Enova International Annual Report 2024

FY2024 Annual Report · Enova International
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ȘȘȑ 
MILLION
CUSTOMERS SERVED
Our Mission
Helping hardworking people get access to fast, trustworthy credit.
Dear Fellow Shareholders,
Enova had a very successful year in 2024 with our portfolio growing to nearly $4 
billion, as we delivered record levels of revenue, originations and adjusted earnings 
per share¹ (EPS) supported by solid credit performance and efficient operations. 
A 26% increase in revenue, continued credit discipline and strong operational 
efficiency led to a 43% increase in EPS. Our differentiated business model, talented 
team and strong balance sheet enabled us to meet our customer needs while 
creating significant value for our shareholders.
Our diversified portfolio remains the engine of our growth. In 2024, small business 
products represented 62% of our total portfolio, while consumer products 
represented 38%. Small business revenue increased 32% compared to 2023, 
surpassing $1 billion for the first time, while originations rose 26% to a record $4 
billion. Serving over 900 industries, we understand the critical role small businesses 
play in local and national economies, and we are committed to helping them succeed 
through accessible, transparent and responsible lending solutions.
On the consumer side, demand for our 
products continued to be robust, especially 
for lines of credit. Compared to 2023, 
revenue from consumer loans and finance 
receivables increased 22%, and originations 
rose 25% to over $2 billion. Guided by our 
vision to close the world’s credit gap, we 
are dedicated to delivering beyond our 
customers’ expectations and providing high-
quality products that meet their needs when 
they need it most.
Non-GAAP measure.
1
2024 ENOVA ANNUAL REPORT
i

ACHIEVED RECORD LEVELS OF REVENUE, 
ORIGINATIONS AND ADJUSTED EPS
$8.0B
$10.5B
$13.1B
$15.3B
$17.3B
$19.3B
$21.5B
$24.0B
$26.5B
$27.8B
$30.9B
$35.4B
$40.2B
$46.3B
17.9M
22.5M
27.4M
31.9M
35.5M
39.3M
43.2M
47.5M
51.4M
53.5M
55.7M
58.2M
61.1M
65.0M
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
  Cumulative Originations $
  Cumulative Originations #
Enova Cumulative Originations1,2
From 2011-present, including discontinued operations.
Enova includes OnDeck beginning Oct. 13, 2020.
1
2

SOLID CREDIT 
QUALITY
ACROSS OUR PORTFOLIO
HIGHLY FLEXIBLE
ONLINE-ONLY BUSINESS 
MODEL
ȗșȤ<($5+,6725<2)352),7$%/30 days delinquent as a % of combined loan and ΋nance receivable balance
 Charge-oΊs (net recoveries) as a % of average combined loan and ΋nance receivable balance
Small Business Portfolio1,5,6
0%
5%
10%
15%
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
 >30 days delinquent as a % of loan and ΋nance receivable balance
 Charge-oΊs (net recoveries) as a % of average loan and ΋nance receivable balance
Includes OnDeck originations prior to October 13, 2020.
2
2024 ENOVA ANNUAL REPORT
v

DIVERSIFIED SMB PORTFOLIO
$&5266Ȑșș,1'8675,(6
Consumer
59.3%
Small Business
39.3%
Other
1.4%
Revenue Diversification by 
Product Type
YEAR ENDED DECEMBER 31, 2024
Gross AR Diversification by 
Product Type
AS OF DECEMBER 31, 2024
Small 
Business
62.2%
Consumer 
Installment Loans
13.3%
Consumer 
Line of Credit
24.5%
Total U.S. debt outstanding at Dec. 31, 2024, of $3.592M, including $1M Letters of Credit in the Revolver. Sources do not include last twelve months operating cash ﬂow 
of $1.539M and unrestricted and restricted cash/cash equivalents of $323M as of Dec. 31, 2024.
1
Funding Mix and Capacity1
AS OF DECEMBER 31, 2024
Revolving 
Capacity 
$944  
Term ABS 
$1,044  
Secured 
Warehouses 
$1,195  
Senior 
Note 2029 
$500  
Senior 
Note 2028 
$400  
Revolver 
Utilized 
$454  
Our success would not have been possible without the exceptional, world-class team 
we’ve built at Enova. Guided by our core values — Customer First; Best Answer  
Wins; Operate as an Owner; Accountable for Results; Top Talent and Teamwork — 
the team has cultivated a dynamic, innovative workplace.
These efforts earned Enova a spot on Computerworld’s Top 100 Best Places to Work in 
IT for the twelfth consecutive year, along with recognition from Built In’s Best Places 
to Work in Chicago, New York and Colorado. I’m grateful for the tremendous effort 
from our team that delivered a great year, and am equally grateful for the team’s 
ability to embrace the challenges we encounter along the way.

David Fisher 
Chief Executive Officer 
Enova International, Inc.
Total Revenue of 
ȟƵƺELOOLRQ
25% Growth Year-Over-Year
7RWDO&RPSDQ\2ULκLQDWLRQV
ȟƹƴELOOLRQ
25% Growth Year-Over-Year
(QGLQκ5HFHLYDEOHVRI
ȟƷƳELOOLRQ
Resilient Balance Sheet 
:LWK6WURQκ/LTXLGLW\RI
ȟƴƶELOOLRQƴ
1
Derived from $74M unrestricted cash + $249M restricted cash 
+ $3M marketable securities + $944M warehouses/revolver.
2024 Facts
Over our 20-year history, we have 
demonstrated consistent, profitable 
growth through a range of operating 
environments, thanks to strong 
unit economics, a diversified 
portfolio, our flexible online-only 
business model and advanced 
machine learning capabilities. We 
closed 2024 with great momentum 
and as we move into 2025, both 
our small business and consumer 
customers are well-positioned amid 
favorable trends like job growth, low 
unemployment, moderated inflation 
and rising real wages.
With a solid financial foundation, a 
skilled team and a proven strategy, 
we are optimistic about what lies 
ahead for Enova as we remain 
focused on driving profitable 
growth while delivering long-term 
shareholder value.
Thank you for your continued 
support and investment in Enova.
2024 ENOVA ANNUAL REPORT
vii

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
to
Commission File Number 1-35503
Enova International, Inc.
(Exact name of registrant as specified in its charter)
Delaware
45-3190813
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer
Identification No.)
175 West Jackson Blvd.
Chicago, Illinois
60604
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code:
(312) 568-4200
Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Common Stock, $.00001 par value per share
ENVA
New York Stock Exchange
Securities Registered Pursuant to Section 12(g) of the Act:
None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes ☐
No ☒
Indicate by check if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes ☐
No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90
days.
Yes ☒
No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter time that the registrant was required to submit such files).
Yes ☒
No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging
growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the
Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over
financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect
the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of
the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes ☐
No ☒
The aggregate market value of 25,362,311 shares of the registrant’s common stock, par value $0.00001 per share, held by non-affiliates on June 30, 2024 was
approximately $1,578,803,860.
At February 13, 2025 there were 25,793,634 shares of the registrant’s Common Stock, $0.00001 par value per share, outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Company’s Proxy Statement for the 2025 Annual Meeting of stockholders are incorporated by reference into Part III of this report.

ENOVA INTERNATIONAL, INC.
YEAR ENDED DECEMBER 31, 2024
INDEX TO FORM 10-K
PART I
Item 1.
Business ...........................................................................................................................................................
1
Item 1A.
Risk Factors .....................................................................................................................................................
16
Item 1B.
Unresolved Staff Comments............................................................................................................................
38
Item 1C.
Cybersecurity ...................................................................................................................................................
38
Item 2.
Properties .........................................................................................................................................................
40
Item 3.
Legal Proceedings............................................................................................................................................
40
Item 4.
Mine Safety Disclosures ..................................................................................................................................
40
PART II
Item 5.
Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity
Securities..........................................................................................................................................................
41
Item 6.
Reserved...........................................................................................................................................................
42
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations..........................
43
Item 7A.
Quantitative and Qualitative Disclosures about Market Risk..........................................................................
61
Item 8.
Financial Statements and Supplementary Data................................................................................................
62
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure..........................
101
Item 9A.
Controls and Procedures ..................................................................................................................................
101
Item 9B.
Other Information ............................................................................................................................................
101
Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.............................................................
102
PART III
Item 10.
Directors, Executive Officers and Corporate Governance...............................................................................
103
Item 11.
Executive Compensation .................................................................................................................................
103
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters........
103
Item 13.
Certain Relationships and Related Transactions, and Director Independence ................................................
104
Item 14.
Principal Accountant Fees and Services..........................................................................................................
104
PART IV
Item 15.
Exhibits, Financial Statement Schedules .........................................................................................................
105
Item 16.
Form 10-K Summary .......................................................................................................................................
111
SIGNATURES............................................................................................................................................................................
112

CAUTIONARY NOTE CONCERNING FACTORS THAT MAY AFFECT FUTURE RESULTS
This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. You should not place undue reliance on these statements. These forward-looking statements give
current expectations or forecasts of future events and reflect the views and assumptions of senior management with respect to the
business, financial condition, operations and prospects of Enova International, Inc. and its subsidiaries (collectively, the “Company”).
When used in this report, terms such as “believes,” “estimates,” “should,” “could,” “would,” “plans,” “expects,” “intends,”
“anticipates,” “may,” “forecast,” “project” and similar expressions or variations as they relate to the Company or its management are
intended to identify forward-looking statements. Forward-looking statements address matters that involve risks and uncertainties that
are beyond the ability of the Company to control and, in some cases, predict. Accordingly, there are or will be important factors that
could cause the Company’s actual results to differ materially from those indicated in these statements. Key factors that could cause the
Company’s actual financial results, performance or condition to differ from the expectations expressed or implied in such forward-
looking statements include, but are not limited to, the following:
• the effect of laws and regulations targeting our industry that directly or indirectly regulate or prohibit our operations or render
them unprofitable or impractical;
• the effect of and compliance with domestic and international consumer credit, tax and other laws and government rules and
regulations applicable to our business, including changes in such laws, rules and regulations, or changes in the interpretation or
enforcement thereof, and the regulatory and examination authority of the Consumer Financial Protection Bureau with respect to
providers of consumer financial products and services in the United States;
• the effect of and compliance with enforcement actions, orders and agreements issued by applicable regulators, such as the
Consent Order issued by the Consumer Financial Protection Bureau in November 2023;
• changes in federal or state laws or regulations, or judicial decisions involving licensing or supervision of commercial lenders,
interest rate limitations, the enforceability of choice of law provisions in loan agreements, the validity of bank sponsor
partnerships, the use of brokers or other significant changes;
• our ability to process or collect loans and finance receivables through the Automated Clearing House system;
• the deterioration of the political, regulatory or economic environment in countries where we operate or in the future may
operate;
• the actions of third parties who provide, acquire or offer products and services to, from or for us;
• public and regulatory perception of the consumer loan business, small business financing and our business practices;
• the effect of any current or future litigation proceedings and any judicial decisions or rulemaking that affects us, our products or
the legality or enforceability of our arbitration agreements;
• changes in demand for our services, changes in competition and the continued acceptance of the online channel by our
customers;
• changes in our ability to satisfy our debt obligations or to refinance existing debt obligations or obtain new capital to finance
growth;
• a prolonged interruption in the operations of our facilities, systems and business functions, including our information technology
and other business systems;
• compliance with laws and regulations applicable to our international operations, including anti-corruption laws such as the
Foreign Corrupt Practices Act and international anti-money laundering, trade and economic sanctions laws;
• our ability to attract and retain qualified officers;
• cyber-attacks or security breaches;
• acts of God, war or terrorism, pandemics and other events;
• inflation, interest rate and foreign currency exchange rate fluctuations;
• changes in the capital markets, including the debt and equity markets;

• the effect of any of the above changes on our business or the markets in which we operate;
• the risk that the Company will not successfully integrate acquired companies or that costs associated with the integration are
higher than anticipated;
• the risk that the cost savings, synergies, growth and cash flows from acquisitions will not be fully realized or will take longer to
realize than expected;
• litigation risk related to acquisitions; and
• other risks and uncertainties described herein.
The foregoing list of factors is not exhaustive and new factors may emerge or changes to these factors may occur that would impact
the Company’s business and cause actual results to differ materially from those expressed in any of our forward-looking statements.
Additional information regarding these and other factors may be contained in the Company’s filings with the Securities and Exchange
Commission (the “SEC”), including on Forms 10-Q and 8-K. Readers of this report are encouraged to review all of the Risk Factors
contained in Part I, Item 1A. Risk Factors to obtain more detail about the Company’s risks and uncertainties. All forward-looking
statements involve risks, assumptions and uncertainties. The occurrence of the events described, and the achievement of the expected
results, depends on many events, some or all of which are not predictable or within the Company’s control. If one or more events
related to these or other risks or uncertainties materialize, or if management’s underlying assumptions prove to be incorrect, actual
results may differ materially from what the Company anticipates. The forward-looking statements in this report are made as of the
date of this report, and the Company disclaims any intention or obligation to update or revise any forward-looking statements to
reflect events or circumstances occurring after the date of this report. All forward-looking statements in this report are expressly
qualified in their entirety by the foregoing cautionary statements.

1
PART I
ITEM 1. BUSINESS
Overview
We are a leading technology and analytics company focused on providing online financial services. In 2024, we extended approximately
$6.1 billion in credit or financing to borrowers. As of December 31, 2024, we offered or arranged loans or draws on lines of credit to
consumers in 37 states in the United States and Brazil. We also offered financing to small businesses in 49 states and Washington D.C.
in the United States. We use our proprietary technology, analytics and customer service capabilities to quickly evaluate, underwrite and
fund loans or provide financing, allowing us to offer consumers and small businesses credit or financing when and how they want it.
Our customers include the large and growing number of consumers and small businesses that have bank accounts but use alternative
financial services because of their limited access to more traditional credit from banks, credit card companies and other lenders. We
were an early entrant into online lending, launching our online business in 2004, and through December 31, 2024, we have completed
approximately 65.0 million customer transactions and collected more than 85 terabytes of currently accessible customer behavior data
since launch, allowing us to better analyze and underwrite our specific customer base. We have significantly diversified our business
over the past several years having expanded the markets we serve and the financing products we offer. These financing products include
installment loans and line of credit accounts.
We believe our customers highly value our products and services as an important component of their personal or business finances
because our products are convenient, quick and often less expensive than other available alternatives. We attribute the success of our
business to our advanced and innovative technology systems, the proprietary analytical models we use to predict the performance of
loans and finance receivables, our sophisticated customer acquisition programs, our dedication to customer service and our talented
employees.
We have developed proprietary underwriting systems based on data we have collected over our more than 20 years of experience. These
systems employ advanced risk analytics, including machine learning and artificial intelligence, to decide whether to approve financing
transactions, to structure the amount and terms of the financings we offer pursuant to jurisdiction-specific regulations and to provide
customers with their funds quickly and efficiently. Our systems closely monitor collection and portfolio performance data that we use
to continually refine machine learning-enabled analytical models and statistical measures used in making our credit, purchase, marketing
and collection decisions. Approximately 90% of models used in our analytical environment are machine learning-enabled.
Our flexible and scalable technology platforms allow us to process and complete customers’ transactions quickly and efficiently. In
2024, we processed approximately 3.9 million transactions, and we continue to grow our loan and finance receivable portfolios and
increase the number of customers we serve through desktop, tablet and mobile platforms. Our highly customizable technology platforms
allow us to efficiently develop and deploy new products to adapt to evolving regulatory requirements and consumer preference, and to
enter new markets quickly. In October 2020, we acquired, through a merger, On Deck Capital Inc. (“OnDeck”), a small business lending
company offering lending and funding solutions to small businesses in the U.S., Australia and Canada, to expand our small business
offerings. In March 2021, we acquired Pangea Universal Holdings (“Pangea”), which provides mobile international money transfer
services to customers in the U.S with a focus on Latin America and Asia. These new products have allowed us to further diversify our
product offerings and customer base.
We have been able to consistently acquire new customers and successfully generate repeat business from returning customers when they
need financing. We believe our customers are loyal to us because they are satisfied with our products and services. We acquire new
customers from a variety of sources, including visits to our own websites, mobile sites or applications, and through direct marketing,
affiliate marketing, lead providers and relationships with other lenders. We believe that the online convenience of our products and our
24/7 availability to accept applications with quick approval decisions are important to our customers.
Once a potential customer submits an application, we quickly provide a credit or purchase decision. If a loan or financing is approved,
we or our lending partner typically fund the loan or financing the next business day or, in some cases, the same day. During the entire
process, from application through payment, we provide access to our well-trained customer service team. All of our operations, from
customer acquisition through collections, are structured to build customer satisfaction and loyalty, in the event that a customer has a
need for our products in the future. We have developed a series of sophisticated proprietary scoring models to support our various
products. We believe that these models are an integral component of our operations and allow us to complete a high volume of customer
transactions while actively managing risk and the related credit quality of our loan and finance receivable portfolios. We believe our
successful application of these technological innovations differentiates our capabilities relative to competing platforms as evidenced by
our history of strong growth and stable credit quality.

2
Products and Services
Our online financing products and services provide customers with a deposit of funds to their bank account in exchange for a
commitment to repay the amount deposited plus fees and/or interest. We originate, arrange, guarantee or purchase installment loans and
line of credit accounts to consumers and small businesses. We have one reportable segment that includes all of our online financial
services. Our loans and finance receivables generally have regular payments that amortize principal. Interest income is generally
recognized on an effective, non-accelerated yield basis over the contractual term of the installment loan or estimated outstanding period
of the draw on line of credit accounts.
Consumer installment loans. Certain subsidiaries (i) directly offer installment loans, (ii) as part of our Bank Programs, as discussed
below, purchase, or purchase a participating interest in, installment loans or (iii) as part of our CSO program, arrange and guarantee
installment loans, as discussed below, to consumers. Certain subsidiaries offer, or arrange through our Bank Programs and CSO program,
unsecured consumer installment loan products in 37 states in the United States. Internationally, we also offer or arrange unsecured
consumer installment loan products in Brazil. Effective in the third quarter of 2022, Enova no longer offers any single-pay products.
Terms for our consumer installment loan products range between 3 and 60 months with an average contractual term of 39 months. These
loans have regular payments that amortize principal. Loan sizes for these products range between $300 and $10,000. The majority of
these loans accrue interest daily at a fixed rate for the life of the loan and have no fees. The average annualized yield for these loans was
86% for the year ended December 31, 2024. Loans may be repaid early at any time with no additional prepayment charges.
Small business installment loans. Certain subsidiaries offer, or arrange through our Bank Programs, small business installment loans
in 49 states and in Washington D.C. Terms for these products range between 3 and 24 months with an average contractual term of 14
months. These loans have regular payments that amortize principal. Loan sizes for these products range between $5,000 and $250,000.
There is generally a fee paid upon origination, and total interest is typically calculated at a fixed rate for the life of the loan. A portion
of the interest is forgivable if prepaid early, although we also offer a full prepayment forgiveness option at a higher interest rate. The
average annualized yield for these products was 46% for the year ended December 31, 2024.
Consumer line of credit accounts. Certain subsidiaries directly offer, or purchase participation interests in receivables through our Bank
Programs, new consumer line of credit accounts in 31 states (and continue to service existing line of credit accounts in two additional
states) in the United States. Line of credit accounts allow customers to draw on their unsecured line of credit in increments of their
choosing up to their credit limit, which ranges between $100 and $7,000. Customers may pay off their account balance in full at any
time or make required minimum payments in accordance with the terms of the line of credit account. The repayment period varies
depending upon certain factors, which may include outstanding principal and differences in minimum payment calculations by product.
Customers are typically charged a fee when funds are drawn and subsequently incur fee- or interest-based charges at a fixed rate,
depending upon the product and the state in which the customer resides. The average annualized yield for these products was 159% for
the year ended December 31, 2024.
Small business line of credit accounts. Certain subsidiaries offer, or arrange through our Bank Programs, small business line of credit
accounts in 49 states and in Washington D.C. in the United States. Terms for these products range between 12 and 24 months with
regular payments that amortize principal. Loan sizes for these products range between $5,000 and $150,000. Interest is calculated at a
fixed rate based on the outstanding balance. There is generally no fee paid upon origination with the exception of one of our small
business line of credit products, which has an origination fee when allowed by state law. The average annualized yield for these products
was 47% for the year ended December 31, 2024.
CSO program. We currently operate a credit services organization or credit access business (“CSO”) program in Texas. Through our
CSO program, we provide services related to a third-party lender’s installment consumer loan products by acting as a credit services
organization or credit access business on behalf of consumers in accordance with applicable state laws. Services offered under our CSO
program include credit-related services such as arranging loans with an independent third-party lender and assisting in the preparation
of loan applications and loan documents (“CSO loans”). When a consumer executes an agreement with us under our CSO program, we
agree, for a fee payable to us by the consumer, to provide certain services, one of which is to guarantee the consumer’s obligation to
repay the loan received by the consumer from the third-party lender if the consumer fails to do so. For CSO loans, the lender is
responsible for providing the criteria by which the consumer’s application is underwritten and, if approved, determining the amount of
the consumer loan. We, in turn, are responsible for assessing whether or not we will guarantee such loan. The guarantee represents an
obligation to purchase the loan, which has terms of up to six months, if it goes into default.
As of December 31, 2024 and 2023, the outstanding amount of active and current consumer loans originated by third-party lenders and
guaranteed by us under the CSO program was $23.8 million and $16.4 million, respectively.
Bank programs. Certain subsidiaries operate programs with certain banks (“Bank Programs”) to provide marketing services and loan
servicing for certain installment loans and line of credit accounts. The Bank Programs that relate to the consumer portfolio in the United
States include near-prime unsecured installment loans and line of credit accounts for which our subsidiaries receive marketing and

3
servicing fees. The bank has the ability to sell, and the participating subsidiaries have the option, but not the requirement, to purchase
the loans or a participating interest in receivables the bank originates. We do not guarantee the performance of the loans and line of
credit accounts originated by the bank. In conjunction with our Brazilian business, we also have a Bank Program with a separate bank
in Brazil whereby the bank has the authority to originate loans and collect a service fee. After origination, the loans are purchased by
us. The Bank Program that relates to the small business portfolio is with a separate bank and includes installment loans and line of credit
accounts. We receive marketing fees while the bank receives origination fees and certain program fees. The bank has the ability to sell
and we have the option, but not the requirement, to purchase the installment loans the bank originates and, in the case of line of credit
accounts, extensions under those line of credit accounts. We do not guarantee the performance of the loans or line of credit accounts
originated by the bank.
As of December 31, 2024, we operated programs with five separate bank partners. Purchases under these programs represented 32%
and 29% of our consolidated originations and purchases for the years ended December 31, 2024 and 2023, respectively. Management
does not deem there to be significant reliance on any of our banking partners.
Money transfer business. Under our Pangea brand, we operate a money transfer platform that allows customers to send money from
the United States to Mexico, other Latin American countries and Asia. The customer pays us in U.S. dollars, and we then make local
currency available to the intended recipient of the transfer in one of many termination countries. Our revenue model includes a fee per
transfer and an exchange rate spread. Our customers can access our proprietary platform via the website, Android app, or iOS (Apple)
app.
Our Markets
We currently provide our services in the following countries:
United States. We began our online business in the United States in May 2004. As of December 31, 2024, we provided services in all
50 states and Washington D.C. We market our financing products under the names CashNetUSA at www.cashnetusa.com, NetCredit at
www.netcredit.com, OnDeck at www.ondeck.com and Headway Capital at www.headwaycapital.com, and we market our money
transfer platform under the name Pangea at www.pangeamoneytransfer.com. The United States represented 98.0% of our total revenue
in 2024 and 98.6% of our total revenue in 2023.
Brazil. In June 2014, we launched our business in Brazil under the name Simplic at www.simplic.com.br, where we arrange unsecured
consumer installment loans for a third-party lender. We plan to continue to invest in and expand our financial services program in Brazil.
Brazil represented 1.9% of total revenue in 2024 and 1.3% of total revenue in 2023.
Key Financial and Operating Metrics
We have achieved significant growth since we began our online business as we have expanded our product offerings organically and
through strategic acquisitions. We measure our business using several financial and operating metrics. Our key metrics include combined
loans and finance receivables outstanding, in addition to other measures described under “Management’s Discussion and Analysis of
Financial Condition and Results of Operations.”
The breakout of the combined loans and finance receivables and revenue of our product offerings is set forth below:

4
Our Industry
The internet has transformed how consumers and small businesses shop for and acquire products and services. According to a study by
the United Nations, 68% of the world’s population had access to the internet in 2024. Accompanying the rise in internet usage is the
continued disruption of storefront retail by e-commerce companies like Amazon, as consumers are routinely purchasing goods and
interacting with businesses online. The U.S. Census Bureau of the Department of Commerce reported e-commerce saw a 7.4% increase
in the third quarter of 2024 compared to 2023. According to the U.S. Census Bureau, e-commerce sales as a percent of total quarterly
retail sales in the United States accounted for 15.6% in the third quarter of 2024. In addition, a number of traditional financial services,
such as banking, bill payment and investing, have become widely available online. A November 2024 report by the American Bankers
Association found that approximately 77% of bank customers in a U.S. sample have used mobile apps or online banking as a means of
accessing banking services in the past 12 months. This level of use highlights the extent to which consumers now accept the internet for
conducting their financial transactions and are willing to entrust their financial information to online companies. We believe the
increased acceptance of online financial services has led to an increased demand for online lending and financing, the benefits of which
include customer privacy, easy access, security, 24/7 availability to apply for a loan or financing, speed of funding and transparency of
fees and interest.
We use the internet to serve the large and growing number of underbanked consumers and small businesses that have bank accounts
but use alternative financial services because of their limited access to more traditional credit from banks, credit card companies and
other lenders. In its Report on the Economic Well-Being of U.S. Households in 2023 published in May 2024, the Federal Reserve
noted that relatively small, unexpected expenses, such as a car repair or a modest medical bill, can be a hardship for many families and
that, when faced with a hypothetical expense of $400, 37 percent of adults said they could not cover it completely using cash, savings
or a credit card paid off at the end of the month, revealing the need for alternative sources. According to a 2024 chart by the FDIC, a
sizable portion of the population (18%) is unbanked or underbanked. In 2024, the Federal Reserve reported a 1% decrease in the
origination of new consumer credit over the past 12 months.
Small businesses are also impeded by a lack of access to credit from traditional lenders. According to a 2024 study by the Federal
Reserve Banks, 53% of employer firms used personal funds to address their business’s financial challenges. Online lending and funding
options have emerged as a solution for small businesses that are seeking capital.
We believe that consumers and small businesses seek online lending services for numerous reasons, including because they often:
• prefer the simplicity, transparency and convenience of these services;
• require access to financial services outside of normal financial services storefront hours;
• have an immediate need for cash for financial challenges and unexpected expenses;
• have been unable to access certain traditional lending or other credit services; and
• seek an alternative to the high cost of bank overdraft fees, credit card and other late payment fees and utility late payment fees or
disconnect and reconnection fees.
Our Customers
Our non-prime consumer base is comprised largely of individuals who earn an average annual income of $39,000 in the United States.
The non-prime lending market is sizable in the United States and Brazil. We estimate there is a $78 billion consumer lending opportunity
market in the United States. In Brazil, we estimate there to be a $43 billion consumer loans market. Small business lending is also an
attractive market opportunity, with an estimated total U.S. small business loan market of $308 billion. Tighter banking regulations have
forced banks to vacate the U.S. market for loans under $1 million. According to a 2021 study by the Federal Reserve Banks, loans under
$250 thousand accounted for 75% of all small business loan applications. Our small business customers have median annual sales of
approximately $599 thousand and an average operating history of 11.3 years.
Our Competitive Strengths
We believe that the following competitive strengths position us well for continued growth:
• Significant operating history and first mover advantage. As an early entrant in the online lending sector, we have accumulated
more than 85 terabytes of currently accessible consumer behavior data from more than 65 million transactions. This database
allows us to market to a customer base with an established borrowing history as well as to better evaluate and underwrite new
customers, leading to better loan performance. In order to develop a comparable database, we believe that competitors would need
to incur high marketing and customer acquisition costs, overcome customer brand loyalties and have sufficient capital to withstand
higher early losses associated with unseasoned loan portfolios. Additionally, we are licensed in all jurisdictions that require
licensing and believe that it would be difficult and time-consuming for a new entrant to obtain such licenses. We have also created

5
strong brand recognition over our more than 20 years of operating history and we continue to invest in our brands, such as
CashNetUSA, NetCredit, OnDeck, Headway Capital, Simplic and Pangea, to further increase our visibility.
• Proprietary analytics, data and underwriting. We have developed a fully integrated decision engine that evaluates and rapidly
makes credit and other determinations throughout the customer relationship, including automated decisions regarding marketing,
underwriting, customer contact and collections. Our decision engine currently handles more than 100 algorithms and over 1,000
variables. These algorithms are constantly monitored, validated, updated and optimized to continuously improve our operations.
Our machine learning-enabled proprietary models are built on over 20 years of lending history, using advanced statistical methods
that take into account our experience with the millions of transactions we have processed during that time and the use of data from
numerous third-party sources. Since we designed our system specifically for our specialized products, we believe our system
provides more predictive assessments of future loan behavior than traditional credit assessments, such as the Fair Isaac Corporation
score (“FICO score”), and therefore, results in better evaluation of our customer base. With OnDeck, we have a loan decision
process, including the proprietary OnDeck Score®, which provides us with significant visibility and predictability to assess the
creditworthiness of small businesses and allows us to better serve more customers across more industries.
• Scalable and flexible technology platforms. Our proprietary technology platforms are designed to be powerful enough to handle
the large volume of data required to evaluate customer applications and flexible enough to capitalize on changing customer
preferences, market trends and regulatory requirements. These platforms have enabled us to achieve significant growth as we
expanded our product offerings. We began offering installment loans in the United States in 2008, then added line of credit
products in 2010 and have experienced significant growth since. Due to the scalability of our platform, we were able to achieve
this growth without significant investment in additional infrastructure, and over the past three years, capital expenditures have
averaged only 2.1% of revenue per year. We expect our advanced technology and underwriting platform to help continue to drive
significant growth in our business.
• Customer First approach. We believe that non-prime credit consumers and small businesses are not adequately served by
traditional lenders. To better serve these consumers and small businesses, we use customer-focused business practices, including
extended-hours availability of our customer service team by phone, email and web chat. We continuously work to improve
customer satisfaction by evaluating information from website analytics, customer surveys, contact center feedback and focus
groups. Our contact center teams receive training on a regular basis and are monitored by quality assurance managers. We believe
customers who wish to access credit or financing again often return to us because of our dedication to customer service, the
transparency of our fees and interest charges and our adherence to trade association “best practices.” As of January 2025,
NetCredit, CashNetUSA, OnDeck and Headway Capital have Excellent TrustScores of 4.8, 4.7, 4.5 and 4.6, respectively, on
Trustpilot. Trustpilot is an online customer review platform that hosts 300+ million reviews of businesses worldwide who use it
for insights into customer satisfaction. A TrustScore is calculated on a scale from 1 to 5 giving more weight to newer reviews.
Each brand’s score is at the upper end of customer satisfaction ratings in the non-bank financial services industry. OnDeck and
CashNetUSA have also achieved an A+ rating from the Better Business Bureau.
• Diligent regulatory compliance. We conduct our business in a highly regulated industry. We are focused on regulatory compliance
and have devoted significant resources to comply with laws that apply to us in each of the jurisdictions in which we operate,
including laws and regulations relating to interest, fees, loan durations and renewals or extensions, loan amounts, disclosures and
underwriting requirements. Our compliance experience and proprietary technology platform allow us to launch new products and
to enter new geographic regions with a focus on compliance with applicable laws and customer protection. We are members of
industry trade groups, including the Online Lenders Alliance in the United States, which has promulgated “best practices” for our
industry that we have adopted, and the Innovative Lending Platform Association, a leading trade organization representing a
diverse group of online lending and service companies serving small businesses. The flexibility of our online platform enables us
to rapidly adapt our products as necessary to comply with changes in regulation, without the need for costly and time-consuming
retraining of store-based employees and other expenses faced by our storefront competitors.

6
• Proven history of growth and profitability. Over the last five years, we grew the principal balance of our loans and finance
receivables at a compound annual growth rate of 27.7%, from $1,121.4 million as of December 31, 2019 to $3,810.4 million as
of December 31, 2024. Over the same period, our revenue grew at a compound annual growth rate of 17.7%, from $1,174.8
million in 2019 to $2,657.8 million in 2024 and our net income from continuing operations grew at a compound annual growth
rate of 10.3%, from $128.0 million in 2019 to $209.4 million in 2024, and our net income from continuing operations as a percent
of revenue was 7.9% in 2024 compared to 10.9% in 2019. Adjusted EBITDA, a non-GAAP measure, grew at a compound annual
growth rate of 19.0%, from $275.6 million in 2019 to $657.1 million in 2024 and adjusted EBITDA as a percent of revenue
increased from 23.5% in 2019 to 24.7% in 2024.
• Top Talent and Teamwork. We believe we have one of the most skilled and talented teams of professionals in the industry. Our
employees have exceptional educational backgrounds, with numerous post-graduate and undergraduate degrees in science,
technology, engineering and mathematics fields. We hire and develop top talent from graduate and undergraduate programs at
institutions such as Carnegie Mellon University, Northwestern University, the University of Chicago and Harvard University. The
extensive education of our team is complemented by the experience our leadership team obtained at leading financial services
companies and technology firms such as optionsXpress, Discover Financial Services, First American Bank and Groupon.
Our Growth Strategy
• Increase penetration in existing markets through strong brands and direct marketing. While we have some of the most well-
known online lending brands in the markets where we currently operate, we believe that we have directly reached only a small
number of potential customers for our products and services. Our TV and digital advertising have raised awareness for our brands,
improving effectiveness in both direct and indirect channels. In addition to our strong online and direct mail acquisition activities,
our consumer and small business lending businesses both partner with marketplaces and other marketing service providers to grow
our customer base. We believe our competitors – banks as well as smaller and less sophisticated online and store-based lenders –
struggle to adapt to evolving customer preferences and marketing regulatory requirements, giving us the opportunity to continue
to gain significant market share.
• Introduce new products and services. We plan to attract new categories of consumers and small businesses not well served by
traditional lenders through the introduction of new products and services. We have introduced new products and customer-friendly
product features to meet customer demand for timely, flexible credit options including installment loans, line of credit accounts,
and small business loans and financing, many of which offer risk-tiered rate structures and some that offer performance-based
rate reduction features. We also offer international money transfer services for people working in the U.S. sending money to
people overseas. All of these leverage our analytics expertise and our flexible and scalable technology platform. One of our first,
industry changing product introductions was offering short-term unsecured installment loans and line of credit accounts to working
people who previously were limited to two-week loans, bank overdrafts, or pawn loans. Next, starting over ten years ago, our
NetCredit business began offering one of the first longer duration installment loan products reporting to major credit-reporting
agencies for near-prime consumers in the U.S. and, in 2019, we launched a line of credit product for that market with a
performance-based fee reduction feature. In 2014, we launched our business in Brazil, where we arrange installment loans with
convenient repayment features for borrowers in partnership with a third-party lender. In October 2020, we acquired OnDeck, a
small business lending company, to expand our small business lending and funding offerings in the U.S., joining it with our line
of credit product from Headway Capital (established in 2014). In 2016, we launched a program for chartered banks where we
provide technology, loan servicing and marketing services to banks to allow them to offer unsecured consumer installment loans
and line of credit accounts; with the acquisition of OnDeck, the program expanded to small business installment loans and line of
credit accounts. In March 2021, we added international money transfer services with the acquisition of Pangea, which provides
mobile international money transfer services to customers in the U.S. We intend to continue to evaluate and offer new products
and services that complement our online specialty financial services in order to meet the growing needs of consumers and small
businesses.
Online Financing Process
Our consumer and small business financing transactions are conducted almost exclusively online. When a customer is approved for a
new loan, nearly all customers choose to have funds promptly deposited in their bank account and choose to use a pre-authorized debit
for repayment from their bank account or debit card.

7
We have created a quick and simple process for customers to apply for an online loan, as shown below:
Technology Platforms
Our proprietary technology platforms are built for scalability and flexibility and are based on proven open source software. The
technology platforms were designed to be powerful enough to handle the large volumes of data required to evaluate consumer and small
business applications and flexible enough to capitalize on changing customer preferences, market trends and regulatory changes. The
scalability and flexibility of our technology platforms allow us to enter new markets and launch new products quickly, typically within
three to six months from conception to launch.
We continually employ technological innovations to improve our technology platforms, which perform a variety of integrated and core
functions, including:
• Front-end system, which includes external websites, landing pages and mobile sites and applications that customers use when
applying for loans or financing and managing their accounts;
• Back-end and customer relationship management (“CRM”) systems, which maintain customer-level data and are used by our
contact center employees to provide real-time information for all inquiries. Our back-end system and CRM systems include,
among other things, our contact management system, operational and marketing management system, automated phone system,
Interactive Voice Response and contact center performance management system;
• Decision engine, which leverages machine learning and artificial intelligence to rapidly evaluate and make credit and financing
decisions throughout the customer relationship; and
• Financial system, which manages the external interface for funds transfers and provides daily accounting, reconciliation and
reporting functions.
The key elements of our technology platforms include:
• Scalable Information Technology infrastructure. Our Information Technology infrastructure allows us to meet customer demand
and accommodate business growth. Our services rely on accessing, evaluating and creating large volumes of data including, for
example, information collected from over 74 million credit reports during 2024. This rich dataset has grown significantly over our
more than 20 year history and will continue to grow as our business expands. We believe that our scalable IT infrastructure enables
us to meet substantial growth demands.
• Flexible software and integration systems. Our software system is designed to allow us to enter new markets and launch new
products rapidly, modify our business operations quickly and account for complex regulatory requirements imposed in the
jurisdictions in which we operate. We have developed a proprietary software solution that allows us to innovate quickly and to
improve the customer experience. Our integration system allows us to easily interface with banks and other strategic partners in
order to deliver the best financial products and services possible. Our software and integration systems and their flexibility allow
us much more control over the continually evolving aspects of our business.
• Rapid development processes. Our software development life cycle is rapid and iterative to increase the efficiency of our platform.
We are able to implement software updates while maintaining our system stability.

8
• Security. We collect and store personally identifiable customer information, including names, addresses, social security numbers
and bank account information. We have safeguards designed to protect this information. We also created controls to limit
employee access to that information and to monitor that access. Our safeguards and controls have been independently verified
through regular and recurring audits and assessments.
• Redundant disaster recovery. Certain key parts of our technology platform, such as our phone system for handling customer
service on consumer loans, are distributed across two different locations. In addition, critical components of our platform are
redundant. This provides redundancy, fault tolerance and disaster recovery functionality in case of a catastrophic outage.
Proprietary Data and Analytics
Decision Engine
We have developed a fully integrated decision engine that evaluates and rapidly makes credit and other determinations throughout the
customer relationship, including automated decisions regarding marketing, fraud, underwriting, customer contact and collections that
leverage artificial intelligence and machine learning-enabled models. Our decision engine currently handles more than 100 algorithms
and over 1,000 variables. The algorithms in use are constantly monitored, validated, updated and optimized to continuously improve
our operations. In order to support the daily running and ongoing improvement of our decision engine, we have assembled a highly
skilled team of nearly 90 data and analytics professionals as of December 31, 2024.
Proprietary Data, Models and Underwriting
Our proprietary models are built on more than 20 years of history, using advanced statistical methods that take into account our
experience with the millions of transactions we have processed during that time and the use of data from numerous third-party sources.
We continually update our machine learning-enabled underwriting models to manage risk of defaults and to structure loan and financing
terms. Our system completes these assessments within seconds of receiving the customer’s data.
Our underwriting systems are able to assess risks associated with each customer individually based on specific customer information
and historical trends in our portfolio. We use a combination of numerous factors when evaluating a potential consumer loan applicant,
which may include a consumer’s income, rent or mortgage payment amount, employment history, external credit reporting agency
scores, amount and status of outstanding debt and other recurring expenditures, fraud reports, repayment history, charge-off history and
the length of time the customer has lived at his or her current address. While the relative weight or importance of the specific variables
that we consider when underwriting a loan changes from product to product, generally, the key factors that we consider for loans include
monthly gross income, disposable income, length of employment, duration of residency, credit report history and prior loan performance
history if the applicant is a returning customer. Similar factors are considered for small business loan applicants and also include length
of time in business, online business reviews, and sales volumes. Our customer base for consumer loans is predominantly in the low to
fair range of FICO scores, with scores generally between 500 and 680 for most of our loan products. We generally do not take into
account a potential customer’s FICO score when deciding whether to make a loan. A Vantage-Score is one of the factors in our credit
models for our near-prime loan products in the United States. Since we designed our system specifically for our specialized products,
we believe our system provides more predictive assessments of future payment behavior and results in better evaluation of our customer
base when compared to traditional credit assessments, such as a FICO score. In the small business space, we utilize the OnDeck Score®
in our decision models, which incorporates small business credit scores from various commercial credit bureaus, the cash flow data of
the small business and the personal credit attributes of the business’ owner(s).
Fraud Prevention
Our fraud prevention system is built from in-depth analysis of previous fraud incidences and information from third-party data sources.
To ensure sustainable growth, our fraud prevention team has built systems and processes that leverage artificial intelligence and machine
learning-enabled models to detect fraud trends, identify fraudulent applications and learn from past fraudulent cases.
Working together with multiple vendors, our systems first determine whether customer information submitted matches other indicators
regarding the application and that the applicant can authorize transactions for the submitted bank account. To prevent more organized
and systematic fraud, we have developed predictive models that incorporate signals from various sources that we have found to be useful
in identifying fraud. These models utilize advanced data mining algorithms, machine learning-enabled algorithms and artificial
intelligence to effectively identify fraudulent applications with a very low false positive rate. In addition, we have built strong loan
processing teams that handle suspicious activities efficiently while minimizing friction in customer experience. Our fraud prevention
system incorporates algorithms to differentiate customers in an effort to identify suspected fraudulent activity and to reduce our risks of
loss from fraud.

9
We continuously develop and implement ongoing improvements to these systems and, while no system can completely protect against
losses from fraud, we believe our systems provide protection against significant fraud losses.
Marketing
We use a multi-channel approach to marketing our online loans and financing products, with both broad-reach and highly-targeted
channels, including television, digital, direct mail, telemarketing and partner marketing (which includes lead providers, independent
brokers and marketing affiliates). The goal of our marketing is to promote our brands and products in the online lending marketplace
and to directly acquire new customers at low cost. Our marketing has successfully built strong awareness of and preference for our
brands, as our products have achieved market leadership through the following:
• Traditional advertising. We use television, direct mail and radio advertisements, supported by technology infrastructure and key
vendors, to drive and optimize website traffic and loan volume. We believe our investments through these channels have helped
create strong brand awareness and preference in the customer segments and markets we serve.
• Digital acquisition. Our online marketing efforts include pay-per-click, keyword advertising, search engine optimization,
marketing affiliate partnerships, social media programs and mobile advertising integrated with our operating systems and
technology from vendors that allow us to optimize customer acquisition tactics within the daily operations cycle.
• Partner marketing. We purchase qualified leads for prospective new customers from a number of online lead providers and
independent brokers and through marketing affiliate partnerships. We believe that our rapid decision making on lead purchases,
strong customer conversion rate and significant scale in each of our markets make us a preferred partner for lead providers, brokers
and affiliates while at the same time our technology and analytics help us determine the right price for the right leads.
• User experience and conversion. We measure and monitor website visitor usage metrics and regularly test website design
strategies to improve customer experience and conversion rates.
Customer Service
We believe that our in-house contact center and our emphasis on superior customer service are significant contributors to our growth.
To best serve our consumers and small businesses, we use customer-oriented business practices, such as offering extended-hours
customer service. We continuously work to improve our customers’ experience and satisfaction by evaluating information from website
analytics, customer satisfaction surveys, contact center feedback, call monitoring and focus groups. Our contact center teams receive
training on a regular basis, are monitored by quality assurance managers and adhere to rigorous internal service-level agreements. We
do not outsource our contact center operations, except for our Simplic and Pangea businesses.
Collections
We operate consumer and small business-specific collection teams that have implemented loan and financing collection policies and
practices designed to optimize regulatory compliant loan and financing repayment, while also providing excellent customer service. Our
collections employees are trained to help the customer understand available payment alternatives and make arrangements to repay the
loan or financing. We use a variety of collection strategies to satisfy a delinquent loan or finance receivable, such as settlements and
payment plans, or to adjust the delivery of finance receivables. Employees are continually trained and coached towards improvement
based on quality assurance and work effort audits resulting in continued success in presenting best available payment options to the
customer while limiting complaints and dissatisfaction.
Contact center employees contact customers following the first missed payment and periodically thereafter. Our primary methods of
contacting past due customers are through phone calls, letters and emails. At times, we sell loans that we are unable to collect to debt
collection companies or place the debt for collection with debt collection companies.
Competition
We have many competitors. Our principal competitors are consumer and small business loan and finance companies, CSOs, online
lenders, credit card companies, auto title lenders and other financial institutions that offer similar financial products and services,
including loans on an unsecured as well as a secured basis. We believe that there is also indirect competition to some of our products,
including bank overdraft facilities and banks’ and retailers’ insufficient funds policies, many of which may be more expensive alternative
approaches for consumers and small businesses to cover their bills and expenses than the consumer and small business loan and financing
products we offer. Some of our U.S. competitors operate using other business models, including a “tribal model” where the lender
follows the laws of a Native American tribe regardless of the state in which the customer resides.

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We believe that the principal competitive factors in the consumer and small business loan and financing industry consist of the ability
to provide sufficient loan or financing size to meet customers’ financing requests, speed of funding, customer privacy, ease of access,
transparency of fees and interest and customer service. We believe we have a significant competitive advantage as an early mover in
many of the markets that we serve. New entrants face obstacles typical to launching new lending operations, such as successfully
implementing underwriting and fraud prevention processes, incurring high marketing and customer acquisition costs, overcoming
customer brand loyalty and having or obtaining sufficient capital to withstand early losses associated with unseasoned loan portfolios.
In addition, there are substantial regulatory and compliance costs, including the need for expertise to customize products and obtain
licenses to lend in various states in the United States and in international jurisdictions. Our proprietary technology, analytics expertise,
scale, international reach, brand recognition and regulatory compliance would be difficult for a new competitor to duplicate.
Because numerous competitors offer consumer and small business loan and financing products, and many of our competitors are
privately held, it is difficult for us to determine our exact competitive position in the market. We believe our principal online competitors
in the United States include a variety of privately held, technology enabled lenders. Storefront consumer loan lenders that offer loans
online or in storefronts are also a source of competition in some of the markets where we offer consumer loans, including Ace Cash
Express, Check Into Cash, Check ‘n Go and One Main Financial. For online small business financing, we believe our main competitors
include traditional banks, legacy merchant cash advance providers, and newer, technology-enabled FinTech lenders.
Intellectual Property
Protecting our rights to our intellectual property is critical, as it enhances our ability to offer distinctive services and products to our
customers, which differentiates us from our competitors. We rely on a combination of trademark laws and trade secret protections in the
United States and other jurisdictions, as well as confidentiality procedures and contractual provisions, to protect the intellectual property
rights related to our proprietary analytics, predictive underwriting models, tradenames and marks and software systems. We have several
registered trademarks, including NetCredit, CashNetUSA and our “e” logo. OnDeck also has registered trademarks in the United States,
including “OnDeck,” “OnDeck Score” and the OnDeck logo. These trademarks have varying expiration dates, and we believe they are
materially important to us and we anticipate maintaining them and renewing them.
Seasonality
Demand for our consumer loan products and services in the United States has historically been highest in the third and fourth quarters
of each year, corresponding to the holiday season, and lowest in the first quarter of each year, corresponding to our customers’ receipt
of income tax refunds. Demand for our small business loan products and services in the United States has historically been highest in
the fourth quarter and early first quarter of each year, corresponding generally to holiday and post-holiday season needs, and lowest at
the end of the first quarter and beginning of the second quarter of each year, where we believe that our customers' businesses are
generally slower. Consequently, we experience seasonal fluctuations in our domestic operating results and cash needs.
Financial Information on Segments and Areas
Additional financial information regarding our operating segment and each of the geographic areas in which we do business is provided
in “Item 8. Financial Statements and Supplementary Data—Note 16” of this report.
Operations
Management and Personnel
Executive Officers
Our executive officers, and information about each as of December 31, 2024, are listed below.
NAME
POSITION WITH ENOVA
AGE
David Fisher.............................................. Chief Executive Officer
55
Kirk Chartier............................................. Chief Strategy Officer
61
Steven Cunningham.................................. Chief Financial Officer
55
Sean Rahilly.............................................. General Counsel & Chief Compliance Officer
51
There are no family relationships among any of the officers named above. Each officer of Enova holds office from the date of
appointment until removal or termination of employment with Enova. Set forth below is additional information regarding the executive
officers identified above.

