Enova Reports Fourth Quarter and Full Year 2024 Results

— Originations rose 20% and total company revenue increased 25% from the fourth quarter of 2023

— Diluted earnings per share of $2.30 increased 104% and adjusted earnings per share1 of $2.61 rose 43% compared to the fourth quarter of 2023

— Net revenue margin of 57% in the fourth quarter of 2024, compared to 56% in the fourth quarter of 2023, was in line with our expectations and reflects continued strong credit performance

— Liquidity, including cash and marketable securities and available capacity on facilities, totaled $1.3 billion at December 31

Enova International (NYSE: ENVA),a leading financial services company powered by machine learning and world-class analytics,today announced financial results for the fourth quarter and full year ended December 31, 2024.

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“We are pleased to report our strongest year yet with full year 2024 originations, revenue and adjusted EPS all reaching the highest levels in our company's history. This success was driven by our world class team, strong competitive position and dedication to unit economics” said David Fisher, Enova's CEO. “Our portfolio expanded to nearly $4 billion, as a result of continued strength in both our SMB and consumer businesses. Looking ahead, we believe we have significant momentum heading into 2025 and are confident in our ability to continue meeting our customer needs while creating value for our shareholders.”

Fourth Quarter 2024 Summary

— Total revenue of $730 million increased 25% from $584 million in the fourth quarter of 2023.

— Net revenue margin of 57% was consistent with 56% in the fourth quarter of 2023, reflecting continued solid credit performance.

— Net income of $64 million, or $2.30 per diluted share, increased 83% from $35 million, or $1.13 per diluted share, in the fourth quarter of 2023.

— Adjusted EBITDA1 of$174 million increased 34% from$130 million in the fourth quarter of 2023.

— Adjusted earnings per share1 of$2.61 increased 43% from $1.83 per diluted share in the fourth quarter of 2023.

— Total company combined loans and finance receivables1 increased 20% from the end of the fourth quarter of 2023 to a record $4.0 billion with total company originations of $1.7 billion in the quarter.

— Repurchased $51 million of common stock under the company's share repurchase program.

Full Year 2024 Summary

— Total revenue of$2.7 billionincreased 26% from$2.1 billionin 2023.

— Net revenue margin of 58% was flat compared to 2023.

— Net income of$209 million, or$7.43per diluted share, increased 20% from$175 million, or$5.49per diluted share, in 2023.

— Adjusted EBITDA1 of$657 millionincreased 31% from$503 millionin 2023.

— Adjusted earnings per share1 of$9.15increased 34% from $6.85 in 2023.

1 Non-GAAP measure. Refer to “Non-GAAP Financial Measures,” “Loans and Finance Receivables Financial and Operating Data,”and “Reconciliation of GAAP to Non-GAAP Financial Measures” below for additional information.

“We are proud to close out 2024 with record top- and bottom-line results,” said Steve Cunningham, CFO of Enova. “Our strong financial results for the fourth quarter and full-year 2024 continue to showcase the powerful combination of our diversified product offerings, scalable operating model, world-class risk management capabilities and balance sheet flexibility that have driven our ability to deliver consistently strong financial results.”

Conference Call

Enova will host a conference call to discuss its fourth quarter and full year 2024 results at4 p.m. Central Time/5 p.m. Eastern Time today, February 4th. The live webcast of the call can be accessed at the Enova Investor Relations website athttp://ir.enova.com, along with the company's earnings press release and supplemental financial information. 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 February 11, 2025, at 10:59 p.m. Central Time / 11:59 p.m. Eastern Time, while an archived version of the webcast will be available on the Enova International Investor Relations website for 90 days. The U.S. dial-in for the conference call replay is 1-877-344-7529 (1-412-317-0088). The replay access code is 6182379.

About Enova

Enova International (NYSE: ENVA) is a leading financial services company with powerful online lending that serves small businesses and consumers who are underserved by traditional banks. Through its world-class analytics and machine learning algorithms, Enova has provided more than 11.8 million customers with over $59 billion in loans and financing. You can learn more about the company and its portfolio of businesses at www.enova.com.

