Enova Reports Third Quarter 2023 Results and New $300 Million Share Repurchase Program

• Total revenue increased 21% from the third quarter of 2022 to a record $551 million • Diluted earnings per share totaled $1.29 and adjusted earnings per share totaled $1.50 • Total company combined loans and finance receivables increased 15% from the end of third quarter of  2022 to $3.1 billion as total company originations reached a quarterly record of $1.3 billion • Continued solid credit performance and outlook with a third quarter net revenue margin of 58% and a  sequential increase in the fair value of the consolidated portfolio as a percentage of principal to 114%  at September 30
• Liquidity, including cash and marketable securities and available capacity on facilities, totaled $952  million at September 30 
• Repurchased $36 million of common stock under our share repurchase program and purchased and  retired $10 million of senior notes during the quarter 
• The Board of Directors authorized a new share repurchase program totaling $300 million that expires  December 31, 2024 

CHICAGO, October 24, 2023 /PRNewswire/ — Enova International (NYSE: ENVA), a leading financial technology company powered by machine learning and world-class analytics, today announced financial results for the third quarter ended September 30, 2023.  

“We are pleased to report another strong quarter of origination and revenue growth, driven by solid demand and stable credit,” said David Fisher, Enova’s CEO. “Our diversified product offerings, world-class machine learning risk management algorithms and our strong balance sheet allowed us to nimbly lean into market opportunities to drive growth with strong unit economics while balancing risk and maintaining solid profit margins. Our talented team and business model capabilities, in combination with our newly announced $300  million share repurchase program, have us well positioned to create even more meaningful opportunities to  drive value for our shareholders.”  

Third Quarter 2023 Summary 

• Total revenue of $551 million in the third quarter of 2023 increased 21% from $456 million in the third quarter of 2022.  
• Net revenue margin of 58% in the third quarter of 2023 compared to 64% in the third quarter of 2022.  • Net income of $41 million, or $1.29 per diluted share, in the third quarter of 2023 compared to $52 million, or $1.57 per diluted share, in the third quarter of 2022. 
• Third quarter 2023 adjusted EBITDA, a non-GAAP measure, of $121 million compared to $115 million in the third quarter of 2022.  
• Adjusted earnings of $48 million, or $1.50 per diluted share, both non-GAAP measures, in the third quarter of 2023 compared to adjusted earnings of $57 million, or $1.74 per diluted share, in the third quarter of 2022.  

“We delivered another solid quarter of financial results driven by record levels of quarterly originations and revenue,” said Steve Cunningham, CFO of Enova. “The stable credit performance of our portfolio continues to allow us to attract new cost-effective funding to support growth and our strong liquidity position. Our diversified product offerings, flexible balance sheet, competitive position and new opportunity to return meaningful capital to our shareholders has us well positioned to deliver on our commitment to driving long term shareholder value.”  

For information regarding the non-GAAP financial measures discussed in this release, please see “Non-GAAP  Financial Measures” and “Reconciliation of GAAP to Non-GAAP Financial Measures” below. 

Share Repurchase Program  

On October 23, the Board of Directors authorized a new share repurchase program totaling $300 million that expires December 31, 2024. The existing $150 million repurchase program that would have expired on December 31, 2023, will terminate and be replaced by this new program. 

Conference Call 

Enova will host a conference call to discuss its third quarter 2023 results at 4 p.m. Central Time / 5 p.m.  Eastern Time today, October 24th. 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 31, 2023, 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 1320862.  

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 9.0 million customers with over $52 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 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,  or GAAP, Enova provides historical non-GAAP financial information. Management believes that presentation  of non-GAAP financial information is meaningful and useful 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 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 
In addition to reporting financial results in accordance with GAAP, Enova has provided 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 provides a more  complete understanding of Enova’s financial performance, competitive position and prospects for the future.  Management also believes that investors regularly rely on non-GAAP financial measures, such as the Adjusted  Earnings Measures, to assess operating performance and 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 adjustments shown below are useful to investors in order to allow them to compare Enova’s financial results during the periods shown without the effect of each  of these expense items. 

Adjusted EBITDA Measures 
In addition to reporting financial results in accordance with GAAP, Enova has provided 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 and stock-based compensation. In addition,  management believes that the adjustments for other nonoperating expenses and equity method investment  income shown below are useful to investors in order to allow them to compare our financial results during the  periods shown without the effect of the expense items. Adjusted EBITDA margin is a non-GAAP measure that  Enova defines as Adjusted EBITDA as a percentage of total revenue. Management believes Adjusted EBITDA  Measures are used by investors to analyze operating performance and evaluate Enova’s ability to incur and  service debt and Enova’s capacity for making capital expenditures. Adjusted EBITDA Measures are also useful  to investors to help assess Enova’s estimated enterprise value.