating Expense Ratio. Our operating expense ratio decreased by 0.3% to 16.1%
during 2021 from 16.4% during 2020. Fiscal 2021 included a ratio increase of
0.1% related to branch optimization expenses of $1.6 million. Fiscal 2020
included non-operating expenses of $3.1 million of executive transition costs,
severance expense related to workforce actions of $0.8 million, and system
outage costs of $0.7 million which increased our operating expense ratio by 0.4%
in 2020.

Interest Expense. Interest expense on debt decreased $6.5 million, or 17.2%, to
$31.3 million in 2021, from $37.9 million in 2020. The decrease was primarily
due to favorable mark-to-market adjustments on interest rate caps of $2.7
million in 2021 compared to unfavorable mark-to-market adjustments on interest
rate caps of $0.3 million in 2020 and a decrease in our average cost of debt,
offset by an increase in the average balance of our debt facilities. The average
cost of our total debt decreased 1.60% to 3.59% in 2021, from 5.19% in 2020,
primarily reflecting the lower rate environment.

Income Taxes. Income taxes increased $14.6 million, or 158.6%, to $23.8 million
in 2021, from $9.2 million in 2020. The increase was primarily due to a $76.5
million increase in income before taxes compared to 2020. Our effective tax rate
decreased to 21.1% in 2021, compared to 25.6% in 2020. Fiscal 2021 was impacted
by tax benefits from the exercise and vesting of share-based awards and amended
state tax returns. The effective tax rate for 2020 was impacted by the margin
tax in Texas that was based on gross income, rather than net income, and
non-deductible executive compensation (including executive transition costs)
under Internal Revenue Code Section 162(m) that was not correlated to income
before taxes.

Comparison of the year ended December 31, 2020compared to the year ended
December 31, 2019


For a comparison of our results of operations for the years ended December 31,
2020 and December 31, 2019, see Part II, Item 7, "Management's Discussion and
Analysis of Financial Condition and Results of Operations" of our Annual Report
on Form 10-K for the fiscal year ended December 31, 2020 (which was filed with
the SEC on February 25, 2021), which comparison is incorporated by reference
herein.

Cash and capital resources


Our primary cash needs relate to the funding of our lending activities and, to a
lesser extent, expenditures relating to improving our technology infrastructure
and expanding and maintaining our branch locations. We have historically
financed, and plan to continue to finance, our short- and long-term operating
liquidity and capital needs through a combination of cash flows from operations
and borrowings under our debt facilities, including our senior revolving credit
facility, revolving warehouse credit facilities, and asset-backed securitization
transactions, all of which are described below. We continue to seek ways to
diversify our


Regional management company | 2021 Annual Report on Form 10-K | 54 ————————————————- ——————————-



funding sources. As of December 31, 2021, we had a funded debt-to-equity ratio
(debt divided by total stockholders' equity) of 3.9 to 1.0 and a stockholders'
equity ratio (total stockholders' equity as a percentage of total assets) of
19.4%.

Cash and cash equivalents increased to $10.5 million as of December 31, 2021,
from $8.1 million as of December 31, 2020. As of December 31, 2021 and December
31, 2020 we had $199.2 million and $186.3 million, respectively, of immediate
availability to draw down cash from our revolving credit facilities. Our unused
capacity on our revolving credit facilities (subject to the borrowing base) was
$556.8 million and $438.1 million as of December 31, 2021 and 2020,
respectively. Our total debt increased to $1.1 billion as of December 31, 2021,
from $768.9 million as of December 31, 2020.

A summary of material future financial obligations requiring repayments to the December 31, 2021 is as follows:

                                                Future Material Financial Obligations by Period
                                               Next Twelve        Beyond Twelve
Dollars in thousands                             Months              Months              Total

Principal payments on debt securities $74,703 $1,033,250 $1,107,953
Interest payments on debt securities

                28,635              60,710            89,345
Operating lease obligations                           7,248              28,068            35,316
Total                                         $     110,586       $   1,122,028       $ 1,232,614

Based on projected cash flows, management believes that operating cash flows and our various financing alternatives will provide sufficient funding for debt maturities and operations over the next twelve months, as well as in the future.


From time to time, we have extended the maturity date of and increased the
borrowing limits under our senior revolving credit facility. While we have
successfully obtained such extensions and increases in the past, there can be no
assurance that we will be able to do so if and when needed in the future. In
addition, the revolving period maturities of our securitizations and warehouse
credit facilities (each as described below within "Financing Arrangements")
range from October 2022 to September 2026. There can be no assurance that we
will be able to secure an extension of the warehouse credit facilities or close
additional securitization transactions if and when needed in the future.

Redemption of shares and dividends.


In October 2020, we announced that our Board had authorized a stock repurchase
program allowing for the repurchase of up to $30.0 million of our outstanding
shares of common stock in open market purchases, privately negotiated
transactions, or through other structures in accordance with applicable federal
securities laws. The authorization was effective immediately and extended
through October 22, 2022. In May 2021, we completed this stock repurchase
program, repurchasing a total of 1.0 million shares pursuant to the program.

