Revenue and Income - Consolidated total revenue increased by $97.6 million, or 25.3%, to $483.3 million for the three months ended March 31, 2023, compared to $385.7 million for the same period in 2022[132]. - Consolidated net revenue was $285.9 million, up from $268.7 million in the prior year quarter[132]. - Consolidated income from operations rose by $18.5 million, or 20.4%, to $109.3 million in the current quarter compared to $90.8 million in the prior year quarter[132]. - Consolidated net income was $50.9 million in the current quarter, slightly down from $52.4 million in the prior year quarter[132]. - Consolidated diluted income per share increased to $1.56 in the current quarter from $1.50 in the prior year quarter[132]. - Total revenue for Q1 2023 increased by $97.6 million, or 25.3%, to $483.3 million compared to $385.7 million in Q1 2022, driven by a 46.7% increase in small business portfolio revenue and a 13.1% increase in consumer portfolio revenue[144]. - Net revenue for Q1 2023 was $285.9 million, up from $268.7 million in Q1 2022, with a consolidated net revenue margin of 59.2% compared to 69.7% in the prior year quarter[145]. - Net income for Q1 2023 was $50.9 million, compared to $52.4 million in Q1 2022, with diluted earnings per share increasing to $1.56 from $1.50[139]. - Adjusted EBITDA for Q1 2023 was $125.8 million, compared to $105.6 million in Q1 2022, with an adjusted EBITDA margin of 26.0%[141]. Expenses and Financial Adjustments - Operating expenses decreased slightly to $176.6 million in Q1 2023 from $177.9 million in Q1 2022, with marketing expenses down to $79.8 million from $93.2 million[144]. - Interest expense increased to $43.3 million in Q1 2023 from $22.5 million in Q1 2022, reflecting higher borrowing costs[141]. - The company incurred $1.7 million in lease termination and cease-use costs in Q1 2023, impacting adjusted earnings[139]. - The fair value of loans and finance receivables was adjusted in response to market conditions, with management increasing discount rates in 2022 to lower loan fair values[136]. - The company continues to adjust charge-off expectations in its fair value models based on changing market conditions and internal factors[136]. - The company reported a change in fair value of $(197.4) million in Q1 2023, compared to $(117.0) million in Q1 2022[144]. - Total operating expenses decreased by $1.3 million, or 0.7%, to $176.6 million in the current quarter compared to $177.9 million in the prior year quarter[168]. - Interest expense, net increased by $20.8 million, or 92.7%, to $43.3 million in the current quarter due to an increase in the average amount of debt outstanding[171]. - The effective tax rate decreased to 22.4% in the current quarter from 23.2% in the prior year quarter due to larger excess tax benefits on stock compensation[172]. - Net income decreased by $1.5 million, or 2.9%, to $50.9 million compared to $52.4 million in the prior year quarter, primarily due to higher interest expenses[175]. Loan and Finance Receivables - Approximately $4.5 billion in credit was extended to borrowers in 2022, with about $1.1 billion extended in the first quarter of 2023[115]. - The company processed approximately 2.5 million transactions in 2022, continuing to grow its loan and finance receivable portfolios[118]. - The fair value of the loan and finance receivable portfolio was $3,003.4 million as of March 31, 2023, compared to $2,231.9 million in 2022[147]. - The outstanding principal balance of the loan and finance receivables portfolio increased to $2,700.1 million from $2,099.0 million year-over-year[147]. - The average amount outstanding per loan and finance receivable increased to $5,065 from $4,315, driven by a higher mix of small business loans[152]. - The ratio of fair value as a percentage of principal for company-owned loans was 111.2% as of March 31, 2023, up from 106.3% in the prior year[151]. - The delinquency rate for loans over 30 days increased to 7.1% in the first quarter of 2023, compared to 5.2% in the first quarter of 2022[157]. - The small business portfolio represented 64.3% of the combined loan and finance receivable portfolio at fair value as of March 31, 2023, up from 57.8% in the prior year[148]. - The ending balance of combined consumer loans and finance receivables increased 2.9% to $991.6 million as of March 31, 2023, compared to $963.4 million at the same date in 2022[160]. - The percentage of loans greater than 30 days delinquent remained flat at 7.3% as of March 31, 2023, consistent with the previous year[161]. - Charge-offs (net of recoveries) as a percentage of average combined loan balance increased to 15.2% for the current quarter, compared to 14.2% for the prior year quarter[162]. - The ratio of fair value as a percentage of principal on consumer loans and finance receivables was 117.2% at March 31, 2023, up from 105.6% at March 31, 2022[163]. - The ending balance of small business loans and finance receivables increased 48.4% to $1,806.5 million as of March 31, 2023, compared to $1,217.6 million at the same date in 2022[165]. - The percentage of loans greater than 30 days delinquent for small business loans increased to 7.0% as of March 31, 2023, compared to 3.6% at the same date in 2022[166]. - Charge-offs (net of recoveries) as a percentage