Earnings call transcript Q1 2023

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Operator

Good afternoon and welcome to the Enova International First Quarter 2023 Earnings Conference Call. [Operator Instructions].

I would now like to turn the conference over to Lindsay Savarese of Investor Relations. Please go ahead.

Lindsay Savarese

Thank you, operator, and good afternoon, everyone. the after XXXX market for XXXX, March results afternoon this closed. released first ended quarter XX, Enova

If you the did earnings of press not website received a you our obtain copy may it ir.enova.com. from at Investor section release, Relations of our

call This our With Officer. the Chief Executive Chief is Investor archived website. on being webcast Relations David Officer; me are Fisher, of Steve and on Cunningham, be section today's call Financial and will

on today's Actual that on Form will made Before XX-Q subject today, as a Form I'd our differ new forward-looking XX-K, reports risk the like those in on that important statements reports I as result events. contain materially a factors, various based Please are call David, and and, discussed in information statements note these turn annual our undertake forward-looking that obligation on of to or are to current over assumptions quarterly to risks X-K. future call results to as and discussion press note update any no such, statements of is as we this earnings and including from Form and result uncertainties. on may report release

included performance. measures our U.S. Reconciliations Enova to the these between the believe GAAP accepted GAAP found In in addition accounting We tables press of release. not reports these that non-GAAP certain reporting, conform financial do principles. generally in enhance are measures to non-GAAP understanding today's and measures

supplemental of website. the portion in our our financial have earnings information noted release, on posted As we IR

call the And David. to with that, turn like to I'd over

David Fisher

call today. and for to financial an of I Steve our our discuss strategy then everyone. who our detail. that, the good first CFO, Cunningham, over outlook call and afternoon, in you with more results, discuss appreciate overview After turn and and joining will I'll results our I'll quarter outlook XXXX. start Thanks, I'll our

strong results. again once delivered We

diversified world-class of our in than to in offerings, current product to Thanks execution more able combined originations navigate the we're approach backdrop. balanced with macroeconomic the our successfully us team, had row. billion for a skillful Our quarter sixth growth, to $X generate enabled the to

the in seasonality. maintaining demonstrating ability XX% environment. credit profitable QX in growth our focused drive to million $XXX remaining year-over-year, of increased while first normal stable sequentially to flat revenue Revenue quarter first quarter on this due was

result and diligent X% a credit adjusted revenue As and $XXX X% and to to EPS and X% adjusted strong growth XX% increased $X.XX. EBITDA sequentially management, year-over-year increased of year-over-year million, sequentially

solid seasonally it year. is relatively weakest QX, in this remained While demand

are economic customers consumer across banks, That to small origination during remaining both strong a capital they and access environments. variety business quarter. in early especially growth, Our and the as QX, in of we maximizing prioritized said, underserved need credit metrics being by opposed traditional to

finance increased but down $X.X and typical loan sequentially in to X% increased receivables QX XX% year-over-year were with combined billion. Originations seasonality. Our X% year-over-year line

the to importance SMB as demonstrating evidencing portfolio. Similar XX% Marketing efficient few our having our demand and last came was year, quarter to consumer of the the business of in a clear from revenue products, total quarters, credit growth solid just past I decreased a from diversified and line our the very percentage of the XX% mentioned.

X% products represent revenue SMB business Today, last XX% portfolio, QX increased small XX% year. sequentially. XX% of our up and from of in year-over-year

portfolio, volume. runway long see competition meaningful continue we Given drive ahead a brand to presence, and our to diverse strong minimal

total decreased in while credit increased consumer a down consumer performed installment X% again, in in from a Our percentage products of a Consumer of strong XX% QX our consumer line QX, In QX. of our increased business portfolio year-over-year, our has expectations, also seasonality. reflecting was as typical loans well QX, with loans. revenue line percentage

loans short instead resulting installment of a near-prime consumer We relatively our smaller credit higher performance. and have our more line duration in and shorter have frequency products, emphasized our dollar duration us continued payment credit view into deemphasize longer-term portfolio. and of to gives real-time a This

