Market Overview - The market received a boost from Fed Chair Jerome Powell's Jackson Hole speech, indicating potential rate cuts as early as September, leading to a 1.5% rally in the S&P 500 [1][10] - Powell's acknowledgment of persistent inflation, coupled with a focus on job growth, reassured investors about the Fed's readiness to intervene if economic momentum slows [1][10] - By the end of the week, traders raised their bets on a September rate cut, with odds exceeding 90% [1] Investor Sentiment - Investors interpreted Powell's remarks as a sign that tariff-related inflation is viewed as temporary, not a long-term concern, which has fueled optimism in equities [2][10] - With falling treasury yields and a returning risk appetite, equities are expected to continue gaining in the upcoming weeks [2] Stock Recommendations - Recommended stocks based on relative price strength include Pediatrix Medical Group (MD), Enova International (ENVA), Primoris Services Corporation (PRIM), SkyWest, Inc. (SKYW), and Agnico Eagle Mines Limited (AEM) [3][10] Stock Analysis Strategy - Investors should assess stocks based on earnings growth and valuation multiples, while also considering their performance relative to industry peers or benchmarks [4] - Underperforming stocks should be avoided, while those outperforming their sectors in price should be prioritized for potential returns [5] - Stocks that have outperformed the S&P 500 over the past 1 to 3 months and have solid fundamentals are ideal candidates for investment [6] Earnings Estimates - Positive estimate revisions for upcoming earnings are crucial; upward revisions typically lead to additional price gains [7] - Screening parameters include relative price changes over various time frames and positive current-quarter estimate revisions [8] Zacks Rank and Stock Performance - Only Zacks Rank 1 (Strong Buy) stocks, which have historically outperformed the S&P 500, are considered for investment [9] - Specific stocks highlighted include: - **Pediatrix Medical Group (MD)**: Market cap of $1.5 billion, 51.8% share price increase over the past year, and a 9.3% upward revision in earnings estimates [11][12] - **Enova International (ENVA)**: Market cap of $2.9 billion, 37.4% share price increase, and a 32.4% growth estimate for 2025 earnings [13][14] - **Primoris Services Corporation (PRIM)**: Market cap not specified, 107.7% share price increase, and a 20.7% growth estimate for 2025 earnings [15] - **SkyWest, Inc. (SKYW)**: Market cap of $4.8 billion, 60.4% share price increase, and a 28.1% growth estimate for 2025 earnings [16] - **Agnico Eagle Mines Limited (AEM)**: Market cap of $69 billion, 66% share price increase, and a 62.2% growth estimate for 2025 earnings [17][18]

Core Insights - Small businesses exhibit strong confidence in growth, with 92% expecting moderate to significant growth over the next year, and 26% anticipating significant expansion [8] - The preference for non-bank lenders is increasing, with 72% of small businesses opting for these solutions over traditional banks for working capital needs [8] - Small business owners identify inflation (32%) and cash flow (31%) as their top challenges [8] - A significant portion of small businesses (66%) utilizing AI apply it to marketing tasks [8] - 57% of small businesses are preparing for potential impacts of tariffs [8] Company Insights - OnDeck, part of Enova, is a leader in online lending to small businesses, utilizing data analytics for real-time lending decisions [4] - Enova International has provided over $63 billion in loans to more than 13 million customers, focusing on underserved markets [5] - Ocrolus offers an AI-powered platform that enables financial institutions to make faster, more accurate decisions, analyzing documents with over 99% accuracy [6]

Core Insights - Enova International will have its CFO, Steve Cunningham, present at the Jefferies Fintech Conference on September 3, 2025 [1] - The presentation will be in a fireside chat format and will be available via live audio webcast on the company's website [1] Company Overview - Enova International is a leading online financial services company that has provided over $63 billion in loans and financing to more than 13 million customers over the past 20 years [2] - The company focuses on serving small businesses and consumers who are underserved by traditional banks [2] - Enova utilizes machine learning algorithms, world-class analytics, and proprietary technology to offer a suite of market-leading financial products [2]