In May 2021, we announced that our Board had authorized a stock repurchase
program, allowing for the repurchase of up to $30.0 million of our outstanding
shares of common stock. Share repurchases under the stock repurchase program may
be made in the open market at prevailing market prices or through privately
negotiated transactions in accordance with applicable federal securities laws.
The authorization was effective immediately and extended through April 29, 2023.
In August 2021, we announced that our Board had approved a $20.0 million
increase in the amount authorized under the stock repurchase program, from $30.0
million to $50.0 million. The authorization was effective immediately and
extended through July 29, 2023. As of December 31, 2021, we had repurchased 0.9
million shares of common stock at a total cost of $49.4 million under this stock
repurchase program. Under these programs, we repurchased an aggregate of 1.5
million shares of common stock at a total cost of $67.4 million in 2021. See
Note 20, "Subsequent Events" of the Notes to the Consolidated Financial
Statements in Part II, Item 8, "Financial Statements and Supplementary Data,"
for more information regarding the completion of the 2021 repurchase program
following the end of the year and a new repurchase program announced on February
9, 2022.


Regional management company | 2021 Annual Report on Form 10-K | 55 ————————————————- ——————————-

The board may, at its discretion, declare and pay cash dividends on our common shares. The following table shows the dividends declared and paid for 2021:

                                                                                   Dividends Declared Per
Three Months Ended   Declaration Date       Record Date         Payment Date            Common Share
March 31, 2021       February 10, 2021   February 23, 2021     March 12, 2021     $                   0.20
June 30, 2021           May 4, 2021        May 26, 2021        June 15, 2021      $                   0.25
September 30, 2021    August 3, 2021      August 25, 2021    September 15, 2021   $                   0.25
December 31, 2021    November 2, 2021    November 24, 2021   December 15, 2021    $                   0.25
Total                                                                             $                   0.95


The Board declared and paid $9.5 million of cash dividends on our common stock
during 2021. The declaration, amount, and payment of any future cash dividends
on shares of our common stock will be at the discretion of the Board. See Note
20, "Subsequent Events" of the Notes to Consolidated Financial Statements in
Part II, Item 8, "Financial Statements and Supplementary Data," for more
information regarding our quarterly cash dividend following the end of the year.

While we intend to pay our quarterly dividend for the foreseeable future, all
subsequent dividends will be reviewed and declared at the discretion of the
Board and will depend on many factors, including our financial condition,
earnings, cash flows, capital requirements, level of indebtedness, statutory and
contractual restrictions applicable to the payment of dividends, and other
considerations that the Board deems relevant. Our dividend payments may change
from time to time, and the Board may choose not to continue to declare dividends
in the future.

Cash Flow.

Operating Activities. Net cash provided by operating activities in 2021 was
$189.0 million, compared to $165.0 million provided by operating activities in
2020, a net increase of $24.0 million. The increase was primarily due to the
growth in our average net finance receivables.

Investing Activities. Investing activities consist of originations of finance
receivables, purchases of intangible assets, and purchases of property and
equipment for new and existing branches. Net cash used in investing activities
in 2021 was $355.1 million, compared to $91.7 million in 2020, a net increase in
cash used of $263.4 million. The increase in cash used was primarily due to
increased net originations of finance receivables.

Financing Activities. Financing activities consist of borrowings and payments on
our outstanding indebtedness. In 2021, net cash provided by financing activities
was $243.4 million, compared to net cash used in financing activities of $57.8
million in 2020, a net increase of $301.2 million. The net increase in cash
provided was the result of a $377.9 million net increase in advances on debt
instruments, partially offset by an increase in the repurchase of common stock
of $55.4 million, an increase in cash dividends of $7.3 million, an increase in
taxes paid of $8.3 million, and an increase in payments for debt issuance costs
of $5.7 million.

Financing Arrangements.

Senior Revolving Credit Facility. In December 2021, we amended and restated our
senior revolving credit facility to, among other things, decrease the
availability under the facility from $640 million to $500 million and extend the
maturity of the facility from September 2022 to September 2024. Excluding the
receivables held by our variable interest entities (each, a "VIE"), the senior
revolving credit facility is secured by substantially all of our finance
receivables and equity interests of the majority of our subsidiaries. Advances
on the senior revolving credit facility are capped at 83% of eligible secured
finance receivables (83% of eligible secured finance receivables as of December
31, 2021). As of December 31, 2021, we had $199.2 million of available liquidity
under the facility and held $10.5 million in unrestricted cash. Borrowings under
the facility bear interest, payable monthly, at rates equal to one-month LIBOR,
with a LIBOR floor of 0.50%, plus a 3.00% margin. The effective interest rate
was 3.50% at December 31, 2021. The amended and restated facility provides for a
process to transition from LIBOR to a new benchmark in certain circumstances. We
pay a flat unused line fee of 0.50%.

Our debt under the senior revolving credit facility was $112.1 million as of
December 31, 2021. In advance of its September 2024 maturity date, we intend to
extend the maturity date of the amended and restated senior revolving credit
facility or take other appropriate action to address repayment upon maturity.
See Part I, Item 1A, "Risk Factors" and the filings referenced therein for a
discussion of risks related to our amended and restated senior revolving credit
facility, including refinancing risk.


Regional management company | 2021 Annual Report on Form 10-K | 56 ————————————————- ——————————-



Variable Interest Entity Debt. As part of our overall funding strategy, we have
transferred certain finance receivables to affiliated VIEs for asset-backed
financing transactions, including securitizations. The following debt
arrangements are issued by our wholly-owned, bankruptcy-remote, SPEs, which are
considered VIEs under GAAP and are consolidated into the financial statements of
their primary beneficiary. We are considered to be the primary beneficiary
because we have (i) power over the significant activities through our role as
servicer of the finance receivables under each debt arrangement and (ii) the
obligation to absorb losses or the right to receive returns that could be
significant through our interest in the monthly residual cash flows of the SPEs.