In QX. single-pay made year, our made for in the pay by to large addition, the year, our off short-term loans end early decision had and of of single-pay wind enormous years, down final payday products. our business. majority were the single last QX we last books run loan single-pay We loans all our of In

for largely faster-growing products us our due allow offer. dwindled we products. However move simplify focus the years, to to our preference will on This other their and significance customer operations

less represented year, portfolio. they total our discontinuity to Prior than X% of last

this how you a as the on can over overall had of quarters. results our see no few has it exiting Given past results, impact contribution our from business, our small product on had material

to the charge-offs environment, Net good credit solid leading continue as continued last QX we performance. pre-COVID better were down to macroeconomic in credit Turning was manage from and quarter. QX below the looking of XXXX credit profitability. in management. good XX.X% and of of through credit in charge-offs is Overall and well QX changes numerous very in from into net shift mix heading the X.X% quarter XXXX even remained successfully in Notably, combination to of X.X% first XX.X% quarter, levels a

over products we ROE the led prudent a between using us balance our what to environment. past back To of a manage of years, risk. increase how XXXX across added macroeconomic during been strike targets assess the is to the X This and more give half all analysis sophisticated growth perspective to recession-monitoring on we've credit, our

operational continually take our of of concern opportunities. In experienced and our are making models, areas combined addition, advantage sophisticated machine address with small changes to learning team,

making hundreds originations between credit each of changes to optimize and literally performance. small are quarter We

not all move products to . understand important that It's a

as elevated. our into QX targets. example, For the credit of contrast, by metrics QX. consumer And we some strongest for credit result line Accordingly, most in to in back with in defaults metrics much became In QX averages business. mid-XXXX, late and bring seen portfolio XXXX of saw underwriting tightened for historical metrics the was better these we our than X by the quarter we lag in that consumer or SMB had ever a

the to our ensure in historic business credit to saw small portfolio the Over normalizing metrics credit year, late models tightened focus of the increased and levels, on and unit as the collections we performance to strong we our impact economics.

a credit demonstrates deep charge-offs machine metrics this bit lag Steve there portfolio, Now, will learning importance net a across QX, look discuss. algorithms of solid, will and although with as world-class team. and be SMB of Again, a experienced having a diversified the into

in opportunity believe of in particularly performance with credit strong the be Looking has solid forward, are there demand more strong April. now, aggressive to the moderately fact, volume consumer result is and so side. current on we originations as quite observing, a we been far And

while to drive deliver liquidity $XXX up, more shareholders. capital companies gives on and financial wrap the ability million have value our To for markets to our liquidity struggled proven our the in than access current market long-term continue of other access service balance sheet, commitment solid to us environment, the to to flexibility

of but The not not demonstrating macroeconomic economic but that obviously operate another well a consistent variety environment and there's quarter, lackluster results risky was in unlock to overly had can noisy ever current in price, our it's meaningful strong one strong share This environments. that and has instead to business, price we value. more We in an QX, again to combined do to that our us it made stock upside clear more and recent shareholder performance, need with Enova. that industry-leading than

We gauge with various are external advisers working to alternatives.

become. its to we business we've insights In noticed, show has business addition, how about manage large our more how credit. SMB discussed more as providing quarter, you strength. and this And are may quarter, discussed we on have Last we stronger

we that tech to have analytics place right we not the all identified confident strategy, and we We but value, and are will team have to sheet build yet products, our take on balance the in tactics success. unlock

turn answer you to our like will to detail. call happy questions the outlook have. And any that results remarks, would Steve's may I who Steve? financial we'll that, discuss Steve, be more over to in and following With

Steven Cunningham

afternoon, Thank you, David, and good everyone.

