ENVA - Earnings call transcript Q4 2024 | Enova International, Inc.

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Operator

Good afternoon, and welcome to the Enova International Fourth Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Cassidy Patterson, Investor Relations. Please go ahead.

Cassidy Fuller

Thank you, operator, and good afternoon, everyone. the XXXX, and market this for ended year closed. results XX, December afternoon released fourth full quarter XXXX Enova after the

on press will are of Chief is our Investor If of of at Steve ir.enova.com. the it receive Cunningham, not on website be Chief the release, today's being our Executive me earnings and call from section you call obtain Fisher, section you webcast Financial Relations a Investor archived Officer. This With and may David did Relations our website. copy Officer;

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

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

of to David. the information earnings supplemental our call over that, I'd release, like posted in turn financial As with on portion the IR website. And have our to noted we

David Fisher

everyone. Thanks, call you I today. and our good joining afternoon, appreciate

and growth Fourth were quarter are We with and portfolio XX% driven was EBITDA quarter. over best by stable line record originations XXXX, strong year Enova's our solid better than another in to with adjusted in our revenue, yet, growth EPS. across compared all and results in to originations, revenue, or resulting end credit. EPS a solid as XXXX year of levels adjusted expectations pleased

technology, machine product offerings us credit variety originations XX-year profitably diversified team, history lending have cycles. learning and proprietary algorithms a through increased of skilled a achieve Fourth X% of Our billion. world-class year-over-year to XX% to sequentially quarter enabled $X.X and

was recent our As receivables total and growth, represented increased the of record strong year-over-year business of consumer products a origination combined to with a finance result quarters, the XX% XX% XX%. $X billion. loan small and portfolio Consistent

from risk comparison year-over-year first well XXXX. of to we As focus growth XX% expected, of from originations origination continued quarter on in the strong very in growth the and moderated the fourth generated plus growth the as a as due growth we X balancing months our year difficult

As in we disciplined quarter, framework. that approach economics balanced unit our is this discussed we last in sophisticated grounded are extremely

of and repurchasing portfolio in discuss sequentially. marketing the our and and in Steve as of Adjusted X% management. diligent operating our quarter, increased year-over-year XX% $XXX leverage more growth sequentially detail. We year-over-year continue Profitability operating revenue our million, by expense record growth XX% combined million efficient to increase XXXX. of X% outpace increased origination this EPS commitment our year-over-year we with XX%. EBITDA while long-term Once total we with also again, that online-only of business credit our our generates so originations with business could position our certainly in our the believe faster success. our and and And while XX% XX% current positions well grew revenue be important strong year-over-year X% growth. to revenue, was stable credit, diversified were our even QX $XXX a EPS increased line strong given to increased $XXX sequentially for a driven is significant approach and and It underpinnings to metrics model record SMB competitive an to leverage expect adjusted faster, consumer will XX% and remember revenue growing of stock, expectations generated million. Marketing to we and the

I good the small growth ratio as net and declined credit improvements both we stability we growth. As customers. in portfolio of wage the performance in quarter our those be seen and due slightly remains the to mentioned, our strength businesses both driven saw fourth and ratio by The credit in quality consumer quarter significant the of consolidated that have XXXX our and of the from jobs in continues charge-off across of to consumer portfolios. Demand despite for business

concentrated risky for inflation. of this our and Our serving demographic successful technology Further, to proprietary average traditional too favorable and and analytics, as on showed resilience. them difficult a the X.X% lenders the financial market. be gains proven U.S. segment too institutions. in who with been to the also this ticking And exceeded in strong. economy strong Jobs target have December to latest experienced year, those market indicating our from and the down underserved continues leading X.X% slightly recorded December, monthly underwrite, jobs group. The target largest year customers team highly strength large very finish by to Report as highlighting that to unemployment the is gain November Due be mainstream wage the view the in in labor macroeconomic environment the remains to the we've of economy's customer are

