10-Q

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share data)

(Unaudited)


	March 31,						December 31,
	2025			2024			2024
Assets
Cash and cash equivalents(1)	$	55,514		$	76,458		$	73,910
Restricted cash(1)		256,342			152,469			248,758
Loans and finance receivables at fair value(1)		4,569,819			3,795,210			4,386,444
Income taxes receivable		48,117			85,424			40,690
Other receivables and prepaid expenses(1)		71,617			65,963			63,752
Property and equipment, net		124,791			111,678			119,956
Operating lease right-of-use assets		17,607			13,651			18,201
Goodwill		279,275			279,275			279,275
Intangible assets, net		8,937			16,991			10,951
Other assets(1)		25,239			39,408			24,194
Total assets	$	5,457,258		$	4,636,527		$	5,266,131
Liabilities and Stockholders’ Equity
Accounts payable and accrued expenses(1)	$	237,420		$	290,603		$	249,970
Operating lease liabilities		32,144			26,959			32,165
Deferred tax liabilities, net		233,693			127,887			223,590
Long-term debt(1)		3,757,351			3,040,867			3,563,482
Total liabilities		4,260,608			3,486,316			4,069,207
Commitments and contingencies (Note 7)
Stockholders’ equity:
Common stock, $0.00001 par value, 250,000,000 shares authorized, 47,085,738, 46,193,337 and 46,520,916 shares issued and 25,559,390, 27,349,818 and 25,808,096 outstanding as of March 31, 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		337,679			298,191			328,268
Retained earnings		1,770,699			1,536,734			1,697,754
Accumulated other comprehensive loss		(10,782	)		(7,234	)		(13,691	)
Treasury stock, at cost (21,526,348, 18,843,519 and 20,712,820 shares as of March 31, 2025 and 2024 and December 31, 2024, respectively)		(900,946	)		(677,480	)		(815,407	)
Total stockholders’ equity		1,196,650			1,150,211			1,196,924
Total liabilities and stockholders’ equity	$	5,457,258		$	4,636,527		$	5,266,131

(1) Includes amounts in wholly-owned, bankruptcy-remote special purpose subsidiaries (“VIEs”) presented separately in the table below.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share data)

(Unaudited)

The following table presents the aggregated assets and liabilities of consolidated VIEs, which are included in the Consolidated Balance Sheets above. The assets in the table below may only be used to settle obligations of consolidated VIEs and are in excess of those obligations. See Note 1 for additional information.


	March 31,				December 31,
	2025		2024		2024
Assets of consolidated VIEs, included in total assets above
Cash and cash equivalents	$	338	$	893	$	348
Restricted cash		227,800		137,340		217,344
Loans and finance receivables at fair value		3,255,651		2,850,633		3,048,561
Other receivables and prepaid expenses		28		35		26
Other assets		8,908		8,793		9,832
Total assets	$	3,492,725	$	2,997,694	$	3,276,111
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable and accrued expenses	$	12,170	$	11,955	$	11,300
Long-term debt		2,420,041		1,848,462		2,227,156
Total liabilities	$	2,432,211	$	1,860,417	$	2,238,456

See notes to consolidated financial statements.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

(Unaudited)


	Three Months Ended
	March 31,
	2025			2024
Revenue	$	745,541		$	609,889
Change in Fair Value		(319,359	)		(264,023	)
Net Revenue		426,182			345,866
Operating Expenses
Marketing		139,291			110,567
Operations and technology		62,462			54,379
General and administrative		42,464			39,865
Depreciation and amortization		10,061			10,263
Total Operating Expenses		254,278			215,074
Income from Operations		171,904			130,792
Interest expense, net		(80,544	)		(65,597	)
Foreign currency transaction loss		(452	)		(48	)
Equity method investment gain		120			—
Other nonoperating expenses		—			(492	)
Income before Income Taxes		91,028			64,655
Provision for income taxes		18,083			16,227
Net income	$	72,945		$	48,428
Earnings Per Share
Earnings per common share:
Basic	$	2.84		$	1.72
Diluted	$	2.69		$	1.64
Weighted average common shares outstanding:
Basic		25,676			28,196
Diluted		27,104			29,503

See notes to consolidated financial statements.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(Unaudited)


	Three Months Ended
	March 31,
	2025		2024
Net income	$	72,945	$	48,428
Other comprehensive gain (loss), net of tax:
Foreign currency translation gain (loss)(1)		2,909		(970	)
Total other comprehensive income (loss), net of tax		2,909		(970	)
Comprehensive Income	$	75,854	$	47,458

(1) Net of tax (provision) benefit of $(914) and $319 for the three months ended March 31, 2025 and 2024, respectively.

See notes to consolidated financial statements.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands)

(Unaudited)



									Accumulated
					Additional				Other									Total
	Common Stock				Paid in		Retained		Comprehensive			Treasury Stock, at cost						Stockholders’
	Shares		Amount		Capital		Earnings		Loss			Shares			Amount			Equity
Balance at December 31, 2023		45,340	$	—	$	284,256	$	1,488,306	$	(6,264	)		(16,251	)	$	(526,115	)	$	1,240,183
Stock-based compensation expense		—		—		7,639		—		—			—			—			7,639
Shares issued for vested RSUs		541		—		—		—		—			—			—			—
Shares issued for stock option exercises		312		—		6,296		—		—			—			—			6,296
Net income		—		—		—		48,428		—			—			—			48,428
Foreign currency translation loss, net of tax		—		—		—		—		(970	)		—			—			(970	)
Purchases of treasury shares, at cost		—		—		—		—		—			(2,593	)		(151,365	)		(151,365	)
Balance at March 31, 2024		46,193	$	—	$	298,191	$	1,536,734	$	(7,234	)		(18,844	)	$	(677,480	)	$	1,150,211

Balance at December 31, 2024		46,521	$	—	$	328,268	$	1,697,754	$	(13,691	)		(20,713	)	$	(815,407	)	$	1,196,924
Stock-based compensation expense		—		—		7,936		—		—			—			—			7,936
Shares issued for vested RSUs		506		—		—		—		—			—			—			—
Shares issued for stock option exercises		59		—		1,475		—		—			—			—			1,475
Net income		—		—		—		72,945		—			—			—			72,945
Foreign currency translation gain, net of tax		—		—		—		—		2,909			—			—			2,909
Purchases of treasury shares, at cost		—		—		—		—		—			(813	)		(85,539	)		(85,539	)
Balance at March 31, 2025		47,086	$	—	$	337,679	$	1,770,699	$	(10,782	)		(21,526	)	$	(900,946	)	$	1,196,650

See notes to consolidated financial statements.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)


	Three Months Ended
	March 31,
	2025			2024
Cash Flows from Operating Activities
Net income	$	72,945		$	48,428
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		10,061			10,263
Amortization of deferred loan costs and debt discount		3,837			3,929
Change in fair value of loans and finance receivables		317,480			262,106
Stock-based compensation expense		7,936			7,639
Loss on early extinguishment of debt		—			492
Operating leases, net		485			517
Deferred income taxes, net		9,189			14,537
Changes in operating assets and liabilities:
Finance and service charges on loans and finance receivables		3,177			1,699
Other receivables and prepaid expenses and other assets		(8,510	)		11,246
Accounts payable and accrued expenses		(34,384	)		(14,934	)
Current income taxes		8,928			2,641
Net cash provided by operating activities		391,144			348,563
Cash Flows from Investing Activities
Loans and finance receivables originated or acquired		(1,602,358	)		(1,278,575	)
Loans and finance receivables repaid		1,105,643			846,616
Capitalization of software development costs and purchases of fixed assets		(12,875	)		(11,225	)
Net cash used in investing activities		(509,590	)		(443,184	)
Cash Flows from Financing Activities
Borrowings under revolving line of credit		402,000			142,000
Repayments under revolving line of credit		(402,000	)		(65,000	)
Borrowings under securitization facilities		494,696			258,061
Repayments under securitization facilities		(299,314	)		(72,372	)
Repayments of senior notes		—			(168,702	)
Debt issuance costs paid		(3,991	)		(2,893	)
Proceeds from exercise of stock options		1,475			6,296
Treasury shares purchased		(85,539	)		(151,365	)
Net cash provided by (used in) financing activities		107,327			(53,975	)
Effect of exchange rates on cash, cash equivalents and restricted cash		307			84
Net (decrease) increase in cash, cash equivalents and restricted cash		(10,812	)		(148,512	)
Cash, cash equivalents and restricted cash at beginning of year		322,668			377,439
Cash, cash equivalents and restricted cash at end of period	$	311,856		$	228,927

Supplemental Disclosures
Non-cash renewal of loans and finance receivables	$	115,497		$	88,622

See notes to consolidated financial statements.

1. Significant Accounting Policies

Nature of the Company

Enova International, Inc. and its subsidiaries (collectively, the “Company”) operate an internet-based lending platform to serve customers in need of cash to fulfill their financial responsibilities. Through a network of direct and indirect marketing channels, the Company offers funds to its customers through a variety of loan and finance receivable products that are primarily unsecured. The business is operated primarily through the internet to provide convenient, fully-automated financial solutions to its customers. The Company provides financing to small businesses through either installment loans or line of credit accounts and originates, guarantees or purchases consumer installment loans and line of credit accounts. The Company also provides services related to a third-party lender’s consumer loan products in some markets by acting as a credit services organization or credit access business on behalf of consumers in accordance with applicable state laws (“CSO program”).

Basis of Presentation

The consolidated financial statements of the Company included herein have been prepared on the basis of accounting principles generally accepted in the United States (“GAAP”) and reflect the historical results of operations and cash flows of the Company during each respective period. The consolidated financial statements include goodwill and intangible assets arising from businesses previously acquired. The financial information included herein may not be indicative of the consolidated financial position, operating results, changes in stockholders’ equity and cash flows of the Company in the future. Intercompany transactions are eliminated.

The Company consolidates any VIE where it has been determined it is the primary beneficiary. The primary beneficiary is the entity which has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance as well as the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE.

The consolidated financial statements presented as of March 31, 2025 and 2024 and for the three-month periods ended March 31, 2025 and 2024 are unaudited but, in management’s opinion, include all adjustments necessary for a fair presentation of the results for such interim periods. Operating results for the three-month period are not necessarily indicative of the results that may be expected for the full fiscal year.

These consolidated financial statements and related notes should be read in conjunction with the Company’s audited consolidated financial statements as of December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023 and 2022 and related notes, which are included on Form 10-K filed with the SEC on February 18, 2025.

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheets (in thousands):


	March 31,
	2025		2024
Cash and cash equivalents	$	55,514	$	76,458
Restricted cash		256,342		152,469
Total cash, cash equivalents and restricted cash	$	311,856	$	228,927

Revenue Recognition

The Company recognizes revenue based on the financing products and services it offers and on loans it acquires. “Revenue” in the consolidated statements of income primarily includes interest income, statement and draw fees on line of credit accounts, fees for services provided through the Company’s CSO program (“CSO fees”), origination fees and other fees as permitted by applicable laws and pursuant to the agreement with the customer. Interest income is generally recognized on an effective yield basis over the contractual term of the loan on installment loans or the estimated outstanding period of the draw on line of credit accounts. Statement fees on line of credit accounts are similar to interest charges and are generally recognized similarly to interest income. Draw fees on line of credit accounts are generally recognized at the time of draw. CSO fees are recognized over the term of the loan. Origination fees are charged to customers on certain installment loan products and are recognized upon origination.

Loans and Finance Receivables

The Company utilizes the fair value option on its entire loan and finance receivable portfolio. As such, loans and finance receivables are carried at fair value in the consolidated balance sheet with changes in fair value recorded in the consolidated income statement. To derive the fair value, the Company generally utilizes discounted cash flow analyses that factor in estimated losses, prepayments and servicing costs over the estimated duration of the underlying assets. Loss, prepayment and servicing cost assumptions are determined using historical data and include appropriate consideration of recent trends and anticipated future performance. Future cash flows are discounted using a rate of return that the Company believes a market participant would require. Accrued and unpaid interest and fees are included in “Loans and finance receivables at fair value” in the consolidated balance sheets.

If a loan is renewed or refinanced, the renewal or refinanced loan is considered a new loan. The Company generally does not consider modifications that do not necessitate the customer to sign a new loan agreement to be new loans.