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David Fisher has served as our Chief Executive Officer since January 29, 2013 when he joined Enova. Mr. Fisher has also served as a
Director since February 11, 2013. Prior to joining Enova, Mr. Fisher was Chief Executive Officer of optionsXpress Holdings, Inc., or
optionsXpress, from October 2007 until The Charles Schwab Corporation (“Schwab”), acquired the business in September 2011.
Following the acquisition, Mr. Fisher served as President of optionsXpress until March 2012. Mr. Fisher also served as the President of
optionsXpress from March 2007 to October 2007 and as the Chief Financial Officer of optionsXpress from August 2004 to March 2007.
Prior to joining optionsXpress, Mr. Fisher served as Chief Financial Officer of Potbelly Sandwich Works from February 2001 to July
2004, and before that in the roles of Chief Financial Officer and General Counsel for Prism Financial Corporation. In addition, Mr.
Fisher currently serves on the Board of Directors of GoHealth, Inc., Meridian International and Friss fraudebestrijding. Mr. Fisher
previously served on the Boards of Directors of Fathom Digital Manufacturing Corporation, optionsXpress, CBOE Holdings, Inc.,
InnerWorkings, Inc., GrubHub, Inc. and Just Eat Takeaway.com N.V. Mr. Fisher received a Bachelor of Science degree in Finance from
the University of Illinois and a law degree from Northwestern University School of Law.
Kirk Chartier currently serves as our Chief Strategy Officer. Mr. Chartier joined Enova in April 2013 as Chief Marketing Officer. Prior
to joining Enova, Mr. Chartier was the Executive Vice President & Chief Marketing Officer of optionsXpress Holdings from January
2010 until Schwab acquired the business in September 2011. Following the acquisition, Mr. Chartier served as Vice President of Schwab
through May 2012. From 2004 to 2010, Mr. Chartier was the Senior Managing Principal and Business Strategy Practice Leader for the
Zyman Group, a marketing and strategy consultancy owned by MDC Partners, where he also served in interim senior marketing
executive roles for Fortune 500 companies, including Safeco Insurance. Mr. Chartier has held executive roles at technology companies
including as Senior Vice President of Business Services & eCommerce for CommerceQuest, as Vice President of Online Marketing &
Strategy for THINK New Ideas and as a Corporate Auditor for the General Electric Company. He started his career as a combat pilot
with the U.S. Marine Corps and is a veteran of Desert Storm. Mr. Chartier received a Master of Business Administration from Syracuse
University, a Bachelor of Arts in Economics from the College of the Holy Cross, and a Bachelor of Science in Engineering from
Worcester Polytechnic Institute.
Steven Cunningham has served as our Chief Financial Officer since he joined Enova in June 2016. Mr. Cunningham joined Enova from
Discover Financial Services, where he most recently served as Executive Vice President and Chief Risk Officer for Discover’s $8.7
billion direct banking and payment services business. He joined Discover as its Corporate Treasurer in 2010. Prior to Discover, Mr.
Cunningham was the CFO of Harley-Davidson Financial Services, a $7 billion receivables business, and spent eight years at Capital
One Financial in various corporate and line of business finance leadership positions, including CFO for the Auto Finance segment, a
$20 billion receivables business, and CFO for the company’s banking segment. Mr. Cunningham also has experience as a bank regulator
with the FDIC. Mr. Cunningham has served on the Board of Directors of AgriBank, a Farm Credit Bank, since January 2022. Mr.
Cunningham received a bachelor’s degree in Corporate Finance and Investment Management from the University of Alabama and a
Master of Business Administration from George Washington University. He also holds the professional designation of Chartered
Financial Analyst.
Sean Rahilly has served as our General Counsel and Chief Compliance Officer since June 2018. Mr. Rahilly joined Enova in October
2013 as Chief Compliance Officer. Mr. Rahilly previously served as Assistant General Counsel and Compliance Officer of First
American Bank from September 2006 to September 2013. He also served as First American Bank’s Vice President—Community
Reinvestment Act and Compliance Officer from January 2006 to September 2006, Vice President—Compliance Manager from
November 2003 to January 2006 and Assistant Vice President—Compliance and Community Reinvestment Act from July 2002 to
November 2003. Prior to joining First American Bank, Mr. Rahilly served as an attorney with the Law Offices of Victor J. Cacciatore,
a project assistant with Schiff Hardin & Waite and in various roles with Pullman Bank and Trust Company. He received a Bachelor of
Science in Accountancy from DePaul University College of Commerce and a Juris Doctor from DePaul University College of Law.
Human Capital
Our Workforce. Our employees are primarily located in the United States, with a portion of our workforce in Mexico and Brazil. As of
December 31, 2024, we had 1,787 employees, with 1,742 of our employees located in the United States. None of our employees are
currently covered by a collective bargaining agreement or represented by an employee union. We believe we have one of the most
skilled and talented teams of professionals in the industry. Our employees have exceptional educational backgrounds, with numerous
post-graduate and undergraduate degrees in science, technology, engineering, and mathematics fields. We hire and develop a diverse
range of top talent from graduate and undergraduate programs at premier institutions as well as from coding bootcamps such as Code
Platoon. The extensive education of our team is complemented by the experience our leadership team obtained at leading financial
services companies and technology firms such as optionsXpress, Discover Financial Services, First American Bank, JPMorgan Chase
and Groupon.
We are committed to fostering a culture where everyone is treated equitably and fairly, with a sense of belonging, community and value.
We believe this is important to all aspects of our business, including our goal to attract, develop and retain top talent. Our business is
better when we have a team of people with diverse backgrounds, experiences, talents, skills and perspectives contributing to our success,
enhancing our ability to deliver world-class products and exceptional customer service to our diverse customer base.

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In The Community. We are dedicated to having a positive impact on our community. We encourage our employees to volunteer in their
communities and on behalf of causes that are important to them through our Enova Gives program. Corporate employees are granted
one paid volunteer day per calendar year to volunteer with or on behalf of a qualified 501(c)(3) non-profit organization of their choice
during work hours. In addition, Enova matches charitable donations from employees to qualifying 501(c)(3) non-profit organizations—
up to $500 per employee each calendar year. At a company level, Enova invests financially in organizations that are dedicated to
strengthening and broadening access to quality education; improving the lives of children and young adults in need; and providing access
to high quality financial literacy programs.
Learning & Development. We offer a combination of required and optional learning and development opportunities to every Enova
employee. Our learning and development program is facilitated and guided primarily by our Talent Development team, Operations
Learning and Development team, company leaders, subject matter experts and our People team. We utilize an enterprise learning
management system (“LMS”) to deliver and manage all online learning. Enova employees can utilize tuition reimbursement or
department training budgets for external learning and development. Required compliance training is administered and tracked through
our LMS, and every Enova employee is assigned required compliance e-Learning modules. We also invest in our talent through a variety
of leadership and mentor programs, as well as other events focused on professional development.
Rewards & Benefits. The primary objectives of our compensation program are to: support Enova’s core values; attract, motivate, and
retain the best talent; encourage and reward high performance and results, while aligning short- and long-term interests with those of
our stockholders; and reinforce our strategy to grow our business as we continue to innovate. We offer employees competitive and
comprehensive total rewards packages. For U.S.-based employees, this includes competitive base bay; annual bonus consideration; long-
term incentive grants; employer-subsidized health, dental, and vision insurance; an employer match for 401(k) savings; paid and unpaid
time off; group term life and disability insurance; paid volunteer day; paid holidays; paid parental leave; and a summer hours program.
Enova offers additional corporate perks to its U.S. employees, including a discount savings program, tuition reimbursement, last-minute
childcare reimbursement, and meal ordering. Enova also offers a paid four-week sabbatical program for eligible employees. Legal,
financial, and work-life solutions and support are available through our Employee Assistance Program.
Market and Industry Data
The market and industry data contained in this Annual Report on Form 10-K, including trends in our markets and our position within
such markets, are based on a variety of sources, including our good faith estimates, which are derived from our review of internal
surveys, information obtained from customers and publicly available information, as well as from independent industry publications,
reports by market research firms and other published independent sources. None of the independent industry publications used in this
report were prepared on our behalf.
REGULATION
Our operations are subject to extensive regulation, supervision and licensing under various federal, state, local and international statutes,
ordinances and regulations.
U.S. Federal Regulation
Consumer Lending Laws. Our consumer loan business is subject to the federal Truth in Lending Act (“TILA”), and its underlying
regulations, known as Regulation Z, and the Fair Credit Reporting Act (“FCRA”). These laws require us to provide certain disclosures
to prospective borrowers and protect against unfair credit practices. The principal disclosures required under TILA are intended to
promote the informed use of consumer credit. Under TILA, when acting as a lender, we are required to disclose certain material terms
related to a credit transaction, including, but not limited to, the annual percentage rate, finance charge, amount financed, total of
payments, the number and amount of payments and payment due dates to repay the indebtedness. The FCRA regulates the collection,
dissemination and use of consumer information, including consumer credit information. The federal Equal Credit Opportunity Act
(“ECOA”), prohibits us from discriminating against any credit applicant on the basis of any protected category, such as race, color,
religion, national origin, sex, marital status or age, and requires us to notify credit applicants of any action taken on the individual’s
credit application.
Consumer Reports and Information. The use of consumer reports and other personal data used in credit underwriting is governed by
the FCRA and similar state laws governing the use of consumer credit information. The FCRA establishes requirements that apply to
the use of “consumer reports” and similar data, including certain notifications to consumers where their loan application has been denied
because of information contained in their consumer report. The FCRA requires us to promptly update any credit information reported
to a credit reporting agency about a consumer and to allow a process by which consumers may inquire about credit information furnished
by us to a consumer reporting agency.

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Information-Sharing Laws. We are also subject to the federal Fair and Accurate Credit Transactions Act, which limits the sharing of
information with affiliates for marketing purposes and requires us to adopt written guidance and procedures for detecting, preventing
and responding appropriately to mitigate identity theft and to adopt various policies and procedures and provide training and materials
that address the importance of protecting non-public personal information and aid us in detecting and responding to suspicious activity,
including suspicious activity that may suggest a possible identity theft red flag, as appropriate.
Marketing Laws. Our advertising and marketing activities are subject to several federal laws and regulations including the Federal Trade
Commission Act (the “FTC Act”), which prohibits unfair or deceptive acts or practices and false or misleading advertisements in all
aspects of our business. As a financial services company, any advertisements related to our products must also comply with the
advertising requirements set forth in TILA. Also, any of our telephone marketing activities must comply with the Telephone Consumer
Protection Act (the “TCPA”) and the Telemarketing Sales Rule (the “TSR”). The TCPA prohibits the use of automatic telephone dialing
systems for communications with wireless phone numbers without express consent of the consumer, and the TSR established the Do
Not Call Registry and sets forth standards of conduct for all telemarketing. Our advertising and marketing activities are also subject to
the CAN-SPAM Act of 2003, which establishes certain requirements for commercial email messages and specifies penalties for the
transmission of commercial email messages that are intended to deceive the recipient as to the source of content.
Protection of Military Members and Dependents. The Military Lending Act (“MLA”) is a federal law that limits the annual percentage
rate to 36% on certain consumer loans made to active duty members of the U.S. military, reservists and members of the National Guard
and their immediate families. The MLA’s implementing regulation also contains various disclosure requirements, limitations on
renewals and refinancing, as well as restrictions on the use of prepayment penalties, arbitration provisions and certain waivers of rights.
The 36% annual percentage rate cap applies to a variety of consumer loan products. Therefore, due to these rate restrictions, we are
unable to offer certain consumer loans to active duty military personnel, active reservists and members of the National Guard and their
immediate dependents. Federal law also limits the annual percentage rate on existing loans when the borrower, or spouse of the borrower,
becomes an active-duty member of the military during the life of a loan. Pursuant to federal law, the interest rate must be reduced to 6%
per year on amounts outstanding during the time in which the service member is on active duty.
Funds Transfer and Signature Authentication Laws. The consumer loan business is also subject to the federal Electronic Funds
Transfer Act (“EFTA”), and various other laws, rules and guidelines relating to the procedures and disclosures required in debiting or
crediting a debtor’s bank account relating to a consumer loan (i.e., Automated Clearing House (“ACH”) funds transfer). Furthermore,
we are subject to various state and federal e-signature rules mandating that certain disclosures be made and certain steps be followed in
order to obtain and authenticate e-signatures.
Debt Collection Practices. We use the Fair Debt Collection Practices Act (“FDCPA”) as a guide in connection with operating our
collection activities. We are also required to comply with all applicable state collection practices laws.
Privacy and Security of Non-Public Customer Information. Under the federal Gramm-Leach-Bliley Act (“GLBA”), we must disclose
to individuals our privacy policy and practices, including those policies relating to the sharing of individuals’ nonpublic personal
information with third parties. The GLBA also requires us to ensure that our systems are designed to protect the confidentiality of
individuals’ nonpublic personal information and dictates certain actions that we must take to notify individuals if their personal
information is disclosed in an unauthorized manner.
Anti-Money Laundering and Economic Sanctions. We are also subject to certain provisions of the USA PATRIOT Act and the Bank
Secrecy Act under which we must maintain an anti-money laundering compliance program covering certain of our business activities.
In addition, the Office of Foreign Assets Control (“OFAC”) prohibits us from engaging in financial transactions with specially
designated nationals.
Anticorruption. We are also subject to the U.S. Foreign Corrupt Practices Act (the “FCPA”), which generally prohibits companies and
their agents or intermediaries from making improper payments to foreign officials for the purpose of obtaining or keeping business
and/or other benefits.

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CFPB
In July 2010, the U.S. Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) and
Title X of the Dodd-Frank Act created the Consumer Financial Protection Bureau (the “CFPB”), which regulates consumer financial
products and services, including consumer loans and remittance transfers that we offer. The CFPB has regulatory, supervisory and
enforcement powers over providers of consumer financial products and services, including explicit supervisory authority to examine
and require registration of certain providers. Pursuant to these powers, the CFPB has examined our lending products, services and
practices, and we expect to continue to be examined on a regular basis by the CFPB.
In October 2017, the CFPB issued its final rule entitled “Payday, Vehicle Title, and Certain High-Cost Installment Loans” (the “Small
Dollar Rule”), which covers certain consumer loans that we offer. The Small Dollar Rule initially required that lenders who make short-
term loans and longer-term loans with balloon payments reasonably determine consumers’ ability to repay (“ATR”) the loans according
to their terms before issuing the loans. The Small Dollar Rule also introduced new limitations on repayment processes for those lenders
as well as lenders of other longer-term loans with an annual percentage rate greater than 36 percent that include an ACH authorization
or similar payment provision. If a consumer has two consecutive failed payment attempts, the lender must obtain the consumer’s new
and specific authorization to make further withdrawals from the consumer’s bank account. For loans covered by the Small Dollar Rule,
lenders must provide certain notices to consumers before attempting a first payment withdrawal or an unusual withdrawal and after two
consecutive failed withdrawal attempts. On July 7, 2020, the CFPB issued a final rule rescinding the ATR provisions of the Small Dollar
Rule along with related provisions, such as the establishment of registered information systems for checking ATR and reporting loan
activity. The payment provisions of the Small Dollar Rule remained in place. In April 2018, an action was filed against the CFPB making
a constitutional challenge to the Small Dollar Rule. After appeals to the Fifth Circuit and Supreme Court and a stay of the compliance
date, on May 16, 2024, the Supreme Court upheld the constitutionality of the funding structure of the CFPB and remanded the case back
to the Fifth Circuit. On June 19, 2024, the Fifth Circuit declared that the CFPB’s funding structure and Small Dollar Rule are
constitutional. On July 3, 2024, the CFSA filed a petition for rehearing en banc that was denied by the Court. On November 25, 2024,
the Fifth Circuit clarified that the stay of the compliance date of the Small Dollar Rule expires on March 30, 2025. We will make certain
changes to our payment processes and customer notifications in our U.S. consumer lending business to meet the compliance date. If we
are not able to execute these changes effectively because of unexpected complexities, costs or otherwise, we cannot guarantee that the
Small Dollar Rule will not have a material adverse impact on our business, prospects, results of operations, financial condition and cash
flows. The Small Dollar Rule may be impacted by recent executive orders and directives, including instructions issued to CFPB staff
on February 3, 2025 to suspend the effective dates of final rules.
On January 25, 2019, we consented to the issuance of a Consent Order by the CFPB pursuant to which we agreed, without admitting or
denying any of the facts or conclusions, to pay a civil money penalty of $3.2 million. The Consent Order related to issues self-disclosed
to the CFPB in 2014, including failure to provide loan extensions to 308 consumers and debiting approximately 5,500 consumers from
the wrong bank account.
On November 15, 2023, we consented to the issuance of a Consent Order by the CFPB that supersedes the January 25, 2019 Consent
Order and pursuant to which we agreed, without admitting or denying any of the facts or conclusions, to pay a civil money penalty of
$15 million. The Consent Order relates to issues such as payment processing and debiting errors, the majority of which were self-
disclosed. The Consent Order requires that we honor loan extensions granted to consumers and debit a loan extension fee to such
consumers instead of debiting the full payment, and that we not debit or attempt to debit, on an individual or recurring basis, any
consumer’s bank account without obtaining the consumer’s express informed consent and providing the consumer a copy of the
authorization. The Consent Order also restricts our ability to originate or service payday loans or use payday consumer information to
market consumer financial products. The Consent Order will terminate seven years from November 15, 2023.
As a result of the issues giving rise to the Consent Order, we implemented enhanced policies and procedures designed to prevent the
prohibited actions. We continue to enhance our compliance management system and internal controls as well as our technology platform
to address the issues noted above.
Enova continues to monitor and optimize its compliance program with respect to the Consent Order requirements, leveraging
monitoring, testing and audit of its compliance program and payment processes. The aforementioned changes have not had a material
impact on our financial results, nor do we expect them to have a material impact on future financial results.
For further discussion of the CFPB and its regulatory, supervisory and enforcement powers, see “Risk Factors—Risks Related to Our
Business and Industry—The Consumer Financial Protection Bureau has supervisory authority over our U.S. consumer businesses that
could have a significant impact on our U.S. business” in Part I, Item 1A of this report.
U.S. State Regulation
Our consumer lending business is regulated under a variety of state statutes, all of which are subject to change and which may impose
significant costs or limitations on the way we conduct or expand our business. As of the date of this report, we offer or arrange consumer
loans in 37 states that have specific statutes and regulations that enable us to offer economically viable products. We currently do not
offer consumer loans in the remaining states because we do not believe it is economically feasible to operate in those jurisdictions due

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to specific statutory or regulatory restrictions, such as interest rate ceilings, caps on the fees that may be charged, or costly operational
requirements. However, we may later offer our consumer products or services in any of these states if we believe doing so may become
economically viable because of changes in applicable statutes or regulations or if we determine we can broaden our product offerings
to operate under existing laws and regulations.
The scope of state regulation of consumer loans, including the fees and terms of our products and services, varies from state to state.
The terms of our products and services vary from state to state in order to comply with the laws and regulations of the states in which
we operate. In addition, our advertising and marketing activities and disclosures are subject to review under various state consumer
protection laws and other applicable laws and regulations. The states with laws that specifically regulate our consumer products and
services may limit the principal amount of a consumer loan, set maximum fees or interest rates customers may be charged and specify
minimum and maximum maturity dates. Our collection activities regarding past due amounts may be subject to consumer protection
laws and state regulations relating to debt collection practices. In addition, some states require certain disclosures or content to
accompany our advertising or marketing materials. Also, some states require us to report consumer loan activity to state-wide databases
and restrict the number and/or principal amount of loans a consumer may have outstanding at any particular time or over the course of
a particular period of time.
In Texas, where we offer our CSO program, we comply with the jurisdiction’s Credit Services Organization Act and related regulations.
These laws generally define the services that we can provide to consumers and require us to provide a contract to the customer outlining
our services and the cost of those services to the customer. In addition, these laws may require additional disclosures to consumers and
may require us to be registered with the jurisdiction and/or be bonded.
We must also comply with state restrictions on the use of lead providers. In the past, several states took actions that caused us to
discontinue the use of lead providers in those states. Other states may propose or enact similar restrictions on lead providers in the future.
A variety of states have recently enacted legislation related to consumer data privacy. The laws have varying consumer protections,
including the right to access and delete personal information and to opt-out of the sale of personal information. Other states may propose
or enact similar laws in the future.
Over the last few years, legislation that prohibits or severely restricts our consumer loan products and services has been introduced or
adopted in a number of states. As a result, we have altered or ceased making consumer loans in certain states, in compliance with the
new statutes. We regularly monitor proposed legislation or regulations that could affect our business.
Licensing Requirements – Small Business Loans
In states and jurisdictions that do not require a license to make commercial loans, OnDeck, and certain other of our subsidiaries, typically
make commercial installment loans and extend lines of credit directly to customers pursuant to Utah or Virginia law. There are other
states and jurisdictions that require a license or have other requirements or restrictions applicable to commercial loans, including both
installment loans and line of credit accounts, and may not honor a Utah or Virginia choice of law. In these other states, historically we
have originated some installment loans and lines of credit directly but purchased other installment loans and lines of credit from issuing
bank partners, the foregoing depending on the requirements or restrictions of these other states. Certain line of credit accounts are
extended by an issuing bank partner and we may purchase extensions under those line of credit accounts.
The issuing bank partner establishes its underwriting criteria for the issuing bank partner program in consultation with us. We
recommend commercial loans to the issuing bank partner that meet the bank partner's underwriting criteria, at which point the issuing
bank partner may elect to fund the installment finance loan or extend the line of credit. The issuing bank partner earns origination fees
from the customers who borrow from it and retains the interest paid during the period that the issuing bank partner owns the loan. In
exchange for recommending loans to an issuing bank partner, we earn a marketing referral fee based on the loans recommended to, and
originated by, that issuing bank partner. Historically, OnDeck has been the purchaser of the loans that it referred to issuing bank partners.
Local Regulation—United States
In addition to state and federal laws and regulations, the consumer lending industry is subject to various local rules and regulations.
These local rules and regulations are subject to change and vary widely from city to city. Local jurisdictions’ efforts to restrict short-
term lending have been increasing. Typically, these local ordinances apply to storefront operations, however, local jurisdictions could
attempt to enforce certain business conduct and registration requirements on online lenders lending to residents of that jurisdiction.
Actions taken in the future by local governing bodies to impose other restrictions on short-term lenders such as us could impact our
business.

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Company and Website Information
Our principal executive offices are located at 175 West Jackson Blvd., Chicago, Illinois 60604, and our telephone number is (312) 568-
4200.
Our website is located at www.enova.com. Through our website, we provide free access to our Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q, Current Reports on Form 8-K, and all amendments to those reports filed or furnished pursuant to Sections 13(a)
and 15(d) of the Securities Exchange Act of 1934 as soon as reasonably practicable after such reports are electronically filed with or
furnished to the SEC. The information posted on our website is not incorporated by reference into this Annual Report on Form 10-K.
ITEM 1A. RISK FACTORS
Risk Factors Summary
The summary of risks below provides an overview of the principal risks we are exposed to in the normal course of our business activities:
Risks Related to Our Business and Industry
• Our business is highly regulated, and if we fail to comply with applicable laws, regulations, rules and guidance, our business could
be adversely affected.
• The lending and financing industry continues to be targeted by new laws and regulations in many jurisdictions that could restrict the
lending and financing products and services we offer, impose additional compliance costs on us, render our current operations
unprofitable or even prohibit our current operations.
• The CFPB has supervisory authority over our U.S. consumer businesses that could have a significant impact on our U.S. business.
• We are subject to a Consent Order issued by the CFPB, and any noncompliance could materially adversely affect our business.
• Our access to payment processing systems to disburse and collect loan and financing proceeds and repayments, including the
Automated Clearing House, is critical to our business, and any interruption or limitation on our ability to utilize any of the available
means of processing deposits or payments could materially adversely affect our business.
• The failure to comply with debt collection regulations could subject us to fines and other liabilities, which could harm our reputation
and business.
• We use lead providers and marketing affiliates to assist us in obtaining new customers, and if lead providers or marketing affiliates
do not comply with an increasing number of applicable laws and regulations, or if our ability to use such lead providers or marketing
affiliates is otherwise impaired, it could adversely affect our business.
• The use of personal data for credit underwriting is highly regulated, which exposes us to compliance risk and increased costs.
• Negative public perception of our business could cause demand for our products to significantly decrease.
• Control of the Congress and the executive branch of the U.S. government could have a significant impact on financial services
legislation passed in Congress and signed into law.
• Current and future litigation or regulatory proceedings could have a material adverse effect on our business, prospects, results of
operations, financial condition and cash flows.
• Judicial decisions, CFPB rulemaking or amendments to the Federal Arbitration Act could render the arbitration agreements we use
illegal or unenforceable.
• In some circumstances, federal preemption and application of an out-of-state choice of law provision will not, or may not, be
available for the benefit of certain non-bank purchasers of loans to defend against a state law claim of usury.
• Significant changes in international laws or regulations or a deterioration of the political, regulatory or economic environment of
Brazil, or any other country in which we may begin operations, could affect our operations in these countries.
• The failure of third parties who provide products, services or support to us to maintain their products, services or support could
disrupt our operations or result in a loss of revenue.
• Our business depends on the uninterrupted operation of our systems and business functions, including our information technology
and other business systems, as well as the ability of such systems to support compliance with applicable legal and regulatory
requirements.
• Decreased demand for our products and specialty financial services and our failure to adapt to such decrease could result in a loss
of revenue and could have a material adverse effect on us.
• We are subject to impairment risk.
• If the information provided by customers to us is incorrect or fraudulent, we may misjudge a customer’s qualification to receive a
loan and our operating results may be harmed.
• We are subject to anticorruption laws including the U.S. Foreign Corrupt Practices Act, anti-money laundering laws and economic
sanctions laws, and our failure to comply therewith, particularly if we continue to expand internationally, could result in penalties

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that could harm our reputation and have a material adverse effect on our business, prospects, results of operations, financial condition
and cash flows.
• Failure of operating controls could produce a significant negative outcome, including customer experience degradation, legal
expenses, increased regulatory cost, significant internal and external fraud losses and vendor risk.
• Increased competition from banks, credit card companies, other consumer and small business lenders, and other entities offering
similar financial products and services could adversely affect our business, prospects, results of operations, financial condition and
cash flows.
• A sustained deterioration in the economy could reduce demand for our products and services and result in reduced earnings.
• We may be unable to protect our proprietary technology and analytics or keep up with that of our competitors.
• We may be subject to intellectual property disputes, which are costly to defend and could harm our business and operating results.
• We are subject to cybersecurity risks and security breaches and may incur increasing costs in an effort to minimize those risks and
to respond to cyber incidents.
• Our ability to collect payment on loans and maintain the accuracy of accounts may be adversely affected by computer viruses,
electronic break-ins, technical errors and similar disruptions.
• If internet search engine providers change their methodologies for organic rankings or paid search results, or our organic rankings
or paid search results decline for other reasons, our new customer growth or volume from returning customers could decline.
• Growth may place significant demands on our management and our infrastructure and could be costly.
• Future acquisitions could disrupt our business and harm our financial condition and operating results.
• The preparation of our financial statements and certain tax positions taken by us require the judgment of management, and we could
be subject to risks associated with these judgments or could be adversely affected by the implementation of new, or changes in the
interpretation of existing, accounting principles, financial reporting requirements or tax rules.
• Our U.S. consumer loan and small business financing businesses are seasonal in nature, which causes our cash flows to fluctuate
over the year.
• Our success is dependent, in part, upon our officers, and if we are not able to attract and retain qualified officers, our business could
be materially adversely affected.
Risk Related to Our Indebtedness
• We have incurred significant indebtedness, which could adversely affect our financial condition and prevent us from fulfilling our
obligations under anticipated agreements governing our indebtedness.
• The terms of the agreements governing our indebtedness restrict our current and future operations, particularly our ability to respond
to changes or to take certain actions, which could harm our long-term interests.
• We may not be able to generate sufficient cash to service our indebtedness and may be forced to take other actions to satisfy our
obligations under our indebtedness, which may not be successful.
• Changes in our financial condition or a potential disruption in the capital markets could reduce available capital.
• Increases in customer default rates could make us and our loans less attractive to lenders under debt facilities and investors in
securitizations which may adversely affect our access to financing and our business.
Risk Related to Our Common Stock and the Securities Market
• Certain provisions of our restated certificate of incorporation, amended and restated bylaws and Delaware law may discourage
takeovers.
• The market price of our shares may fluctuate widely.
• If securities or industry analysts publish research that is unfavorable about our business, our stock price and trading volume could
decline.
• We do not anticipate paying any dividends on our common stock in the foreseeable future.
• Our restated certificate of incorporation designates the Court of Chancery of the State of Delaware as the exclusive forum for certain
litigation that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum
for disputes with us.

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Risk Factors
Our business and future results may be affected by a number of risks and uncertainties that should be considered carefully in evaluating
us. In addition, this report also contains forward-looking statements that involve risks and uncertainties. Our actual results could differ
materially from those anticipated in such forward-looking statements as a result of certain factors, including the risks faced by us
described below. The occurrence of one or more of the events listed below could also have a material adverse effect on our business,
prospects, results of operations, financial condition and cash flows.
Risks Related to Our Business and Industry
Our business is highly regulated, and if we fail to comply with applicable laws, regulations, rules and guidance, our business could
be adversely affected.
Our products and services are subject to extensive regulation, supervision and licensing under various federal, state, local and
international statutes, ordinances, regulations, rules and guidance. For example, our loan products may be subject to requirements that
generally mandate licensing or authorization as a lender or as a CSO; establish limits on the amount, duration, renewals or extensions
of and charges for (including interest rates and fees) various categories of loans; direct the form and content of our loan contracts and
other documentation; restrict collection practices; outline underwriting requirements and subject us to periodic examination and ongoing
supervision by regulatory authorities, among other things. We must comply with federal laws, such as TILA, ECOA, FCRA, EFTA,
GLBA and Title X of the Dodd-Frank Act, among others, as well as regulations adopted to implement those laws. In addition, our
marketing and disclosure efforts and the representations made about our products and services are subject to unfair and deceptive practice
statutes, including the FTC Act, the TCPA and the CAN-SPAM Act of 2003 in the United States and analogous state statutes under
which the FTC, the CFPB, state attorneys general or private plaintiffs may bring legal actions.
Additionally, changes in laws or regulations or changes to the application or interpretation of the laws and regulations applicable to
small business lenders could adversely affect the Company’s ability to operate in the manner in which the Company currently conducts
business or make it more difficult or costly for the Company to originate or otherwise acquire additional small business loans, or for the
Company to collect payments on the small business loans. Such changes could subject the Company to additional licensing, registration
and other legal or regulatory requirements in the future or otherwise that could, individually or in the aggregate, adversely affect the
Company’s ability to conduct its business.
We are also subject to various international laws, licensing or authorization requirements in connection with the products or services we
offer in Brazil. Compliance with applicable laws, regulations, rules and guidance requires forms, processes, procedures, training,
controls and the infrastructure to support these requirements. Compliance may also create operational constraints, be costly or adversely
affect operating results. See “Business—Regulation” of Part I, Item 1 of this report for further discussion of the laws applicable to us.
The regulatory environment in which we conduct our business is extensive and complex. From time to time we become aware of
instances where our products and services have not fully complied with requirements under applicable laws and regulations or applicable
contracts. Determinations of compliance with applicable requirements or contracts, such as those discussed above, can be highly
technical and subject to varying interpretations. When we become aware of such an instance, products or services that may not be in
compliance with applicable laws, whether as a result of our compliance reviews, regulatory inquiry, customer complaint or otherwise,
we generally conduct a review of the activity in question and determine how to address it, such as modifying the product, making
customer refunds or providing additional disclosure. We also evaluate whether reports or other notices to regulators are required and
provide notice to regulators whenever required. In some cases, we have decided and will decide to take corrective action even after
applicable statutory or regulatory cure periods have expired, and in other cases we have notified regulators even where such notification
may not have been required. Regulators or customers reviewing such incidents or remedial activities may interpret the laws, regulations
and customer contracts differently than we have, or may take regulatory action against us or bring private litigation against us
notwithstanding the corrective measures we have taken. This may be the case even if we no longer offer the product or service in
question.
State, federal and international regulators, as well as the plaintiffs’ bars, subject our industry to intense scrutiny. In addition, our contracts
for certain products and services may be governed by the law applicable in a state other than the state in which the customer resides. If
a court were to reject our choice of law and determine that a contract was governed by the laws of another state, the contract may be
unenforceable. A judgment that the choice of law provisions in our loan agreements is unenforceable also could result in costly and
time-consuming litigation, penalties, damage to our reputation, trigger repurchase obligations, negatively impact the terms of our future
loans and harm our operating results. Likewise, a judgment that the choice of law provision in other commercial loan agreements is
unenforceable could result in challenges to our choice of law provision and that could result in costly and time-consuming litigation.
Failure to comply with applicable laws, regulations, rules and guidance, or any finding that our past forms, practices, processes,
procedures, controls or infrastructure were insufficient or not in compliance, could subject us to regulatory enforcement actions, result

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in the assessment against us of civil, monetary, criminal or other penalties (some of which could be significant in the case of knowing
or reckless violations), result in the issuance of cease and desist orders (which can include orders for restitution, as well as other kinds
of affirmative relief), require us to refund payments, interest or fees, result in a determination that certain financial products are not
collectible, result in a suspension or revocation of licenses or authorization to transact business, result in a finding that we have engaged
in unfair and deceptive practices, limit our access to services provided by third-party financial institutions or cause damage to our
reputation, brands and valued customer relationships. We may also incur additional, substantial expenses to bring those products and
services into compliance with the laws of various jurisdictions or stop offering certain products and services in certain jurisdictions.
Additionally, we may expand into complementary businesses that engage in financial, consumer credit transactions or lending services
that may involve products or services that we do not currently offer, or we may implement the use of new technologies in our existing
businesses and products, such as artificial intelligence-based technologies, all of which may be subject to a variety of statutes, laws and
regulatory requirements in addition to those laws and regulations currently applicable to our operations. This may impose increased
costs or restrictions on the manner in which we currently conduct our businesses or increase our exposure to regulatory risks and
liabilities.
Our failure to comply with any regulations, rules or guidance applicable to our business could have a material adverse effect on our
business, prospects, results of operations, financial condition and cash flows and could prohibit or directly or indirectly impair our ability
to continue current operations. See “—Current and future litigation or regulatory proceedings could have a material adverse effect on
our business, prospects, results of operations, financial condition and cash flows.”
The lending and financing industry continues to be targeted by new laws and regulations in many jurisdictions that could restrict
the lending and financing products and services we offer, impose additional compliance costs on us, render our current operations
unprofitable or even prohibit our current operations.
Governments at the national, state and local levels, as well as international governments, may seek to impose new laws, regulatory
restrictions or licensing requirements that affect the products or services we offer, the terms on which we may offer them, and the
disclosure, compliance and reporting obligations we must fulfill in connection with our lending and financing business. They may also
interpret or enforce existing requirements in new ways that could restrict our ability to continue our current methods of operation or to
expand operations and impose significant additional compliance costs, which could have a negative effect on our business, prospects,
results of operations, financial condition and cash flows. In some cases, these measures could even directly prohibit some or all of our
current business activities in certain jurisdictions or render them unprofitable and/or impractical to continue.
In recent years, consumer loans have come under increased regulatory scrutiny that has resulted in increasingly restrictive regulations
and legislation that makes offering such loans in certain states in the United States or the international countries where we operate (as
further described below) less profitable or unattractive. Laws or regulations in some states in the United States require that all borrowers
of certain consumer loan products be reported to a centralized database and limit the number of loans a borrower may receive or have
outstanding. Other laws prohibit us from providing some of our consumer loan products in the United States to active duty military
personnel, active members of the National Guard or members on active reserve duty and their spouses and covered dependents.
Certain consumer advocacy groups and federal and state legislators and regulators have advocated that laws and regulations should be
tightened so as to severely limit, if not eliminate, the type of loan products and services we offer to consumers, and this has resulted in
both the executive and legislative branches of the U.S. federal government and state governmental bodies exhibiting an interest in
debating legislation that could further regulate consumer and/or small business loan products and services such as those that we offer.
The U.S. Congress, as well as other similar federal, state and local bodies and similar international governmental authorities, have
debated, and may in the future adopt, legislation or regulations that could, among other things, place a cap (or decrease a current cap)
on the interest or fees that we can charge or a cap on the effective annual percentage rate that limits the amount of interest or fees that
may be charged; limit origination fees for loans; require changes to our underwriting or collections practices; require lenders to be
bonded or to report consumer loan activity to databases designed to monitor or restrict consumer borrowing activity; impose “cooling
off” periods between the time a loan is paid off and another loan is obtained or prohibit us from providing any of our consumer loan
products in the United States to active duty members of the U.S. military, reservists and members of the National Guard and their
immediate families.
Furthermore, legislative or regulatory actions may be influenced by negative perceptions of us and our industry, even if such negative
perceptions are inaccurate, attributable to conduct by third parties not affiliated with us (such as other industry members), or attributable
to matters not specific to our industry.
We cannot currently assess the likelihood of any future unfavorable federal, state, local or international legislation or regulations being
enacted that could materially affect our products and services. We closely monitor proposed legislation in jurisdictions where we offer
our loan products. Additional legislative or regulatory provisions could be enacted that could severely restrict, prohibit or eliminate our
ability to offer a consumer or small business loan or financing product. In addition, U.S. state regulators have broad discretionary power

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and may impose new licensing requirements, interpret or enforce existing regulatory requirements in different ways or issue new
administrative rules, even if not contained in state statutes, that could adversely affect the way we do business and may force us to
terminate or modify our operations in particular states or affect our ability to obtain new licenses or renew the licenses we hold.
Any of these or other legislative or regulatory actions that affect our lending and financing business at the national, state, international
and local level could, if enacted or interpreted differently, have a material adverse impact on our business, prospects, results of
operations, financial condition and cash flows and could prohibit or directly or indirectly impair our ability to continue current
operations.
The Consumer Financial Protection Bureau has supervisory authority over our U.S. consumer businesses that could have a
significant impact on our U.S. business.
The CFPB, which regulates U.S. consumer financial products and services, has broad regulatory, supervisory and enforcement powers
over providers of consumer financial products and services, such as us, including explicit supervisory authority to examine and require
registration of such providers.
The CFPB has examined our lending products, services and practices, and we expect to continue to be examined on a regular basis by
the CFPB. The CFPB’s examination authority permits CFPB examiners to inspect the books and records and ask questions about
business practices. The examination procedures include specific modules for examining marketing activities; loan application and
origination activities; payment processing activities and sustained use by consumers; collections, accounts in default, and consumer
reporting activities as well as third-party relationships. As a result of these examinations, we have been in the past and could be required
in the future to change our products, services or practices, whether as a result of another party being examined or as a result of an
examination of us, or we could be subject to monetary penalties, which could materially adversely affect us.
The CFPB also has broad authority to prohibit unfair, deceptive and abusive acts and practices and to investigate and penalize financial
institutions that violate this prohibition. In addition to having the authority to obtain monetary penalties for violations of applicable
federal consumer financial laws (including the CFPB’s own rules), the CFPB can require remediation of practices, pursue administrative
proceedings or litigation and obtain cease and desist orders (which can include orders for restitution or rescission of contracts, as well
as other kinds of affirmative relief). Also, where a company has violated Title X of the Dodd-Frank Act or CFPB regulations
implemented thereunder, the Dodd-Frank Act empowers state attorneys general and state regulators to bring civil actions to remedy
violations of state law. If the CFPB or one or more state attorneys general or state regulators believe that we have violated any of the
applicable laws or regulations, they could exercise their enforcement powers in ways that could have a material adverse effect on our
business, prospects, results of operations, financial condition and cash flows.
We are subject to a Consent Order issued by the Consumer Financial Protection Bureau, and any noncompliance could materially
adversely affect our business.
On November 15, 2023, we consented to the issuance of a Consent Order by the CFPB (the “2023 Consent Order”) pursuant to which
we agreed, without admitting or denying any of the facts or conclusions, to pay a civil money penalty of $15 million. The 2023 Consent
Order supersedes a prior January 2019 CFPB consent order in which we agreed, without admitting or denying any of the facts or
conclusions, to pay a civil money penalty of $3.2 million. The 2023 Consent Order relates to issues, the majority of which were self-
disclosed, including payment processing and debiting errors. We will remain subject to the restrictions and obligations of the 2023
Consent Order, including prohibitions from engaging in certain conduct, for a period of seven years from the date of the 2023 Consent
Order. Any noncompliance with the 2023 Consent Order or similar orders or agreements from other regulators could lead to further
regulatory penalties and could have a material adverse impact on our business, prospects, results of operations, financial condition and
cash flows and could prohibit or directly or indirectly impair our ability to continue current operations.
The CFPB finalized a new rule that may affect the consumer lending industry, and this rule could have a material adverse effect on
our U.S. consumer lending business.
In October 2017, the CFPB issued the Small Dollar Rule, which covers certain consumer loans that we offer. The Small Dollar Rule
initially required that lenders who make short-term loans and longer-term loans with balloon payments reasonably determine
consumers’ ability to repay the loans according to their terms before issuing the loans. The Small Dollar Rule also introduced new
limitations on repayment processes for those lenders as well as lenders of other longer-term loans with an annual percentage rate
greater than 36 percent that include an ACH authorization or similar payment provision. If a consumer has two consecutive failed
payment attempts, the lender must obtain the consumer’s new and specific authorization to make further withdrawals from the
consumer’s bank account. For loans covered by the Small Dollar Rule, lenders must provide certain notices to consumers before
attempting a first payment withdrawal or an unusual withdrawal and after two consecutive failed withdrawal attempts. On July 7,
2020, the CFPB issued a final rule rescinding the ATR provisions of the Small Dollar Rule along with related provisions, such as the
establishment of registered information systems for checking ATR and reporting loan activity. The payment provisions of the Small

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Dollar Rule remained in place. In April 2018, an action was filed against the CFPB making a constitutional challenge to the Small
Dollar Rule. After appeals to the Fifth Circuit and Supreme Court and a stay of the compliance date, on May 16, 2024, the Supreme
Court upheld the constitutionality of the funding structure of the CFPB and remanded the case back to the Fifth Circuit. On June 19,
2024, the Fifth Circuit declared that the CFPB’s funding structure and Small Dollar Rule are constitutional. On July 3, 2024, the
CFSA filed a petition for rehearing en banc that was denied by the Court. On November 25, 2024, the Fifth Circuit clarified that the
stay of the compliance date of the Small Dollar Rule expires on March 30, 2025. We will make certain changes to our payment
processes and customer notifications in our U.S. consumer lending business to meet the compliance date. If we are not able to execute
these changes effectively because of unexpected complexities, costs or otherwise, we cannot guarantee that the Small Dollar Rule will
not have a material adverse impact on our business, prospects, results of operations, financial condition and cash flows. The Small
Dollar Rule may be impacted by recent executive orders and directives, including instructions issued to CFPB staff on February 3,
2025 to suspend the effective dates of final rules.
Our advertising and marketing materials and disclosures have been and continue to be subject to regulatory scrutiny.
In the jurisdictions where we operate, our advertising and marketing activities and disclosures are subject to regulation under various
industry standards, consumer protection laws, and other applicable laws and regulations. Consistent with the lending industry as a whole,
our advertising and marketing materials have come under increased scrutiny.
Any inability to continue to advertise and market our business in a manner we consider effective as a result of regulatory review or new
restrictions could have a material adverse effect on our business, prospects, results of operations, financial condition and cash flows.
We have previously ceased business in certain jurisdictions due to regulatory restrictions and, if we are forced to exit key jurisdictions
in the future due to regulatory restrictions, this could adversely affect our business as a whole.
In the past we have ceased business in, restricted our operations in, or chosen not to begin business in, certain jurisdictions due to
regulatory restrictions which render our operations impermissible, unprofitable or impractical. In addition, because we are in some cases
subject to state/provincial and local regulation in addition to federal/national regulation, we may restrict or discontinue business in
certain jurisdictions within countries where we are otherwise active. For example, as of December 31, 2024, we did not offer or arrange
consumer loans in 13 U.S. states because we do not believe it is economically feasible to operate in those jurisdictions due to specific
statutory or regulatory restrictions, such as interest rate ceilings or caps on the fees that may be charged.
The adoption of state regulatory measures cannot be predicted, but we expect that other states may propose or enact similar restrictions
impacting our consumer or small business loan or financing products in the future, which could affect our operations in such states.
Legislation or regulations targeting or otherwise directly affecting our products and services have been introduced or adopted in a
number of states over the last few years, and we regularly monitor proposed legislation or regulations that could affect our business. For
more information, see “Regulation and Legal Proceedings—U.S. State Regulation.”
If we are forced to exit key jurisdictions due to such concerns, we cannot guarantee that we will be able to find suitably attractive
additional business opportunities elsewhere, which could have a material adverse effect on our business, prospects, results of operations,
financial condition and cash flows.
Our access to payment processing systems to disburse and collect loan and financing proceeds and repayments, including the
Automated Clearing House, is critical to our business, and any interruption or limitation on our ability to utilize any of the available
means of processing deposits or payments could materially adversely affect our business.
When making loans and providing financing in the United States, we use several means of depositing proceeds into and collecting
repayments from our customers’ bank accounts, including the use of ACH. Our business, including loans made through the CSO
program, depends on payment processing systems to collect amounts due by repayments from our customers’ bank accounts when we
have obtained authorization to do so from the customer. Our transactions are processed by banks, and if these banks cease to provide
any of the available means of payment processing services, we would have to materially alter, or possibly discontinue, some or all of
our business if alternative processing methods are not as effective or not available.
Previous heightened regulatory scrutiny by the U.S. Department of Justice, the Federal Deposit Insurance Corporation and other
regulators, in an action referred to as Operation Choke Point, caused banks and ACH payment processors to cease doing business with
certain short-term consumer lenders who were operating legally, without regard to whether those lenders were complying with applicable
laws, simply to avoid the risk of heightened scrutiny or even litigation.
Our access to payment processing systems could be impaired as a result of actions by regulators to cut off the access to payment
processing systems to short-term consumer lenders or by rule changes by the National Automated Clearinghouse Association

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(“NACHA”), which oversees the ACH network. The limited number of financial institutions we depend on may choose to discontinue
providing ACH processing, remotely created check processing and similar services to us. If our access to any of these means of payment
processing is impaired, we may find it difficult or impossible to continue some or all of our business, which could have a material
adverse effect on our business, prospects, results of operations, financial condition and cash flows. If we are unable to maintain access
to needed services on favorable terms, we would have to materially alter, or possibly discontinue, some or all of our business if alternative
processors are not available.
The failure to comply with debt collection regulations could subject us to fines and other liabilities, which could harm our reputation
and business.
The FDCPA regulates persons who regularly collect or attempt to collect, directly or indirectly, consumer debts owed or asserted to be
owed to another person. Many states impose additional requirements on persons collecting or attempting to collect consumer debts owed
to them and on debt collection communications, and some of those requirements may be more stringent than the federal requirements.
Moreover, regulations governing debt collection are subject to changing interpretations that differ from jurisdiction to jurisdiction.
Effective November 30, 2021, CFPB rules went into effect that apply to third-party debt collectors covered by the FDCPA. The rules
(a) clarify the times and places at which a debt collector may communicate with a consumer; (b) require collectors to provide a channel-
specific opt-out mechanism for debtors in all text messages and emails; (c) provide that a debt collector is presumed to violate the rule
if it places a telephone call to a person more than 7 times within a 7-day period or within 7 days after a telephone conversation with the
debtor; (d) include prohibitions against taking or threatening legal action on time-barred debt outside of proofs of claim filed in
bankruptcy proceedings; (e) require debt collectors to speak to a consumer in person or by phone or send a letter or electronic message
and wait a reasonable period of time before furnishing information to a credit reporting agency; and (f) adopts a set of specifications for
the information that should be included in debt validation notices and when and how the validation notice should be provided to
consumers. Creditors and other first-party collectors are not subject to the final rules, but they will impact Enova’s third-party collectors
and debt buyers. Restrictions on our third-party debt collectors or that apply to our attempts to collect debt originated by other lenders,
may have an adverse impact on our U.S. products and services.
Non-U.S. jurisdictions also regulate debt collection. We could be subject to fines, written orders or other penalties if we, or parties
working on our behalf, are determined to have violated the FDCPA or analogous state or international laws, which could have a material
adverse effect on our reputation, business, prospects, results of operations, financial condition and cash flows.
We use lead providers and marketing affiliates to assist us in obtaining new customers, and if lead providers or marketing affiliates
do not comply with an increasing number of applicable laws and regulations, or if our ability to use such lead providers or marketing
affiliates is otherwise impaired, it could adversely affect our business.
We are dependent on third parties, referred to as lead providers (or lead generators) and marketing affiliates, as a source of new
customers. Our marketing affiliates place our advertisements on their websites that direct potential customers to our websites. Generally,
lead providers operate, and also work with their own marketing affiliates who operate, separate websites to attract prospective customers
and then sell those “leads” to online lenders. As a result, the success of our business depends substantially on the willingness and ability
of lead providers or marketing affiliates to provide us customer leads at acceptable prices.
If regulatory oversight of lead providers or marketing affiliates is increased, through the implementation of new laws or regulations or
the interpretation of existing laws or regulations, our ability to use lead providers or marketing affiliates could be restricted or eliminated.
For example, the CFPB has indicated its intention to examine compliance with federal laws and regulations by lead providers and to
scrutinize the flow of non-public, private consumer information between lead providers and lead buyers, such as us. Over the past few
years, several states have taken actions that have caused us to discontinue the use of lead providers in those states. While these
discontinuations did not have a material adverse effect on us, other states may propose or enact similar restrictions on lead providers
and potentially on marketing affiliates in the future, and if other states adopt similar restrictions, our ability to use lead providers or
marketing affiliates in those states would also be interrupted.
Lead providers’ or marketing affiliates’ failure to comply with applicable laws or regulations, or any changes in laws or regulations
applicable to lead providers or marketing affiliates’ or changes in the interpretation or implementation of such laws or regulations, could
have an adverse effect on our business and could increase negative perceptions of our business and industry. Additionally, the use of
lead providers and marketing affiliates could subject us to additional regulatory cost and expense. If our ability to use lead generators or
marketing affiliates were to be impaired, our business, prospects, results of operations, financial condition and cash flows could be
materially adversely affected.
In addition, we do business with third parties who are not part of our independent sales organization program, including third parties
who may refer potential small business customers to us or to whom we may refer potential customers for their business. In general, if
we refer an applicant that takes a loan from one of our strategic partners, that strategic partner pays us a commission based on the amount
of the originated loan. The partners determine whether to extend credit to referred applicants using their own credit models and criteria.

