Earnings Outlook A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It is also useful to compare a security to its industry, as this can help investors pinpoint the top companies in a particular area. Below, we take a look at Enova International (ENVA) , a company that currently holds a Momentum Style Score of A. We also talk about price change and earnings estimate revisions, tw ...

Momentum investing is essentially the opposite of the tried-and-tested Wall Street adage -- "buy low and sell high." Investors following this investing style typically avoid betting on cheap stocks and waiting long for them to recover. They believe instead that one could make far more money in lesser time by "buying high and selling higher." Everyone likes betting on fast-moving trending stocks, but it isn't easy to determine the right entry point. These stocks often lose momentum when their future growth p ...

CHICAGO, July 29, 2024 /PRNewswire/ -- Enova International, Inc. (NYSE: ENVA) ("Enova" or the "Company") today announced that it intends to offer, subject to market and other customary conditions, $400.0 million in aggregate principal amount of senior notes due 2029 (the "Notes"). The Notes will be guaranteed, jointly and severally, on a senior unsecured basis by Enova's existing and future domestic subsidiaries, subject to certain exceptions including for its securitization subsidiaries. The Notes and the ...

In conjunction with the Tender Offer, the Company is also soliciting consents (the "Consent Solicitation") from the holders of the Notes for the adoption of proposed amendments (the "Proposed Amendments"), which would, among other things, (i) eliminate substantially all of the restrictive covenants and certain events of default and related provisions contained in the indenture governing the Notes and (ii) reduce the minimum required notice period for the redemption of Notes from at least 30 days to at least ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=7&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents Enova International, Inc.'s unaudited consolidated financial statements as of and for the periods ended June 30, 2024, showing total assets increased to **$4.82 billion** and six-month total revenue to **$1.24 billion** [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) Total assets reached **$4.82 billion** as of June 30, 2024, up from **$3.91 billion** in 2023, driven by increased loans and finance receivables, while total stockholders' equity decreased to **$1.15 billion** Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2024 | June 30, 2023 | December 31, 2023 | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Cash and cash equivalents | $60,138 | $100,042 | $54,357 | | Loans and finance receivables at fair value | $3,939,159 | $3,092,445 | $3,629,167 | | **Total Assets** | **$4,817,091** | **$3,907,907** | **$4,585,536** | | **Liabilities & Equity** | | | | | Long-term debt | $3,194,121 | $2,297,026 | $2,943,805 | | **Total Liabilities** | **$3,669,563** | **$2,658,577** | **$3,345,353** | | **Total Stockholders' Equity** | **$1,147,528** | **$1,249,330** | **$1,240,183** | [Consolidated Statements of Income](index=9&type=section&id=Consolidated%20Statements%20of%20Income) Total revenue for Q2 2024 increased to **$628.4 million**, with net income rising to **$53.9 million** or **$1.93 per diluted share**, and six-month net income reaching **$102.3 million** Statement of Income Summary (in thousands, except per share data) | Metric | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | $628,436 | $499,431 | $1,238,325 | $982,687 | | **Net Revenue** | $370,191 | $299,385 | $716,057 | $585,275 | | **Income from Operations** | $145,056 | $111,596 | $275,848 | $220,864 | | **Net Income** | $53,911 | $48,145 | $102,339 | $99,068 | | **Diluted EPS** | $1.93 | $1.50 | $3.56 | $3.05 | [Consolidated Statements of Cash Flows](index=12&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations significantly increased to **$709.5 million** for the six months ended June 30, 2024, while investing activities used **$850.0 million**, and financing activities provided **$35.2 million** Cash Flow Summary - Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $709,505 | $581,339 | | Net cash used in investing activities | ($849,950) | ($483,477) | | Net cash provided by (used in) financing activities | $35,159 | ($15,069) | | **Net (decrease) increase in cash** | **($106,134)** | **$83,261** | [Notes to Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes detail accounting policies, business operations as an internet-based lender, fair value accounting for loans, debt facilities, and confirm the company operates as a single reportable segment primarily in the U.S. - The company operates an **internet-based lending platform** offering unsecured loans and financing to consumers and small businesses, primarily in the U.S. and Brazil[29](index=29&type=chunk) - The entire loan and finance receivable portfolio is carried at **fair value**, determined using discounted cash flow analyses, with changes recorded in the income statement[35](index=35&type=chunk) - The company operates as a **single reportable segment**, aggregating all business components due to similar economic characteristics, products, services, and customer types[82](index=82&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, highlighting a **25.8% increase in Q2 2024 total revenue** driven by loan portfolio growth and emphasizing proprietary technology and analytics [Business Overview and