Enova Announces $100 Million Share Repurchase Program

Rhea-AI Summary

On February 9, 2022, Enova International (NYSE: ENVA) announced a new share repurchase program of up to $100 million in common stock, replacing the existing $150 million program, which will terminate. This new plan is effective until June 30, 2023. By February 8, 2022, the company had repurchased $133 million in stock under the prior program. CEO David Fisher highlighted the company's strong performance and flexibility to return capital to shareholders while focusing on business investments for sustainable growth.

Positive

• Authorization of a new $100 million share repurchase program indicates strong financial health and commitment to returning capital to shareholders.
• Previous repurchase of $133 million suggests effective capital management.
• The company's focus on sustainable growth boosts investor confidence.

Negative

• None.

CHICAGO, Feb. 9, 2022 /PRNewswire/ -- Enova International (NYSE: ENVA), a leading financial technology company powered by machine learning and artificial intelligence, today announced that its Board of Directors has authorized a share repurchase plan for up to $100 million of its common stock. This new program will be in place until June 30, 2023. The existing $150 million repurchase program will terminate and be replaced by this new program. Through February 8, 2022, Enova had repurchased $133 million in common stock under the terminating program.

"The strong performance of our business gives us the flexibility to opportunistically return capital to shareholders and still focus on our primary goal of investing in our business to help borrowers move forward in their financial health and drive meaningful, sustainable and profitable growth," said David Fisher, Enova's CEO.

Repurchases will be made in accordance with applicable securities laws from time to time in the open market, through privately negotiated transactions or otherwise. The share repurchase program does not obligate the Company to purchase any shares of its common stock. The authorization for the share repurchase program may be terminated, increased or decreased by the Company's Board of Directors in its discretion at any time.

About Enova 

Enova International (NYSE: ENVA) is a leading financial technology company providing online financial services through its artificial intelligence and machine learning powered lending platform. Enova serves the needs of non-prime consumers and small businesses, who are frequently underserved by traditional banks. Enova has provided more than 7 million customers with over $40 billion in loans and financing with market leading products that provide a path for them to improve their financial health. You can learn more about the company and its brands at www.enova.com.

Cautionary Statement Concerning Forward Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about the business, financial condition and prospects of Enova. These forward-looking statements give current expectations or forecasts of future events and reflect the views and assumptions of Enova's senior management with respect to the business, financial condition and prospects of Enova as of the date of this release and are not guarantees of future performance. The actual results of Enova could differ materially from those indicated by such forward-looking statements because of various risks and uncertainties applicable to Enova's business, including, without limitation, those risks and uncertainties indicated in Enova's filings with the Securities and Exchange Commission ("SEC"), including our annual report on Form 10-K, quarterly reports on Forms 10-Q and current reports on Forms 8-K. These risks and uncertainties are beyond the ability of Enova to control, and, in many cases, Enova cannot predict all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this release, the words "believes," "estimates," "plans," "expects," "anticipates" and similar expressions or variations as they relate to Enova or its management are intended to identify forward-looking statements. Enova cautions you not to put undue reliance on these statements. Enova disclaims any intention or obligation to update or revise any forward-looking statements after the date of this release.

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SOURCE Enova International, Inc.

FAQ

What is the purpose of Enova's $100 million share repurchase program?

The $100 million share repurchase program aims to return capital to shareholders while allowing the company to continue investing in its business for sustainable growth.

When does the new share repurchase program for Enova expire?

The new share repurchase program for Enova is effective until June 30, 2023.

How much stock had Enova repurchased before the new program announcement?

Before the announcement of the new program, Enova had repurchased $133 million in common stock under the terminating program.

What has replaced Enova's previous share repurchase program?

Enova's previous $150 million share repurchase program has been replaced by the new $100 million program.