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Certain states require a license to broker commercial loans or apply other restrictions to loan brokering activities. We believe that our
strategic referral program for small business products would not be considered loan brokering under those state laws and, as such, would
not require us to obtain a license. There is a risk that states could adopt new laws or amend or interpret existing laws to require us to
obtain a broker license, impose penalties for noncompliance, or otherwise prevent us from making further referrals and collecting
commissions from our referral partners. Challenges to our program could also result in costly and time-consuming litigation, damage to
our reputation and harm our operating results.
To the extent that independent sales organization program partners, other third parties or internal sales representatives mislead loan
applicants or engage or previously engaged in disreputable behavior, our reputation may be harmed and we may face liability.
We rely on third-party independent advisors, including commercial loan brokers, which we call independent sales organization program
partners, or ISOs, for a significant portion of the small business customers to whom we issue loans. As a consequence of their status as
independent contractors who provide services for multiple lenders, we have less control of third-party independent sales activities as
compared to the activities of our internal sales representatives.
Because ISOs earn fees on a commission basis, ISOs may have an incentive to mislead loan applicants, facilitate the submission by loan
applicants of false application data or engage in other disreputable behavior so as to earn additional commissions. We also rely on our
internal sales representatives for customer acquisition in our direct marketing channel, who may also be motivated to engage in
disreputable behavior to increase our customer base because such internal sales representatives are paid on a commission basis. If ISOs
or our internal sales representatives mislead our customers or engage in other disreputable behavior, our customers are less likely to be
satisfied with their experience and we may be subject to costly and time-consuming disputes. Negative publicity relating to ISOs or
internal sales representatives could impair our ability to continue to increase our revenue and our business could otherwise be materially
and negatively impacted.
We significantly enhanced, and regularly update, the nature and scope of the due diligence conducted on both prospective and existing
ISOs. We also implemented certain enhanced contractual provisions and compliance-related measures related to our ISO program. While
these measures were intended to improve certain aspects and reduce the risks of how we work with ISOs and how they work with our
customers, we cannot assure that these measures will work or continue to work as intended, that other compliance-related concerns will
not emerge in the future, that the ISOs will comply with these measures, and that these measures will not negatively impact our business
from this channel or have other unintended or negative impacts on our business beyond the ISO channel.
In addition, we do business with third parties who are not part of our ISO program, including third parties who may refer potential
customers to us. Although such third parties are solely intended to refer to our internal processes, we are exposed to the risks of potential
misleading or disreputable behavior from these third parties as well as from our ISOs.
As to our sales force, sales representatives are given sales scripts and receive rigorous training, including in-person training on avoiding
unfair, abusive, and deceptive practices. In addition, internal sales representative calls are recorded and monitored for purposes of
compliance and quality assurance. Despite these controls, we cannot assure that they will work as intended or that all of our internal
sales representatives will comply with our procedures. Failure of our internal sales representatives to do so would expose us to the same,
or worse, consequences than those relating to the ISO channel. We also refer merchants to third-party lenders. It is conceivable that we
are exposed to risk if such third-party lenders engage in wrongful behavior.
We pay commissions to our strategic partners, other third parties and ISOs upfront and generally do not recover them in the event
the related term loan or line of credit is eventually charged off.
We pay commissions to strategic partners and ISOs on the business installment loans and lines of credit we originate through these
channels. We pay these commissions at the time the installment loan is originated or line of credit is opened or drawn on. We generally
do not require that this commission be repaid to us in the event of a default on an installment loan or line of credit. While we generally
discontinue working with strategic partners and ISOs that refer customers to us that ultimately have unacceptably high levels of defaults,
to the extent that our strategic partners and ISOs are not at risk of forfeiting their commissions in the event of defaults, they may, to an
extent, be indifferent to the riskiness of the potential customers that they refer to us.
Any violations of our Code of Business Conduct and Ethics, or the failure to detect any such violations, may cause our business,
financial condition or results of operations to be adversely affected.
Our Code of Business Conduct and Ethics prohibits us and our employees from engaging in unethical business practices. In addition,
our ISOs are required to comply with a code of conduct, or the ISO Code, tailored to their brokering services. We refer to our Code of
Business Conduct and Ethics and the ISO Code collectively as the “Code.” However, there can be no assurance that all of our employees,
agents, or contractors will refrain from acting in violation of our Code, or that we will be able to detect any such violations. The
investigation into potential violations of our Code, or even allegations of such violations, could disrupt our operations, involve significant

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management distraction, and lead to significant costs and expenses, and such expenses may have a material adverse effect on our
financial results. If we, or our employees, agents or contractors, are found to have engaged in practices that violate our Code, we could
suffer severe fines, penalties or other consequences that may have a material adverse effect on our business, financial condition or results
of operations. In addition, negative public opinion could result from actual or alleged conduct by us, or our employees, agents or
contractors acting on our behalf, in any number of activities or circumstances in violation of our Code, including employment related
offenses, such as harassment (sexual or otherwise) and discrimination, regulatory compliance and the use and protection of data and
systems, or from actions taken by regulators or others in response to such conduct.
The use of personal data for credit underwriting is highly regulated, which exposes us to compliance risk and increased costs.
In the United States, the FCRA regulates the collection, dissemination and use of consumer information, including consumer credit
information. Compliance with the FCRA and related laws and regulations concerning consumer reports has recently been under
regulatory scrutiny. The FCRA requires us to provide a Notice of Adverse Action to a consumer loan applicant when we deny an
application for credit, which, among other things, informs the applicant of the action taken regarding the credit application and the
specific reasons for the denial of credit. The FCRA also requires us to promptly update any credit information reported to a consumer
reporting agency about a consumer and to allow a process by which consumers may inquire about credit information furnished by us to
a consumer reporting agency. Historically, the FTC has played a key role in the implementation, oversight, enforcement and
interpretation of the FCRA. Pursuant to the Dodd-Frank Act, the CFPB has primary supervisory, regulatory and enforcement authority
of FCRA issues, although the FTC also retains its enforcement role regarding the FCRA. The CFPB has taken a more active approach
than the FTC, including with respect to regulation, enforcement and supervision of the FCRA. Changes in the regulation, enforcement
or supervision of the FCRA may materially affect our business if new regulations or interpretations by the CFPB or the FTC require us
to materially alter the manner in which we use personal data in our credit underwriting. The oversight of the FCRA by both the CFPB
and the FTC and any related investigation or enforcement activities or our failure to comply with the DPA may have a material adverse
impact on our business, including our operations, our mode and manner of conducting business and our financial results.
Our operations in the State of California are subject to the California Consumer Privacy Act of 2018 (“CCPA”), which came into effect
on January 1, 2020 and expanded the privacy rights of California residents and regulates the sharing of consumer information of
California residents. On November 3, 2020, Californians voted to approve Proposition 24, a ballot measure that created the California
Privacy Rights Act (“CPRA”). The CPRA amended and expanded the rights and obligations under the CCPA. Most of the CPRA’s
substantive provisions took effect on January 1, 2023, and we must comply with both the CCPA and the CPRA. Compliance with the
CCPA and the CPRA has increased the cost of conducting business in California, and we could see increased litigation costs as a result
of the enactment of these laws. Several other states have passed legislation regarding data privacy and use, which could create more
risks and potential costs.
Negative public perception of our business could cause demand for our products to significantly decrease.
In recent years, consumer advocacy groups and some media reports have advocated governmental action to prohibit or place severe
restrictions on short-term and high-cost consumer loans. Such consumer advocacy groups and media reports generally focus on the
annual percentage rate for this type of consumer loan, which is compared unfavorably to the interest typically charged by banks to
consumers with top-tier credit histories. The fees and/or interest charged by us and others in the industry attract media publicity about
the industry and may be perceived as controversial. If the negative characterization of these types of loans becomes increasingly accepted
by consumers, demand for any or all of the consumer loan products that we offer could significantly decrease, which could materially
affect our business, prospects, results of operations, financial condition and cash flows. Additionally, if the negative characterization of
these types of loans is accepted by legislators and regulators, we could become subject to more restrictive laws and regulations applicable
to short-term loans or other consumer loan products that we offer that could materially adversely affect our business, prospects, results
of operations, financial condition and cash flows and could impair our ability to continue current operations.
In addition, our ability to attract and retain customers is highly dependent upon the external perceptions of our level of service,
trustworthiness, business practices, financial condition and other subjective qualities. Negative perceptions or publicity regarding these
matters—even if related to seemingly isolated incidents, or even if related to practices not specific to short-term loans, such as debt
collection—could erode trust and confidence and damage our reputation among existing and potential customers, which could make it
difficult for us to attract new customers and retain existing customers and could significantly decrease the demand for our products,
could materially adversely affect our business, prospects, results of operations, financial condition and cash flows and could impair our
ability to continue current operations.
Control of the Congress and the executive branch of the U.S. government could have a significant impact on financial services
legislation passed in Congress and signed into law.
In January 2025, the Republican party took control of the Senate and retained control of the House of Representatives, and Donald
Trump was inaugurated as President of the United States. The Trump administration has publicly discussed meaningful changes to

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staffing, structure and funding for regulatory bodies with authority over Enova businesses, changes in regulatory and tax burdens on
individuals and small businesses, and changes in immigration policies. We are unable to predict at this time the likelihood or effect of
any such policy or structural changes or any new legislation or regulations.
Current and future litigation or regulatory proceedings could have a material adverse effect on our business, prospects, results of
operations, financial condition and cash flows.
We have been and are currently subject to lawsuits (including purported class actions) that could cause us to incur substantial
expenditures, generate adverse publicity and could significantly impair our business, force us to cease doing business in one or more
jurisdictions or cause us to cease offering or alter one or more products. We are also likely to be subject to further litigation in the future.
An adverse ruling in or a settlement of any current or future litigation against us or another provider of loans or financings similar to
those we offer could cause us to have to refund fees and/or interest collected, forego collection of the principal amount of loans or the
delivery of purchased receivables, pay treble or other multiple damages, pay monetary penalties and/or modify or terminate our
operations in particular jurisdictions.
Defense of any lawsuit, even if successful, could require substantial time and attention of our management and could require the
expenditure of significant amounts for legal fees and other related costs. We and others are also subject to regulatory proceedings, and
we could suffer losses as a result of interpretations of applicable laws, rules and regulations in those regulatory proceedings, even if we
are not a party to those proceedings. Any of these events could have a material adverse effect on our business, prospects, results of
operations, financial condition and cash flows and could impair our ability to continue current operations.
Judicial decisions, CFPB rulemaking or amendments to the Federal Arbitration Act could render the arbitration agreements we use
illegal or unenforceable.
We include arbitration provisions in our consumer and small business loan and financing agreements. These provisions are designed to
allow us to resolve any customer disputes through individual arbitration rather than in court and explicitly provide that all arbitrations
will be conducted on an individual and not on a class basis. Thus, our arbitration agreements, if enforced, have the effect of shielding
us from class action liability. Our arbitration agreements do not generally have any impact on regulatory enforcement proceedings. We
take the position that the arbitration provisions in loan and financing agreements, including class action waivers, are valid and
enforceable; however, the enforceability of arbitration provisions is often challenged in court. If those challenges are successful, our
arbitration and class action waiver provisions could be unenforceable, which could subject us to additional litigation, including additional
class action litigation.
In addition, the U.S. Congress has considered legislation that would generally limit or prohibit mandatory arbitration agreements in
consumer contracts and has enacted legislation with such a prohibition with respect to certain mortgage loan agreements and also certain
consumer loan agreements to members of the military on active duty and their dependents. Further, the Dodd-Frank Act directed the
CFPB to study consumer arbitration and report to the U.S. Congress, and it authorized the CFPB to adopt rules limiting or prohibiting
consumer arbitration, consistent with the results of its study.
The CFPB did issue a final rule on arbitration, which would have prohibited class action waivers in certain consumer financial services
contracts. However, the House and Senate each passed a resolution of disapproval of the rule, pursuant to their powers under the
Congressional Review Act, and the President signed the bill. Because the rule was disapproved, it cannot be reissued in substantially
the same form, and the CFPB cannot issue a substantially similar rule unless the new rule is specifically authorized by a law enacted
after the date of the joint resolution disapproving the original rule.
Any judicial decisions, legislation or other rules or regulations that impair our ability to enter into and enforce consumer arbitration
agreements and class action waivers will increase our exposure to class action litigation as well as litigation in plaintiff-friendly
jurisdictions, which would be costly and could have a material adverse effect on our business, prospects, results of operations, financial
condition and cash flows.
In some circumstances, federal preemption and application of an out-of-state choice of law provision will not, or may not, be available
for the benefit of certain non-bank purchasers of loans to defend against a state law claim of usury.
Over the past few years there have been several litigation and enforcement actions aimed at issuing banks and their non-bank lending
partners. These actions have primarily challenged the validity of the issuing bank partner model that is used by many non-bank lenders,
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In May 2015, the U.S. Court of Appeals for the Second Circuit held in Madden v. Midland Funding, LLC that federal law did not
preempt a state’s interest rate limitations when applied to a non-bank debt buyer of a consumer credit card loan seeking to collect interest
at the rate originally contracted for by a national bank.
In June 2020, each of the Office of the Comptroller of the Currency (“OCC”) and the Federal Deposit Insurance Corporation (“FDIC”)
implemented rules to address the valid-when-made doctrine and the uncertainty created by the Madden case. Generally, the rules clarify
that the permissible interest on a loan is determined at the time the loan is made by national banks, Federal savings associations, state
banks and insured branches of foreign banks and such permissible interest rate is not affected by a subsequent sale, assignment or other
transfer to non-bank financial companies or a subsequent change in state law. In July 2020, the attorneys general for California, Illinois
and New York filed a complaint in the U.S. District Court for the Northern District of California challenging the OCC rule on both
substantive and procedural grounds. Additionally, in August 2020, the attorneys general for California, Illinois, Massachusetts,
Minnesota, New Jersey, New York, North Carolina and the District of Columbia filed suit in the U.S. District Court for the Northern
District of California challenging the FDIC rule on similar grounds. In February 2022, the OCC and FDIC prevailed in the litigation
brought by the attorneys general. There have also been numerous litigation and enforcement actions that challenge the status of the
issuing bank partner as the “true lender” of the loan in question. These actions primarily rely on the reasoning set forth in CashCall, Inc.
v. Morrisey. In that case, the court held that the non-bank consumer lending platform, CashCall, and not its bank partner, was the “true
lender” for certain loans made to West Virginia residents. The court relied on a “predominate economic interest” test that sought to
determine which party (as between the issuing bank and the non-bank lending platform) retained the most economic risk in the loan
transaction and should, therefore, be deemed the “true lender” of the loan. The CashCall decision and other similar actions challenge
whether the loans should be subject to the interest rate limitations in the state where the consumer is located rather than in the bank’s
home state because the non-bank lending platform, and not the bank, is the “true lender.” The state law remedies with respect to the
“true lender” actions vary depending on the jurisdiction in which the action is filed.
If we were deemed by a court to be the “true lender” of any loans originated by the issuing bank partner, it could impact the enforceability
of the loans; it could subject us to regulatory investigations, penalties and fines; we might have to alter the terms of the loans we broker;
it could create challenges for our capital markets and securitization models; we would have to change the way we do business in such
jurisdictions; and we may suffer an adverse impact on our business.
Significant changes in international laws or regulations or a deterioration of the political, regulatory or economic environment of
Brazil, or any other country in which we may begin operations, could affect our operations in these countries.
We offer, arrange and/or service online consumer loans to customers in Brazil. New legislation or regulations could further restrict the
loan products we offer.
Significant changes in international laws or regulations or a deterioration of the political, regulatory or economic environment of Brazil
could restrict our ability to sustain or expand our operations. Similarly, a significant change in laws, regulations or overall treatment
(including an interpretation or application of such laws and regulations not anticipated when exploring or initiating business) or a
deterioration of the political, regulatory or economic environment of any other country in which we may decide to do business, could
also materially adversely affect our prospects and could restrict our ability to initiate a pilot program or develop a pilot program into full
business operations.
If our relationship with certain of our issuing bank partners was to end, or if the legal structure supporting such relationship is
successfully challenged, then we may have to comply with additional laws, regulations, and restrictions, and certain states may
require us to obtain a lending or similar license, or we may determine to withdraw from doing business in such state.
In states that do not require a license to make commercial loans, we make certain small business loans directly to customers pursuant to
a specific state’s law. However, some states and jurisdictions require a license to make or solicit certain commercial loans in that state
or jurisdiction and/or may not honor the choice of another state’s law. These states assert either that their own licensing laws and
requirements should generally apply to: (i) all commercial loans made by nonbanks to residents of their state; or (ii) apply to commercial
loans made by nonbanks to residents of their state of certain principal amounts or with certain interest rates or other terms. In such states
and jurisdictions and in some other circumstances, certain of our small business loans are originated by an issuing bank partner, which
is not subject to state licensing, and offered to us for sale. With respect to OnDeck loans, a bank currently originates all loans in certain
states as well as some loans to customers in other states and jurisdictions. These bank originated loans are governed by Utah law, the
law of the issuing bank partner’s home state. The remainder of OnDeck loans provide that they are governed by Virginia or Utah law.
Loans originated by our issuing bank partner are generally priced the same as loans originated by us under Virginia or Utah law. While
the other U.S. states where we originate loans currently honor our choice of law, future legal changes could result in any one or more of
those states no longer honoring our choice of law or introducing a new licensing regime applicable to our business. In that case, we
could potentially address the legal change by altering the terms of our loans, curtailing our originations, or placing more loans through
our issuing bank partner.

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If we were otherwise not able to work with an issuing bank partner or if we were to seek to make commercial and consumer loans
directly in certain states, we would have to attempt to comply with the laws of these states in other ways, including through obtaining
the appropriate licenses. Compliance with the laws of such states could be costly, and if we are unable to obtain such licenses, our
lending activity could substantially decrease or cease entirely in that state jurisdiction and our revenues, growth and profitability would
be harmed.
As of December 31, 2024, we operated programs with five separate bank partners, with purchases under these programs representing
32% of our consolidated originations and purchases for the year ended December 31, 2024. If our relationship with an issuing bank
partner of commercial and consumer loans were to end or if any other issuing bank partner were to cease operations, we would either
need to find a replacement financial institution with which to enter into a similar arrangement or we would need to obtain individual
federal, state or local lending licenses and otherwise comply with the laws of those jurisdictions in order to make loans in those
jurisdictions. Even if we were able to obtain the necessary licenses in those jurisdictions, compliance with the laws, rules and regulations
of those jurisdictions could be costly and, depending on the terms of the loans, the interest rates or other loan terms and practices
applicable to loans in those jurisdictions might be subject to limits, prohibitions or restrictions. If we were unable to maintain the
necessary relationships, unable to obtain the necessary licenses or unable to otherwise comply with applicable law, or in the absence of
a relationship with a bank partner were to determine that compliance with an applicable jurisdiction’s laws is cost-prohibitive, we would
be required to (or would seek to voluntarily) discontinue or curtail our business activity, or limit the rates of interest charged on such
loans, in those jurisdictions and would face increased costs and compliance burdens.
In addition, if it were found that our activities under our current arrangements with our issuing bank partners constituted impermissible
lending within any such jurisdiction, we could face penalties and fines within such jurisdictions, and all or a portion of the interest
charged on the loans and/or all or a portion of the principal of the loans could be found to be unenforceable or recoverable by the
borrower and, to the extent it is determined that the loans were not originated in accordance with all applicable laws, we could be
obligated to purchase certain loans that failed to comply with such legal requirements. Further, any finding that we engaged in lending
in states where we are not properly licensed to do so could lead to litigation, harm to our reputation and negatively impact our ability to
originate loans.
The failure of third parties who provide products, services or support to us to maintain their products, services or support could
disrupt our operations or result in a loss of revenue.
A portion of our consumer installment loan revenue depends in part on the willingness and ability of an unaffiliated third-party lender,
through the CSO program, to make loans to customers. We also utilize many other third parties to provide services to facilitate our
lending and financing, including in our underwriting and payment processing. In addition, we rely on a third-party lender in connection
with our lending business in Brazil. The loss of the relationship with any of these third parties, and an inability to replace them or the
failure of these third parties to maintain quality and consistency in their programs or services or to have the ability to provide their
products and services, could cause us to lose customers and substantially decrease the revenue and earnings of our business. Our revenue
and earnings could also be adversely affected if any of those third-party providers make material changes to the products or services
that we rely on. We also use third parties to support and maintain certain of our communication systems and information systems. If a
third-party provider fails to provide its products or services, makes material changes to such products and services, does not maintain
its quality and consistency or fails to have the ability to provide its products and services, our operations could be disrupted. Any of
these events could result in a loss of revenue and could have a material adverse effect on our business, prospects, results of operations,
financial condition and cash flows.
Our business depends on the uninterrupted operation of our systems and business functions, including our information technology
and other business systems, as well as the ability of such systems to support compliance with applicable legal and regulatory
requirements.
Our business is highly dependent upon our employees’ ability to perform, in an efficient and uninterrupted fashion, necessary business
functions, such as internet support, contact center activities, and processing and servicing of our loans. A shut-down of or inability to
access the facilities in which our internet operations and other technology infrastructure are based, such as a power outage, a failure of
one or more of our information technology, telecommunications or other systems, or sustained or repeated disruptions of such systems
could significantly impair our ability to perform such functions on a timely basis and could result in a deterioration of our ability to
underwrite, approve and process loans and finance receivables, provide customer service, perform collections activities, or perform
other necessary business functions. Any such interruption could have a materially adverse effect on our business, prospects, results of
operations, financial condition and cash flows.
In addition, our systems and those of third parties on whom we rely must comply with applicable legal and regulatory requirements and
be capable of timely modification to comply with new or amended requirements. Any such systems problems going forward could have
a material adverse effect on our business, prospects, results of operations, financial conditions and cash flows and could impair or
prohibit our ability to continue current operations.

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Decreased demand for our products and specialty financial services and our failure to adapt to such decrease could result in a loss
of revenue and could have a material adverse effect on us.
The demand for a particular product or service may decrease due to a variety of factors, such as regulatory restrictions that reduce
customer access to particular products, the availability of competing or alternative products or changes in customers’ financial
conditions. Should we fail to adapt to a significant change in our customers’ demand for, or access to, our products, our revenue could
decrease significantly. Even if we make adaptations or introduce new products to fulfill customer demand, customers may resist or may
reject products whose adaptations make them less attractive or less available. In any event, the effect of any product change on the
results of our business may not be fully ascertainable until the change has been in effect for some time. In particular, we have changed,
and will continue to change, some of our operations and the products we offer. Any of these events could result in a loss of revenue and
could have a material adverse effect on our business, prospects, results of operations, financial condition and cash flows.
We are subject to impairment risk.
At December 31, 2024, we had goodwill totaling $279.3 million on our consolidated balance sheet, all of which represents assets
capitalized in connection with acquisitions and business combinations. Accounting for goodwill requires significant management
estimates and judgment. Events may occur in the future, and we may not realize the value of our goodwill. Management performs
periodic reviews of the carrying value of our goodwill to determine whether events and circumstances indicate that impairment in value
may have occurred. A variety of factors could cause the carrying value of goodwill or an intangible asset to become impaired. Should a
review indicate impairment, a write-down of the carrying value of the goodwill or intangible asset would occur, resulting in a non-cash
charge, which could adversely affect our results of operations and could also lead to our inability to comply with certain covenants in
our financing documents, which could cause a default under those agreements.
If the information provided by customers to us is incorrect or fraudulent, we may misjudge a customer’s qualification to receive a
loan and our operating results may be harmed.
Our lending decisions are based partly on information provided to us by loan applicants. To the extent that these applicants provide
information to us in a manner that we are unable to verify, our loan decisioning process, including the OnDeck Score®, may not
accurately reflect the associated risk. In addition, data provided by third-party sources is a significant component of our loan decisioning
and this data may contain inaccuracies. Inaccurate analysis of credit data that could result from false loan application information could
harm our reputation, business and operating results.
In addition, we use identity and fraud checks analyzing data provided by external databases to authenticate each customer’s identity.
From time to time in the past, these checks have failed and there is a risk that these checks could also fail in the future, and fraud, which
may be significant, may occur. We may not be able to recoup funds underlying loans made in connection with inaccurate statements,
omissions of fact or fraud, in which case our revenue, operating results and profitability will be harmed. Fraudulent activity or significant
increases in fraudulent activity could also lead to regulatory intervention, negatively impact our operating results, brand and reputation,
and require us to take steps to reduce fraud risk, which could increase our costs.
We are subject to anticorruption laws including the U.S. Foreign Corrupt Practices Act, anti-money laundering laws and economic
sanctions laws, and our failure to comply therewith, particularly if we continue to expand internationally, could result in penalties
that could harm our reputation and have a material adverse effect on our business, prospects, results of operations, financial
condition and cash flows.
Anticorruption Laws. We are subject to the FCPA, which generally prohibits companies and their agents or intermediaries from making
improper payments to foreign officials for the purpose of obtaining or keeping business and/or other benefits. Although we have policies
and procedures designed to ensure that we, our employees, agents and intermediaries comply with the FCPA and other anticorruption
laws, such policies or procedures may not work effectively all of the time or protect us against liability for actions taken by our
employees, agents and intermediaries with respect to our business or any businesses that we may acquire. In the event that we believe,
or have reason to believe, that our employees, agents or intermediaries have or may have violated applicable anti-corruption laws,
including the FCPA, we may be required to investigate or have a third party investigate the relevant facts and circumstances, which can
be expensive and require significant time and attention from senior management. Our continued operation and expansion outside the
United States could increase the risk of such violations in the future.
Other countries in which we operate or have operated, including Brazil, Australia and Canada, and other countries where we intend to
operate also have anticorruption laws, which we are, have been or will be subject to.
If we are not in compliance with the FCPA and other laws governing the conduct of business with government entities (including local
laws), we may be subject to criminal and civil penalties and other remedial measures, which could have an adverse effect on our business,
reputation, results of operations and financial condition. Any investigation of any potential violations of the FCPA or other anticorruption

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laws by U.S. or foreign authorities could harm our reputation and could have a material adverse effect on our business, reputation,
prospects, results of operations, financial condition and cash flows.
Anti–Money Laundering Laws. We are also subject to anti-money laundering laws and related compliance obligations in the United
States and other jurisdictions in which we do business. In the United States, the USA PATRIOT Act and the Bank Secrecy Act require
us to maintain an anti-money laundering compliance program covering certain of our business activities. The program must include: (1)
the development of internal policies, procedures and controls; (2) designation of a compliance officer; (3) an ongoing employee training
program; and (4) an independent audit function to test the program. If we are not in compliance with U.S. or other anti-money laundering
laws, we may be subject to criminal and civil penalties and other remedial measures, which could have an adverse effect on our business,
results of operations, financial condition and cash flows. Any investigation of any potential violations of anti-money laundering laws by
U.S. or international authorities could harm our reputation and could have a material adverse effect on our business, prospects, results
of operations, financial condition and cash flows.
Economic Sanctions Laws. The United States has imposed economic sanctions that affect transactions with designated foreign countries,
nationals and others. In particular, the United States prohibits U.S. persons from engaging with individuals and entities identified as
“Specially Designated Nationals,” such as terrorists and narcotics traffickers. These prohibitions are administered by the Treasury
Department’s Office of Foreign Assets Control (“OFAC”). OFAC rules prohibit U.S. persons from engaging in financial transactions
with or relating to the prohibited individual, entity or country, require the blocking of assets in which the individual, entity or country
has an interest. Blocked assets (e.g., property or bank deposits) cannot be paid out, withdrawn, set off or transferred in any manner
without a license from OFAC. Other countries in which we operate also maintain economic and financial sanctions regimes. In the event
that we believe, or have reason to believe, that our employees, agents or intermediaries have or may have violated applicable laws or
regulations, we may be required to investigate or have a third party investigate the relevant facts and circumstances, which can be
expensive and require significant time and attention from senior management. If we are not in compliance with OFAC regulations and
other economic and financial sanctions regulations, we may be subject to criminal and civil penalties and other remedial measures,
which could have an adverse effect on our business, prospects, results of operations, financial condition and cash flows. Any
investigation of any potential violations of OFAC regulations or other economic sanctions by U.S. or foreign authorities could harm our
reputation and could have a material adverse effect on our business, prospects, results of operations, financial condition and cash flows.
Any continued international expansion could increase the risk of violations of FCPA, anti-money laundering laws, OFAC regulations,
or similar applicable laws and regulations in the future.
Failure of operating controls could produce a significant negative outcome, including customer experience degradation, legal
expenses, increased regulatory cost, significant internal and external fraud losses and vendor risk.
Losses from operational failures can be material. These losses can arise from a wide range of breaches in controls, procedures, processes
and security. Breaches in any of these controls, procedures, processes or security measures could lead to significant legal expense and
even punitive damages. Internal fraud, including the stealing and dissemination of client personally identifiable information, can create
significant client distrust and result in serious legal action against us. Breaches in client onboarding and servicing processes can degrade
customer experience and place current and future revenues at risk. The continued proliferation and technological advances in first and
third-party fraud can result in large losses over a short period of time if undetected. While we seek to enhance and develop our operational
risk strategy and control structure, there can be no assurance that our efforts will be successful and that we will avoid material operational
losses. These potential operational risk loss scenarios are not exhaustive and we could experience a significant loss in any scenario if
our operational risk enhancements do not keep pace with our business, capabilities or our continued organizational growth and
complexity. In addition, operational failures could have a significant effect on our reputation which could cause additional material harm
to our business and prospects.
Increased competition from banks, credit card companies, other consumer and small business lenders, and other entities offering
similar financial products and services could adversely affect our business, prospects, results of operations, financial condition and
cash flows.
We have many competitors. Our principal competitors are consumer and small business loan and finance companies, CSOs, online
lenders, credit card companies, auto title lenders and other financial institutions that offer similar financial products and services,
including loans on an unsecured as well as a secured basis. Many other financial institutions or other businesses that do not now offer
products or services directed toward our traditional customer base, many of whom may be much larger than us, could begin doing so.
Significant increases in the number and size of competitors for our business could result in a decrease in the number of loans that we
fund or necessitate a change in the terms of the loans that we offer, resulting in lower levels of revenue and earnings in these categories.
Competitors of our business may operate, or begin to operate, under business models less focused on legal and regulatory compliance,
which could put us at a competitive disadvantage. Some of our U.S. competitors operate using other business models, including a “tribal
model” where the lender follows the laws of a Native American tribe regardless of the state in which the customer resides. Competitors

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using these models may be able to lend in jurisdictions where we do not and may have higher revenue per customer and significantly
less burdensome compliance requirements, among other advantages. Additionally, negative perceptions about these models could cause
legislators or regulators to pursue additional industry restrictions that could affect the business model under which we operate. To the
extent that these models or other new lending models gain acceptance among consumers, small businesses and investors or that they
face less onerous regulatory restrictions than we do, we may be unable to replicate their business practices or otherwise compete with
them effectively, which could cause demand for our products to decline substantially. We may be unable to compete successfully against
any or all of our current or future competitors. As a result, we could lose market share and our revenue could decline, thereby affecting
our ability to generate sufficient cash flow to service our indebtedness and fund our operations. Any such changes in our competition
could materially adversely affect our business, prospects, results of operations, financial condition and cash flows.
A sustained deterioration in the economy could reduce demand for our products and services and result in reduced earnings.
A sustained deterioration in the economy could cause deterioration in the performance of our loan and finance receivables portfolios.
An economic slowdown could result in a decreased number of loans and financing being made to customers due to higher unemployment
or an increase in defaults in our products. During an economic slowdown, we could be required to tighten our underwriting standards,
which would likely reduce loan and finance receivable balances, and we could face more difficulty in collecting defaulted receivables,
which could lead to an increase in losses.
We may be unable to protect our proprietary technology and analytics or keep up with that of our competitors.
The success of our business depends to a significant degree upon the protection of our software, fraud defenses, underwriting algorithms
and other proprietary intellectual property rights. We may be unable to deter misappropriation of our proprietary information, detect
unauthorized use or take appropriate steps to enforce our intellectual property rights. In addition, competitors could, without violating
our proprietary rights, develop technologies that are as good as or better than our technology. Our failure to protect our software and
other proprietary intellectual property rights or to develop technologies that are as good as our competitors’ could put us at a disadvantage
relative to our competitors. Any such failures could have a material adverse effect on our business.
We may be subject to intellectual property disputes, which are costly to defend and could harm our business and operating results.
From time to time, we face, and we expect to face in the future, allegations that we have infringed the trademarks, copyrights, patents
or other intellectual property rights of third parties, including from our competitors or non-practicing entities. Patent and other
intellectual property litigation may be protracted and expensive, and the results are difficult to predict and may require us to stop offering
certain products or product features, acquire licenses, which may not be available at a commercially reasonable price or at all, or modify
our products, product features, processes or websites while we develop non-infringing substitutes.
In addition, we use open source software in our technology platform and plan to use open source software in the future. From time to
time, we may face claims from parties claiming ownership of, or demanding release of, the source code, potentially including our
valuable proprietary code, or derivative works that were developed using such software, or otherwise seeking to enforce the terms of
the applicable open source license. These claims could also result in litigation, require us to purchase a costly license or require us to
devote additional research and development resources to change our platform, any of which could have a negative effect on our business
and operating results.
We are subject to cybersecurity risks and security breaches and may incur increasing costs in an effort to minimize those risks and
to respond to cyber incidents.
Our business involves the storage and transmission of consumers’ and businesses’ proprietary information, and security breaches could
expose us to a risk of loss or misuse of this information, litigation, and potential liability. We are entirely dependent on the secure
operation of our websites and systems as well as the operation of the internet generally. While we have incurred no material cyber-
attacks or security breaches to date, a number of other companies have disclosed cyber-attacks and security breaches, some of which
have involved intentional attacks.
Attacks may be targeted at us, our customers, or both. Although we devote significant resources to maintain and regularly upgrade our
systems and processes that are designed to protect the security of our computer systems, software, networks and other technology assets
and the confidentiality, integrity and availability of information belonging to us and our customers, our security measures may not
provide absolute security. Despite our efforts to ensure the integrity of our systems, it is possible that we may not be able to anticipate
or to implement effective preventive measures against all security breaches, especially because the techniques used by hackers change
frequently or may not be recognized until launched, and because cyber-attacks can originate from a wide variety of sources, including
third parties outside the Company such as persons who are involved with organized crime or associated with external service providers
or who may be linked to terrorist organizations or hostile foreign governments. These risks may increase in the future as we continue to

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increase our mobile and other internet-based product offerings and expand our internal usage of web-based products and applications or
expand into new countries. Additionally, the risk of successful cyber-attacks and data breaches may increase with the use of artificial
intelligence, which may accelerate such attacks and cause them to evolve more rapidly. If an actual or perceived breach of security
occurs, customer and/or supplier perception of the effectiveness of our security measures could be harmed and could result in the loss
of customers, suppliers or both. Actual or anticipated attacks and risks may cause us to incur increasing costs, including costs to deploy
additional personnel and protection technologies, train employees, and engage third-party experts and consultants.
A successful penetration or circumvention of the security of our systems could cause serious negative consequences, including
significant disruption of our operations, misappropriation of our confidential information or that of our customers, or damage to our
computers or systems or those of our customers and counterparties, and could result in violations of applicable privacy and other laws,
financial loss to us or to our customers, loss of confidence in our security measures, customer dissatisfaction, significant litigation
exposure, and harm to our reputation, all of which could have a material adverse effect on us. In addition, our applicants provide sensitive
information, including bank account information, when applying for loans or financing. We rely on encryption and authentication
technology licensed from third parties to provide the security and authentication to effectively secure transmission of confidential
information, including customer bank account and other personal information. Advances in computer capabilities, new discoveries in
the field of cryptography or other developments may result in the technology used by us to protect transaction data being breached or
compromised. Data breaches can also occur as a result of non-technical issues. In addition, federal and some state regulators are
considering rules and standards to address cybersecurity risks and many U.S. states have already enacted laws requiring companies to
notify individuals of data security breaches involving their personal data. These mandatory disclosures regarding a security breach are
costly to implement and may lead to widespread negative publicity, which may cause customers to lose confidence in the effectiveness
of our data security measures.
Our servers are also vulnerable to computer viruses, physical or electronic break-ins, and similar disruptions, including denial-of-service
attacks. We may need to expend significant resources to protect against security breaches or to address problems caused by breaches.
Security breaches, including any breach of our systems or by persons with whom we have commercial relationships that result in the
unauthorized release of consumers’ personal information or businesses’ proprietary information, could damage our reputation and
expose us to a risk of loss or litigation and possible liability. In addition, many of the third parties who provide products, services or
support to us could also experience any of the above cyber risks or security breaches, which could impact our customers and our business
and could result in a loss of customers, suppliers or revenue.
Any of these events could result in a loss of revenue and could have a material adverse effect on our business, prospects, results of
operations, financial condition and cash flows.
Our ability to collect payment on loans and maintain the accuracy of accounts may be adversely affected by computer viruses,
electronic break-ins, technical errors and similar disruptions.
The accessibility and automated nature of our platform may make for an attractive target for hacking, computer viruses, physical or
electronic break-ins and similar disruptions. Despite efforts to ensure the integrity of our platform, it is possible that we may not be able
to anticipate or to implement effective preventive measures against all security breaches of these types, in which case there would be an
increased risk of fraud or identity theft, and we may experience losses on, or delays in the collection of amounts owed on, a fraudulently
induced loan. In addition, the software that we have developed is highly complex and may contain undetected technical errors that could
cause our computer systems to fail. Because each loan and financing provided involves our proprietary underwriting and fraud scoring
models, and the applications are highly automated, any failure of our computer systems involving our proprietary credit and fraud
scoring models and any technical or other errors contained in the software pertaining to our proprietary underwriting and fraud scoring
models could compromise the ability to accurately evaluate potential customers, which would negatively impact our results of
operations. Furthermore, any failure of our computer systems could cause an interruption in operations that may result in disruptions or
reductions in the amount of collections from the loans and financings we provide to customers. If any of these risks were to materialize,
it could have a material adverse effect on our business, prospects, results of operations, financial condition or cash flows.
If internet search engine providers change their methodologies for organic rankings or paid search results, or our organic rankings
or paid search results decline for other reasons, our new customer growth or volume from returning customers could decline.
Our new customer acquisition marketing and our returning customer relationship management is partly dependent on search engines
such as Google, Bing and Yahoo! to direct a significant amount of traffic to our desktop and mobile websites via organic ranking and
paid search advertising. Our competitors’ paid search activities, pay per click or search engine marketing may result in their sites
receiving higher paid search results than ours and significantly increasing the cost of such advertising for us.
Our paid search activities may not produce (and in the past have not always produced) the desired results. Internet search engines often
revise their methodologies, which could adversely affect our organic rankings or paid search results, resulting in a decline in our new
customer growth or existing customer retention, difficulty for our customers in using our web and mobile sites, more successful organic

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rankings, paid search results or tactical execution efforts for our competitors than for us, a slowdown in overall growth in our customer
base and the loss of existing customers, and higher costs for acquiring returning customers, which could adversely impact our business.
In addition, search engines could implement policies that restrict the ability of consumer finance companies such as us to advertise their
services and products, which could preclude companies in our industry from appearing in a favorable location or any location in the
organic rankings or paid search results when certain search terms are used by the consumer. For example, Google’s policy prohibits
lenders, lead providers and affiliates from advertising certain financial products on Google AdWords. Advertisements for personal loans
that require repayment within 60 days, or U.S. loans with an APR of 36 percent or more, are not allowed on Google paid search
advertising. In addition, Google requires that advertisements for personal loans contain or link to information about the features, fees,
risks and benefits of the advertised loan product.
Our online marketing efforts are also susceptible to actions by third parties that could negatively impact our search results. Our sites
have experienced meaningful fluctuations in organic rankings and paid search results in the past, and we anticipate similar fluctuations
in the future. Any reduction in the number of consumers or small businesses directed to our web and mobile sites could harm our
business and operating results.
Failure to keep up with the rapid changes in e-commerce and the uses and regulation of the internet could harm our business.
The business of providing products and services such as ours over the internet is dynamic and relatively new. We must keep pace with
rapid technological change, consumer and small business use habits, internet security risks, risks of system failure or inadequacy, and
governmental regulation and taxation, and each of these factors could adversely impact our business. In addition, concerns about fraud,
computer security and privacy and/or other problems may discourage additional consumers and small businesses from adopting or
continuing to use the internet as a medium of commerce. In countries such as the United States, where e-commerce generally has been
available for some time and the level of market penetration of our online financial services is relatively high, acquiring new customers
for our services may be more difficult and costly than it has been in the past. In order to expand our customer base, we must appeal to
and acquire customers who historically have used traditional means of commerce to conduct their financial services transactions. If these
customers prove to be less profitable than our previous customers, and we are unable to gain efficiencies in our operating costs, including
our cost of acquiring new customers, our business could be adversely impacted.
Our business is subject to complex and evolving U.S. and international laws and regulations regarding privacy, data protection, and
other matters. Many of these laws and regulations are subject to change and uncertain interpretation, and could result in claims,
changes to our business practices, monetary penalties, increased cost of operations, or declines in user growth or engagement, or
otherwise harm our business.
Our business is subject to a variety of laws and regulations in the United States and internationally that involve user privacy issues, data
protection, advertising, marketing, disclosures, distribution, electronic contracts and other communications, consumer protection and
online payment services. The introduction of new products or expansion of our activities in certain jurisdictions may subject us to
additional laws and regulations. In addition, international data protection, privacy, and other laws and regulations can be more restrictive
than those in the United States. U.S. federal and state and international laws and regulations, which can be enforced by private parties
or government entities, are constantly evolving and can be subject to significant change, and the U.S. government, including the FTC
and the Commerce Department, has announced that it is reviewing the need for greater regulation of the collection of information
concerning consumer behavior on the internet, including regulation aimed at restricting certain targeted advertising practices. In addition,
the application and interpretation of these laws and regulations are often uncertain, particularly in the new and rapidly evolving e-
commerce industry in which we operate, and may be interpreted and applied inconsistently from country to country and inconsistently
with our current or past policies and practices. A number of proposals are pending before federal, state, and international legislative and
regulatory bodies that could significantly affect our business. There have been a number of recent legislative proposals in the United
States, at both the federal and state level, that could impose new obligations in areas such as privacy. In addition, some countries are
considering legislation requiring local storage and processing of data that, if enacted, would increase the cost and complexity of
delivering our services. These existing and proposed laws and regulations can be costly to comply with and can delay or impede the
development of new products, the expansion into new markets, result in negative publicity, increase our operating costs, require
significant management time and attention, and subject us to inquiries or investigations, claims or other remedies, including demands
that we modify or cease existing business practices or pay fines, penalties or other damages.
Growth may place significant demands on our management and our infrastructure and could be costly.
We have experienced substantial growth in our business. This growth has placed and may continue to place significant demands on our
management and our operational and financial infrastructure. Expanding our products or entering into new jurisdictions with new or
existing products can be costly and require significant management time and attention. Additionally, as our operations grow in size,
scope and complexity and our product offerings increase, we will need to enhance and upgrade our systems and infrastructure to offer
an increasing number of enhanced solutions, features and functionality. The expansion of our systems and infrastructure will require us
to commit substantial financial, operational and technical resources in advance of an increase in the volume of business, with no

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assurance that the volume of business will increase. Continued growth could also strain our ability to maintain reliable service levels for
our customers, develop and improve our operational, financial and management controls, develop and enhance our legal and compliance
controls and processes, enhance our reporting systems and procedures and recruit, train and retain highly skilled personnel. Competition
for these personnel is intense and is particularly intense for technology and analytics professionals. We may not be successful in
attracting and retaining qualified personnel. We have from time to time in the past experienced, and we expect to experience in the
future, difficulty in hiring and retaining highly skilled employees with appropriate qualifications. Many of the companies with which
we compete for experienced personnel have greater resources or more attractive compensation mixes than we have had. Managing our
growth will require significant expenditures and allocation of valuable management resources. Failure to achieve the necessary level of
efficiency in our organization as it grows could materially adversely affect our business, prospects, results of operations, financial
condition and cash flows and could impair our ability to continue current operations.
New top-level domain names may allow the entrance of new competitors or dilution of our brands, which may reduce the value of
our domain name assets.
We have invested heavily in promoting our brands, including our website addresses. The Internet Corporation for Assigned Names and
Numbers, the entity responsible for administering internet protocol addresses, has introduced additional new domain name suffixes in
different formats, many of which may be more attractive than the formats held by us and which may allow the entrance of new
competitors at limited cost. It may also permit other operators to register websites with addresses similar to ours, causing customer
confusion and dilution of our brands, which could materially adversely affect our business, prospects, results of operations, financial
condition and cash flows. Any defensive domain registration strategy or attempts to protect our trademarks or brands could become a
large and recurring expense and may not be successful.
Future acquisitions could disrupt our business and harm our financial condition and operating results.
Our success will depend, in part, on our ability to expand our product and service offerings and markets and grow our business in
response to changing customer demands, regulatory environments, technologies and competitive pressures. In some circumstances, we
may expand our offerings through the acquisition of complementary businesses, solutions or technologies rather than through internal
development. The identification of suitable acquisition candidates can be difficult, time-consuming and costly, and we may not be able
to successfully complete identified acquisitions. Furthermore, even if we successfully complete an acquisition, we may not be able to
successfully assimilate and integrate the business, technologies, solutions, personnel or operations of the business that we acquire,
particularly if key personnel of an acquired company decide not to work for us. In addition, we may issue equity securities to complete
an acquisition, which would dilute our stockholders’ ownership and could adversely affect the price of our common stock. Acquisitions
may also involve the entry into geographic or business markets in which we have little or no prior experience or may expose us to
additional material liabilities. Consequently, we may not achieve anticipated benefits of the acquisitions, which could harm our operating
results.
The preparation of our financial statements and certain tax positions taken by us require the judgment of management, and we could
be subject to risks associated with these judgments or could be adversely affected by the implementation of new, or changes in the
interpretation of existing, accounting principles, financial reporting requirements or tax rules.
The preparation of our financial statements requires management to make estimates and assumptions that affect the reported amounts
of assets and liabilities, and disclosure of contingent assets and liabilities, at the dates of the consolidated financial statements and the
reported amounts of revenue and expenses during the reporting periods.
We carry our loans and finance receivables at fair value on the consolidated balance sheets. The fair values of our loans and finance
receivables are determined using Level 3 inputs for which changes could significantly impact our fair value measurements. Valuations
are highly dependent upon the reasonableness of our assumptions and the predictability of the relationships that drive the results of our
valuation methodologies. A variety of factors including, but not limited to, estimated customer default rates, the timing of expected
payments, estimated costs to service the portfolio, interest rates, observed credit spreads in the marketplace and valuations of comparable
portfolios may ultimately affect the fair values of our loans and finance receivables. Modifications to our assumptions due to the passage
of time and more information becoming available could result in material changes to our fair value calculations. These changes to fair
value could adversely affect our results of operations. These changes are generally recorded directly to the income statement, which
may make our financial statements less comparable to others in the industry that do not record their loan balances under the fair value
option.
Management’s judgment is required in determining the provision for income taxes, the deferred tax assets and liabilities and any
valuation allowance recorded against deferred tax assets. Management’s judgment is also required in evaluating whether tax benefits
meet the more-likely-than-not threshold for recognition under Accounting Standards Codification 740-10-25, Income Taxes. Our
interpretations of tax laws are subject to review and examination by the various taxing authorities in the jurisdictions where we operate,
and disputes may occur regarding our view on a tax position. These disputes over interpretations with the various taxing authorities may