Current and Delinquent Loans and Finance Receivables

The Company classifies its loans and finance receivables as either current or delinquent. When a customer does not make a scheduled payment in full as of the due date, the receivable is considered delinquent. For the OnDeck portfolio, there is no accrual of interest income on loans when the customer misses their most recent payment. Excluding the OnDeck portfolio, there is no accrual of interest income on loans when a customer falls more than one payment behind. Loans may be returned to accrual status if the customer rectifies and the loan no longer meets non-accrual criteria. The Company allows for normal payment processing time before considering a loan delinquent but does not provide for any additional grace period.

The Company offers certain forbearance options on its loan products with features such as payment deferrals without the incurrence of additional finance charges or late fees. If a loan is deemed to be current and the customer makes a deferral or payment modification, the loan is still deemed to be current until the next scheduled payment is missed.

For consumer loans and finance receivables, the Company generally charges off a delinquent loan after 65 days past due, or earlier if deemed uncollectible at that point. For small business loans and finance receivables, the Company generally charges off a loan or finance receivable when it is probable that it will be unable to collect all of the remaining principal payments, which is generally after 90 days of delinquency and 30 days of non-activity. Recoveries on loans and finance receivables that were previously charged off are generally recognized when collected or sold.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. In accordance with Accounting Standards Codification (“ASC”) 350, Intangibles—Goodwill and Other, the Company tests goodwill and intangible assets with an indefinite life for potential impairment annually as of October 1 and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value below its carrying amount.

The Company first assesses qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. In assessing the qualitative factors, management considers relevant events and circumstances including but not limited to macroeconomic conditions, industry and market environment, overall financial performance of the Company, cash flow from operating activities, market capitalization and stock price. If the Company determines that the quantitative impairment test is required, management uses the income approach to complete its annual goodwill assessment. The income approach uses future cash flows and estimated terminal values for the Company that are discounted using a market participant perspective to determine the fair value, which is then compared to the carrying value to determine if there is impairment. The income approach includes assumptions about revenue growth rates, operating margins and terminal growth rates discounted by an estimated weighted-average cost of capital derived from other publicly-traded companies that are similar but not identical from an operational and economic standpoint.

Marketing Expenses

Marketing expenses consist of digital costs, lead purchase costs and offline marketing costs such as television and direct mail advertising. All marketing expenses are expensed as incurred.

Investments in Unconsolidated Investees

The Company owns a 20% equity interest in On Deck Capital Australia PTY LTD (“OnDeck Australia”), which is recorded using the equity method of accounting. As of March 31, 2025 and December 31, 2024, the carrying value of the Company's ownership in OnDeck

Australia was $0.2 million and $0.1 million, respectively. As of March 31, 2024, the Company’s investment in OnDeck Australia had no carrying value.

On February 24, 2021, the Company contributed the platform-as-service business assumed in the On Deck Capital, Inc. acquisition to Linear Financial Technologies Holding LLC (“Linear”) in exchange for ownership units in that entity. The Company recorded its interest in Linear under the equity method of accounting and included it in “Other assets” on the consolidated balance sheets. As of March 31, 2024, the carrying value of the Company’s investment in Linear was $16.1 million. In the third quarter of 2024, Linear was dissolved, with its sole assets, consisting of preferred shares in a separate company, being distributed to the holders of Linear’s ownership units. Concurrently in the third quarter of 2024, the separate company executed a capital raise in which the Company opted not to participate that resulted in the Company’s preferred shares having a substantially less preferential position in the separate company’s capital structure. Because of their subordinated position, the preferred shares were valued at $0. As such, the Company recorded a loss of $16.6 million during the third quarter of 2024, which included the carrying value of the investment of $16.1 million and the remaining unrealized loss of $0.5 million that had been recorded directly in accumulated other comprehensive income.

Equity method income has been included in “Equity method investment gain” in the consolidated income statements.

Variable Interest Entities

As part of the Company’s overall funding strategy and as part of its efforts to support its liquidity from sources other than traditional capital market sources, the Company has established a securitization program through its various securitization facilities. The Company transfers certain loan receivables to VIEs, which issue notes backed by the underlying loan receivables and are serviced by other wholly-owned subsidiaries of the Company. The cash flows from the loans held by the VIEs are used to repay obligations under the notes.

The Company is required to evaluate the VIEs for consolidation. The Company has the ability to direct the activities of the VIEs that most significantly impact the economic performance of the entities as the servicer of the securitized loan receivables. Additionally, the Company has the right to returns related to servicing fee revenue from the VIEs and to receive residual payments, which expose it to potentially significant losses and returns. Accordingly, the Company determined it is the primary beneficiary of the VIEs and is required to consolidate them. The assets and liabilities related to the VIEs are included in the Company’s consolidated financial statements and are accounted for as secured borrowings.

2. Loans and Finance Receivables

Revenue generated from the Company’s loans and finance receivables for the three months ended March 31, 2025 and 2024 was as follows (dollars in thousands):


	Three Months Ended
	March 31,
	2025		2024
Consumer loans and finance receivables revenue	$	430,825	$	364,731
Small business loans and finance receivables revenue		304,596		236,477
Total loans and finance receivables revenue		735,421		601,208
Other		10,120		8,681
Total revenue	$	745,541	$	609,889

Loans and Finance Receivables at Fair Value

The components of Company-owned loans and finance receivables at March 31, 2025 and 2024 and December 31, 2024 were as follows (dollars in thousands):


	As of March 31, 2025
			Small
	Consumer		Business		Total
Principal balance - accrual	$	1,190,589	$	2,464,926	$	3,655,515
Principal balance - non-accrual		136,179		172,725		308,904
Total principal balance		1,326,768		2,637,651		3,964,419

Accrued interest and fees		122,743		30,083		152,826

Loans and finance receivables at fair value - accrual		1,571,378		2,876,013		4,447,391
Loans and finance receivables at fair value - non-accrual		44,959		77,469		122,428
Loans and finance receivables at fair value	$	1,616,337	$	2,953,482	$	4,569,819
Difference between principal balance and fair value	$	289,569	$	315,831	$	605,400


	As of March 31, 2024
			Small
	Consumer		Business		Total
Principal balance - accrual	$	995,099	$	2,029,515	$	3,024,614
Principal balance - non-accrual		111,265		162,551		273,816
Total principal balance		1,106,364		2,192,066		3,298,430

Accrued interest and fees		102,187		37,851		140,038

Loans and finance receivables at fair value - accrual		1,325,892		2,380,253		3,706,145
Loans and finance receivables at fair value - non-accrual		21,273		67,792		89,065
Loans and finance receivables at fair value	$	1,347,165	$	2,448,045	$	3,795,210
Difference between principal balance and fair value	$	240,801	$	255,979	$	496,780


	As of December 31, 2024
			Small
	Consumer		Business		Total
Principal balance - accrual	$	1,210,042	$	2,290,132	$	3,500,174
Principal balance - non-accrual		143,972		166,298		310,270
Total principal balance		1,354,014		2,456,430		3,810,444

Accrued interest and fees		128,956		27,086		156,042

Loans and finance receivables at fair value - accrual		1,617,708		2,672,714		4,290,422
Loans and finance receivables at fair value - non-accrual		21,599		74,423		96,022
Loans and finance receivables at fair value	$	1,639,307	$	2,747,137	$	4,386,444
Difference between principal balance and fair value	$	285,293	$	290,707	$	576,000

As of March 31, 2025 and 2024 and December 31, 2024, the aggregate fair value of loans and finance receivables that were 90 days or more past due was $30.9 million, $32.8 million and $32.7 million, respectively, of which, $14.8 million, $15.8 million and $16.6 million, respectively, was in non-accrual status. The aggregate unpaid principal balance for loans and finance receivables that were 90 days or more past due was $65.7 million, $75.7 million and $71.9 million, respectively.

Changes in the fair value of Company-owned loans and finance receivables during the three months ended March 31, 2025 and 2024 were as follows (dollars in thousands):


	Three Months Ended March 31, 2025
				Small
	Consumer			Business			Total
Balance at beginning of period	$	1,639,307		$	2,747,137		$	4,386,444
Originations or acquisitions(1)		496,622			1,221,234			1,717,856
Interest and fees(2)		430,825			304,596			735,421
Repayments		(736,766	)		(1,219,062	)		(1,955,828	)
Charge-offs, net(3)		(227,785	)		(122,551	)		(350,336	)
Net change in fair value(3)		10,728			22,128			32,856
Effect of foreign currency translation		3,406			—			3,406
Balance at end of period	$	1,616,337		$	2,953,482		$	4,569,819


	Three Months Ended March 31, 2024
				Small
	Consumer			Business			Total
Balance at beginning of period	$	1,380,784		$	2,248,383		$	3,629,167
Originations or acquisitions(1)		407,263			959,935			1,367,198
Interest and fees(2)		364,731			236,477			601,208
Repayments		(621,720	)		(917,623	)		(1,539,343	)
Charge-offs, net(3)		(187,419	)		(99,279	)		(286,698	)
Net change in fair value(3)		4,440			20,152			24,592
Effect of foreign currency translation		(914	)		—			(914	)
Balance at end of period	$	1,347,165		$	2,448,045		$	3,795,210

(1) Originations or acquisitions is presented on a cost basis.

(2) Included in “Revenue” in the consolidated statements of income.

(3) Included in “Change in Fair Value” in the consolidated statements of income.

Guarantees of Consumer Loans

In connection with its CSO program, the Company guarantees consumer loan payment obligations to an unrelated third-party lender for consumer loans and is required to purchase any defaulted loans it has guaranteed. The guarantee represents an obligation to purchase specific loans that go into default. As of March 31, 2025 and 2024 and December 31, 2024, the consumer loans guaranteed by the Company had an estimated fair value of $21.2 million, $14.8 million and $28.4 million, respectively, and an outstanding principal balance of $14.8 million, $10.8 million and $19.9 million, respectively. As of March 31, 2025 and 2024 and December 31, 2024, the amount of consumer loans, including principal, fees and interest, guaranteed by the Company was $18.0 million, $13.0 million and $23.8 million, respectively. These loans are not included in the consolidated balance sheets as the Company does not own the loans prior to default.

3. Long-term Debt

The Company’s long-term debt instruments and balances outstanding as of March 31, 2025 and 2024 and December 31, 2024, including maturity date, weighted average interest rate and borrowing capacity as of March 31, 2025, were as follows (dollars in thousands):


				Weighted				Outstanding
	Revolving			average	Borrowing			March 31,						December 31,
	period end date	Maturity date		interest rate(1)	capacity			2025			2024			2024
Funding Debt:
2018-1 Securitization Facility	March 2025	March 2026		8.61%	$	32,200		$	32,200		$	101,861		$	32,200
2018-2 Securitization Facility	July 2023	July 2025	(2)	—		—			—			40,657			—
NCR 2022 Securitization Facility	October 2026	October 2028		8.57%		200,000			145,207			92,397			119,039
NCLOCR 2024 Securitization Facility	February 2027	February 2028		9.82%		150,000			115,000			50,000			99,000
ODR 2021-1 Securitization Facility	November 2025	November 2026		7.94%		233,333			68,338			221,331			233,333
ODR 2022-1 Securitization Facility	June 2026	June 2027		8.05%		420,000			268,342			246,668			188,342
RAOD Securitization Facility	November 2026	November 2027		7.07%		236,842			158,846			222,110			192,000
HWCR 2023 Securitization Facility	September 2026	September 2027		8.69%		487,595			373,214			287,214			331,214
ODAST III Securitization Notes	April 2024	May 2027	(3)	—		—			—			300,000			—
2023-A Securitization Notes	—	December 2027		7.78%		25,240			25,240			63,605			32,116
2024-A Securitization Notes	—	October 2030		7.83%		98,431			98,431			—			123,546
ODAS IV 2023-1 Securitization Notes	July 2026	August 2030		7.66%		227,051			227,051			227,051			227,051
ODAS IV 2024-1 Securitization Notes	May 2027	June 2031		6.84%		399,574			399,574			—			399,574
ODAS IV 2024-2 Securitization Notes	September 2027	October 2031		5.78%		261,353			261,353			—			261,353
ODAS IV 2025-1 Securitization Notes	March 2028	April 2032		5.89%		261,392			261,392			—			—
Total funding debt				7.48%	$	3,033,011		$	2,434,188		$	1,852,894		$	2,238,768
Corporate Debt:
9.125% senior notes due 2029	—	August 2029		9.13%	$	500,000		$	500,000		$	—		$	500,000
11.25% senior notes due 2028	—	December 2028		11.25%		400,000			400,000			400,000			400,000
8.50% senior notes due 2025	—	September 2025		8.50%		—			—			375,000			—
Revolving line of credit	June 2026	June 2026		7.86%		665,000	(4)		453,000			433,000			453,000
Total corporate debt				9.33%	$	1,565,000		$	1,353,000		$	1,208,000		$	1,353,000
Less: Long-term debt issuance costs								$	(26,638	)	$	(15,435	)	$	(24,830	)
Less: Debt discounts									(3,199	)		(4,592	)		(3,456	)
Total long-term debt								$	3,757,351		$	3,040,867		$	3,563,482

(1) The weighted average interest rate is determined based on the rates and principal balances on March 31, 2025. It does not include the impact of the amortization of deferred loan origination costs or debt discounts.