SMB growth findings, seeking XX% small lenders first owners like Business its capital in X.X owners above cash row own billion business to highest also the conjunction moderate of are the small In about since shift banks expecting XX small traditional Optimism Cash Index driven our announced Business National months. nearly growth to that business consumer feel in Business X significant growth XX% future This into optimism from a in month the Federation next released continued October previous small are our iteration had Small trends, Small found insights XX-year meaningful fourth Turning Enova. Supporting and our that our key to offers Trend Report, increased businesses spending economy November, increasingly of small opportunities. Consistent favor marking average alternative Flow optimistic we challenges over inflation in report the reported over rating in second of of of with and findings, businesses as which $X survey a small flow in latest the as XXX.X over Ocrolus, businesses. about points originations, of current business and second the quarter shows Independent with of by we business; bypassing a where December, in the row XXXX. of the

and our portfolio. discuss encouraged wrap I like Before across take up, beyond. We're a outlook good few and moments the XXXX for to by performance strong our momentum I'd to strategy credit and

the lending in a of across economics. a just unit consumer we easing and low all both job real on our data, early internal volumes inflation and as wages. track company Over start through we've strong to XX-year products. with small footing consistent benefit record solid origination demonstrated I great very to based on And customers profitable our unemployment of from off external business with history, As and while are still our cycles rates, rising growth, mentioned, year, proven they are continue it's

strong macroeconomic strong pleased a by to have and generating That range supported constructive operating end our wide momentum is a XXXX, of said, solid year well backdrop, economic the we a are we potential and resilient growth which across meaningful positions of for in and to we remain managing but We us mindful for a strategy to carefully XXXX. delivered believe changes of in risk. business the are while committed macro balanced environment, conditions, a provides

amazing we big have built to thanks to Finally, extend at team I the want a Enova.

like XXXX to Best this by team, and made for Our hard the over any And may more was to in questions and who that, we'll a IT Computerworld's in determination call work results discuss the outlook be Steve? row. With financial you performance remarks, be CFO, XXth would happy have. Work us Cunningham, in turn ranked to our our world-class leading to Places will answer year in possible I to Steve Steve's following detail. of the among

Steven Cunningham

with pleased once exceeded met XXXX afternoon, again or We're David, results Thank close everyone. and that you, good expectations. our to financial

XXXX scalable and operating offerings, financial quarter fourth the the Our us in product how and and results. management strong world-class demonstrate consistently top year to the diversified risk performance continues full model, capabilities to strong of bottom line flexibility our deliver combination allow sheet powerful balance

of consumer or XX% rose basis business end company XX% of on from billion XX% on XXXX receivables $XXX as of revenue $XXX higher rose loan receivables the our quarter than originations million just $X.X XXXX of increased from of an of increased quarter XX% the the on $X.X XXXX $X.X fourth XXXX the XXXX. Consumer quarter of the fourth results; an XXXX. $XXX lending our from our from from end over expectations Turning from slightly million. fourth company quarter of basis than business Total XXXX. from fourth fourth $X.X XX% fourth as XXXX Revenue XX% balances fourth to to fourth billion. Revenue XX% increased to the as and higher an finance grew the $XXX the exceeding of quarter combined the quarter businesses total at during quarter billion end from company basis receivables increased amortized ended amortized total quarter quarter to of amortized or to billion. fourth originations consumer million quarter the of the at quarter fourth small business XX% XX% ended small Small originations fourth year-over-year of the to the million the quarter

higher XXXX, the XX%. year-over-year flat originations revenue growth in and sequentially, the expectation of to around For will mix This depend expect to slightly the of during company quarter first upon of be resulting total level, revenue growth timing quarter. we

to revenue portfolio most significant value. driver turning credit, is Now and the net fair of which