34
be settled by audit, administrative appeals or adjudication in the court systems of the tax jurisdictions in which we operate. In addition,
we may revise our estimate of income taxes due to changes in income tax laws, legal interpretations, and business strategies. It is possible
that revisions in our estimate of income taxes may materially affect our results of operations in any reporting period. We regularly
review whether we may be assessed additional income taxes as a result of the resolution of these matters, and we record additional
reserves as appropriate.
In addition, we prepare our financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”), and its
interpretations are subject to change over time. If new rules or interpretations of existing rules require us to change our financial
reporting, our results of operations and financial condition could be materially adversely affected, and we could be required to restate
historical financial reporting.
Our U.S. consumer and small business loan businesses are seasonal in nature, which causes our cash flows to fluctuate over the
year.
Our U.S. consumer and small business loan businesses are affected by fluctuating demand for our products and services and fluctuating
collection rates throughout the year. Demand for our consumer loan products in the United States has historically been highest in the
third and fourth quarters of each year, corresponding to the holiday season, and lowest in the first quarter of each year, corresponding
to our customers’ receipt of income tax refunds. Demand for our small business loan products and services in the United States has
historically been highest in the fourth quarter and early first quarter of each year, corresponding generally to holiday and post-holiday
season needs, and lowest at the end of the first quarter and beginning of the second quarter of each year, where we believe that our
customers’ businesses are generally slower. This seasonality requires us to manage our cash flows over the course of the year. If our
originations were to increase and our collections were to fall substantially below what we would normally expect during certain periods,
our ability to service debt and meet our other liquidity requirements may be adversely affected, which could have a material adverse
effect on our business, prospects, results of operations, and financial condition.
Potential union activities could have an adverse effect on our relationship with our workforce.
None of our employees are currently covered by a collective bargaining agreement or represented by an employee union. Occasionally
we experience union organizing activities. If our employees become represented by an employee union or become subject to a collective
bargaining agreement, it may make it more difficult for us to manage our business and to attract and retain new employees and may
increase our cost of doing business. Having our employees become represented by an employee union, having a collective bargaining
agreement or having additional requirements related to our employees imposed on us could result in work stoppages and higher employee
costs and could have a material adverse effect on our business, prospects, results of operations, financial condition and cash flows and
could impair our ability to continue current operations.
Our success is dependent, in part, upon our officers, and if we are not able to attract and retain qualified officers, our business could
be materially adversely affected.
Our success depends, in part, on our officers, which are a relatively small group of individuals. Many members of the senior management
team have significant industry experience, and we believe that our senior management would be difficult to replace, if necessary.
Because the market for qualified individuals is highly competitive, we may not be able to attract and retain qualified officers or
candidates. In addition, increasing regulations on and negative publicity about the consumer financial services industry could affect our
ability to attract and retain qualified officers. If we are unable to attract or retain qualified officers, it could materially adversely affect
our business.
Our operations could be subject to natural disasters and other business disruptions, which could adversely impact our future revenue
and financial condition and increase our costs and expenses.
Our services and operations are vulnerable to damage or interruption from tornadoes, hurricanes, earthquakes, fires, floods, other natural
disasters, power losses, telecommunications failures, terrorist attacks, acts of war, human errors, public health crises and similar events.
A significant natural disaster, such as a tornado, hurricane, earthquake, fire or flood, could have a material adverse impact on our ability
to conduct business, and our insurance coverage may be insufficient to compensate for losses that may occur. Despite any precautions
we may take, system interruptions and delays could occur if there is a natural disaster, if a third-party provider closes a facility we use
without adequate notice for financial or other reasons, or if there are other unanticipated problems at our leased facilities. Because we
rely heavily on our servers, computer and communications systems and the internet to conduct our business and provide high-quality
customer service, disruptions could harm our ability to run our business and cause lengthy delays which could harm our business, results
of operations and financial condition. Acts of terrorism, war, civil unrest, violence or human error could cause disruptions to our business
or the economy as a whole. Our business interruption insurance may not be sufficient to compensate us for losses that may result from
interruptions in our service as a result of system failures or other disruptions. Any of these events could cause consumer and small
business confidence to decrease, which could result in a decreased number of loans and financing being made to customers. Any of

35
these occurrences could have a material adverse effect on our business, prospects, results of operations, financial condition and cash
flows.
We may incur property, casualty or other losses not covered by insurance.
We maintain a program of insurance coverage for various types of property, casualty and other risks. The types and amounts of insurance
that we obtain will vary from time to time, depending on availability, cost and management’s decisions with respect to risk retention.
The policies are subject to deductibles and exclusions that could result in our retention of a level of risk on a self-insurance basis. Losses
not covered by insurance could be substantial and may increase our expenses, which could harm our results of operations and financial
condition.
Risks Related to our Indebtedness
We have incurred significant indebtedness, which could adversely affect our financial condition and prevent us from fulfilling our
obligations under anticipated agreements governing our indebtedness.
As of December 31, 2024, we had approximately $3,563.5 million of total debt outstanding. Interest expense on our indebtedness totaled
$292.7 million during the year ended December 31, 2024. Our level of debt could have important consequences to our stockholders,
including:
• limiting our ability to obtain additional financing to fund future working capital, capital expenditures, acquisitions or other general
corporate requirements;
• requiring a substantial portion of our cash flows to be dedicated to debt service payments instead of other purposes, thereby
reducing the amount of cash flows available for working capital, capital expenditures, acquisitions and other general corporate
purposes;
• increasing our vulnerability to general adverse economic and industry conditions;
• exposing us to the risk of increased interest rates to the extent that our borrowings are at variable rates of interest;
• limiting our flexibility in planning for and reacting to changes in the industry in which we compete;
• placing us at a disadvantage compared to other, less leveraged competitors or competitors with comparable debt and more
favorable terms and thereby affecting our ability to compete; and
• increasing our cost of borrowing.
We and our subsidiaries may incur significant additional indebtedness in the future. If new indebtedness is added to our current
indebtedness levels, the related risks that we face would increase.
The terms of the agreements governing our indebtedness restrict our current and future operations, particularly our ability to respond
to changes or to take certain actions, which could harm our long-term interests.
The agreements governing our indebtedness contain various restrictive covenants and require that we maintain certain financial ratios
that impose operating and financial restrictions on us and limit our ability to engage in actions that may be in our long-term best interests.
These restrictive covenants, among other things, restrict our ability to:
• incur additional debt;
• incur or permit certain liens to exist;
• make certain investments;
• merge or consolidate with or into, or convey, transfer, lease or dispose of all or substantially all of our assets to, another company;
• make certain dispositions;
• make certain payments; and
• engage in certain transactions with affiliates.

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As a result of all of these covenants and restrictions, we may be:
• limited in how we conduct our business;
• unable to raise additional debt or equity financing to operate during general economic or business downturns;
• restricted in our ability to acquire new businesses; or
• unable to compete effectively or to take advantage of new business opportunities.
Any failure to comply with any of these financial and other affirmative and negative covenants could constitute an event of default or
trigger an amortization event under our debt agreements, entitling the lenders to, among other things, terminate future credit availability
(including under our Credit Agreement), increase the interest rate on outstanding debt, and/or accelerate the maturity of outstanding
obligations under our debt agreements. If we were unable to repay the amounts due and payable under such debt agreements that are
secured, the applicable lenders and noteholders could seek remedies, including against the collateral pledged under such facilities. An
acceleration of the debt under certain facilities could also lead to a default under other facilities due to cross-acceleration provisions.
Any such default could materially adversely affect our business, prospects, results of operations, financial condition and cash flows and
could impair our ability to continue current operations. In addition, we act as servicer with respect to certain of our securitization
facilities. If we default in our servicing obligations, an early amortization event or default could occur with respect to the applicable
facility and we could be replaced as servicer.
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” in
Part II, Item 7 of this report for additional information concerning our indebtedness.
We may not be able to generate sufficient cash to service our indebtedness and may be forced to take other actions to satisfy our
obligations under our indebtedness, which may not be successful.
Our ability to make scheduled payments on or refinance prior to maturity our debt obligations will depend on our financial condition
and operating performance and our ability to enter into other debt financings, which are subject to prevailing economic and competitive
conditions and to financial, business, legislative, regulatory, capital markets and other factors beyond our control. We might not be able
to maintain a level of cash flows from operating activities sufficient to permit us to pay the principal, premium, if any, and interest on
our indebtedness. For information regarding the risks to our business that could impair our ability to satisfy our obligations under our
indebtedness, see “Risk Factors—Risks Related to Our Business and Industry.” If our cash flows and capital resources are insufficient
to fund our debt service obligations, we could face substantial liquidity problems and could be forced to reduce or delay investments
and capital expenditures or to dispose of material assets or operations, seek additional debt or equity capital or restructure or refinance
our indebtedness. We may not be able to effect any such alternative measures on commercially reasonable terms or at all and, even if
successful, those alternative actions may not allow us to meet our scheduled debt service obligations. If we cannot make scheduled
payments on our debt, we will be in default, and lenders could declare all outstanding principal and interest to be due and payable, the
lenders under our Credit Agreement could terminate their commitments to loan money and we could be forced into bankruptcy or
liquidation. The agreements governing our indebtedness restrict our ability to dispose of certain assets and use the proceeds from those
dispositions and may also restrict our ability to raise debt or equity capital to be used to repay other indebtedness when it becomes due.
We may not be able to consummate those dispositions or to obtain proceeds in an amount sufficient to meet any debt service obligations
then due. Our inability to generate sufficient cash flows to satisfy our debt obligations, or to refinance our indebtedness on commercially
reasonable terms or at all, would materially and adversely affect our financial condition, liquidity, results of operations and cash flows
and our ability to satisfy our obligations under our indebtedness.
Changes in our financial condition or a potential disruption in the capital markets could reduce available capital.
If funds are not available from our operations and any excess cash or from our Credit Agreement, we may be required to access the
banking and credit markets to meet our financial commitments and short-term liquidity needs. We also expect to periodically access the
debt capital markets to obtain capital to finance growth. Efficient access to the debt capital markets will be critical to our ongoing
financial success; however, our future access to the debt capital markets could become restricted due to a variety of factors, including a
deterioration of our earnings, cash flows, balance sheet quality, or overall business or industry prospects, adverse regulatory changes, a
disruption to or deterioration in the state of the capital markets or a negative bias toward our industry by market participants. Disruptions
and volatility in the capital markets may cause banks and other credit providers to restrict availability of new credit. Due to the negative
bias toward our industry, commercial banks and other lenders have restricted access to available credit to participants in our industry,
and we may have more limited access to commercial bank lending than other businesses. Our ability to obtain additional financing in
the future will depend in part upon prevailing capital market conditions, and a potential disruption in the capital markets may adversely
affect our efforts to arrange additional financing on terms that are satisfactory to us, if at all. If adequate funds are not available, or are
not available on acceptable terms, we may not have sufficient liquidity to fund our operations, make future investments, take advantage
of acquisitions or other opportunities, or respond to competitive challenges and this, in turn, could adversely affect our ability to advance

37
our strategic plans. Additionally, if the capital and credit markets experience volatility, and the availability of funds is limited, third
parties with whom we do business may incur increased costs or business disruption and this could adversely affect our business
relationships with such third parties.
Increases in customer default rates could make us and our loans less attractive to lenders under debt facilities and investors in
securitizations which may adversely affect our access to financing and our business.
Increases in customer default rates could make us and our loans less attractive to our existing (or prospective) funding sources. If our
existing funding sources do not achieve their desired financial returns or if they suffer losses, they (or prospective funding sources) may
increase the cost of providing future financing or refuse to provide future financing on terms acceptable to us or at all. Certain of our
securitization facilities and asset-backed notes issued by our subsidiaries are non-recourse to Enova and are collateralized by our loans.
If the loans securing such securitization facilities and asset-backed notes fail to perform as expected, the lenders under our securitization
facilities and investors in our asset-backed notes, or future lenders or investors in similar arrangements, may increase the cost of
providing financing or refuse to provide financing on terms acceptable to us or at all. If we were to be unable to arrange new or alternative
methods of financing on favorable terms, we may have to curtail or cease our origination of loans, which could have a material adverse
effect on our business, financial condition, operating results and cash flow.
Risks Related to our Common Stock and the Securities Market
Certain provisions of our restated certificate of incorporation, amended and restated bylaws and Delaware law may discourage
takeovers.
Our restated certificate of incorporation authorizes our Board of Directors to issue preferred stock and to determine the designations,
powers, preferences, and relative, participating, optional, or other special rights, if any, and the qualifications, limitations, or restrictions
of our preferred stock, including the number of shares, in any series, without any further vote or action by the stockholders. The rights
of the holders of our common stock will be subject to the rights of the holders of any preferred stock that may be issued in the future.
The issuance of preferred stock could delay, deter, or prevent a change in control and could adversely affect the voting power or
economic value of our stock.
In addition, some provisions of our restated certificate of incorporation and amended and restated bylaws could make it more difficult
for a third party to acquire control of us, even if the change of control would be beneficial to our stockholders, including:
• limitations on the ability of our stockholders to call special meetings;
• limitations on the ability of our stockholders to act by written consent;
• a separate vote of 80% of the voting power of the outstanding shares of capital stock in order for stockholders to amend the bylaws;
and
• advance notice provisions for stockholder proposals and nominations for elections to the Board of Directors to be acted upon at
meetings of stockholders.
The market price of our shares may fluctuate widely.
The market price of our common stock may be influenced by many factors, some of which are beyond our control, including, among
other things:
• changes in federal, state or international laws and regulations affecting our industry;
• actual or anticipated variations in quarterly and annual operating results;
• changes in financial estimates and recommendations by research analysts following our common stock or the failure of research
analysts to cover our common stock;
• actual or anticipated changes in the United States or international economies;
• terrorist acts or wars or other major catastrophic events;
• announcements by us or our competitors of significant acquisitions, strategic partnerships, divestitures, joint ventures, or other
strategic initiatives;
• the trading volume of our common stock; and
• the other risks and uncertainties described herein.

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The stock markets have experienced price and volume fluctuations that have affected and continue to affect the market price of equity
securities of many companies. These fluctuations have often been unrelated or disproportionate to the operating performance of these
companies. These broad market fluctuations, as well as general economic, systemic, political, and market conditions, such as recessions,
loss of investor confidence or interest rate changes, may negatively affect the market price of our common stock.
If securities or industry analysts publish research that is unfavorable about our business, our stock price and trading volume could
decline.
The trading market for our common stock depends in part on the research and reports that securities or industry analysts publish about
us or our business. We currently have a limited number of analysts who are publishing research about us. In the event that one or more
of our analysts downgrades our stock or publishes misleading or unfavorable research about our business, our stock price could decline.
If one or more of these analysts ceases coverage of our company, demand for our stock may decrease, which could cause our stock price
or trading volume to decline.
We do not anticipate paying any dividends on our common stock in the foreseeable future. As a result, stockholders will need to sell
their shares of common stock to receive any income or realize a return on their investment.
We do not anticipate paying any dividends on our common stock in the foreseeable future. Any declaration and payment of future
dividends to holders of our common stock may be limited by the provisions of the Delaware General Corporation Law (“DGCL”) and
are limited by the terms of the Credit Agreement, 2028 Senior Notes, 2029 Senior Notes and our loan securitization facilities. The future
payment of dividends, if permitted, will be at the sole discretion of our Board of Directors and will depend on many factors, including
our earnings, capital requirements, financial condition, and other considerations that our Board of Directors deem relevant. As a result,
to receive any income or realize a return on their investment, our stockholders will need to sell their shares of common stock.
Our restated certificate of incorporation designates the Court of Chancery of the State of Delaware as the exclusive forum for certain
litigation that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum
for disputes with us.
Our restated certificate of incorporation provides that the Court of Chancery of the State of Delaware will be the sole and exclusive
forum for (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of a fiduciary duty
owed to us or our stockholders by any of our directors, officers, employees or agents, (iii) any action asserting a claim against us arising
under the DGCL or (iv) any action asserting a claim against us that is governed by the internal affairs doctrine. Our stockholders are
deemed to have notice of and have consented to the provisions of our restated certificate of incorporation related to choice of forum.
The choice of forum provision in our restated certificate of incorporation may limit our stockholders’ ability to obtain a favorable judicial
forum for disputes with us.
ITEM 1B. UNRESOLVED STAFF COMMENTS
None.
ITEM 1C. CYBERSECURITY
Our Board of Directors recognizes the critical importance of maintaining the trust and confidence of our customers, clients, business
partners and employees. The Audit Committee of the Board in conjunction with the Board is actively involved in the oversight of risk,
and cybersecurity represents an important component of our overall approach to risk management. Our cybersecurity policies, standards,
processes and practices, which are based on recognized frameworks established by the National Institute of Standards and Technology
and other applicable industry standards, are fully integrated into our overall risk management. In general, we seek to address
cybersecurity risks through a comprehensive, cross-functional approach that is focused on preserving the confidentiality, integrity and
availability of the information that we collect and store by seeking to identify, prevent and mitigate cybersecurity threats and effectively
respond to cybersecurity incidents that may occur.

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Risk Management and Strategy
Our cybersecurity risk management program is focused on the following key areas:
• Governance. As discussed in more detail under the heading “Governance,” the Board's oversight of cybersecurity risk
management is supported by the Audit Committee of the Board, which regularly reviews the Company’s cybersecurity risk
management approach and interacts with various members of management.
• Collaborative Approach. We use a comprehensive, cross-functional approach to identify, prevent and mitigate cybersecurity
threats and incidents, and have implemented procedures designed to promptly escalate certain cybersecurity incidents so that
decisions regarding the public disclosure and reporting of such incidents can be made by senior management in a timely manner.
• Technical Safeguards. We deploy technical safeguards that are designed to protect our information systems from cybersecurity
threats, including next-generation firewalls, intrusion prevention and detection systems, antimalware functionality and access
controls, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence.
• Incident Response and Recovery Planning. We have established and maintain incident response and recovery plans that address
our response to a cybersecurity incident, and such plans are evaluated on a regular basis.
• Third-Party Risk Management. We maintain a comprehensive, risk-based approach to identifying and overseeing cybersecurity
risks presented by third parties, including vendors, service providers and other external users of our systems, as well as the systems
of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems.
• Education and Awareness. We provide regular, mandatory training for personnel regarding cybersecurity threats as a means to
equip our personnel with effective tools to address cybersecurity threats and to support this, we highlight best practices with a
dedicated Cybersecurity month. We communicate the evolving information security policies, standards, processes and practices
with personnel throughout the year.
We engage in the periodic assessment and testing of our policies, standards, processes and practices that are designed to address
cybersecurity threats and incidents. These efforts include audits, internal assessments, tabletop exercises, threat modeling, vulnerability
testing and other exercises focused on evaluating the effectiveness of our cybersecurity measures and planning. We also engage third
parties to perform assessments on our cybersecurity measures, including information security maturity assessments, audits and
independent reviews of our information security control environment and operating effectiveness. The results of such assessments,
audits and reviews are reported to the Audit Committee and we adjust our cybersecurity policies, standards, processes and practices as
necessary based on the information provided by these assessments, audits and reviews.
Although we devote significant resources to implementing, maintaining, testing and upgrading our cybersecurity systems and processes,
these security measures do not provide absolute security. Despite our efforts to maintain an effective cybersecurity risk management
program, it is possible that our cybersecurity risk mitigation and prevention efforts may not be able to adequately mitigate or prevent all
possible security breaches, whether because of the use of new techniques that may not be known or recognized, because cyber-attacks
can originate from a wide variety of sources, or for other reasons. As of the date of this Annual Report on Form 10-K, we are not aware
of any cybersecurity incident that has materially affected or is reasonably likely to materially affect our business, strategy, results of
operations or financial condition; however, there can be no assurance that a cybersecurity incident that could have an adverse material
impact on us will not occur in the future. See “Risk Factors—We are subject to cybersecurity risks and security breaches and may incur
increasing costs in an effort to minimize those risks and to respond to cyber incidents.”
Governance
Board and Audit Committee Oversight
The Board, in coordination with the Audit Committee, oversees our risk management process, including the management of risks arising
from cybersecurity threats. The Audit Committee receives regular presentations and reports on cybersecurity risks, which address a wide
range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the
threat environment, technological trends and information security considerations arising with respect to our peers and third parties. The
Board also receives scheduled periodic reports both directly from management and through the Audit Committee. Our procedures require
that the Board and the Audit Committee also receive prompt and timely information regarding any significant cybersecurity incident
that meets established reporting thresholds, as well as ongoing updates, until it has been addressed, which allows the Board and Audit
Committee to provide comprehensive oversight and guidance on critical cybersecurity issues. On a periodic basis, the Board and the

40
Audit Committee discuss our approach to cybersecurity risk management with our Chief Analytics and Technology Officer (“CTO”),
IT Risk Management team leader (“Head of IT Risk”) or other members of the IT Risk Management function.
Management’s Role
Our Head of IT Risk, with the CTO’s oversight, is primarily responsible for assessing, monitoring and managing material risks from
cybersecurity threats and manages our IT Risk Management team. The Head of IT Risk is currently a Certified Information Systems
Security Professional (CISSP), with a Master of Science in Digital Forensic Science and has 18 years of cybersecurity work experience.
The members of our IT Risk Management team have an average of five years of cybersecurity work experience with degrees in
information technology and computer engineering. The Head of IT Risk works closely with the CTO, including holding bi-weekly
meetings, to discuss cybersecurity risks and any changes in our cybersecurity policies and practices. The CTO, Head of IT Risk and IT
Risk Management function work collaboratively across our company to implement a program designed to protect our information
systems from cybersecurity threats and to promptly respond to any cybersecurity incidents, if any, in accordance with our incident
response and recovery plans.
ITEM 2. PROPERTIES
We lease our corporate headquarters, which is located in Chicago, Illinois. We maintain additional leased offices in (i) South Jordan,
Utah focusing on consumer and small business application intake and support functions and small business underwriting functions, (ii)
New York, New York and Denver, Colorado for primarily small business operations and (iii) São Paulo, for our Brazilian operations.
We do not own any real property. We believe that our leased facilities are adequate to support our operations and that, as needed, we
will be able to obtain suitable additional facilities on commercially reasonable terms.
ITEM 3. LEGAL PROCEEDINGS
Information concerning legal proceedings is incorporated herein by reference to Note 10, “Commitments and Contingencies,” to the
Consolidated Financial Statements.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.

41
PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES
Principal Market
The principal market for our common stock is the New York Stock Exchange (“NYSE”), and our shares of common stock are listed
under the symbol “ENVA.”
Stockholders
There were 237 registered stockholders of record of Enova common stock as of February 13, 2025.
Dividends
We do not anticipate paying any dividends on our common stock in the foreseeable future. The declaration and amount of any future
dividends, however, will be determined by our Board of Directors and will depend on our financial condition, earnings and capital
requirements, covenants associated with our debt obligations and any other factors that our Board of Directors believes are relevant.
There can be no assurance, however, that we will pay any cash dividends on our common stock in the future. See “Management’s
Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” in Part II, Item 7 of this
report.
Performance Graph
The following graph shows a comparison of the cumulative total shareholder return for our common stock to the returns for the S&P
SmallCap 600® Index, representing a broad-based equity market index that we are a part of, and the S&P SmallCap 600® Financials
Index, representing an industry-based index that we are a part of, from December 31, 2019 through December 31, 2024. This data
assumes an investment of $100 in each of our common stock and the two indices on December 31, 2019 and that all dividends were
reinvested. Note that historic performance is not necessarily indicative of future performance.
Unregistered Sales of Equity Securities
We did not sell any unregistered securities during the three years ended December 31, 2024.

42
Issuer Purchases of Equity Securities
The following table provides the information with respect to purchases made by us of shares of our common stock.
Period
Total Number
of Shares
Purchased(a)
Average
Price Paid
Per Share(b)
Total Number
of Shares
Purchased as
Part of
Publicly
Announced
Plan(c)
Approximate
Dollar Value
of Shares that
May Yet Be
Purchased
Under the
Plan(b)(c)
(in thousands)
October 1 – October 31, 2024........................................................................
97,174
$
85.66
97,174
$
277,055
November 1 – November 30, 2024 ................................................................
101,005
99.42
100,355
267,071
December 1 – December 31, 2024 .................................................................
327,916
98.89
327,916
234,644
Total...........................................................................................................
526,095
$
96.55
525,445
$
234,644
(a) Includes shares withheld from employees as tax payments for shares issued under the Company’s stock-based compensation plans
of 650 shares for the month of November. See Note 12 in the Notes to Consolidated Financial Statements for additional details on
the Company’s stock-based compensation plans.
(b) The Inflation Reduction Act of 2022 imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made
after December 31, 2022. During the three months ended December 31, 2024, the Company reflected the applicable excise tax in
treasury stock as part of the cost basis of the stock repurchased and recorded a corresponding liability for the excise taxes payable
in accounts payable and accrued expenses on the consolidated balance sheet. All dollar amounts presented in this table exclude
such excise taxes.
(c) On October 24, 2023, the Company announced the Board of Directors authorized a new share repurchase program totaling $300.0
million through December 31, 2024 (the “October 2023 Authorization”). The October 2023 Authorization replaced the previous
authorization. On August 12, 2024, the Company announced the Board of Directors authorized a new share repurchase program
totaling $300.0 million through December 31, 2025 (the “August 2024 Authorization”). The August 2024 Authorization replaced
the October 2023 Authorization. The Company repurchased $255.9 million of common stock under the October 2023 Authorization
before it was terminated. All share repurchases made under the August 2024 Authorization and October 2023 Authorization were
made through open market transactions. Our share repurchase program is subject to market conditions, does not obligate us to
purchase any shares of our common stock, and may be terminated, increased or decreased by the Board of Directors in its discretion
at any time.
ITEM 6. RESERVED

43
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS.
RECENT REGULATORY DEVELOPMENTS
Consumer Financial Protection Bureau (“CFPB”)
On November 15, 2023, we consented to the issuance of a Consent Order by the CFPB pursuant to which we agreed, without admitting
or denying any of the facts or conclusions, to pay a civil money penalty of $15 million. The Consent Order relates to issues, the majority
of which were self-disclosed, including payment processing and debiting errors. We remain subject to the restrictions and obligations
of the Consent Order, including prohibitions from engaging in certain conduct for a period of seven years from the date of the Consent
Order. Any noncompliance with the Consent Order or similar orders or agreements from other regulators could lead to further regulatory
penalties and could have a material adverse impact on our business, prospects, results of operations, financial condition and cash flows
and could prohibit or directly or indirectly impair our ability to continue current operations.
In October 2017, the CFPB issued its final rule entitled “Payday, Vehicle Title, and Certain High-Cost Installment Loans” (the “Small
Dollar Rule”), which covers certain consumer loans that we offer. The Small Dollar Rule initially required that lenders who make short-
term loans and longer-term loans with balloon payments reasonably determine consumers’ ability to repay (“ATR”) the loans according
to their terms before issuing the loans. The Small Dollar Rule also introduced new limitations on repayment processes for those lenders
as well as lenders of other longer-term loans with an annual percentage rate greater than 36 percent that include an ACH authorization
or similar payment provision. If a consumer has two consecutive failed payment attempts, the lender must obtain the consumer’s new
and specific authorization to make further withdrawals from the consumer’s bank account. For loans covered by the Small Dollar Rule,
lenders must provide certain notices to consumers before attempting a first payment withdrawal or an unusual withdrawal and after two
consecutive failed withdrawal attempts. On July 7, 2020, the CFPB issued a final rule rescinding the ATR provisions of the Small Dollar
Rule along with related provisions, such as the establishment of registered information systems for checking ATR and reporting loan
activity. The payment provisions of the Small Dollar Rule remained in place. In April 2018, an action was filed against the CFPB making
a constitutional challenge to the Small Dollar Rule. After appeals to the Fifth Circuit and Supreme Court and a stay of the compliance
date, on May 16, 2024, the Supreme Court upheld the constitutionality of the funding structure of the CFPB and remanded the case back
to the Fifth Circuit. On June 19, 2024, the Fifth Circuit declared that the CFPB’s funding structure and Small Dollar Rule are
constitutional. On July 3, 2024, the CFSA filed a petition for rehearing en banc that was denied by the Court. On November 25, 2024,
the Fifth Circuit clarified that the stay of the compliance date of the Small Dollar Rule expires on March 30, 2025. We will make certain
changes to our payment processes and customer notifications in our U.S. consumer lending business to meet the compliance date. If we
are not able to execute these changes effectively because of unexpected complexities, costs or otherwise, we cannot guarantee that the
Small Dollar Rule will not have a material adverse impact on our business, prospects, results of operations, financial condition and cash
flows. The Small Dollar Rule may be impacted by recent executive orders and directives, including instructions issued to CFPB staff
on February 3, 2025 to suspend the effective dates of final rules.
On March 30, 2023, the CFPB issued its final rule to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the Equal
Credit Opportunity Act to require financial institutions to collect and report certain data in connection with credit applications made by
small businesses, including women- or minority-owned small businesses, and applies to small business loans that we offer. For loans
covered by the small business lending rule, a “covered lender” will be required to collect and report on certain information pursuant to
an application for credit. Section 1071 requires covered lenders to collect and report information the financial institution generates and
information obtained from the applicant, including the applicant’s minority-owned business status, women-owned business status and
LGBTQI+-owned status and the applicant’s principal owners’ ethnicity, race and sex, and expressly prohibits a financial institution from
discouraging an applicant from responding to requests for applicant-provided data. On April 26, 2023, the Texas Bankers Association
filed an action challenging the rule. The district court entered judgment in favor of the CFPB on the Administrative Procedure Act
challenges and the ruling was appealed to the Fifth Circuit. Oral arguments took place on February 3, 2025. Although the CFPB sought
a pause on the appeal, the CFPB no longer opposed an earlier motion for a stay and tolling of the compliance dates. The Fifth Circuit
ordered the tolling of the compliance deadlines but only to the trade associations litigating the case. Unless that stay is expanded to non-
parties, the effective date for Tier 1 institutions, such as our small business loan business, to comply with implementing the regulation
is July 18, 2025. Absent further court action or action by the CFPB, the Company’s small business loan business will need to update its
application process to appropriately collect, store, and report data required by Section 1071’s implementing regulation. The rule may be
impacted by recent executive orders and directives, including instructions issued to CFPB staff on February 3, 2025 to suspend the
effective dates of final rules.
State of Washington SSB 6025
In March 2024, the Governor of the State of Washington signed into law a bill that amends the Consumer Loan Act (“CLA”) to add
anti-evasion language and a predominant economic interest test for closed-end and open-end loans. In addition, the bill would prohibit
engaging in “any activity subject to” the CLA without a license as required by the CLA. The law expands the CLA’s coverage to include

44
any loan made to a “person physically located” in Washington, in addition to the existing coverage of any loan made to a “resident” of
Washington, “by a licensee, or persons subject to this chapter”. The current rate cap under the CLA is 25%. The law took effect on June
6, 2024 and applies to loans or advances originated on or after that date. The changes brought about by this law have not had a material
impact on our consolidated financial statements.
Minnesota Commerce Omnibus Bill
In May 2023, the Governor of Minnesota signed into law a bill that caps the APR on consumer small loans and consumer short-term
loans at a 50% all-in APR and expressly provides for predominant economic interest and totality of the circumstance tests for true lender
purposes. The bill defines "consumer small loan" as a consumer-purpose unsecured loan equal to or less than $350 that must be repaid
in a single installment. The bill defines a "consumer short-term loan" as a loan to a borrower which has a principal amount, or an advance
on a credit limit, of $1,300 or less and requires a minimum payment of more than 25% of the principal balance or credit advance within
60 days. The bill requires the lender to perform an ability to pay analysis if the all-in APR on a consumer small loan or consumer short-
term loan exceeds 36%. The bill also codifies a predominant economic interest test for bank service arrangements whereby a broker or
servicer with a predominant economic interest in a loan is considered to be the “true lender” for purposes of applying the rate cap. The
law took effect on January 1, 2024 and applies to loans or advances originated on or after that date. The changes brought about by this
law did not have a material impact on our consolidated financial statements.
European Union Pillar Two Directive
On December 15, 2022, the European Union (“EU”) Member States formally adopted the EU’s Pillar Two Directive, which generally
provides for a minimum effective tax rate of 15%, as established by the Organization for Economic Co-operation and Development
(“OECD”) Pillar Two Framework that was supported by over 130 countries worldwide. The EU effective dates are January 1, 2024, and
January 1, 2025, for different aspects of the directive. A significant number of other countries are expected to also implement similar
legislation. As of December 31, 2024, among the jurisdictions where the Company operates, only Brazil has enacted legislation adopting
the Pillar Two Rules, specifically a Qualified Domestic Minimum Top-up Tax, effective in fiscal 2025. We do not expect the changes
brought about this directive to have a material impact on our consolidated financial statements.
RESULTS OF OPERATIONS
Highlights
Our financial results for the year ended December 31, 2024 (“2024”) are summarized below.
• Revenue increased $540.2 million, or 25.5%, to $2,657.8 million in 2024 compared to $2,117.6 million in the year ended
December 31, 2023 (“2023”).
• Net revenue increased $299.5 million, or 24.4%, to $1,529.4 million in 2024 compared to $1,229.9 million in 2023.
• Income from operations increased $162.7 million, or 38.5%, to $584.8 million in 2024 compared to $422.1 million in 2023.
• Net income was $209.4 million in 2024 compared to $175.1 million in 2023. Diluted earnings per share were $7.43 in 2024
compared to $5.49 in 2023.

45
Overview
The following tables reflect our results of operations for the periods indicated, both in dollars and as a percentage of total revenue
(dollars in thousands, except per share data):
Year Ended December 31,
2024
2023
2022
Revenue
Loans and finance receivables revenue ...............................................................
$
2,620,296
$
2,086,035
$
1,712,855
Other...............................................................................................................
37,504
31,604
23,230
Total Revenue.....................................................................................................
2,657,800
2,117,639
1,736,085
Change in Fair Value..........................................................................................
(1,128,351 )
(887,717 )
(618,521 )
Net Revenue........................................................................................................
1,529,449
1,229,922
1,117,564
Operating Expenses
Marketing ........................................................................................................
523,569
414,460
382,573
Operations and technology ................................................................................
224,391
194,905
173,668
General and administrative ................................................................................
156,524
160,265
140,464
Depreciation and amortization ...........................................................................
40,207
38,157
36,867
Total Operating Expenses ...................................................................................
944,691
807,787
733,572
Income from Operations .....................................................................................
584,758
422,135
383,992
Interest expense, net..........................................................................................
(290,442 )
(194,779 )
(115,887 )
Foreign currency transaction (loss) gain, net........................................................
(1,064 )
57
(645 )
Equity method investment (loss) income.............................................................
(16,460 )
116
6,435
Other nonoperating expenses .............................................................................
(5,691 )
(282 )
(1,321 )
Income before Income Taxes...............................................................................
271,101
227,247
272,574
Provision for income taxes ................................................................................
61,653
52,126
65,150
Net income..........................................................................................................
209,448
175,121
207,424
Diluted earnings per share ..................................................................................
$
7.43
$
5.49
$
6.19
Revenue
Loans and finance receivables revenue ...............................................................
98.6 %
98.5 %
98.7 %
Other...............................................................................................................
1.4
1.5
1.3
Total Revenue.....................................................................................................
100.0
100.0
100.0
Change in Fair Value..........................................................................................
(42.5 )
(41.9 )
(35.6 )
Net Revenue........................................................................................................
57.5
58.1
64.4
Operating Expenses
Marketing ........................................................................................................
19.7
19.6
22.1
Operations and technology ................................................................................
8.4
9.2
10.0
General and administrative ................................................................................
5.9
7.6
8.1
Depreciation and amortization ...........................................................................
1.5
1.8
2.1
Total Operating Expenses ...................................................................................
35.5
38.2
42.3
Income from Operations .....................................................................................
22.0
19.9
22.1
Interest expense, net..........................................................................................
(11.0 )
(9.2 )
(6.7 )
Foreign currency transaction (loss) gain, net........................................................
—
—
—
Equity method investment (loss) income.............................................................
(0.6 )
—
0.4
Other nonoperating expenses .............................................................................
(0.2 )
—
(0.1 )
Income before Income Taxes...............................................................................
10.2
10.7
15.7
Provision for income taxes ................................................................................
2.3
2.5
3.8
Net income..........................................................................................................
7.9 %
8.3 %
11.9 %
Valuation of Loans and Finance Receivables
We carry our loans and finance receivables at fair value with changes in fair value recognized directly in earnings. We estimate the fair
value of our loans and finance receivables primarily using internally-developed, discounted cash flow analyses to more accurately predict
future payments. We adjust contractual cash flows for estimated losses, prepayments and servicing costs over the estimated duration of
the underlying assets and discount the future cash flows using a rate of return that we believe a market participant would require. Model
results may be adjusted by management if we do not believe the output reflects the fair value of the portfolio, as defined under GAAP.
The models are updated at each measurement date to capture any changes in internal factors such as nature, term, volume, payment
trends, remaining time to maturity, and portfolio mix, as well as changes in underwriting or observed trends expected to impact future
performance. We have validated model performance by comparing past valuations with actual performance noted after each valuation.

46
In 2024, 2023 and 2022, views in the marketplace on the economy and its near-term prospects remained mixed with concerns on
employment, inflation, and other macroeconomic trends. In certain situations, management concluded that the probability of future
charge-offs or prepayments was different than what we had experienced in the past and, therefore, altered those assumptions in our fair
value models. We continue to utilize this approach and have adjusted these assumptions where appropriate. We also evaluate the discount
rates used in our models on a quarterly basis and adjust when appropriate to be responsive to changes in the market and representative
of what a market participant would use. As of December 31, 2024 and 2023, we deemed the resulting fair value of our loans and finance
receivables to be an appropriate market-based exit price that considers current market conditions.
NON-GAAP FINANCIAL MEASURES
In addition to the financial information prepared in conformity with generally accepted accounting principles (“GAAP”), we provide
historical non-GAAP financial information. We present non-GAAP financial information because such measures are used by
management in understanding the activities and business metrics of our operations. We believe that these non-GAAP financial measures
reflect an additional way of viewing aspects of our business that, when viewed with our GAAP results, provide a more complete
understanding of factors and trends affecting our business.
We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated
financial statements. Readers should consider the information in addition to, but not instead of or superior to, our consolidated financial
statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by
other companies, limiting the usefulness of those measures for comparative purposes.
Adjusted Earnings Measures
We provide adjusted earnings and adjusted earnings per share, or, collectively, the Adjusted Earnings Measures, which are non-GAAP
measures. We believe that the presentation of these measures provides investors with greater transparency and facilitates comparison of
operating results across a broad spectrum of companies with varying capital structures, compensation strategies, derivative instruments
and amortization methods, which provides a more complete understanding of our financial performance, competitive position and
prospects for the future. We utilize, and also believe that investors utilize, the Adjusted Earnings Measures to assess operating
performance, recognizing that such measures may highlight trends in our business that may not otherwise be apparent when relying on
financial measures calculated in accordance with GAAP. In addition, we believe that the Adjusted Earnings Measures are useful to
management and investors in comparing our financial results during the periods shown without the effect of certain items that are not
indicative of our core operating performance or results of operations.

47
The following table provides reconciliations between net income and diluted earnings per share calculated in accordance with GAAP to
the Adjusted Earnings Measures (in thousands, except per share data):
Year Ended December 31,
2024
2023
2022
Net income............................................................................................
$
209,448
$
175,121
$
207,424
Adjustments:
Transaction-related costs(a)................................................................
327
755
—
Lease termination and cease use loss(b).............................................
—
1,698
—
Equity method investment loss (income)(c).......................................
16,460
(116)
(6,107)
Other nonoperating expenses(d).........................................................
5,691
282
1,321
Intangible asset amortization ............................................................
8,055
8,385
8,055
Stock-based compensation expense..................................................
31,816
26,738
21,950
Foreign currency transaction loss (gain), net....................................
1,064
(57)
645
Cumulative tax effect of adjustments................................................
(14,789)
(9,456)
(5,365)
Regulatory settlement(e).....................................................................
—
15,201
—
Adjusted earnings..................................................................................
$
258,072
$
218,551
$
227,923
Diluted earnings per share.....................................................................
$
7.43
$
5.49
$
6.19
Adjustments:
Transaction-related costs(a)................................................................
0.01
0.02
—
Lease termination and cease use loss(b).............................................
—
0.05
—
Equity method investment loss (income)(c).......................................
0.58
—
(0.18)
Other nonoperating expenses(d).........................................................
0.20
0.01
0.04
Intangible asset amortization ............................................................
0.29
0.26
0.24
Stock-based compensation expense..................................................
1.13
0.84
0.66
Foreign currency transaction loss (gain), net....................................
0.04
—
0.02
Cumulative tax effect of adjustments................................................
(0.53)
(0.30)
(0.16)
Regulatory settlement(e).....................................................................
—
0.48
—
Adjusted earnings per share ..................................................................
$
9.15
$
6.85
$
6.81
(a) For the years ended December 31, 2024 and 2023, we recorded expenses of $0.3 million ($0.2 million net of related tax) and $0.8
million ($0.6 million net of tax), respectively, related to a consent solicitation for our Senior Notes due 2025.
(b) For the year ended December 31, 2023, we recorded losses of $1.7 million ($1.3 million net of related tax) to write off leasehold
improvements related to the exit of leased office space.
(c) For the year ended December 31, 2024, we recorded an equity method investment loss of $16.6 million ($13.3 million net of tax)
related to the write-down of our investment in Linear. For the year ended December 31, 2022, we recorded equity method investment
income of $6.3 million ($3.6 million net of tax) that was comprised primarily of an $11.0 million gain generated on the sale by
Linear, in which we then held an ownership interest, of its operating company, partially offset by a $4.4 million loss (on the sale of
OnDeck Canada).
(d) For the years ended December 31, 2024 and 2023, we recorded losses on early extinguishment of debt of $5.7 million ($4.3 million
net of tax) and $0.3 million ($0.2 million net of tax), respectively. For the year ended December 31, 2022, we recorded a loss of
$1.3 million ($1.0 million net of tax) related to incomplete capital markets transactions.
(e) For the year ended December 31, 2023, we reached an agreement with the CFPB, pursuant to which we agreed to pay a civil money
penalty of $15.0 million, which is nondeductible for tax purposes.
Adjusted EBITDA
We provide Adjusted EBITDA, which is a non-GAAP measure that we define as earnings excluding depreciation, amortization, interest,
foreign currency transaction gains or losses, taxes, stock-based compensation expense and certain other items, as appropriate, that are
not indicative of our core operating performance. We utilize, and also believe that investors utilize, Adjusted EBITDA to analyze
operating performance and evaluate our ability to incur and service debt and our capacity for making capital expenditures. We believe
Adjusted EBITDA is useful to management and investors in comparing our financial results during the periods shown without the effect
of certain non-cash items and certain items that are not indicative of our core operating performance or results of operations. Adjusted

48
EBITDA is also useful to investors to help assess our estimated enterprise value. The computation of Adjusted EBITDA as presented
below may differ from the computation of similarly-titled measures provided by other companies (dollars in thousands):
Year Ended December 31,
2024
2023
2022
Net income............................................................................................ $
209,448
$
175,121
$
207,424
Depreciation and amortization expenses ..........................................
40,207
38,157
36,867
Interest expense, net..........................................................................
290,442
194,779
115,887
Foreign currency transaction loss (gain), net....................................
1,064
(57)
645
Provision for income taxes................................................................
61,653
52,126
65,150
Stock-based compensation expense..................................................
31,816
26,738
21,950
Adjustments:
Transaction-related costs(a)................................................................
327
755
—
Equity method investment loss (income)(c).......................................
16,460
(116)
(6,435)
Regulatory settlement(e) ....................................................................
—
15,201
—
Other nonoperating expenses(d).........................................................
5,691
282
1,321
Adjusted EBITDA ................................................................................ $
657,108
$
502,986
$
442,809
Adjusted EBITDA margin calculated as follows:
Total Revenue ................................................................................... $ 2,657,800
$ 2,117,639
$ 1,736,085
Adjusted EBITDA ............................................................................ $
657,108
$
502,986
$
442,809
Adjusted EBITDA as a percentage of total revenue.........................
24.7%
23.8%
25.5%
Refer to footnotes in previous table for explanation of (a), (c), (d) and (e).
Combined Loans and Finance Receivables
Combined loans and finance receivables is a non-GAAP measure that includes both loans and RPAs we own and loans we guarantee,
which are either GAAP items or disclosures required by GAAP. We believe this non-GAAP measure provides management and
investors with important information needed to evaluate the magnitude of potential receivable losses and the opportunity for revenue
performance of the loans and finance receivables portfolio on an aggregate basis. We also believe that the comparison of the aggregate
amounts from period to period is more meaningful than comparing only the amounts reflected on our consolidated balance sheets since
both revenue and cost of revenue are impacted by the aggregate amount of receivables we own and those we guarantee as reflected in
our consolidated financial statements.
YEAR ENDED 2024 COMPARED TO YEAR ENDED 2023
Revenue and Net Revenue
Revenue increased $540.2 million, or 25.5%, to $2,657.8 million for 2024 as compared to $2,117.6 million for 2023. The change in
revenue was driven primarily by a 21.7% increase in revenue from our consumer portfolio and a 32.0% increase in revenue from our
small business portfolio as higher levels of originations have led to higher loan balances for both portfolios.
Our net revenue was $1,529.4 million for 2024 compared to $1,229.9 million for 2023. Our net revenue as a percentage of revenue (“net
revenue margin”) was 57.5% in 2024 compared to 58.1% in 2023. The decrease in net revenue margin was driven primarily by lower
net revenue margin in the consumer portfolio, partially offset by higher net revenue margin in the small business portfolio.