(2) On May 31, 2024, the remaining outstanding balance on this facility was paid in full and the facility was terminated.

(3) On May 17, 2024, the remaining outstanding balance of these notes were paid in full and the facility was terminated.

(4) The Company had outstanding letters of credit under the Revolving line of credit of $0.4 million, $0.7 million and $0.7 million as of March 31, 2025 and 2024 and December 31, 2024, respectively.

Weighted average interest rates on long-term debt were 8.91% and 9.18% during the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025 and 2024 and December 31, 2024, the Company was in compliance with all covenants and other requirements set forth in the prevailing long-term debt agreements.

Recent Updates to Debt Facilities

ODAS IV 2025-1 Securitization Notes

On March 20, 2025, OnDeck Asset Securitization IV, LLC (“ODAS IV”), a wholly-owned indirect subsidiary of the Company, issued $261.4 million in initial principal amount of Series 2025-1 Fixed Rate Asset-Backed Notes (the “ODAS IV 2025-1 Securitization Notes”) in a private securitization transaction. The ODAS IV 2025-1 Securitization Notes have a legal final payment date in April 2032 and were issued in four classes with initial principal amounts and fixed interest rates per annum as follows: Class A Notes of $126.8 million at 5.08%, Class B Notes of $57.8 million at 5.52%, Class C Notes of $45.5 million at 6.64% and Class D Notes of $31.2 million at 8.77%. Collateral for the ODAS IV 2025-1 Securitization Notes consists of, among other things, a revolving pool of small business loans originated or purchased by ODK Capital, LLC (“ODK”), which is a wholly-owned indirect subsidiary of the Company.

The net proceeds of the ODAS IV 2025-1 Securitization Notes were used to purchase small business loans from ODK that were pledged as collateral for the ODAS IV 2025-1 Securitization Notes and to fund a reserve account. ODK is the servicer of the loans securing the ODAS IV 2025-1 Securitization Notes. ODAS IV is the sole obligor of the ODAS IV 2025-1 Securitization Notes, which are not obligations of, or guaranteed by, the Company or ODK. The Company used the proceeds from ODAS IV for general corporate purposes.

The ODAS IV 2025-1 Securitization Notes were offered and sold to “qualified institutional buyers” pursuant to Rule 144A under the Securities Act and to certain persons outside of the United States in compliance with Regulation S under the Securities Act.

4. Income Taxes

The Company’s effective tax rate for the three months ended March 31, 2025 was 19.9% compared to 25.1% for the three months ended March 31, 2024. The decrease is primarily attributable to higher excess tax benefits on stock compensation due to stock price appreciation, a reduction of interest expense due to the remeasurement of unrecognized tax benefits, and favorable state rate changes.

As of March 31, 2025, the balance of unrecognized tax benefits, inclusive of interest and penalties, was $106.2 million, of which $98.8 million is included in “Accounts payable and accrued expenses” on the consolidated balance sheet, with the remaining $7.4 million recorded as a reduction to deferred tax assets. This balance consists of a temporary component of $97.8 million, for which there is an equal and offsetting deferred tax asset, and a permanent component of $8.4 million, which, if recognized, would favorably affect the effective tax rate in the period of recognition. The Company had $179.2 million of unrecognized tax benefits as of March 31, 2024. As of December 31, 2024, the Company had $104.2 million of unrecognized tax benefits, inclusive of interest and penalties, of which $82.5 million is included in “Accounts payable and accrued expenses” on the consolidated balance sheet. The remaining $21.7 million was recorded as a reduction to deferred tax assets. The balance of $104.2 million at December 31, 2024 included a permanent component of $7.2 million. In the three months ended September 30, 2024, the Company decreased the balance of the unrecognized tax benefits reserve due to management’s evaluation and remeasurement of its settlement position related to the timing of recognition of income and losses related to the Company's loan and finance receivable portfolio. Based on the expiration of the statute of limitations for certain jurisdictions, the Company believes it is reasonably possible that, within the next twelve months, unrecognized tax benefits could decrease by approximately $0.1 million. The Company believes that it has adequately accounted for any material tax uncertainties in its existing reserves for all open tax years.

The Company’s U.S. tax returns are subject to examination by federal and state taxing authorities. The statute of limitations related to the Company’s consolidated Federal income tax returns is closed for all tax years up to and including 2020. The years open to examination by state, local and foreign government authorities vary by jurisdiction, but the statute of limitation is generally three years from the date the tax return is filed. For jurisdictions that have generated net operating losses, carryovers may be subject to the statute of limitations applicable for the year those carryovers are utilized. In these cases, the period for which the losses may be adjusted will extend to conform with the statute of limitations for the year in which the losses are utilized. In most circumstances, this is expected to increase the length of time that the applicable taxing authority may examine the carryovers by one year or longer, in limited cases.

5. Earnings Per Share

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated using the treasury share method, by giving effect to the potential dilution that could occur if securities or other contracts to issue common shares were exercised and converted into common shares during the period. Restricted stock units issued under the Company’s stock-based employee compensation plans are included in diluted shares upon the granting of the awards even though the vesting of shares will occur over time.

The following table sets forth the reconciliation of numerators and denominators of basic and diluted earnings per share computations for the three months ended March 31, 2025 and 2024 (in thousands, except per share amounts):


	Three Months Ended
	March 31,
	2025		2024
Numerator:
Net income	$	72,945	$	48,428
Denominator:
Total weighted average basic shares		25,676		28,196
Shares applicable to stock-based compensation		1,428		1,307
Total weighted average diluted shares		27,104		29,503
Earnings per common share:
Earnings per common share – basic	$	2.84	$	1.72
Earnings per common share – diluted	$	2.69	$	1.64

For the three months ended March 31, 2025 and 2024, 137,133 and 269,123 shares of common stock underlying stock options, respectively, and 161,732 and no shares of common stock underlying restricted stock units, respectively, were excluded from the calculation of diluted net income per share because their effect would have been antidilutive.

6. Operating Segment Information

The Company provides online financial services to non-prime credit consumers and small businesses in the United States and Brazil. The Company has one reportable segment, which is composed of the Company’s domestic and international operations and corporate services. The Company has aggregated all components of its business into a single operating segment based on the similarities of the economic characteristics, the nature of the products and services, the nature of the production and distribution methods, the shared technology platforms, the type of customer and the nature of the regulatory environment. The Company's Chief Operating Decision Maker is regularly provided with significant segment expenses at a similar level and category as is disclosed in the Consolidated Statements of Income; as such, separate presentation is not provided in this Note.

Geographic Information

The following table presents the Company’s revenue by geographic region for the three months ended March 31, 2025 and 2024 (dollars in thousands):


	Three Months Ended
	March 31,
	2025		2024
Revenue
United States	$	727,760	$	598,119
Other international countries		17,781		11,770
Total revenue	$	745,541	$	609,889

The Company’s long-lived assets, which consist of the Company’s property and equipment, were $124.8 million, $111.7 million and $120.0 million at March 31, 2025 and 2024 and December 31, 2024, respectively. The operations for the Company’s domestic and international businesses are primarily located within the United States, and the value of any long-lived assets located outside of the United States is immaterial.

7. Commitments and Contingencies

Litigation

On April 23, 2018, the Commonwealth of Virginia, through Attorney General Mark R. Herring, filed a lawsuit in the Circuit Court for the County of Fairfax, Virginia against NC Financial Solutions of Utah, LLC (“NC Utah”), a subsidiary of the Company. The lawsuit alleges violations of the Virginia Consumer Protection Act relating to NC Utah’s communications with customers, collections of certain payments, its loan agreements, and the rates it charged to Virginia borrowers. The plaintiff sought to enjoin NC Utah from continuing its then-existing lending practices in Virginia, and still seeks restitution, civil penalties, and costs and expenses in connection with the same. Due to a change in the law, NC Utah no longer lends to Virginia residents and the injunctive remedies sought against NC Utah’s lending practices are no longer applicable. Neither the likelihood of an unfavorable decision nor the ultimate liability, if any, with respect to this matter can be determined at this time, and the Company is currently unable to estimate a range of reasonably possible losses, as defined by ASC 450-20-20, Contingencies–Loss Contingencies–Glossary, for this litigation. The Company carefully considered applicable Virginia law before NC Utah began lending in Virginia and, as a result, believes that the plaintiff’s claims in the complaint are without merit and intends to vigorously defend this lawsuit.

The Company is also involved in certain routine legal proceedings, claims and litigation matters encountered in the ordinary course of its business. Certain of these matters may be covered to an extent by insurance or by indemnification agreements with third parties. The Company has recorded accruals in its consolidated financial statements for those matters in which it is probable that it has incurred a loss and the amount of the loss, or range of loss, can be reasonably estimated. In the opinion of management, the resolution of these matters will not have a material adverse effect on the Company’s financial position, results of operations or liquidity.

8. Fair Value Measurements

Recurring Fair Value Measurements

The Company uses a hierarchical framework that prioritizes and ranks the market observability of inputs used in its fair value measurements. Market price observability is affected by a number of factors, including the type of asset or liability and the characteristics specific to the asset or liability being measured. Assets and liabilities with readily available, active, quoted market prices or for which fair value can be measured from actively quoted prices generally are deemed to have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. The Company classifies the inputs used to measure fair value into one of three levels as follows:

Level 1: Quoted prices in active markets for identical assets or liabilities.

Level 2: Inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable.

Level 3: Unobservable inputs for the asset or liability measured.

Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on the Company’s market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to measure an asset or liability may fall into different levels of the fair value hierarchy. In those cases, the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level of input that is significant to the entire measurement. Such determination requires significant management judgment.

During the three months ended March 31, 2025 and 2024, there were no transfers of assets or liabilities in or out of Level 3 fair value measurements. It is the Company’s policy to value any transfers between levels of the fair value hierarchy based on end of period fair values.

The Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2025 and 2024 and December 31, 2024 are as follows (dollars in thousands):


	March 31,		Fair Value Measurements Using
	2025		Level 1		Level 2		Level 3
Financial assets:
Consumer loans and finance receivables(1)	$	1,616,337	$	—	$	—	$	1,616,337
Small business loans and finance receivables(1)		2,953,482		—		—		2,953,482
Non-qualified savings plan assets(2)		12,096		12,096		—		—
Investment in trading security(3)		5,921		5,921		—		—
Total	$	4,587,836	$	18,017	$	—	$	4,569,819

	March 31,		Fair Value Measurements Using
	2024		Level 1		Level 2		Level 3
Financial assets:
Consumer loans and finance receivables(1)	$	1,347,165	$	—	$	—	$	1,347,165
Small business loans and finance receivables(1)		2,448,045		—		—		2,448,045
Non-qualified savings plan assets(2)		9,702		9,702		—		—
Investment in trading security(3)		3,492		3,492		—		—
Total	$	3,808,404	$	13,194	$	—	$	3,795,210

	December 31,		Fair Value Measurements Using
	2024		Level 1		Level 2		Level 3
Financial assets:
Consumer loans and finance receivables(1)	$	1,639,307	$	—	$	—	$	1,639,307
Small business loans and finance receivables(1)		2,747,137		—		—		2,747,137
Non-qualified savings plan assets(2)		10,712		10,712		—		—
Investment in trading security(3)		3,636		3,636		—		—
Total	$	4,400,792	$	14,348	$	—	$	4,386,444

(1) Consumer and small business loans and finance receivables are included in “Loans and finance receivables at fair value” in the consolidated balance sheets.

(2) The non-qualified savings plan assets are included in “Other receivables and prepaid expenses” in the Company’s consolidated balance sheets and have an offsetting liability, which is included in “Accounts payable and accrued expenses” in the Company’s consolidated balance sheets.

(3) Investment in trading security is included in “Other assets” in the Company’s consolidated balance sheets.