These debts are supported by the expected cash flows from the underlying
collateralized finance receivables. Collections on these finance receivables are
remitted to restricted cash collection accounts, which totaled $107.7 million
and $46.6 million as of December 31, 2021 and 2020, respectively. Cash inflows
from the finance receivables are distributed to the lenders/investors, the
service providers, and/or the residual interest that we own in accordance with a
monthly contractual priority of payments. The SPEs pay a servicing fee to us,
which is eliminated in consolidation.

At each sale of receivables from our affiliates to the SPEs, we make certain
representations and warranties about the quality and nature of the
collateralized receivables. The debt arrangements require us to repurchase the
receivables in certain circumstances, including circumstances in which the
representations and warranties made by us concerning the quality and
characteristics of the receivables are inaccurate. Assets transferred to SPEs
are legally isolated from us and our affiliates, and the claims of our and our
affiliates' creditors. Further, the assets of each SPE are owned by such SPE and
are not available to satisfy the debts or other obligations of us or any of our
affiliates. See Part I, Item 1A, "Risk Factors" and the filings referenced
therein for a discussion of risks related to our variable interest entity debt.

RMR II Revolving Warehouse Credit Facility. In April 2021, we and our
wholly-owned SPE, Regional Management Receivables II, LLC ("RMR II"), amended
and restated the credit agreement that provides for a revolving warehouse credit
facility to RMR II to, among other things, extend the date at which the facility
converts to an amortizing loan and the termination date to March 2023 and March
2024, respectively, decrease the total facility from $125 million to $75
million, increase the cap on facility advances from 80% to 83% of eligible
finance receivables, and increase the rate at which borrowings under the
facility bear interest, payable monthly, at a blended rate equal to three-month
LIBOR, with a LIBOR floor of 0.25%, plus a margin of 2.35% (2.15% prior to the
April 2021 amendment). The debt is secured by finance receivables and other
related assets that we purchased from our affiliates, which we then sold and
transferred to RMR II. The effective interest rate was 2.60% at December 31,
2021. RMR II pays an unused commitment fee between 0.35% and 0.85% based upon
the average daily utilization of the facility. The RMR II revolving warehouse
credit facility provides for a process to transition from LIBOR to a new
benchmark in certain circumstances. As of December 31, 2021, our debt under the
credit facility was $52.5 million.

RMR IV Revolving Warehouse Credit Facility. In April 2021, we and our
wholly-owned SPE, Regional Management Receivables IV, LLC ("RMR IV"), entered
into a credit agreement that provides for a $125 million revolving warehouse
credit facility to RMR IV. The facility converts to an amortizing loan in April
2023 and terminates in April 2024. The debt is secured by finance receivables
and other related assets that we purchased from our affiliates, which we then
sold and transferred to RMR IV. Advances on the facility are capped at 81% of
eligible finance receivables. Borrowings under the facility bear interest,
payable monthly, at a rate equal to one-month LIBOR, plus a margin of 2.35%. The
effective interest rate was 2.45% at December 31, 2021. RMR IV pays an unused
commitment fee between 0.35% and 0.70% based upon the average daily utilization
of the facility. The RMR IV revolving warehouse credit facility provides for a
process to transition from LIBOR to a new benchmark in certain circumstances. As
of December 31, 2021, our debt under the credit facility was $20.1 million.

RMR V Revolving Warehouse Credit Facility. In April 2021, we and our
wholly-owned SPE, Regional Management Receivables V, LLC ("RMR V"), entered into
a credit agreement that provides for a $100 million revolving warehouse credit
facility to RMR V. The facility converts to an amortizing loan in October 2022
and terminates in October 2023. The debt is secured by finance receivables and
other related assets that we purchased from our affiliates, which we then sold
and transferred to RMR V. Advances on the facility are capped at 80% of eligible
finance receivables. Borrowings under the facility bear interest, payable
monthly, at a per annum rate, which in the case of a conduit lender is the
commercial paper rate, plus a margin of 2.20%. The effective interest rate was
2.41% at December 31, 2021. RMR V pays an unused commitment fee between 0.45%
and 0.75% based upon the average daily utilization of the facility. As of
December 31, 2021, our debt under the credit facility was $59.5 million.

RMIT 2019-1 Securitization. In October 2019, we, our wholly-owned SPE, Regional
Management Receivables III, LLC ("RMR III"), and our indirect wholly-owned SPE,
Regional Management Issuance Trust 2019-1 ("RMIT 2019-1"), completed a private
offering and sale of $130 million of asset-backed notes. The transaction
consisted of the issuance of three classes of fixed-rate asset-backed notes by
RMIT 2019-1. The asset-backed notes are secured by finance receivables and other
related assets that RMR III purchased from us, which RMR III then sold and
transferred to RMIT 2019-1. The notes had a revolving period ending in October


Regional management company | 2021 Annual Report on Form 10-K | 57 ————————————————- ——————————-



2021, with a final maturity date in November 2028. Borrowings under the RMIT
2019-1 securitization bear interest, payable monthly, at an effective interest
rate of 3.19% as of December 31, 2021. Prior to maturity in November 2028, we
may redeem the notes in full, but not in part, at our option on any note payment
date on or after the payment date occurring in November 2021. During 2021, we
made principal payments of $20.8 million after the completion of the revolving
period. As of December 31, 2021, our debt under the securitization was $109.4
million. See Note 20, "Subsequent Events" of the Notes to Consolidated Financial
Statements in Part II, Item 8, "Financial Statements and Supplementary Data,"
for additional information regarding this securitization.

