Enova Reports Strong Fourth Quarter and Full Year 2024 Results

Enova International (NYSE: ENVA), a leading financial services company powered by machine learning and world-class analytics, has reported strong financial results for the fourth quarter and full year ended December 31, 2024. The company's diversified product offerings, scalable operating model, and solid balance sheet flexibility have driven consistent financial performance, enabling it to efficiently fund growth and return significant capital to shareholders through share repurchases.

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 EBITDA of $174 million increased 34% from $130 million in the fourth quarter of 2023.
Adjusted earnings per share of $2.61 increased 43% from $1.83 per diluted share in the fourth quarter of 2023.
Total company combined loans and finance receivables 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 billion increased 26% from $2.1 billion in 2023.
Net revenue margin of 58% was flat compared to 2023.
Net income of $209 million, or $7.43 per diluted share, increased 20% from $175 million, or $5.49 per diluted share, in 2023.
Adjusted EBITDA of $657 million increased 31% from $503 million in 2023.
Adjusted earnings per share of $9.15 increased 34% from $6.85 in 2023.

Enova's diversified product offerings have contributed to its consistent financial performance by providing multiple revenue streams and mitigating risk. The company's portfolio includes both consumer and small business (SMB) lending products, which have shown significant growth potential in 2024. In the fourth quarter of 2024, Enova reported record-breaking performance across key metrics, with total revenue increasing 25% to $730 million and net income rising 83% to $64 million ($2.30 per diluted share). The company's total combined loans and finance receivables reached a record $4.0 billion, with Q4 originations of $1.7 billion. This strong performance was driven by the growth of both the SMB and consumer businesses.

Enova's balance sheet flexibility has enabled the company to efficiently fund growth and return significant capital to shareholders through share repurchases. In the fourth quarter of 2024, Enova's liquidity, including cash and marketable securities and available capacity on facilities, totaled $1.3 billion at December 31. This substantial liquidity position has enabled the company to fund its growth initiatives, such as expanding its portfolio to nearly $4 billion and originating $1.7 billion in loans during the quarter. Moreover, Enova has demonstrated a commitment to returning capital to shareholders through share repurchases, repurchasing $51 million of common stock under its share repurchase program in the fourth quarter of 2024.

Enova's ability to maintain a stable net revenue margin despite rapid portfolio expansion can be attributed to several key factors, including its world-class machine learning algorithms and analytics, diversified product offerings, scalable operating model, and strong balance sheet. These factors have enabled the company to effectively manage risk and maintain a consistent net revenue margin of around 57% despite the portfolio expanding to $4.0 billion.

Looking ahead, Enova's strong financial performance, diversified product offerings, and balance sheet flexibility position it well for continued success in the financial services industry. The company's ability to efficiently fund growth and return capital to shareholders through share repurchases is likely to continue, as Enova maintains a disciplined approach to capital allocation and leverages its strong liquidity position to invest in growth opportunities.