Core Viewpoint - The market is favoring certain tech companies while Enova International (ENVA) is quietly achieving significant earnings growth, making it a strong investment opportunity [1]. Company Overview - Enova International is a digital financial services company that provides online lending and financing solutions, including personal loans and lines of credit, utilizing proprietary AI-driven underwriting models [2]. - The company operates in both the U.S. and international markets, owning brands like NetCredit, CashNetUSA, and Headway Capital, allowing it to adapt between consumer and commercial lending based on credit conditions [3]. Financial Performance - Enova has received a Zacks Rank 1 (Strong Buy) due to positive earnings estimate revisions, with the consensus estimate for 2025 rising from $11.83 to $12.11 and for the following year from $13.89 to $14.12 [4]. - The company has a track record of ten consecutive earnings beats, with the last quarter's EPS exceeding expectations by 8.75% and revenues also surpassing estimates [5]. Growth Projections - Current year revenue growth is projected at 19.57%, with next year's growth at 16.26%. EPS growth is expected to be 32.35% this year and 16.27% next year, driven by operational efficiencies and smart underwriting [6]. - Analysts anticipate continued earnings expansion for Enova, even amid broader economic uncertainties, due to its ability to adjust credit criteria in real-time [6]. Valuation - Enova is trading at a forward P/E of 8.51, indicating a growth opportunity at a reasonable price compared to its fintech peers [7].

Company Overview - Enova International, Inc. is an online lender based in the U.S. that provides financial services to individuals and small businesses who face challenges in obtaining loans from traditional banks [1]. Investment Focus - The company specializes in producing objective, data-driven research primarily focused on small- to mid-cap companies, which are often overlooked by many investors. Occasionally, the company also analyzes large-cap names to provide a comprehensive view of the broader equity markets [1].

