Enova International Reports 25.5% Revenue Growth to $2.66 Billion in 2024

Enova International, Inc. reported revenue of $2,657.8 million for the year ended December 31, 2024, a 25.5% increase compared to $2,117.6 million in 2023. Net revenue, after accounting for changes in the fair value of loans and finance receivables, rose 24.4% to $1,529.4 million. Income from operations increased by 38.5% to $584.8 million, and net income reached $209.4 million, up from $175.1 million in 2023. Diluted earnings per share were $7.43 in 2024, compared to $5.49 in 2023. The increase in revenue was primarily driven by a 21.7% increase in revenue from the consumer portfolio and a 32.0% increase from the small business portfolio, reflecting higher originations and loan balances.

Significant changes compared to the previous year include a 26.3% increase in marketing expenses to $523.6 million, primarily due to higher commissionable originations in the small business portfolio and increased online advertising costs. Operations and technology expenses increased by 15.1% to $224.4 million, largely due to higher variable costs associated with increased originations and portfolio size. General and administrative expenses decreased slightly to $156.5 million, primarily due to a $15 million CFPB settlement recorded in 2023. Net interest expense increased by 49.1% to $290.4 million, reflecting higher average debt outstanding and a higher weighted average interest rate.

During 2024, Enova issued $217.2 million of asset-backed notes and a $150 million consumer loan securitization facility to fund growth in its near-prime consumer loan portfolio, and $660.9 million of asset-backed notes to fund growth in its small business loan portfolio. The company also amended its revolving credit agreement, increasing its borrowing capacity by $220 million. Furthermore, Enova repurchased $274.5 million of its common stock during the year. The company consented to a $15 million civil money penalty from the CFPB in November 2023, related to payment processing and debiting errors. The company also noted the expiration of the stay on the compliance date for the CFPB's Small Dollar Rule on March 30, 2025.

Key operational developments included approximately 3.9 million transactions processed in 2024. As of December 31, 2024, Enova offered services in 37 U.S. states and Brazil for consumer loans, and in 49 U.S. states and Washington D.C. for small business loans. The company employed 1,787 people, with 1,742 in the United States. The company's combined loans and finance receivables outstanding totaled $4,414.9 million at the end of 2024. The company also highlighted its proprietary analytics, data, and underwriting systems, which utilize machine learning and artificial intelligence in approximately 90% of its models.

Enova's outlook is subject to various risks and uncertainties, including regulatory changes, economic conditions, competition, and cybersecurity threats. The company stated that it expects to continue to invest in and expand its financial services programs, particularly in Brazil, and to introduce new products and services. The company also noted that it does not anticipate paying dividends on its common stock in the foreseeable future.