49
The following table sets forth the components of revenue and net revenue, separated by product for 2024 and 2023 (dollars in thousands):
Year Ended December 31,
2024
2023
$ Change
% Change
Revenue by product:
Consumer loans and finance receivables revenue .......................... $ 1,576,821
$ 1,295,231
$
281,590
21.7%
Small business loans and finance receivables revenue...................
1,043,475
790,804
252,671
32.0
Total loan and finance receivable revenue .........................................
2,620,296
2,086,035
534,261
25.6
Other ...............................................................................................
37,504
31,604
5,900
18.7
Total revenue ......................................................................................
2,657,800
2,117,639
540,161
25.5
Change in fair value............................................................................
(1,128,351)
(887,717)
(240,634)
27.1
Net revenue......................................................................................... $ 1,529,449
$ 1,229,922
$
299,527
24.4%
Revenue by product (% to total):
Consumer loans and finance receivables revenue ..........................
59.3%
61.2%
Small business loans and finance receivables revenue...................
39.3
37.3
Total loan and finance receivable revenue .........................................
98.6
98.5
Other ...............................................................................................
1.4
1.5
Total revenue ......................................................................................
100.0
100.0
Change in fair value............................................................................
(42.5)
(41.9)
Net revenue.........................................................................................
57.5%
58.1%
The percentage of revenue from our small business loans and finance receivables increased slightly in 2024 due to increased demand
and favorable unit economics.
The following tables summarizes revenue generated from our operations for 2024 and 2023 (dollars in thousands):
Years Ended
December 31,
2024
2023
Loan interest..................................................................................................................$1,719,631$1,422,166
Statement and draw fees on line of credit accounts ......................................................
774,190
534,845
Other..............................................................................................................................
163,979
160,628
Total revenue.................................................................................................................$2,657,800$2,117,639
Loan and Finance Receivable Balances
The fair value of our loan and finance receivable portfolio in our consolidated financial statements at December 31, 2024 and 2023 was
$4,386.4 million and $3,629.2 million, respectively, with an outstanding principal balance of $3,810.4 million and $3,154.7 million,
respectively. The fair value of the combined loan and finance receivables portfolio includes $28.4 million (with an outstanding principal
balance of $19.9 million) and $18.5 million (with an outstanding principal balance of $13.5 million) of consumer loan balances that are
guaranteed by us but not owned by us, which are not included in our consolidated financial statements as of December 31, 2024 and
2023, respectively. See “—Non-GAAP Financial Measures—Combined Loans and Finance Receivables” above for additional
information related to combined loans and finance receivables.
The following table summarizes loan and finance receivable balances outstanding as of December 31, 2024 and 2023 (in thousands):
As of December 31,
2024
2023
Guaranteed
Guaranteed
Company
by the
Company
by the
Owned(a)
Company(a)
Combined(b)
Owned(a)
Company(a)
Combined(b)
Consumer loans and finance receivables
Principal.............................................. $
1,354,014
$
19,859
$
1,373,873
$
1,138,928
$
13,537
$
1,152,465
Fair value ............................................
1,639,307
28,414
1,667,721
1,380,784
18,534
1,399,318
Fair value as a % of principal....................
121.1%
143.1%
121.4%
121.2%
136.9%
121.4%
Small business loans and finance receivables
Principal.............................................. $
2,456,430
$
—
$
2,456,430
$
2,015,807
$
—
$
2,015,807
Fair value ............................................
2,747,137
—
2,747,137
2,248,383
—
2,248,383
Fair value as a % of principal....................
111.8%
—%
111.8%
111.5%
—%
111.5%
Total loans and finance receivables
Principal.............................................. $
3,810,444
$
19,859
$
3,830,303
$
3,154,735
$
13,537
$
3,168,272
Fair value ............................................
4,386,444
28,414
4,414,858
3,629,167
18,534
3,647,701
Fair value as a % of principal....................
115.1%
143.1%
115.3%
115.0%
136.9%
115.1%

50
(a) GAAP measure. The loan and finance receivable balances guaranteed by us relate to loans originated by third-party lenders
through the CSO program and are not included in our consolidated balance sheets.
(b) Amounts represent non-GAAP measures.
At December 31, 2024, the ratio of fair value as a percentage of principal was 115.1% on company owned loans and finance receivables
and 115.3% on combined loans and finance receivables compared to 115.0% on company owned loans and finance receivables and
115.1% on combined loans and finance receivables at December 31, 2023. These ratios were consistent year-over-year due to
consistency in credit performance in both the consumer and small business portfolios.
Average Amount Outstanding per Loan and Finance Receivable
The average amount outstanding per loan and finance receivable is calculated as the total combined loans and finance receivables, gross
balance at the end of the period divided by the total number of combined loans and finance receivables outstanding at the end of the
period. The following table shows the average amount outstanding per loan and finance receivable by product at December 31, 2024
and 2023:
As of December 31,
2024
2023
Average amount outstanding per loan and finance receivable
(in ones)(a)
Consumer loans and finance receivables(b).................................................. $
1,653 $
1,801
Small business loans and finance receivables..............................................
40,354
38,645
Total loans(b)................................................................................................. $
4,102 $
4,393
(a) The disclosure regarding the average amount per loan is statistical data that is not included in our consolidated financial
statements.
(b) Includes loans guaranteed by us, which represent loans originated by third-party lenders through the CSO program and are not
included in our consolidated balance sheets.
The average amount outstanding per loan decreased to $4,102 as of December 31, 2024 compared to $4,393 from prior year, mainly
due to a mix shift in our consumer portfolio to line of credit accounts, which generally have lower average outstanding balances
compared to installment loans.
Average Loan and Finance Receivable Origination
The average loan and finance receivable origination amount is calculated as the total amount of combined loans and finance receivables
originated, renewed and purchased for the period divided by the total number of combined loans and finance receivables originated,
renewed and purchased for the period. The following table shows the average loan and finance receivable origination amount by product
for 2024 compared to 2023:
Year Ended
December 31,
2024
2023
Average loan and finance receivable origination amount (in ones)(a)
Consumer loans and finance receivables(b)(c)................................................. $
573 $
597
Small business loans and finance receivables(c) ............................................
16,067
16,545
Total loans(b).................................................................................................. $
1,576 $
1,627
(a) The disclosure regarding the average loan origination amount is statistical data that is not included in our consolidated financial
statements.
(b) Includes loans guaranteed by us, which represent loans originated by third-party lenders through the CSO program and are not
included in our consolidated balance sheets.
(c) For line of credit accounts the average represents the average amount of each incremental draw.
The average loan and finance receivable origination amount is smaller than the average amount outstanding per loan and finance
receivable in the previous section as the former measure includes incremental draws on our line of credit accounts whereas the latter
measure includes the entire outstanding receivable on our line of credit accounts.
The average loan origination amount decreased to $1,576 from $1,627 during 2024 compared to 2023, due primarily to a mix shift to
line of credit accounts, which generally have lower draw amounts compared to installment loan originations.

51
Credit Performance of Loans and Finance Receivables
We monitor the performance of our loans and finance receivables. Internal factors such as portfolio composition (e.g., interest rate, loan
term, geography information, customer mix, credit quality) and performance (e.g., delinquency, loss trends, prepayment rates) are
reviewed on a regular basis at various levels (e.g., product, vintage). We also weigh the impact of relevant, internal business decisions
on portfolio. External factors such as macroeconomic trends, financial market liquidity expectations, competitive landscape and
legal/regulatory requirements are also reviewed on a regular basis.
The payment status of a customer, including the degree of any delinquency, is a significant factor in determining estimated charge-offs
in the cash flow models that we use to determine fair value. The following table shows payment status on outstanding principal, interest
and fees as of the end of each of the last eight quarters (dollars in thousands):
2024
First
Second
Third
Fourth
Quarter
Quarter
Quarter
Quarter
Ending combined loans and finance receivables, including
principal and accrued fees/interest outstanding:
Company owned.................................................................................
$ 3,438,468
$ 3,569,726
$ 3,742,767
$ 3,966,486
Guaranteed by the Company(a)...........................................................
13,046
14,941
21,797
23,826
Ending combined loan and finance receivables balance(b) ...........
$ 3,451,514
$ 3,584,667
$ 3,764,564
$ 3,990,312
> 30 days delinquent ..........................................................................
279,659
268,053
293,839
297,832
> 30 days delinquency rate.................................................................
8.1%
7.5%
7.8%
7.5%
2023
First
Second
Third
Fourth
Quarter
Quarter
Quarter
Quarter
Ending combined loans and finance receivables, including
principal and accrued fees/interest outstanding:
Company owned................................................................................ $ 2,785,235
$ 2,857,557
$ 3,037,904
$
3,297,082
Guaranteed by the Company(a) ..........................................................
12,841
16,972
16,533
16,351
Ending combined loan and finance receivables balance(b)........... $ 2,798,076
$ 2,874,529
$ 3,054,437
$
3,313,433
> 30 days delinquent..........................................................................
198,011
221,540
242,126
263,524
> 30 days delinquency rate ................................................................
7.1%
7.7%
7.9%
8.0%
(a) Represents loans originated by third-party lenders through the CSO program, which are not included in our consolidated financial
statements.
(b) Non-GAAP measure.

52
Refer to the following sections for discussion of receivable balances and credit metrics at the consumer and small business levels.
Consumer Loans and Finance Receivables
The following table includes financial information for our consumer loans and finance receivables. Delinquency metrics include
principal, interest and fees, and only amounts that are past due (dollars in thousands):
2024
First
Second
Third
Fourth
Quarter
Quarter
Quarter
Quarter
Consumer loans and finance receivables:
Consumer combined loan and finance receivable principal
balance:
Company owned.................................................................................
$ 1,106,364
$ 1,176,727
$ 1,266,030
$ 1,354,014
Guaranteed by the Company(a)...........................................................
10,780
12,487
18,292
19,859
Total combined loan and finance receivable principal balance(b)
$ 1,117,144
$ 1,189,214
$ 1,284,322
$ 1,373,873
Consumer combined loan and finance receivable fair value
balance:
Company owned.................................................................................
$ 1,347,165
$ 1,421,814
$ 1,526,834
$ 1,639,307
Guaranteed by the Company(a)...........................................................
14,773
17,284
25,446
28,414
Ending combined loan and finance receivable fair value
balance(b) ...........................................................................................
$ 1,361,938
$ 1,439,098
$ 1,552,280
$ 1,667,721
Fair value as a % of principal(b)(c).......................................................
121.9%
121.0%
120.9%
121.4%
Consumer combined loan and finance receivable balance,
including principal and accrued fees/interest outstanding:
Company owned.................................................................................
$ 1,208,551
$ 1,285,755
$ 1,390,882
$ 1,482,970
Guaranteed by the Company(a)...........................................................
13,046
14,941
21,797
23,826
Ending combined loan and finance receivable balance(b).............
$ 1,221,597
$ 1,300,696
$ 1,412,679
$ 1,506,796
Average consumer combined loan and finance receivable
balance, including principal and accrued fees/interest
outstanding:
Company owned(d)..............................................................................
$ 1,242,677
$ 1,244,846
$ 1,344,872
$ 1,429,349
Guaranteed by the Company(a)(d)........................................................
14,956
13,730
18,999
22,060
Average combined loan and finance receivable balance(b)(d)........
$ 1,257,633
$ 1,258,576
$ 1,363,871
$ 1,451,409
Installment loans as percentage of average combined loan and
finance receivable balance .................................................................
40.4%
39.0%
36.9%
35.9%
Line of credit accounts as percentage of average combined loan
and finance receivable balance...........................................................
59.6%
61.0%
63.1%
64.1%
Revenue..............................................................................................
$
364,731
$
367,558
$
410,884
$
433,648
Change in fair value ...........................................................................
(182,979)
(164,011)
(203,647)
(212,947)
Net revenue ........................................................................................
181,752
203,547
207,237
220,701
Net revenue margin............................................................................
49.8%
55.4%
50.4%
50.9%
Combined loan and finance receivable originations and purchases...
417,432
490,640
569,091
601,734
Delinquencies:
> 30 days delinquent ..........................................................................
$
84,137
$
82,169
$
123,369
$
123,442
> 30 days delinquent as a % of combined loan and finance
receivable balance(b)(c) ........................................................................
6.9%
6.3%
8.7%
8.2%
Charge-offs:
Charge-offs (net of recoveries) ..........................................................
$
187,419
$
161,171
$
203,588
$
233,139
Charge-offs (net of recoveries) as a % of average combined loan
and finance receivable balance(b)(d).....................................................
14.9%
12.8%
14.9%
16.1%

53
2023
First
Second
Third
Fourth
Quarter
Quarter
Quarter
Quarter
Consumer loans and finance receivables:
Consumer combined loan and finance receivable principal
balance:
Company owned................................................................................. $
908,087
$
983,388
$ 1,078,228
$ 1,138,928
Guaranteed by the Company(a)............................................................
10,549
14,199
13,684
13,537
Total combined loan and finance receivable principal balance(b)
$
918,636
$
997,587
$ 1,091,912
$ 1,152,465
Consumer combined loan and finance receivable fair value
balance:
Company owned................................................................................. $ 1,062,867
$ 1,168,044
$ 1,286,330
$ 1,380,784
Guaranteed by the Company(a)............................................................
13,901
19,115
18,661
18,534
Ending combined loan and finance receivable fair value
balance(b)............................................................................................ $ 1,076,768
$ 1,187,159
$ 1,304,991
$ 1,399,318
Fair value as a % of principal(b)(c) .......................................................
117.2%
119.0%
119.5%
121.4%
Consumer combined loan and finance receivable balance,
including principal and accrued fees/interest outstanding:
Company owned................................................................................. $
978,730
$ 1,068,742
$ 1,182,769
$ 1,246,675
Guaranteed by the Company(a)............................................................
12,841
16,972
16,533
16,351
Ending combined loan and finance receivable balance(b) ............. $
991,571
$ 1,085,714
$ 1,199,302
$ 1,263,026
Average consumer combined loan and finance receivable
balance, including principal and accrued fees/interest
outstanding:
Company owned(d).............................................................................. $ 1,015,849
$ 1,017,061
$ 1,133,499
$ 1,218,622
Guaranteed by the Company(a)(d) ........................................................
14,206
14,627
17,681
16,341
Average combined loan and finance receivable balance(b)(d) ........ $ 1,030,055
$ 1,031,688
$ 1,151,180
$ 1,234,963
Installment loans as percentage of average combined loan and
finance receivable balance..................................................................
58.9%
53.5%
46.4%
42.3%
Line of credit accounts as percentage of average combined loan
and finance receivable balance...........................................................
41.1%
46.5%
53.6%
57.7%
Revenue .............................................................................................. $
281,011
$
302,264
$
347,898
$
364,058
Change in fair value............................................................................
(114,651)
(115,946)
(174,766)
(183,169)
Net revenue.........................................................................................
166,360
186,318
173,132
180,889
Net revenue margin.............................................................................
59.2%
61.6%
49.8%
49.7%
Combined loan and finance receivable originations and purchases...
291,203
401,468
478,501
497,978
Delinquencies:
> 30 days delinquent........................................................................... $
72,092
$
73,829
$
93,542
$
90,596
> 30 days delinquent as a % of combined loan and finance
receivable balance(b)(c).........................................................................
7.3%
6.8%
7.8%
7.2%
Charge-offs:
Charge-offs (net of recoveries)........................................................... $
156,272
$
131,198
$
178,902
$
213,813
Charge-offs (net of recoveries) as a % of average combined loan
and finance receivable balance(b)(d).....................................................
15.2%
12.7%
15.5%
17.3%
(a) Represents loans originated by third-party lenders through the CSO program that we have not yet purchased, which are not included
in our consolidated balance sheets.
(b) Non-GAAP measure.
(c) Determined using period-end balances.
(d) The average combined loan and finance receivable balance is the average of the month-end balances during the period.
The combined ending loan balance, including principal and accrued fees/interest outstanding, of consumer loans and finance receivables
at December 31, 2024 increased 19.3% to $1,506.8 million compared to $1,263.0 million at December 31, 2023, due primarily to
originations outpacing repayments.

54
The percentage of loans greater than 30 days delinquent increased to 8.2% at December 31, 2024, compared to 7.2% at December 31,
2023, driven primarily by a higher percentage of originations to new customers, which typically default at a higher rate compared to
returning customers, and a mix shift to line of credit products, which have higher yields and default rates compared to installment loans.
Charge-offs (net of recoveries) as a percentage of average combined loan balance decreased to 16.1% for the three months ended
December 31, 2024 (the “2024 fourth quarter”), compared to 17.3% for the three months ended December 31, 2023 (the “2023 fourth
quarter”), driven primarily by improved credit performance in most of our products in the consumer loan portfolio. The trend in charge-
offs (net of recoveries) as a percentage of average combined loan balance across the four quarters of 2024 was in line with seasonal
norms. Demand for our consumer loan products and services in the United States has historically been highest in the third and fourth
quarters of each year, corresponding to the holiday season, and lowest in the first quarter of each year, corresponding to our customers’
receipt of income tax refunds. Lower originations, particularly to new customers, which typically default at a higher percentage than
returning customers, generally result in lower delinquencies and charge-offs as the book is more seasoned.
Revenue related to our consumer loans and finance receivables was $433.6 million for the 2024 fourth quarter, compared to $364.1
million for the 2023 fourth quarter. The increase in revenue was driven primarily by growth in the overall portfolio. The net revenue
margin related to our consumer loans and finance receivables was 50.9% for the 2024 fourth quarter, which was fairly consistent with
the net revenue margin of 49.7% in the 2023 fourth quarter.
The ratio of fair value as a percentage of principal on consumer loans and finance receivables was flat at 121.4% at December 31, 2024
and 2023. Refer to “Results of Operations—Valuation of Loans and Finance Receivables” in “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” for additional discussion on loan valuation.
Small Business Loans and Finance Receivables
The following table includes financial information for our small business loans and finance receivables. Delinquency metrics include
principal, interest and fees, and only amounts that are past due (dollars in thousands):
2024
First
Second
Third
Fourth
Quarter
Quarter
Quarter
Quarter
Small business loans and finance receivables:
Total loan and finance receivable principal balance..........................
$ 2,192,066
$ 2,246,925
$ 2,327,336
$ 2,456,430
Ending loan and finance receivable fair value balance......................
2,448,045
2,517,345
2,607,606
2,747,137
Fair value as a % of principal(a)..........................................................
111.7%
112.0%
112.0%
111.8%
Ending loan and finance receivable balance, including principal
and accrued fees/interest outstanding.................................................
$ 2,229,917
$ 2,283,971
$ 2,351,885
$ 2,483,516
Average loan and finance receivable balance(b) .................................
$ 2,133,422
$ 2,240,893
$ 2,313,142
$ 2,412,795
Installment loans as percentage of average combined loan and
finance receivable balance .................................................................
54.0%
52.6%
51.2%
50.3%
Line of credit accounts as percentage of average combined loan
and finance receivable balance...........................................................
46.0%
47.4%
48.8%
49.7%
Revenue..............................................................................................
$
236,477
$
251,782
$
269,454
$
285,762
Change in fair value ...........................................................................
(79,127)
(91,969)
(83,390)
(101,144)
Net revenue ........................................................................................
157,350
159,813
186,064
184,618
Net revenue margin............................................................................
66.5%
63.5%
69.1%
64.6%
Combined loan and finance receivable originations and purchases...
959,935
918,014
1,044,829
1,113,185
Delinquencies:
> 30 days delinquent ..........................................................................
$
195,522
$
185,884
$
170,470
$
174,390
> 30 days delinquent as a % of loan balance(a)...................................
8.8%
8.1%
7.2%
7.0%
Charge-offs:
Charge-offs (net of recoveries) ..........................................................
$
99,279
$
107,215
$
105,737
$
109,044
Charge-offs (net of recoveries) as a % of average loan and finance
receivable balance(b) ...........................................................................
4.7%
4.8%
4.6%
4.5%

55
2023
First
Second
Third
Fourth
Quarter
Quarter
Quarter
Quarter
Small business loans and finance receivables:
Total loan and finance receivable principal balance........................... $ 1,791,973
$ 1,773,554
$ 1,826,458
$ 2,015,807
Ending loan and finance receivable fair value balance ......................
1,940,499
1,924,401
2,034,732
2,248,383
Fair value as a % of principal(a) ..........................................................
108.3%
108.5%
111.4%
111.5%
Ending loan and finance receivable balance, including principal
and accrued fees/interest outstanding................................................. $ 1,806,505
$ 1,788,815
$ 1,855,135
$ 2,050,407
Average loan and finance receivable balance(b).................................. $ 1,809,800
$ 1,800,700
$ 1,813,995
$ 1,922,857
Installment loans as percentage of average combined loan and
finance receivable balance..................................................................
62.3%
59.1%
57.2%
55.3%
Line of credit accounts as percentage of average combined loan
and finance receivable balance...........................................................
37.7%
40.9%
42.8%
44.7%
Revenue .............................................................................................. $
194,456
$
190,459
$
195,226
$
210,663
Change in fair value............................................................................
(80,404)
(82,180)
(54,992)
(73,243)
Net revenue.........................................................................................
114,052
108,279
140,234
137,420
Net revenue margin.............................................................................
58.7%
56.9%
71.8%
65.2%
Combined loan and finance receivable originations and purchases...
770,164
711,659
782,685
927,807
Delinquencies:
> 30 days delinquent........................................................................... $
125,919
$
147,711
$
148,584
$
172,928
> 30 days delinquent as a % of loan balance(a)...................................
7.0%
8.3%
8.0%
8.4%
Charge-offs:
Charge-offs (net of recoveries)........................................................... $
76,215
$
83,772
$
99,001
$
91,623
Charge-offs (net of recoveries) as a % of average loan and finance
receivable balance(b)............................................................................
4.2%
4.7%
5.5%
4.8%
(a) Determined using period-end balances.
(b) The average loan and finance receivable balance is the average of the month-end balances during the period.
The combined ending loan balance, including principal and accrued fees/interest outstanding, of small business loans and finance
receivables at December 31, 2024 increased 21.1% to $2,483.5 million compared to $2,050.4 million at December 31, 2023, due
primarily to originations outpacing repayments.
The percentage of loans and finance receivables greater than 30 days delinquent decreased to 7.0% at December 31, 2024, compared to
8.4% at December 31, 2023. Charge-offs (net of recoveries) as a percentage of average loan balance decreased to 4.5% for the 2024
fourth quarter, compared to 4.8% in the 2023 fourth quarter. These metrics evidence the improvement in credit performance of our small
business portfolio.
Revenue related to our small business loans and finance receivables was $285.8 million for the 2024 fourth quarter, compared to $210.7
million for the 2023 fourth quarter. The increase in revenue was driven primarily by growth in the overall portfolio. The net revenue
margin related to our small business loans and finance receivables was 64.6% for the 2024 fourth quarter, which was fairly consistent
with the net revenue margin of 65.2% in the 2023 fourth quarter.
The ratio of fair value as a percentage of principal on small business loans and finance receivables increased slightly to 111.8% at
December 31, 2024, compared to 111.5% at December 31, 2023. Refer to “Results of Operations—Valuation of Loans and Finance
Receivables” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for additional discussion
on loan valuation.
Total Expenses
Total operating expenses increased $136.9 million, or 16.9%, to $944.7 million in 2024, compared to $807.8 million in 2023.

56
Marketing expense increased $109.1 million, or 26.3%, to $523.6 million in 2024 compared to $414.5 million in 2023, due primarily to
growth in the overall business with higher commissionable originations in our small business portfolio and higher online advertising
costs intended to capture increasing market demand for both our consumer and small business loan products.
Operations and technology expense increased $29.5 million, or 15.1%, to $224.4 million in 2024 from $194.9 million in 2023, due
primarily to higher variable costs, particularly personnel costs and, to a lesser extent, underwriting, bank charges, collection and other
selling expenses, due to the increase in originations and the size of the loan portfolio. As a percentage of revenue, operations and
technology expense decreased to 8.4% in 2024 from 9.2% in 2023, as increased originations and revenues outpaced fixed costs.
General and administrative expense decreased $3.8 million, or 2.3%, to $156.5 million in 2024 compared to $160.3 million in 2023, due
primarily to the CFPB settlement of $15.0 million in the 2023 fourth quarter, partially offset by higher personnel costs in 2024. As a
percentage of revenue, general and administrative expense decreased to 5.9% in 2024 from 7.6%, or 6.9% after excluding the impact of
the CFPB settlement charge, as increased originations and revenues outpaced fixed costs.
Depreciation and amortization expense increased $2.1 million, or 5.4%, to $40.2 million in 2024 compared to $38.1 million in 2023
driven primarily by general growth in the business.
Nonoperating Items
Interest expense, net increased $95.6 million, or 49.1%, to $290.4 million in 2024 compared to $194.8 million in 2023, due primarily to
an increase in the average amount of debt outstanding to $3,148.9 million during 2024 from $2,382.7 million during 2023, and an
increase in the weighted average interest rate on our outstanding debt to 9.31% in 2024 from 8.28% in 2023. See “—Liquidity and
Capital Resources—Current Debt Facilities” below for further information.
Equity method investment loss was $16.5 million in 2024 compared to $0.1 million of income in 2023 due to the write-down of our
investment in Linear as discussed in Note 1 to the consolidated financial statements.
Provision for Income Taxes
The effective tax rate from continuing operations of 22.7% in 2024 was slightly lower compared to the effective tax rate of 22.9% in
2023. The decrease was primarily driven by a reduction of interest expense due to the remeasurement of unrecognized tax benefits and
the 2023 nondeductible regulatory settlement charge that was recorded in the prior year quarter, partially offset by an increase in
nondeductible compensation expenses related to executive officers.
LIQUIDITY AND CAPITAL RESOURCES
Capital Funding Strategy
We seek to maintain a stable and flexible balance sheet to ensure that liquidity and funding are available to meet our business obligations.
As of December 31, 2024, we had cash, cash equivalents, and restricted cash of $322.7 million, of which $248.8 million was restricted,
compared to $377.4 million, of which $323.1 million was restricted, as of December 31, 2023. During the year ended December 31,
2024, we issued $217.2 million of asset-backed notes and entered into a $150.0 million consumer loan securitization facility to fund
growth in our near-prime consumer loan portfolio. We also issued $660.9 million of asset-backed notes to fund growth in our small
business loan portfolio. During the year, we also amended our revolving credit agreement, a small business loan securitization facility
and a consumer loan securitization facility, increasing our borrowing capacity by $150.0 million, $200.4 million and $75.0 million,
respectively. As of December 31, 2024, we had funding capacity of $944.0 million. Based on numerous stressed-case modeling
scenarios, we believe we have sufficient liquidity to run our operations for the foreseeable future. Further, we have no recourse debt
obligations due until June 2026. As part of our capital and liquidity management, we may from time to time acquire our outstanding
debt securities, including through redemptions, tender offers, open market purchases, negotiated transactions or otherwise, in accordance
with applicable securities laws and in compliance with the indentures governing our outstanding debt securities, upon such terms and at
such prices as we may determine.
Historically, we have generated significant cash flow through normal operating activities for funding both long-term and short-term
needs. Our near-term liquidity is managed to ensure that adequate resources are available to fund our seasonal working capital growth,
which is driven by demand for our loan and financing products. On December 6, 2023, we issued and sold $400.0 million in aggregate
principal amount of 11.25% Senior Notes due 2028 (the “2028 Senior Notes”) and used the net proceeds, in part, to retire existing
indebtedness, including the remaining principal amount outstanding under our 8.50% senior notes due 2024 (the “2024 Senior Notes”).
On August 12, 2024, we issued and sold $500.0 million in aggregate principal amount of 9.125% senior notes due 2029 (the “2029
Senior Notes”) and used the net proceeds, in part, to retire existing indebtedness, including the remaining principal amount outstanding
under our 8.50% senior notes due 2025 (the “2025 Senior Notes”).

57
On June 23, 2022, we entered into an amendment and restatement of our existing secured revolving credit agreement (as amended, the
“Credit Agreement”) that, among other changes, increased the borrowing capacity to $440.0 million, with a $20.0 million letter of credit
sublimit and $10.0 million swingline loan sublimit. On October 19, 2023, we amended the Credit Agreement to, among other changes,
increase the total commitment amount from $440.0 million to $515.0 million. On September 11, 2024, we further amended the Credit
Agreement to, among other changes, increase the total commitment amount from $515.0 million to $665.0 million. The Credit
Agreement bears interest, at our option, at the base rate plus 0.75% or the Secured Overnight Financing Rate plus 3.50%. In addition to
customary fees for a credit facility of this size and type, the Credit Agreement provides for payment of a commitment fee calculated
with respect to the unused portion of the commitment, and ranges from 0.15% per annum to 0.50% per annum depending on usage. The
Credit Agreement contains certain prepayment penalties if it is terminated on or before the first and second anniversary dates, subject
to certain exceptions. The Credit Agreement matures on June 30, 2026. As of February 13, 2025, our available borrowings under the
Credit Agreement were $126.6 million. Since 2016, we have entered into several loan securitization facilities and offered asset-backed
notes to fund our growth, primarily in our near-prime consumer loan and small business loan businesses. As of February 13, 2025, we
had funding capacity of $603.6 million. We expect that our operating needs, including satisfying our obligations under our debt
agreements and funding our working capital growth, will be satisfied by a combination of cash flows from operations, borrowings under
the Credit Agreement, or any refinancing, replacement thereof or increase in borrowings thereunder, and securitization or sale of loans
and finance receivables under our consumer and small business loan securitization facilities.
As of December 31, 2024, we were in compliance with all financial ratios, covenants and other requirements set forth in our debt
agreements. Unexpected changes in our financial condition or other unforeseen factors may result in our inability to obtain third-party
financing or could increase our borrowing costs in the future. To the extent we experience short-term or long-term funding disruptions,
we have the ability to adjust our volume of lending and financing to consumers and small businesses that would reduce cash outflow
requirements while increasing cash inflows through repayments. Additional alternatives may include the securitization or sale of assets,
increased borrowings under the Credit Agreement, or any refinancing or replacement thereof, and reductions in capital spending which
could be expected to generate additional liquidity.
Capital
Our Total stockholders' equity decreased by $43.3 million to $1,196.9 million at December 31, 2024 from $1,240.2 million at December
31, 2023. The decrease of stockholders' equity was driven primarily by repurchases of our outstanding common stock, which is discussed
in more detail below, partially offset by net income for the year ended December 31, 2024 and, to a lesser extent, stock-based
compensation expense. Our book value per share outstanding increased to $46.38 at December 31, 2024 from $42.63 at December 31,
2023.
On February 9, 2022, we announced the Board of Directors authorized a new share repurchase program totaling $100.0 million through
June 30, 2023 (the “February 2022 Authorization”). On November 7, 2022, we announced the Board of Directors authorized an increase
to our share repurchase program of up to $150.0 million through December 31, 2023 (the “November 2022 Authorization”). The
November 2022 Authorization went into effect in March 2023 upon exhaustion of the February 2022 Authorization. On October 24,
2023, we announced the Board of Directors authorized a new share repurchase program totaling $300.0 million through December 31,
2024 (the “October 2023 Authorization”), which replaced the November 2022 Authorization. The Company had repurchased $91.5
million of common stock under the November 2022 Authorization before it was terminated. On August 12, 2024, we announced the
Board of Directors authorized a new share repurchase program totaling $300.0 million through December 31, 2025 (the “August 2024
Authorization”), which replaced the October 2023 Authorization. The Company had repurchased $255.9 million of common stock under
the October 2023 Authorization before it was terminated. Repurchases under our repurchase programs are made in accordance with
applicable securities laws from time to time in the open market, through privately negotiated transactions or otherwise. The share
repurchase programs do not obligate us to purchase any shares of our common stock. The August 2024 Authorization may be terminated,
increased or decreased by the Board of Directors in its discretion at any time. During 2024, we paid $274.5 million to repurchase
common stock under the share repurchase programs.
Cash
At December 31, 2024, we had $73.9 million of available unrestricted cash to fund our future operations compared to approximately
$54.4 million at December 31, 2023.
Our cash and cash equivalents at December 31, 2024 were held primarily for working capital purposes and were used to fund a portion
of our lending activities. From time to time, we use excess cash and cash equivalents to fund our lending activities. We do not enter into
investments for trading or speculative purposes. Our policy is to invest cash in excess of our immediate working capital requirements in
short-term investments, deposit accounts or other arrangements designed to preserve the principal balance and maintain adequate
liquidity. Our excess cash may be invested primarily in overnight sweep accounts, money market instruments or similar arrangements
that provide competitive returns consistent with our polices and market conditions.

58
Our restricted cash typically consists of funds held in accounts as reserves on certain debt facilities and as collateral for issuing bank
partner transactions. We have no ability to draw on such funds as long as they remain restricted under the applicable arrangements but
have the ability to use these funds to finance loan originations, subject to meeting borrowing base requirements. Our policy is to invest
restricted cash held in debt facility related accounts, to the extent permitted by such debt facility, in investments designed to preserve
the principal balance and provide liquidity. Accordingly, such cash is invested primarily in money market instruments that offer daily
purchase and redemption and provide competitive returns consistent with our policies and market conditions. As of December 31, 2023,
restricted cash also included $173.6 million in escrow related to the redemption of our 2024 Senior Notes on January 3, 2024.
Current Debt Facilities
The following table summarizes our debt facilities as of December 31, 2024.
Revolving period
end date
Maturity date
Weighted average
interest rate(a)
Borrowing
capacity
Principal
outstanding
Funding Debt:
2018-1 Securitization Facility .................................
March 2025
March 2026
8.94%
200,000
32,200
NCR 2022 Securitization Facility.............................
October 2026
October 2028
8.62%
200,000
119,039
NCLOCR 2024 Securitization Facility ......................
February 2027
February 2028
9.87%
150,000
99,000
ODR 2021-1 Securitization Facility..........................
November 2025
November 2026
8.09%
233,333
233,333
ODR 2022-1 Securitization Facility..........................
June 2026
June 2027
8.23%
420,000
188,342
RAOD Securitization Facility .................................
November 2026
November 2027
7.30%
236,842
192,000
HWCR 2023 Securitization Facility..........................
September 2026
September 2027
8.80%
487,595
331,214
2023-A Securitization Notes...................................
—
December 2027
7.78%
32,116
32,116
2024-A Securitization Notes...................................
—
October 2030
7.75%
123,546
123,546
ODAS IV 2023-1 Securitization Notes......................
July 2026
August 2030
7.66%
227,051
227,051
ODAS IV 2024-1 Securitization Notes......................
May 2027
June 2031
6.84%
399,574
399,574
ODAS IV 2024-2 Securitization Notes......................
September 2027
October 2031
5.78%
261,353
261,353
Total funding debt....................................................
7.70%
$
2,971,410
$
2,238,768
Corporate Debt:
9.125% Senior Notes Due 2029...............................
—
August 2029
9.13%
500,000
500,000
11.25% Senior Notes Due 2028...............................
—
December 2028
11.25%
400,000
400,000
Revolving line of credit .........................................
June 2026
June 2026
7.93%
665,000
(b)
453,000
Total corporate debt..................................................
9.35%
$
1,565,000
$
1,353,000
(a) The weighted average interest rate is determined based on the rates and principal balances on December 31, 2024. It does not
include the impact of the amortization of deferred loan origination costs or debt discounts.
(b) We had outstanding letters of credit under the Revolving line of credit of $0.7 million as of December 31, 2024.
Our ability to fully utilize the available capacity of our debt facilities may also be impacted by provisions that limit concentration risk
and eligibility.
Cash Flows
Our cash flows and other key indicators of liquidity are summarized as follows (dollars in thousands):
Year Ended December 31,
2024
2023
2022
Cash flows provided by operating activities......................................... $
1,538,576
$
1,166,869
$
893,998
Cash flows used in investing activities
Loans and finance receivables ..........................................................
(1,867,773)
(1,449,417)
(1,631,354)
Purchases of property and equipment...............................................
(43,422)
(45,241)
(43,629)
Disposal of a subsidiary....................................................................
—
—
8,713
Total cash flows used in investing activities.........................................
(1,911,195)
(1,494,658)
(1,666,270)
Cash flows provided by financing activities......................................... $
318,882
$
526,541
$
724,866
Total debt to Adjusted EBITDA (a)........................................................
5.4x
5.9x
5.1x
(a) Total debt to Adjusted EBITDA, a non-GAAP measure, is calculated using Adjusted EBITDA for the twelve months ended for the
respective period indicated. See “—Non-GAAP Financial Measures—Adjusted EBITDA.”

59
Cash Flows from Operating Activities
Net cash provided by operating activities increased $371.7 million, or 31.9%, to $1,538.6 million for 2024 from $1,166.9 million for
2023. The increase was driven primarily by additional interest and fee income from growth in the loan portfolio.
We believe cash flows from operations and available cash balances and borrowings under our securitization facilities and Credit
Agreement, which may include increased borrowings under our Credit Agreement, any refinancing or replacement thereof, and
additional securitization of consumer and small business loans, will be sufficient to fund our future operating liquidity needs, including
to fund our working capital growth.
Cash Flows from Investing Activities
Net cash flows used in investing activities increased $416.5 million, or 27.9%, in 2024 compared to 2023, due primarily to loan
originations outpacing repayments by a wider margin in the current year compared to the prior year.
Cash Flows from Financing Activities
Net cash provided by financing activities in 2024 was $318.9 million compared to $526.5 million in 2023. Cash flows provided by
financing activities for 2024 primarily consisted of net borrowings of $571.4 million under our securitization facilities and $97.0 million
under the Credit Agreement, partially offset by $289.3 million in treasury shares purchases, primarily under our share repurchase
programs, and $44.4 million in net repayments of senior notes. Cash flows provided by financing activities for 2023 primarily consisted
of net borrowings of $396.2 million related to the issuance of the 2028 Senior Notes, $334.4 million under our securitization facilities,
and $47.0 million under the Credit Agreement, partially offset by $153.2 million in treasury shares purchases, primarily under our share
repurchase programs, and $81.1 million used to pay down our 2024 Senior Notes.
CRITICAL ACCOUNTING ESTIMATES
Loans and Finance Receivables
We have elected the fair value option for our loans and finance receivables. We estimate the fair value of our loans and finance
receivables primarily using discounted cash flow analyses at an individual loan level to more accurately predict future payments. We
adjust contractual cash flows for estimated losses, prepayments and servicing costs over the estimated duration of the underlying assets
and discount the future cash flows using a rate of return that we believe a market participant would require. Model results may be
adjusted by management if we do not believe the output reflects the fair value of the portfolio, as defined under U.S. GAAP. The models
are updated at each measurement date to capture any changes in internal factors such as nature, term, volume, payment trends, remaining
time to maturity, and portfolio mix, as well as changes in underwriting or observed trends expected to impact future performance. We
have validated model performance by comparing past valuations with actual performance noted after each valuation.
The following describes the primary inputs to the discounted cash flow analyses that require significant judgment:
•
Net losses – Net losses are estimates of the principal payments that will not be repaid over the life of our portfolio, net of the
expected principal recoveries on charged-off receivables. We have developed proprietary underwriting systems based on data
we have collected since the Company’s inception. These systems employ advanced risk analytics to decide whether to approve
financing transactions, to structure the amount and terms of the financings we offer pursuant to jurisdiction-specific regulations,
and to provide customers with funds quickly and efficiently. Our systems closely monitor collection and portfolio performance
data that we use to continually refine the analytical models and statistical measures used in making our credit, purchase,
marketing, and collection decisions. Leveraging the data at the core of our business, we utilize our models to estimate lifetime
credit losses for loans and finance receivables. Inputs to the models include contractual cash flows, customer application
information, historical and current performance, and behavioral information. Management may also incorporate discretionary
adjustments based on our expectations of future credit performance.
•
Prepayments – Prepayments are estimates of the amount of principal payments that will occur earlier than contractually required
during the life of a loan and finance receivable. Prepayments accelerate the timing of principal repayment and reduce interest
payments. Prepayment rates in our discounted cash flow models are developed using historical results as the basis. Model
inputs are similar to those utilized to estimate net losses and may also incorporate discretionary adjustments based on our
expectations of future performance.
•
Servicing costs – Servicing costs applied to the expected cash flows of our portfolio reflect our estimate of the amount investors
would incur to service the underlying assets for the remainder of their lives. Servicing costs are derived from our internal
analysis of our cost structure considering the characteristics of our receivables and have been benchmarked against observable
information on comparable assets in the marketplace.

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•
Discount rates – Determined at a product level, the discount rates utilized in our cash flow analyses reflect our estimates of the
rates of return that investors would require when investing in financial instruments with similar risk and return characteristics.
Management continuously monitors factors that may impact the fair values of our products. Internal factors such as portfolio composition
(for example, interest rate, loan term, geography information, customer mix, credit quality) and performance (e.g., delinquency, loss
trends, prepayment rates) are reviewed on a regular basis at various levels, including product and vintage. The Company also weighs
the impact of relevant, internal business decisions on estimated fair value. External factors such as macroeconomic trends, financial
market liquidity expectations, competitive landscape and legal or regulatory requirements are also reviewed on a regular basis.
Management also reviews the results of our fair value model output compared to prior periods for unusual trends, potential model over-
or under-reaction, outlier results and other distorting factors. Based on these analyses, management may deem it appropriate to adjust
model output to derive management’s best estimate of fair value.
Goodwill
Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in
each business combination. In accordance with Accounting Standards Codification (“ASC”) 350, Goodwill, we test goodwill for
potential impairment annually on October 1 and between annual tests if an event occurs or circumstances change that would more likely
than not reduce the fair value below its carrying amount.
We first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. In assessing
the qualitative factors, we consider relevant events and circumstances including but not limited to macroeconomic conditions, industry
and market environment, our overall financial performance, cash flow from operating activities, market capitalization and stock price.
If we determine that the quantitative impairment test is required, we use the income approach to complete our annual goodwill
assessment. The income approach uses future cash flows and estimated terminal values that are discounted using a market participant
perspective to determine the fair value, which is then compared to the carrying value to determine if there is impairment. The income
approach includes assumptions about revenue growth rates, operating margins and terminal growth rates discounted by an estimated
weighted-average cost of capital derived from other publicly-traded companies that are similar from an operational and economic
standpoint. See Note 4, Goodwill and Other Intangible Assets, to the Consolidated Financial Statements.
Income Taxes
We account for income taxes under ASC 740, Income Taxes. As part of the process of preparing our consolidated financial statements,
we are required to estimate income taxes in each of the jurisdictions in which we operate. This process involves estimating the actual
current tax expense together with assessing temporary differences in recognition of income for tax and accounting purposes. These
differences result in deferred tax assets and liabilities and are included within the consolidated balance sheets. We must then assess the
likelihood that the deferred tax assets will be recovered from future taxable income and, to the extent we believe that recovery is not
more likely than not, we must establish a valuation allowance. An expense or benefit is included within the tax provision in the
consolidated statement of income for any increase or decrease in the valuation allowance for a given period.
We report our loans and finance receivables in the Company’s tax returns at fair market value, as determined for U.S. federal income
tax purposes, which differs from how we report them in the consolidated financial statements due in part to statutory tax and judicial
principles that may lead to different interpretations of expected credit losses and discount rate assumptions. Changes in the fair market
value of our loans and finance receivables as determined for tax purposes may have a significant impact on the timing and amount of
how income taxes are recognized in the consolidated financial statements. The estimates of fair market value are dependent on multiple
assumptions, including expected credit losses and discount rates.
We perform an evaluation of the recoverability of our deferred tax assets on a quarterly basis. We establish a valuation allowance if it
is more-likely-than-not (greater than 50 percent) that all or some portion of the deferred tax asset will not be realized. We analyze several
factors, including the nature and frequency of operating losses, our carryforward period for any losses, the reversal of future taxable
temporary differences, the expected occurrence of future income or loss and the feasibility of available tax planning strategies to protect
against the loss of deferred tax assets.
We account for uncertainty in income taxes in accordance with ASC 740, which requires that a more-likely-than-not threshold be met
before the benefit of a tax position may be recognized in the consolidated financial statements and prescribes how such benefit should
be measured. We must evaluate tax positions taken on our tax returns for all periods that are open to examination by taxing authorities
and make a judgment as to whether and to what extent such positions are more likely than not to be sustained based on the technical
merits. We record interest and penalties related to tax matters as income tax expense in the consolidated statement of income.

61
Our judgment is required in determining the provision for income taxes, the deferred tax assets and liabilities and any valuation
allowance recorded against deferred tax assets. Our judgment is also required in evaluating whether tax benefits meet the more-likely-
than-not threshold for recognition under ASC 740.
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
Refer to Note 1 in the Notes to the Consolidated Financial Statements in Part II, Item 8 “Financial Statements and Supplementary
Data” in this report for a discussion of recently issued accounting pronouncements that may be significant to Enova.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market risk is a broad term related to economic losses due to adverse changes in the fair value of a financial instrument. While market
risk may embody several elements, including liquidity and basis risk, the SEC’s market risk rules focus on pricing risk, which relates to
changes in the level of prices due to changes in interest rates, foreign currency exchange rates, commodity prices, equity prices, and
other market changes that affect market risk-sensitive instruments.
We carry our loans and finance receivables at fair value with changes in fair value recognized directly in earnings. The valuation of our
loan portfolio may be impacted by macroeconomic and other factors that may positively or negatively impact the repayment capacity
of our customers or the discounted value of expected future cash flows from our loan portfolio.
Changes to market interest rates can impact the fair value of our loans and finance receivables. The fair value of our loans and receivables
are estimated using a discounted cash flow methodology, where the discount rate represents an estimate of the required rate of return by
market participants. Required returns may increase or decrease depending upon the level of market interest rates and additional risk
premiums required to generate acceptable returns on specific assets. An increase of 100 basis points to the discount rates used in our
valuations would decrease the balance of loans and finance receivables at fair value by approximately 0.7% at December 31, 2024 and
2023. A decrease of 100 basis points to the discount rates used in our valuations would increase the balance of loans and finance
receivables at fair value by approximately 0.7% at December 31, 2024 and 2023.
Expectations of future credit losses are a significant input to the valuation of our loans and finance receivables. A variety of
macroeconomic and other factors can impact the expected repayment capacity of our customers and our expectation of future credit
losses, both positively and negatively. Increasing our estimates for future credit losses used in our valuations to 110% of current
expectations would decrease the balance of loans and finance receivables at fair value by approximately 3.6% and 3.2% at December
31, 2024 and 2023, respectively. Conversely, credit losses may decrease as the economy strengthens or with increased government
assistance. Decreasing our estimates for future credit losses used in our valuations to 90% of current expectations would increase the
balance of loans and finance receivables at fair value by approximately 4.3% and 3.0% at December 31, 2024 and 2023, respectively.
The expected rate of future customer prepayments can also impact the fair value of our loans and finance receivables. Prepayment speeds
can vary with economic activity, competition and other factors that may increase or decrease the liquidity available to our customers to
prepay obligations. Increasing our estimates for future prepayments used in our valuations to 110% of current expectations would
decrease the balance of loans and finance receivables at fair value by 0.8% at December 31, 2024 and 2023. Conversely, prepayment
speeds may decrease as the economy weakens or inflation increases. Decreasing our estimates for future prepayments used in our
valuations to 90% of current expectations would increase the balance of loans and finance receivables at fair value by 0.8% at December
31, 2024 and 2023.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Index to Consolidated Financial Statements
Report of Independent Registered Public Accounting Firm (Deloitte & Touche LLP; PCAOB ID No. 34)..............................
63
Consolidated Balance Sheets – December 31, 2024 and 2023 ....................................................................................................
65
Consolidated Statements of Income – Years Ended December 31, 2024, 2023 and 2022 ..........................................................
67
Consolidated Statements of Comprehensive Income – Years Ended December 31, 2024, 2023 and 2022 ...............................
68
Consolidated Statements of Stockholders’ Equity – Years Ended December 31, 2024, 2023 and 2022 ...................................
69
Consolidated Statements of Cash Flows – Years Ended December 31, 2024, 2023 and 2022 ..................................................
70
Notes to Consolidated Financial Statements................................................................................................................................
71

63
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the shareholders and the Board of Directors of Enova International, Inc.
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of Enova International, Inc. and subsidiaries (the "Company") as of
December 31, 2024 and 2023, the related consolidated statements of income, comprehensive income, stockholders' equity, and cash
flows, for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the
"financial statements"). We also have audited the Company’s internal control over financial reporting as of December 31, 2024, based
on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of
the Treadway Commission (COSO).
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company
as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended
December 31, 2024, in conformity with accounting principles generally accepted in the United States of America. Also, in our
opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024,
based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.
Basis for Opinions
The Company’s management is responsible for these financial statements, for maintaining effective internal control over financial
reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Report
of Management on Internal Control over Financial Reporting. Our responsibility is to express an opinion on these financial statements
and an opinion on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm
registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with
respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits
to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud,
and whether effective internal control over financial reporting was maintained in all material respects.
Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial
statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures included examining,
on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the
accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the
financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over
financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness
of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary
in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect
on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.

64
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was
communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material
to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the
critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by
communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or
disclosures to which it relates.
Loans and finance receivables at fair value – Refer to Notes 1 and 17 to the consolidated financial statements
Critical Audit Matter Description
The estimation of the fair value of loans and finance receivables portfolio uses discounted cash flow models that have been internally
developed. The models use inputs that are unobservable and inherently judgmental and reflect management’s best estimates of the
assumptions a market participant would use to calculate fair value. The valuation inputs for the projections of future cash flows
include estimated losses, prepayment rates, servicing costs and discount rates.
We identified the valuation assertion relating to loans and finance receivables at fair value as a critical audit matter because of the
subjective process in determining significant inputs and judgments used to estimate the fair value. Given management’s use of
unobservable inputs to estimate the fair value of the loans and finance receivables, performing audit procedures to evaluate these
inputs requires a high degree of auditor judgment and an increased extent of effort, including the need to involve our internal fair
value specialists.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to loans and finance receivables at fair value included the following, among others:
•
We tested the effectiveness of internal controls related to the determination of loans and finance receivables at fair value,
including those controls related to management’s review of the models and the significant inputs used to estimate the fair value.
•
We tested the underlying data for accuracy and completeness, including loan balances, historical net charge-offs, payments and
other assumptions, that served as the basis for the valuation.
•
With the assistance of our internal fair value specialists, we developed a range of independent estimates of fair value and
compared our estimates to the recorded valuation.
/s/ Deloitte & Touche LLP
Chicago, Illinois
February 18, 2025
We have served as the Company's auditor since 2021.