Products](index=34&type=section&id=Business%20Overview%20and%20Products) Enova provides online financial services to consumers and small businesses, leveraging **proprietary analytics and machine learning** for underwriting, with diverse product offerings primarily in the U.S. and Brazil - Enova, a technology and analytics company, extended approximately **$2.8 billion in credit** in the first six months of 2024 through its online financial services[110](index=110&type=chunk) - The company utilizes **proprietary underwriting systems** with advanced risk analytics, including machine learning and AI, with approximately **90% of analytical models** being machine learning-enabled[112](index=112&type=chunk) - Product offerings include **consumer and small business installment loans** and **lines of credit**, primarily available in the U.S. and Brazil[118](index=118&type=chunk) [Results of Operations](index=40&type=section&id=Results%20of%20Operations) Enova's Q2 2024 total revenue grew **25.8% to $628.4 million**, with net income increasing to **$53.9 million**, driven by higher loan balances across consumer and small business segments Q2 2024 vs Q2 2023 Performance Highlights | Metric | Q2 2024 | Q2 2023 | % Change | | :--- | :--- | :--- | :--- | | Total Revenue | $628.4M | $499.4M | 25.8% | | Net Revenue | $370.2M | $299.4M | 23.7% | | Income from Operations | $145.1M | $111.6M | 30.0% | | Net Income | $53.9M | $48.1M | 12.0% | | Diluted EPS | $1.93 | $1.50 | 28.7% | - The fair value of the loan and finance receivable portfolio grew to **$3.94 billion** as of June 30, 2024, up from **$3.09 billion** a year prior[146](index=146&type=chunk) - The delinquency rate for loans over 30 days past due decreased to **7.5%** at the end of Q2 2024 from **7.7%** at the end of Q2 2023[159](index=159&type=chunk) [Non-GAAP Financial Measures](index=44&type=section&id=Non-GAAP%20Financial%20Measures) The company presents non-GAAP measures, with Q2 2024 **Adjusted Earnings at $61.6 million** ($2.21 per share) and **Adjusted EBITDA at $162.5 million**, providing additional insight into core operating performance Reconciliation to Adjusted Earnings (in thousands, except per share) | Metric | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | | :--- | :--- | :--- | | Net income | $53,911 | $48,145 | | **Adjusted earnings** | **$61,638** | **$55,270** | | Diluted earnings per share | $1.93 | $1.50 | | **Adjusted earnings per share** | **$2.21** | **$1.72** | Reconciliation to Adjusted EBITDA (in thousands) | Metric | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | | :--- | :--- | :--- | | Net income | $53,911 | $48,145 | | **Adjusted EBITDA** | **$162,529** | **$126,461** | | Adjusted EBITDA as a % of total revenue | 25.9% | 25.3% | [Liquidity and Capital Resources](index=59&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2024, Enova held **$271.3 million in cash** and **$610.8 million in total funding capacity**, with no recourse debt due until September 2025, despite **$200.8 million in share repurchases** - The company has **no recourse debt obligations due until September 2025** and believes it has sufficient liquidity for the foreseeable future[195](index=195&type=chunk) - As of July 22, 2024, the company had **$482.4 million in funding capacity** from loan securitization facilities and **$81.4 million available** under its Credit Agreement[197](index=197&type=chunk) - The company repurchased **$200.8 million of common stock** in the first six months of 2024 under its share repurchase program[200](index=200&type=chunk) [Item 4. Controls and Procedures](index=65&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were **effective as of June 30, 2024**, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that as of June 30, 2024, the company's **disclosure controls and procedures are effective**[215](index=215&type=chunk) - No changes occurred during the quarter ended June 30, 2024, that materially affected the company's **internal control over financial reporting**[216](index=216&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=66&type=section&id=Item%201.%20Legal%20Proceedings) The company is defending a **2018 lawsuit** filed by the Commonwealth of Virginia against its subsidiary, alleging violations of the Virginia Consumer Protection Act, with claims believed to be without merit - The company is defending a **lawsuit from the Commonwealth of Virginia** filed in 2018 concerning lending practices, believing the claims are without merit[85](index=85&type=chunk) [Item 1A. Risk Factors](index=66&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 - No material changes from the **Risk Factors described in the Annual Report on Form 10-K** for the fiscal year ended December 31, 2023[217](index=217&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=66&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2024, the company repurchased **1,032,159 shares** at an average price of **$60.89 per share**, with approximately **$52.5 million** remaining for future repurchases Share Repurchases - Q2 2024 | Period | Total Shares Purchased | Average Price Paid Per Share | Approx. Dollar Value Remaining Under Plan (in thousands) | | :--- | :--- | :--- | :--- | | April 2024 | 308,285 | $61.33 | $95,559 | | May 2024 | 411,470 | $61.44 | $71,126 | | June 2024 | 312,404 | $59.74 | $52,464 | | **Total Q2** | **1,032,159** | **$60.89** | **$52,464** | - The Board of Directors authorized a new **$300.0 million share repurchase program** on October 24, 2023, effective through December 31, 2024[223](index=223&type=chunk)