[PART I. FINANCIAL INFORMATION](index=7&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=7&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited consolidated financial statements for the period ended June 30, 2025, show significant growth in assets, primarily driven by an increase in loans and finance receivables [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets were **$5.72 billion**, a significant increase from **$4.82 billion** on June 30, 2024, primarily driven by growth in 'Loans and finance receivables at fair value' to **$4.77 billion** Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | June 30, 2024 | December 31, 2024 | | :--- | :--- | :--- | :--- | | **Total Assets** | **$5,724,753** | **$4,817,091** | **$5,266,131** | | Loans and finance receivables at fair value | $4,773,315 | $3,939,159 | $4,386,444 | | **Total Liabilities** | **$4,496,098** | **$3,669,563** | **$4,069,207** | | Long-term debt | $3,963,514 | $3,194,121 | $3,563,482 | | **Total Stockholders' Equity** | **$1,228,655** | **$1,147,528** | **$1,196,924** | - A significant portion of the company's assets and liabilities are held within consolidated Variable Interest Entities (VIEs), primarily for securitization purposes, with these VIEs holding **$3.79 billion** in assets and **$2.61 billion** in liabilities as of June 30, 2025[17](index=17&type=chunk)[18](index=18&type=chunk) [Consolidated Statements of Income](index=9&type=section&id=Consolidated%20Statements%20of%20Income) For the three months ended June 30, 2025, total revenue increased **21.6%** year-over-year to **$764.0 million**, with net income growing **41.2%** to **$76.1 million** Key Income Statement Data (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | YoY Change | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $764,043 | $628,436 | +21.6% | $1,509,584 | $1,238,325 | +21.9% | | Net Revenue | $441,458 | $370,191 | +19.3% | $867,640 | $716,057 | +21.2% | | Income from Operations | $184,106 | $145,056 | +26.9% | $356,010 | $275,848 | +29.1% | | Net Income | $76,149 | $53,911 | +41.2% | $149,094 | $102,339 | +45.7% | | Diluted EPS | $2.86 | $1.93 | +48.2% | $5.51 | $3.56 | +54.8% | [Consolidated Statements of Comprehensive Income](index=10&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Comprehensive income for Q2 2025 was **$78.1 million**, an increase from **$50.4 million** in Q2 2024, driven by higher net income and a positive foreign currency translation gain Comprehensive Income (in thousands) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $76,149 | $53,911 | $149,094 | $102,339 | | Foreign currency translation gain (loss) | $1,929 | $(3,515) | $4,838 | $(4,485) | | **Comprehensive Income** | **$78,078** | **$50,396** | **$153,932** | **$97,854** | [Consolidated Statements of Stockholders' Equity](index=11&type=section&id=Consolidated%20Statements%20of%20Stockholders'%20Equity) Stockholders' equity increased from **$1.20 billion** at the end of 2024 to **$1.23 billion** at June 30, 2025, primarily due to net income partially offset by treasury stock purchases - For the six months ended June 30, 2025, the company repurchased **1,394 thousand shares** of treasury stock for a total cost of **$140.9 million**[28](index=28&type=chunk) [Consolidated Statements of Cash Flows](index=12&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash provided by operating activities was strong at **$838.5 million**, while net cash used in investing activities was **$1.04 billion** Cash Flow Summary - Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $838,508 | $709,505 | | Net cash used in investing activities | $(1,037,826) | $(849,950) | | Net cash provided by financing activities | $255,953 | $35,159 | | **Net increase (decrease) in cash** | **$56,775** | **$(106,134)** | [Notes to Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the company's accounting policies, loan portfolio composition, debt structure, and other key financial information, including a new securitization facility established subsequent to the quarter's end - The company operates an internet-based lending platform offering unsecured loan and finance receivable products to consumers and small businesses, also acting as a Credit Services Organization (CSO) in some markets[33](index=33&type=chunk) - The entire loan and finance receivable portfolio is carried at fair value, determined using discounted cash flow analyses that factor in estimated losses, prepayments, and servicing costs[41](index=41&type=chunk) - On July 17, 2025, a wholly-owned subsidiary entered into a new receivables securitization facility (NCLOCR 2025) with a total revolving commitment of **$150.0 million**[100](index=100&type=chunk)[101](index=101&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong Q2 2025 results to growth in both consumer and small business loan portfolios, leading to a **21.6%** YoY increase in total revenue to **$764.1 million** [Business Overview and Strategy](index=30&type=section&id=Business%20Overview%20and%20Strategy) Enova is a technology and analytics company providing online financial services to consumers and small businesses with limited access to traditional credit, leveraging proprietary underwriting systems and machine learning - The company extended approximately **$3.5 billion** in credit or financing to borrowers in the first six months of 2025[105](index=105&type=chunk) - Enova utilizes advanced risk analytics, including machine learning and artificial intelligence, with approximately **90%** of models in its analytical environment being machine learning-enabled[107](index=107&type=chunk) - The company operates in the United States under brands like CashNetUSA, NetCredit, and OnDeck, and in Brazil under the name Simplic[117](index=117&type=chunk) [Recent Regulatory Developments](index=34&type=section&id=Recent%20Regulatory%20Developments) The company is navigating several key regulatory issues, including a November 2023 CFPB Consent Order and the compliance date for the CFPB's Small Dollar Rule's payment provisions - In November 2023, the company