diversified Over learning-powered be a deliver quarter, offerings, and combination and pivot reflecting bottom several environments. in this financial sheet again adapt to solid environment. business the range uncertain credit this years, powerful its management our machine ability and results nimble risk model, results product to in balance our solid us allowed of line has flexible differentiated of capabilities, our consistent the operating past top financial This can across seen online-only macroeconomic

Turning to first results. our quarter

March first increase in increased and company XX. quarter total of expected, driven finance revenue to XXXX end amortized by was million. company of from at an on the of revenue As first receivables loan billion total flat year-over-year was XX% to of growth balances, XXXX the The and which, basis, rose $X.X XX% from combined $XXX the sequentially the quarter

a company First were shorter billion, quarter line same continue consumer smaller up growth year products $X.X duration and of from originating dollar our total on and driven businesses. small the we across by balance and credit risk business totaled ago and continued our slightly to as originations emphasis period

end receivables quarter XX% than the ended first $XXX a quarter the ago. to or the of grew of $XXX quarter amortized of year the an increased first business the quarter Small revenue small XX% as higher originations XXXX year. from of on business million from billion business XX% first at basis last Small $X.X million

due to the first emphasis of credit consumer $XXX duration and during quarter dollar installment receivables an consumer and were line exposure quarter X% our to from loans. basis Consumer economic from due smaller ended return first XXXX. $X than of products Revenue on longer reducing as the while were consumer compared originating first quarter prior to end quarter of seasonality on our to sequentially $XXX of the to at million XX% duration lower and dollar the the larger the amortized businesses or consumer year billion the tax higher uncertain increased of lower million near-prime XXXX shorter environment originations

for XX%, uncertain credit As this, consumer mix environment. an shift this of of XX% and remain and adapt strong, grew of line and quickly the in supports products quarter in respectively, demand XXXX. originations receivables macroeconomic our more the from Consumer first to quarter these ability evidence

originations for as flat to quarter, the and the mix quarter. sequentially second the upon of expect revenue ahead, total timing is during growth will level, be we Looking typical and company depend

reflects range. Credit The value, performance credit. revenue the and fair first margin normalization of portfolio and to that for quarter quality, the the which driver credit quarter. solid. portfolio of growing business small remains our our most consumer end for seasoning expected turning of Now last net expected was of XX% on is metrics total revenue significant Credit high the and net company discussed the strong we

of the steady was of of as total the net or to ratio small loan XXX continued average XX consumer the compared quarter compared charge-off March the was first the net basis was and at for more to through ratio small by business percentage driven consumer combined in XXXX, X.X% company portfolio receivables rate more offset quarter, the of delinquency charge-offs Total business end points. in declined than a net finance of ratio and receivables X.X% last was by days our percentage which partially of and passed seasoning growth portfolio, The X.X% recent at improvement portfolio. XX X.X% our charge-off

growth compared we normalization, As last levels With expect low pandemic. our in term, to meaningful net to more environment the we the levels portfolio as including this or as are the portfolio for in growth. evident business and some near our we have over quarter-to-quarter falling revenue in where discussed growth small metrics credit exiting the slight and unsustainably small variability macroeconomic typical that settling metrics performance could past business below at uncertain be that year, the experienced balanced quarter-to-quarter we quarter, manage in margin actively variations credit especially temporarily can in and approach ranges, credit normal above

targets we year credit against ROE we're in our profitability portfolio have additional the potential in in ensure loans implemented our last cushion that Increased market to now. protect variability across profile to of were like helped environments

would net generated returns XX% expect than XX% expectations. in still on or results portfolio below small fell solid normal low revenue and a that quarter low our better more that XX% this environment, company we of to our we operating just the range business delivered were in the consolidated though even margin So line

first the the The credit as of to XXX%, for levels percentage a consistent principal with our at year. business continues of premium quarter of small stability outlook fair lifetime the the over portfolio with reported remaining value reflect end of past

fair seen value to for consumer. of a and mix increase the the meaningful consumer turning our to we've Performance portfolio shifts the line a expectations. for outlook loans. losses Consistent with in solid reflecting over seasoning including consumer better-than-expected quarter portfolio portfolio of remain and Now are lifetime consumer credit aforementioned our shift, credit X towards and credit metrics that as reflecting points XXX%, percentage past the a of year, percentage original principal of versus this

