Enova International, Inc.: Enova Reports Third Quarter 2025 Results

• Originations rose 22% and total company revenue increased 16% from the third quarter of 2024
• Diluted earnings per share of $3.03 increased 93% and adjusted earnings per share¹ of $3.36 rose 37% compared to the third quarter of 2024
• Consolidated credit performance remained strong with a net charge-off ratio of 8.5% and net revenue margin of 57%
• Year-over-year improvement in the consolidated 30+ day delinquency ratio of 7.2% and stability in the consolidated portfolio fair value premium of 115% reflect a stable credit outlook
• Liquidity, including cash and marketable securities and available capacity on facilities, totaled $1.2 billion at September 30th
• Share repurchases during the quarter totaled $38 million

CHICAGO, Oct. 23, 2025 /PRNewswire/ -- Enova International (NYSE: ENVA), a leading financial services company powered by machine learning and world-class analytics, today announced financial results for the third quarter ended September 30, 2025.

"We are pleased to report another solid quarter driven by strong demand and stable credit performance across both our SMB and consumer businesses," said David Fisher, Enova's CEO. "Our success and vast experience in managing the business through many different operating environments has been fueled by our diversified product offerings, the sophistication of our machine-learning models, outstanding team and online-only model. Looking forward, I am very excited and optimistic about the long-term future of Enova as Steve Cunningham takes over as CEO in January. We are committed to our disciplined focused growth approach and we remain confident in our ability to continue meeting our customers' needs while creating meaningful value for our shareholders."

Third Quarter 2025 Summary

• Total revenue of $803 million increased 16% from $690 million in the third quarter of 2024.
• Net revenue margin of 57% compared to 58% in the third quarter of 2024, reflecting continued solid credit performance.
• Net income of $80 million, or $3.03 per diluted share, increased 85% from $43 million, or $1.57 per diluted share, in the third quarter of 2024.
• Adjusted EBITDA¹ of $218 million increased 27% from $172 million in the third quarter of 2024.
• Adjusted earnings per share¹ of $3.36 increased 37% from $2.45 per diluted share in the third quarter of 2024.
• Total company combined loans and finance receivables¹ increased 20% from the end of the third quarter of 2024 to a record $4.5 billion with total company originations of $2.0 billion in the quarter.
• Repurchased $38 million of common stock under the company's share repurchase program.

"We are pleased to deliver another solid quarter of top and bottom-line results that were inline or better than our expectations with strong growth in originations, receivables and revenue along with solid credit, operating efficiency and balance sheet flexibility," said Steve Cunningham, CFO of Enova. "We have delivered six consecutive quarters of year-over-year adjusted EPS growth of at least 25% or more, and we remain confident in our ability to continue to generate meaningful financial results for the remainder of 2025 and beyond."

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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.

Conference Call

Enova will host a conference call to discuss its third quarter 2025 results at 4 p.m. Central Time / 5 p.m. Eastern Time today, October 23^rd. The live webcast of the call can be accessed at the Enova Investor Relations website at http://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 October 30, 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 8315240.

About Enova

Enova International (NYSE: ENVA) is a leading online financial services company that serves small businesses and consumers who are underserved by traditional banks. For over 20 years, Enova has provided over $65 billion in loans and financing to more than 13 million customers by offering a suite of market-leading products powered by the company's world-class analytics, machine learning algorithms and proprietary technology. You can learn more about the company and its portfolio of businesses at www.enova.com.