consented to a CFPB Consent Order and paid a **$15 million** civil money penalty for issues, many of which were self-disclosed[115](index=115&type=chunk) - The compliance date for the CFPB's Small Dollar Rule has been set for March 30, 2025, with the CFPB stating it will not prioritize enforcement actions initially[116](index=116&type=chunk) - The company is assessing the impact of the "One Big Beautiful Bill Act" (OBBBA), enacted July 4, 2025, which includes accelerated tax deductions for certain expenditures[121](index=121&type=chunk) [Results of Operations](index=36&type=section&id=Results%20of%20Operations) For Q2 2025, revenue grew **21.6%** YoY to **$764.1 million**, driven by a **29.6%** increase in small business revenue and a **16.5%** increase in consumer revenue Q2 2025 vs Q2 2024 Performance (in millions) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Revenue | $764.1 | $628.4 | +21.6% | | Net Revenue | $441.5 | $370.2 | +19.3% | | Income from Operations | $184.1 | $145.1 | +26.9% | | Net Income | $76.1 | $53.9 | +41.2% | | Diluted EPS | $2.86 | $1.93 | +48.2% | H1 2025 vs H1 2024 Performance (in millions) | Metric | H1 2025 | H1 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Revenue | $1,509.6 | $1,238.3 | +21.9% | | Net Revenue | $867.6 | $716.0 | +21.2% | | Net Income | $149.1 | $102.3 | +45.7% | - The fair value of the combined loan and finance receivables portfolio grew to **$4.80 billion** as of June 30, 2025, from **$3.96 billion** a year prior[138](index=138&type=chunk)[140](index=140&type=chunk) [Liquidity and Capital Resources](index=50&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a flexible balance sheet with **$379.4 million** in cash, cash equivalents, and restricted cash as of June 30, 2025, supported by strong operating cash flow and various debt facilities - As of June 30, 2025, the company had total funding capacity of **$712.0 million** and no recourse debt obligations maturing until June 2026[187](index=187&type=chunk) - The company's revolving credit facility was increased to **$665.0 million** in September 2024, with **$204.6 million** in available borrowings as of July 23, 2025[189](index=189&type=chunk) - Under a new share repurchase program authorized in August 2024 for **$300.0 million**, the company repurchased **$117.0 million** of common stock during the six months ended June 30, 2025[193](index=193&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that there have been no material changes in its exposure to market risk since the fiscal year ended December 31, 2024 - There have been no material changes in the company's market risk exposure since the end of the last fiscal year[207](index=207&type=chunk) [Item 4. Controls and Procedures](index=55&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures as of June 30, 2025, and concluded they were effective - The CEO and CFO concluded that as of June 30, 2025, the company's disclosure controls and procedures are effective[208](index=208&type=chunk) - No material changes to the internal control over financial reporting occurred during the quarter ended June 30, 2025[209](index=209&type=chunk) [PART II. OTHER INFORMATION](index=56&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=56&type=section&id=Item%201.%20Legal%20Proceedings) The company refers to Note 7 of the financial statements for information on legal proceedings, including a lawsuit filed by the Commonwealth of Virginia in 2018 against a subsidiary - Information regarding legal proceedings is detailed in Note 7 to the consolidated financial statements[210](index=210&type=chunk) - The company is involved in a lawsuit with the Commonwealth of Virginia filed in 2018, alleging violations of the Virginia Consumer Protection Act, which the company believes are without merit[81](index=81&type=chunk) [Item 1A. Risk Factors](index=56&type=section&id=Item%201A.%20Risk%20Factors) The company reports that there have been no material changes from the risk factors described in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 - No material changes to the risk factors disclosed in the 2024 Form 10-K have occurred[210](index=210&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=56&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the second quarter of 2025, the company repurchased a total of **580,168 shares** of its common stock at an average price of **$94.55** per share Issuer Purchases of Equity Securities (Q2 2025) | Period | Total Shares Purchased | Average Price Paid Per Share (in dollars) | Value Remaining Under Plan (end of period, in dollars) | | :--- | :--- | :--- | :--- | | April 2025 | 223,034 | $92.90 | $151,178,000 | | May 2025 | 197,981 | $94.70 | $133,037,000 | | June 2025 | 159,153 | $96.69 | $117,650,000 | | **Total** | **580,168** | **$94.55** | **$117,650,000** | - A new share repurchase program for **$300.0 million** was authorized on August 12, 2024, effective through December 31, 2025[217](index=217&type=chunk) [Item 5. Other Information](index=56&type=section&id=Item%205.%20Other%20Information) The company reports that during the quarter ended June 30, 2025, none of its directors or Section 16 officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No directors or Section 16 officers adopted, modified, or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q2 2025[216](index=216&type=chunk) [Item 6. Exhibits](index=58&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the CEO and CFO as required by the Sarbanes-Oxley Act, and XBRL data files - Exhibits filed with the report include an Indenture dated May 30, 2025, CEO/CFO certifications under Sarbanes-Oxley Sections 302 and 906, and XBRL interactive data files[218](index=218&type=chunk) [Signatures](index=59&type=section&id=SIGNATURES) [Signature](index=59&type=section&id=Signature) The Form 10-Q report was duly authorized and signed on July 25, 2025, by Steven E. Cunningham, the Chief Financial Officer of Enova International, Inc - The report is signed by Steven E. Cunningham, Chief Financial Officer, on behalf of the registrant[221](index=221&type=chunk)