point a our our consolidated for X.X%, day consumer year-over-year credit fourth revenue as from portfolio stability remained with rate and quarter reflects as for credit in the quarter both second for declined XX% ratio pattern, delinquency lowest As follow basis consumer future reflected quarter and year-over-year net seasonal to and performance. ratios a the performance fourth for the XX-plus net points in stable with reminder, XX line in XXXX losses in and sequential meaningful the improvement consolidated reaching premium. strong margin their by decreases. Expectations business well experiencing charge-off as value consolidated quarter. The typically small portfolios, quarter expectations continued the was fourth of peaking of the consolidated the the fourth credit the net the during The the charge-off fair

consolidated sequential first expected originations from net flat total sequentially expect for growth company in to the XXXX timing and of see sequential mix margin we Looking revenue be the net offset ahead, we consolidated is the lower first aforementioned will depend rate as seasonality the the quarter consumer impact the quarter. the by quarter. This payment and improvement of upon level, originations charge-off during expectation typically in performance of portfolio first the

including total quarter, our to efficient compared of drive in or model quarter online-only in or continue of see to quarter compared XX% revenue expenses; the fourth expenses $XXX spend operating activities, marketing continued as efficiently fourth XX% Marketing million XXXX marketing, the of to the quarter in our to revenue in were line the turning expense costs leverage growth of million we XX% expectations. increased of with revenue XXXX. thoughtful Now our marketing for and of revenue of and $XXX was inherent the management. Fourth to fourth XX% to benefits

upper With we of the the percentage to first growth for a first upon quarter teens expenses will during range revenue quarter marketing expect the year, the mix depend of as we typically the seasonality revenue experience expenses the technology and in or and $XX revenue or and driven over million by for of growth the compared of quarter XXXX, the and increased of fourth to fourth quarter originations receivables in million originations. Operations past X% year. in $XX to the X% of

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

million scale operating Our of thoughtful on as or administrative focus management. X% General fourth continue we expenses and for $XX to expense and fixed costs revenue. to the quarter efficiency increased

or the Excluding G&A expenses onetime revenue. million XXXX quarter of items, $XX totaled in of X% fourth

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

share financial long-term the operating balance strong range liquidity both navigate remains flexibility delivering and environments us repurchases. Our through on sheet continued successfully a and while give position shareholder commitment in value business our and investments to to our of drive

cost With deliver estimates our EPS note a business is in increase growth, our repurchase share still consistently we recognizes During the started for XXXX XXXX, quarter, XXX,XXX shares adjusted of the a given to approximately business model senior at million of more with valuation ability acquired strong under value during there $XX in $XX our and differentiated on covenants. We're pleased believe of inherent we our that XXXX XXXX available which million, fourth better by and ratio we the moment for which financial analyst our the discuss PEG XXXX. I'll current results. in and said, based capacity expectations

and liquidity, debt primary fourth to $XXX with on Given as ended million we well-positioned we opportunity, vehicle $XXX committed opportunistic and our this of to million unlock value. And we so are including buybacks shareholder billion securities capacity available cash remain very facilities. the of to stock of as $X.X marketable do quarter

was of as of the cost a than XXX financing well third quarter, points past on basis reduction or Reserve's lower the transactions. for X.X% quarter the Our over rate result basis in several recent strong execution XX Fed fourth primarily funds the as as the months point Federal funds

would of XXXX, Fed, points the to and and We Even upon interest of funds during the full full result but mix on any, expect funds revenue the by additional our Fed, year our we XXXX transactions, full cost the which XXXX expense mix funding the percentage for the the spreads rate XXXX cuts to by the in of our XX% cuts if in depend rate as of of rate will expect pace growth. credit additional approximately financing originations of XX timing level, some of new with no reduction continued cost X.X%, year a around decline basis for from year XX.XX%. level

rate stock interest, options was a fourth changes. tax driven related was tax and exercised effective share tax quarter during price by fourth the benefits resulting position The and rate the sequential favorable state in XX%. our on uncertain Our for reserve decrease quarter decline from increases

While there the to remain normalized expect tax our mid-XX% may we rate be variations quarter-to-quarter, from effective annual range. in

