<SEC-DOCUMENT>0001193125-22-195417.txt : 20230419
<SEC-HEADER>0001193125-22-195417.hdr.sgml : 20230419
<ACCEPTANCE-DATETIME>20220715212900
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-22-195417
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20220715

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OppFi Inc.
		CENTRAL INDEX KEY:			0001818502
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		IRS NUMBER:				851648122
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		130 E. RANDOLPH STREET
		STREET 2:		SUITE 3400
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601
		BUSINESS PHONE:		(312) 212-8079

	MAIL ADDRESS:	
		STREET 1:		130 E. RANDOLPH STREET
		STREET 2:		SUITE 3400
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FG New America Acquisition Corp.
		DATE OF NAME CHANGE:	20200717
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">OppFi Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">130
East Randolph Street, Suite 3400</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Chicago, IL 60601</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">www.oppfi.com</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Pamela Johnson</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">pjohnson@oppfi.com</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">T309.208.4933</P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July&nbsp;15, 2022 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Via Edgar
</U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street,
NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: William Schroeder and
Michael Volley </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">OppFi Inc. </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Form <FONT STYLE="white-space:nowrap">10-K</FONT> filed March&nbsp;11, 2022 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Form <FONT STYLE="white-space:nowrap">10-Q</FONT> filed May&nbsp;6, 2022 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">File <FONT STYLE="white-space:nowrap">No.&nbsp;001-39550</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">OppFi
Inc., a Delaware corporation (the &#147;<B><I>Company</I></B>&#148;), sets forth below the Company&#146;s responses to the letter, dated June&nbsp;28, 2022, containing the comments of the Staff of the Division of Corporation Finance (the
&#147;<B><I>Staff</I></B>&#148;) of the Securities and Exchange Commission (the &#147;<B><I>Commission</I></B>&#148;) with respect to the Company&#146;s Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31,
2021, filed with the Commission on March&nbsp;11, 2022 (the &#147;<B><I>Form <FONT STYLE="white-space:nowrap">10-K</FONT></I></B>&#148;), and the Company&#146;s Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter ended March&nbsp;31,
2022, filed with the Commission on May&nbsp;6, 2022 (the &#147;<B><I>Form <FONT STYLE="white-space:nowrap">10-Q</FONT></I></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In
order to facilitate the Staff&#146;s review of the Company&#146;s responses, we have restated in italics each of the Staff&#146;s comments in this letter, and we have numbered the paragraphs below to correspond to the numbers in the Staff&#146;s
letter. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> Filed March&nbsp;11, 2022 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify"><I>Please revise future filings to include a corporate structure chart that clearly illustrates ownership by
percentage and share type including voting and economic rights.</I> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><U>Response</U>: The Company
acknowledges the Staff&#146;s comment and will revise the applicable disclosure in future filings to include a corporate structure chart that clearly illustrates ownership by percentage and share type including voting and economic rights. </P>
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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">July 15, 2022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"> Page
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify"><I>As disclosed in note (a)</I><I></I><I>&nbsp;to the table on page 82, we note that the
</I><I>&#147;</I><I>Other addback and onetime</I><I> </I><I>expense</I><I>&#148;</I><I> adjustment includes $10.6</I><I></I><I>&nbsp;million in </I><I>&#147;</I><I>other <FONT STYLE="white-space:nowrap">one-time</FONT> expenses.</I><I>&#148;</I><I>
Please </I><I>tell us and revise future filings to provide detail of all significant expense items included in this adjustment and to the extent necessary fully explain why the adjustments are relevant and the resulting adjusted measure provides
useful information to investors.</I> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><U>Response</U>:&nbsp;The Company acknowledges the Staff&#146;s
comment. Other addbacks and <FONT STYLE="white-space:nowrap">one-time</FONT> expenses of $10.6&nbsp;million reported in the Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2021 is comprised of
$5.2&nbsp;million of legal, accounting and other costs related to the Company&#146;s business combination, $3.0&nbsp;million of <FONT STYLE="white-space:nowrap">one-time</FONT> severance- expense recognized in the fiscal year ended December&nbsp;31,
2021, and $1.8&nbsp;million of salary expense and recruiting fees related to employees hired specifically to support the Company&#146;s business combination. The amount also includes $0.6&nbsp;million of expenses related to board and management fees
that, after further review, will not be included as a <FONT STYLE="white-space:nowrap">one-time</FONT> expense in future filings. The $5.2&nbsp;million of legal, accounting and other costs related to the Company&#146;s business combination is
distinguished from the $6.6&nbsp;million in <FONT STYLE="white-space:nowrap">one-time</FONT> expenses related to the Company&#146;s business combination described earlier in the footnote because the $6.6&nbsp;million in one-time expenses represents
public company readiness costs, whereas the $5.2&nbsp;million in one-time expenses represents expenses specific to the business combination itself. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">These adjustments were included in the Company&#146;s calculation of Adjusted EBITDA to provide investors with a comparative
view of expenses that the Company expects to incur on an ongoing basis. The Company will revise the applicable disclosure in future filings to incorporate this information. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify"><I>Please tell us and revise future filings to disclose the usefulness and purpose of</I><I>
</I><I>presenting</I><I> </I><I>Adjusted Basic and Diluted Earnings Per Share </I><I>and explain why you back out the </I><I>earnout</I><I> </I><I>shares in your calculations. Refer to Item 10(e)(1)(</I><I>i</I><I>)(C) &amp; (D) of Regulation <FONT
STYLE="white-space:nowrap">S-K.</FONT></I> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><U>Response</U>: The Company acknowledges the Staff&#146;s
