The following is a summary of the Enova International, Inc. (ENVA) Q1 2024 Earnings Call Transcript:
Financial Performance:
Enova reported a Q1 revenue of $610 million, an increase of 26% YoY.
Adjusted EBITDA rose by 18% YoY to $149 million, and adjusted EPS rose 7% YoY to $1.91.
Originations for the quarter stood at $1.4 billion.
Shares worth $139 million were repurchased, fulfilling 62% of the proposed share repurchase program.
Revenue from small businesses rose by 22% YoY to $236 million while the consumer revenue increased by 30% YoY to $365 million.
Total company net charge-offs as a percentage of average combined loan and finance receivables were down to 8.5% in Q1 from 9.7% in the previous quarter.
Business Progress:
The company started 2024 with strong growth in originations and receivables, effective credit, and operating efficiency.
Continued profitable growth from a diverse portfolio of SMB and consumer credit products.
The company anticipates a minimum 15% increase in originations for 2024 compared to 2023 and expects year-on-year growth for both revenue and adjusted EPS to exceed 20%.
There was a shift in SMB products towards higher APR products.
Consumer business returned to pre-pandemic seasonality trends, performing better than expectations.
It continues to attract new customers steadily without significant changes in the type of customers.
The company's marketing efficiency has improved significantly, illustrated by successful expansion into multi-prong marketing channels.
It has increased efficiency in equating marketing efforts with originations due to improved experience and a more conducive competitive environment.
More details: Enova IR
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