Finally, of quarter XXXX increased adjusted we adjusted fourth to quarter per and $XXX continue to and share. full a EBITDA, increased To wrap Compared me $X.XX a non-GAAP our quarter. profitability XX% up, measure, solid this diluted XXXX, the measure, expectations. deliver million XX% to to year first let EPS, summarize non-GAAP

are sequentially. be change typical expect flat our the first the sequentially. Seasonally higher revenue For the improvement to offset we resulting follow charge-off quarter, expected revenue to to to slightly seasonality and in originations margin rate, lower to net little in net

higher a revenue. of In X.X% addition, costs O&T of around of a marketing as rate, G&A revenue in we expense costs expected expect to X% should X% is expenses Interest and revenue for be as a revenue teens, of upper around about of these of to sequentially. adjusted to expectations lead normalized percentage the be XX.X%. tax first around EPS the quarter percentage With that more it's XXXX

and rates payment customer upon depend will growth. and mix expectations the originations quarter first of Our level timing

assuming we growth of XXXX stable no unchanged originations growth full year full macroeconomic a with should reduced that to to unemployment for compared resulting expectations and by turning to receivables full operating in faster year the largely expect EPS funds leverage XXXX XX%. the result growth of with of is Now stable full and a the year growth of XXXX XX%. The a slightly would in the credit, cost year XXXX; material increase and for in continued in revenue environment around changes than originations around rate adjusted interest situation environment, for our

our generate on of resulting environment. growth. In we'd creating questions. with value take level, balance originations rates timing have a Operator? during and demand, constructive that, happy shareholders. And upon by of the expectations proud started for to XXXX strength to closing, on We confident business environment remain achieved and macroeconomic payment needs what leveraging significant financial we customer model footing mix meet ability your and while with our Our and in our depend differentiated meaningful to sheet results for and be customer the solid we're impact XXXX the macroeconomic will XXXX financial

Operator

question [Operator is The Moshe Instructions] first Orenbuch TD with Cowen. from

Moshe Orenbuch

talk and in environment the coming changes? Steve, like are could in and kind consumer or little how Any about business the and market around it. side. some I'm It feels not back of small Dave bit you a consumer you're seeing competitive both lenders on sure that's if it? your

you just bit little could If give us a there.

David Fisher

sure. Yeah,

hasn't with start that very we've also QX been origination certainly negative my I strong QX can think had to the prepared see from strong any there impacts mentioned, as January as in competition. a you remarks very from I And in originations. growth

people kind to the small on be both consumer but side, tend side You see and be impacts in the small, smaller, tend they do to out, fleeting. and business be tend booking to of and they

the not time. in significant be seen sustained think to of business in push kind of QX competitive take ability We really that evidenced side have very And consumer volume I to by a either case. again, on our kind a small very, long the shows or

Moshe Orenbuch

changed you've maybe two? -- it And less for that a about you're non-prime, since and in that typical other in I the seen they're think like last patterns couple still of -- seasonal the or credit most from a standpoint lenders something the in seasonality of business. of talked credit. sounded probably Is originations, year looking because repayments Anything card, -- that's little or Okay. but have more the

Steven Cunningham

said the as we we Steve. QX. in through my Moshe, remarks, see seasonality as expect this move I I No, is typical think I think, to

of could month-to-month. you fall But but on with that that You January, can as a you you to And of post-holiday little see see refund move over tax into you depending have QX bit see consistently. timing typically consumer that on quickly of the in holidays, but that around particularly some that see coming and happen the timing the off fairly side, certain tended pretty carry online, season. can move QX the it into

So over holds. view, I seen our think still seasonality time, from it the point that we've of