RMIT 2020-1 Securitization. In September 2020, we, our wholly-owned SPE, RMR
III, and our indirect wholly-owned SPE, Regional Management Issuance Trust
2020-1 ("RMIT 2020-1"), completed a private offering and sale of $180 million of
asset-backed notes. The transaction consisted of the issuance of four classes of
fixed-rate asset-backed notes by RMIT 2020-1. The asset-backed notes are secured
by finance receivables and other related assets that RMR III purchased from us,
which RMR III then sold and transferred to RMIT 2020-1. The notes have a
revolving period ending in September 2023, with a final maturity date in October
2030. Borrowings under the RMIT 2020-1 securitization bear interest, payable
monthly, at an effective interest rate of 2.85% as of December 31, 2021. Prior
to maturity in October 2030, we may redeem the notes in full, but not in part,
at our option on any business day on or after the payment date occurring in
October 2023. No payments of principal of the notes will be made during the
revolving period. As of December 31, 2021, our debt under the securitization was
$180.2 million.

RMIT 2021-1 Securitization. In February 2021, we, our wholly-owned SPE, RMR III,
and our indirect wholly-owned SPE, Regional Management Issuance Trust 2021-1
("RMIT 2021-1"), completed a private offering and sale of $249 million of
asset-backed notes. The transaction consisted of the issuance of four classes of
fixed-rate asset-backed notes by RMIT 2021-1. The asset-backed notes are secured
by finance receivables and other related assets that RMR III purchased from us,
which RMR III then sold and transferred to RMIT 2021-1. The notes have a
revolving period ending in February 2024, with a final maturity date in March
2031. Borrowings under the RMIT 2021-1 securitization bear interest, payable
monthly, at an effective interest rate of 2.08% as of December 31, 2021. Prior
to maturity in March 2031, we may redeem the notes in full, but not in part, at
our option on any business day on or after the payment date occurring in March
2024. No payments of principal of the notes will be made during the revolving
period. As of December 31, 2021, our debt under the securitization was $248.9
million.

RMIT 2021-2 Securitization. In July 2021, we, our wholly-owned SPE, RMR III, and
our indirect wholly-owned SPE, Regional Management Issuance Trust 2021-2 ("RMIT
2021-2"), completed a private offering and sale of $200 million of asset-backed
notes. The transaction consisted of the issuance of four classes of fixed-rate
asset-backed notes by RMIT 2021-2. The asset-backed notes are secured by finance
receivables and other related assets that RMR III purchased from us, which RMR
III then sold and transferred to RMIT 2021-2. The notes have a revolving period
ending in July 2026, with a final maturity date in August 2033. Borrowings under
the RMIT 2021-2 securitization bear interest, payable monthly, at an effective
interest rate of 2.30% as of December 31, 2021. Prior to maturity in August
2033, we may redeem the notes in full, but not in part, at our option on any
business day on or after the payment date occurring in August 2026. No payments
of principal of the notes will be made during the revolving period. As of
December 31, 2021, our debt under the securitization was $200.2 million.

RMIT 2021-3 Securitization. In October 2021, we, our wholly-owned SPE, RMR III,
and our indirect wholly-owned SPE, Regional Management Issuance Trust 2021-3
("RMIT 2021-3"), completed a private offering and sale of $125 million of
asset-backed notes. The transaction consisted of the issuance of fixed-rate
asset-backed notes by RMIT 2021-3. The asset-backed notes are secured by finance
receivables and other related assets that RMR III purchased from us, which RMR
III then sold and transferred to RMIT 2021-3. The notes have a revolving period
ending in September 2026, with a final maturity date in October 2033. Borrowings
under the RMIT 2021-3 securitization bear interest, payable monthly, at an
effective interest rate of 3.88% as of December 31, 2021. Prior to maturity in
October 2033, we may redeem the notes in full, but not in part, at our option on
any business day on or after the payment date occurring in October 2024. No
payments of principal of the notes will be made during the revolving period. As
of December 31, 2021, our debt under the securitization was $125.2 million.

RMIT 2022-1 Securitization. See Note 20, "Subsequent Events" of the Notes to
Consolidated Financial Statements in Part II, Item 8, "Financial Statements and
Supplementary Data," for information regarding the completion of a private
offering and sale of $250.0 million of asset-backed notes following the end of
the year.

Our debt arrangements are subject to certain covenants, including monthly and
annual reporting, maintenance of specified interest coverage and debt ratios,
restrictions on distributions, limitations on other indebtedness, and certain
other restrictions. At December 31, 2021, we were in compliance with all debt
covenants.

We expect that the LIBOR reference rate will be phased out by June 2023. Our
senior revolving credit facility, RMR II revolving warehouse credit facility,
and RMR IV revolving warehouse credit facility each use LIBOR as a benchmark in
determining


Regional management company | 2021 Annual Report on Form 10-K | 58 ————————————————- ——————————-



the cost of funds borrowed. These credit facilities provide for a process to
transition from LIBOR to a new benchmark, if necessary. We plan to continue to
work with our banking partners to modify our credit agreements to contemplate
the cessation of the LIBOR reference rate. We will also continue to work to
identify a replacement rate to LIBOR and look to adjust the pricing structure of
our facilities as needed.

