The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Moshe Orenbuch - Cowen and Company LLC - Analyst
: I guess, Steve, if there's a way to kind of give us a little bit of bigger or deeper insight into the synergies, whether it's by product, type of
product that you'll be offering either at Enova or Grasshopper, I think that would be very helpful.
Question: Moshe Orenbuch - Cowen and Company LLC - Analyst
: Okay. Thanks. And maybe on the opposite side of that, are there things that you will not be able to do that Enova currently does? Or does
-- will some of Enova's current activities be outside the bank? How do we think about that? And does that have any bearing on the transaction?
Question: Moshe Orenbuch - Cowen and Company LLC - Analyst
: Yeah. Okay. But outside of the bank, I guess.
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DECEMBER 11, 2025 / 1:30PM, ENVA.N - Enova International Inc To Acquire Grasshopper Bank
Question: Moshe Orenbuch - Cowen and Company LLC - Analyst
: Okay, thank you very much.
Question: Bill Ryan - Seaport Research Partners - Analyst
: I'd also like to extend my congratulations on this acquisition. Couple of questions. One, kind of following up on the last question. Curious
about the decision process to become a bank holding company, because I'm sure it was analyzed about staying where you are and having
an unregulated part of the company and then a regulated part of the company. So if you can maybe elaborate on that a little bit more, and
then I have one follow up.
Question: Bill Ryan - Seaport Research Partners - Analyst
: Okay. And as a follow up, just on the deposit growth strategy. Obviously, you've kind of alluded to the fact that it'll become a bigger part of
the business going forward on the funding side. Could you maybe talk about your growth plans for that business. How do you plan to expand
and collect deposits? And maybe a clarification you talked about an off-balance sheet deposit structure. Could you maybe talk about how
that works?
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DECEMBER 11, 2025 / 1:30PM, ENVA.N - Enova International Inc To Acquire Grasshopper Bank
Question: Bill Ryan - Seaport Research Partners - Analyst
: Okay. Thanks for taking my questions.
Question: John Hecht - Jefferies LLC - Analyst
: Congratulations. A lot of my questions have been asked and answered, but I'm wondering, just trying to think about structurally -- the
structural part of it, like will you -- like do you -- will you be reporting it as like a separate segment initially? Or how do we think about kind
of the mechanics of the P&L when you guys combine next year?
Question: John Hecht - Jefferies LLC - Analyst
: Okay. And then you mentioned that you think the majority of the business, which I assume is like assets and so forth will be in the bank over
time. Is that -- do you envision that being mostly the small business? Because -- yeah, I looked at the Grasshopper website, it looks like
they're focused more on the small business side of things.
Will it be more the small business category or will you be putting both the consumer assets and the business assets in the bank over time?
Question: John Hecht - Jefferies LLC - Analyst
: Okay. That's super helpful. And then within the bank and the consumer side, I mean, I guess because of the funding structure and all that,
it does seem like you can offer a broader set of customers, your financial services, but will -- do you envision new lending products to
consumers or just more of an extension of your diverse suite of products that you have right now?
Question: John Hecht - Jefferies LLC - Analyst
: Yeah, okay. So the --
Question: John Hecht - Jefferies LLC - Analyst
: Yeah. Okay. And then you mentioned Dave and Chime and so forth. And there's a lot of -- you added deposit services, and I guess, customer
credit services. And some of those companies also have like subscription kind of services where the customers or the bank members will
pay monthly fees to get access to short-term forms of credit. Is that the type of revenue stream and services you're considering offering
through the bank?
Question: John Hecht - Jefferies LLC - Analyst
: Great. Well, that's very exciting, guys. Thanks very much for all the details.
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DECEMBER 11, 2025 / 1:30PM, ENVA.N - Enova International Inc To Acquire Grasshopper Bank
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