of average loan balance for small business loans increased to 4.2% for the current quarter, compared to 1.9% in the prior year quarter[166]. Cash Flow and Equity - Cash and cash equivalents increased to $288.4 million as of March 31, 2023, from $178.4 million as of December 31, 2022, with restricted cash accounting for $190.7 million[176]. - Net cash provided by operating activities increased by $128.5 million, or 83.7%, to $282.0 million in the current quarter from $153.5 million in the prior year quarter[189]. - Total stockholders' equity increased by $34.6 million to $1,220.8 million at March 31, 2023, driven primarily by net income[180]. - Cash flows used in investing activities decreased to $205.4 million from $386.5 million in the prior year quarter, due to a reduction in loan originations[192]. - Cash flows provided by financing activities were $33.6 million, driven by net borrowings under the revolving line of credit and securitization facilities[193]. - As of March 31, 2023, the company had funding capacity of $601.1 million and no recourse debt obligations due until September 2024[176]. - The weighted average interest rate on total funding debt was 6.63% as of March 31, 2023[185]. - The company had $16.7 million in common stock repurchases during the three months ended March 31, 2023[181]. - The company expects cash flows from operations and available cash balances to be sufficient to fund future operating liquidity needs[191].

Financial Data and Key Metrics Changes - Revenue for the first quarter was $483 million, a 25% increase year-over-year, while remaining flat sequentially due to typical first quarter seasonality [5][53] - Adjusted EBITDA rose 19% year-over-year and 5% sequentially to $126 million, with adjusted EPS increasing 7% year-over-year and 2% sequentially to $1.79 [5][33] - The total company ratio of net charge-offs was 8.2%, down from 8.8% in the previous quarter, indicating improved credit quality [27][48] Business Line Data and Key Metrics Changes - Consumer revenue increased 13% year-over-year to $281 million, while small business revenue surged 47% year-over-year to $194 million [25][54] - Small business originations grew 17% year-over-year to $770 million, while consumer originations were $291 million, reflecting a decrease due to tax return seasonality [24][25] - The consumer line of credit receivables and originations grew 57% and 53% year-over-year, respectively, indicating strong demand for these products [55] Market Data and Key Metrics Changes - The small business segment now represents 65% of the total portfolio, up from 56% a year ago, highlighting a strategic shift towards this market [46] - The fair value of the consumer portfolio increased to 117% of principal, reflecting a better-than-expected outlook for consumer lifetime credit losses [29] Company Strategy and Development Direction - The company is focusing on a balanced approach to growth, emphasizing shorter duration and smaller dollar line of credit products to manage credit risk effectively [7][11] - There is an ongoing effort to unlock shareholder value, with management exploring various strategic alternatives [51][96] - The company aims to grow originations by 10% to 15% for the full year 2023, maintaining a focus on balancing growth and risk [35][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the consumer market, citing strong credit metrics and solid demand despite a noisy macroeconomic environment [22][71] - The company anticipates stable credit performance and expects total company net revenue margin for Q2 2023 to be around 60% [30][64] - Management noted that the current economic environment presents opportunities for growth, particularly in the small business segment as traditional banks tighten lending [73][91] Other Important Information - The company ended the first quarter with $905 million in liquidity, including $304 million in cash and marketable securities [63] - Marketing expenses decreased as a percentage of revenue to 17% from 24% year-over-year, reflecting efficient marketing strategies [31][61] - The company repurchased 375,000 shares at a cost of approximately $17 million during the quarter, demonstrating confidence in its valuation [34] Q&A Session Summary Question: Insights into layoff trends and employment through SMB platform - Management indicated that the consumer market remains strong with healthy credit metrics, despite some fluctuations in jobless claims [38][71] Question: Attribution of improved credit performance - Management attributed improved credit metrics to effective credit management and a balanced approach to risk and growth [43][48] Question: Competitive landscape and opportunities in small business lending - Management noted that as traditional banks tighten lending, there may be opportunities for the company to attract small businesses that previously qualified for bank loans [91] Question: Funding availability and capital structure - Management confirmed strong access to funding markets and a solid liquidity position, allowing for continued growth and share repurchase activities [93][97]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-35503 Enova International, Inc. (Exact name of registrant as specified in its charter) Delaware 45-3190813 (State or other jurisdiction of incorpo ...