Restricted cash reserve accounts.


RMR II Revolving Warehouse Credit Facility. The credit agreement governing the
RMR II revolving warehouse credit facility requires that we maintain a 1% cash
reserve based upon the ending finance receivables balance of the facility. As of
December 31, 2021, the warehouse facility cash reserve requirement totaled $0.6
million. The warehouse facility is supported by the expected cash flows from the
underlying collateralized finance receivables. Collections are remitted to a
restricted cash collection account, which totaled $5.1 million as of December
31, 2021.

RMR IV Revolving Warehouse Credit Facility. The credit agreement governing the
RMR IV revolving warehouse credit facility requires that we maintain a 1% cash
reserve based upon the ending finance receivables balance of the facility. As of
December 31, 2021, the warehouse facility cash reserve requirement totaled $0.2
million. The warehouse facility is supported by the expected cash flows from the
underlying collateralized finance receivables. Collections are remitted to a
restricted cash collection account, which totaled $2.1 million as of December
31, 2021.

RMR V Revolving Warehouse Credit Facility. The credit agreement governing the
RMR V revolving warehouse credit facility requires that we maintain a 1% cash
reserve based upon the ending finance receivables balance of the facility. As of
December 31, 2021, the warehouse facility cash reserve requirement totaled $0.7
million. The warehouse facility is supported by the expected cash flows from the
underlying collateralized finance receivables. Collections are remitted to a
restricted cash collection account, which totaled $5.1 million as of December
31, 2021.

RMIT 2019-1 Securitization. As required under the transaction documents
governing the RMIT 2019-1 securitization, we deposited $1.4 million of cash
proceeds into a restricted cash reserve account at closing. The securitization
is supported by the expected cash flows from the underlying collateralized
finance receivables. Collections are remitted to a restricted cash collection
account, which totaled $11.8 million as of December 31, 2021.

RMIT 2020-1 Securitization. As required under the transaction documents
governing the RMIT 2020-1 securitization, we deposited $1.9 million of cash
proceeds into a restricted cash reserve account at closing. The securitization
is supported by the expected cash flows from the underlying collateralized
finance receivables. Collections are remitted to a restricted cash collection
account, which totaled $16.4 million as of December 31, 2021.

RMIT 2021-1 Securitization. As required under the transaction documents
governing the RMIT 2021-1 securitization, we deposited $2.6 million of cash
proceeds into a restricted cash reserve account at closing. The securitization
is supported by the expected cash flows from the underlying collateralized
finance receivables. Collections are remitted to a restricted cash collection
account, which totaled $26.6 million as of December 31, 2021.

RMIT 2021-2 Securitization. As required under the transaction documents
governing the RMIT 2021-2 securitization, we deposited $2.1 million of cash
proceeds into a restricted cash reserve account at closing. The securitization
is supported by the expected cash flows from the underlying collateralized
finance receivables. Collections are remitted to a restricted cash collection
account, which totaled $21.0 million as of December 31, 2021.

RMIT 2021-3 Securitization. As required under the transaction documents
governing the RMIT 2021-3 securitization, we deposited $1.5 million of cash
proceeds into a restricted cash reserve account at closing. The securitization
is supported by the expected cash flows from the underlying collateralized
finance receivables. Collections are remitted to a restricted cash collection
account, which totaled $19.6 million as of December 31, 2021.

RMC Reinsurance. Our wholly-owned subsidiary, RMC Reinsurance, Ltd., is required
to maintain cash reserves against life insurance policies ceded to it, as
determined by the ceding company. As of December 31, 2021, cash reserves for
reinsurance were $19.9 million.

Impact of inflation


Our results of operations and financial condition are presented based on
historical cost, except for interest rate caps, which are carried at fair value.
While it is difficult to accurately measure the impact of inflation due to the
imprecise nature of the


Regional management company | 2021 Annual Report on Form 10-K | 59 ————————————————- ——————————-

estimates required, we believe that the effects of inflation, if any, on our results of operations and financial condition to date have been immaterial.

Significant Accounting Policies and Estimates


Management's discussion and analysis of financial condition and results of
operations is based upon our consolidated financial statements, which have been
prepared in accordance with GAAP and conform to general practices within the
consumer finance industry. The preparation of these financial statements
requires estimates and assumptions that affect the reported amounts of assets
and liabilities, revenues and expenses, and disclosure of contingent assets and
liabilities for the periods indicated in the financial statements. Management
bases estimates on historical experience and other assumptions it believes to be
reasonable under the circumstances and evaluates these estimates on an ongoing
basis. Actual results may differ from these estimates under different
assumptions or conditions.

Provision for credit losses.


The allowance for credit losses is based on historical credit experience,
current conditions, and reasonable and supportable economic forecasts. The
historical loss experience is adjusted for quantitative and qualitative factors
that are not fully reflected in the historical data. In determining our estimate
of expected credit losses, we evaluate information related to credit metrics,
changes in our lending strategies and underwriting practices, and the current
and forecasted direction of the economic and business environment. These metrics
include, but are not limited to, loan portfolio mix and growth, unemployment,
credit loss trends, delinquency trends, changes in underwriting, and operational
risks.