The Company primarily estimates the fair value of its loan and finance receivables portfolio using discounted cash flow models that have been internally developed. The models use inputs, such as estimated losses, prepayments, utilization rates, servicing costs and discount rates, that are unobservable but reflect the Company’s best estimates of the assumptions a market participant would use to calculate fair value. Certain unobservable inputs may, in isolation, have either a directionally consistent or opposite impact on the fair value of the financial instrument for a given change in that input. An increase to the net loss rate, prepayment rate, servicing cost, or discount rate would decrease the fair value of the Company’s loans and finance receivables. When multiple inputs are used within the valuation techniques for loans, a change in one input in a certain direction may be offset by an opposite change from another input.

The fair value of the nonqualified savings plan assets was deemed Level 1 as they are publicly traded equity securities for which market prices of identical assets are readily observable.

The fair value of the investment in trading security was deemed Level 1 as it is a publicly traded fund with active market pricing that is readily available.

The Company had no liabilities measured at fair value on a recurring basis as of March 31, 2025 and 2024 and December 31, 2024.

Fair Value Measurements on a Non-Recurring Basis

The Company measures non-financial assets and liabilities such as property and equipment and intangible assets at fair value on a non-recurring basis or when events or circumstances indicate that the carrying amount of the assets may be impaired. At March 31, 2025 and 2024 and December 31, 2024, there were no assets or liabilities recorded at fair value on a non-recurring basis.

Financial Assets and Liabilities Not Measured at Fair Value

The Company’s financial assets and liabilities as of March 31, 2025 and 2024 and December 31, 2024 that are not measured at fair value in the consolidated balance sheets are as follows (dollars in thousands):


	Balance at
	March 31,		Fair Value Measurements Using
	2025		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	55,514	$	55,514	$	—	$	—
Restricted cash		256,342		256,342		—		—
Investment in unconsolidated investee (1)		6,918		—		—		6,918
Total	$	318,774	$	311,856	$	—	$	6,918
Financial liabilities:
Revolving line of credit	$	453,000	$	—	$	—	$	453,000
Securitization notes		2,433,768		—		2,442,597		—
11.25% senior notes due 2028		397,221		—		430,980		—
9.125% senior notes due 2029		500,000		—		513,995		—
Total	$	3,783,989	$	—	$	3,387,572	$	453,000


	Balance at
	March 31,		Fair Value Measurements Using
	2024		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	76,458	$	76,458	$	—	$	—
Restricted cash		152,469		152,469		—		—
Investment in unconsolidated investee (1)		6,918		—		—		6,918
Total	$	235,845	$	228,927	$	—	$	6,918
Financial liabilities:
Revolving line of credit	$	433,000	$	—	$	—	$	433,000
Securitization notes		1,851,830		—		1,853,450		—
8.50% senior notes due 2025		375,000		—		374,820		—
11.25% senior notes due 2028		396,471		—		422,012		—
Total	$	3,056,301	$	—	$	2,650,282	$	433,000


	Balance at
	December 31,		Fair Value Measurements Using
	2024		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	73,910	$	73,910	$	—	$	—
Restricted cash		248,758		248,758		—		—
Investment in unconsolidated investee (1)		6,918		—		—		6,918
Total	$	329,586	$	322,668	$	—	$	6,918
Financial liabilities:
Revolving line of credit	$	453,000	$	—	$	—	$	453,000
Securitization notes		2,238,279		—		2,246,406		—
11.25% senior notes due 2028		397,033		—		433,112		—
9.125% senior notes due 2029		500,000		—		519,360		—
Total	$	3,588,312	$	—	$	3,198,878	$	453,000

(1) Investment in unconsolidated investee is included in “Other assets” in the consolidated balance sheets.

Cash and cash equivalents and restricted cash bear interest at market rates and have maturities of less than 90 days. The carrying amount of restricted cash and cash equivalents approximates fair value.

The Company measures the fair value of its investment in unconsolidated investee using Level 3 inputs. Because the unconsolidated investee is a private company and financial information is limited, the Company estimates the fair value based on the best available information at the measurement date.

The Company measures the fair value of its revolving line of credit using Level 3 inputs. The Company considered the fair value of its other long-term debt and the timing of expected payment(s).

The fair values of the Company’s Securitization Notes and senior notes are estimated based on quoted prices in markets that are not active, which are deemed Level 2 inputs.

9. Subsequent Events

Subsequent events have been reviewed through the date these financial statements were issued.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion of financial condition, results of operations, liquidity and capital resources and certain factors that may affect future results, including economic and industry-wide factors, of Enova International, Inc. and its subsidiaries should be read in conjunction with our consolidated financial statements and accompanying notes included under Part I, Item 1 of this Quarterly Report on Form 10-Q, as well as with Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2024. This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements. The matters discussed in these forward-looking statements are subject to risk, uncertainties, and other factors that could cause actual results to differ materially from those made, projected or implied in the forward-looking statements. Please see “Risk Factors” and “Cautionary Statement Concerning Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions associated with these statements.

BUSINESS OVERVIEW

We are a leading technology and analytics company focused on providing online financial services. In 2024, we extended approximately $6.1 billion in credit or financing to borrowers and for the three months ended March 31, 2025, we extended approximately $1.7 billion in credit or financing to borrowers. As of March 31, 2025, we offered or arranged loans or draws on lines of credit to consumers in 37 states in the United States and Brazil. We also offered financing to small businesses in 49 states and Washington D.C. in the United States. We use our proprietary technology, analytics and customer service capabilities to quickly evaluate, underwrite and fund loans or provide financing, allowing us to offer consumers and small businesses credit or financing when and how they want it. Our customers include the large and growing number of consumers and small businesses that have bank accounts but use alternative financial services because of their limited access to more traditional credit from banks, credit card companies and other lenders. We were an early entrant into online lending, launching our online business in 2004, and through March 31, 2025, we have completed approximately 66.0 million customer transactions and collected more than 85 terabytes of currently accessible customer behavior data since launch, allowing us to better analyze and underwrite our specific customer base. We have significantly diversified our business over the past several years, having expanded the markets we serve and the financing products we offer. These financing products include installment loans and line of credit accounts.

We believe our customers highly value our products and services as an important component of their personal or business finances because our products are convenient, quick and often less expensive than other available alternatives. We attribute the success of our business to our advanced and innovative technology systems, the proprietary analytical models we use to predict the performance of loans and finance receivables, our sophisticated customer acquisition programs, our dedication to customer service and our talented employees.

We have developed proprietary underwriting systems based on data we have collected over our more than 20 years of experience. These systems employ advanced risk analytics, including machine learning and artificial intelligence, to decide whether to approve financing transactions, to structure the amount and terms of the financings we offer pursuant to jurisdiction-specific regulations and to provide customers with their funds quickly and efficiently. Our systems closely monitor collection and portfolio performance data that we use to continually refine machine learning-enabled analytical models and statistical measures used in making our credit, purchase, marketing and collection decisions. Approximately 90% of models used in our analytical environment are machine learning-enabled.

Our flexible and scalable technology platforms allow us to process and complete customers’ transactions quickly and efficiently. In 2024, we processed approximately 3.9 million transactions, and we continue to grow our loan and finance receivable portfolios and increase the number of customers we serve through desktop, tablet and mobile platforms. Our highly customizable technology platforms allow us to efficiently develop and deploy new products to adapt to evolving regulatory requirements and consumer preference, and to enter new markets quickly.

We have been able to consistently acquire new customers and successfully generate repeat business from returning customers when they need financing. We believe our customers are loyal to us because they are satisfied with our products and services. We acquire new customers from a variety of sources, including visits to our own websites, mobile sites or applications, and through direct marketing, affiliate marketing, lead providers and relationships with other lenders. We believe that the online convenience of our products and our 24/7 availability to accept applications with quick approval decisions are important to our customers.

Once a potential customer submits an application, we quickly provide a credit or purchase decision. If a loan or financing is approved, we or our lending partner typically fund the loan or financing the next business day or, in some cases, the same day. During the entire process, from application through payment, we provide access to our well-trained customer service team. All of our operations, from customer acquisition through collections, are structured to build customer satisfaction and loyalty, in the event that a customer has a need for our products in the future. We have developed a series of sophisticated proprietary scoring models to support our various products. We believe that these models are an integral component of our operations and allow us to complete a high volume of customer

transactions while actively managing risk and the related credit quality of our loan and finance receivable portfolios. We believe our successful application of these technological innovations differentiates our capabilities relative to competing platforms as evidenced by our history of strong growth and stable credit quality.

PRODUCTS AND SERVICES

Our online financing products and services provide customers with a deposit of funds to their bank account in exchange for a commitment to repay the amount deposited plus fees and/or interest. We originate, arrange, guarantee or purchase installment loans and line of credit accounts to consumers and small businesses. We have one reportable segment that includes all of our online financial services. Our loans and finance receivables generally have regular payments that amortize principal. Interest income is generally recognized on an effective, non-accelerated yield basis over the contractual term of the installment loan or estimated outstanding period of the draw on line of credit accounts.

•

Consumer installment loans. Certain subsidiaries (i) directly offer installment loans, (ii) as part of our Bank Programs, as discussed below, purchase or purchase a participating interest in, installment loans or (iii) as part of our CSO program, arrange and guarantee installment loans, as discussed below, to consumers. Certain subsidiaries offer, or arrange through our Bank Programs and CSO program, unsecured consumer installment loan products in 36 states in the United States. Internationally, we also offer or arrange unsecured consumer installment loan products in Brazil. Terms for our consumer installment loan products range between 3 and 60 months with an average contractual term of 39 months. These loans have regular payments that amortize principal. Loan sizes for these products range between $300 and $10,000. The majority of these loans accrue interest daily at a fixed rate for the life of the loan and have no fees. The average annualized yield for these loans was 86% for the year ended December 31, 2024. Loans may be repaid early at any time with no additional prepayment charges.

•

Small business installment loans. Certain subsidiaries offer, or arrange through our Bank Programs, small business installment loans in 49 states and in Washington D.C. Terms for these products range between 3 and 24 months with an average contractual term of 14 months. These loans have regular payments that amortize principal. Loan sizes for these products range between $5,000 and $250,000. There is generally a fee paid upon origination, and total interest is typically calculated at a fixed rate for the life of the loan. A portion of the interest is forgivable if prepaid early, although we also offer a full prepayment forgiveness option at a higher interest rate. The average annualized yield for these products was 46% for the year ended December 31, 2024.

•

Consumer line of credit accounts. Certain subsidiaries directly offer, or purchase participation interests in receivables through our Bank Programs, new consumer line of credit accounts in 31 states (and continue to service existing line of credit accounts in two additional states) in the United States. Line of credit accounts allow customers to draw on their unsecured line of credit in increments of their choosing up to their credit limit, which ranges between $100 and $7,000. Customers may pay off their account balance in full at any time or make required minimum payments in accordance with the terms of the line of credit account. The repayment period varies depending upon certain factors, which may include outstanding principal and differences in minimum payment calculations by product. Customers are typically charged a fee when funds are drawn and subsequently incur fee- or interest-based charges at a fixed rate, depending upon the product and the state in which the customer resides. The average annualized yield for these products was 159% for the year ended December 31, 2024.

•

Small business line of credit accounts. Certain subsidiaries offer, or arrange through our Bank Programs, small business line of credit accounts in 49 states and in Washington D.C. in the United States. Terms for these products range between 12 and 24 months with regular payments that amortize principal. Loan sizes for these products range between $5,000 and $150,000. Interest is calculated at a fixed rate based on the outstanding balance. There is generally no fee paid upon origination with the exception of one of our small business line of credit products, which has an origination fee when allowed by state law. The average annualized yield for these products was 47% for the year ended December 31, 2024.

•

CSO program. We currently operate a credit services organization or credit access business (“CSO”) program in Texas. Through our CSO program, we provide services related to a third-party lender’s installment consumer loan products by acting as a credit services organization or credit access business on behalf of consumers in accordance with applicable state laws. Services offered under our CSO program include credit-related services such as arranging loans with an independent third-party lender and assisting in the preparation of loan applications and loan documents (“CSO loans”). When a consumer executes an agreement with us under our CSO program, we agree, for a fee payable to us by the consumer, to provide certain services, one of which is to guarantee the consumer’s obligation to repay the loan received by the consumer from the third-party lender if the consumer fails to do so. For CSO loans, the lender is responsible for providing the criteria by which the consumer’s application is underwritten and, if approved, determining the amount of the consumer loan. We, in turn, are responsible for assessing whether or not we will guarantee such loan. The guarantee represents an obligation to purchase the loan, which has terms of up to six months, if it goes into default.