Company Performance - Enova International reported revenues of $628.44 million for the quarter ended June 2024, exceeding the Zacks Consensus Estimate by 0.54% and showing a year-over-year increase from $499.43 million [1] - The company achieved quarterly earnings of $2.21 per share, surpassing the Zacks Consensus Estimate of $2.08 per share, and compared to earnings of $1.72 per share a year ago, representing an earnings surprise of 6.25% [10] - Enova International has outperformed consensus revenue estimates three times in the last four quarters [1][11] Stock Performance - Enova International shares have increased approximately 32.9% since the beginning of the year, compared to a 16.7% gain for the S&P 500 [2] - The current consensus EPS estimate for the upcoming quarter is $2.01 on revenues of $661.36 million, and for the current fiscal year, it is $8.17 on revenues of $2.6 billion [6] Industry Outlook - The Financial - Consumer Loans industry, to which Enova International belongs, is currently ranked in the top 36% of over 250 Zacks industries, indicating a favorable outlook [7] - The performance of Enova International's stock may be influenced by the overall industry outlook and trends in earnings estimate revisions [4][7]

"We delivered another quarter of strong results driven by the strength of our talented team, worldclass machine learning analytics, flexible online-only business model, diversified product offerings and solid balance sheet," said David Fisher, Enova's CEO. "We believe we are in a strong position heading into the back half of 2024 with considerable momentum, a constructive macroeconomic environment, and stable credit across our entire product range." generate meaningful financial results this year and beyond ...

CHICAGO, July 9, 2024 /PRNewswire/ -- Enova International (NYSE: ENVA), a leading financial services company powered by machine learning and world-class analytics, today announced the company's second quarter 2024 financial results will be released after the market close on Tuesday, July 23, 2024. The U.S. dial-in for the call is 1-855-560-2575 (1-412-542-4161 for non-U.S. callers). Please ask to join the Enova International call. A replay of the conference call will be available until July 30, 2024, at 10: ...

CHICAGO, May 23, 2024 /PRNewswire/ -- Enova International (NYSE: ENVA), a leading financial services company powered by machine learning and world-class analytics, today announced that Steve Cunningham, Chief Financial Officer, will present via a fireside chat format at the TD Financial Services & Fintech Summit on Thursday, June 6, 2024 at 3:50 p.m. Central Time / 4:50 p.m. Eastern Time. A live audio webcast and archive of Enova's fireside chat will be available on the company's website at http://ir.enova. ...

CHICAGO, May 23, 2024 /PRNewswire/ -- Small businesses feel increasingly optimistic about future growth as expenses decrease, according to the latest Small Business Cash Flow Trend Report from OnDeck Capital, the leading small business lending company at Enova (NYSE: ENVA) and Ocrolus, the document AI and cash flow analytics platform for lenders. About Enova Enova International (NYSE: ENVA) is a leading financial services company with powerful online lending that serves small businesses and consumers who ar ...