Enova International, Inc. (NYSE:ENVA) Q4 2022 Earnings Conference Call February 1, 2023 5:00 PM ET Company Participants Lindsay Savarese - Investor Relations David Fisher - Chief Executive Officer Steven Cunningham - Chief Financial Officer Conference Call Participants David Scharf - JMP John Hecht - Jefferies John Rowan - Janney Vincent Caintic - Stephens Operator Good day and welcome to the Enova International Fourth Quarter and Full Year 2022 Earnings Conference Call. [Operator Instructions] Please note, ...

Financial Data and Key Metrics - Revenue in Q3 2022 increased 42% YoY and 12% sequentially to $456 million [10] - Adjusted EBITDA was $115 million, and adjusted EPS was $1.74, both showing increases from Q3 2021 [10] - Net charge-offs were 8.4% in Q3, slightly higher than Q2 but well below pre-COVID levels of 13.4% in Q3 2019 [13] - Total company originations reached $1.2 billion, up 10% sequentially and 40% YoY [23] - The portfolio grew 59% YoY to just over $2.6 billion [24] Business Line Data and Key Metrics - Small business products represented 60% of the portfolio, while consumer products accounted for 40% [19] - Within consumer products, line of credit products increased to 33% of the portfolio, while installment products decreased to 67% [19] - Small business revenue increased 15% sequentially and 72% YoY to $173 million [34] - Consumer revenue increased 10% sequentially and 29% YoY to $277 million [35] Market Data and Key Metrics - Small business originations increased 75% YoY to $807 million [34] - Consumer originations were flat YoY at $396 million [35] - The company observed strong demand and low competition, with some competitors pulling back on originations [27] Company Strategy and Industry Competition - The company is focusing on shorter-term subprime line of credit products and SMB products, which have average effective terms of under a year [18] - The company is maintaining a balanced approach to growth and risk, increasing ROE targets across all products [22] - The company is leveraging its technology, analytics, and diversified product offerings to differentiate from competitors [15][16] - The company is seeing strong demand for SMB products as banks tighten credit, leading to high-quality borrowers coming to them [26] Management Commentary on Operating Environment and Future Outlook - Management highlighted the strength of the company's technology, analytics, and team in navigating economic uncertainty [12] - The company expects strong originations in Q4, driven by strong demand and low competition [23] - Management is optimistic about the company's ability to manage credit risk, given historically high employment levels and strong wage growth [25] - The company expects total revenue for Q4 to grow sequentially but at a slower rate than Q3 [36] Other Important Information - The company ended Q3 with $769 million of liquidity, including $189 million in cash and marketable securities [51] - The company acquired 588,000 shares at a cost of approximately $20 million during Q3 [53] - The company expects marketing expenses to be in the low 20% range of revenue in the near term [48] Q&A Session Summary Question: Impact of Fed actions and inflation on credit risk [61] - Management stated that the company is not incorporating macroeconomic adjustments into its fair value calculations and is confident in its ability to manage credit risk even if unemployment rates rise [62] Question: Origination strategy and duration risk [64] - Management explained that the company is focusing on shorter-duration loans to reduce risk in an uncertain macroeconomic environment [66] Question: Yields and mix shift in consumer products [69] - Management noted that the mix shift towards higher APR loans is driving higher yields in the consumer portfolio [69] Question: Fourth-quarter margin guidance [71] - Management confirmed that the long-term margin range of 55% to 65% remains appropriate [71] Question: Competition and market dynamics [77] - Management attributed weaker competition to credit fears and liquidity crunches, with some competitors pulling back on originations [78] Question: Use cases for credit in an inflationary environment [82] - Management noted that use cases have shifted slightly towards smaller cash needs but remain consistent with historical trends [83] Question: Small business borrower health and leading indicators [89] - Management highlighted that the company segments small business lending by industry and size, avoiding sectors like construction and trucking that are currently struggling [90][91] Question: Funding needs and impact of rising rates [95] - Management stated that the company has been successful in raising new facilities with favorable terms and expects to continue accessing external financing as needed [96]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-35503 Enova International, Inc. (Exact name of registrant as specified in its charter) Delaware 45-3190813 (State or other jur ...