•

Bank programs. Certain subsidiaries operate programs with certain banks (“Bank Programs”) to provide marketing services and loan servicing for certain installment loans and line of credit accounts. The Bank Programs that relate to the consumer portfolio in the United States include near-prime unsecured installment loans and line of credit accounts for which our subsidiaries receive marketing and servicing fees. The bank has the ability to sell, and the participating subsidiaries have the option, but not the

requirement, to purchase the loans or a participating interest in receivables the bank originates. We do not guarantee the performance of the loans and line of credit accounts originated by the bank. In conjunction with our Brazilian business, we also have a Bank Program with a separate bank in Brazil whereby the bank has the authority to originate loans and collect a service fee. After origination, the loans are purchased by us. The Bank Program that relates to the small business portfolio is with a separate bank and includes installment loans and line of credit accounts. We receive marketing fees while the bank receives origination fees and certain program fees. The bank has the ability to sell and we have the option, but not the requirement, to purchase the installment loans the bank originates and, in the case of line of credit accounts, extensions under those line of credit accounts. We do not guarantee the performance of the loans or line of credit accounts originated by the bank.

•

Money transfer business. Under our Pangea brand, we operate a money transfer platform that allows customers to send money from the United States to Mexico, other Latin American countries and Asia. The customer pays us in U.S. dollars, and we then make local currency available to the intended recipient of the transfer in one of many termination countries. Our revenue model includes a fee per transfer and an exchange rate spread. Our customers can access our proprietary platform via the website, Android app, or iOS (Apple) app.

OUR MARKETS

We currently provide our services in the following countries:

•

United States. We began our online business in the United States in May 2004. As of March 31, 2025, we provided services in all 50 states and Washington D.C. We market our financing products under the names CashNetUSA at www.cashnetusa.com, NetCredit at www.netcredit.com, OnDeck at www.ondeck.com and Headway Capital at www.headwaycapital.com, and we market our money transfer platform under the name Pangea at www.pangeamoneytransfer.com.

•

Brazil. In June 2014, we launched our business in Brazil under the name Simplic at www.simplic.com.br, where we arrange unsecured consumer installment loans for a third-party lender. We plan to continue to invest in and expand our financial services program in Brazil.

Our internet websites and the information contained therein or connected thereto are not intended to be incorporated by reference into this Quarterly Report on Form 10-Q.

RECENT REGULATORY DEVELOPMENTS

Consumer Financial Protection Bureau

On November 15, 2023, we consented to the issuance of a Consent Order by the CFPB pursuant to which we agreed, without admitting or denying any of the facts or conclusions, to pay a civil money penalty of $15 million. The Consent Order relates to issues, the majority of which were self-disclosed, including payment processing and debiting errors. We remain subject to the restrictions and obligations of the Consent Order, including prohibitions from engaging in certain conduct for a period of seven years from the date of the Consent Order. Any noncompliance with the Consent Order or similar orders or agreements from other regulators could lead to further regulatory penalties and could have a material adverse impact on our business, prospects, results of operations, financial condition and cash flows and could prohibit or directly or indirectly impair our ability to continue current operations.

In October 2017, the CFPB issued its final rule entitled “Payday, Vehicle Title, and Certain High-Cost Installment Loans” (the “Small Dollar Rule”), which covers certain consumer loans that we offer. The Small Dollar Rule initially required that lenders who make short-term loans and longer-term loans with balloon payments reasonably determine consumers’ ability to repay (“ATR”) the loans according to their terms before issuing the loans. The Small Dollar Rule also introduced new limitations on repayment processes for those lenders as well as lenders of other longer-term loans with an annual percentage rate greater than 36 percent that include an ACH authorization or similar payment provision. If a consumer has two consecutive failed payment attempts, the lender must obtain the consumer’s new and specific authorization to make further withdrawals from the consumer’s bank account. For loans covered by the Small Dollar Rule, lenders must provide certain notices to consumers before attempting a first payment withdrawal or an unusual withdrawal and after two consecutive failed withdrawal attempts. On July 7, 2020, the CFPB issued a final rule rescinding the ATR provisions of the Small Dollar Rule along with related provisions, such as the establishment of registered information systems for checking ATR and reporting loan activity. The payment provisions of the Small Dollar Rule remained in place. In April 2018, an action was filed against the CFPB making a constitutional challenge to the Small Dollar Rule. After appeals to the Fifth Circuit and Supreme Court and a stay of the compliance date, on May 16, 2024, the Supreme Court upheld the constitutionality of the funding structure of the CFPB and remanded the case back to the Fifth Circuit. On June 19, 2024, the Fifth Circuit declared that the CFPB’s funding structure and Small Dollar Rule are constitutional. On July 3, 2024, the CFSA filed a petition for rehearing en banc that was denied by the Court. On November 25, 2024, the Fifth Circuit clarified that the stay of the compliance date of the Small Dollar Rule expires on March 30, 2025. On March 28, 2025, the CFPB issued a press release entitled “CFPB Offers Regulatory Relief for Small Loan Providers” indicating that the CFPB “will not prioritize enforcement or supervision actions with regard to any penalties or fines associated with the Payment Withdrawal provisions and the Payment Disclosure provisions once they become operative on March 30, 2025.” The CFPB also indicated that it is

contemplating issuing a notice of proposed rulemaking to narrow the scope of the rule. If the CFPB elects to prioritize enforcement and we are not able to execute payment process and customer notification changes effectively because of unexpected complexities, costs or otherwise, we cannot guarantee that the Small Dollar Rule will not have a material adverse impact on our business, prospects, results of operations, financial condition and cash flows.

On March 30, 2023, the CFPB issued its final rule to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to collect and report certain data in connection with credit applications made by small businesses, including women- or minority-owned small businesses, and applies to small business loans that we offer. For loans covered by the small business lending rule, a “covered lender” will be required to collect and report on certain information pursuant to an application for credit. Section 1071 requires covered lenders to collect and report information the financial institution generates and information obtained from the applicant, including the applicant’s minority-owned business status, women-owned business status and LGBTQI+-owned status and the applicant’s principal owners’ ethnicity, race and sex, and expressly prohibits a financial institution from discouraging an applicant from responding to requests for applicant-provided data. On April 26, 2023, the Texas Bankers Association filed an action challenging the rule. The district court entered judgment in favor of the CFPB on the Administrative Procedure Act challenges and the ruling was appealed to the Fifth Circuit. Oral arguments took place on February 3, 2025. Although the CFPB sought a pause on the appeal, the CFPB no longer opposed an earlier motion for a stay and tolling of the compliance dates. The Fifth Circuit ordered the tolling of the compliance deadlines but only to the plaintiffs and intervenors in the case, including trade associations in which the Company’s small business loan business participates. Separately, on April 2, 2025, the House Financial Services Committee approved H.R. 976, which would repeal Section 1071. On April 3, 2025, the CFPB filed a response to a motion to stay in another lawsuit involving the rule and advised the court that CFPB staff were directed to initiate a new Section 1071 rulemaking. Absent further court action, legislative action or action by the CFPB, the Company’s small business loan business will need to update its application process to appropriately collect, store and report data required by Section 1071’s implementing regulation. The Company will continue to monitor litigation, rulemaking and bills related to the rule.

European Union Pillar Two Directive

On December 15, 2022, the European Union (“EU”) Member States formally adopted the EU’s Pillar Two Directive, which generally provides for a minimum effective tax rate of 15%, as established by the Organization for Economic Co-operation and Development (“OECD”) Pillar Two Framework that was supported by over 130 countries worldwide. The EU effective dates are January 1, 2024, and January 1, 2025, for different aspects of the directive. A significant number of other countries are expected to also implement similar legislation. As of March 31, 2025, among the jurisdictions where the Company operates, only Brazil has enacted legislation adopting the Pillar Two Rules, specifically a Qualified Domestic Minimum Top-up Tax, effective in fiscal 2025. We do not expect the changes brought about by this directive to have a material impact on our consolidated financial statements.

RESULTS OF OPERATIONS

Highlights

Our financial results for the three-month period ended March 31, 2025, or the current quarter, are summarized below.

•

Consolidated total revenue increased $135.6 million, or 22.2%, to $745.5 million in the current quarter compared to $609.9 million for the three months ended March 31, 2024, or the prior year quarter.

•

Consolidated net revenue was $426.2 million in the current quarter compared to $345.9 million in the prior year quarter.

•

Consolidated income from operations increased $41.1 million, or 31.4%, to $171.9 million in the current quarter compared to $130.8 million in the prior year quarter.

•

Consolidated net income was $72.9 million in the current quarter compared to $48.4 million in the prior year quarter. Consolidated diluted income per share was $2.69 in the current quarter compared to $1.64 in the prior year quarter.

Overview

The following tables reflect our results of operations for the periods indicated, both in dollars and as a percentage of total revenue (dollars in thousands, except per share data):


	Three Months Ended March 31,
	2025			2024
Revenue
Loans and finance receivables revenue	$	735,421		$	601,208
Other		10,120			8,681
Total Revenue		745,541			609,889
Change in Fair Value		(319,359	)		(264,023	)
Net Revenue		426,182			345,866
Operating Expenses
Marketing		139,291			110,567
Operations and technology		62,462			54,379
General and administrative		42,464			39,865
Depreciation and amortization		10,061			10,263
Total Operating Expenses		254,278			215,074
Income from Operations		171,904			130,792
Interest expense, net		(80,544	)		(65,597	)
Foreign currency transaction loss		(452	)		(48	)
Equity method investment gain		120			—
Other nonoperating expenses		—			(492	)
Income before Income Taxes		91,028			64,655
Provision for income taxes		18,083			16,227
Net income	$	72,945		$	48,428
Earnings per common share - diluted	$	2.69		$	1.64

Revenue
Loans and finance receivables revenue		98.6	%		98.6	%
Other		1.4			1.4
Total Revenue		100.0			100.0
Change in Fair Value		(42.8	)		(43.3	)
Net Revenue		57.2			56.7
Operating Expenses
Marketing		18.7			18.1
Operations and technology		8.4			8.9
General and administrative		5.7			6.6
Depreciation and amortization		1.3			1.7
Total Operating Expenses		34.1			35.3
Income from Operations		23.1			21.4
Interest expense, net		(10.8	)		(10.8	)
Foreign currency transaction loss		(0.1	)		—
Equity method investment gain		—			—
Other nonoperating expenses		—			—
Income before Income Taxes		12.2			10.6
Provision for income taxes		2.4			2.7
Net income		9.8	%		7.9	%

Valuation of Loans and Finance Receivables

We carry our loans and finance receivables at fair value with changes in fair value recognized directly in earnings. We estimate the fair value of our loans and finance receivables primarily using internally-developed, discounted cash flow analyses to more accurately predict future payments. We adjust contractual cash flows for estimated losses, prepayments and servicing costs over the estimated duration of the underlying assets and discount the future cash flows using a rate of return that we believe a market participant would require. Model results may be adjusted by management if we do not believe the output reflects the fair value of the portfolio, as defined under GAAP. The models are updated at each measurement date to capture any changes in internal factors such as nature, term, volume, payment trends, remaining time to maturity, and portfolio mix, as well as changes in underwriting or observed trends expected to impact future performance. We have validated model performance by comparing past valuations with actual performance noted after each valuation.

In 2024 and early 2025, views in the marketplace on the economy and its near-term prospects remained mixed with concerns on employment, inflation, tariffs and other macroeconomic trends. In certain situations, management concluded that the probability of future charge-offs or prepayments was different than what we had experienced in the past and, therefore, altered those assumptions in our fair value models. We continue to utilize this approach and have adjusted these assumptions where appropriate. We also evaluate the discount rates used in our models on a quarterly basis and adjust when appropriate to be responsive to changes in the market and representative of what a market participant would use. As of March 31, 2025, we deemed the resulting fair value of our loans and finance receivables to be an appropriate market-based exit price that considers current market conditions.

NON-GAAP FINANCIAL MEASURES

In addition to the financial information prepared in conformity with generally accepted accounting principles (“GAAP”), we provide historical non-GAAP financial information. We present non-GAAP financial information because such measures are used by management in understanding the activities and business metrics of our operations. We believe that these non-GAAP financial measures reflect an additional way of viewing aspects of our business that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business.

We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. Readers should consider the information in addition to, but not instead of or superior to, our consolidated 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.

Adjusted Earnings Measures

We provide adjusted earnings and adjusted earnings per share, or, collectively, the Adjusted Earnings Measures, which are non-GAAP measures. We believe 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 our financial performance, competitive position and prospects for the future. We utilize, and also believe that investors utilize, the Adjusted Earnings Measures to assess operating performance, recognizing that such measures may highlight trends in our business that may not otherwise be apparent when relying on financial measures calculated in accordance with GAAP. In addition, we believe that the Adjusted Earnings Measures are useful to management and investors in comparing our financial results during the periods shown without the effect of certain items that are not indicative of our core operating performance or results of operations.