As as a trends small our a slightly aforementioned of consumer percentage portfolio principal the the portfolios, business at consolidated first increased fair to of XXX% value the in end the result quarter. and of the of

relatively credit revenue Looking remaining upon for company and the originations performance will stable, XX%. of timing and second revenue ahead future net mix with quarter net to expectation overall margin the XXXX expect level we of performance depend be around This margin portfolio payment total growth.

expenses. to turning Now

of including quarter, reflect XX% were quarter of and the XX% of first this online-only management. compared thoughtful operating Our $XXX Total efficient revenue or million leverage activities, in model $XXX XXXX. quarter for expense operating marketing revenue or costs million first our expenses continued to in marketing, the the inherent

Our of or of the of $XX or compared and efficient with revenue for the XXXX. XX% first million spend million in to $XX effective remain marketing marketing first activities quarter of XX% revenue quarter

marketing the the in of and depend customers. term XX% origination, near expect will for to growth upon expenses new be mix especially as percentage We of near a revenue but

XX% originations of over $XX operations With receivables revenue quarter million first increased quarter in and first $XX growth expenses and of in the million technology XXXX. past or in XX% the to or to compared the revenue year, for

and an revenue. are costs growing variable significant where increases originations should of between O&T in the expected this and sequential be total Given receivables range of environment expense and X% component category, in XX% should

and or of the to XXXX. X% of Our continue quarter increased to X% $XX for operating efficiency in revenue fixed our expenses million first $XX revenue and of on General management. costs reflect administrative focus or thoughtful from quarter expense million first the

expenses have mostly to the flat G&A Excluding been quarter a would $X.X of onetime million related to costs, first of lease termination, XXXX.

as variations quarter-to-quarter, a of near expect we around While expenses G&A from there the X% revenue may of in slight be term. percentage

per quarter We of the per $X.XX diluted to share non-GAAP prior measure, diluted the share recognized earnings, adjusted in of a or year. million million the or for quarter compared $X.XX $XX $XX first first

long-term successfully ample give investments and navigate of of value shareholder liquidity the deliver our range has through purchases solid and and our our Our senior well driving as sheet market us balance a notes. to to retirement allowed continued business operating in us to open financial flexibility on repurchases environments and commitment as share

and ended capacity including available first of quarter We and marketable the of with million $XXX securities million liquidity, facilities. $XXX million on of cash $XXX

first Our year. for in XXX year point cost SOFR X.X%, was a primarily the ago, the first than to past XXX funds quarter increase higher basis the of the quarter basis due points over

repurchase At a our confidence program. first acquired million. March XX, our current in share million the strength remaining $XX Demonstrating had shares relative authorized under our during continued to valuation, of we quarter, the business we our at of XXX,XXX $XXX approximately cost

the $XX market a in material we of XXXX, to leading senior that to par. purchased position X, XXXX at next a expect continue their and during our XXXX our notes our up to retire and due our notes purchase market to quarter, maturity. discount to in the addition, In cost months, September volatility, refinance notes high open leverage over XX Without million to to we senior the unsecured liquidity slight current opportunistically improvement also

summarize our quarter second To wrap up, me let expectations.

