Enova Reports Third Quarter 2020 Results
Enova International (NYSE: ENVA) announced its third quarter 2020 financial results, reporting total revenue of $205 million, down 33% from $306 million in Q3 2019. Despite the revenue decline, net income rose to $94 million or $3.09 per diluted share, compared to $29 million or $0.83 per diluted share in the previous year. Enova successfully completed its acquisition of OnDeck and is optimistic about long-term growth. Adjusted EBITDA reached $136 million, up from $64 million in Q3 2019. The company is currently not providing fourth-quarter guidance due to economic uncertainties.
- Net income increased to $94 million, up from $29 million year-over-year.
- Adjusted EBITDA rose to $136 million, significantly higher than $64 million in Q3 2019.
- Successful acquisition of OnDeck, contributing to improved portfolio performance.
- Total revenue decreased by 33% to $205 million compared to Q3 2019.
- No fourth-quarter guidance due to ongoing uncertainties from the COVID-19 pandemic.
CHICAGO, Oct. 27, 2020 /PRNewswire/ -- Enova International (NYSE: ENVA), a leading financial technology and analytics company offering consumer and small business loans and financing, today announced financial results for the third quarter ending September 30, 2020.
"We are pleased to report strong earnings as the credit quality of the portfolio continued to improve during the third quarter," said David Fisher, Enova's CEO. "Encouraged by the better than expected portfolio performance and the stable and predictable credit risk seen in our testing, we thoughtfully began reaccelerating lending in the third quarter. Also, on October 13th, we successfully completed our acquisition of OnDeck. Similar to Enova's performance during the third quarter, OnDeck experienced growth in originations, improving credit quality and solid profitability. Our integration plans and recognition of the expected synergies and financial benefits of the transaction remain on track. With the combination of Enova's and OnDeck's complementary, market-leading businesses and our extensive experience navigating changes in the operating environment, we believe we are well positioned to grow profitably and drive long-term shareholder value."
Third Quarter 2020 Summary
- Total revenue of
$205 million in the third quarter of 2020 decreased33% from$306 million in the third quarter of 2019. - Net revenue margin of
88.9% in the third quarter of 2020 compared to gross profit margin of46.9% in the third quarter of 2019. - Net income from continuing operations of
$94 million , or$3.09 per diluted share, in the third quarter of 2020, compared to$29 million , or$0.83 per diluted share, in the third quarter of 2019. - Third quarter 2020 adjusted EBITDA of
$136 million , a non-GAAP measure, compared to$64 million in the third quarter of 2019. - Adjusted earnings of
$90 million , or$2.97 per diluted share, both non-GAAP measures, in the third quarter of 2020, compared to adjusted earnings of$32 million , or$0.92 per diluted share, in the third quarter of 2019.
"Our financial performance this quarter reflects the strength and adaptability of our direct online-only business model to efficiently manage expenses and the powerful credit risk management capabilities of our world class analytics and technology," said Steve Cunningham, CFO of Enova. "We have the right team, operating model, products and balance sheet flexibility to quickly and profitably re-accelerate our business as the economy recovers."
Outlook
Enova is monitoring and adapting quickly to changes in the current environment due to the COVID-19 pandemic. Given the ongoing uncertainties related to virus resurgences, changes in governmental restrictions, potential economic stimulus, employment stabilization, and business reopenings, the Company is not providing guidance for the fourth quarter of 2020.
For information regarding the non-GAAP financial measures discussed in this release, please see "Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP Financial Measures" below.
Conference Call
Enova will host a conference call to discuss its third quarter results at 4 p.m. Central Time / 5 p.m. Eastern Time today, October 27th. The live webcast of the call can be accessed at the Enova Investor Relations website at http://ir.enova.com, along with the company's earnings press release and supplemental financial information. The U.S. dial-in for the call is 1-855-560-2575 (1-412-542-4161 for non-U.S. callers). Please ask to join the Enova International call. A replay of the conference call will be available until November 3, 2020, at 10:59 p.m. Central Time / 11:59 p.m. Eastern Time, while an archived version of the webcast will be available on the Enova International Investor Relations website for 90 days. The U.S. dial-in for the conference call replay is 1-877-344-7529 (1-412-317-0088). The replay access code is 10148983.