We selected a static pool Probability of Default ("PD") / Loss Given Default
("LGD") model to estimate our base allowance for credit losses, in which the
estimated loss is equal to the product of PD and LGD. Historical static pools of
net finance receivables are tracked over the term of the pools to identify the
incidences of loss (PDs) and the average severity of losses (LGDs).

To enhance the precision of the allowance for credit loss estimate, we evaluate
our finance receivable portfolio on a pool basis and segment each pool of
finance receivables with similar credit risk characteristics. As part of our
evaluation, we consider loan portfolio characteristics such as product type,
loan size, loan term, internal or external credit scores, delinquency status,
geographical location, and vintage. Based on analysis of historical loss
experience, we selected the following segmentation: product type, Fair Isaac
Corporation score, and delinquency status.

We account for certain finance receivables that have been modified by bankruptcy
proceedings or company loss mitigation policies using a discounted cash flows
approach to properly reserve for customer concessions (rate reductions and term
extensions).

As finance receivables are originated, provisions for credit losses are recorded
in amounts sufficient to maintain an allowance for credit losses at an adequate
level to provide for estimated losses over the contractual life of the finance
receivables (considering the effect of prepayments). Subsequent changes to the
contractual terms that are a result of re-underwriting are not included in the
finance receivable's contractual life (considering the effect of prepayments).
We use our segmentation loss experience to forecast expected credit losses.
Historical information about losses generally provides a basis for the estimate
of expected credit losses. We also consider the need to adjust historical
information to reflect the extent to which current conditions differ from the
conditions that existed for the period over which historical information was
evaluated. These adjustments to historical loss information may be qualitative
or quantitative in nature.

Macroeconomic forecasts are required for our allowance for credit loss model and
require significant judgment and estimation uncertainty. We consider key
economic factors, most notably unemployment rates, to incorporate into our
estimate of the allowance for credit losses. We engaged a major rating service
provider to assist with compiling a reasonable and supportable forecast which we
use to support the adjustments of our historical loss experience. We do not
require reversion adjustments, as the contractual lives of our loan portfolio
(considering the effect of prepayments) are shorter than our available forecast
periods.

Due to the judgment and uncertainty in estimating the expected credit losses, we
may experience changes to the macroeconomic assumptions within our forecast, as
well as changes to our credit loss performance outlook, both of which could lead
to further changes in our allowance for credit losses, allowance as a percentage
of net finance receivables, and provision for credit losses.

During 2020, management captured the potential impact of the COVID-19 pandemic
in its macroeconomic forecast, we had reserved $33.4 million as of June 30,
2020. Overall improvements in the pandemic led us to release that reserve
gradually. As of December 31, 2021, we had $14.4 million in reserves. COVID-19
has created conditions that increase the level of uncertainty associated with
our estimate of the amount and timing of future credit losses from our loan
portfolio.


Regional management company | 2021 Annual Report on Form 10-K | 60 ————————————————- ——————————-



Macroeconomic Sensitivity. To demonstrate the sensitivity of forecasting
macroeconomic conditions, we stressed our macroeconomic model with an increase
of 100 bps to unemployment that would have increased our reserves as of December
31, 2021 by $1.8 million.

The macroeconomic scenarios are highly influenced by timing, severity, and
duration of changes in the underlying economic factors. This makes it difficult
to estimate how potential changes in economic factors affect the estimated
credit losses. Therefore, this hypothetical analysis is not intended to
represent our expectation of changes in our estimate of expected credit losses
due to a change in the macroeconomic environment, nor does it consider
management's judgment of other quantitative and qualitative information which
could increase or decrease the estimate.


Regional management company | 2021 Annual Report on Form 10-K | 61 ————————————————- ——————————-

© Edgar Online, source Previews

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Dover Corporation, Junair Spraybooths, Eurovac, RoboVent, etc. https://sgb-sports.com/dover-corporation-junair-spraybooths-eurovac-robovent-etc/ Mon, 28 Feb 2022 15:04:52 +0000 https://sgb-sports.com/dover-corporation-junair-spraybooths-eurovac-robovent-etc/
automotive-dust-vacuumer-market

Global Market Reports offers a global study based on research and analysis on “Global Automotive Dust Collectors Market Report, History and Forecast 2016-2028, Breakdown Data by Companies, Key Regions, Types and Application“. This report offers insightful insight into the drivers and restraints present in the market. The automotive dust collector data reports also provide a 5-year history and forecast for the industry and include data on global socio-economic data. Key stakeholders can consider the statistics, tables, and figures mentioned in this report for strategic planning that leads to organizational success. It sheds light on strategic production, revenue, and consumption trends for players to enhance sales and growth in the global Automotive Dust Extractor Market.

Some of the major manufacturers operating in this market include: Dover Corporation, Junair Spray Booths, Eurovac, RoboVent, Climavent, 3M, BOSCH, Polex, Flextraction, Kompass, Ats Elgi and more…

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Here, it focuses on the recent developments, sales, market value, production, gross margin, and other significant factors of the business of key players operating in the global Automotive Dust Extractor market. Players can use the precise market facts, figures and statistical studies provided in the report to understand the current and future growth of the global Automotive Dust Extractor Market.