Enova International, Inc. (NYSE:ENVA) Q2 2022 Earnings Conference Call July 28, 2022 5:00 PM ET Company Participants Lindsay Savarese - Investor Relations David Fisher - Chief Executive Officer Steve Cunningham - Chief Financial Officer Conference Call Participants David Scharf - JMP John Hecht - Jefferies John Rowan - Janney Operator Good afternoon, and welcome to the Enova International Second Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] A ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-35503 Enova International, Inc. (Exact name of registrant as specified in its charter) Delaware 45-3190813 (State or other jurisdic ...

[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Enova's unaudited Q1 2022 financial statements detail balance sheets, income, and cash flows, reflecting asset growth from loan expansion but a decline in net income [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2022, total assets increased to $3.05 billion, driven by 81% growth in loans, funded by increased liabilities and long-term debt | Financial Metric | March 31, 2022 ($ thousands) | March 31, 2021 ($ thousands) | December 31, 2021 ($ thousands) | | :--- | :--- | :--- | :--- | | **Total Assets** | **3,047,144** | **2,133,642** | **2,761,483** | | Loans and finance receivables at fair value | 2,231,884 | 1,230,711 | 1,964,690 | | **Total Liabilities** | **1,969,194** | **1,128,034** | **1,668,431** | | Long-term debt | 1,696,751 | 874,514 | 1,384,399 | | **Total Stockholders' Equity** | **1,077,950** | **1,005,608** | **1,093,052** | [Consolidated Statements of Income](index=7&type=section&id=Consolidated%20Statements%20of%20Income) Total revenue grew 48.7% year-over-year to $385.7 million in Q1 2022, but net income declined to $52.4 million due to increased fair value changes and marketing expenses | Metric | Three Months Ended March 31, 2022 ($ thousands) | Three Months Ended March 31, 2021 ($ thousands) | | :--- | :--- | :--- | | Total Revenue | 385,731 | 259,444 | | Net Revenue | 268,689 | 238,366 | | Income from Operations | 90,746 | 123,455 | | Net Income Attributable to Enova | 52,443 | 75,920 | | Diluted EPS | $1.50 | $2.03 | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities increased to $153.5 million, while investing activities used $386.5 million due to loan originations, and financing provided $234.5 million | Cash Flow Activity | Three Months Ended March 31, 2022 ($ thousands) | Three Months Ended March 31, 2021 ($ thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | 153,539 | 117,028 | | Net cash used in investing activities | (386,495) | (44,454) | | Net cash provided by (used in) financing activities | 234,529 | (67,656) | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed notes explain accounting policies, fair value changes in loans, debt, and income taxes, highlighting the company's single segment operation and increased borrowing capacity - The company utilizes the **fair value option** on its entire loan and finance receivable portfolio, with changes in fair value recorded in the consolidated income statement[33](index=33&type=chunk) | Revenue Source | Q1 2022 ($ thousands) | Q1 2021 ($ thousands) | | :--- | :--- | :--- | | Consumer loans and finance receivables | 248,547 | 181,737 | | Small business loans and finance receivables | 132,594 | 75,560 | | **Total loans and finance receivables revenue** | **381,141** | **257,297** | - During Q1 2022, the company **amended four securitization facilities** to **increase commitment amounts**, enhancing its borrowing capacity[63](index=63&type=chunk)[64](index=64&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2022 performance, noting a 48.7% revenue increase from loan growth, but a net income decline due to higher marketing and fair value adjustments, alongside strong liquidity [Business Overview](index=23&type=section&id=Business%20Overview) Enova is a technology-driven online financial services provider for consumers and small businesses, leveraging proprietary analytics and machine learning to extend credit - The company extended approximately **$1.0 billion in credit or financing** to borrowers during the three months ended March 31, 2022[108](index=108&type=chunk) - Since its 2004 launch, Enova has completed approximately **56.0 million customer transactions** and