About Enova
Enova International (NYSE: ENVA) is a leading provider of online financial services to non-prime consumers and small businesses, providing access to credit powered by its advanced analytics, innovative technology, and world-class online platform and services. Enova has provided more than 7 million customers around the globe with access to more than
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.
Non-GAAP Financial Measures
In addition to the financial information prepared in conformity with generally accepted accounting principles, or GAAP, Enova provides historical non-GAAP financial information. Management believes that presentation of non-GAAP financial information is meaningful and useful in understanding the activities and business metrics of Enova's operations. Management believes that these non-GAAP financial measures reflect an additional way of viewing aspects of Enova's business that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.
Management provides non-GAAP financial information for informational purposes and to enhance understanding of Enova's GAAP consolidated financial statements. Readers should consider the information in addition to, but not instead of or superior to, Enova's 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.
Combined Loans and Finance Receivables
The combined loans and finance receivables measures are non-GAAP measures that include loans and finance receivables that Enova owns or has purchased and loans that Enova guarantees. Management believes these non-GAAP measures provide investors with important information needed to evaluate the magnitude of potential receivable losses and the opportunity for revenue performance of the loans and finance receivable portfolio on an aggregate basis. Management also believes that the comparison of the aggregate amounts from period to period is more meaningful than comparing only the amounts reflected on Enova's consolidated balance sheet since revenue is impacted by the aggregate amount of receivables owned by Enova and those guaranteed by Enova as reflected in its consolidated financial statements.
Adjusted Earnings Measures
In addition to reporting financial results in accordance with GAAP, Enova has provided adjusted earnings and adjusted earnings per share, or, collectively, the Adjusted Earnings Measures, which are non-GAAP measures. Management believes 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 Enova's financial performance, competitive position and prospects for the future. Management also believes that investors regularly rely on non-GAAP financial measures, such as the Adjusted Earnings Measures, to assess operating performance and that such measures may highlight trends in Enova's business that may not otherwise be apparent when relying on financial measures calculated in accordance with GAAP. In addition, management believes that the adjustments shown below are useful to investors in order to allow them to compare Enova's financial results during the periods shown without the effect of each of these expense items.
Adjusted EBITDA Measures
In addition to reporting financial results in accordance with GAAP, Enova has provided Adjusted EBITDA and Adjusted EBITDA margin, or, collectively, the Adjusted EBITDA measures, which are non-GAAP measures. Adjusted EBITDA is a non-GAAP measure that Enova defines as earnings excluding depreciation, amortization, interest, foreign currency transaction gains or losses, taxes and stock-based compensation. In addition, management believes that the adjustments for acquisition-related costs, lease termination and cease-use costs and losses on early extinguishment of debt shown below are useful to investors in order to allow them to compare our financial results during the periods shown without the effect of the expense items. Adjusted EBITDA margin is a non-GAAP measure that Enova defines as Adjusted EBITDA as a percentage of total revenue. Management believes Adjusted EBITDA Measures are used by investors to analyze operating performance and evaluate Enova's ability to incur and service debt and Enova's capacity for making capital expenditures. Adjusted EBITDA Measures are also useful to investors to help assess Enova's estimated enterprise value.
ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||||||
September 30, | December 31, | |||||||||||
2020 | 2019 | 2019 | ||||||||||
Assets | ||||||||||||
Cash and cash equivalents(1) | $ | 490,033 | $ | 28,864 | $ | 35,895 | ||||||
Restricted cash(1) | 45,017 | 18,619 | 45,069 | |||||||||
Loans and finance receivables at fair value(1) | 693,370 | — | — | |||||||||
Loans and finance receivables at amortized cost, net(1) | — | 950,188 | 1,062,650 | |||||||||
Income taxes receivable | — | 6,501 | 32,859 | |||||||||
Other receivables and prepaid expenses(1) | 25,117 | 38,232 | 31,643 | |||||||||
Property and equipment, net | 63,403 | 50,563 | 54,540 | |||||||||
Operating lease right-of-use assets | 20,370 | 19,983 | 19,586 | |||||||||
Goodwill | 267,868 | 267,013 | 267,013 | |||||||||
Intangible assets, net | 1,623 | 2,452 | 2,185 | |||||||||
Other assets(1) | 27,363 | 11,826 | 22,912 | |||||||||
Assets from discontinued operations | — | 112,720 | — | |||||||||
Total assets | $ | 1,634,164 | $ | 1,506,961 | $ | 1,574,352 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||
Accounts payable and accrued expenses(1) | $ | 76,526 | $ | 111,901 | $ | 122,163 | ||||||
Operating lease liabilities | 35,258 | 36,490 | 35,712 | |||||||||
Income taxes currently payable | 15,339 | — | — | |||||||||
Deferred tax liabilities, net | 69,874 | 40,264 | 48,683 | |||||||||
Long-term debt(1) | 863,472 | 873,744 | 991,181 | |||||||||
Liabilities from discontinued operations | — | 10,591 | — | |||||||||
Total liabilities | 1,060,469 | 1,072,990 | 1,197,739 | |||||||||
Commitments and contingencies | ||||||||||||
Stockholders' equity: | ||||||||||||
Common stock, | — | — | — | |||||||||
Preferred stock, | — | — | — | |||||||||
Additional paid in capital | 74,868 | 61,477 | 63,791 | |||||||||
Retained earnings | 618,775 | 423,234 | 372,681 | |||||||||
Accumulated other comprehensive loss | (8,547) | (17,158) | (3,066) | |||||||||
Treasury stock, at cost (6,079,130, 1,763,733 and 2,790,229 shares as | (111,401) | (33,582) | (56,793) | |||||||||
Total stockholders' equity | 573,695 | 433,971 | 376,613 | |||||||||
Total liabilities and stockholders' equity | $ | 1,634,164 | $ | 1,506,961 | $ | 1,574,352 | ||||||
(1) | Includes amounts in wholly owned, bankruptcy-remote special purpose subsidiaries ("VIEs") presented separately in the table |
ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||||||
The following table presents the aggregated assets and liabilities of consolidated VIEs, which are included in the Consolidated | ||||||||||||
September 30, | December 31, | |||||||||||
2020 | 2019 | 2019 | ||||||||||
Assets of consolidated VIEs, included in total assets above | ||||||||||||
Cash and cash equivalents | $ | 525 | $ | 420 | $ | 420 | ||||||
Restricted cash | 42,656 | 18,618 | 42,354 | |||||||||
Loans and finance receivables at fair value | 339,445 | — | — | |||||||||
Loans and finance receivables at amortized cost, net (includes allowance | — | 340,034 | 420,690 | |||||||||
Other receivables and prepaid expenses | 4,449 | 9,236 | 9 | |||||||||
Other assets | 1,870 | 2,346 | 2,161 | |||||||||
Total assets | $ | 388,945 | $ | 370,654 | $ | 465,634 | ||||||
Liabilities of consolidated VIEs, included in total liabilities above | ||||||||||||
Accounts payable and accrued expenses | $ | 1,953 | $ | 3,300 | $ | 3,171 | ||||||
Long-term debt | 247,372 | 234,666 | 304,598 | |||||||||
Total liabilities | $ | 249,325 | $ | 237,966 | $ | 307,769 | ||||||
ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Revenue | $ | 204,545 | $ | 305,612 | $ | 819,858 | $ | 829,495 | ||||||||
Change in Fair Value | (22,777) | — | (379,168) | — | ||||||||||||