65
ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share data)
December 31,
2024
2023
Assets
Cash and cash equivalents(1)..........................................................................................
$
73,910
$
54,357
Restricted cash(1)............................................................................................................
248,758
323,082
Loans and finance receivables at fair value(1)................................................................
4,386,444
3,629,167
Income taxes receivable ................................................................................................
40,690
44,129
Other receivables and prepaid expenses(1).....................................................................
63,752
71,982
Property and equipment, net..........................................................................................
119,956
108,705
Operating lease right-of-use asset .................................................................................
18,201
14,251
Goodwill........................................................................................................................
279,275
279,275
Intangible assets, net......................................................................................................
10,951
19,005
Other assets(1).................................................................................................................
24,194
41,583
Total assets ............................................................................................................
$
5,266,131
$
4,585,536
Liabilities and Stockholders' Equity
Accounts payable and accrued expenses(1)....................................................................
$
249,970
$
261,156
Operating lease liability.................................................................................................
32,165
27,042
Deferred tax liabilities, net ............................................................................................
223,590
113,350
Long-term debt(1)...........................................................................................................
3,563,482
2,943,805
Total liabilities...........................................................................................................
4,069,207
3,345,353
Commitments and contingencies (Note 10)
Stockholders' equity:
Common stock, $0.00001 par value, 250,000,000 shares authorized, 46,520,916
and 45,339,814 shares issued and 25,808,096 and 29,089,258 outstanding as of
December 31, 2024 and 2023, respectively...............................................................
—
—
Preferred stock, $0.00001 par value, 25,000,000 shares authorized, no shares
issued and outstanding...............................................................................................
—
—
Additional paid in capital ..........................................................................................
328,268
284,256
Retained earnings ......................................................................................................
1,697,754
1,488,306
Accumulated other comprehensive loss....................................................................
(13,691)
(6,264)
Treasury stock, at cost (20,712,820 and 16,250,556 shares as of
December 31, 2024 and 2023, respectively) .............................................................
(815,407)
(526,115)
Total stockholders' equity..........................................................................................
1,196,924
1,240,183
Total liabilities and stockholders' equity...............................................................
$
5,266,131
$
4,585,536
(1) Includes amounts in consolidated variable interest entities (“VIEs”) presented separately in the table below.

66
ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share data)
The following table presents the aggregated assets and liabilities of consolidated VIEs, which are included in the Consolidated Balance
Sheets above. The assets in the table below may only be used to settle obligations of consolidated VIEs and are in excess of those
obligations. See Note 14 for additional information.
December 31,
2024
2023
Assets of consolidated VIEs, included in total assets above
Cash and cash equivalents..................................................................................................
$
348
$
315
Restricted cash....................................................................................................................
217,344
135,980
Loans and finance receivables at fair value........................................................................
3,048,561
2,656,049
Other receivables and prepaid expenses.............................................................................
26
6,792
Other assets.........................................................................................................................
9,832
6,915
Total assets of consolidated VIEs...................................................................................
$
3,276,111
$
2,806,051
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable and accrued expenses............................................................................
$
11,300
$
10,469
Long-term debt ...................................................................................................................
2,227,156
1,661,823
Total liabilities of consolidated VIEs.............................................................................
$
2,238,456
$
1,672,292
See Notes to Consolidated Financial Statements

67
ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
Year Ended December 31,
2024
2023
2022
Revenue ............................................................................................................
$
2,657,800
$
2,117,639
$
1,736,085
Change in Fair Value ......................................................................................
(1,128,351)
(887,717)
(618,521)
Net Revenue......................................................................................................
1,529,449
1,229,922
1,117,564
Operating Expenses
Marketing ......................................................................................................
523,569
414,460
382,573
Operations and technology............................................................................
224,391
194,905
173,668
General and administrative............................................................................
156,524
160,265
140,464
Depreciation and amortization.......................................................................
40,207
38,157
36,867
Total Operating Expenses...............................................................................
944,691
807,787
733,572
Income from Operations.................................................................................
584,758
422,135
383,992
Interest expense, net ......................................................................................
(290,442)
(194,779)
(115,887)
Foreign currency transaction (loss) gain, net.................................................
(1,064)
57
(645)
Equity method investment (loss) income ......................................................
(16,460)
116
6,435
Other nonoperating expenses.........................................................................
(5,691)
(282)
(1,321)
Income before Income Taxes..........................................................................
271,101
227,247
272,574
Provision for income taxes ............................................................................
61,653
52,126
65,150
Net income........................................................................................................
$
209,448
$
175,121
$
207,424
Earnings Per Share:
Earnings per common share:
Basic ..............................................................................................................
$
7.78
$
5.71
$
6.42
Diluted ...........................................................................................................
$
7.43
$
5.49
$
6.19
Weighted average common shares outstanding:
Basic ..............................................................................................................
26,920
30,673
32,290
Diluted ...........................................................................................................
28,202
31,921
33,483
See Notes to Consolidated Financial Statements

68
ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
Year Ended December 31,
2024
2023
2022
Net income.........................................................................................................
$
209,448
$
175,121
$
207,424
Other comprehensive (loss) gain, net of tax:
Foreign currency translation (loss) gain(1).....................................................
(7,919)
1,979
789
Unrealized gain (loss) on investments, net of tax..........................................
492
(2,253)
1,761
Total other comprehensive (loss) gain, net of tax .............................................
(7,427)
(274)
2,550
Comprehensive Income...................................................................................
202,021
174,847
209,974
(1) Net of tax (provision) benefit of $2,483, $(637) and $(209) for the years ended December 31, 2024, 2023 and 2022, respectively.
See Notes to Consolidated Financial Statements

69
ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands)
Accumulated
Additional
Other
Total
Common Stock
Paid in
Retained
Comprehensive
Treasury Stock, at cost
Stockholders'
Shares
Amount
Capital
Earnings
Loss
Shares
Amount
Equity
Balance at December 31, 2021 ................................
43,424
$
—
$
225,689
$
1,105,761
$
(8,540 )
(9,280 )
$
(229,858 )
$
1,093,052
Stock-based compensation expense ............................
—
—
21,950
—
—
—
—
21,950
Shares issued for vested RSUs..................................
640
—
—
—
—
—
—
—
Shares issued for stock option exercises .......................
263
—
4,239
—
—
—
—
4,239
Net income.......................................................
—
—
—
207,424
—
—
—
207,424
Unrealized gain on investments, net of tax.....................
—
—
—
—
1,761
—
—
1,761
Foreign currency translation gain, net of tax...................
—
—
—
—
789
—
—
789
Purchases of treasury shares, at cost............................
—
—
—
—
—
(3,826 )
(143,070 )
(143,070 )
Balance at December 31, 2022 ................................
44,327
$
—
$
251,878
$
1,313,185
$
(5,990 )
(13,106 )
$
(372,928 )
$
1,186,145
Stock-based compensation expense ............................
—
—
26,738
—
—
—
—
26,738
Shares issued for vested RSUs..................................
624
—
—
—
—
—
—
—
Shares issued for stock option exercises .......................
389
—
5,640
—
—
—
—
5,640
Net income.......................................................
—
—
—
175,121
—
—
—
175,121
Unrealized loss on investments, net of tax .....................
—
—
—
—
(2,253 )
—
—
(2,253 )
Foreign currency translation gain, net of tax...................
—
—
—
—
1,979
—
—
1,979
Purchases of treasury shares, at cost............................
—
—
—
—
—
(3,145 )
(153,187 )
(153,187 )
Balance at December 31, 2023 ................................
45,340
$
—
$
284,256
$
1,488,306
$
(6,264 )
(16,251 )
$
(526,115 )
$
1,240,183
Stock-based compensation expense ............................
—
—
31,816
—
—
—
—
31,816
Shares issued for vested RSUs..................................
617
—
—
—
—
—
—
—
Shares issued for stock option exercises .......................
564
—
12,196
—
—
—
—
12,196
Net income.......................................................
—
—
—
209,448
—
—
—
209,448
Unrealized gain on investments, net of tax.....................
—
—
—
—
492
—
—
492
Foreign currency translation loss, net of tax ...................
—
—
—
—
(7,919 )
—
—
(7,919 )
Purchases of treasury shares, at cost............................
—
—
—
—
—
(4,462 )
(289,292 )
(289,292 )
Balance at December 31, 2024 ................................
46,521
$
—
$
328,268
$
1,697,754
$
(13,691 )
(20,713 )
$
(815,407 )
$
1,196,924
See Notes to Consolidated Financial Statements

70
ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended December 31,
2024
2023
2022
Cash Flows from Operating Activities
Net income ......................................................................................................
$
209,448
$
175,121
$
207,424
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization .......................................................................
40,207
38,157
36,867
Amortization of deferred loan costs and debt discount......................................
15,787
10,123
5,698
Change in fair value......................................................................................
1,119,214
879,351
612,154
Stock-based compensation expense ................................................................
31,816
26,738
21,950
Write-down of equity method investment........................................................
16,552
—
—
Loss on sale of subsidiary..............................................................................
—
—
4,388
Incomplete transaction costs ..........................................................................
—
—
710
Loss on early extinguishment of debt..............................................................
5,690
282
—
Operating leases, net.....................................................................................
1,173
(1,457 )
(3,637 )
Deferred income taxes, net ............................................................................
112,722
8,545
17,034
Changes in operating assets and liabilities:
Finance and service charges on loans and finance receivables...........................
(12,513 )
(44,169 )
(32,317 )
Other receivables, prepaid expenses and other assets........................................
12,754
8,879
(24,335 )
Accounts payable and accrued expenses .........................................................
35,053
18,137
(2,843 )
Current income taxes receivable/payable ........................................................
(49,327 )
47,162
50,905
Net cash provided by operating activities ................................................
1,538,576
1,166,869
893,998
Cash Flows from Investing Activities
Loans and finance receivables originated or acquired...........................................
(5,640,183 )
(4,315,483 )
(4,103,939 )
Loans and finance receivables repaid..................................................................
3,772,410
2,866,066
2,472,585
Capitalization of software development costs and purchases of fixed assets ...........
(43,422 )
(45,241 )
(43,629 )
Sale of subsidiary .............................................................................................
—
—
8,713
Net cash used in investing activities.........................................................
(1,911,195 )
(1,494,658 )
(1,666,270 )
Cash Flows from Financing Activities
Borrowings under revolving line of credit...........................................................
852,000
423,000
139,000
Repayments under revolving line of credit ..........................................................
(755,000 )
(376,000 )
(30,000 )
Borrowings under securitization facilities ...........................................................
1,617,861
1,013,591
827,657
Repayments under securitization facilities...........................................................
(1,046,424 )
(679,190 )
(65,487 )
Issuance of senior notes.....................................................................................
500,000
396,232
—
Repayments of senior notes ...............................................................................
(544,393 )
(81,123 )
—
Debt issuance costs paid....................................................................................
(28,066 )
(22,422 )
(7,473 )
Proceeds from exercise of stock options..............................................................
12,196
5,640
4,239
Treasury shares purchased.................................................................................
(289,292 )
(153,187 )
(143,070 )
Net cash provided by financing activities.................................................
318,882
526,541
724,866
Effect of exchange rates on cash ........................................................................
(1,034 )
287
(77 )
Net (decrease) increase in cash, cash equivalents and restricted cash ...............
(54,771 )
199,039
(47,483 )
Cash, cash equivalents and restricted cash at beginning of year...........................
377,439
178,400
225,883
Cash, cash equivalents and restricted cash at end of year ....................................
$
322,668
$
377,439
$
178,400
See Notes to Consolidated Financial Statements

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
71
1. Significant Accounting Policies
Nature of the Company
Enova International, Inc. (“Enova”), formed on September 7, 2011, is an independent, publicly traded company, and the Company’s
shares of common stock are listed on the New York Stock Exchange under the symbol “ENVA.” Enova and its subsidiaries (individually
and collectively referred to herein as the “Company”) operate an internet-based lending platform to serve customers in need of cash to
fulfill their financial responsibilities. Through a network of direct and indirect marketing channels, the Company offers funds to its
customers through a variety of loan and finance receivable products that are primarily unsecured. The business is operated primarily
through the internet to provide convenient, fully-automated financial solutions to its customers. As of December 31, 2024, the Company
offered or arranged loans to consumers under the names “CashNetUSA” and “NetCredit” in 37 states in the United States and under the
name “Simplic” in Brazil. The Company also offered financing to small businesses in 49 states and Washington D.C. in the United
States under the names “OnDeck” and “Headway Capital.”
The Company originates, guarantees or purchases consumer loans. Consumer loans provide customers with cash in their bank account,
typically in exchange for an obligation to repay the amount advanced plus fees and/or interest. Consumer loans include installment loans
and line of credit accounts. The Company provides or has provided financing to small businesses through either installment loans, a
receivables purchase agreement product (“RPAs”) or a line of credit account. RPAs represent a right to receive future receivables from
a small business. Small businesses receive funds in exchange for a portion of the business’ future receivables at an agreed upon discount.
In contrast, lending is a commitment to repay principal and interest. “Loans and finance receivables” include consumer loans, small
business loans and RPAs.
Installment loans are loans written by the Company, by a third-party lender through the Company’s credit services organization or credit
access business program (“CSO program” as further described below) that the Company guarantees or by a bank partner. Installment
loans include longer-term loans that require the outstanding principal balance to be paid down in multiple installments. Line of credit
accounts include draws made through the Company’s line of credit products.
Through the Company’s CSO program, the Company provides services related to a third-party lender’s consumer loan products in Texas
by acting as a credit services organization or credit access business on behalf of consumers in accordance with applicable state laws.
Services offered under the CSO program include credit-related services such as arranging loans with independent third-party lenders
and assisting in the preparation of loan applications and loan documents (“CSO loans”). Under the CSO program, the Company
guarantees consumer loan payment obligations to the third-party lender in the event that the customer defaults on the loan, at which
point, the loan is purchased by the Company. Prior to any potential purchase, CSO loans are not included in the Company’s consolidated
balance sheets.
The Company operates programs with certain banks to provide marketing services and loan servicing for near-prime unsecured
consumer installment loans and line of credit accounts. Under the programs, the Company receives marketing and servicing fees while
the bank receives an origination fee. The bank has the ability to sell and the Company has the option, but not the requirement, to purchase
the loans the bank originates and, in the case of line of credit accounts, a participation interest in those accounts. The Company does not
guarantee the performance of the loans and line of credit accounts originated by the bank. As part of the OnDeck business both prior
and subsequent to Enova’s acquisition, OnDeck operates a program with a separate bank to provide marketing services and loan
servicing for small business installment loans and line of credit accounts. Under the OnDeck program, the Company receives marketing
fees while the bank receives origination fees and certain program fees. The bank has the ability to sell and the Company has the option,
but not the requirement, to purchase the installment loans that the bank originates and, in the case of line of credit accounts, extensions
under those line of credit accounts. The Company does not guarantee the performance of the loans originated by the bank.
The Company operates a money transfer platform that allows customers to send money from the United States to Mexico, other Latin
American countries and Asia. Revenue is generated through fees per transfer and an exchange rate spread.
Basis of Presentation
The consolidated financial statements of the Company included herein have been prepared on the basis of accounting principles generally
accepted in the United States (“GAAP”) and reflect the historical results of operations and cash flows of the Company during each
respective period. The consolidated financial statements include goodwill and intangible assets arising from businesses previously
acquired. The financial information included herein may not be indicative of the consolidated financial position, operating results,
changes in stockholders’ equity and cash flows of the Company in the future. Intercompany transactions are eliminated. Certain prior
year amounts have been reclassified to conform to current year presentation.
The Company consolidates any variable interest entity (“VIE”) where it has determined the Company is the primary beneficiary. The
primary beneficiary is the entity which has both the power to direct the activities of the VIE that most significantly impact the VIE’s

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
72
economic performance as well as the obligation to absorb losses or receive benefits of the entity that could potentially be significant to
the VIE.
Use of Estimates
The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the dates of
the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. On an on-going
basis, management evaluates its estimates and judgments, including those related to revenue recognition, fair value of loans and finance
receivables, goodwill, long-lived and intangible assets, income taxes, contingencies and litigation. Management bases its estimates on
historical experience, empirical data and on various other assumptions that are believed to be reasonable under the circumstances, the
results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from
these estimates.
Foreign Currency Translations
The functional currency for the Company’s subsidiaries that serve residents of Brazil is the Brazilian real. The assets and liabilities of
these subsidiaries are translated into U.S. dollars at the exchange rate in effect at each balance sheet date, and the resulting adjustments
are recorded in “Accumulated other comprehensive income (loss)” (“AOCI”) as a separate component of stockholders’ equity. Revenue
and expenses are translated at the monthly average exchange rates occurring during each period.
Cash and Cash Equivalents
The Company considers deposits in banks and short-term investments with original maturities of 90 days or less as cash and cash
equivalents.
Restricted Cash
The Company includes funds to be used for future debt payments relating to its securitization transactions and escrow deposits in
restricted cash and cash equivalents.
Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated
balance sheets (in thousands):
December 31,
2024
2023
2022
Cash and cash equivalents..................................................................... $
73,910
$
54,357
$
100,165
Restricted cash ......................................................................................
248,758
323,082
78,235
Total cash, cash equivalents and restricted cash ................................... $
322,668
$
377,439
$
178,400
Revenue Recognition
The Company recognizes revenue based on the financing products and services it offers and on loans it acquires. “Revenue” in the
consolidated statements of income primarily includes: interest income, statement and draw fees on line of credit accounts, fees for
services provided through the Company’s CSO program (“CSO fees”), revenue on RPAs, origination fees and other fees as permitted
by applicable laws and pursuant to the agreement with the customer. Interest income is generally recognized on an effective yield basis
over the contractual term of the loan on installment loans or the estimated outstanding period of the draw on line of credit accounts.
Statement fees on line of credit accounts are similar to interest charges and are generally recognized similarly to interest income. Draw
fees on line of credit accounts are generally recognized at the time of draw. Revenue on RPAs is recognized over the projected delivery
term of the agreement. CSO fees are recognized over the term of the loan. Origination fees are charged to customers on certain
installment loan products and are recognized upon origination.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
73
Loans and Finance Receivables
The Company utilizes the fair value option on its entire loan and finance receivable portfolio. As such, loans and finance receivables
are carried at fair value in the consolidated balance sheet with changes in fair value recorded in the consolidated income statement. To
derive the fair value, the Company generally utilizes discounted cash flow analyses that factor in estimated losses, prepayments and
servicing costs over the estimated duration of the underlying assets. Loss, prepayment and servicing cost assumptions are determined
using historical loss data and include appropriate consideration of recent trends and anticipated future performance. Future cash flows
are discounted using a rate of return that the Company believes a market participant would require. Accrued and unpaid interest and
fees are included in “Loans and finance receivables at fair value” in the consolidated balance sheets.
If a loan is renewed or refinanced, the renewal or refinanced loan is considered a new loan. The Company generally does not consider
modifications that do not necessitate the customer to sign a new loan agreement to be new loans.
Current and Delinquent Loans and Finance Receivables
The Company classifies its loans and finance receivables as either current or delinquent. When a customer does not make a scheduled
payment in full as of the due date, the receivable is considered delinquent. For the OnDeck portfolio, there is no accrual of interest
income on loans when the customer misses their most recent payment. Excluding the OnDeck portfolio, there is no accrual of interest
income on loans when a customer falls more than one payment behind. Loans may be returned to accrual status if the customer rectifies
and the loan no longer meets non-accrual criteria. The Company allows for normal payment processing time before considering a loan
delinquent but does not provide for any additional grace period.
The Company offers certain forbearance options on its loan products with features such as payment deferrals without the incurrence of
additional finance charges or late fees. If a loan is deemed to be current and the customer makes a deferral or payment modification, the
loan is still deemed to be current until the next scheduled payment is missed.
For consumer loans and finance receivables, the Company generally charges off a delinquent loan after 65 days past due, or earlier if
deemed uncollectible at that point. For small business loans and finance receivables, the Company generally charges off a loan when it
is probable that that it will be unable to collect all of the remaining principal payments, which is generally after 90 days of delinquency
and 30 days of non-activity. Recoveries on loans and finance receivables that were previously charged off are generally recognized
when collected or sold.
Property and Equipment
Property and equipment is recorded at cost. The cost of property retired or sold and the related accumulated depreciation are removed
from the accounts, and any resulting gain or loss is recognized in the consolidated statements of income. Costs associated with repair
and maintenance activities are expensed as incurred. Depreciation expense is generally provided on a straight-line basis, using the
following estimated useful lives:
Computer hardware and software...........................................................................
3 to 5 years
Furniture, fixtures and equipment...........................................................................
3 to 7 years
Leasehold improvements (1) .................................................................................... 3 to 10 years
(1) Leasehold improvements are depreciated over the lesser of the estimated useful life, remaining lease term, or 10 years.
Software Development Costs
The Company applies ASC 350-40, Internal Use Software (“ASC 350-40”), to its software purchase and development activities. Under
ASC 350-40, eligible internal and external costs incurred for the development of computer software applications, as well as for upgrades
and enhancements that result in additional functionality of the applications, are capitalized to “Property and equipment” on the
consolidated balance sheets. Internal and external training and maintenance costs are charged to expense as incurred or over the related
service period. When a software application is placed in service, the Company begins amortizing the related capitalized software costs
using the straight-line method based on its estimated useful life, which generally ranges from three to five years.
Goodwill
Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in
each business combination. In accordance with ASC 350, Intangibles—Goodwill and Other (“ASC 350”), the Company tests goodwill

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
74
for potential impairment annually as of October 1 and between annual tests if an event occurs or circumstances change that would more
likely than not reduce the fair value of a reporting unit below its carrying amount.
The Company first assesses qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test.
In assessing the qualitative factors, management considers relevant events and circumstances including but not limited to
macroeconomic conditions, industry and market environment, overall financial performance of the Company, cash flow from operating
activities, market capitalization and stock price. If the Company determines that the quantitative impairment test is required, management
uses the income approach to complete its annual goodwill assessment. The income approach uses future cash flows and estimated
terminal values for the Company that are discounted using a market participant perspective to determine the fair value, which is then
compared to the carrying value to determine if there is impairment. The income approach includes assumptions about revenue growth
rates, operating margins and terminal growth rates discounted by an estimated weighted-average cost of capital derived from other
publicly-traded companies that are similar but not identical from an operational and economic standpoint.
Long-Lived Assets Other Than Goodwill
An evaluation of the recoverability of property and equipment and intangible assets subject to amortization is performed whenever the
facts and circumstances indicate that the carrying value may be impaired. An impairment loss is recognized if the future undiscounted
cash flows associated with the asset and the estimated fair value of the asset are less than the asset’s corresponding carrying value. The
amount of the impairment loss, if any, is the excess of the asset’s carrying value over its estimated fair value.
The Company amortizes intangible assets subject to amortization on the basis of their expected periods of benefit, generally three to 20
years. The costs of start-up activities and organization costs are charged to expense as incurred.
Investments in Unconsolidated Investees
The Company owns a 20% equity interest in On Deck Capital Australia PTY LTD (“OnDeck Australia”), which is recorded using the
equity method of accounting. As of December 31, 2024 the carrying value of the Company’s ownership in OnDeck Australia was $0.1
million, which the Company included in “Other assets” on the consolidated balance sheets. As of December 31, 2023, the carrying value
of the Company’s investment in OnDeck Australia was $0.0 million.
On February 24, 2021, the Company contributed the platform-as-service business assumed in the OnDeck acquisition to Linear Financial
Technologies Holding LLC (“Linear”) in exchange for ownership units in that entity. The Company recorded its interest in Linear under
the equity method of accounting and included it in “Other assets” on the consolidated balance sheets. In 2022, the Company recognized
a gain of $11.0 million related to the sale by Linear of its operating company. In the third quarter of 2024, Linear was dissolved, with
its sole assets, consisting of preferred shares in a separate company, being distributed to the holders of Linear’s ownership units.
Concurrently in the third quarter of 2024, the separate company executed a capital raise in which the Company opted not to participate
that resulted in the Company’s preferred shares having a substantially less preferential position in the separate company’s capital
structure. Because of their subordinated position, the preferred shares were valued at $0. As such, the Company recorded a loss of $16.6
million during 2024, which includes the carrying value of the investment of $16.1 million and the remaining unrealized loss of $0.5
million that had been recorded directly in accumulated other comprehensive income. As of December 31, 2024 and 2023, the carrying
value of the Company’s investment in Linear was $0 and $16.1 million, respectively.
Equity method income has been included in “Equity method investment income” in the consolidated income statements.
Marketing Expenses
Marketing expenses consist of digital costs, lead purchase costs and offline marketing costs such as television and direct mail advertising.
All marketing expenses are expensed as incurred.
Operations and Technology Expenses
Operations and technology expenses include all expenses related to the direct operations and technology infrastructure related to loan
underwriting and processing. This includes, but is not limited to, contact center and operations personnel costs, software maintenance
expense, underwriting data from third-party vendors, bank/transaction fees and collection costs.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
75
General and Administrative Expenses
General and administrative expenses primarily include the Company’s corporate personnel costs, as well as legal, occupancy, and other
related costs.
Stock-Based Compensation
The Company accounts for its stock-based employee compensation plans in accordance with ASC 718, Compensation—Stock
Compensation (“ASC 718”). Under this guidance the fair value of share-based compensation is determined at the grant date and the
recognition of the related expense is recorded over the period in which the share-based compensation vests. However, with respect to
income taxes, the related deduction from taxes payable is based on the award’s intrinsic value at the time of exercise (for an option) or
on the fair value upon vesting of the award (for restricted stock units), which can be either greater (creating an excess tax benefit) or
less (creating a tax deficiency) than the deferred tax benefit that is recorded as compensation cost is recognized in the consolidated
financial statements. These excess tax benefits (deficiencies) are recognized in “Provision for income taxes” in the period that the tax
deduction arises. In the consolidated statement of cash flows, they are classified in operating activities in the same manner as other cash
flows related to income taxes.
Income Taxes
The provision for income taxes is based on income before income taxes as reported for financial statement purposes. Deferred income
taxes are provided for in accordance with the asset and liability method of accounting for income taxes in order to recognize the tax
effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated financial
statements.
The Company accounts for uncertainty in income taxes in accordance with ASC 740, Income Taxes (“ASC 740”), which requires that
a more-likely-than-not threshold (greater than 50 percent) be met before the benefit of a tax position may be recognized in the
consolidated financial statements and prescribes how such benefit should be measured. The Company records interest and penalties
related to tax matters as income tax expense in the consolidated statements of income.
The Company performs an evaluation of the recoverability of its deferred tax assets on a quarterly basis. The Company establishes a
valuation allowance if it is more likely than not that all or some portion of the deferred tax asset will not be realized. The Company
analyzes several factors, including the nature and frequency of operating losses, the Company’s carryforward period for any losses, the
reversal of future taxable temporary differences, the expected occurrence of future income or loss and the feasibility of available tax
planning strategies to protect against the loss of deferred tax assets. See Note 9 for further discussion.
Earnings Per Share
Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the
year. Diluted earnings per share is calculated by giving effect to the potential dilution that could occur if securities or other contracts to
issue common shares were exercised and converted into common shares during the year. Restricted stock units issued under the
Company’s stock-based employee compensation plans are included in diluted shares upon the granting of the awards even though the
vesting of shares will occur over time.
The following table sets forth the reconciliation of numerators and denominators of basic and diluted earnings per share computations
for the years ended December 31, 2024, 2023 and 2022 (in thousands, except per share amounts):
Year Ended December 31,
2024
2023
2022
Numerator:
Net Income........................................................................................
$
209,448
$
175,121
$
207,424
Denominator:
Total weighted average basic shares.................................................
26,920
30,673
32,290
Shares applicable to stock-based compensation ...............................
1,282
1,248
1,193
Total weighted average diluted shares..........................................
28,202
31,921
33,483
Earnings per common share – basic..................................................
$
7.78
$
5.71
$
6.42
Earnings per common share – diluted...............................................
$
7.43
$
5.49
$
6.19

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
76
For the years ended December 31, 2024, 2023 and 2022, 177,247, 351,699 and 530,471 shares of common stock underlying stock
options, respectively, were excluded from the calculation of diluted net earnings per share because their effect would have been
antidilutive. For the year ended December 31, 2024, there were 1,394 shares, for the year ended December 31, 2023, there were 235,237
shares and for the year ended December 31, 2022, there were no shares of common stock underlying restricted stock units that were
excluded from the calculation of diluted net earnings per share because their effect would have been antidilutive.
2. Loans and Finance Receivables
Revenue generated from the Company’s loans and finance receivables for the years ended December 31, 2024, 2023 and 2022 was as
follows (in thousands):
Year Ended December 31,
2024
2023
2022
Consumer loans and finance receivables revenue .................................... $
1,576,821
$
1,295,231
$
1,065,033
Small business loans and finance receivables revenue.............................
1,043,475
790,804
647,822
Total loans and finance receivables revenue ............................................
2,620,296
2,086,035
1,712,855
Other .........................................................................................................
37,504
31,604
23,230
Total Revenue........................................................................................... $
2,657,800
$
2,117,639
$
1,736,085
Loans and Finance Receivables at Fair Value
The components of Company-owned loans and finance receivables at December 31, 2024 and 2023 were as follows (in thousands):
As of December 31, 2024
Small
Consumer
Business
Total
Principal balance - accrual .................................................................... $
1,210,042
$
2,290,132
$
3,500,174
Principal balance - non-accrual .............................................................
143,972
166,298
310,270
Total principal balance ......................................................................
1,354,014
2,456,430
3,810,444
Accrued interest and fees ......................................................................
128,956
27,086
156,042
Loans and finance receivables at fair value - accrual............................
1,617,708
2,672,714
4,290,422
Loans and finance receivables at fair value - non-accrual ....................
21,599
74,423
96,022
Loans and finance receivables at fair value.......................................
1,639,307
2,747,137
4,386,444
Difference between principal balance and fair value ............................ $
285,293
$
290,707
$
576,000
As of December 31, 2023
Small
Consumer
Business
Total
Principal balance - accrual .................................................................... $
1,019,057
$
1,860,419
$
2,879,476
Principal balance - non-accrual .............................................................
119,871
155,388
275,259
Total principal balance ......................................................................
1,138,928
2,015,807
3,154,735
Accrued interest and fees ......................................................................
107,747
34,600
142,347
Loans and finance receivables at fair value - accrual............................
1,358,734
2,172,404
3,531,138
Loans and finance receivables at fair value - non-accrual ....................
22,050
75,979
98,029
Loans and finance receivables at fair value....................................... $
1,380,784
$
2,248,383
$
3,629,167
Difference between principal balance and fair value ............................ $
241,856
$
232,576
$
474,432
As of December 31, 2024 and 2023, the aggregate fair value of loans and finance receivables that are 90 days or more past due was
$32.7 million, of which $16.6 million was in non-accrual status, and $24.3 million, of which $23.6 million was in non-accrual status,
respectively. The aggregate unpaid principal balance for loans and finance receivables that are 90 days or more past due was $71.9
million and $43.6 million, respectively.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
77
Changes in the fair value of Company-owned loans and finance receivables during the years ended December 31, 2024 and 2023 were
as follows (dollars in thousands):
Year Ended December 31, 2024
Small
Consumer
Business
Total
Balance at beginning of period.............................................................. $
1,380,784
$
2,248,383
$
3,629,167
Originations or acquisitions(1)............................................................
2,018,359
4,035,963
6,054,322
Interest and fees(2)..............................................................................
1,576,821
1,043,475
2,620,296
Repayments .......................................................................................
(2,564,901)
(4,225,054)
(6,789,955)
Charge-offs, net(3)..............................................................................
(785,317)
(421,275)
(1,206,592)
Net change in fair value(3)..................................................................
21,733
65,645
87,378
Effect of foreign currency translation ...............................................
(8,172)
—
(8,172)
Balance at end of period........................................................................ $
1,639,307
$
2,747,137
$
4,386,444
Year Ended December 31, 2023
Small
Consumer
Business
Total
Balance at beginning of period.................................................
$
1,083,062
$
1,935,466
$
3,018,528
Originations or acquisitions(1)...............................................
1,614,464
3,192,315
4,806,779
Interest and fees(2).................................................................
1,295,231
790,804
2,086,035
Repayments ..........................................................................
(2,024,570)
(3,379,383)
(5,403,953)
Charge-offs, net(3).................................................................
(680,185)
(350,611)
(1,030,796)
Net change in fair value(3).....................................................
91,653
59,792
151,445
Effect of foreign currency translation...................................
1,129
—
1,129
Balance at end of period...........................................................
$
1,380,784
$
2,248,383
$
3,629,167
(1) Originations or acquisitions is presented on a cost basis.
(2) Included in “Revenue” in the consolidated statements of income.
(3) Included in “Change in Fair Value” in the consolidated statements of income.
In connection with its CSO program, the Company guarantees consumer loan payment obligations to unrelated third-party lenders for
consumer loans and is required to purchase any defaulted loans it has guaranteed. As of December 31, 2024 and 2023, the amount of
consumer loans guaranteed by the Company had an estimated fair value of $28.4 million and $18.5 million, respectively, and an
outstanding principal balance of $19.9 million and $13.5 million, respectively. As of December 31, 2024 and 2023, the amount of
consumer loans, including principal, fees and interest, guaranteed by the Company were $23.8 million and $16.4 million, respectively.
These loans are not included in the consolidated balance sheets as the Company does not own the loans prior to default.
3. Property and Equipment
As a leading technology and analytics company, a significant amount of capital is invested in developing computer software and systems
infrastructure. The Company capitalized internal software development costs of $40.9 million, $37.3 million and $29.3 million during
2024, 2023 and 2022, respectively.
Major classifications of property and equipment at December 31, 2024 and 2023 were as follows (in thousands):
As of December 31, 2024
Cost
Accumulated
Depreciation
Net
Computer software .................................................................................... $
210,268
$
(103,017) $
107,251
Furniture, fixtures and equipment .............................................................
34,253
(27,085)
7,168
Leasehold improvements...........................................................................
16,724
(11,187)
5,537
Total........................................................................................................... $
261,245
$
(141,289) $
119,956

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
78
As of December 31, 2023
Cost
Accumulated
Depreciation
Net
Computer software .................................................................................... $
183,230
$
(93,546) $
89,684
Furniture, fixtures and equipment .............................................................
34,959
(22,943)
12,016
Leasehold improvements...........................................................................
21,644
(14,639)
7,005
Total........................................................................................................... $
239,833
$
(131,128) $
108,705
The Company recognized depreciation expense of $32.2 million, $29.8 million and $28.8 million during 2024, 2023 and 2022,
respectively.
4. Goodwill and Other Intangible Assets
There were no changes in the carrying value of goodwill for the years ended December 31, 2024 and 2023.
The Company completed its annual assessment of goodwill as of October 1, 2024 based on qualitative factors and determined that the
fair value of its goodwill exceeded carrying value; as such, no impairment existed at that date.
Acquired intangible assets that are subject to amortization as of December 31, 2024 and 2023, were as follows (in thousands):
As of December 31, 2024
Cost
Accumulated
Amortization
Net
Developed technology ............................................................................... $
25,980
$
(21,013) $
4,967
Trade names and trademarks .....................................................................
11,184
(6,875)
4,309
Licenses .....................................................................................................
3,100
(2,325)
775
Customer relationships ..............................................................................
1,900
(1,425)
475
Lead provider and broker relationships.....................................................
1,700
(1,275)
425
Total........................................................................................................... $
43,864
$
(32,913) $
10,951
As of December 31, 2023
Cost
Accumulated
Amortization
Net
Developed technology ............................................................................... $
25,980
$
(15,817) $
10,163
Trade names and trademarks .....................................................................
11,214
(5,387)
5,827
Licenses .....................................................................................................
3,100
(1,705)
1,395
Customer relationships ..............................................................................
1,900
(1,045)
855
Lead provider and broker relationships.....................................................
1,700
(935)
765
Total........................................................................................................... $
43,894
$
(24,889) $
19,005
Developed technology is amortized over five years on a straight-line basis. Customer, lead provider and broker relationships are
generally amortized over three to five years based on the pattern of economic benefits provided. Trade names and trademarks are
generally amortized over three to 20 years on a straight-line basis. Licenses are generally amortized over five years on a straight-line
basis.
Amortization expense for acquired intangible assets was $8.1 million, $8.4 million and $8.1 million for the years ended December 31,
2024, 2023 and 2022, respectively.
Estimated future amortization expense for the years ended December 31, is as follows (in thousands):
Year
Amount
2025 ............................................................................................................................................................$ 7,291
2026 ............................................................................................................................................................
2,029
2027 ............................................................................................................................................................
806
2028 ............................................................................................................................................................
110
2029 ............................................................................................................................................................
110

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
79
5. Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses at December 31, 2024 and 2023 were as follows (in thousands):
As of December 31,
2024
2023
Unrecognized tax benefits..............................................................................................$
82,463$ 135,229
Trade accounts payable..................................................................................................
58,950
43,330
Accrued payroll and fringe benefits...............................................................................
45,784
34,758
Accrued interest payable................................................................................................
30,501
27,673
Liability for consumer loans funded by third-party lender ............................................
19,357
11,610
Accrual for consumer loan payments rejected for non-sufficient funds........................
10,943
6,568
Other accrued liabilities .................................................................................................
1,972
1,988
Total ...............................................................................................................................$
249,970$ 261,156
Refer to Note 9 for discussion of unrecognized tax benefits.
6. Marketing Expenses
Marketing expenses for the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands):
Year Ended December 31,
2024
2023
2022
Customer procurement expense including lead purchase costs ................ $
292,794
$
230,910
$
248,446
Advertising ................................................................................................
230,775
183,550
134,127
Total........................................................................................................... $
523,569
$
414,460
$
382,573
7. Leases
The Company has operating leases primarily for its corporate headquarters, other offices located in the U.S. and certain equipment. The
Company’s leases have remaining lease terms of less than one year to ten years. Certain leases include options to extend the leases for
up to five years, while others include options to terminate the leases within one year. The Company’s lease agreements do not contain
any material residual value guarantees or material restrictive covenants.
The Company determines if an arrangement is an operating lease at inception. Leases with an initial term of 12 months or less are not
recorded on the consolidated balance sheet. All other operating leases are recorded on the consolidated balance sheet with right-of-use
assets representing the right to use the underlying asset for the lease term and lease liabilities representing the obligation to make lease
payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the commencement date based on the present
value of lease payments over the lease term and include options to extend or terminate the lease when they are reasonably certain to be
exercised. The right-of-use assets represent the lease liability, plus any lease payments made at or before the commencement date, less
any lease incentives received. If a lease does not provide an implicit rate, the Company uses its incremental secured borrowing rate,
adjusted for the maturity date, based on information available at the commencement date in determining the present value of lease
payments. Lease agreements with lease and non-lease components are accounted for as a single lease component. The Company’s
operating lease expense is recognized on a straight-line basis over the lease term and is recorded in general and administrative expense.
During the fourth quarter of 2024, the Company entered into amendments related to its leases for office space in Denver and New York.
The amendments, among other changes, resulted in extensions of the lease terms from April 2026 to October 2029 in Denver and from
December 2026 to June 2032 in New York. As a result, the Company recognized an adjustment to increase its operating lease liability
and operating lease right of use asset balance by $5.5 million.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
80
Lease expenses for the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands):
Year Ended December 31,
2024
2023
2022
Operating lease cost............................................................................... $
4,814
$
4,983
$
7,652
Operating lease impairment/termination charge ...................................
—
—
(72)
Variable lease cost.................................................................................
746
1,252
723
Short-term lease cost .............................................................................
493
1,208
383
Sublease income....................................................................................
(281)
(1,175)
(226)
Total lease cost ...................................................................................... $
5,772
$
6,268
$
8,460
Future minimum lease payments as of December 31, 2024 are as follows (in thousands):
Year
Amount
2025.............................................................................................................................................................$ 3,471
2026.............................................................................................................................................................
4,341
2027.............................................................................................................................................................
6,619
2028.............................................................................................................................................................
6,213
2029.............................................................................................................................................................
5,518
Thereafter.................................................................................................................................................... 22,404
Total lease payments...................................................................................................................................$48,566
Less: interest ............................................................................................................................................... 16,401
Present value of lease liabilities..................................................................................................................$32,165
The weighted average remaining lease term and discount rate as of December 31, 2024 and 2023 were as follows:
December 31,
2024
2023
Weighted average remaining lease term (years)
Operating leases.......................................................................................
8.1
8.5
Weighted average discount rate
Operating leases.......................................................................................
8.81%
9.01%
Supplemental cash flow disclosures related to leases for the years ended December 31, 2024 and 2023 were as follows (in thousands):
Year Ended December 31,
2024
2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases........................................................ $
3,790
$
7,735
Noncash transactions related to adjustments to lease liability and right-of-use
asset
Operating leases...................................................................................................
6,186
(2,969)

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
81
8. Long-term Debt
The Company’s long-term debt instruments and balances outstanding as of December 31, 2024 and 2023 were as follows (in thousands):
Weighted
Outstanding
Revolving
average
Borrowing
December 31,
period end date
Maturity date
interest rate(1)
capacity
2024
2023
Funding Debt:
2018-1 Securitization Facility...................
March 2025
March 2026
8.94%
$
200,000
$
32,200
$
92,964
2018-2 Securitization Facility...................
July 2023
July 2025
(2)
—
—
—
66,110
NCR 2022 Securitization Facility..............
October 2026
October 2028
8.62%
200,000
119,039
43,975
NCLOCR 2024 Securitization Facility........
February 2027
February 2028
9.87%
150,000
99,000
—
ODR 2021-1 Securitization Facility...........
November 2025
November 2026
8.09%
233,333
233,333
151,331
ODR 2022-1 Securitization Facility...........
June 2026
June 2027
8.23%
420,000
188,342
277,586
RAOD Securitization Facility...................
November 2026
November 2027
7.30%
236,842
192,000
142,110
HWCR 2023 Securitization Facility...........
September 2026
September 2027
8.80%
487,595
331,214
287,214
ODAST III Securitization Notes ...............
April 2024
May 2027
(3)
—
—
—
300,000
2023-A Securitization Notes ....................
—
December 2027
7.78%
32,116
32,116
78,865
2024-A Securitization Notes ....................
—
October 2030
7.75%
123,546
123,546
—
ODAS IV 2023-1 Securitization Notes .......
July 2026
August 2030
7.66%
227,051
227,051
227,051
ODAS IV 2024-1 Securitization Notes .......
May 2027
June 2031
6.84%
399,574
399,574
—
ODAS IV 2024-2 Securitization Notes .......
September 2027
October 2031
5.78%
261,353
261,353
—
Total funding debt.............................
7.70%
$
2,971,410
$
2,238,768
$
1,667,206
Corporate Debt:
9.125% Senior Notes Due 2029 ................
—
August 2029
9.13%
$
500,000
$
500,000
$
—
11.25% Senior Notes Due 2028 ................
—
December 2028
11.25%
400,000
400,000
400,000
8.50% Senior Notes Due 2025..................
—
September 2025
8.50%
—
—
375,000
8.50% Senior Notes Due 2024..................
—
September 2024
8.50%
—
—
168,702
Revolving line of credit ..........................
June 2026
June 2026
7.93%
665,000
(4)
453,000
356,000
Total corporate debt...........................
9.35%
$
1,565,000
$
1,353,000
$
1,299,702
Less: Long-term debt issuance costs ..........
$
(24,830 )
$
(17,966 )
Less: Debt discounts ..............................
(3,456 )
(5,137 )
Total long-term debt ..........................
$
3,563,482
$
2,943,805
(1) The weighted average interest rate is determined based on the rates and principal balances on December 31, 2024. It does not
include the impact of the amortization of deferred loan origination costs or debt discounts.
(2) On May 31, 2024, the remaining outstanding balance on this facility was paid in full and the facility was terminated.
(3) On May 17, 2024, the remaining outstanding balance of these notes were paid in full and the facility was terminated.
(4) The Company had outstanding letters of credit under the Revolving line of credit of $0.7 and $0.8 million as of December 31, 2024
and 2023, respectively.
Weighted-average interest rates on long-term debt were 9.31% and 8.28% for the years ended December 31, 2024 and 2023, respectively.
As of December 31, 2024 and 2023, the Company was in compliance with all covenants and other requirements set forth in the prevailing
long-term debt agreements.
Funding Debt
2018-1 Securitization Facility
On July 23, 2018, the Company and several of its subsidiaries entered into a receivables funding agreement (the “2018-1 Securitization
Facility”) with Pacific Western Bank, as lender (the “2018-1 Lender”). The 2018-1 Securitization Facility collateralizes securitization
receivables that have been and will be originated or acquired under the Company’s NetCredit brand by several of its subsidiaries and
that meet specified eligibility criteria in exchange for a revolving note. Under the 2018-1 Securitization Facility, securitization
receivables are sold to a wholly-owned subsidiary of the Company (the “2018-1 Debtor”) and serviced by another subsidiary of the
Company.
The 2018-1 Debtor has issued a revolving note with an initial maximum principal balance of $150.0 million, which was required to be
secured by 1.25 times the drawn amount in eligible securitization receivables. On September 15, 2021, the 2018-1 Securitization Facility
was amended to increase the advance rate 90% and to reopen and extend the revolving period to September 15, 2024 and the final
maturity date to September 15, 2026. The amendment also increased the eligibility criteria around acceptable collateral and increased
flexibility around certain financial covenants. On March 24, 2022, the 2018-1 Securitization Facility was amended to, among other
changes, increase the commitment amount of the revolving loans from $150.0 million to $200.0 million and extend the maturity date
from September 15, 2026 to March 24, 2027. On May 22, 2024, the 2018-1 Securitization Facility was amended to change the maturity

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
82
date from March 24, 2027 to March 24, 2026. The 2018-1 Securitization Facility is non-recourse to the Company. As of December 31,
2024 and 2023, the outstanding amount of the 2018-1 Securitization Facility was $32.2 million and $93.0 million, respectively.
The 2018-1 Securitization Facility is governed by a loan and security agreement, dated as of July 23, 2018, and amended on September
15, 2021, March 24, 2022, July 28, 2022, December 31, 2022 and May 22, 2024, between the 2018-1 Lender and the 2018-1 Debtor.
The 2018-1 Securitization Facility bears interest at a rate per annum equal to the Secured Overnight Financing Rate (“SOFR”) plus an
applicable margin, which rate per annum is 4.25%. In addition, the 2018-1 Debtor paid certain customary upfront closing fees to the
2018-1 Lender. Interest payments on the 2018-1 Securitization Facility are made monthly. The 2018-1 Debtor shall be permitted to
prepay the 2018-1 Securitization Facility, subject to certain fees and conditions. In the event of prepayment for the purposes of
securitizations, no fees shall apply. Any remaining amounts outstanding will be payable no later than March 24, 2026, the final maturity
date.
All amounts due under the 2018-1 Securitization Facility are secured by all of the 2018-1 Debtor’s assets, which include the
securitization receivables transferred to the 2018-1 Debtor, related rights under the securitization receivables, a bank account and certain
other related collateral.
The 2018-1 Facility documents contain customary provisions for securitizations, including: representations and warranties as to the
eligibility of the securitization receivables and other matters; indemnification for specified losses not including losses due to the inability
of consumers to repay their loans; covenants regarding special purpose entity matters; and default and termination provisions which
provide for the acceleration of the 2018-1 Facility in circumstances including, but not limited to, failure to make payments when due,
servicer defaults, certain insolvency events, breaches of representations, warranties or covenants, failure to maintain the security interest
in the receivables and defaults under other material indebtedness of the 2018-1 Debtor.
2018-2 Securitization Facility
On October 23, 2018, the Company and several of its subsidiaries entered into a receivables funding agreement (the “2018-2
Securitization Facility”) with Credit Suisse AG, New York Branch, as agent (the “2018-2 Agent”). The 2018-2 Securitization Facility
collateralized securitization receivables that were originated or acquired under the Company’s NetCredit brand by several of its
subsidiaries and that met specified eligibility criteria in exchange for a revolving note. Under the 2018-2 Securitization Facility,
securitization receivables were sold to a wholly-owned subsidiary of the Company (the “2018-2 Debtor”) and serviced by another
subsidiary of the Company.
The 2018-2 Debtor issued a revolving note with an initial maximum principal balance of $150.0 million, which was required to be
secured by 1.25 times the drawn amount in eligible securitization receivables. On July 23, 2021, the 2018-2 Securitization Facility was
amended to increase the advance rate to 90% and to reopen and extend the revolving period for two years to July 23, 2023. The
amendment also made certain changes in the scope of eligibility criteria for acceptable collateral. On March 14, 2022, the 2018-2
Securitization facility was amended to, among other changes, increase the commitment amount from $150.0 million to $225.0 million.
In May 2024, the 2018-2 Debtor repaid in full all outstanding indebtedness and terminated all commitments and obligations under the
2018-2 Securitization Facility. The 2018-2 Securitization Facility’s lender’s security interest in the 2018-2 Debtor’s assets was
automatically released and terminated in connection with the repayment of the 2018-2 Securitization Facility. As of December 31, 2023,
the outstanding amount of the 2018-2 Securitization Facility was $66.1 million.
NCR 2022 Securitization Facility
On October 21, 2022, the Company and several of its subsidiaries entered into a receivables funding agreement (the “NCR 2022
Securitization Facility”) with Jefferies Funding LLC, as the initial note purchaser and administrative agent (the “NCR 2022
Administrative Agent”). The NCR 2022 Securitization Facility collateralizes certain receivables that have been and will be originated
or acquired under the Company’s NetCredit brand by several of its subsidiaries and that meet specified eligibility criteria in exchange
for a note payable. Under the NCR 2022 Securitization Facility, receivables are sold to a wholly-owned subsidiary of the Company (the
“NCR 2022 Debtor”) and serviced by another subsidiary of the Company.
The NCR 2022 Debtor has issued notes with an initial maximum principal balance of $125.0 million, which were required to be secured
by 1.25 times the drawn amount in eligible receivables. On October 15, 2024, the NCR 2022 Securitization Facility was amended to,
among other changes, extend the revolving period end and final maturity date to October 2026 and October 2028, respectively, increase
the revolving commitment from $125.0 million to $200.0 million, decrease the borrowing rate from SOFR + 4.75% to SOFR + 4.25%
and increase the advance rate from 80% to 85%. The NCR 2022 Securitization Facility is non-recourse to the Company. As of December

