Enova International, Inc. reported significant financial growth in its third quarter and nine-month results for 2024, reflecting a robust performance across its consumer and small business loan segments. For the three months ended September 30, 2024, total revenue reached $689.9 million, a 25.1% increase from $551.4 million in the same period of 2023. Net revenue also rose to $400.4 million, up from $319.6 million, marking a 25.3% increase. The nine-month revenue totaled $1.93 billion, a 25.7% increase from $1.53 billion in the prior year.
The company's income from operations for Q3 2024 was $153.7 million, a 48.2% increase from $103.7 million in Q3 2023. Net income for the quarter was $43.4 million, compared to $41.3 million in the previous year, while diluted earnings per share increased to $1.57 from $1.29. For the nine months ended September 30, 2024, net income was $145.8 million, up from $140.4 million in 2023.
Enova's growth was driven by a substantial increase in revenue from both consumer and small business loans. Revenue from consumer loans rose to $410.9 million in Q3 2024, an 18.1% increase from $347.9 million in Q3 2023. Small business loan revenue surged by 38.0% to $269.5 million from $195.2 million. The total loans and finance receivables revenue for Q3 2024 was $680.3 million, up from $543.1 million in the prior year.
The company’s total assets as of September 30, 2024, were $4.98 billion, up from $4.10 billion a year earlier. However, total stockholders' equity decreased to $1.18 billion from $1.26 billion, primarily due to stock-based compensation expenses and share repurchases. The company has authorized a total of $300 million in share repurchase programs through December 2025.
Enova's long-term debt increased significantly to $3.29 billion as of September 30, 2024, compared to $2.44 billion a year prior, reflecting higher borrowing costs and increased debt levels. The weighted average interest rate on long-term debt rose to 9.37% from 8.10% in the previous year.
Strategically, Enova has been active in the market, issuing $500 million in senior notes and amending its credit facilities to enhance liquidity. The company also recorded a loss of $16.6 million related to the write-down of its investment in Linear Financial Technologies. Despite these challenges, Enova continues to expand its lending capabilities, having extended approximately $4.4 billion in credit to borrowers in the first nine months of 2024.
About Enova International, Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.