collected over **61 terabytes of customer behavior data**[108](index=108&type=chunk) - Approximately **90% of the models** used in the company's analytical environment are **machine learning-enabled**[110](index=110&type=chunk) [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Total revenue increased 48.7% year-over-year to $385.7 million in Q1 2022, driven by loan originations, but net income fell to $52.4 million due to significantly higher marketing expenses and fair value adjustments | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Total Revenue | $385.7 million | $259.4 million | | Net Income | $52.4 million | $75.9 million | | Diluted EPS | $1.50 | $2.03 | - Marketing expense increased significantly to **$93.2 million** in Q1 2022 from **$28.6 million** in Q1 2021, reflecting efforts to capture increasing market demand[160](index=160&type=chunk) | Portfolio | Fair Value as of March 31, 2022 | Fair Value as of March 31, 2021 | | :--- | :--- | :--- | | Consumer Loans (Combined) | $948.8 million | $588.6 million | | Small Business Loans | $1,297.5 million | $649.3 million | | **Total (Combined)** | **$2,246.3 million** | **$1,237.9 million** | [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained strong liquidity with $227.8 million in cash and $402.5 million in undrawn funding capacity, while repurchasing $74.0 million of common stock - As of March 31, 2022, the company had **$402.5 million in committed and undrawn funding capacity** and believes it has sufficient liquidity for the foreseeable future[170](index=170&type=chunk) - The company has **no recourse debt obligations due until September 2024**[170](index=170&type=chunk) - During Q1 2022, the company repurchased **$74.0 million of common stock**. A new **$100.0 million share repurchase program** was authorized in February 2022, replacing the prior one[175](index=175&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes in its exposure to market risk since its 2021 fiscal year-end - There have been **no material changes** in the company's exposure to market risk since the fiscal year ended December 31, 2021[188](index=188&type=chunk) [Item 4. Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2022, with no material changes to internal control over financial reporting during the quarter - Management, including the CEO and CFO, concluded that as of March 31, 2022, the company's **disclosure controls and procedures are effective**[190](index=190&type=chunk) - **No material changes** in internal control over financial reporting occurred during the quarter[191](index=191&type=chunk) [PART II. OTHER INFORMATION](index=39&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) Details a 2018 lawsuit by the Commonwealth of Virginia against a subsidiary for alleged consumer protection violations, which the company is vigorously defending - The company is defending a lawsuit filed by the Commonwealth of Virginia in 2018 against its subsidiary, NC Financial Solutions of Utah, LLC, alleging violations of the Virginia Consumer Protection Act, which the company believes are **without merit**[78](index=78&type=chunk)[194](index=194&type=chunk) [Item 1A. Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) The company states there have been no material changes to the risk factors previously disclosed in its 2021 Annual Report on Form 10-K - There have been **no material changes** from the Risk Factors described in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021[194](index=194&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2022, the company repurchased 1,947,537 shares for $78.8 million and authorized a new $100 million share repurchase program | Period | Total Shares Purchased | Average Price Per Share | | :--- | :--- | :--- | | January 2022 | 757,900 | $41.27 | | February 2022 | 668,337 | $40.74 | | March 2022 | 521,300 | $38.85 | | **Total** | **1,947,537** | **$40.44** | - On February 9, 2022, the Board of Directors authorized a new **share repurchase program for up to $100.0 million** through June 30, 2023, replacing the prior 2021 Authorization[196](index=196&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-35503 Enova International, Inc. (Exact name of registrant as specified in its charter) Delaware 45-3190813 (State or other jurisdiction of incorpo ...