to to net macro a origination risk revenue the around balances as margin flat stable the This should the As continue resulting credit, in is we growth we second XX%. strategy sequentially that and of typical expect against environment. total to lead company an of focus current for on year, quarter revenue be

expect revenue, quarter adjusted and These EPS to lead near of In and to the revenue. marketing margin expenses addition, around we EBITDA costs XX% XXXX. O&T compared G&A of costs of between X% second slightly higher and be expectations to XX% an mid-XX% adjusted to the revenue, of in flat of should X%

we will for customer of environment a macroeconomic focus of we year continue maintain growth for quarter upon and to change Barring of compared to level expectations remainder material between payment full the that the grow and originations and second depend XX% on balances our the originations year, timing as to an and this rates growth. origination risk. in Our mix XXXX XX% expect strategy XXXX the

that revenue As resulting full faster and we XXXX discussed and compared last to should the quarter, receivables, credit growth operating in growth our stable EPS leverage both originations expected in in continued XXXX than year is result adjusted growth.

for timing remainder and originations will environment resulting this rates of macroeconomic and customer the year demand, on mix growth. the expectations the payment impact Our depend of upon the of and level

quarter approach our continued to growth we balanced to This demonstrate working. that is

and and team, that or expectations flexibility and to we for the talented well confident have us quickly meet environment. the profitability are despite we growth product diversified to Our uncertainty evolving financial our consistently enabled in macro adapt exceed to offerings positioned economy, remain macro

take that, questions. we'd be with happy to Operator? And your

Operator

question first will our And Securities. Instructions]. David of come from JMP [Operator Scharf

David Scharf

off right there's explore for the you benchmark probably efforts I'm ask some the guess of frame time expect I kind a sort some to David, to I opportunities kind on if obliged conclusion and guess to of the or to of communicate, when you're reach for either any target shareholder Board value? able bat,

David Fisher

Sure. Yes.

the a be you might It be company We this know. don't the in We're more marketplace exploring. company, an in where But amount stressed not more the the reflected ongoing. we series makes year, of of again, value year stability come. might or value end that's the versus we're one confident there's years strength next the balance something like is think of yes, is in have do. We're things we just look, in it to for there obviously, a us trajectory, sheet, something no the we're rush those to like So of that get created. there of the It And to creating do be done. process. amount or great shape. originations rush. given to isn't of But The might situations over That's value our whatsoever. be

David Scharf

No, SMB any through a employment curious the pretty in get you if small side, unique seeming And and platform into -- it And being a both credit translate that you're business that's position it. your consumer? I'm trends, is helpful. layoff so, still Do direct-to-consumer into stable? lender. OnDeck Got insights a on trends can

David Fisher

electronic great We of I we have really. And especially get loans. originating in Not bank changes don't millions small a I the consumer strong. a very get very, a say health of of that. statement generally. our better of health sense we've consumer increasingly from from sense the in still as consumer say is originations, millions very those I sense customers get the of sense and mean great we businesses a good part employment And as income. trends, of would the we of of can obtained changes data employment,

near still by That's up of ticked very, very, a incredibly kind still strong. . at rates Wages lows. Unemployment have Jobless claims or very are low.

healthy So in making with And mentioned this And combined I as we're now. strongest for consumer we've strong calls, had demand, credit QX right solid us in a it's a metrics for very ever of business seeing very consumer. my year.

David Scharf

there quarter-to-quarter. it a can fluctuate to will? XX% kind there spend and you is to Obviously, to funding that specifically, a don't more year customer below that the anything competition could about is acquisition then this in we normalized access lead efficient, question acquisition. level, But competitive funding XX% it. competitors you Is be be and that if marketing quick I'll understand usually have as is wrap up, Got or of the anything that on And do? weakened low-cost just environment, of customer

David Fisher

QX. The Yes. balance. competitive in certainly I mean, look, is We weak. it's a environment saw definitely that

a talked credit of in our were quarters tight elevated the majority with couple now of quarter QX our a about kind as we discussed throughout think of Our acquired models, with we that as that row. a much we've of pretty post in marketing since and call, we I ROE we've for the targets the we since had revenue And had OnDeck lower percentage as even pandemic. that, -- really

certainly environment that weakened So economic helps.