Cautionary Statement Concerning Forward Looking Statements

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 SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share data) (Unaudited)
		September 30,								December 31,
		2025				2024				2024
Assets
Cash and cash equivalents		$	53,600			$	67,500			$	73,910
Restricted cash			303,365				186,880				248,758
Loans and finance receivables at fair value			5,012,853				4,134,440				4,386,444
Income taxes receivable			55,124				66,290				40,690
Other receivables and prepaid expenses			76,941				68,926				63,752
Property and equipment, net			128,690				117,970				119,956
Operating lease right-of-use assets			17,167				12,705				18,201
Goodwill			279,275				279,275				279,275
Intangible assets, net			4,910				12,964				10,951
Other assets			30,312				28,746				24,194
Total assets		$	5,962,237			$	4,975,696			$	5,266,131
Liabilities and Stockholders' Equity
Accounts payable and accrued expenses		$	252,914			$	259,535			$	249,970
Operating lease liabilities			32,247				26,346				32,165
Deferred tax liabilities, net			286,930				217,387				223,590
Long-term debt			4,106,471				3,293,735				3,563,482
Total liabilities			4,678,562				3,797,003				4,069,207
Commitments and contingencies
Stockholders' equity:
Common stock, $0.00001 par value, 250,000,000 shares authorized, 47,330,541, 46,453,571 and 46,520,916 shares issued and 24,883,481, 26,266,846 and 25,808,096 outstanding as of September 30, 2025 and 2024 and December 31, 2024, respectively			-				-				-
Preferred stock, $0.00001 par value, 25,000,000 shares authorized, no shares issued and outstanding			-				-				-
Additional paid in capital			359,054				318,223				328,268
Retained earnings			1,927,162				1,634,059				1,697,754
Accumulated other comprehensive loss			(7,872)				(9,422)				(13,691)
Treasury stock, at cost (22,447,060, 20,186,725 and 20,712,820 shares as of September 30, 2025 and 2024 and December 31, 2024, respectively)			(994,669)				(764,167)				(815,407)
Total stockholders' equity			1,283,675				1,178,693				1,196,924
Total liabilities and stockholders' equity		$	5,962,237			$	4,975,696			$	5,266,131

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) (Unaudited)
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2025				2024				2025				2024
Revenue		$	802,678			$	689,924			$	2,312,262			$	1,928,249
Change in Fair Value			(341,971)				(289,568)				(983,915)				(811,836)
Net Revenue			460,707				400,356				1,328,347				1,116,413
Operating Expenses
Marketing			147,351				141,059				429,490				372,391
Operations and technology			64,564				56,628				190,674				165,960
General and administrative			39,661				38,916				122,633				118,489
Depreciation and amortization			12,356				10,039				32,765				30,011
Total Operating Expenses			263,932				246,642				775,562				686,851
Income from Operations			196,775				153,714				552,785				429,562
Interest expense, net			(86,954)				(76,902)				(250,279)				(213,453)
Foreign currency transaction gain (loss)			90				(95)				(228)				(162)
Equity method investment income (loss)			258				(16,552)				991				(16,552)
Other nonoperating expenses			-				(4,678)				(1,019)				(5,691)
Income before Income Taxes			110,169				55,487				302,250				193,704
Provision for income taxes			29,855				12,073				72,842				47,951
Net income		$	80,314			$	43,414			$	229,408			$	145,753
Earnings Per Share
Earnings per common share:
Basic		$	3.22			$	1.64			$	9.07			$	5.36
Diluted		$	3.03			$	1.57			$	8.53			$	5.14
Weighted average common shares outstanding:
Basic			24,955				26,420				25,307				27,182
Diluted			26,472				27,711				26,881				28,382

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (dollars in thousands) (Unaudited)
		Nine Months Ended September 30,
		2025				2024
Total cash flows provided by operating activities		$	1,320,310			$	1,108,056
Cash flows from investing activities
Loans and finance receivables			(1,607,528)				(1,298,988)
Capitalization of software development costs and purchases of fixed assets			(35,444)				(33,244)
Total cash flows used in investing activities			(1,642,972)				(1,332,232)
Cash flows provided by financing activities			356,731				101,911
Effect of exchange rates on cash, cash equivalents and restricted cash			228				(794)
Net increase (decrease) in cash, cash equivalents and restricted cash			34,297				(123,059)
Cash, cash equivalents and restricted cash at beginning of year			322,668				377,439
Cash, cash equivalents and restricted cash at end of period		$	356,965			$	254,380