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
83
31, 2024 and 2023, the total outstanding amount of the NCR 2022 Securitization Facility was $119.0 million and $44.0 million,
respectively.
The NCR 2022 Securitization Facility is governed by a note issuance and purchase agreement, dated as of October 21, 2022, among the
NCR 2022 Administrative Agent, the NCR 2022 Debtor, Citibank, N.A., as collateral agent and paying agent, and the other note
purchasers from time to time party thereto. The NCR 2022 Securitization Facility bears interest at a rate per annum equal to the SOFR
(subject to a floor) plus 4.75%. Interest payments on the NCR 2022 Securitization Facility are made monthly. The NCR 2022 Debtor is
permitted to prepay the NCR 2022 Securitization Facility, subject to certain fees and conditions. In the event of prepayment for the
purposes of securitizations, no fees shall apply.
All amounts due under the NCR 2022 Securitization Facility are secured by all of the NCR 2022 Debtor’s assets, which include the
receivables transferred to the NCR 2022 Debtor, related rights under the receivables, a bank account and certain other related collateral.
The NCR 2022 Facility documents contain customary provisions for securitizations, including: representations and warranties as to the
eligibility of the receivables and other matters; indemnification for specified losses not including losses due to the inability of consumers
to repay their loans; covenants regarding special purpose entity matters; and default and termination provisions which provide for the
acceleration of the NCR 2022 Facility in circumstances including, but not limited to, failure to make payments when due, servicer
defaults, certain insolvency events, breaches of representations, warranties or covenants, failure to maintain the security interest in the
receivables and defaults under other material indebtedness of the NCR 2022 Debtor.
NCLOCR 2024 Securitization Facility
On February 21, 2024, NetCredit LOC Receivables 2024, LLC, a wholly-owned indirect subsidiary of the Company, entered into a
receivables securitization (the “NCLOCR 2024 Securitization Facility”) with lenders party thereto from time to time, Midtown Madison
Management, LLC, as administrative agent and Citibank, N.A., as collateral trustee and paying agent. The NCLOCR 2024 Securitization
Facility collateralizes certain receivables that have been and will be originated under the Company’s NetCredit brand by several of its
subsidiaries and that meet specified criteria in exchange for a note payable.
The NCLOCR 2024 Securitization Facility has a revolving commitment of $150.0 million, which is required to be secured by eligible
securitization receivables. The NCLOCR 2024 Securitization Facility is non-recourse to the Company. The facility has a revolving
period that ends in February 2027 and a final maturity ending in February 2028. The NCLOCR 2024 Securitization Facility is non-
recourse to the Company. As of December 31, 2024, the total outstanding amount of the NCLOCR 2024 Securitization Facility was
$99.0 million.
The NCLOCR 2024 Securitization Facility is governed by a note issuance and purchase agreement, dated as of February 21, 2024,
among NetCredit LOC Receivables 2024, LLC, the administrative agent, the lenders, and the collateral trustee and paying agent. The
revolving loans shall accrue interest as a rate per annum equal to SOFR plus 5.50% with an advance rate of 85%. Interest payments on
the NCLOCR 2024 Securitization Facility will be made monthly.
ODR 2021-1 Securitization Facility
On November 17, 2021, the Company and several of its subsidiaries entered into a receivables securitization (the “ODR 2021-1
Securitization Facility”) with the lenders party thereto from time to time, JPMorgan Chase Bank, N.A., as administrative agent and
collateral agent, and Deutsche Bank Trust Company Americas, as paying agent. The ODR 2021-1 Securitization Facility finances
securitization receivables that have been and will be originated or acquired under the Company’s OnDeck brand by several of the
Company’s subsidiaries and that meet specified eligibility criteria. Under the ODR 2021-1 Securitization Facility, eligible securitization
receivables are sold to a wholly-owned subsidiary of the Company (the “ODR 2021-1 Debtor”) and serviced by another subsidiary of
the Company.
The ODR 2021-1 Debtor has issued revolving loan notes that are required to be secured by eligible securitization receivables. On March
29, 2022, the ODR 2021-1 Securitization Facility was amended to, among other changes, increase the commitment amount of the
revolving loans from $150.0 million to $200.0 million. On November 18, 2022, the ODR 2021-1 Securitization Facility was further
amended to include a Class B revolving note with a maximum loan balance of $33.3 million, increasing the total commitment amount
from $200.0 million to $233.3 million. On November 15, 2023 the ODR 2021-1 Securitization Facility was amended to, among other
changes, extend the revolving period to November 2025 and the maturity date to November 2026. The ODR 2021-1 Securitization

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
84
Facility is non-recourse to the Company. As of December 31, 2024 and 2023, there was $233.3 million and $151.3 million outstanding
amount under the ODR 2021-1 Securitization Facility, respectively.
The ODR 2021-1 Securitization Facility is governed by a credit agreement, dated as of November 17, 2021, and amended on March 29,
2022, November 14, 2022, November 18, 2022, December 15, 2022, January 30, 2023, February 27, 2023 and November 15, 2023,
among the ODR 2021-1 Debtor, the administrative and collateral agent, the lenders, and the paying agent. The ODR 2021-1
Securitization Facility Class A note bears interest at a rate per annum equal to a benchmark rate (currently the lender’s asset-backed
commercial paper rate) plus an applicable margin of 2.60%. The ODR 2021-1 Securitization Facility Class B note bears interest at a
rate per annum equal to a benchmark rate (currently SOFR) plus an applicable margin of 8.00%. Interest payments on the ODR 2021-1
Securitization Facility are made monthly.
All amounts due under the ODR 2021-1 Securitization Facility are secured by all of the ODR 2021-1 Debtor’s assets, which include the
eligible securitization receivables transferred to the ODR 2021-1 Debtor, related rights under the eligible securitization receivables, a
bank account and certain other related collateral. The Company has issued a limited indemnity to the lenders for certain “bad acts,” and
the Company has agreed for the benefit of the lenders to meet certain ongoing financial performance covenants.
The ODR 2021-1 Securitization Facility documents contain customary provisions for securitizations, including representations and
warranties as to the eligibility of the eligible securitization receivables and other matters; indemnification for specified losses not
including losses due to the inability of customers to repay their loans or lines of credit; covenants regarding special purpose entity
matters; and default and termination provisions which provide for the acceleration of the ODR 2021-1 Securitization Facility in
circumstances including, but not limited to, failure to make payments when due, certain insolvency events, breaches of representations,
warranties or covenants, failure to maintain the security interest in the eligible securitization receivables, and defaults under other
material indebtedness of the ODR 2021-1 Debtor.
ODR 2022-1 Securitization Facility
On June 30, 2022, the Company and several of its subsidiaries entered into a receivables securitization (the “ODR 2022-1 Securitization
Facility”) with lenders party thereto from time to time, BMO Capital Markets Corp. as administrative agent and collateral agent, and
Deutsche Bank Trust Company Americas, as paying agent. The ODR 2022-1 Securitization Facility finances securitization receivables
that have been and will be originated or acquired under the Company’s OnDeck brand by a wholly-owned subsidiary and that meet
specified eligibility criteria. Under the ODR 2022-1 Securitization Facility, eligible securitization receivables are sold to a wholly-owned
subsidiary of the Company (the “ODR 2022-1 Debtor”) and serviced by another subsidiary of the Company.
The ODR 2022-1 Securitization Facility initially had Class A and Class B revolving commitments of $350.0 million and $70.0 million,
respectively, which are required to be secured by eligible securitization receivables. On June 27, 2024, the ODR 2022-1 Securitization
Facility was amended to, among other changes, extend the revolving period end and final maturity date to June 2026 and June 2027,
respectively, decrease the Class A revolving commitment from $350.0 million to $338.0 million, and increase the Class B revolving
commitment from $70.0 million to $82.0 million. The total facility commitment remained the same at $420.0 million. Additionally, the
borrowing rate on the Class A loans increased to BMO’s prime rate plus 2.60% from BMO’s prime rate plus 1.75% and the Class A
advance rate decreased from 75.0% to 72.5%. There were no changes to the borrowing rate or advance rate on the Class B loans. The
ODR 2022-1 Securitization Facility is non-recourse to the Company. As of December 31, 2024 and 2023, the total outstanding amount
of the ODR 2022-1 Securitization Facility was $188.3 million and $277.6 million, respectively.
The ODR 2022-1 Securitization Facility is governed by a credit agreement, dated as of June 30, 2022, among the ODR 2022-1 Debtor,
the administrative and collateral agent, the lenders, and the paying agent. The Class A revolving loans shall accrue interest at a rate per
annum equal to BMO’s prime rate plus 2.60% with an advance rate of 72.5%. The Class B revolving loans shall accrue interest at a rate
per annum equal to SOFR plus 7.50% with an advance rate of 90%. Interest payments on the ODR 2022-1 Securitization Facility are
made monthly.
All amounts due under the ODR 2022-1 Securitization Facility are secured by all of the ODR 2022-1 Debtor’s assets, which include the
eligible securitization receivables transferred to the ODR 2022-1 Debtor, related rights under the eligible securitization receivables, a
bank account and certain other related collateral. The Company has issued a limited indemnity to the lenders for certain “bad acts,” and
the Company has agreed for the benefit of the lenders to meet certain ongoing financial performance covenants.
The ODR 2022-1 Securitization Facility documents contain customary provisions for securitizations, including representations and
warranties as to the eligibility of the eligible securitization receivables and other matters; indemnification for specified losses not
including losses due to the inability of customers to repay their loans or lines of credit; covenants regarding special purpose entity
matters; and default and termination provisions which provide for the acceleration of the ODR 2022-1 Securitization Facility in

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
85
circumstances including, but not limited to, failure to make payments when due, certain insolvency events, breaches of representations,
warranties or covenants, failure to maintain the security interest in the eligible securitization receivables, and defaults under other
material indebtedness of the ODR 2022-1 Debtor.
RAOD Securitization Facility
Assumed in the OnDeck acquisition, the loan securitization facility (“RAOD Securitization Facility”) for Receivable Assets of OnDeck,
LLC (“RAOD”), a wholly-owned indirect subsidiary of the Company, collateralizes certain eligible installment loans originated or
purchased by OnDeck or certain other subsidiaries. The RAOD Securitization Facility was amended on December 24, 2020, which,
amongst other changes, extended the revolving period from December 2020 to December 2022, extended the maturity date from
September 2021 to December 2023, revised the advance rate to 76% and changed the borrowing rate from LIBOR plus 1.65% to LIBOR
plus 2.5%. On July 16, 2021, the RAOD Securitization Facility was further amended to increase the total commitment from $100.0
million to $177.6 million by increasing the Class A note commitment to $150.0 million and adding a Class B note with a commitment
of $27.6 million. The borrowing rate on the Class A note was lowered from LIBOR plus 2.5% to LIBOR plus 1.75% and the borrowing
rate on the Class B note was LIBOR plus 6.5% and the advance rate for the Class A notes remained 76% and the Class B notes advance
rate was 90%. The scope of acceptable collateral was also expanded to include line of credit products from OnDeck in addition to
installment loans. On March 18, 2022, the RAOD Securitization Facility was amended to, among other changes, increase the Class A
commitment amount to $200.0 million and the Class B commitment to $36.8 million. On November 18, 2022, the RAOD Securitization
Facility was amended to, among other changes, extend the revolving period to November 2024, extend the maturity date to November
2025, change the Class A borrowing rate from LIBOR plus 1.75% to SOFR plus 1.90% and the Class B borrowing rate from LIBOR
plus 6.5% to SOFR plus 8.00%, and decrease the Class B commitment from $36.8 million to $30.3 million and the Class B advance rate
from 90% to 87.5%. On November 18, 2024, the RAOD Securitization Facility was amended to extend the revolving period to November
2026, extend the maturity date to November 2027, change the Class A borrowing rate from SOFR plus 1.90% to SOFR plus 1.85% and
the Class B borrowing rate from SOFR plus 8.00% to SOFR plus 7.60%, and increase the Class B commitment from $30.3 million to
$36.8 million and the Class B advance rate from 87.5% to 90%. The Class A commitment amount and advance rate remained the same
at $200.0 million and 76%, respectively. As of December 31, 2024 and 2023, the carrying amount of the RAOD Securitization Facility
was $192.0 million and $142.1 million, respectively.
HWCR 2023 Securitization Facility
On May 25, 2023, the Company and several of its subsidiaries entered into a receivables securitization (the “HWCR 2023 Securitization
Facility”) with lenders party thereto from time to time, BNP Paribas, as administrative agent and collateral agent, and Deutsche Bank
Trust Company Americas, as paying agent. The HWCR 2023 Securitization Facility finances securitization receivables that have been
and will be originated under the Company’s Headway Capital brand by a wholly-owned subsidiary and that meet specified eligibility
criteria. Under the HWCR 2023 Securitization Facility, eligible securitization receivables are sold to a wholly-owned subsidiary of the
Company (the “HWCR 2023 Debtor”) and serviced by another subsidiary of the Company.
The HWCR 2023 Securitization Facility initially had Class A and Class B revolving commitments of $215.0 million and $72.2 million,
respectively, which are required to be secured by eligible securitization receivables. On September 18, 2024, the HWCR 2022
Securitization Facility was amended to, among other changes, extend the revolving period end and final maturity date to September
2026 and September 2027, respectively, increase the Class A revolving commitment from $215.0 million to $365.0 million, the Class
B revolving commitment from $72.2 million to $122.6 million and the total facility commitment from $287.2 million to $487.6 million.
There were no changes to the borrowing rate or advance rate on the Class A and Class B loans. The HWCR 2023 Securitization Facility
is non-recourse to the Company. As of December 31, 2024 and 2023, the total outstanding amount of the HWCR 2023 Securitization
Facility was $331.2 million and $287.2 million, respectively.
The HWCR 2023 Securitization Facility is governed by a credit agreement, dated as of May 25, 2023, among the HWCR 2023 Debtor,
the administrative and collateral agent, the lenders, and the paying agent. The Class A revolving loans accrue interest at a rate per annum
equal to the Commercial Paper rate plus 2.7% with an advance rate of 65.5%. The Class B revolving loans accrue interest at a rate per
annum equal to SOFR plus 8.50% with an advance rate of 87.5%. Interest payments on the HWCR 2023 Securitization Facility are
made monthly.
All amounts due under the HWCR 2023 Securitization Facility are secured by all of the HWCR 2023 Debtor’s assets, which include the
eligible securitization receivables transferred to the HWCR 2023 Debtor, related rights under the eligible securitization receivables, a

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
86
bank account and certain other related collateral. The Company has issued a limited indemnity to the lenders for certain “bad acts,” and
the Company has agreed for the benefit of the lenders to meet certain ongoing financial performance covenants.
The HWCR 2023 Securitization Facility documents contain customary provisions for securitizations, including representations and
warranties as to the eligibility of the eligible securitization receivables and other matters; indemnification for specified losses not
including losses due to the inability of customers to repay their loans or lines of credit; covenants regarding special purpose entity
matters; and default and termination provisions which provide for the acceleration of the HWCR 2023 Securitization Facility in
circumstances including, but not limited to, failure to make payments when due, certain insolvency events, breaches of representations,
warranties or covenants, failure to maintain the security interest in the eligible securitization receivables, and defaults under other
material indebtedness of the HWCR 2023 Debtor.
ODAST III Securitization Notes
On May 5, 2021, the Company issued $300 million initial principal amount of fixed-rate, asset-backed notes (the “ODAST III
Securitization Notes”) through a wholly-owned subsidiary, OnDeck Asset Securitization Trust III LLC (“ODAST III”). The net proceeds
from issuance of the ODAST III Securitization Notes were used to acquire small business loans from On Deck Capital, Inc. (“ODC”)
and ODK Capital, LLC (“ODK”), each of which is a wholly-owned subsidiary of the Company. The acquired loans were pledged as
collateral for the ODAST III Securitization Notes and were serviced by another subsidiary of the Company. The ODAST III
Securitization Notes were issued in four classes with a weighted average fixed interest coupon of 2.07% per annum. The revolving
period during which a certain portion of collections received on the portfolio of loans held by ODAST III could be used to continue to
purchase loans from certain of the Company’s subsidiaries ended in April 2024. The ODAST III Securitization Notes had a final maturity
in May 2027 with optional prepayment beginning in May 2023. The ODAST III Securitization Notes and future series of notes, if any,
issued under the Base Indenture were secured by and payable from such series pro rata allocation of collections received on a revolving
pool of small business loans transferred from time to time from the Company to ODAST III. At the time of issuance of the ODAST III
Securitization Notes, the portfolio of loans held by ODAST III and pledged to secure the ODAST III Securitization Notes was
approximately $316 million. The ODAST III Securitization Notes were paid in full and terminated in 2024. As of December 31, 2023,
the carrying amount of the ODAST III Securitization Notes was $299.3 million, including an unamortized discount of $0.4 million and
unamortized issuance costs of $0.3 million.
2023-A Securitization Notes
On March 3, 2023, the Company issued $170.0 million in aggregate principal notes (the “2023-A Securitization Notes”) through an
indirect subsidiary, NetCredit Combined Receivables 2023, LLC (“NCCR 2023”). The 2023-A Securitization Notes were sold at a
discount of the principal amount to yield 9.00% to maturity in December 2027 (equivalent to 3.975% spread above interpolated U.S.
Treasuries). The 2023-A Securitization Notes represent obligations of NCCR 2023 only and are not guaranteed by the Company. The
net proceeds from issuance of the 2023-A Securitization Notes were used to acquire consumer loans from certain of the Company’s
wholly-owned subsidiaries. The acquired loans were pledged as collateral for 2023-A Securitization Notes and are serviced by another
subsidiary of the Company. As of December 31, 2024 and 2023, the carrying amount of the 2023-A Securitization Notes was $31.7
million, including an unamortized discount of $0.2 million and unamortized issuance costs of $0.3 million, and $77.2 million, including
an unamortized discount of $0.7 million and unamortized issuance costs of $0.9 million, respectively. The 2023-A Securitization Notes
were offered and sold only to “qualified institutional buyers” pursuant to Rule 144A under the Securities Act and to certain persons
outside of the United States in compliance with Regulation S under the Securities Act.
2024-A Securitization Notes
On May 31, 2024, NetCredit Combined Receivables 2024, LLC (“NCCR 2024”), a wholly-owned indirect subsidiary of the Company,
issued $217.2 million of Fixed Rate Asset-Backed Notes (the “2024-A Securitization Notes”) in a private securitization transaction. The
2024-A Securitization Notes have a legal final payment date in October 2030 and were issued in two classes with principal amounts and
fixed interest rates per annum as follows: Class A Notes of $172.5 million at 7.43% and Class B Notes of $44.6 million at 8.31%. The
2024-A Securitization Notes are backed by a pool of unsecured consumer installment loans. The 2024-A Securitization Notes represent
obligations of NCCR 2024 only and are not guaranteed by the Company. The net proceeds of the offering of the 2024-A Securitization
Notes were used to acquire unsecured consumer installment loans from certain subsidiaries of the Company, fund a reserve amount and
pay fees and expenses incurred in connection with the transaction. As of December 31, 2024, the carrying amount of the 2024-A
Securitization Notes was $122.1 million, including unamortized issuance costs of $1.4 million. The 2024-A Securitization Notes were

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
87
offered and sold only to “qualified institutional buyers” pursuant to Rule 144A under the Securities Act and to certain persons outside
of the United States in compliance with Regulation S under the Securities Act.
ODAS IV 2023-1 Securitization Notes
On July 27, 2023, OnDeck Asset Securitization IV, LLC (“ODAS IV”), a wholly-owned indirect subsidiary of the Company, issued
$227.1 million in initial principal amount of Series 2023-1 Fixed Rate Asset-Backed Notes (the “ODAS IV 2023-1 Securitization
Notes”) in a private securitization transaction. The ODAS IV 2023-1 Securitization Notes have a legal final payment date in August
2030 and were issued in three classes with initial principal amounts and fixed interest rates per annum as follows: Class A notes of
$143.8 million at 7.00%, Class B notes of $56.3 million at 8.25%, and Class C notes of $27.0 million at 9.93%. Collateral for the ODAS
IV Securitization Notes consists of, among other things, a revolving pool of small business loans originated or purchased by ODK.
The net proceeds of the ODAS IV 2023-1 Securitization Notes were used to purchase small business loans from ODK that were pledged
as collateral for the ODAS IV 2023-1 Securitization Notes and to fund a reserve account. ODK is the servicer of the loans securing the
ODAS IV Securitization Notes. ODAS IV is the sole obligor of the ODAS IV 2023-1 Securitization Notes, which are not obligations
of, or guaranteed by, the Company or ODK. The Company used the proceeds from ODAS IV for general corporate purposes. The ODAS
IV 2023-1 Securitization Notes were offered and sold to “qualified institutional buyers” pursuant to Rule 144A under the Securities Act
and to certain persons outside of the United States in compliance with Regulation S under the Securities Act. As of December 31, 2024
and 2023, the carrying amount of the ODAS IV 2023-1 Securitization Notes was $225.2 million, including an unamortized discount of
$0.2 million and unamortized issuance costs of $1.7 million, and $224.0 million, including an unamortized discount of $0.3 million and
unamortized issuance costs of $2.7 million, respectively.
ODAS IV 2024-1 Securitization Notes
On May 17, 2024, ODAS IV issued $399.6 million in initial principal amount of Series 2024-1 Fixed Rate Asset-Backed Notes (the
“ODAS IV 2024-1 Securitization Notes”) in a private securitization transaction. The ODAS IV 2024-1 Securitization Notes have a legal
final payment date in June 2031 and were issued in three classes with initial principal amounts and fixed interest rates per annum as
follows: Class A Notes of $260.1 million at 6.27%, Class B Notes of $82.2 million at 7.15%, and Class C Notes of $57.3 million at
8.99%. Collateral for the ODAS IV 2024-1 Securitization Notes consists of, among other things, a revolving pool of small business
loans originated or purchased by ODK. ODAS IV used the net proceeds of the private offering to purchase small business loans from
ODK that were pledged as collateral for the ODAS IV 2024-1 Securitization Notes and to fund a reserve account. ODK is the servicer
of the loans securing the ODAS IV 2024-1 Securitization Notes. ODAS IV is the sole obligor of the ODAS IV 2024-1 Securitization
Notes, which are not obligations of, or guaranteed by, the Company or ODK. The Company used the proceeds from the transaction for
general corporate purposes. As of December 31, 2024, the carrying amount of the ODAS IV 2024-1 Securitization Notes was $395.2
million, including an unamortized discount of $0.1 million and unamortized issuance costs of $4.3 million. The ODAS IV 2024-1
Securitization Notes were offered and sold to “qualified institutional buyers” pursuant to Rule 144A under the Securities Act and to
certain persons outside of the United States in compliance with Regulation S under the Securities Act.
ODAS IV 2024-2 Securitization Notes
On October 2, 2024, ODAS IV issued $261.4 million in initial principal amount of Series 2024-2 Fixed Rate Asset-Backed Notes (the
“ODAS IV 2024-2 Securitization Notes”) in a private securitization transaction. The ODAS IV 2024-2 Securitization Notes have a legal
final payment date in October 2031 and were issued in four classes with initial principal amounts and fixed interest rates per annum as
follows: Class A Notes of $141.7 million at 4.98%, Class B Notes of $56.9 million at 5.42%, Class C Notes of $40.2 million at 7.03%
and Class D Notes of $22.6 million at 9.49%. Collateral for the ODAS IV 2024-2 Securitization Notes consists of, among other things,
a revolving pool of small business loans originated or purchased by ODK.
The net proceeds of the ODAS IV 2024-2 Securitization Notes were used to purchase small business loans from ODK that were
pledged as collateral for the ODAS IV 2024-2 Securitization Notes and to fund a reserve account. ODK is the servicer of the loans
securing the ODAS IV 2024-2 Securitization Notes. ODAS IV is the sole obligor of the ODAS IV 2024-2 Securitization Notes, which
are not obligations of, or guaranteed by, the Company or ODK. The Company used the proceeds from ODAS IV for general corporate
purposes. As of December 31, 2024, the carrying amount of the ODAS IV 2024-2 Securitization Notes was $257.9 million, including
unamortized issuance costs of $3.4 million. The ODAS IV 2024-2 Securitization Notes were offered and sold to “qualified
institutional buyers” pursuant to Rule 144A under the Securities Act and to certain persons outside of the United States in compliance
with Regulation S under the Securities Act.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
88
Corporate Debt
8.50% Senior Unsecured Notes Due 2024
On September 1, 2017, the Company issued and sold $250.0 million in aggregate principal amount of 8.50% senior notes due 2024 (the
“2024 Senior Notes”). The 2024 Senior Notes were sold to qualified institutional buyers in accordance with Rule 144A under the
Securities Act of 1933, as amended (the “Securities Act”) and outside the United States pursuant to Regulation S under the Securities
Act. The 2024 Senior Notes bore interest at a rate of 8.50% annually on the principal amount payable semi-annually in arrears on March
1 and September 1 of each year, beginning on March 1, 2018. The 2024 Senior Notes were sold at a price of 100% with a maturity date
of September 1, 2024. The 2024 Senior Notes were unsecured debt obligations of the Company and were unconditionally guaranteed
by certain of its domestic subsidiaries.
The 2024 Senior Notes were redeemable at the Company’s option, in whole or in part, (i) at any time prior to September 1, 2020 at
100% of the aggregate principal amount of 2024 Senior Notes redeemed plus the applicable “make whole” premium specified in the
indenture that governed the Company’s 2024 Senior Notes (the “2024 Senior Notes Indenture”), plus accrued and unpaid interest, if
any, to the redemption date and (ii) at any time on or after September 1, 2020 at the premium, if any, specified in the 2024 Senior Notes
Indenture that will decrease over time, plus accrued and unpaid interest, if any, to the redemption date. In addition, prior to September
1, 2020, at its option, the Company could have redeemed up to 40% of the aggregate principal amount of the 2024 Senior Notes at a
redemption price of 108.5% of the aggregate principal amount of 2024 Senior Notes redeemed, plus accrued and unpaid interest, if any,
to the redemption date, with the proceeds of certain equity offerings as described in the 2024 Senior Notes Indenture.
The 2024 Senior Notes and the related guarantees had not been and were not registered under the Securities Act, or the securities laws
of any state or other jurisdiction, and were not offered or sold in the United States without registration or an applicable exemption from
the registration requirements of the Securities Act and applicable state securities or blue sky laws and foreign securities laws.
The Company used the net proceeds of the 2024 Senior Notes offering to retire a portion of its existing indebtedness, to pay the related
accrued interest, premiums, fees and expenses associated therewith and for general corporate purposes.
During the year ended December 31, 2023, the Company repurchased $81.3 million of principal amount of the 2024 Senior Notes for
an aggregate cash consideration of $81.1 million plus accrued interest. In connection with these purchases, the Company recorded a loss
on early extinguishment of debt of $0.3 million ($0.2 million, net of tax) during the year ended December 31, 2023, which is included
in “Other nonoperating expenses” in the consolidated statements of income. On January 3, 2024, the Company redeemed all remaining
2024 Senior Notes at par plus accrued interest.
8.50% Senior Unsecured Notes Due 2025
On September 19, 2018, the Company issued and sold $375.0 million in aggregate principal amount of 8.50% senior notes due 2025
(the “2025 Senior Notes”). The 2025 Senior Notes were sold to qualified institutional buyers in accordance with the Securities Act and
outside the United States pursuant to Regulation S under the Securities Act. The 2025 Senior Notes bore interest at a rate of 8.50%
annually on the principal amount payable semi-annually in arrears on March 15 and September 15 of each year, beginning on March
15, 2019. The 2025 Senior Notes were sold at a price of 100% with a maturity date of September 15, 2025. The 2025 Senior Notes were
unsecured debt obligations of the Company and were unconditionally guaranteed by certain of its domestic subsidiaries.
The 2025 Senior Notes were redeemable at the Company’s option, in whole or in part, (i) at any time prior to September 15, 2021 at
100% of the aggregate principal amount of 2025 Senior Notes redeemed plus the applicable “make whole” premium specified in the
indenture that governed the Company’s 2025 Senior Notes (the “2025 Senior Notes Indenture”), plus accrued and unpaid interest, if
any, to the redemption date and (ii) at any time on or after September 15, 2021 at the premium, if any, specified in the 2025 Senior Notes
Indenture that will decrease over time, plus accrued and unpaid interest, if any, to the redemption date. In addition, prior to September
15, 2021, at its option, the Company could have redeemed up to 40% of the aggregate principal amount of the 2025 Senior Notes at a
redemption price of 108.5% of the aggregate principal amount of 2025 Senior Notes redeemed, plus accrued and unpaid interest, if any,
to the redemption date, with the proceeds of certain equity offerings as described in the 2025 Senior Notes Indenture.
The 2025 Senior Notes and the related guarantees had not been and were not registered under the Securities Act, or the securities laws
of any state or other jurisdiction, and were not offered or sold in the United States without registration or an applicable exemption from
the registration requirements of the Securities Act and applicable state securities or blue sky laws and foreign securities laws.
The Company used a portion of the net proceeds of the 2025 Senior Notes offering to retire existing indebtedness, to pay the related
accrued interest, premiums, fees and expenses associated therewith. The remaining amount was used for general corporate purposes.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
89
On September 26, 2023, the Company commenced a solicitation of consents (the “Consent Solicitation”) from holders of its outstanding
2025 Senior Notes to amend the restricted payments covenant in the 2025 Senior Notes indenture in order to increase by up to $200.0
million the Company’s ability to make restricted payments in connection with share repurchases and for other corporate purposes, so
long as, immediately after giving pro forma effect to the making of such restricted payment, the debt to tangible common equity ratio
of the Company does not exceed 4.5 to 1.0. On October 3, 2023, the consents of the holders of more than 50% of the aggregate principal
amount of the 2025 Senior Notes outstanding were received; accordingly, the supplemental indenture effecting the amendment became
effective on October 4, 2023. In accordance with the terms of the Consent Solicitation, the Company made a cash payment of $5.4
million on October 5, 2023, representing a fee of 1.5% of principal, to holders of the 2025 Senior Notes that provided timely consent.
This fee was deferred and was amortized over the remaining life of the 2025 Senior Notes.
On August 12, 2024, the Company redeemed all outstanding balances associated with the 2025 Senior Notes, including $375.0 million
of par, accrued interest and an early redemption premium. In conjunction with this extinguishment, the Company recorded a $4.7 million
charge ($3.5 million, net of tax) to write off the remaining unamortized deferred financing costs and expense the early redemption
premium. This charge was included in “Other nonoperating expenses” in the consolidated statements of income for the year ended
December 31, 2024.
11.25% Senior Unsecured Notes Due 2028
On December 6, 2023, the Company issued and sold $400.0 million in aggregate principal amount of 11.25% senior notes due 2028
(the “2028 Senior Notes”). The 2028 Senior Notes were sold to qualified institutional buyers in accordance with Rule 144A under the
Securities Act and outside the United States pursuant to Regulation S under the Securities Act. The 2028 Senior Notes bear interest at a
rate of 11.25% annually on the principal amount payable semi-annually in arrears on June 15 and December 15 of each year, beginning
on June 15, 2024. The 2028 Senior Notes were sold at a price of 99.058% with a maturity date of December 15, 2028. The 2028 Senior
Notes are unsecured debt obligations of the Company and are unconditionally guaranteed by certain of its domestic subsidiaries.
The 2028 Senior Notes are redeemable at the Company’s option, in whole or in part, (i) at any time prior to December 15, 2025 at 100%
of the aggregate principal amount of 2028 Senior Notes redeemed plus the applicable “make whole” premium specified in the indenture
that governs the Company’s 2028 Senior Notes (the “2028 Senior Notes Indenture”), plus accrued and unpaid interest, if any, to the
redemption date and (ii) at any time on or after December 15, 2025 at the premium, if any, specified in the 2028 Senior Notes Indenture
that will decrease over time, plus accrued and unpaid interest, if any, to the redemption date. In addition, prior to December 15, 2025,
at its option, the Company may redeem up to 40% of the aggregate principal amount of the 2028 Senior Notes at a redemption price of
111.25% of the aggregate principal amount of 2028 Senior Notes redeemed, plus accrued and unpaid interest, if any, to the redemption
date, with the proceeds of certain equity offerings as described in the 2028 Senior Notes Indenture.
The 2028 Senior Notes and the related guarantees have not been and will not be registered under the Securities Act, or the securities
laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption
from the registration requirements of the Securities Act and applicable state securities or blue sky laws and foreign securities laws.
The Company used a portion of the net proceeds of the 2028 Senior Notes offering to retire existing indebtedness, to pay the related
accrued interest, premiums, fees and expenses associated therewith. The remaining amount was used for general corporate purposes.
As of December 31, 2024 and 2023, the carrying amount of the 2028 Senior Notes was $391.4 million, which included an unamortized
discount of $3.0 million and unamortized issuance costs of $5.6 million, and $389.4 million, which included an unamortized discount
of $3.7 million and unamortized issuance costs of $6.9 million, respectively. The discount and issuance costs are being amortized to
interest expense over a period of five years, through the maturity date of December 15, 2028.
9.125% Senior Notes Due 2029
On August 12, 2024, the Company issued and sold $500.0 million in aggregate principal amount of 9.125% senior notes due 2029 (the
“2029 Senior Notes”). The 2029 Senior Notes were sold to qualified institutional buyers in accordance with Rule 144A under the
Securities Act and outside the United States pursuant to Regulation S under the Securities Act. The 2029 Senior Notes bear interest at a
rate of 9.125% annually on the principal amount payable semi-annually in arrears on February 1 and August 1 of each year, beginning
on February 1, 2025. The 2029 Senior Notes were sold at a price of 100.000% with a maturity date of August 1, 2029. The 2029 Senior
Notes are unsecured debt obligations of the Company and are unconditionally guaranteed by certain of its domestic subsidiaries.
The 2029 Senior Notes are redeemable at the Company’s option, in whole or in part, (i) at any time prior to August 1, 2026 at 100% of
the aggregate principal amount of 2029 Senior Notes redeemed plus the applicable “make whole” premium specified in the indenture

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
90
that governs the Company’s 2029 Senior Notes (the “2029 Senior Notes Indenture”), plus accrued and unpaid interest, if any, to the
redemption date and (ii) at any time on or after August 1, 2026 at the premium, if any, specified in the 2029 Senior Notes Indenture that
will decrease over time, plus accrued and unpaid interest, if any, to the redemption date. In addition, prior to August 1, 2026, at its
option, the Company may redeem up to 40% of the aggregate principal amount of the 2029 Senior Notes at a redemption price of
109.125% of the aggregate principal amount of 2029 Senior Notes redeemed, plus accrued and unpaid interest, if any, to the redemption
date, with the proceeds of certain equity offerings as described in the 2029 Senior Notes Indenture.
The 2029 Senior Notes and the related guarantees have not been and will not be registered under the Securities Act, or the securities
laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption
from the registration requirements of the Securities Act and applicable state securities or blue sky laws and foreign securities laws.
The Company used the net proceeds of the 2029 Senior Notes offering to extinguish the remaining outstanding balances on the 2025
Senior Notes, to pay related expenses related to the offering and extinguishment, to repay a portion of the outstanding indebtedness
under the Company’s revolving credit facility, and for general corporate purposes.
As of December 31, 2024, the carrying amount of the 2029 Senior Notes was $491.9 million, which included unamortized issuance
costs of $8.0 million. The issuance costs are being amortized to interest expense over a period of five years, through the maturity date
of August 1, 2029.
Revolving Credit Facility
On June 23, 2022, the Company and certain of its subsidiaries entered into an amended and restated secured revolving credit agreement
with Bank of Montreal, as administrative agent and collateral agent, the lenders from time to time party thereto, and BMO Capital
Markets, Axos Bank, and Synovus Bank, as the joint lead arrangers and joint lead bookrunners (as amended, the “Credit Agreement”).
The Credit Agreement amended and restated the existing credit agreement, dated as of June 30, 2017, by and among the Company,
certain of its subsidiaries, the lenders from time to time party thereto, and TBK Bank, SSB, as administrative agent, in its entirety. On
October 19, 2023, the Company and certain of its subsidiaries entered into the First Amendment to Amended and Restated Credit
Agreement (the “First Amendment”). Prior to the First Amendment, the Credit Agreement provided for a secured, asset-backed
revolving credit facility in an aggregate principal amount of up to $440.0 million, with a $20.0 million letter of credit sublimit and a
$10.0 million swingline loan sublimit. The First Amendment increased the total commitment amount to $515.0 million with no change
to the interest rate or maturity date. On September 11, 2024, the Company and certain of its subsidiaries entered into the Second
Amendment to Amended and Restated Credit Agreement (the “Second Amendment”). The Second Amendment increased the total
commitment amount to $665.0 million with no change to the interest rate or maturity date. The proceeds of the loans under the Credit
Agreement may be used for working capital and other general business purposes. The Company had outstanding borrowings as of
December 31, 2024 and 2023, of $453.0 million and $356.0 million, respectively, under the Credit Agreement.
The loans bear interest, at the Company’s option, at the base rate plus 0.75% or the SOFR rate plus 3.50%. In addition to customary fees
for a credit facility of this size and type, the Credit Agreement provides for payment of a commitment fee calculated with respect to the
unused portion of the commitment, and ranges from 0.15% per annum to 0.50% per annum depending on usage. The Credit Agreement
contains certain prepayment penalties if it is terminated on or before the first and second anniversary dates, subject to certain exceptions.
The loans mature on June 30, 2026. The Company had outstanding letters of credit under the Credit Agreement of $0.7 million and $0.8
million as of December 31, 2024 and 2023, respectively.
The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company
and its subsidiaries’ ability to, among other things, incur indebtedness, grant liens, merge or consolidate, dispose of assets, make
investments, enter into certain transactions with affiliates, make restricted payments, and enter into restrictive agreements, in each case
subject to customary exceptions for a credit facility of this size and type. The Credit Agreement also includes financial maintenance
covenants, which require the Company to maintain compliance with a minimum fixed charge coverage ratio and a maximum
consolidated leverage ratio, each determined in accordance with the terms of the Credit Agreement. The Credit Agreement also contains
environmental, social, and governance provisions allowing amendment of the Credit Agreement to reflect subsequently agreed upon
key performance indicators with respect to sustainability targets, achievement of which would result in adjustments to the commitment
fee and applicable margins.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
91
As of December 31, 2024, required principal payments under the terms of the long-term debt for each of the five years after December
31, 2024 are as follows (in thousands):
Year
Amount
2025.............................................................................................................................................................$
—
2026.............................................................................................................................................................
453,000
2027.............................................................................................................................................................
—
2028.............................................................................................................................................................
400,000
2029.............................................................................................................................................................
500,000
Thereafter ....................................................................................................................................................
—
Securitization(1)............................................................................................................................................ 2,238,768
Total ............................................................................................................................................................$3,591,768
(1) The 2018-1 Securitization Facility matures in March 2026, the NCR 2022 Securitization Facility matures in October 2028, the
NCLOCR 2024 Securitization Facility matures in February 2028, the ODR 2021-1 Securitization Facility matures in November
2026, the ODR 2022-1 Securitization Facility matures in June 2027, the RAOD Securitization Facility matures in November 2027,
the HWCR 2023 Securitization Facility matures in September 2027, the 2023-A Securitization Notes mature in December 2027, the
2024-A Securitization Notes mature in October 2030, the ODAS IV 2023-1 Securitization Notes mature in August 2030, the ODAS
IV 2024-1 Securitization Notes mature in June 2031 and the ODAS IV 2024-2 Securitization Notes mature in October 2031.
9. Income Taxes
The components of the Company’s deferred tax assets and liabilities as of December 31, 2024 and 2023 were as follows (in thousands):
As of December 31,
2024
2023
Deferred tax assets:
Compensation and benefits........................................................................................ $
6,858 $
4,772
Translation adjustments.............................................................................................
4,940
2,264
Lease liability ............................................................................................................
7,532
6,354
Foreign net operating loss carryforward....................................................................
8,200
6,194
U.S. net operating loss carryforward.........................................................................
10,539
9,193
Capitalized intangible costs.......................................................................................
28,938
25,198
Capital loss carryforward ..........................................................................................
5,136
919
Other..........................................................................................................................
5,481
3,390
Total deferred tax assets........................................................................................
77,624
58,284
Deferred tax liabilities:
Amortizable intangible assets....................................................................................
61,418
62,829
Loans and finance receivables, net............................................................................
186,224
62,877
Property and equipment.............................................................................................
26,606
23,881
Operating lease right-of-use asset .............................................................................
4,285
3,352
Other..........................................................................................................................
2,203
2,660
Total deferred tax liabilities...................................................................................
280,736
155,599
Net deferred tax liabilities before valuation allowance.....................................
(203,112)
(97,315)
Valuation allowance......................................................................................................
(20,478)
(16,035)
Net deferred tax liabilities ............................................................................................. $(223,590) $(113,350)