year, of I could that accelerate And flip more good ways side bit seasonably on and accelerating of push a mentioned also it's time the because those remember, originations. with X is, to entering originations The a metrics -- that important call. gives attractive to which incentive up the of metrics a us credit the there's bit,

credit credit more We're credit you up what higher open attract customer can are. each on and credit in based more day per or spend twisting those data And metrics every and tactics lower your and our and adjust quality dials we can adjust customers. each more and quality marketing bring You those customers every day. model where we're in seeing to spend our vary

But between as risk and certainly, much. approach credit sensitive balanced as mentioned, wrapped the this to up Steve models too we in with, up we're opening more growth,

news push on in might we a a The that number marketing. very do with is, and still bit ROEs. spend time So that room plenty have of very good QX, marketing us attractive to to have low a bit that more

Operator

Hecht next of comes John The from Jefferies. question

John Hecht

Congratulations on quarter. another good

loosely. I anything guys? business does data commentary this, from this put you I've guess, proposals. small tracking perspective that? First to an I out do They be to to question guess, some -- collection, operational is, that your I general seems been guess, And what's

David Fisher

to I in collecting that's date. the I I now -- have effect remember we goes a Yes. start final can't mean think rule. It XXXX. into exact

[indiscernible] first on think XXXX. for about the bit think I right. that, report that's I but teeny we'll time in

Super things. do the It's similar customer. collect. an have for what general voluntary you to days. to online data, those to type demographic lender kinds not mandatory. mortgage rates, in as lending us It's easy They They're these of want for

we a fields They not couple or application. then filled send of to So in, CFPB. in and data the the we filled our just add to

of for much at all. not burden So they a really us

John Hecht

most the mentioned fact are second us a you quite despite refunds And are think into quarter. little the that's better Okay. down the of down that is that tax credit I getting -- this helpful. a year bit And aware actually That's then bit.

a a tightening? So function is mix? risk. the markets in managing that are of function you Is yes, Obviously, credit that guys of

I maybe be obviously, the is the better where might of to a I'm So what the -- But very heard kind kind result. you relative your performing credit that it's I attribution are that than on little and platform. just pleased wondering of perspective thought of expected.

David Fisher

Well, better different, the It performed trying how but to of it me was into credit. components let kind make which break X not we going well, up was Sure. than part expected. point because slightly I they were the through when of manage

On saw the business. all we in consumer of since the the almost credit strongest the beginning really metrics credit quarter. strong very And consumer yes, side, with we've and But are the David's little of the quarter, jobs very as as from ever was see, still And strong some strong extremely wages. answer we is mentioned very, I market returns tax down consumer, can in bit. as a strong to the question, seen the far

that growth, So far with lots QX. those good metrics, us and into aggressive that approach and risk with being super origination, of that's terms credit I of think continued very, so to very balanced not

originations. did aggressive were credit side, XXXX. of On the we very we see the the with at a weakness small end bit little business of in And

of those at of our So models really, jobs. good well, And and very solid work machine And incredibly again. I'm into the is business team quarter, the by year sure credit end and learning skittish really got QX. their and businesses it. our the by looking dials the was the of I was end and models also adjusting, by But turning again, twisting kind do small again, around think then a that part of bit

great time we're all consumer to like not the on range a certainly that but happy So with. side, very

Operator

question Instructions]. Vincent And Stephens. Caintic of [Operator from come our will next

Vincent Caintic

business. First small question also on

to of these heard business small and we So turmoil banks of over certain have the then, And categories, one tighten seems mid-March. on that's starting to might types lending. of of past, wondering or landscape sort we've and lending them. pull I'm of up if kind be small big how perhaps as you're and anything for be opportunities business the hearing just is seeing from others some there you, back looking competitive since

David Fisher

question. businesses qualify Great from business attract structured No. general, can't for generally traditional small Yes. loans that products Look, to banks. our are in

there's So not we time, businesses been bank viable things those those they that loan no continue will search would direct option have And do out to maybe obviously, a small able over those historically them. as cash, to for a that customers are think a maybe back, be overlap. to. get But longer pull as -- able we

a that So volume seen March, We of spike ton not yet. we a haven't of didn't see in that's but unexpected.