Our research analyst has put together a free copy of a sample PDF report to suit your research needs, also including an impact analysis of COVID-19 on Automotive Dust Collector Market Size

Automotive Dust Extractor market competitive landscape offers data information and details by companies. It provides comprehensive analysis and accurate revenue statistics for the major participating players for the period 2022-2028. The report also illustrates minute details of the Automotive Dust Extractors market governing the micro and macro factors that appear to have a dominating and long term impact, steering the course of popular trends in the global Automotive Dust Extractors market.

Market is split by Type, can be split into:High-VoltageLow-VoltageThe market is split by Application, can be split into:Passenger carUtility vehicle

Regions Covered in Global Automotive Dust Collectors Market:1. South America The automotive dust collector market covers Colombia, Brazil and Argentina.2. North America The automotive dust extractor market covers Canada, United States and Mexico.3. Europe The automotive dust extractor market covers UK, France, Italy, Germany and Russia.4. The Middle East and Africa The automotive dust extractor market covers UAE, Saudi Arabia, Egypt, Nigeria and South Africa.5. Asia Pacific The automotive dust extractor market covers Korea, Japan, China, Southeast Asia and India.Years Considered to Estimate Market Size:Historical year: 2015-2022Year of reference : 2022Estimated year: 2022Forecast year: 2022-2028

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Automotive Dust Extractor Market Report Highlights:• Growth Rate • Earnings Forecast • Consumption Graph • Market Concentration Rate • Secondary Industry Competitors • Competitive Structure • Major Constraints • Market Drivers • Regional Bifurcation • Competitive Hierarchy • Current Market Trends • Concentration Analysis of the marketReport customization: Global Market Reports provides customization of reports according to your needs. This report can be customized to meet your needs. Get in touch with our sales team, who will guarantee you get a report tailored to your needs.

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Contact us:Glob Market Reports17224 S. Figueroa Street, Gardena, CA (CA) 90248, United StatesCall: +1 915 229 3004 (WE)+44 7452 242832 (UK)Website: www.globmarketreports.com

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USA to name Zach Johnson next Ryder Cup captain as Americans seek first win in Europe in 30 years https://sgb-sports.com/usa-to-name-zach-johnson-next-ryder-cup-captain-as-americans-seek-first-win-in-europe-in-30-years/ Wed, 23 Feb 2022 15:22:00 +0000 https://sgb-sports.com/usa-to-name-zach-johnson-next-ryder-cup-captain-as-americans-seek-first-win-in-europe-in-30-years/
zj-2023-ryder-captain.jpg
Getty Images

The American Ryder Cup team has its successor. Zach Johnson will succeed Steve Stricker as team captain for the 2023 games in Italy, according to The Associated Press,

Johnson was an assistant captain on the last two Ryder Cup teams and played on five other American teams before that. He’s been in the inner circle of people in the United States team room for some time, and according to the AP, Stricker was one of those on the selection committee who chose Johnson.

That’s no big surprise, as all the talk at Whistling Straits in 2021 pointed to Johnson being next behind Stricker to try to lead the United States to their first victory in Europe in 30 years. Not since The Belfry in 1993, when the United States won 15-13 over Europe, has the United States scored a win across the Atlantic, losing their last six straight games.

There is hope, however. With a young core that actually seem to like each other (and Johnson, for that matter), USA annihilated Europe at Whistling Straits last year, 19-9. Jordan Spieth said after those matches that they had work to do in Italy at the Marco Simone Golf and Country Club.

“I feel like I can talk about that loss twice there and being in the middle age group,” Spieth said. “I think it’s unfinished business. … We had to win this one, and I think it was a massive stepping stone for this team and the group we have here who have really known each other since almost the return to the elementary school to keep trying to work hard to be on those teams to go out there.

“It’s one thing to win here and it’s a lot easier to do, and it’s harder to win there,” Spieth continued. “If we play like we did this week, the score will be the same there in a few years, and that’s what we’re here for.”

Johnson would join Jack Nicklaus, Sam Snead and Seve Ballesteros as the only golfers to win a Masters at Augusta National, an Open at St. Andrews and lead a Ryder Cup-winning team should the United States win in 2023.

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Automotive Sheet Metal Components Market to Witness Stunning Growth by 2027 and Rising Use in Interior, Transmission, Engine, Exterior and Chassis https://sgb-sports.com/automotive-sheet-metal-components-market-to-witness-stunning-growth-by-2027-and-rising-use-in-interior-transmission-engine-exterior-and-chassis/ Wed, 23 Feb 2022 07:24:50 +0000 https://sgb-sports.com/automotive-sheet-metal-components-market-to-witness-stunning-growth-by-2027-and-rising-use-in-interior-transmission-engine-exterior-and-chassis/

Automotive Sheet Metal Components Market Study 2022-2027:

The Global Automotive Sheet Metal Components Market report provides insight into the global industry including valuable facts and figures. This research study explores the global market in detail like industry chain structures, raw material suppliers, along with manufacturing. The automotive sheet metal components sales market examines the major segments of the market scale. This smart study provides historical data from 2015 as well as a forecast from 2022 to 2027.

The complete value chain and essential downstream and upstream elements are scrutinized in this report. Key trends like globalization, progress in growth reinforce fragmentation regulation and ecological concerns. This Market report covers technical data, manufacturing plants analysis, and raw material source analysis of the Automotive Sheet Metal Components industry along with which products have the highest penetration, their profit margins, and the state of R&D. The report makes future projections based on the market subdivision analysis that includes global market size by product category, end-user application, and various regions.