Cautionary Statement Concerning Forward LookingStatements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about the business, financial condition and prospects of Enova. These forward-looking statements give current expectations or forecasts of future events and reflect the views and assumptions of Enova's senior management with respect to the business, financial condition and prospects of Enova as of the date of this release and are not guarantees of future performance. The actual results of Enova could differ materially from those indicated by such forward-looking statements because of various risks and uncertainties applicable to Enova's business, including, without limitation, those risks and uncertainties indicated in Enova's filings with the Securities and Exchange Commission (“SEC”), including our annual report on Form 10-K, quarterly reports on Forms 10-Q and current reports on Forms 8-K. These risks and uncertainties are beyond the ability of Enova to control, and, in many cases, Enova cannot predict all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this release, the words “believes,” “estimates,” “plans,” “expects,” “anticipates” and similar expressions or variations as they relate to Enova or its management are intended to identify forward-looking statements. Enova cautions you not to put undue reliance on these statements. Enova disclaims any intention or obligation to update or revise any forward-looking statements after the date of this release.

Non-GAAP Financial Measures

In addition to the financial information prepared in conformity with generally accepted accounting principles in the United States, or GAAP, Enova provides historical non-GAAP financial information. Enova presents non-GAAP financial information because such measures are used by management in understanding the activities and business metrics of Enova's operations. Management believes that these non-GAAP financial measures reflect an additional way of viewing aspects of Enova's business that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

Management provides non-GAAP financial information for informational purposes and to enhance understanding of Enova's GAAP consolidated financial statements. Readers should consider the information in addition to, but not instead of or superior to, Enova's financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.

Combined Loans and Finance Receivables The combined loans and finance receivables measures are non-GAAP measures that include loans and finance receivables that Enova owns or has purchased and loans that Enova guarantees. Management believes these non-GAAP measures provide management and investors with important information needed to evaluate the magnitude of potential receivable losses and the opportunity for revenue performance of the loans and finance receivable portfolio on an aggregate basis. Management also believes that the comparison of the aggregate amounts from period to period is more meaningful than comparing only the amounts reflected on Enova's consolidated balance sheet since revenue is impacted by the aggregate amount of receivables owned by Enova and those guaranteed by Enova as reflected in its consolidated financial statements.

Adjusted Earnings Measures Enova provides adjusted earnings and adjusted earnings per share, or, collectively, the Adjusted Earnings Measures, which are non-GAAP measures. Management believes that the presentation of these measures provides investors with greater transparency and facilitates comparison of operating results across a broad spectrum of companies with varying capital structures, compensation strategies, derivative instruments and amortization methods, which can provide a more complete understanding of Enova's financial performance, competitive position and prospects for the future. Management utilizes, and also believes that investors utilize, the Adjusted Earnings Measures to assess operating performance, recognizing that such measures may highlight trends in Enova's business that may not otherwise be apparent when relying on financial measures calculated in accordance with GAAP. In addition, management believes that the Adjusted Earnings Measures are useful to management and investors in comparing Enova's financial results during the periods shown without the effect of certain items that are not indicative of Enova's core operating performance or results of operations.