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 September 30, 2025 and 2024.
Three Months Ended September 30,		2025				2024				Change
Ending combined loan and finance receivable principal balance:
Company owned		$	4,344,901			$	3,593,366			$	751,535
Guaranteed by the Company(a)			17,301				18,292				(991)
Total combined loan and finance receivable principal balance (b)		$	4,362,202			$	3,611,658			$	750,544
Ending combined loan and finance receivable fair value balance:
Company owned		$	5,012,853			$	4,134,440			$	878,413
Guaranteed by the Company(a)			24,372				25,446				(1,074)
Ending combined loan and finance receivable fair value balance (b)		$	5,037,225			$	4,159,886			$	877,339
Fair value as a % of principal(c)			115.5	%			115.2	%			0.3	%
Ending combined loan and finance receivable balance, including principal and accrued fees/interest outstanding:
Company owned		$	4,500,360			$	3,742,767			$	757,593
Guaranteed by the Company(a)			20,750				21,797				(1,047)
Ending combined loan and finance receivable balance (b)		$	4,521,110			$	3,764,564			$	756,546
Average combined loan and finance receivable balance, including principal and accrued fees/interest outstanding:
Company owned(d)		$	4,407,476			$	3,658,014			$	749,462
Guaranteed by the Company(a)(d)			20,881				18,999				1,882
Average combined loan and finance receivable balance (a)(d)		$	4,428,357			$	3,677,013			$	751,344
Installment loans as percentage of average combined loan and finance receivable balance			44.2	%			45.9	%			(1.7)	%
Line of credit accounts as percentage of average combined loan and finance receivable balance			55.8	%			54.1	%			1.7	%
Revenue		$	791,723			$	680,338			$	111,385
Change in fair value			(339,872)				(287,037)				(52,835)
Net revenue		$	451,851			$	393,301			$	58,550
Net revenue margin			57.1	%			57.8	%			(0.7)	%
Combined loan and finance receivable originations and purchases		$	1,961,439			$	1,613,920			$	347,569
Delinquencies:
>30 days delinquent		$	327,387			$	293,839			$	33,548
>30 days delinquent as a % of combined loan and finance receivable balance(c)			7.2	%			7.8	%			(0.6)	%
Charge-offs:
Charge-offs (net of recoveries)		$	377,811			$	309,325			$	68,486
Charge-offs (net of recoveries) as a % of average combined loan and finance receivable balance(d)			8.5	%			8.4	%			0.1	%

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(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 SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (dollars in thousands, except per share data)
Adjusted Earnings Measures
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2025				2024				2025				2024
Net income		$	80,314			$	43,414			$	229,408			$	145,753
Adjustments:
Transaction-related costs(a)			-				-				-				327
Equity method investment income(b)			(258)				16,552				(991)				16,552
Other nonoperating expenses(c)			-				4,678				1,019				5,691
Intangible asset amortization			2,014				2,014				6,041				6,041
Stock-based compensation expense			8,535				8,116				24,577				23,519
Foreign currency transaction (gain) loss			(90)				95				228				162
Cumulative tax effect of adjustments			(1,692)				(6,949)				(4,668)				(12,181)
Adjusted earnings		$	88,823			$	67,920			$	255,614			$	185,864
Diluted earnings per share		$	3.03			$	1.57			$	8.53			$	5.14
Adjusted earnings per share		$	3.36			$	2.45			$	9.51			$	6.55
Adjusted EBITDA
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2025				2024				2025				2024
Net income		$	80,314			$	43,414			$	229,408			$	145,753
Depreciation and amortization expenses			12,356				10,039				32,765				30,011
Interest expense, net			86,954				76,902				250,279				213,453
Foreign currency transaction (gain) loss			(90)				95				228				162
Provision for income taxes			29,855				12,073				72,842				47,951
Stock-based compensation expense			8,535				8,116				24,577				23,519
Adjustments:
Transaction-related costs(a)			-				-				-				327
Equity method investment income(b)			(258)				16,552				(991)				16,552
Other nonoperating expenses(c)			-				4,678				1,019				5,691
Adjusted EBITDA		$	217,666			$	171,869			$	610,127			$	483,419
Adjusted EBITDA margin calculated as follows:
Total Revenue		$	802,678			$	689,924			$	2,312,262			$	1,928,249
Adjusted EBITDA			217,666				171,869				610,127				483,419
Adjusted EBITDA as a percentage of total revenue			27.1	%			24.9	%			26.4	%			25.1	%

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(a)	In the first quarter of 2024, the Company recorded $0.3 million ($0.2 million net of tax) of costs related to a consent solicitation for the Senior Notes due 2025.
(b)	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.
(c)	In the second quarter of 2025 and the three- and nine-month periods ended September 30, 2024, the Company recorded other nonoperating expense of $1.0 million ($0.8 million net of tax), $4.7 million ($3.5 million net of tax) and $5.7 million ($4.3 million net of tax), respectively, related to the early extinguishment of debt.

SOURCE Enova International, Inc.