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This Sheet Metal Automotive Components Market report covers manufacturer data including shipment, price, revenue, gross profit, interview record, trade distribution etc., this data helps the consumer get to know the competitors better.

First leading manufacturer covered in this report:
Larsen Manufacturing, LLC, Novelis Inc., Amada Co. Ltd., Paul Craemer GmbH, O’Neal Manufacturing Services, Aleris International Inc., Omax Autos Ltd., General Stamping and Metal Works, Mayville Engineering Company, Inc., Frank Dudley ltd.

Analysis of product segments:
Steel
Aluminum

Based on the app:
Interior
Transmission
Motor
Outside
Frame

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Regional Analysis For Automotive Sheet Metal Components Market

North America (United States, Canada and Mexico)
Europe (Germany, France, United Kingdom, Russia and Italy)
Asia Pacific (China, Japan, Korea, India and Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
The Middle East and Africa (Saudi Arabia, United Arab Emirates, Egypt, Nigeria and South Africa)

The objectives of the report are:

– Analyze and forecast the market size of Automotive Sheet Metal Components industry in the global market.
– To study the global key players, SWOT analysis, value and global market share of key players.
– To determine, explain and forecast the market by type, end use and region.
– To analyze the market potential and benefits, opportunities and challenges, restraints and risks of key regions of the world.
– To discover significant trends and factors driving or restraining market growth.
– Analyze market opportunities for stakeholders by identifying high growth segments.
– To critically analyze each submarket in terms of individual growth trend and their contribution to the market.
– Understand competitive developments such as agreements, expansions, new product launches and market possessions.
– Strategically describe the key players and analyze in depth their growth strategies.

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Finally, the study details the main challenges that will impact the growth of the market. They also provide comprehensive details of business opportunities to key stakeholders to grow their business and increase revenue in specific verticals. The report will help companies existing or intending to join this market to analyze different aspects of this field before investing or expanding their business in Automotive Sheet Metal Components markets.

Contact us:
[email protected]

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O’Reilly Automotive could benefit from inflation https://sgb-sports.com/oreilly-automotive-could-benefit-from-inflation/ Thu, 17 Feb 2022 18:50:36 +0000 https://sgb-sports.com/oreilly-automotive-could-benefit-from-inflation/

O’Reilly Automotive (ORLY) is an auto parts retailer operating in the United States. The current inflation rate in the United States is above 7%, which has sent shockwaves through the market so far in 2022. All three major indices are down on the year, with the Nasdaq taking the weight of the recession. Investors often turn to more defensive stocks to protect themselves in uncertain investment markets. There are several reasons why O’Reilly could make gains, given current conditions.

Macroeconomic Tailwinds

The most worrying issue in the market today is inflation. When inflation rises, the Federal Reserve is forced to raise interest rates to slow it down. This reduces the value of companies’ future cash flows, making them less valuable to Wall Street.

This particularly hits growth stocks whose earnings are expected to come in the coming years. Investors will be looking to value stocks with quality earnings during these times, and O’Reilly is one of them. The company earned $31.10 per diluted share for fiscal 2021.

Inflation has also hit the auto market hard. There are stories every day of dealerships selling cars above the list price. One reason is the well-known shortage of semiconductors, or chips, due to supply chain issues. Automakers can’t source enough chips, and dealerships are running out of vehicles. As demand exceeds supply, prices rise rapidly.

Another recent supply hurdle has been the disruption of the flow of goods across the Ambassador Bridge due to protests. Many automakers rely on the Ambassador Bridge to receive parts, so Ford and General Motors have been forced to slow production. This appears to be a short-term problem; however, it comes at an inopportune time for automakers.

This combination of factors leads many people to keep their current vehicle longer. As these cars age, they will need more parts, and this is where O’Reilly can benefit from current market conditions. According to CNBC, the average age of an automobile is now 12.1 years old. This represents an increase from 11.9 years in 2020 and 9.6 years in 2002.

2021 results were impressive

O’Reilly posted impressive results in fiscal 2021. The company recorded sales of $13.3 billion, a 15% increase from $11.6 billion earned in 2020. Better yet, the turnover was not just the result of the price hike. Gross margin also increased by 15.3% compared to 2020.

Management has also done a great job of controlling costs. Net profit reached $2.2 billion in 2021, an increase of 24% over the previous year. In fiscal 2020, the company earned $23.53 per diluted share. This amount increased to $31.10 per diluted share in 2021.

Diluted earnings per share have been steadily increasing for many years. The company is currently trading at a price-earnings ratio below 22, which is reasonable for a very profitable and growing company.

The Taking of Wall Street

As for Wall Street, analysts are bullish on O’Reilly Auto shares, with a consensus rating of Moderate Buy. This consensus is based on eight buys, six holds and no sell ratings. The absence of sell odds suggests a measure of safety in today’s market.

O’Reilly Automotive’s average price target of $752.08 implies 10.5% upside potential.

The conditions are met for O’Reilly

O’Reilly performs at a high level. Sales and net profit are rising, and the company recently reported extremely impressive results for 2021. Meanwhile, the auto industry faces multiple headwinds that have led to runaway inflation.

Because of this, Americans are keeping their vehicles longer, and these vehicles will continue to drive demand for parts. This all adds up to bullish conditions for O’Reilly Automotive stock.

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