Enova International Inc Q3 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: David Sharp - Citizens Capital Market - Analyst : Thanks. Good afternoon, and congratulations again. . Dave and Steve, you, you're the latest in the, what's becoming a long line of lenders that have reported, very stable, positive, and constructive, credit commentary this earnings season. So I'm going to leave the credit questions to To some others, to ask about. I was curious, maybe two more granular things. One is just on kind of capital actions, this is, I think similar commentary, on how you perceive the stocks valuation as you provided in the last couple of calls. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 23, 2025 / 9:00PM, ENVA.N - Q3 2025 Enova International Inc Earnings Call Is there any kind of update you can provide us on. Whether you would ever consider seeking additional covenant relief to return potentially even more capital, in terms of buybacks or whether a dividend is potentially something the board would consider.

Question: David Sharp - Citizens Capital Market - Analyst : Understood. Maybe as a follow-up. On the marketing side, There have been quite a number of quarters now, where at least there's a percentage of revenue, marketing dollars have come in below, your guidance and I think he got it to 20% last quarter. It came in at 18% again and it at some point trying to figure out if you know what what's a feature versus a bug and are you, are you seeing anything about the composition of Either by channel or just percentage of repeat borrowers or just maybe it's the makeshift, towards more more SMB but is there anything that would kind of lead you to tell us structurally, the operating model is potentially more profitable than we've been sort of modeling and that 20% is maybe too high a ceiling.

Question: David Sharp - Citizens Capital Market - Analyst : Got it. Great. Thank you very much.

Question: Bill Ryan - Seaport Research Partners - Analyst : Thanks. Good afternoon, David Steve. Question on the, growth outlook. I mean, you obviously seem very optimistic, on the consumer, originations going into Q4. A looking at Q3, consumer installment, as you noted, was very strong, a little bit of decline in consumer line of credit originations. I presume that might be reflective of the tightening and kind of the wait and see approach that you took from Q2 to Q3, just, was that the case? And do you expect kind of a mix? of growth between the two products going into Q4 like a re-acceleration and line of credit.

Question: Bill Ryan - Seaport Research Partners - Analyst : Okay, and I assume this might relate to that as well, but the change in fair value on the consumer loan portfolio, a little bit of an uptick in Q3 as well I assume was that related to some of the adjustments that were made.

Question: Bill Ryan - Seaport Research Partners - Analyst : Okay, got it. Thanks for the answers. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 23, 2025 / 9:00PM, ENVA.N - Q3 2025 Enova International Inc Earnings Call

Question: Vincent Kaintick - BTIG - Analyst : Good afternoon. Thanks for taking my questions. I guess, I'll ask the credit question. But, so your credit trends have been strong both in S&P and in consumer, and was just wondering, I guess with the applications you're getting it or maybe just kind of a broad industry outlook if you have any of where you might be seeing or where there might be any sort of deterioration that might be out there like Perhaps are you getting more applications in certain areas where you might be declining more or anything where you might be seeing that. Thank you.

Question: Vincent Kaintick - BTIG - Analyst : Okay, great. Thank you for that. I guess relatedly, on the competitive front, So, I know maybe banks aren't your direct competitors, but some of the failings that maybe have happened amongst other lenders, particularly in commercial side, there's, maybe some of those, lenders are now relooking at their portfolios and so forth, and maybe tightening up a bit. So I'm kind of wondering if you're seeing that and if in turn that allows you to take more share or maybe that's part of the marketing opportunities that you're seeing. We could talk about that.

Question: Vincent Kaintick - BTIG - Analyst : Great, very helpful.

Question: Kyle Joseph - Stevens - Analyst : Hey, good afternoon guys, thanks for taking my questions. Just in terms of growth, obviously it's been weighted towards the small business side of things and kind of you guys mentioned kind of the credit blip you saw in the spring, but yeah, and touching on competitive dynamics and then I think you mentioned that you expect consumer to re-accelerate just give us a sense for kind of the competitive dynamics between the two.

Question: Kyle Joseph - Stevens - Analyst : Great, that's it for me. Thanks for taking my questions.

Question: Alexander Villalobo - Jeffrey - Analyst : Hey guys, congrats on the results and thank you for taking my question. My question was more on the cap market side and just interest expense. I know you guys generate a ton of cash, and is there anything on the bond side or just, cap market side where you guys can, in the future kind of lower the interest expense a little bit more, and kind of get, a little more push on the EPS side from there. Thank you.

Question: Alexander Villalobo - Jeffrey - Analyst : Perfect. Thank you.

Question: John Hecht - Jeffrey - Analyst : [inaudible] So I'll only ask one question, but it's kind of, I guess a broad question. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 23, 2025 / 9:00PM, ENVA.N - Q3 2025 Enova International Inc Earnings Call I mean, you've got, rates declining, it sounds like very good consistent current trends, I think that the competitive environment continue to be favorable for you, but then, we're eyeing high pre-payment activity which in some cases looks like it's tied to just excessive amounts of liquidity in the system. Yeah, so the point is, like, things seem good, but they're on the margin kind of moving targets. How do those things, affect your, kind of the way you think about near term and intermediate term strategy?

Question: John Hecht - Jeffrey - Analyst : Great, thank you very much.

Question: John Rowan - Jenny - Analyst : Good from you guys obviously you spent a lot of time talking about current credit, given obviously what's going on in the news but maybe just touch on quickly what you think about 2026 in particular, think about, what's going on with tax laws and, tips and overtime and changes to, childcare tax credit and you know and and. Some of those other programs just give us an idea of maybe how much of your con your consumers are impacted by some of those large changes in in tax policy. Thank you.

Question: John Rowan - Jenny - Analyst : Okay, all right, thank you.

Question: Moshe Orinbuch - TD Cowen - Analyst : Great thanks most of my questions have actually been asked and answered, but I was sort of hoping that, to kind of just and, maybe the idea of, you talked about leaning in kind of on the line of credit side of the consumer and the consumer being significantly stronger in Q4 than Q3. I guess given that, your approach, does that mean that that you will have less origination on the small business side or does it mean that we should just think about you kind of, investing just incrementally heavily, in Q4?

Question: Moshe Orinbuch - TD Cowen - Analyst : Got you. Okay, and the, and this may be just, our forecast, but, you bought back a little less stock in Q3, than we had in in our model. Given that you've got you know that you've got this kind of extra kind of, faster growth, expected in Q4 should we think that, buybacks would be similar to Q3 or, more like prior quarters.

Question: Moshe Orinbuch - TD Cowen - Analyst : Got it thanks Steven and David.