Wed, Jul 24, 8:18 PM (45 days ago)
Enova International, Inc. reported a strong financial performance for the quarter ended June 30, 2024, with total revenue increasing by 25.8% year-over-year to $628.4 million. The company's net revenue rose to $370.2 million, reflecting a 23.7% increase from the previous year. This growth was driven by a 32.2% increase in small business loans and a 21.6% increase in consumer loans. The net revenue margin was 58.9%, slightly down from 59.9% in the prior year quarter. Operating expenses increased by 19.9% to $225.1 million, primarily due to higher marketing and operations costs. Despite higher interest expenses, net income improved by 12.0% to $53.9 million. Enova's loan portfolio's fair value grew to $3.94 billion, reflecting strong demand and portfolio growth. The company remains well-capitalized, with $271.3 million in cash and equivalents, and maintains substantial borrowing capacity. Future performance may be influenced by macroeconomic conditions and regulatory developments.