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
92
The components of the provision for income taxes and the income to which it relates for the years ended December 31, 2024, 2023 and
2022 are shown below (in thousands):
Year Ended December 31,
2024
2023
2022
Income before income taxes:
Domestic ............................................................................................ $
270,682
$
226,638
$
272,863
International .......................................................................................
419
609
(289)
Income before income taxes................................................................... $
271,101
$
227,247
$
272,574
Current provision:
Federal................................................................................................ $
(42,149) $
38,260
$
41,942
International .......................................................................................
98
518
—
State and local ....................................................................................
(9,019)
4,792
6,218
Total current provision........................................................................... $
(51,070) $
43,570
$
48,160
Deferred provision:
Federal................................................................................................ $
96,736
$
7,483
$
15,566
State and local ....................................................................................
15,987
1,073
1,424
Total deferred provision......................................................................... $
112,723
$
8,556
$
16,990
Total provision for income taxes............................................................ $
61,653
$
52,126
$
65,150
Included within both the current and deferred federal provision components for the year ended December 31, 2024 is a decrease in the
unrecognized tax benefits reserve, which results in a current federal and state income tax benefit with an equal and offsetting deferred
federal and state income tax expense, due to the temporary nature of the unrecognized tax benefits.
The effective tax rate on income differs from the federal statutory rate of 21% for the years ended December 31, 2024, 2023 and 2022,
for the following reasons (dollars in thousands):
Year Ended December 31,
2024
2023
2022
Tax provision computed at the federal statutory income tax rate............. $
56,931
$
47,722
$
57,240
State and local income taxes, net of federal tax benefits ..........................
7,249
3,815
8,752
Nondeductible regulatory settlement ........................................................
—
3,150
—
Release of uncertain tax position ..............................................................
(2,772)
(2,541)
(460)
Other .........................................................................................................
245
(20)
(382)
Total provision...................................................................................... $
61,653
$
52,126
$
65,150
Effective tax rate.......................................................................................
22.7%
22.9%
23.9%
The Company has gross federal net operating loss carryforwards of $11.2 million as of December 31, 2024, mainly attributable to the
Company’s 2020 acquisitions. The Company has recorded a valuation allowance related to the federal net operating loss carryforwards
as they are not more likely than not to be utilized as the losses will be limited to the Section 382 ownership changes. The Company has
established a tax-effected valuation allowance of $0.7 million as of December 31, 2024 against the net operating losses that will expire
prior to their utilization. Following the acquisition of OnDeck, the Company is subject to a Section 382 limitation associated with the
built-in losses and other attributes of the acquired OnDeck assets. The reversal of certain deferred tax assets acquired by Enova associated
with OnDeck assets may be determined to be recognized built-in losses as defined in Section 382. As such, the losses may be limited to
the annual Section 382 limitation of approximately $1.0 million per year.
The Company has gross state net operating loss carryforwards of $277.4 million, $178.6 million and $341.6 million as of December 31,
2024, 2023 and 2022, respectively, that, if unused, will expire between calendar years 2024 and 2044. The 2022 gross state net operating
loss carryforwards include losses incurred in states that quantify net operating losses before the application of apportionment factors,
and their inclusion inflates the total amount of state net operating loss carryforwards when compared to a population of states that
quantify net operating losses after the application of apportionment factors. The Company has recorded a tax-effected valuation
allowance of $9.5 million as of December 31, 2024, primarily related to Louisiana state net operating loss carryforward deferred tax
assets as they are not more likely than not to be utilized based on the calculation of income tax in the state of Louisiana. The state
excludes interest income from its tax base and the Company does not anticipate generating a sufficient amount of non-interest income
to enable the utilization of net operating losses.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
93
The Company has gross foreign net operating loss carryforwards from Brazilian operations of $39.0 million, $29.5 million and $22.0
million as of December 31, 2024, 2023 and 2022, respectively. These net operating loss carryforwards are subject to annual limitations
and have an unlimited carryforward period. The Company has recorded a full valuation allowance related to the Brazilian net operating
loss carryforwards, as they are not more likely than not to be utilized. As of December 31, 2024, we currently have insignificant
accumulated earnings in foreign jurisdictions. We intend to indefinitely reinvest these earnings and expect future U.S. cash generation
to be sufficient to meet future U.S. cash needs.
The Company has gross federal capital loss carryforwards of $21.4 million as of December 31, 2024, mainly attributable to the
Company’s write-down on the investment in Linear in 2024. Capital losses can be carried back three years and carried forward five
years. The Company has recorded a valuation allowance related to the capital loss that will not be utilized against capital gains within
the three-year carryback window. The Company has established a tax-effected valuation allowance of $1.9 million as of December 31,
2024 against the capital loss carryforwards that are not more likely than not to be utilized prior to their expiration as the Company cannot
project future capital gains.
The following table summarizes the valuation allowance activity for the years ended December 31, 2024, 2023 and 2022 (in thousands):
Year Ended December 31,
2024
2023
2022
Balance at beginning of period .............................................................
$
16,035
$
11,088
$
8,568
Additions...........................................................................................
4,443
4,963
2,683
Deductions ........................................................................................
—
(16)
(163)
Balance at end of period........................................................................
$
20,478
$
16,035
$
11,088
A reconciliation of the activity related to unrecognized tax benefits follows for the years ended December 31, 2024, 2023 and 2022 (in
thousands):
Year Ended December 31,
2024
2023
2022
Balance at beginning of period .............................................................
$
173,707
$
83,833
$
42,024
Additions based on tax positions related to the current year ............
97,348
169,811
78,925
Additions for tax positions of prior years .........................................
59
244
276
Reductions for tax positions of prior years.......................................
(169,345)
(76,100)
(36,638)
Reductions due to lapsed statute of limitations.................................
(2,367)
(4,081)
(754)
Reductions due to settlement with taxing authorities .......................
(125)
—
—
Balance at end of period........................................................................
$
99,277
$
173,707
$
83,833
Included in the balances of unrecognized tax benefits at December 31, 2024, 2023 and 2022 are potential benefits of $7.2 million, $9.9
million and $11.6 million, respectively, that, if recognized, would favorably affect the effective tax rate in the period of recognition. The
balance of unrecognized tax benefits for temporary items as of December 31, 2024, 2023 and 2022 was $75.6 million, $125.9 million
and $76.1 million, respectively. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income
tax expense. The liability for unrecognized tax benefits as of December 31, 2024 and 2023 includes $4.9 million and $5.6 million,
respectively, for accrued interest and penalties related to unrecognized tax benefits. Within the tabular rollforward, the additions and
reductions based on tax positions related to the current year, primarily relate to a temporary uncertainty that is expected to reverse in the
immediately following tax period. The table includes the net increase or decrease associated with this position. The balance of
unrecognized tax benefits includes amounts classified as an increase in income taxes payable or the reduction of a deferred tax asset. In
2024, the Company decreased the balance of the unrecognized tax benefits reserve due to management’s evaluation and remeasurement
of its settlement position related to the timing of recognition of income and losses related to the Company's loan and finance receivable
portfolio.
The Company believes it is reasonably possible that, within the next twelve months, unrecognized domestic tax benefits will change by
a significant amount up to and including the full amount of the reserve. The Company’s principal uncertainties are related to the timing
of recognition of income and losses related to its loan and finance receivable portfolio. Depending upon the outcome of any future
agreements or settlements with relevant taxing authorities, the amount of the uncertainty, including amounts that would be recognized
as a component of the effective tax rate, could change significantly. While the total amount of uncertainty to be resolved is not clear, it
is reasonably possible that the uncertainties pertaining to the tax positions will be resolved in the next twelve months.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
94
The Company’s U.S. tax returns are subject to examination by federal and state taxing authorities. The statute of limitations related to
the Company’s consolidated Federal income tax returns is closed for all tax years up to and including 2020. The years open to
examination by state, local and foreign government authorities vary by jurisdiction, but the statute of limitation is generally three years
from the date the tax return is filed. For jurisdictions that have generated net operating losses, carryovers may be subject to the statute
of limitations applicable for the year those carryovers are utilized. In these cases, the period for which the losses may be adjusted will
extend to conform with the statute of limitations for the year in which the losses are utilized. In most circumstances, this is expected to
increase the length of time that the applicable taxing authority may examine the carryovers by one year or longer, in limited cases.
10. Commitments and Contingencies
Guarantees of Consumer Loans
In connection with its CSO program, the Company guarantees consumer loan payment obligations to unrelated third-party lenders for
consumer loans and is required to purchase any defaulted loans it has guaranteed. As of December 31, 2024 and 2023, the amount of
consumer loans guaranteed by the Company had an estimated fair value of $28.4 million and $18.5 million, respectively, and an
outstanding principal balance of $19.9 million and $13.5 million, respectively. As of December 31, 2024 and 2023, the amount of
consumer loans, including principal, fees and interest, guaranteed by the Company were $23.8 million and $16.4 million, respectively.
These loans are not included in the consolidated balance sheets as the Company does not own the loans prior to default.
Consumer Financial Protection Bureau
On November 15, 2023, the Company consented to the issuance of a Consent Order by the CFPB pursuant to which the Company
agreed, without admitting or denying any of the facts or conclusions, to pay a civil money penalty of $15.0 million. The civil money
penalty is included in “General and Administrative” expenses in the Consolidated Statements of Income. The Consent Order relates to
issues, the majority of which were self-disclosed, such as payment processing and debiting errors.
Litigation
On April 23, 2018, the Commonwealth of Virginia, through Attorney General Mark R. Herring, filed a lawsuit in the Circuit Court for
the County of Fairfax, Virginia against NC Financial Solutions of Utah, LLC (“NC Utah”), a subsidiary of the Company. The lawsuit
alleges violations of the Virginia Consumer Protection Act (“VCPA”) relating to NC Utah’s communications with customers, collections
of certain payments, its loan agreements, and the rates it charged to Virginia borrowers. The plaintiff is seeking to enjoin NC Utah from
continuing its current lending practices in Virginia, restitution, civil penalties, and costs and expenses in connection with the same.
Neither the likelihood of an unfavorable decision nor the ultimate liability, if any, with respect to this matter can be determined at this
time, and the Company is currently unable to estimate a range of reasonably possible losses, as defined by ASC 450-20-20,
Contingencies–Loss Contingencies–Glossary, for this litigation. The Company carefully considered applicable Virginia law before NC
Utah began lending in Virginia and, as a result, believes that the Plaintiff’s claims in the complaint are without merit and intends to
vigorously defend this lawsuit.
The Company is also involved in certain routine legal proceedings, claims and litigation matters encountered in the ordinary course of
its business. Certain of these matters may be covered to an extent by insurance or by indemnification agreements with third parties. The
Company has recorded accruals in its consolidated financial statements for those matters in which it is probable that it has incurred a
loss and the amount of the loss, or range of loss, can be reasonably estimated. In the opinion of management, the resolution of these
matters will not have a material adverse effect on the Company’s financial position, results of operations or liquidity.
11. Employee Benefit Plans
The Company sponsors the Enova International, Inc. 401(k) Savings Plan (the “Enova 401(k) Plan”), which is open to all U.S. employees
of the Company and its subsidiaries. The Company also offers the Enova International, Inc. Nonqualified Savings Plan (the “NQSP”)
for certain members of Company management. For the Enova 401(k) Plan, new employees are automatically enrolled in this plan unless
they elect not to participate. The Company makes matching contributions of 100% of the first 1% of pay and 50% of the next 5% of pay
that each employee contributes to the Enova 401(k) Plan. The Company’s matching contributions fully vest after a participant’s second
year of service with the Company. The Company recorded compensation expense for combined contributions to these plans of $4.6
million, $4.1 million and $2.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
95
The Company also sponsors the Enova International, Inc. Supplemental Executive Retirement Plan (“SERP”) in which certain officers
and certain other employees of the Company participate. Under this defined contribution plan, the Company makes an annual
supplemental cash contribution to the SERP based on the terms of the plan as approved by the Company’s Management Development
and Compensation Committee of the Board of Directors. The Company recorded compensation expense of $0.9 million, $0.5 million
and $0.8 million for SERP contributions for the years ended December 31, 2024, 2023 and 2022, respectively.
The NQSP and the SERP are non-qualified deferred compensation plans for which the Company holds securities in rabbi trusts to pay
benefits. These securities are classified as trading securities, and the unrealized gains and losses on these securities are netted with the
costs of the plans in “General and administrative expenses” in the consolidated statements of income.
Amounts included in the consolidated balance sheets relating to the NQSP and the SERP were as follows (in thousands):
As of December 31,
2024
2023
Other receivables and prepaid expenses ................................................... $
10,712
$
8,045
Accounts payable and accrued expenses................................................... $
11,251
$
8,531
12. Stock-Based Compensation
Under the Enova International, Inc. 2014 Fourth Amended and Restated Long-Term Incentive Plan (the “Enova LTIP”), the Company
is authorized to issue 16,500,000 shares of Common Stock pursuant to “Awards” granted as incentive stock options (intended to qualify
under Section 422 of the Internal Revenue Code of 1986, as amended), nonqualified stock options, restricted stock units (“RSUs”),
restricted stock, performance shares, stock appreciation rights or other stock-based awards. Since 2014, nonqualified stock options and
RSU awards have been the only stock-based awards granted under the Plan. As of December 31, 2024, there were 3,329,266 shares
available for future grants under the Enova LTIP.
During the year ended December 31, 2024, the Company received 225,582 shares of its common stock valued at approximately $12.6
million as partial payment of taxes required to be withheld upon issuance of shares under RSUs.
Restricted Stock Units
During the years ended December 31, 2024, 2023 and 2022, the Company granted RSUs to Company officers, certain employees and
to the non-management members of the Board of Directors under the Enova LTIP. Each vested RSU entitles the holder to receive a
share of the common stock of the Company. For Company officers and certain employees, the shares are to be issued upon vesting of
the RSUs generally on an annual basis over a period of four years. Shares for RSU awards granted to members of the Board of Directors
vest and are issued twelve months after the grant date.
In accordance with ASC 718, the grant date fair value of RSUs is based on the Company’s closing stock price on the day before the
grant date and is amortized to expense over the vesting periods. The agreements relating to awards provide that the vesting and payment
of awards would be accelerated if there is a change in control of the Company.
The following table summarizes the Company’s RSU activity during 2024, 2023 and 2022:
Year Ended December 31,
Year Ended December 31,
Year Ended December 31,
2024
2023
2022
Units
Weighted
Average Fair
Value at Date of
Grant
Units
Weighted
Average Fair
Value at Date of
Grant
Units
Weighted
Average Fair
Value at Date of
Grant
Outstanding at beginning of year......
1,489,809
$
41.40
1,540,579
$
32.06
1,745,481
$
25.80
Units granted..................................
478,537
54.79
638,419
51.94
593,916
43.15
Shares issued..................................
(617,291 )
36.36
(624,264 )
29.10
(640,337 )
24.87
Units forfeited ................................
(99,245 )
49.75
(64,925 )
41.71
(158,481 )
32.74
Outstanding at end of year ...............
1,251,810
$
48.34
1,489,809
$
41.40
1,540,579
$
32.06
Compensation expense related to these RSUs totaling $25.0 million ($18.8 million net of related taxes), $22.2 million ($16.6 million
net of related taxes) and $17.8 million ($13.4 million net of related taxes) was recognized for the years ended December 31, 2024, 2023
and 2022, respectively. Total unrecognized compensation cost related to these RSUs at December 31, 2024 was $39.6 million, which

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
96
will be recognized over a weighted average period of approximately 2.4 years. The outstanding RSUs had an aggregate intrinsic value
of $120.0 million at December 31, 2024.
Stock Options
During the years ended December 31, 2024, 2023 and 2022, the Company granted stock options to purchase Enova stock to Company
officers and certain employees under the Enova LTIP. Stock options would allow the holder to purchase shares of the Company’s
common stock at a price not less than the fair market value of the shares as of the grant date, or the exercise price.
Stock options granted under the Enova LTIP generally become exercisable in equal increments on the first, second and third
anniversaries of their date of grant, and expire on the seventh anniversary of their date of grant. Exercise prices of these stock options
are equal to the closing stock price on the day before the grant date. In accordance with ASC 718, compensation expense on stock
options is based on the grant date fair value of the stock options and is amortized to expense over the vesting periods. For the year ended
December 31, 2024, the Company estimated the fair value of the stock option grants using the Black-Scholes option-pricing model
based on the following weighted average assumptions: risk-free interest rate of 4.1%, expected term (life) of options of 4.5 years,
expected volatility of 55.9% and no expected dividends.
Determining the fair value of options awards at their respective grant dates requires considerable judgment, including estimating
expected volatility and expected term (life). The Company based its expected volatility on a weighted average of the historical volatility
of the Company. The Company calculated its expected term based on the simplified method, which is the mid-point between the
weighted-average graded-vesting term and the contractual term. The simplified method was chosen as a means to determine expected
term as the Company has limited historical option exercise experience as a public company. The Company derived the risk-free rate
from a weighted-average yield for the three-and five-year zero-coupon U.S. Treasury Strips. The Company estimates forfeitures at the
grant date based on its historical forfeiture rate and revises the estimate, if necessary, in subsequent periods if actual forfeitures differ
from those estimates.
The following table summarizes the Company’s stock option activity during 2024, 2023 and 2022:
Year Ended December 31,
Year Ended December 31,
Year Ended December 31,
2024
2023
2022
Units
Weighted
Average Exercise
Price
Units
Weighted
Average Exercise
Price
Units
Weighted
Average Exercise
Price
Outstanding at beginning of year......
2,120,241
$
28.98
2,202,687
$
23.80
2,104,013
$
20.65
Options granted ..............................
237,157
68.97
306,105
47.89
378,725
37.00
Options exercised ...........................
(563,811 )
21.63
(388,551 )
14.52
(263,090 )
15.80
Options forfeited.............................
—
—
—
—
(16,961 )
30.46
Outstanding at end of year ...............
1,793,587
$
36.58
2,120,241
$
28.98
2,202,687
$
23.80
Exercisable options at end of year ....
1,170,738
28.14
1,450,841
23.24
1,471,971
19.72
The weighted average fair value of options granted in 2024 was $34.01. Compensation expense related to stock options totaling $6.8
million ($5.1 million net of related taxes), $4.6 million ($3.4 million net of related taxes) and $4.1 million ($3.1 million net of related
taxes) was recognized for the years ended December 31, 2024, 2023 and 2022, respectively. Total unrecognized compensation cost
related to stock options at December 31, 2024 was $11.5 million, which will be recognized over a period of approximately 2.0 years. At
December 31, 2024, the intrinsic value of stock options outstanding was $106.4 million, and the intrinsic value of stock options
exercisable was $79.3 million, respectively.
13. Related Party Transactions
As discussed in Note 1 in the Notes to Consolidated Financial Statements, in December 2021, the Company divested a portion of its
interest in OnDeck Australia and began recording its remaining interest utilizing the equity method of accounting. As of December 31,
2024 and 2023, there was no balance and $0.1 million due from affiliate, respectively, outstanding between the Company and OnDeck
Australia.
The Company believes that the transactions described above have been provided on terms no less favorable to the Company than could
have been negotiated with non-affiliated third parties.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
97
14. Variable Interest Entities
As part of the Company’s overall funding strategy and as part of its efforts to support its liquidity from sources other than its traditional
capital market sources, the Company has established a securitization program through its various securitization facilities. The Company
transfers certain loan receivables to wholly owned, bankruptcy-remote special purpose subsidiaries (“VIEs”), which issue notes backed
by the underlying loan receivables and are serviced by other wholly-owned subsidiaries of the Company. The cash flows from the loans
held by the VIEs are used to repay obligations under the notes.
The Company is required to evaluate the VIEs for consolidation. The Company has the ability to direct the activities of the VIEs that
most significantly impact the economic performance of the entities as the servicer of the securitized loan receivables. Additionally, the
Company has the right to returns related to servicing fee revenue from the VIEs and to receive residual payments, which expose it to
potentially significant losses and returns. Accordingly, the Company determined it is the primary beneficiary of the VIEs and is required
to consolidate them. The assets and liabilities related to the VIEs are included in the Company’s consolidated financial statements and
are accounted for as secured borrowings.
15. Supplemental Disclosures of Cash Flow Information
The following table sets forth certain cash and non-cash activities for the years ended December 31, 2024, 2023 and 2022 (in thousands):
Year Ended December 31,
2024
2023
2022
Cash paid during the year for:
Interest................................................................................................ $
274,117
$
182,407
$
108,006
Income taxes recovered......................................................................
(1,517)
(3,105)
(2,354)
Non-cash investing and financing activities:
Loans and finance receivables renewed............................................. $
414,138
$
491,291
$
320,789
16. Operating Segment Information
During the three years ended December 31, 2024, the Company primarily provided online financial services to non-prime credit
consumers and small businesses in the United States and Brazil. The Company has one reportable segment, which is composed of the
Company’s domestic and international operations and corporate services. The Company has aggregated all components of its business
into a single operating segment based on the similarities of the economic characteristics, the nature of the products and services, the
nature of the production and distribution methods, the shared technology platforms, the type of customer and the nature of the regulatory
environment. The Company's Chief Operating Decision Maker, its Chief Executive Officer, is regularly provided with significant
segment expenses at a similar level and category as is disclosed in the Consolidated Statements of Income; as such, separate presentation
is not provided in this Note.
The following table presents the Company’s revenue by geographic region for the years ended December 31, 2024, 2023 and 2022 (in
thousands):
Year Ended December 31,
2024
2023
2022
Revenue
United States ................................................................................. $
2,604,460
$
2,087,519
$
1,722,927
Other international countries.........................................................
53,340
30,120
13,158
Total revenue ................................................................................... $
2,657,800
$
2,117,639
$
1,736,085
The Company’s long-lived assets, which consist of the Company’s property and equipment, were $120.0 million and $108.7 million at
December 31, 2024 and 2023, respectively. The operations for the Company’s domestic and international businesses are primarily
located within the United States, and the value of any long-lived assets located outside of the United States is immaterial.
17. Fair Value Measurements
Recurring Fair Value Measurements
The Company uses a hierarchical framework that prioritizes and ranks the market observability of inputs used in its fair value
measurements. Market price observability is affected by a number of factors, including the type of asset or liability and the characteristics

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
98
specific to the asset or liability being measured. Assets and liabilities with readily available, active, quoted market prices or for which
fair value can be measured from actively quoted prices generally are deemed to have a higher degree of market price observability and
a lesser degree of judgment used in measuring fair value. The Company classifies the inputs used to measure fair value into one of three
levels as follows:
• Level 1: Quoted prices in active markets for identical assets or liabilities.
• Level 2: Inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or
similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose
significant value drivers are observable.
• Level 3: Unobservable inputs for the asset or liability measured.
Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on the Company’s
market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to
measure an asset or liability may fall into different levels of the fair value hierarchy. In those cases, the fair value measurement is
categorized in its entirety in the same level of the fair value hierarchy as the lowest level of input that is significant to the entire
measurement. Such determination requires significant management judgment.
During the years ended December 31, 2024 and 2023, there were no transfers of assets or liabilities between Level 1, 2 or 3. It is the
Company’s policy to value any transfers between levels of the fair value hierarchy based on end of period values.
The Company’s financial assets that are measured at fair value on a recurring basis as of December 31, 2024 and 2023 are as follows
(in thousands):
December 31,
Fair Value Measurements Using
2024
Level 1
Level 2
Level 3
Financial assets
Consumer loans and finance receivables(1)..................................... $
1,639,307
$
—
$
—
$
1,639,307
Small business loans and finance receivables(1) .............................
2,747,137
—
—
2,747,137
Non-qualified savings plan assets(2) ...............................................
10,712
10,712
—
—
Investment in trading security(3) .....................................................
3,636
3,636
—
—
Total........................................................................................... $
4,400,792
$
14,348
$
—
$
4,386,444
December 31,
Fair Value Measurements Using
2023
Level 1
Level 2
Level 3
Financial assets
Consumer loans and finance receivables(1)..................................... $
1,380,784
$
—
$
—
$
1,380,784
Small business loans and finance receivables(1) .............................
2,248,383
—
—
2,248,383
Non-qualified savings plan assets(2)................................................
8,045
8,045
—
—
Investment in trading security(3) .....................................................
7,169
7,169
—
—
Total ........................................................................................... $
3,644,381
$
15,214
$
—
$
3,629,167
(1) Consumer loans and finance receivables and small business loans and finance receivables are included in “Loans and finance
receivable at fair value” in the Company’s consolidated balance sheets.
(2) The non-qualified savings plan assets are included in “Other receivables and prepaid expenses” in the Company’s consolidated
balance sheets and have an offsetting liability, which is included in “Accounts payable and accrued expenses” in the Company’s
consolidated balance sheets.
(3) Investment in trading security is included in “Other assets” in the Company’s consolidated balance sheets.
The Company primarily estimates the fair value of its loan and finance receivables portfolio using discounted cash flow models that
have been internally developed. The models use inputs, such as estimated losses, prepayments, servicing costs and discount rates, that
are unobservable but reflect the Company’s best estimates of the assumptions a market participant would use to calculate fair value.
Certain unobservable inputs may, in isolation, have either a directionally consistent or opposite impact on the fair value of the financial
instrument for a given change in that input. An increase to the net loss rate, prepayment rate, servicing cost, or discount rate would

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
99
decrease the fair value of the Company’s loans and finance receivables. When multiple inputs are used within the valuation techniques
for loans, a change in one input in a certain direction may be offset by an opposite change from another input.
The fair value of the nonqualified savings plan assets was deemed Level 1 as they are publicly traded equity securities for which market
prices of identical assets are readily observable.
The fair value of the investment in trading security was deemed Level 1 as it is a publicly traded fund with active market pricing that is
readily available.
The Company had no liabilities measured at fair value on a recurring basis as of December 31, 2024 or 2023.
Fair Value Measurements on a Non-Recurring Basis
The Company measures non-financial assets and liabilities such as property and equipment and intangible assets at fair value on a
nonrecurring basis or when events or circumstances indicate that the carrying amount of the assets may be impaired. At December 31,
2024 and 2023, there were no assets or liabilities recorded at fair value on a nonrecurring basis.
Financial Assets and Liabilities Not Measured at Fair Value
The Company’s financial assets and liabilities as of December 31, 2024 and 2023 that are not measured at fair value in the consolidated
balance sheets are as follows (in thousands):
December 31,
Fair Value Measurements Using
2024
Level 1
Level 2
Level 3
Financial assets:
Cash and cash equivalents..............................................................
$
73,910
$
73,910
$
—
$
—
Restricted cash(1) ............................................................................
248,758
248,758
—
—
Investment in unconsolidated investee(2)........................................
6,918
—
—
6,918
Total...........................................................................................
$
329,586
$
322,668
$
—
$
6,918
Financial liabilities:
Revolving line of credit..................................................................
$
453,000
$
—
$
—
$
453,000
Securitization facilities...................................................................
2,238,279
—
2,246,406
—
11.25% senior notes due 2028 .......................................................
397,033
—
433,112
—
9.125% senior notes due 2029 .......................................................
500,000
—
519,360
—
Total...........................................................................................
$
3,588,312
$
—
$
3,198,878
$
453,000
December 31,
Fair Value Measurements Using
2023
Level 1
Level 2
Level 3
Financial assets:
Cash and cash equivalents..............................................................
$
54,357
$
54,357
$
—
$
—
Restricted cash(1) ............................................................................
323,082
323,082
—
—
Investment in unconsolidated investee(2)........................................
6,918
—
—
6,918
Total...........................................................................................
$
384,357
$
377,439
$
—
$
6,918
Financial liabilities:
Revolving line of credit..................................................................
$
356,000
$
—
$
—
$
356,000
Securitization facilities...................................................................
1,665,785
—
1,660,596
—
8.50% senior notes due 2024 .........................................................
168,702
—
168,702
—
8.50% senior notes due 2025 .........................................................
375,000
—
370,729
—
11.25% senior notes due 2028 .......................................................
396,284
—
412,588
—
Total...........................................................................................
$
2,961,771
$
—
$
2,612,615
$
356,000
(1) Restricted cash includes $217.3 million and $136.0 million in assets of consolidated VIEs as of December 31, 2024 and 2023,
respectively.
(2) Investment in unconsolidated investee is included in “Other assets” in the consolidated balance sheets.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
100
Cash and cash equivalents and restricted cash bear interest at market rates and have maturities of less than 90 days. The carrying amount
of restricted cash and cash equivalents approximates fair value.
The Company measures the fair value of its investment in unconsolidated investee using Level 3 inputs. Because the unconsolidated
investee is a private company and financial information is limited, the Company estimates the fair value based on the best available
information at the measurement date.
The Company measures the fair value of its revolving line of credit using Level 3 inputs. The Company considered the fair value of its
other long-term debt and the timing of expected payment(s).
The fair values of the Company’s securitization facilities and senior notes are estimated based on quoted prices in markets that are not
active, which are deemed Level 2 inputs.
18. Subsequent Events
Subsequent events have been reviewed through the date these financial statements were issued.

101
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE
None
ITEM 9A. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, our management has
evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and
15d-15(e) under the Securities Exchange Act of 1934) as of December 31, 2024 (the “Evaluation Date”). Based upon that evaluation,
the Chief Executive Officer and Chief Financial Officer concluded that, as of the Evaluation Date, our disclosure controls and procedures
are effective and provide reasonable assurance (i) that information required to be disclosed in reports that we file or submit under the
Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms; and (ii)
that information required to be disclosed in the reports that we file or submit under the Exchange Act is accumulated and communicated
to management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required
disclosures.
Limitations on the Effectiveness of Controls
Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and
procedures or internal control over financial reporting will prevent or detect all possible misstatements due to error and fraud. Our
disclosure controls and procedures and internal control over financial reporting are, however, designed to provide reasonable assurance
of achieving their objectives.
Report of Management on Internal Control over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined
in Rule 13a-15(f) under the Exchange Act. Our internal control over financial reporting is designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of the financial statements for external purposes in accordance with
generally accepted accounting principles.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in
conditions or that the degree of compliance with the policies or procedures may deteriorate.
We conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in “Internal
Control — Integrated Framework” (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based
on our evaluation under the framework in “Internal Control — Integrated Framework” (2013), management, with the participation of
our Chief Executive Officer and Chief Financial Officer, concluded that our internal control over financial reporting was effective as of
December 31, 2024.
The effectiveness of our internal control over financial reporting as of December 31, 2024 has been audited by Deloitte & Touche LLP,
an independent registered public accounting firm, as stated in their report which appears in this Form 10-K.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under
the Exchange Act) during the quarter ended December 31, 2024 that have materially affected, or are reasonably likely to materially
affect, our internal control over financial reporting.
ITEM 9B. OTHER INFORMATION
Insider Adoption or Termination of Trading Arrangements
During the quarter ended December 31, 2024, none of our directors or Section 16 officers adopted, modified or terminated a “Rule 10b5-
1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408, except as
follows:

102
On December 20, 2024, David Fisher, Chairman of the Board of Directors and Chief Executive Officer, adopted a written plan for the
sale of up to 85,716 shares of the Company’s common stock that is intended to satisfy the affirmative defense conditions of Rule 10b5-
1(c) under the Exchange Act. The plan will expire on February 18, 2026, or on any earlier date on which all of the shares have been
sold.
ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not applicable.

103
PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
The Company plans to file with the SEC a definitive proxy statement, pursuant to SEC Regulation 14A in connection with its 2025
Annual Meeting of Stockholders, or the Proxy Statement, within 120 days after December 31, 2024. Information required by this Item
10 relating to our directors and nominees included under the captions “Proposal 1: Election of Directors—Directors to be Elected by
our Stockholders” and “Stockholder Proposals and Communications with our Board—Director Nominations” of our Proxy Statement
is incorporated herein by reference.
The information required by this Item 10 regarding our Audit Committee under the caption “Structure and Functioning of the Board—
Board Committees—Audit Committee” is incorporated herein by reference.
Information concerning executive officers is contained in this report under “Item 1. Business—Operations—Management and
Personnel—Executive Officers.”
Any information required by this Item 10 regarding compliance with Section 16(a) of the Exchange Act of 1934 included under the
caption “Delinquent Section 16(a) Reports” in our Proxy Statement is incorporated herein by reference.
All other information required by this Item 10 contained in the Proxy Statement is incorporated herein by reference.
The Company has an insider trading policy governing purchases, sales and other transactions in its securities that applies to its directors,
officers, employees and certain other covered persons. It is also the Company’s policy to comply with applicable insider trading laws,
rules and regulations, as well as any applicable stock exchange listing standards, when the Company engages in transactions in the
Company’s securities. The Company believes that its insider trading policy and other procedures are reasonably designed to promote
compliance with insider trading laws, rules and regulations, and listing standards applicable to the Company. A copy of the Company’s
insider trading policy is filed as Exhibit 19.1 to this report.
The Company has adopted a Code of Business Conduct and Ethics that applies to all of its directors, officers (including all of its executive
officers) and employees. This Code of Business Conduct and Ethics is publicly available on the Company’s website at www.enova.com
in the Investor Relations section under “Corporate Governance—Code of Conduct.” Amendments to the Code of Business Conduct and
Ethics and any grant of a waiver from a provision of the Code of Business Conduct and Ethics requiring disclosure under applicable
SEC rules will be disclosed on the Company’s website.
ITEM 11. EXECUTIVE COMPENSATION
Information contained under the captions “Executive Compensation”, “Director Compensation”, “Compensation Committee Interlocks
and Insider Participation” and “Executive Compensation—Management Development and Compensation Committee Report” in the
Proxy Statement is incorporated into this report by reference in response to this Item 11.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
STOCKHOLDER MATTERS
Information contained under the caption “Security Ownership of Certain Beneficial Owners and Management” in the Proxy Statement
is incorporated into this report by reference in response to this Item 12.

104
Securities Authorized for Issuance Under Equity Compensation Plans
The table below sets forth information, as of December 31, 2024, with respect to shares of common stock of the Company that may be
issued under the Company’s existing equity compensation plans.
Plan Category
Number of securities to be
issued upon exercise of
outstanding options, warrants
and rights
Weighted average exercise
price of outstanding options,
warrants and rights
Number of securities remaining
available for future issuance
under equity compensation
plans (excluding securities
reflected in column (a))
(a)
(b)
(c)
Equity compensation plans
approved by security holders.....
3,045,397
$
21.54
3,329,266
Equity compensation plans not
approved by security holders.....
—
—
—
Total...........................................
3,045,397
$
21.54
3,329,266
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
Information contained under the captions “Certain Relationships and Related Transactions”, “Structure and Functioning of the Board—
Board Committees” and “Structure and Functioning of the Board—Director Independence” in the Proxy Statement is incorporated into
this report by reference in response to this Item 13.
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Information contained under the caption “Audit and Non-Audit Fees” in the Proxy Statement is incorporated into this report by reference
in response to this Item 14.

105
PART IV
ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
The following consolidated financial statements are filed in Item 8 of Part II of this report:
Financial Statements:
Report of Independent Registered Public Accounting Firm (Deloitte & Touche LLP; PCAOB ID No. 34)..............................
63
Consolidated Balance Sheets – December 31, 2024 and 2023 ....................................................................................................
65
Consolidated Statements of Income – Years Ended December 31, 2024, 2023 and 2022 ..........................................................
67
Consolidated Statements of Comprehensive Income – Years Ended December 31, 2024, 2023 and 2022................................
68
Consolidated Statements of Stockholders’ Equity – Years Ended December 31, 2024, 2023 and 2022 ....................................
69
Consolidated Statements of Cash Flows – Years Ended December 31, 2024, 2023 and 2022 ...................................................
70
Notes to Consolidated Financial Statements................................................................................................................................
71
Exhibit No.
Exhibit Description
Form
File No.
Exhibit
Filing Date
Filed
Herewith
2.1
Separation and Distribution Agreement between
Cash America International, Inc. and Enova
International, Inc.
8-K
001-35503
2.1
11/19/2014
2.2
Agreement and Plan of Merger dated as of July
28, 2020, among Enova International, Inc.,
Energy Merger Sub, Inc. and On Deck Capital,
Inc.
8-K
001-35503
2.1
12/28/2020
3.1
Enova International, Inc. Restated Certificate of
Incorporation
10-Q
001-35503
3.1
7/28/2023
3.2
Enova International, Inc. Amended and
Restated Bylaws
8-K
001-35503
3.1
11/17/2017
4.1
Specimen common stock certificate
10-12B
001-35503
4.1
10/2/2014
4.2
Description of the Registrant’s Securities
10-K
001-35503
4.2
2/27/2020
4.3
Indenture, dated as of December 6, 2023, by
and among Enova International, Inc., each of
the guarantors party thereto and Computershare
Trust Company, N.A., as trustee and the Form
of 11.25% Senior Note due 2028 (included as
Exhibit A).
8-K
001-35503
4.1
12/11/2023
4.4
Indenture, dated as of August 12, 2024, by and
among Enova International, Inc., each of the
guarantors party thereto and Computershare
Trust Company, N.A., as trustee, and the Form
of 9.125% Senior Note due 2029 (included as
Exhibit A) (incorporated by reference to Exhibit
4.1 to the Company’s Form 8-K filed on August
12, 2024)
10-Q
001-35503
4.1
7/23/2024
4.5
Base Indenture, dated as of July 27, 2023, by
and between OnDeck Asset Securitization IV,
LLC, as Issuer and Deutsche Bank Trust
Company Americas, as Indenture Trustee of
Asset Backed Notes (Issuable in Series of
Notes)
10-Q
001-35503
4.1
10/25/2023

106
4.6
Series 2023-1 Indenture Supplement dated as of
July 27, 2023 to Base Indenture dated as of July
27, 2023, by and between OnDeck Asset
Securitization IV, LLC, as Issuer and Deutsche
Bank Trust Company Americas, as Indenture
Trustee of up to $378,417,000 of Asset Backed
Notes
10-Q
001-35503
4.2
10/25/2023
4.7
Series 2024-1 Indenture Supplement, dated as
of May 17, 2024, to Base Indenture dated as of
July 27, 2023, by and between OnDeck Asset
Securitization IV, LLC, as Issuer, and Deutsche
Bank Trust Company Americas, as Indenture
Trustee, of up to $500,149,970 of Asset Backed
Notes
10-Q
001-35503
4.2
7/24/2024
4.8
Indenture, dated as of March 3, 2023, by and
among NetCredit Combined Receivables 2023,
LLC, as Issuer, and Citibank, N.A., as Indenture
Trustee, Paying Agent, Note Registrar and
Securities Intermediary
10-Q
001-35503
4.3
7/24/2024
4.9
Indenture, dated as of May 31, 2024, by and
among NetCredit Combined Receivables 2024,
LLC, as Issuer, and Citibank, N.A., as Indenture
Trustee, Paying Agent, Note Registrar and
Securities Intermediary
10-Q
001-35503
4.1
7/24/2024
4.10
Series 2024-2 Indenture Supplement, dated as
of October 2, 2024, to Base Indenture dated as
of July 27, 2023, by and between OnDeck Asset
Securitization IV, LLC, as Issuer, and Deutsche
Bank Trust Company Americas, as Indenture
Trustee, of up to $261,353,000 of Asset Backed
Notes
X
4.11
First Amendment to Indenture, dated as of July
31, 2024, by and between NetCredit Combined
Receivables 2024, LLC and Citibank, N.A., as
Indenture Trustee, Securities Intermediary,
Note Registrar and Paying Agent
X
4.12
First Amendment to Indenture, dated as of
August 9, 2024, by and between NetCredit
Combined Receivables 2023, LLC and
Citibank, N.A., as Indenture Trustee, Securities
Intermediary, Note Registrar and Paying Agent
X
10.1
Enova International, Inc. 2014 Long-Term
Incentive Plan*
10-Q
001-35503
10.1
11/14/2014
10.2
Enova International, Inc. Fourth Amended and
Restated 2014 Long-Term Incentive Plan*
DEF 14A
001-35503
Appendix A
3/28/2024
10.3
Enova International, Inc. Senior Executive
Bonus Plan*
DEF 14A
001-35503
Appendix B
4/7/2016
10.4
Enova International, Inc. Amended and
Restated Senior Executive Bonus Plan*
10-Q
001-35503
10.1
7/31/2019

107
10.5
Enova International, Inc. Supplemental
Executive Retirement Plan, as amended and
restated effective September 13, 2017*
10-Q
001-35503
10.1
11/1/2017
10.6
Amended and Restated Enova International,
Inc. Nonqualified Savings Plan*
8-K
001-35503
10.1
5/16/2023
10.7
Form of Enova International, Inc. Severance
Pay Plan for Executives*
10-12B
001-35503
10.12
10/2/2014
10.8
Form of Enova International, Inc. Senior
Executive Bonus Plan*
10-12B
001-35503
10.13
10/2/2014
10.9
Summary of 2014 Terms and Conditions of the
Enova International, Inc. Short-Term Incentive
Plan*
10-12B
001-35503
10.14
10/2/2014
10.10
Enova International, Inc. Amended and
Restated Annual Short Term Incentive Plan*
10-Q
001-35503
10.2
7/31/2019
10.11
Form of Executive Change-in-Control
Severance and Restrictive Covenant Agreement
(Chief Executive Officer)*
10-K
001-35503
10.12
2/28/2022
10.12
Form of Executive Change-in-Control
Severance and Restrictive Covenant Agreement
(Executive Officers other than the CEO)*
10-K
001-35503
10.13
2/28/2022
10.13
Form of Enova International, Inc. Third
Amended and Restated 2014 Long-Term
Incentive Plan Award Agreement for Grant of
Restricted Stock Units*
10-K
001-35503
10.14
2/23/2024
10.14
Form of Enova International, Inc. Fourth
Amended and Restated 2014 Long-Term
Incentive Plan Award Agreement for Grant of
Restricted Stock Units*
X
10.15
Form of Enova International, Inc. Third
Amended and Restated 2014 Long-Term
Incentive Plan Award Agreement for Special
Grant of Nonqualified Stock Option with a
Limited Stock Appreciation Right*
10-K
001-35503
10.14
2/23/2024
10.16
Form of Enova International, Inc. Fourth
Amended and Restated 2014 Long-Term
Incentive Plan Award Agreement for Special
Grant of Nonqualified Stock Option with a
Limited Stock Appreciation Right*
X
10.17
Lease Agreement, dated July 25, 2014, between
175 Jackson L.L.C. and Enova International,
Inc.
10-12B
001-35503
10.11
10/22/2014
10.18
Second Amendment to Lease Agreement, dated
September 13, 2017, between 175 Jackson
L.L.C. and Enova International, Inc.
10-Q
001-35503
10.2
11/1/2017
10.19
Loan and Security Agreement, dated July 23,
2018, by and between Pacific Western Bank
and EFR 2018-1, LLC
10-Q
001-35503
10.1
10/31/2018
10.20
Receivables Purchase Agreement, dated July
23, 2018 by and between EFR 2018-1, LLC, as
10-Q
001-35503
10.2
10/31/2018

108
purchaser, and NetCredit Funding, LLC, as
seller
10.21
Amendment No. 5 to Fourth Amended and
Restated Credit Agreement, dated as of
December 24, 2020, among Receivable Assets
of OnDeck, LLC, as Borrower, the Lenders
party thereto and Truist Bank, as Administrative
Agent (Portions of this exhibit have been
omitted pursuant to Item 601(b)(10) of
Regulation S-K.)
10-K
001-35503
10.36
2/26/2021
10.22
Amendment No. 6 to Fourth Amended and
Restated Credit Agreement, dated as of July 16,
2021, among Receivable Assets of OnDeck,
LLC, as Borrower, the Lenders party thereto
and Truist Bank, as Administrative Agent
10-Q
001-35503
10.1
10/29/2021
10.23
Amendment to Loan and Security Agreement,
dated September 15, 2021, by and between
Pacific Western Bank and EFR 2018-1, LLC
10-Q
001-35503
10.3
10/29/2021
10.24
Credit Agreement dated as of November 17,
2021 among OnDeck Receivables 2021, LLC,
various lenders, and JPMorgan Chase Bank,
N.A., as Administrative Agent and Collateral
Agent and Deutsche Bank Trust Company
Americas, as Paying Agent
10-K
001-35503
10.39
2/28/2022
10.25
Amendment No. 7 to Fourth Amended and
Restated Credit Agreement, dated as of March
18, 2022, among Receivable Assets of OnDeck,
LLC, as Borrower, the Lenders party thereto
and Truist Bank, as Administrative Agent
10-Q
001-35503
10.2
5/3/2022
10.26
Second Amendment to Loan and Security
Agreement, dated March 24, 2022, by and
between Pacific Western Bank and EFR 2018-
1, LLC
10-Q
001-35503
10.3
5/3/2022
10.27
First Amendment to Credit Agreement, dated
March 29, 2022 among OnDeck Receivables
2021, LLC, various lenders, and JPMorgan
Chase Bank, N.A., as Administrative Agent and
Collateral Agent and Deutsche Bank Trust
Company Americas, as Paying Agent
10-Q
001-35503
10.4
5/3/2022
10.28
Amended and Restated Credit Agreement
among Enova International, Inc., as a Borrower
and the Parent, certain restricted subsidiaries of
the Parent from time to time party hereto, as
Borrowers, certain restricted subsidiaries of the
Parent from time to time party hereto, as
Guarantors, the Lenders party hereto, and Bank
of Montreal, as Administrative Agent and
Collateral Agent dated as of June 23, 2022
10-Q
001-35503
10.2
7/29/2022
10.29
Credit Agreement dated June 30, 2022 among
OnDeck Receivables 2022, LLC, various
lenders, and BMO Capital Markets Corp., as
Administrative Agent and Collateral Agent, and
10-Q
001-35503
10.1
7/29/2022

109
Deutsche Bank Trust Company Americas, as
Paying Agent
10.30
Note Issuance and Purchase Agreement among
NetCredit Receivables 2022, LLC as Issuer,
Citibank, N.A. as Collateral Agent and Paying
Agent, Jefferies Funding LLC as Initial Note
Purchaser, each of note purchasers from time to
time party hereto, and Jefferies Funding LLC,
as Administrative Agent dated as of October 21,
2022
10-K
001-35503
10.46
2/24/2023
10.31
Third Amendment to Credit Agreement, dated
November 18, 2022, among OnDeck
Receivables 2021, LLC, various lenders, and
JPMorgan Chase Bank, N.A., as Administrative
Agent and Collateral Agent and Deutsche Bank
Trust Company Americas, as Paying Agent
10-K
001-35503
10.47
2/24/2023
10.32
Amendment No. 8 to Fourth Amended and
Restated Credit Agreement, dated as of
November 18, 2022, among Receivable Assets
of OnDeck, LLC, as Borrower, the Lenders
party thereto and Truist Bank, as Administrative
Agent
10-K
001-35503
10.48
2/24/2023
10.33
Third Amendment to Lease Agreement, dated
March 21, 2023, between Mark Zettl, as Court
Appointed Receiver, and Enova International,
Inc.
10-Q
001-35503
10.1
4/28/2023
10.34
Credit Agreement, dated May 25, 2023, among
HWC Receivables 2023, LLC as Company,
various lenders, Headway Capital, LLC as
Originator and BNP Paribas as Administrative
Agent and Collateral Agent and Deutsche Bank
Trust Company Americas as Paying Agent
10-Q
001-35503
10.1
7/28/2023
10.35
First Amendment to Amended and Restated
Credit Agreement among Enova International,
Inc., as a Borrower and the Parent, certain
restricted subsidiaries of the Parent from time to
time party hereto, as Borrowers, certain
restricted subsidiaries of the Parent from time to
time party hereto, as Guarantors, the Lenders
party hereto, and Bank of Montreal, as
Administrative Agent and Collateral Agent
dated as of October 19, 2023
10.K
001-35503
10.43
2/23/2024
10.36
Amendment No. 7 to Credit Agreement, dated
November 15, 2023, among OnDeck
Receivables 2021, LLC, various lenders, and
JPMorgan Chase Bank, N.A., as Administrative
Agent and Collateral Agent and Deutsche Bank
Trust Company Americas, as Paying Agent
10.K
001-35503
10.44
2/23/2024
10.37
Note Issuance and Purchase Agreement among
NetCredit LOC Receivables 2024, LLC as
Issuer, Citibank, N.A. as Collateral Agent and
Paying Agent, each of the note purchasers listed
on Schedule I thereto as Initial Note Purchasers,
each of the other note purchasers from time to
10-Q
001-35503
10.1
4/24/2024

110
time party thereto, and Midtown Madison
Management LLC, as Administrative Agent
dated as of February 21, 2024
10.38
Omnibus Amendment - Amendment No. 2 to
Credit Agreement, Amendment to Backup
Servicing Agreement and Reaffirmation of
Performance Guaranty, dated as of June 27,
2024, by and among OnDeck Receivables 2022,
LLC, various lenders, BMO Capital Markets
Corp., as Administrative Agent and Collateral
Agent, ODK Capital, LLC, as Servicer, Vervent
Inc., as Backup Servicer, and Enova
International, Inc., as Performance Guarantor
10-Q
001-35503
10.1
7/24/2024
10.39
Second Amendment to Amended and Restated
Credit Agreement among Enova International,
Inc., as a Borrower and the Parent, certain
restricted subsidiaries of the Parent from time to
time party thereto, as Borrowers, certain
restricted subsidiaries of the Parent from time to
time party thereto, as Guarantors, the Lenders
party thereto, and Bank of Montreal, as
Administrative Agent and Collateral Agent,
dated as of September 11, 2024
10-Q
001-35503
10.1
10/23/2024
10.40
Omnibus Amendment - Amendment No. 1 to
Credit Agreement and Amendment to Security
Agreement, dated as of September 18, 2024,
among HWC Receivables 2023, LLC, as
company, the lenders party thereto, Headway
Capital, LLC, as originator, Enova
International, Inc., as performance guarantor,
and BNP Paribas, as administrative agent and as
collateral agent
10-Q
001-35503
10.2
10/23/2024
10.41
Second Amendment to Note Issuance and
Purchase Agreement among NetCredit
Receivables 2022, LLC as Issuer, Citibank,
N.A. as Collateral Agent and Paying Agent,
Jefferies Funding LLC as Administrative Agent
and Initial Note Purchaser, Citibank, N.A., as
Collateral Agent and Paying Agent, and the
note purchasers from time to time party thereto,
as dated as of October 15, 2024
X
10.42
Amendment No. 10 to Fourth Amended and
Restated Credit Agreement and Omnibus
Amendment, dated as of November 18, 2024,
among Receivable Assets of OnDeck, LLC, as
Borrower, Vervent Inc., as Backup Servicer, the
lenders party thereto from time to time,
Computershare Trust Company, National
Association, as Custodian and Collateral Agent,
and Truist Bank, as Administrative Agent
X
10.43
Fourth Amendment to Loan and Security
Agreement, dated as of December 21, 2022, by
and between EFR 2018-1, LLC and Pacific
Western Bank, as Administrative, Payment and
Collateral Agent
X

111
10.44
Fifth Amendment and Limited Waiver and
Consent to Loan and Security Agreement, dated
as of May 22, 2024, by and among EFR 2018-1,
LLC , each of the Lenders signatory thereto and
Ares Agent Services, L.P., as Administrative,
Payment and Collateral Agent
X
19.1
Enova International, Inc. Insider Trading Policy
X
21.1
Subsidiaries of Enova International, Inc.
X
23.1
Consent of Deloitte & Touche LLP
X
31.1
Certification of Chief Executive Officer
X
31.2
Certification of Chief Financial Officer
X
32.1
Certification of Chief Executive Officer
pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002
X
32.2
Certification of Chief Financial Officer
pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002
X
97.1
Enova International, Inc. Policy for The
Recovery of Erroneously Awarded Incentive
Compensation
X
101.INS
Inline XBRL Instance Document - the instance
document does not appear in the Interactive
Data File because its XBRL tags are embedded
within the Inline XBRL document.(1)
X(2)
101.SCH
Inline XBRL Taxonomy Extension Schema
with Embedded Linkbases Document(1)
X(2)
104
Cover Page Interactive Data File (formatted as
Inline XBRL and contained in Exhibit 101)
X(2)
* Indicates management contract or compensatory plan, contract or arrangement.
(1) Attached as Exhibit 101 to this report are the following formatted in XBRL (Extensible Business Reporting Language): (i)
Consolidated Balance Sheets at December 31, 2024 and December 31, 2023; (ii) Consolidated Statements of Income for the years
ended December 31, 2024, December 31, 2023 and December 31, 2022; (iii) Consolidated Statements of Comprehensive Income
for the years ended December 31, 2024, December 31, 2023 and December 31, 2022; (iv) Consolidated Statements of
Stockholders’ Equity at December 31, 2024, December 31, 2023 and December 31, 2022; (v) Consolidated Statements of Cash
Flows for the years ended December 31, 2024, December 31, 2023 and December 31, 2022; and (vi) Notes to Consolidated
Financial Statements.
(2) Submitted electronically herewith.
(3) Portions of this document have been omitted pursuant to a confidential treatment request approved by the SEC.
ITEM 16. FORM 10-K SUMMARY
None.

112
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
ENOVA INTERNATIONAL, INC.
Date: February 18, 2025
By: /s/ DAVID FISHER
David Fisher
Chief Executive Officer
Pursuant to the requirements of the Securities and Exchange Act of 1934, the report has been signed by the following persons on
behalf of the registrant and in the capacities and on the dates indicated.
Signature
Title
Date
/s/ DAVID FISHER
Chairman of the Board of Directors,
February 18, 2025
David Fisher
Chief Executive Officer and Director
(Principal Executive Officer)
/s/ STEVEN CUNNINGHAM
Chief Financial Officer
February 18, 2025
Steven Cunningham
(Principal Financial Officer)
/s/ JAMES J. LEE
Chief Accounting Officer
February 18, 2025
James J. Lee
(Principal Accounting Officer)
/s/ ELLEN CARNAHAN
Director
February 18, 2025
Ellen Carnahan
/s/ LINDSAY CORBY
Director
February 18, 2025
Lindsay Corby
/s/ DANIEL R. FEEHAN
Director
February 18, 2025
Daniel R. Feehan
/s/ WILLIAM M. GOODYEAR
Director
February 18, 2025
William M. Goodyear
/s/ JAMES A. GRAY
Director
February 18, 2025
James A. Gray
/s/ GREGG A. KAPLAN
Director
February 18, 2025
Gregg A. Kaplan
/s/ MARK MCGOWAN
Director
February 18, 2025
Mark McGowan
/s/ LINDA JOHNSON RICE
Director
February 18, 2025
Linda Johnson Rice
/s/ MARK A. TEBBE
Director
February 18, 2025
Mark A. Tebbe