Adjusted EBITDA Measures Enova provides Adjusted EBITDA and Adjusted EBITDA margin, or, collectively, the Adjusted EBITDA measures, which are non-GAAP measures. Adjusted EBITDA is a non-GAAP measure that Enova defines as earnings excluding depreciation, amortization, interest, foreign currency transaction gains or losses, taxes, stock-based compensation and certain other items, as appropriate, that are not indicative of our core operating performance. Adjusted EBITDA margin is a non-GAAP measure that Enova defines as Adjusted EBITDA as a percentage of total revenue. Management utilizes, and also believes that investors utilize, Adjusted EBITDA Measures to analyze operating performance and evaluate Enova's ability to incur and service debt and Enova's capacity for making capital expenditures. Enova believes that Adjusted EBITDA is useful to management and investors in comparing Enova's financial results during the periods shown without the effect of certain non-cash items and certain items that are not indicative of Enova's core operating performance or results of operations. Adjusted EBITDA Measures are also useful to investors to help assess Enova's estimated enterprise value.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(dollars in thousands, except per share data)(Unaudited) December31, 2024 2023AssetsCash and cash equivalents $ 73,910 $ 54,357Restricted cash 248,758 323,082Loans and finance receivables at fair value 4,386,444 3,629,167Income taxes receivable 40,690 44,129Other receivables and prepaid expenses 63,752 71,982Property and equipment, net 119,956 108,705Operating lease right-of-use asset 18,201 14,251Goodwill 279,275 279,275Intangible assets, net 10,951 19,005Other assets 24,194 41,583Total assets $ 5,266,131 $ 4,585,536Liabilities and Stockholders' EquityAccounts payable and accrued expenses $ 249,970 $ 261,156Operating lease liability 32,165 27,042Deferred tax liabilities, net 223,590 113,350Long-term debt 3,563,482 2,943,805Total liabilities 4,069,207 3,345,353Commitments and contingenciesStockholders' equity:Common stock, $0.00001 par value, 250,000,000 shares authorized, 46,520,916 and 45,339,814 shares – -issued and 25,808,096 and 29,089,258 outstanding as of December 31, 2024 and 2023, respectivelyPreferred stock, $0.00001 par value, 25,000,000 shares authorized, no shares issued and outstanding – -Additional paid in capital 328,268 284,256Retained earnings 1,697,754 1,488,306Accumulated other comprehensive loss (13,691) (6,264)Treasury stock, at cost (20,712,820 and 16,250,556 shares as of December31,2024 and 2023, respectively) (815,407) (526,115)Total stockholders' equity 1,196,924 1,240,183Total liabilities and stockholders' equity $ 5,266,131 $ 4,585,536ENOVA INTERNATIONAL, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME(in thousands, except per share data)(Unaudited) Three Months Ended Year Ended December31, December31, 2024 2023 2024 2023Revenue $ 729,551 $ 583,592 $ 2,657,800 $ 2,117,639Change in Fair Value (316,515) (258,556) (1,128,351) (887,717)Net Revenue 413,036 325,036 1,529,449 1,229,922Operating ExpensesMarketing 151,178 122,226 523,569 414,460Operations and technology 58,431 47,089 224,391 194,905General and administrative 38,035 49,148 156,524 160,265Depreciation and amortization 10,196 9,034 40,207 38,157Total Operating Expenses 257,840 227,497 944,691 807,787Income from Operations 155,196 97,539 584,758 422,135Interest expense, net (76,989) (57,208) (290,442) (194,779)Foreign currency transaction (loss) gain, net (902) 49 (1,064) 57Equity method investment income (loss) 92 1,251 (16,460) 116Other nonoperating expenses – (3) (5,691) (282)Income before Income Taxes 77,397 41,628 271,101 227,247Provision for income taxes 13,702 6,860 61,653 52,126Net income $ 63,695 $ 34,768 $ 209,448 $ 175,121Earnings Per Share:Earnings per common share:Basic $ 2.44 $ 1.17 $ 7.78 $ 5.71Diluted $ 2.30 $ 1.13 $ 7.43 $ 5.49Weighted average common shares outstanding:Basic 26,141 29,687 26,920 30,673Diluted 27,666 30,887 28,202 31,921ENOVA INTERNATIONAL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW(dollars in thousands)(Unaudited) Year Ended December 31, 2024 2023Cash flows provided by operating activities $ 1,538,576 $ 1,166,869Cash flows from investing activitiesLoans and finance receivables (1,867,773) (1,449,417)Property and equipment additions (43,422) (45,241)Total cash flows used in investing activities (1,911,195) (1,494,658)Cash flows provided by financing activities 318,882 526,541Effect of exchange rates on cash (1,034) 287Net change in cash and cash equivalents and restricted cash (54,771) 199,039Cash, cash equivalents and restricted cash at beginning of year 377,439 178,400Cash, cash equivalents and restricted cash at end of period $ 322,668 $ 377,439

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES LOANS AND FINANCE RECEIVABLES FINANCIAL AND OPERATING DATA (dollars in thousands)

The following table includes financial information for loans and finance receivables, which is based on loan and finance receivable balances for the three months ended December 31, 2024 and 2023.