Operator

with The next JMP. question Scharf is David from

David Scharf

following just top-down maybe the up on David, you some of provided. of sort commentary sentiment

sort that it's consistent the you could not the faster, of best grow Regarding interest. in comment but

about macro ago a that you a would year of to loan a consumers sitting kind signs sort green you've the seeing taken credit are are reflecting you environment, know trying sense whether better any in think years will of because or what fact, the it's just book and you you out actions some if, loosen flags call say, that As box couple you the maybe stable the healthier tightened little. on you get there versus are that credit as consumer rather of what, gauge credit? Just last the any of has there indicators or are a a you over consumer we

David Fisher

Yeah.

different because it. of two viewing that kind it's top-down me Let and answer ways bottoms-up of way a

the consumer on business, I environment, a our strong. that to very of very from that's think labor the more And We wages. we segment of benefit being environment continues think very globally strong target for population the of side us. we kind a that and that consumers conducive rising see in market

on the were maintained in second of overall in and risk I In the added actually the a first of of kind bit half terms actually ton and think and little the most of then year not the a year, the portfolio, a of during we year it half ago, year. risk we of light a

the nature through performance consumer very end by because the you risk you changes portfolio additional in most would kind XXXX. our of kind that that as book have expect know, of of as so I you would seen play forward not major of in So short-term the is of XXXX,

performance loans. that really overall, going So about book originate we've but the already makes feel to additional book continued feel about our of nonprime ability the forward, originated, also the we consumer, health us but of the which of the also good kind good

the I better small side, about small the we of health anything, business country. the across say On would if businesses feel

following of early of 'XX. they the kind think I build of pandemic more kind 'XX, inflationary years year to and one [indiscernible] strength the following have had high

feeling health And the businesses. so of we're small good also about kind very general of

David Scharf

anticipate the the That's early. impact you around just it. this boy, lend to, SMB Got be helpful the tariffs industry all maybe surveys credit? based real And of either But color. any noise may side, from vertical, and/or or informal for chatter do mix demand just impacting your who on the on of the you

David Fisher

kind that could. mean, it extremely And will businesses from that the are. I impacts tariffs. the yeah, as have discussed businesses small tariffs It we the get loan But certainly we of hurt benefit business large depends how before. from diversified will there's and an macro book

for that largely we balance not don't book, think example, in so there's nervous about. maybe be that out. We -- from our And concentrations more will would loan any say, wholesalers,

But early or to for don't particular any plenty about it areas spent how no So tariffs yeah, and of sure. Obviously, certainly knows impactful one too big we've be. have thinking concern. know will time of

David Scharf

near just Got to a Moshe's of on it. just been competition, of to capital personal XX% your personal flowing tier there your And prime question market up any in private I'm sort tiers? but months, I'm loans, Obviously, clear. loan new maybe of into credit into private that's credit flowing the one last credit, then the main been lot kind of there's range. high the XX teens into re-ask the Has sure going make lastly, of APR lines more maybe

David Fisher

ago. the growth competitors we And just years higher I I been think mean have we theirs. had has than five much rate same our

to ago so their we much we're relative where bigger And years already we're we're size, five them. than kind bigger were than of

So seen we haven't it.

have the think I markets lately. good debt been

a last them, couple little that's years. to. we have time fuel helped what And certainly had I of growth the but our competitors So of easier maybe some our think have accessing over

Operator

comes question Jefferies. Hecht from with next The John

John Hecht

growth. on another of strong year Congratulations

as recently haven't you've but is portfolio. And know business consumer you in given the question maybe just we update as and sometimes portfolio the talked and -- and both don't, First has sometimes well, small mix the that where customers new kind is harvest I to because about to this portfolios I'm just of recurring as wondering, of much call 'XX, past the the, Is into -- do better new recurring to contribute look the see or opportunity the And generally growth? year, that it it, over shifted? leaning the better has customers customer? you to you

Steven Cunningham

much one a originations reason because don't we so portfolios, anymore for minus business plus time. both talk it's about new quite both for some of been of it's mix remarkably the John, customer is been around long period such XX% for stable And just or time. consumer and small

franchise the with we've unit efficient years, new customers. built And and on of our and obviously, returning not customers So story. When it lot we'll like focus we've economics say we'll different when about be to approach it a that pre-COVID, about was attracting our we little I marketing going back always continue think were to on there's taken. really focused over much new a growing serve our customers into approach forward, our those you think continuing

mix So I some out time. as around customer for big don't is what look will it XX% probably shift you a over minus see new be the in returning or plus time,