The following table provides reconciliations between net income and diluted earnings per share calculated in accordance with GAAP to the Adjusted Earnings Measures (in thousands, except per share data):


	Three Months Ended
	March 31,
	2025			2024
Net income	$	72,945		$	48,428
Adjustments:
Transaction-related costs(a)		—			327
Equity method investment gain		(120	)		—
Other nonoperating expenses(b)		—			492
Intangible asset amortization		2,014			2,014
Stock-based compensation expense		7,936			7,639
Foreign currency transaction loss		452			48
Cumulative tax effect of adjustments		(2,488	)		(2,642	)
Adjusted earnings	$	80,739		$	56,306

Diluted earnings per share	$	2.69		$	1.64
Adjustments:
Transaction-related costs		—			0.01
Equity method investment gain		—			—
Other nonoperating expenses		—			0.02
Intangible asset amortization		0.07			0.07
Stock-based compensation expense		0.29			0.26
Foreign currency transaction loss		0.02			—
Cumulative tax effect of adjustments		(0.09	)		(0.09	)
Adjusted earnings per share	$	2.98		$	1.91

(a) In the first quarter of 2024, we recorded costs totaling $0.3 million ($0.2 million net of related tax) related to a consent solicitation for the Senior Notes due 2025.

(b) In the first quarter of 2024, we recorded other nonoperating expenses of $0.5 million ($0.4 million net of tax) related to early extinguishment of debt.

Adjusted EBITDA

We provide Adjusted EBITDA, which is a non-GAAP measure that we define as earnings excluding depreciation, amortization, interest, foreign currency transaction gains or losses, taxes, stock-based compensation expense and certain other items, as appropriate, that are not indicative of our core operating performance. We utilize, and also believe that investors utilize, Adjusted EBITDA to analyze operating performance and evaluate our ability to incur and service debt and our capacity for making capital expenditures. We believe Adjusted EBITDA is useful to management and investors in comparing our financial results during the periods shown without the effect of certain non-cash items and certain items that are not indicative of our core operating performance or results of operations. Adjusted

EBITDA is also useful to investors to help assess our estimated enterprise value. The computation of Adjusted EBITDA, as presented below, may differ from the computation of similarly-titled measures provided by other companies (in thousands):


	Three Months Ended
	March 31,
	2025			2024
Net income	$	72,945		$	48,428
Depreciation and amortization expenses		10,061			10,263
Interest expense, net		80,544			65,597
Foreign currency transaction loss		452			48
Provision for income taxes		18,083			16,227
Stock-based compensation expense		7,936			7,639
Adjustments:
Transaction-related costs(a)		—			327
Equity method investment income		(120	)		—
Other nonoperating expenses(b)		—			492
Adjusted EBITDA	$	189,901		$	149,021

Adjusted EBITDA margin calculated as follows:
Total Revenue	$	745,541		$	609,889
Adjusted EBITDA		189,901			149,021
Adjusted EBITDA as a percentage of total revenue		25.5	%		24.4	%

(a) In the first quarter of 2024, we recorded costs totaling $0.3 million related to a consent solicitation for the Senior Notes due 2025.

(b) In the first quarter of 2024, we recorded other nonoperating expenses of $0.5 million related to early extinguishment of debt.

Combined Loans and Finance Receivables Measures

In addition to reporting loans and finance receivables balance information in accordance with GAAP (see Note 2 in the Notes to Consolidated Financial Statements included in this report), we have provided metrics on a combined basis. The Combined Loans and Finance Receivables Measures are non-GAAP measures that include both loans and finance receivables we own or have purchased and loans we guarantee, which are either GAAP items or disclosures required by GAAP. See “—Loan and Finance Receivable Balances” and “—Credit Performance of Loans and Finance Receivables” below for reconciliations between Company owned and purchased loans and finance receivables, gross, change in fair value and charge-offs (net of recoveries) calculated in accordance with GAAP to the Combined Loans and Finance Receivables Measures.

We believe 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. We also believe that the comparison of the aggregate amounts from period to period is more meaningful than comparing only the amounts reflected on our consolidated balance sheet since both revenue and cost of revenue are impacted by the aggregate amount of receivables we own and those we guarantee as reflected in our consolidated financial statements.

THREE MONTHS ENDED MARCH 31, 2025 COMPARED TO THREE MONTHS ENDED MARCH 31, 2024

Revenue and Net Revenue

Revenue increased $135.6 million, or 22.2%, to $745.5 million for the current quarter as compared to $609.9 million for the prior year quarter. The increase was driven by a 28.8% increase in revenue from our small business portfolio and a 18.1% increase in revenue from our consumer portfolio as higher levels of originations have led to higher loan balances for both portfolios.

Net revenue for the current quarter was $426.2 million compared to $345.9 million for the prior year quarter. Our consolidated net revenue margin was 57.2% for the current quarter compared to 56.7% for the prior year quarter with stability in both the consumer and small business portfolios. Refer to “—Consumer Loans and Finance Receivables” and “—Small Business Loans and Finance Receivables” below for additional discussion of net revenue for the current quarter.

The following table sets forth the components of revenue and net revenue, disaggregated by product, for the current quarter and the prior year quarter (in thousands):


	Three Months Ended March 31,
	2025			2024			$ Change			% Change
Revenue by product:
Consumer loans and finance receivables revenue	$	430,825		$	364,731		$	66,094			18.1	%
Small business loans and finance receivables revenue		304,596			236,477			68,119			28.8
Total loans and finance receivables revenue		735,421			601,208			134,213			22.3
Other		10,120			8,681			1,439			16.6
Total revenue		745,541			609,889			135,652			22.2
Change in fair value		(319,359	)		(264,023	)		(55,336	)		21.0
Net revenue	$	426,182		$	345,866		$	80,316			23.2	%

Revenue by product (% to total):
Consumer loans and finance receivables revenue		57.8	%		59.8	%
Small business loans and finance receivables revenue		40.8			38.8
Total loans and finance receivables revenue		98.6			98.6
Other		1.4			1.4
Total revenue		100.0			100.0
Change in fair value		(42.8	)		(43.3	)
Net revenue		57.2	%		56.7	%

Revenue generated from the Company’s operations for the current quarter and the prior year quarter was as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Loan interest	$	486,057	$	394,939
Statement and draw fees on line of credit accounts		212,904		177,941
Other		46,580		37,009
Total Revenue	$	745,541	$	609,889

Loan and Finance Receivable Balances

The fair value of our loan and finance receivable portfolio in our consolidated financial statements was $4,569.8 million and $3,795.2 million as of March 31, 2025 and 2024, respectively. The outstanding principal balance of our loan and finance receivables portfolio was $3,964.4 million and $3,298.4 million as of March 31, 2025 and 2024, respectively. The fair value of the combined loan and finance receivables portfolio includes $21.2 million and $14.8 million with an outstanding principal balance of $14.8 million and $10.8 million of consumer loan balances that are guaranteed by us but not owned by us, which are not included in our consolidated financial statements as of March 31, 2025 and 2024, respectively.

The consumer portfolio balance was 35.7% of our combined loan and finance receivable portfolio balance at fair value as of March 31, 2025 compared to 35.7% as of March 31, 2024. Our small business portfolio of loans and finance receivables was 64.3% of our combined loan and finance receivable portfolio at fair value as of March 31, 2025 compared to 64.3% as of March 31, 2024. See “Non-GAAP Financial Measures—Combined Loans and Finance Receivables Measures” above for additional information related to combined loans and finance receivables.

The following tables summarize loan and finance receivable balances outstanding as of March 31, 2025 and 2024 (in thousands):


	As of March 31, 2025									As of March 31, 2024
				Guaranteed									Guaranteed
	Company			by the						Company			by the
	Owned(a)			Company(a)			Combined(b)			Owned(a)			Company(a)			Combined(b)
Consumer loans and finance receivables
Principal	$	1,326,768		$	14,813		$	1,341,581		$	1,106,364		$	10,780		$	1,117,144
Fair value		1,616,337			21,225			1,637,562			1,347,165			14,773			1,361,938
Fair value as a % of principal		121.8	%		143.3	%		122.1	%		121.8	%		137.0	%		121.9	%
Small business loans and finance receivables
Principal	$	2,637,651		$	—		$	2,637,651		$	2,192,066		$	—		$	2,192,066
Fair value		2,953,482			—			2,953,482			2,448,045			—			2,448,045
Fair value as a % of principal		112.0	%		—	%		112.0	%		111.7	%		—	%		111.7	%
Total loans and finance receivables
Principal	$	3,964,419		$	14,813		$	3,979,232		$	3,298,430		$	10,780		$	3,309,210
Fair value		4,569,819			21,225			4,591,044			3,795,210			14,773			3,809,983
Fair value as a % of principal		115.3	%		143.3	%		115.4	%		115.1	%		137.0	%		115.1	%

(a) GAAP measure. The loans and finance receivables balances guaranteed by us relate to loans originated by a third-party lender through the CSO program that we have not yet purchased and, therefore, are not included in our consolidated financial statements.

(b) Non-GAAP measure. See “Non-GAAP Financial Measures—Combined Loans and Finance Receivables Measures” above.

At March 31, 2025 and 2024, the ratio of fair value as a percentage of principal was 115.3% and 115.1%, respectively, on company owned loans and finance receivables and 115.4% and 115.1%, respectively, on combined loans and finance receivables. These ratios slightly increased compared to the prior year due to improvement in both the consumer and small business portfolios. Refer to “—Consumer Loans and Finance Receivables” and “—Small Business Loans and Finance Receivables” below for additional discussion of fair value ratios for the current quarter.

Average Amount Outstanding per Loan and Finance Receivable

The average amount outstanding per loan and finance receivable is calculated as the total combined loans and finance receivables, gross balance at the end of the period divided by the total number of combined loans and finance receivables outstanding at the end of the period. The following table shows the average amount outstanding per loan and finance receivable by product at March 31, 2025 and 2024:


	As of March 31,
	2025		2024
Average amount outstanding per loan and finance receivable(a)
Consumer loans and finance receivables(b)	$	1,622	$	1,875
Small business loans and finance receivables		41,364		39,151
Total loans and finance receivables(b)		4,266		4,872

(a) The disclosure regarding the average amount per loan and finance receivable is statistical data that is not included in our consolidated financial statements.

(b) Includes loans guaranteed by us, which represent loans originated by a third-party lender through the CSO program that we have not yet purchased and, therefore, are not included in our consolidated financial statements.

The average amount outstanding per loan and finance receivable decreased in the current quarter compared to the prior year quarter for our overall portfolio due primarily to a mix shift in our consumer portfolio to line of credit accounts, which generally have lower average outstanding balances compared to installment loans.

Average Loan and Finance Receivable Origination

The average loan and finance receivable origination amount is calculated as the total amount of combined loans and finance receivables originated, renewed and purchased for the period divided by the total number of combined loans and finance receivables originated,

renewed and purchased for the period. The following table shows the average loan and finance receivable origination amount by product for the current quarter compared to the prior year quarter:


	Three Months Ended
	March 31,
	2025		2024
Average loan and finance receivable origination amount(a)
Consumer loans and finance receivables(b)(c)	$	547	$	547
Small business loans and finance receivables(c)		16,173		16,059
Total loans and finance receivables(b)		1,721		1,675

(a) The disclosure regarding the average loan origination amount is statistical data that is not included in our consolidated financial statements.

The average loan and finance receivable origination amount is smaller than the average amount outstanding per loan and finance receivable in the previous section as the former measure includes incremental draws on our line of credit accounts whereas the latter measure includes the entire outstanding receivable on our line of credit accounts.

The average loan and finance receivable origination amount increased to $1,721 during the current quarter from $1,675 during the prior year quarter, due primarily to an increase in the average loan origination amount for our small business loans.

Credit Performance of Loans and Finance Receivables

We monitor the performance of our loans and finance receivables. Internal factors such as portfolio composition (e.g., interest rate, loan term, geography information, customer mix, credit quality) and performance (e.g., delinquency, loss trends, prepayment rates) are reviewed on a regular basis at various levels (e.g., product, vintage). We also weigh the impact of relevant, internal business decisions on the portfolio. External factors such as macroeconomic trends, financial market liquidity expectations, competitive landscape and legal/regulatory requirements are also reviewed on a regular basis.