Three Months Ended December 31 2024 2023 ChangeEnding combined loan and finance receivable principal balance:Company owned $ 3,810,444 $ 3,154,735 $ 655,709Guaranteed by the Company(a) 19,859 13,537 6,322Total combined loan and finance receivable principal balance(b) $ 3,830,303 $ 3,168,272 $ 662,031Ending combined loan and finance receivable fair value balance:Company owned $ 4,386,444 $ 3,629,167 $ 757,277Guaranteed by the Company(a) 28,414 18,534 9,880Ending combined loan and finance receivable fair value balance(b) $ 4,414,858 $ 3,647,701 $ 767,157Fair value as a % of principal(c) 115.3 % 115.1 % 0.2 %Ending combined loan and finance receivable balance, including principal and accrued fees/interest outstanding:Company owned $ 3,966,486 $ 3,297,082 $ 669,404Guaranteed by the Company(a) 23,826 16,351 7,475Ending combined loan and finance receivable balance(b) $ 3,990,312 $ 3,313,433 $ 676,879Average combined loan and finance receivable balance, including principal and accrued fees/interest outstanding:Company owned(d) $ 3,842,144 $ 3,141,479 $ 700,665Guaranteed by the Company(a)(d) 22,060 16,341 5,719Average combined loan and finance receivable balance(a)(d) $ 3,864,204 $ 3,157,820 $ 706,384Installment loans as percentage of average combined loan and finance receivable balance 44.9 % 50.2 % (5.3) %Line of credit accounts as percentage of average combined loan and finance receivable balance 55.1 % 49.8 % 5.3 %Revenue $ 719,410 $ 574,721 $ 144,689Change in fair value (314,091) (256,412) (57,679)Net revenue 405,319 318,309 87,010Net revenue margin 56.3 % 55.4 % 0.9 %Combined loan and finance receivable originations and purchases $ 1,714,919 $ 1,425,785 $ 289,134Delinquencies:>30 days delinquent $ 297,832 $ 263,524 $ 34,308>30 days delinquent as a % of loan and finance receivable balance(c) 7.5 % 8.0 % (0.5) %Charge-offs:Charge-offs (net of recoveries) $ 342,183 $ 305,436 $ 36,747Charge-offs (net of recoveries) as a % of average loan and finance receivable balance(d) 8.9 % 9.7 % (0.8) %(a) Represents loans originated by third-party lenders through the CSO programs, which are not included in our consolidated balance sheets.(b) Non-GAAP measure.(c) Determined using period-end balances.(d) The average combined loan and finance receivable balance is the average of the month-end balances during the period.ENOVA INTERNATIONAL, INC. AND SUBSIDIARIESRECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES(dollars in thousands, except per share data)Adjusted Earnings Measures Three Months Ended Year Ended December 31, December 31, 2024 2023 2024 2023Net income $ 63,695 $ 34,768 $ 209,448 $ 175,121Adjustments:Transaction-related costs(a) – 755 327 755Lease termination and cease use costs(b) – – – 1,698Equity method investment (income) loss(c) (92) (1,251) 16,460 (116)Other nonoperating expenses(d) – 3 5,691 282Intangible asset amortization 2,014 2,014 8,055 8,385Stock-based compensation expense 8,297 7,458 31,816 26,738Foreign currency transaction loss (gain), net 902 (49) 1,064 (57)Cumulative tax effect of adjustments (2,608) (2,293) (14,789) (9,456)Regulatory settlement(e) – 15,201 – 15,201Adjusted earnings $ 72,208 $ 56,606 $ 258,072 $ 218,551Diluted earnings per share $ 2.30 $ 1.13 $ 7.43 $ 5.49Adjusted earnings per share $ 2.61 $ 1.83 $ 9.15 $ 6.85Adjusted EBITDA Three Months Ended Year Ended December 31, December 31, 2024 2023 2024 2023Net income $ 63,695 $ 34,768 $ 209,448 $ 175,121Depreciation and amortization expenses 10,196 9,034 40,207 38,157Interest expense, net 76,989 57,208 290,442 194,779Foreign currency transaction loss (gain), net 902 (49) 1,064 (57)Provision for income taxes 13,702 6,860 61,653 52,126Stock-based compensation expense 8,297 7,458 31,816 26,738Adjustments:Transaction-related costs(a) – 755 327 755Equity method investment (income) loss(c) (92) (1,251) 16,460 (116)Regulatory settlement(e) – 15,201 – 15,201Other nonoperating expenses(d) – 3 5,691 282Adjusted EBITDA $ 173,689 $ 129,987 $ 657,108 $ 502,986Adjusted EBITDA margin calculated as follows:Total Revenue $ 729,551 $ 583,592 $ 2,657,800 $ 2,117,639Adjusted EBITDA 173,689 129,987 657,108 502,986Adjusted EBITDA as a percentage of total revenue 23.8 % 22.3 % 24.7 % 23.8 %(a) In the first quarter of 2024 and the fourth quarter of 2023, the Company recorded $0.3 million ($0.2 million net of tax) and $0.8 million ($0.6 million net of tax), respectively, of costs related to a consent solicitation for the Senior Notes due 2025.(b) In the first quarter of 2023, the Company recorded a loss of $1.7 million ($1.3 million net of tax) related to the exit of leased office space.(c) In the third quarter of 2024, the Company recorded an equity method investment loss of $16.6 million ($13.3 million net of tax) related to the write-down of its investment in Linear.(d) In the twelve-month periods ended December31, 2024 and 2023, the Company recorded other nonoperating expenses of $5.7 million ($4.3 million net of tax) and $0.3 million ($0.2 million net of tax), respectively, related to early extinguishment of debt.(e) In the fourth quarter of 2023, the Company reached an agreement with the Consumer Financial Protection Bureau, or the CFPB, pursuant to which it agreed to pay a civil money penalty of $15.0 million, which is nondeductible for tax purposes.

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SOURCE Enova International, Inc.

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