Core Insights - Enova reported strong credit quality and resilience among non-prime consumers, indicating a shift towards nonbank lenders for small businesses seeking capital [1][4][8] Company Performance - Enova's second-quarter loan originations increased by 28% year-on-year and 4% sequentially, reaching $1.8 billion, with total loan and finance receivables at a record $4.3 billion [4] - Small and medium-sized business (SMB) revenue rose by 30% year-on-year and 7% sequentially to a record $326 million [5] - SMB loan originations hit a record $1.2 billion in Q2, with over 90% of small business owners expecting moderate to significant growth in the next year [6] Consumer Insights - The consolidated net charge-off ratio for the consumer portfolio decreased to 8.1% from 8.6% last quarter and 7.7% in Q2 of the previous year, reflecting solid credit quality [7] - Non-prime consumers are less affected by economic downturns due to their experience in managing financial variabilities, with a slight increase in defaults prompting tighter credit underwriting [8] Market Dynamics - The competitive landscape for small business lending is stabilizing, with fewer players in the market, which enhances brand importance [11] - Third-quarter revenue growth is projected at around 15%, although shares experienced a 3% decline at the start of trading following this announcement [9]

Core Viewpoint - Momentum investing focuses on "buying high and selling higher" rather than traditional strategies of "buying low and selling high" [1] Group 1: Momentum Investing Strategy - Momentum investors often face challenges in determining the right entry point, as stocks may lose momentum when their valuations exceed future growth potential [2] - A safer approach involves investing in bargain stocks that exhibit recent price momentum, utilizing tools like the Zacks Momentum Style Score to identify such opportunities [3] Group 2: Enova International (ENVA) Analysis - Enova International (ENVA) has shown a price increase of 5.9% over the past four weeks, indicating growing investor interest [4] - The stock has gained 22% over the past 12 weeks, with a beta of 1.48, suggesting it moves 48% more than the market [5] - ENVA has a Momentum Score of B, indicating a favorable time to invest based on momentum [6] Group 3: Earnings Estimates and Valuation - ENVA has received upward revisions in earnings estimates, earning a Zacks Rank 2 (Buy), which is associated with strong momentum effects [7] - The stock is trading at a Price-to-Sales ratio of 0.97, suggesting it is undervalued as investors pay only 97 cents for each dollar of sales [7] Group 4: Additional Opportunities - Besides ENVA, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, presenting further investment opportunities [8] - The Zacks Premium Screens offer over 45 strategies tailored to help investors find winning stock picks [9]

Company Performance - Enova International reported quarterly earnings of $3.23 per share, exceeding the Zacks Consensus Estimate of $2.97 per share, and up from $2.21 per share a year ago, representing an earnings surprise of +8.75% [1] - The company posted revenues of $764.04 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.73%, and compared to year-ago revenues of $628.44 million [2] - Enova International has surpassed consensus EPS estimates four times over the last four quarters and topped consensus revenue estimates three times during the same period [2] Stock Performance - Enova International shares have increased approximately 22.7% since the beginning of the year, outperforming the S&P 500's gain of 8.1% [3] - The current consensus EPS estimate for the coming quarter is $2.99 on revenues of $796.49 million, and for the current fiscal year, it is $11.79 on revenues of $3.13 billion [7] Industry Outlook - The Financial - Consumer Loans industry, to which Enova International belongs, is currently ranked in the bottom 22% of over 250 Zacks industries, indicating potential challenges ahead [8] - The performance of Enova International's stock may be influenced by the overall outlook for the industry, as research shows that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8]

Financial Data and Key Metrics Changes - In Q2 2025, total revenue increased by 22% year over year to $764 million, with originations rising 28% to $1.8 billion [10][22] - Adjusted EPS grew by 48% year over year to $3.23 per diluted share, reflecting efficient marketing and lower cost of funds [11][31] - The consolidated net charge-off ratio improved to 8.1%, down from 8.6% in the previous quarter and 7.7% a year ago [11][24] Business Line Data and Key Metrics Changes - Small business revenue increased by 30% year over year to a record $326 million, with originations for small businesses reaching $1.2 billion, a 35% increase [10][23] - Consumer revenue rose by 17% year over year to $428 million, with originations growing 15% to $564 million [23][31] - Small business products accounted for 65% of the loan and finance receivables portfolio, while consumer products made up 35% [10] Market Data and Key Metrics Changes - The U.S. economy added 147,000 jobs in June, with the unemployment rate falling to 4.1% and hourly wages continuing to rise, indicating a resilient labor market [12] - Small businesses are increasingly optimistic, with over 90% expecting moderate to significant growth over the next year, and 76% preferring non-bank lenders for their speed and convenience [16][17] Company Strategy and Development Direction - The company is committed to a focused growth strategy that emphasizes sustainable and profitable growth while managing risks [18][20] - The leadership transition is part of a long-term plan to ensure stability and continued success, with confidence in the new CEO and CFO to drive future growth [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate economic fluctuations, citing a diversified business model that mitigates risks associated with market downturns [12][15] - The company anticipates continued strong performance in the back half of 2025, with expectations for revenue growth of around 20% and adjusted EPS growth of approximately 30% for the full year [34] Other Important Information - The company has a strong liquidity position with $1.1 billion in liquidity, including $388 million in cash and marketable securities [31] - The cost of funds decreased to 8.8%, reflecting strong execution on financing transactions [31][32] Q&A Session Summary Question: Can you elaborate on the consumer portfolio and the confidence in future originations? - Management clarified that the issues observed were isolated to one of five consumer products and have since been addressed, leading to a return to normal credit performance [38][42] Question: What factors contributed to the strong performance in the small business segment? - Management noted that the small business segment has shown consistent strength, with stable credit and a favorable competitive position contributing to solid origination growth [44][46] Question: How do you view the competitive dynamics between consumer and small business segments? - Management indicated that the competitive landscape for small businesses is more stable with fewer players, while the consumer segment is more fragmented, leading to potential fluctuations [90][92] Question: How do you expect the macroeconomic environment to impact growth? - Management emphasized the importance of balancing growth and risk, noting that while macro trends are positive, the company will remain cautious in its approach to originations [78][80]