The payment status of a customer, including the degree of any delinquency, is a significant factor in determining estimated charge-offs in the cash flow models that we use to determine fair value. The following table shows payment status on outstanding principal, interest and fees as of the end of each of the last five quarters (in thousands):


	2024												2025
	First			Second			Third			Fourth			First
	Quarter			Quarter			Quarter			Quarter			Quarter
Ending combined loans and finance receivables, including principal and accrued fees/interest outstanding:
Company owned	$	3,438,468		$	3,569,726		$	3,742,767		$	3,966,486		$	4,117,245
Guaranteed by the Company(a)		13,046			14,941			21,797			23,826			17,954
Ending combined loan and finance receivables balance(b)	$	3,451,514		$	3,584,667		$	3,764,564		$	3,990,312		$	4,135,199
> 30 days delinquent		279,659			268,053			293,839			297,832			318,356
> 30 days delinquency rate		8.1	%		7.5	%		7.8	%		7.5	%		7.7	%

(a) Represents loans originated by a third-party lender through the CSO program that we have not yet purchased, which are not included in our consolidated balance sheets.

(b) Non-GAAP measure. See “Non-GAAP Financial Measures—Combined Loans and Finance Receivables Measures” above.

Refer to “—Consumer Loans and Finance Receivables” and “—Small Business Loans and Finance Receivables” below for additional discussion of credit performance for the current quarter.

Consumer Loans and Finance Receivables

The following table includes financial information for our consumer loans and finance receivables. Delinquency metrics include principal, interest and fees, and only amounts that are past due (in thousands):


	2024												2025
	First			Second			Third			Fourth			First
	Quarter			Quarter			Quarter			Quarter			Quarter
Consumer loans and finance receivables:
Consumer combined loan and finance receivable principal balance:
Company owned	$	1,106,364		$	1,176,727		$	1,266,030		$	1,354,014		$	1,326,768
Guaranteed by the Company(a)		10,780			12,487			18,292			19,859			14,813
Total combined loan and finance receivable principal balance(b)	$	1,117,144		$	1,189,214		$	1,284,322		$	1,373,873		$	1,341,581
Consumer combined loan and finance receivable fair value balance:
Company owned	$	1,347,165		$	1,421,814		$	1,526,834		$	1,639,307		$	1,616,337
Guaranteed by the Company(a)		14,773			17,284			25,446			28,414			21,225
Ending combined loan and finance receivable fair value balance(b)	$	1,361,938		$	1,439,098		$	1,552,280		$	1,667,721		$	1,637,562
Fair value as a % of principal(b)(c)		121.9	%		121.0	%		120.9	%		121.4	%		122.1	%
Consumer combined loan and finance receivable balance, including principal and accrued fees/interest outstanding:
Company owned	$	1,208,551		$	1,285,755		$	1,390,882		$	1,482,970		$	1,449,511
Guaranteed by the Company(a)		13,046			14,941			21,797			23,826			17,954
Ending combined loan and finance receivable balance(b)	$	1,221,597		$	1,300,696		$	1,412,679		$	1,506,796		$	1,467,465
Average consumer combined loan and finance receivable balance, including principal and accrued fees/interest outstanding:
Company owned(d)	$	1,242,677		$	1,244,846		$	1,344,872		$	1,429,349		$	1,476,814
Guaranteed by the Company(a)(d)		14,956			13,730			18,999			22,060			20,700
Average combined loan and finance receivable balance(b)(d)	$	1,257,633		$	1,258,576		$	1,363,871		$	1,451,409		$	1,497,514
Installment loans as percentage of average combined loan and finance receivable balance		40.4	%		39.0	%		36.9	%		35.9	%		35.4	%
Line of credit accounts as percentage of average combined loan and finance receivable balance		59.6	%		61.0	%		63.1	%		64.1	%		64.6	%

Revenue	$	364,731		$	367,558		$	410,884		$	433,648		$	430,825
Change in fair value		(182,979	)		(164,011	)		(203,647	)		(212,947	)		(217,057	)
Net revenue	$	181,752		$	203,547		$	207,237		$	220,701		$	213,768
Net revenue margin		49.8	%		55.4	%		50.4	%		50.9	%		49.6	%

Combined loan and finance receivable originations and purchases	$	417,432		$	490,640		$	569,091		$	601,734		$	508,245

Delinquencies:
> 30 days delinquent	$	84,137		$	82,169		$	123,369		$	123,442		$	120,598
> 30 days delinquent as a % of combined loan and finance receivable balance(b)(c)		6.9	%		6.3	%		8.7	%		8.2	%		8.2	%

Charge-offs:
Charge-offs (net of recoveries)	$	187,419		$	161,171		$	203,588		$	233,139		$	227,785
Charge-offs (net of recoveries) as a % of average combined loan and finance receivable balance(b)(d)		14.9	%		12.8	%		14.9	%		16.1	%		15.2	%

(a) Represents loans originated by a third-party lender through the CSO program that we have not yet purchased, which are not included in our consolidated balance sheets.

(b) Non-GAAP measure.

(d) The average combined loan and finance receivable balance is the average of the month-end balances during the period.

Demand for our consumer loan products and services in the United States has historically been highest in the third and fourth quarters of each year, corresponding to the holiday season, and lowest in the first quarter of each year, corresponding to our customers’ receipt of income tax refunds. The ending balance, including principal and accrued fees/interest outstanding, of combined consumer loans and finance receivables at March 31, 2025 increased 20.1% to $1,467.5 million compared to $1,221.6 million at March 31, 2024, due primarily to originations outpacing repayments.

The percentage of loans greater than 30 days delinquent of 8.2% was higher at March 31, 2025 compared to 6.9% at March 31, 2024, due primarily to a higher percentage of originations to new customers, which typically default at a higher rate compared to returning customers, and a mix shift reflecting a greater percentage of line of credit products, which have higher yields and default rates than installment loans, as compared to the prior year quarter. Charge-offs (net of recoveries) as a percentage of average combined loan and

finance receivable balance was 15.2% for the current quarter compared to 14.9% for the prior year quarter, which are both in line with seasonal norms as decreasing originations generally result in lower delinquencies followed by lower charge-offs as the book becomes more seasoned. Charge-off performance in the periods presented follows this seasonal pattern.

Revenue related to our consumer loans and finance receivables was $430.8 million for the current quarter compared to $364.7 million for the prior year quarter. The increase in revenue was driven primarily by growth in the overall portfolio, particularly our line of credit products. The net revenue margin related to our consumer loans and finance receivables was 49.6% in the current quarter, which was fairly consistent with the net revenue margin of 49.8% in the prior year quarter.

The ratio of fair value as a percentage of principal on consumer loans and finance receivables was 122.1% at March 31, 2025 compared to 121.9% at March 31, 2024 and 121.4% at December 31, 2024. The slight increase from the prior year quarter was due primarily to a mix shift towards line of credit products, which generally have a higher fair value as a percentage of principal compared to installment loans. Refer also to “Results of Operations—Valuation of Loans and Finance Receivables” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for additional discussion on loan valuation.

Small Business Loans and Finance Receivables

The following table includes financial information for our small business loans and finance receivables. Delinquency metrics include principal, interest, and fees, and only amounts that are past due (in thousands):


	2024												2025
	First			Second			Third			Fourth			First
	Quarter			Quarter			Quarter			Quarter			Quarter
Small business loans and finance receivables:
Total loan and finance receivable principal balance	$	2,192,066		$	2,246,925		$	2,327,336		$	2,456,430		$	2,637,651
Ending loan and finance receivable fair value balance		2,448,045			2,517,345			2,607,606			2,747,137			2,953,482
Fair value as a % of principal(a)		111.7	%		112.0	%		112.0	%		111.8	%		112.0	%

Ending loan and finance receivable balance, including principal and accrued fees/interest outstanding	$	2,229,917		$	2,283,971		$	2,351,885		$	2,483,516		$	2,667,734

Average loan and finance receivable balance(b)	$	2,133,422		$	2,240,893		$	2,313,142		$	2,412,795		$	2,591,661
Installment loans as percentage of average combined loan and finance receivable balance		54.0	%		52.6	%		51.2	%		50.3	%		49.7	%
Line of credit accounts as percentage of average combined loan and finance receivable balance		46.0	%		47.4	%		48.8	%		49.7	%		50.3	%

Revenue	$	236,477		$	251,782		$	269,454		$	285,762		$	304,596
Change in fair value		(79,127	)		(91,969	)		(83,390	)		(101,144	)		(100,423	)
Net revenue	$	157,350		$	159,813		$	186,064		$	184,618		$	204,173
Net revenue margin		66.5	%		63.5	%		69.1	%		64.6	%		67.0	%

Combined loan and finance receivable originations and purchases	$	959,935		$	918,014		$	1,044,829		$	1,113,185		$	1,221,234

Delinquencies:
> 30 days delinquent	$	195,522		$	185,884		$	170,470		$	174,390		$	197,758
> 30 days delinquent as a % of loan balance(a)		8.8	%		8.1	%		7.2	%		7.0	%		7.4	%

Charge-offs:
Charge-offs (net of recoveries)	$	99,279		$	107,215		$	105,737		$	109,044		$	122,551
Charge-offs (net of recoveries) as a % of average loan and finance receivable balance(b)		4.7	%		4.8	%		4.6	%		4.5	%		4.7	%

(a) Determined using period-end balances.

(b) The average loan and finance receivable balance is the average of the month-end balances during the period.

The ending balance, including principal and accrued fees/interest outstanding, of small business loans and finance receivables at March 31, 2025 increased 19.6% to $2,667.7 million compared to $2,229.9 million at March 31, 2024, due primarily to originations outpacing repayments.

The percentage of loans greater than 30 days delinquent of 7.4% was lower at March 31, 2025 compared to 8.8% at March 31, 2024 due to improvement in credit performance. Charge-offs (net of recoveries) as a percentage of average loan balance were flat at 4.7% for the current quarter compared to 4.7% in the prior year quarter.

Revenue related to our small business loans and finance receivables was $304.6 million for the current quarter compared to $236.5 million for the prior year quarter. The increase in revenue was driven primarily by growth in the overall portfolio and, to a lesser extent, slightly higher average yields. The net revenue margin related to our small business loans and finance receivables was 67.0% for the current quarter, which is fairly consistent with the net revenue margin of 66.5% in the prior year quarter.

The ratio of fair value as a percentage of principal on small business loans and finance receivables was 112.0% at March 31, 2025 compared to 111.7% at March 31, 2024 and 111.8% at December 31, 2024. The slight increase from March 31, 2024 was due primarily to improved credit performance and slightly higher average yields.

Total Operating Expenses

Total operating expenses increased $39.2 million, or 18.2%, to $254.3 million in the current quarter compared to $215.1 million in the prior year quarter.

Marketing expense increased to $139.3 million in the current quarter compared to $110.6 million in the prior year quarter due primarily to growth in the overall business with higher commissionable originations and higher online advertising costs intended to capture increasing market demand for both our consumer and small business loan products.

Operations and technology expense increased to $62.5 million in the current quarter compared to $54.4 million in the prior year quarter, due primarily to higher variable costs, particularly personnel costs and underwriting expenses as a result of increases in originations and the size of the loan portfolio. As a percentage of revenue, operations and technology expense decreased to 8.4% in the current year quarter from 8.9% in the prior year quarter as increased originations and revenues outpaced fixed costs.

General and administrative expense increased to $42.5 million in the current quarter compared to $39.9 million in the prior year quarter, due largely to higher personnel costs. As a percentage of revenue, general and administrative expense decreased to 5.7% in the current year quarter from 6.6% in the prior year quarter, as increased originations and revenues outpaced fixed costs.

Depreciation and amortization expense in the current quarter was substantially flat compared to the prior year quarter.

Nonoperating Items

Interest expense, net increased $14.9 million, or 22.8%, to $80.5 million in the current quarter compared to $65.6 million in the prior year quarter. The increase was due primarily to an increase in the average amount of debt outstanding, which increased $760.9 million to $3,680.7 million during the current quarter from $2,919.8 million during the prior year quarter, partially offset by a decrease in the weighted average interest rate on our outstanding debt to 8.91% during the current quarter from 9.18% during the prior year quarter resulting primarily from year-over-year decreases in benchmark rates.

Provision for Income Taxes

The effective tax rate of 19.9% in the current quarter was lower than the 25.1% rate recorded in the prior year quarter due primarily to excess tax benefits on stock compensation due to stock price appreciation, a reduction of interest expense due to the remeasurement of unrecognized tax benefits, and favorable state rate changes.