comment. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Company believes that presenting Adjusted Basic and Diluted Earnings Per Share is useful to investors and
others because, due to the Company&#146;s <FONT STYLE="white-space:nowrap">Up-C</FONT> structure, Basic and Diluted Earnings Per Share calculated on a GAAP basis excludes approximately 96.7&nbsp;million of the Company&#146;s approximately
110&nbsp;million outstanding shares of common stock, which shares are Class&nbsp;V voting stock (25.5&nbsp;million of which are earnout shares). Shares of the Company&#146;s Class&nbsp;V voting stock may be exchanged, together with units of the
Company&#146;s subsidiary Opportunity Financial, LLC, into shares of the Company&#146;s Class&nbsp;A common stock. The Company believes that presenting Adjusted Basic and Diluted Earnings Per Share is useful to investors and others because it
presents the Company&#146;s Adjusted Net Income on a per share basis based on the shares of Company common stock that would be issued but for, and can be issued as a result of, the Company&#146;s <FONT STYLE="white-space:nowrap">Up-C</FONT>
structure, </P>
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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">July 15, 2022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"> Page
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excluding the forfeitable earnout shares from the Company&#146;s business combination. The Company backs out from the calculation of Adjusted Basic and Diluted Earnings Per Share the earnout
shares issued in the Company&#146;s business combination because such earnout shares are subject to potential forfeiture pending the achievement (if any) of certain earnout targets pursuant to the terms of the Company&#146;s business combination and
the Company believes that, until such shares are forfeited or no longer subject to forfeiture, it is useful to investors and others to provide per share earnings information based only on those shares that are not subject to forfeiture. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Company will revise the applicable disclosure in future filings to incorporate this information. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">10-Q</FONT> Filed May&nbsp;6, 2022 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify"><I>Please tell us and revise future filings to more clearly identify for each period presented the
underlying income or expense components that are attributable to </I><I>OppFi</I><I> Inc. or the </I><I>noncontrolling</I><I> interest such that an investor clearly understands the </I><I>trends and variability of net income attributable to
</I><I>OppFi</I><I> Inc. common stockholders</I><I>. We note the significant difference in net income (loss) attributable to each interest for the quarter ended March</I><I></I><I>&nbsp;31, 2022.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><U>Response</U>: The Company acknowledges the Staff&#146;s comment. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">As a result of the Company&#146;s <FONT STYLE="white-space:nowrap">Up-C</FONT> structure, the underlying income or expense
components that are attributable to OppFi Inc. are generally expense items related to OppFi Inc.&#146;s status as a public company and the income or expense for the change in fair value of warrant liabilities related to the Company&#146;s warrants,
as well as the Company&#146;s approximate percentage interest in the <FONT STYLE="white-space:nowrap">non-controlling</FONT> interest. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The underlying income or expense components that are attributable to OppFi Inc. for the quarter ended March&nbsp;31, 2022 are
gain on change in fair value of warrant liabilities of approximately $2,404,000, partially offset by tax expense of approximately $560,000, payroll and stock compensation expense of approximately $268,000, general and administrative expense of
approximately $192,000 and board fees of approximately $118,000, for total income attributable to OppFi Inc. of approximately $1,260,000, partially offset by OppFi Inc.&#146;s percentage interest in the loss attributable to <FONT
STYLE="white-space:nowrap">non-controlling</FONT> interest of approximately $184,000, for net income attributable to OppFi Inc. of approximately $1,076,000. </P>
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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">July 15, 2022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The underlying income or expense components that are attributable to the <FONT
STYLE="white-space:nowrap">non-controlling</FONT> interest for the quarter ended March&nbsp;31, 2022 are the <FONT STYLE="white-space:nowrap">non-controlling</FONT> interest&#146;s approximately 88% interest in the items noted on the Company&#146;s
consolidated statement of operations. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The trends and variability of net income attributable to OppFi Inc. common
stockholders versus <FONT STYLE="white-space:nowrap">non-controlling</FONT> interest will generally reflect the expense items related to OppFi Inc.&#146;s status as a public company and the income or expense for the change in fair value of warrant
liabilities related to the Company&#146;s warrants, which the Company believes generally do not reflect trends and variability in the Company&#146;s underlying business. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Company notes that prior to the consummation of the business combination on July&nbsp;20, 2021, there was no income
attributable to OppFi Inc. as OppFi-LLC was the only reportable entity. Accordingly, there is no comparable prior period reference for <FONT STYLE="white-space:nowrap">non-controlling</FONT> interests for the first and second quarters of 2022. The
Company will include such prior period comparisons beginning with the third quarter of 2022. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Company will revise the
applicable disclosure in future filings to incorporate this information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Company appreciates the Staff&#146;s attention to the review of the Form <FONT STYLE="white-space:nowrap">10-K</FONT> and Form <FONT
STYLE="white-space:nowrap">10-Q.</FONT> Please do not hesitate to contact me at (309) <FONT STYLE="white-space:nowrap">208-4933</FONT> or pjohnson@oppfi.com if you have any questions regarding this letter, the Form
<FONT STYLE="white-space:nowrap">10-K</FONT> or Form <FONT STYLE="white-space:nowrap">10-Q.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Very truly yours,</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">/s/ Pamela Johnson</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Pamela Johnson</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Chief Financial Officer</P></TD></TR>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Joshua M. Samek, Esq. </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">DLA Piper LLP (US) </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