John Hecht

EPS as is, upside Okay. that's in around And remind each second rate and guess, is settled the point would in? cuts this rates, it I to then beyond that, capital question potential us sensitivity of, maybe basis I extra or that cut? for XX one cost maybe And reduction, present assuming so rate what just some it spite then of you no rate think Steve, year, mentioned -- savings

Steven Cunningham

come if that giving XXXX's was I cut we've guidance, an of assumed commentary just one basis about not Well, points. cut. would again, Fed you did our example funds In down the that there's cost of my Yeah. XX

would there's under a rule of cut XXXX. And below liabilities. is we think the just some we're rate floating which it market think So our our I XX% think thumb, in mix, total but would at the just where interest-bearing later point be, of giving

happens. So every that EPS after points piece months XX basis to just $X.XX lead would cut on alone, accretion of the floating reduction SOFR rate XX of

it's So annualized an figure.

EPS $X.XX about of is a point X.XX year. every over So

Operator

The from with next is BTIG. question Vincent Caintic

Vincent Caintic

Great results.

wanted go I and First, to discussion. the small to back business consumer

on consumer. optimistic very sound you and So SMB both

I when strength bit about dig you're businesses so thinking And little relative XXXX. want into that the about the to a talk and two just between

So business similar one about gave could growth give a for example, to year-over-year in so Maybe that particular, on lot XXXX, growth the and banks. more about when bypassing there or for origination talked then is you specifically both invest of businesses other? And they're XX% are guidance color us what your SMB, you than on borrowing for optimism the some optimistic. feeling and comment they're traditional you

wondering you're Just seeing what there.

Steven Cunningham

Yeah.

take So time. what of through see me we like out -- in let terms

to continue and see don't go expect the in indifferent small I So over, acceptable consumer many as our serve but between can customers big XX% the a way returns with can. maybe of and the a we work, our going where that XX% and in around SMB we're generate between see slow we to of economics kind decisioning portfolio, grind shift mix a consumer unit We'll guide and at our towards that. But business. as to we're you bit that as know, we little

growth So XXXX. second that right, in for you that I think is the cases. about should asking And kind what you of expect about you're question use think Vincent? when Is that's the

Vincent Caintic

Yeah, it. that's exactly

Steven Cunningham

we serving, portfolios use got to deck, that think is lot -- Yeah. But could think I going don't They us, a mean our to very any to for I changed cash we're to the consumer can a I to in -- be of the haven't listed come that relates cover but across for when flow going a on able businesses, And it needs, time. industries things. change. it there's small I cases our in XXXX. being the don't cases they those be and of long -- as it anything need number are they investor we've depending use the change any not across think number the of

Vincent Caintic

like the we Okay. And I forward, gears going and revenue in know And like then of for seems gave very better for switching so That's good guide back then you But you going the great. just marketing originations. And the the quarter EPS was for efficiency have you guidance G&A it O&T to guidance good efficiency seem into forward. it expenses really especially fourth than had does that the then growth expenses were actually, expenses. XXXX. can your and XXXX

wondering exiting this better better into we of basically growth XXXX, entering rate efficiency and So and I'm course be just then like you're through year achieving maybe the expecting XXXX? the as should

Steven Cunningham

Yeah, it's a great question.