continuing. a I to pullback But to those from type take a it to businesses having from different that have could traditionally banks, of time be borrow borrowed mean them some adjust lender. the banking does seem

pullback our that look an I into for continues small business certainly into QX products. summer, opportunity think So forward we the as

Vincent Caintic

well some of just kind of financing as funding about -- second kind thinking And the to of Great. over structure. side, talk Okay. of and your Steve, share capital the funding your related repurchases, see thinking pivoting using if to and nice the access about you about availability, to capital kind question you're the as could you're how how -- taking markets advantage on structure. then but It's availability funding

Steven Cunningham

Yes. Sure.

and I dramatically over to it. So approach term to securitization in combination with and a securitization time markets facilities our hasn't of financing need as the financing as really approach we where our using term think well changed

the as dealing been continue to we range have opportunistic, just past going like we're with be years several So we've a of been to over operating environments.

in calmed March, I improve. down financing we've earlier seen would banking the continue markets say to in anything, of opportunities if some noise after the

some our sense next to things XXXX repurchase to will to need we that share continuing to year extent we'll senior about, where do and plus. to program upcoming the feel to So we of growth, over is like that raise but it continue makes the the have which us allow to economical levels to also notes access fund at talked money growth, new continuing I retire fund continue the

Operator

John from of Rowan comes question next The Janney.

John Rowan

the I where proposals like understand you guess eliminate strategic of to of in kind the of we the evaluating you actual look in phase? of you unlocking idea Are to to if I'm through conceptually you starting understand kind stand conceptually still process alternatives, are Or I'm where in struggling sit options? value. trying just shareholder and will. process generation potential

David Fisher

company. those. sell mean I outcome And kind like think many we're as doing company, M&A where we're going the we're of to are the still kind restructurings, buyers different balance the process this I ways. of different isn't and many, say both selling in go take side. could in the of forms sellers the hey, transactions would Yes. This sheet earliest is, repositioning we in again, business from of I the

forms. So of of of takes kinds to it advisers And lots we're to figure different out. because that, it talking different

we've heard to continue ideas heard ideas some interesting. We've that evaluate. So we'll are some and are that not,

outcome things. to And mentioned we're series this earlier, process we're x, like whole be as may has going I be definitive that of a a where something a it might going do do to but

the better of over we're able next So been we've than years. to value last years, couple of able couple the extract to over

John Rowan

Any a buying debt par. buying agencies credit then of was it such par? obviously, And or slight think rating I lastly, implications to you're below at from you Okay. said that -- just back discount

Steven Cunningham

below they John, a are back levels no, we're just debt. that But it's concerns so for bonds it at buying from you an par. buy raise still callable par, would typically would buying would the touch at opportunistic still, It's raise see the us. not that that

of is and dialogue agencies in with our pretty strong. And bond we've the is small plan. scheme Enova, our This things position in particular the about for very liquidity been

distress this situation for not way. creating we're is in us where in So a any

we're take so. on or to shape I the this over good year So next continue think in to

John Rowan

in was to obviously, I Well, I make Okay. about, -- you some technical not sure at discount more bonds if wanted to just buy will think I sure. just talking consider make when back significant the don't I to we're want -- rating zone, par, that a we're that agencies of but it default. a

Steven Cunningham

Yes. -- around No, XX. these are about

this at So about of we're not talking -- that any any level.

Operator

conference the turn I would session. question-and-answer for back to remarks. David over our concludes Fisher any to This like closing

David Fisher

to operator. call evening. Thank Thank forward We great today. you quarter. next our again joining everyone, with a for you, Have speaking look you,

Operator

may you The Thank disconnect. conference for you now presentation, concluded. today's and has attending now

Enova International (ENVA) 25 Apr 232023 Q1 Earnings call transcript