Net Income

Net income increased $24.5 million, or 50.6%, to $72.9 million during the current quarter compared to $48.4 million during the prior year quarter. The increase was due primarily to an increase in income from operations due to higher net revenue and lower operating expenses as a percentage of revenue, partially offset by higher interest expense, which was the result of an increase in the average amount of debt outstanding.

LIQUIDITY AND CAPITAL RESOURCES

Capital Funding Strategy

We seek to maintain a stable and flexible balance sheet to ensure that liquidity and funding are available to meet our business obligations. As of March 31, 2025, we had cash, cash equivalents, and restricted cash of $311.9 million, of which $256.3 million was restricted, compared to $322.7 million, of which $248.8 million was restricted, as of December 31, 2024. During the three months ended March 31, 2025, we issued $261.4 million of asset-backed notes to fund our growth in our small business loan portfolio. As of March 31, 2025, we had funding capacity of $810.4 million. Based on numerous stressed-case modeling scenarios, we believe we have sufficient liquidity to run our operations for the foreseeable future. Further, we have no recourse debt obligations due until June 2026. As part of our capital

and liquidity management, we may from time to time acquire our outstanding debt securities, including through redemptions, tender offers, open market purchases, negotiated transactions or otherwise, in accordance with applicable securities laws and in compliance with the indentures governing our outstanding debt securities, upon such terms and at such prices as we may determine.

Historically, we have generated significant cash flow through normal operating activities for funding both long-term and short-term needs. Our near-term liquidity is managed to ensure that adequate resources are available to fund our seasonal working capital growth, which is driven by demand for our loan and financing products. On December 6, 2023, we issued and sold $400.0 million in aggregate principal amount of 11.25% Senior Notes due 2028 (the “2028 Senior Notes”) and used the net proceeds, in part, to retire existing indebtedness, including the remaining principal amount outstanding under our 8.50% senior notes due 2024 (the “2024 Senior Notes”). On August 12, 2024, we issued and sold $500.0 million in aggregate principal amount of 9.125% senior notes due 2029 (the “2029 Senior Notes”) and used the net proceeds, in part, to retire existing indebtedness, including the remaining principal amount outstanding under our 8.50% senior notes due 2025 (the “2025 Senior Notes”).

On June 23, 2022, we entered into an amendment and restatement of our existing secured revolving credit agreement (as amended, the “Credit Agreement”) that, among other changes, increased the borrowing capacity to $440.0 million, with a $20.0 million letter of credit sublimit and $10.0 million swingline loan sublimit. On October 19, 2023, we amended the Credit Agreement to, among other changes, increase the total commitment amount from $440.0 million to $515.0 million. On September 11, 2024, we further amended the Credit Agreement to, among other changes, increase the total commitment amount from $515.0 million to $665.0 million. The Credit Agreement bears interest, at our option, at the base rate plus 0.75% or the Secured Overnight Financing Rate plus 3.50%. In addition to customary fees for a credit facility of this size and type, the Credit Agreement provides for payment of a commitment fee calculated with respect to the unused portion of the commitment, and ranges from 0.15% per annum to 0.50% per annum depending on usage. The Credit Agreement contains certain prepayment penalties if it is terminated on or before the first and second anniversary dates, subject to certain exceptions. The Credit Agreement matures on June 30, 2026. As of April 25, 2025, our available borrowings under the Credit Agreement were $262.6 million. We also utilize several loan securitization facilities and asset-backed notes to fund our growth, primarily in our near-prime consumer loan and small business loan portfolios. As of April 25, 2025, we had funding capacity of $552.8 million. We expect that our operating needs, including satisfying our obligations under our debt agreements and funding our working capital growth, will be satisfied by a combination of cash flows from operations, borrowings under the Credit Agreement, or any refinancing, replacement thereof or increase in borrowings thereunder, and securitization or sale of loans and finance receivables under our consumer and small business loan securitization facilities.

As of March 31, 2025, we were in compliance with all financial ratios, covenants and other requirements set forth in our debt agreements. Unexpected changes in our financial condition or other unforeseen factors may result in our inability to obtain third-party financing or could increase our borrowing costs in the future. To the extent we experience short-term or long-term funding disruptions, we have the ability to adjust our volume of lending and financing to consumers and small businesses that would reduce cash outflow requirements while increasing cash inflows through repayments. Additional alternatives may include the securitization or sale of assets, increased borrowings under the Credit Agreement, or any refinancing or replacement thereof, and reductions in capital spending, which could be expected to generate additional liquidity.

Capital

Total stockholders’ equity was $1,196.7 million at March 31, 2025 compared to $1,196.9 million at December 31, 2024. The slight decrease of stockholders’ equity was driven primarily by repurchases of our outstanding common stock, which is discussed in more detail below, partially offset by net income for the three months ended March 31, 2025 and, to a lesser extent, stock-based compensation expense. Our book value per share outstanding increased to $46.82 at March 31, 2025 from $46.38 at December 31, 2024, which was primarily driven by net income, partially offset by share repurchases.

On October 24, 2023, we announced the Board of Directors authorized a share repurchase program totaling $300.0 million through December 31, 2024 (the “October 2023 Authorization”), which replaced our previous authorization. On August 12, 2024, we announced the Board of Directors authorized a new share repurchase program totaling $300.0 million through December 31, 2025 (the “August 2024 Authorization”), which replaced the October 2023 Authorization. The Company had repurchased $255.9 million of common stock under the October 2023 Authorization before it was terminated. Repurchases under our repurchase programs are made in accordance with applicable securities laws from time to time in the open market, through privately negotiated transactions or otherwise. The share repurchase programs do not obligate us to purchase any shares of our common stock. The August 2024 Authorization may be terminated, increased or decreased by the Board of Directors in its discretion at any time. During the three months ended March 31, 2025, we had $62.7 million in repurchases of common stock under our share repurchase program.

Cash

Our cash and cash equivalents are held primarily for working capital purposes and are used to fund a portion of our lending activities. From time to time, we use excess cash and cash equivalents to fund our lending activities. We do not enter into investments for trading

or speculative purposes. Our policy is to invest cash in excess of our immediate working capital requirements in short-term investments, deposit accounts or other arrangements designed to preserve the principal balance and maintain adequate liquidity. Our excess cash may be invested primarily in overnight sweep accounts, money market instruments or similar arrangements that provide competitive returns consistent with our polices and market conditions.

Our restricted cash typically consists of funds held in accounts as reserves on certain debt facilities and as collateral for issuing bank partner transactions. We have no ability to draw on such funds as long as they remain restricted under the applicable arrangements but have the ability to use these funds to finance loan originations, subject to meeting borrowing base requirements. Our policy is to invest restricted cash held in debt facility related accounts, to the extent permitted by such debt facility, in investments designed to preserve the principal balance and provide liquidity. Accordingly, such cash is invested primarily in money market instruments that offer daily purchase and redemption and provide competitive returns consistent with our policies and market conditions.

Current Debt Facilities

The following table summarizes our debt facilities as of March 31, 2025 (dollars in thousands).


	Revolving period end date	Maturity date	Weighted average interest rate(a)	Borrowing capacity			Principal outstanding
Funding Debt:
2018-1 Securitization Facility	March 2025	March 2026	8.61%	$	32,200		$	32,200
NCR 2022 Securitization Facility	October 2026	October 2028	8.57%		200,000			145,207
NCLOCR 2024 Securitization Facility	February 2027	February 2028	9.82%		150,000			115,000
ODR 2021-1 Securitization Facility	November 2025	November 2026	7.94%		233,333			68,338
ODR 2022-1 Securitization Facility	June 2026	June 2027	8.05%		420,000			268,342
RAOD Securitization Facility	November 2026	November 2027	7.07%		236,842			158,846
HWCR 2023 Securitization Facility	September 2026	September 2027	8.69%		487,595			373,214
2023-A Securitization Notes	—	December 2027	7.78%		25,240			25,240
2024-A Securitization Notes	—	October 2030	7.83%		98,431			98,431
ODAS IV 2023-1 Securitization Notes	July 2026	August 2030	7.66%		227,051			227,051
ODAS IV 2024-1 Securitization Notes	May 2027	June 2031	6.84%		399,574			399,574
ODAS IV 2024-2 Securitization Notes	September 2027	October 2031	5.78%		261,353			261,353
ODAS IV 2025-1 Securitization Notes	March 2028	April 2032	5.89%		261,392			261,392
Total funding debt			7.48%	$	3,033,011		$	2,434,188
Corporate Debt:
9.125% senior notes due 2029	—	August 2029	9.13%	$	500,000		$	500,000
11.25% senior notes due 2028	—	December 2028	11.25%		400,000			400,000
Revolving line of credit	June 2026	June 2026	7.86%		665,000	(b)		453,000
Total corporate debt			9.33%	$	1,565,000		$	1,353,000

(a) The weighted average interest rate is determined based on the rates and principal balances on March 31, 2025. It does not include the impact of the amortization of deferred loan origination costs or debt discounts.

(b) We had an outstanding letter of credit under the Revolving line of credit of $0.4 million as of March 31, 2025.

Our ability to fully utilize the available capacity of our debt facilities may also be impacted by provisions that limit concentration risk and eligibility.

Cash Flows

Our cash flows and other key indicators of liquidity are summarized as follows (dollars in thousands):


	Three Months Ended March 31,
	2025			2024
Total cash flows provided by operating activities	$	391,144		$	348,563
Cash flows from investing activities
Loans and finance receivables		(496,715	)		(431,959	)
Capitalization of software development costs and purchases of fixed assets		(12,875	)		(11,225	)
Total cash flows used in investing activities		(509,590	)		(443,184	)
Cash flows provided by (used in) financing activities	$	107,327		$	(53,975	)


Delaware		45-3190813
(State or other jurisdiction of Incorporation or organization)		(I.R.S. Employer Identification No.)

175 West Jackson Blvd. Chicago, Illinois		60604
(Address of principal executive offices)		(Zip Code)


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $.00001 par value per share	ENVA	New York Stock Exchange


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐


		Page
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)
	Consolidated Balance Sheets – March 31, 2025 and 2024 and December 31, 2024	1
	Consolidated Statements of Income – Three Months Ended March 31, 2025 and 2024	3
	Consolidated Statements of Comprehensive Income – Three Months Ended March 31, 2025 and 2024	4
	Consolidated Statements of Stockholders’ Equity – Three Months Ended March 31, 2025 and 2024	5
	Consolidated Statements of Cash Flows – Three Months Ended March 31, 2025 and 2024	6
	Notes to Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	34
Item 4.	Controls and Procedures	34

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35
Item 3.	Defaults upon Senior Securities	35
Item 4.	Mine Safety Disclosures	35
Item 5.	Other Information	36
Item 6.	Exhibits	36

SIGNATURES		37


Period	Total Number of Shares Purchased(a)		Average Price Paid Per Share(b)		Total Number of Shares Purchased as Part of Publicly Announced Plan(c)		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan(b)(c) (in thousands)
January 1 – January 31, 2025		295,272	$	103.08		293,824	$	204,366
February 1 – February 28, 2025		310,596		113.48		115,865		191,549
March 1 – March 31, 2025		207,660		94.63		207,660		171,899
Total		813,528	$	167.07		617,349	$	171,899


Exhibit No.		Exhibit Description

3.1		Enova International, Inc. Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Company’s Form 10-Q filed on July 28, 2023)
3.1
3.2		Enova International, Inc. Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to the Company’s Form 8-K filed on November 17, 2017)

4.1*		Series 2025-1 Indenture Supplement, dated as of March 20, 2025, to Base Indenture dated as of July 27, 2023 and amended as of March 20, 2025, by and between OnDeck Asset Securitization IV, LLC, as Issuer, and Deutsche Bank Trust Company Americas, as Indenture Trustee, of up to $261,392,000 of Asset Backed Notes

4.2*		First Supplement to the Base Indenture, dated as of March 20, 2025, between OnDeck Asset Securitization IV, LLC, as Issuer, and Deutsche Bank Trust Company Americas, as Indenture Trustee

10.1*		Amendment No. 8 to Credit Agreement, dated as of March 20, 2025, among OnDeck Receivables 2021, LLC, various lenders, and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent, and Deutsche Bank Trust Company Americas, as Paying Agent
		d
31.1*		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2*		Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1*		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2*		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS*		XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH*		Inline XBRL Taxonomy Extension Schema Document

101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase

101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104*		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


Date: April 29, 2025	ENOVA INTERNATIONAL, INC.

	By:	/s/ Steven E. Cunningham
		Steven E. Cunningham
		Chief Financial Officer
		(On behalf of the Registrant and as Principal Financial Officer)