see continue when you you our that of think revenue, to costs, think fixed G&A to our will I continue scale us down. about and come So will bring costs, a percent as

would of percent a just business. as growth as that see You be than because year, where show they in of marketing XXXX a marketing, marketing exit more originations you because that will workforce, revenue, see up the lower G&A. But merit increases the expect of we revenue and it's were and through exited XXXX, first of you percent and scale about of year just And costs. how be our both talk really O&T it and a of year the G&A move of to the in the O&T typically timing the we quarter to the to as QX flat in tend costs the on but of and little drive you'll

over So lean over in again, to But there opportunities. a out could still we see little minus and it we that a expect and a it XX% of -- to bit be around or time still revenue would we grind will be slow lower. as of plus year

in quarter, around a year. to in XX%, we the lower quarter then between in why of higher first that's the sort little little fourth and a So tend say ranging during the

Operator

with question next The Stephens. Joseph from is Kyle

Kyle Joseph

But -- and of to kind of as early, remind on it's the versus 'XX what refunds through we I small potential kind quarter any on gave but seeing you tax impacts on appreciate guide. first differences tax consumer you're just of and refund terms guidance. enter us I of and business us any walk know color quarter, sort first the in all of implications

Steven Cunningham

Yeah.

business. time, of It for like early QX, a over would been probably refund little a in season. long a it's the think in mean we typically guide SMB considered -- typical we the would hasn't a time. and expect to tax on I refund period business season in happens that there from I any expect don't season. to there this our expect difference for as be seasonality consumer well we and our again. happen And year's the It's

incorporated that's to We don't in surprises expect as relates any first quarter guide. all it sort of So our refunds. tax

Operator

next from is with question The Janney. John Rowan

John Rowan

of So stock. David, valuation more pleased the the you with mentioned being

with repurchases. change? curious, repurchases left what repurchase you're kind to XXXX. correct? assume said mean, throughout Just I the you do under of authorization? Obviously, Is committed it -- Any opportunistic have I episodic that we're still Is you

David Fisher

Yeah. on I authorization. you number I'll repurchase the give let the Stephen mean specific

I satisfied think undervalued. still is stock we're happy we the think directionally. We're where is. And with not it

growth look well just ratio its X, is at our a the relative over under years our rate the closer PEG to ratio, If you to P/E half.

it in buying So we're mean continue we still in the we stock. back it only why That We opportunistically. about doesn't price, opportunity there's lots is think that value buy to back more of back stock when we buying talk buying stock which drops there's But stock think buy back there's drops. back long-term big still because when we It there's we do means significant there. are regularly price. the

John Rowan

Okay. Steve, do the repurchase authorization left? you have

Steven Cunningham

Yeah.

We plenty. have

for the $XXX rest $XXX the million We left million year. around of of have the

listen -- for if would quarter. felt I If for GAAP were Board, and to I'm opportunity of most each the net suggestions was income real we like again, are -- earnings to we mean, there XX% we the reauthorization. had authorization, we a our and sure, our capacity, limited So the part

So since as really they've XXXX. done

John Rowan

you're then posture rules question. new with CFPB and acting don't I major that directly think any right of now. line? your And in business Director impacting kind impact a a last pausing anything But there there's that is that business your rules. any just know passed it doesn't all watching new or the was have from could there gets down And I Okay. shift Obviously, delayed, etcetera, are if get the on

David Fisher

in were different you keep not a dollar It's that deal work doing. current effect practices payment that rather small provisions reauthorization. It's care to a XXXX, is Again, don't a then debits it We It's Yeah. of not for rule to little than kind us. small disclosure big is of one go two. One March. I of mean or there's the to there the bit the other. in And way two of just kind not rule. limits without our we'd the have that today. business

all, impact algorithms that -- new we our to So at the wasn't it with a anticipate significant to do to implement deal from and not some provisions. work but certainly some tweak work

opportunity a kind our gives major So teams in benefit, of if growth those more focus areas. other just positive happen, on don't but to necessarily not

Operator

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

David Fisher

with joining I forward speaking and today, you Thanks, to have look call a appreciate good next and evening. again quarter. our everyone we

Operator

now for today's has presentation. attending Thank conference concluded. The you

You may now disconnect.

Enova International (ENVA) 4 Feb 252024 Q4 Earnings call transcript