Cost of Revenue | — | (162,186) | — | (404,477) | ||||||||||||
Net Revenue/Gross Profit | 181,768 | 143,426 | 440,690 | 425,018 | ||||||||||||
Expenses | ||||||||||||||||
Marketing | 4,629 | 34,505 | 42,175 | 79,427 | ||||||||||||
Operations and technology | 17,702 | 20,717 | 65,472 | 61,353 | ||||||||||||
General and administrative | 33,656 | 27,267 | 83,943 | 84,562 | ||||||||||||
Depreciation and amortization | 3,770 | 3,433 | 11,444 | 11,048 | ||||||||||||
Total Expenses | 59,757 | 85,922 | 203,034 | 236,390 | ||||||||||||
Income from Operations | 122,011 | 57,504 | 237,656 | 188,628 | ||||||||||||
Interest expense, net | (18,634) | (18,235) | (59,387) | (55,853) | ||||||||||||
Foreign currency transaction loss | (30) | (12) | (7) | (190) | ||||||||||||
Loss on early extinguishment of debt | — | — | — | (2,321) | ||||||||||||
Income before Income Taxes | 103,347 | 39,257 | 178,262 | 130,264 | ||||||||||||
Provision for income taxes | 9,671 | 10,374 | 30,812 | 31,776 | ||||||||||||
Net income from continuing operations | 93,676 | 28,883 | 147,450 | 98,488 | ||||||||||||
Net loss from discontinued operations | (9) | (1,798) | (297) | (11,323) | ||||||||||||
Net Income | $ | 93,667 | $ | 27,085 | $ | 147,153 | $ | 87,165 | ||||||||
Earnings Per Share: | ||||||||||||||||
Earnings per common share – basic: | ||||||||||||||||
Continuing operations | $ | 3.11 | $ | 0.85 | $ | 4.78 | $ | 2.92 | ||||||||
Discontinued operations | — | (0.05) | (0.01) | (0.34) | ||||||||||||
Earnings per common share – basic | $ | 3.11 | $ | 0.80 | $ | 4.77 | $ | 2.58 | ||||||||
Earnings per common share – diluted: | ||||||||||||||||
Continuing operations | $ | 3.09 | $ | 0.83 | $ | 4.73 | $ | 2.86 | ||||||||
Discontinued operations | — | (0.05) | (0.01) | (0.33) | ||||||||||||
Earnings per common share – diluted | $ | 3.09 | $ | 0.78 | $ | 4.72 | $ | 2.53 | ||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 30,108 | 33,997 | 30,880 | 33,770 | ||||||||||||
Diluted | 30,363 | 34,577 | 31,180 | 34,492 | ||||||||||||
ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||
Nine Months Ended September 30, | ||||||||
2020 | 2019 | |||||||
Cash flows provided by operating activities | ||||||||
Cash flows from operating activities - continuing operations | $ | 623,530 | $ | 568,606 | ||||
Cash flows from operating activities - discontinued operations | (297) | 37,299 | ||||||
Total cash flows provided by operating activities | 623,233 | 605,905 | ||||||
Cash flows provided by (used in) investing activities | ||||||||
Loans and finance receivables | 40,505 | (552,067) | ||||||
Acquisitions | (3,597) | — | ||||||
Purchases of property and equipment | (19,835) | (14,766) | ||||||
Other investing activities | 57 | 7 | ||||||
Cash flows from investing activities - continuing operations | 17,130 | (566,826) | ||||||
Cash flows from investing activities - discontinued operations | — | (20,161) | ||||||
Total cash flows provided by (used in) investing activities | 17,130 | (586,987) | ||||||
Cash flows (used in) provided by financing activities | (186,103) | 2,616 | ||||||
Effect of exchange rates on cash, cash equivalents and restricted cash | (174) | (8,129) | ||||||
Net increase in cash, cash equivalents and restricted cash | 454,086 | 13,405 | ||||||
Less: increase in cash, cash equivalents and restricted cash from discontinued | — | (16,205) | ||||||
Change in cash, cash equivalents and restricted cash from continuing operations | 454,086 | (2,800) | ||||||
Cash, cash equivalents and restricted cash at beginning of year | 80,964 | 50,283 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 535,050 | $ | 47,483 | ||||
ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||||||
The following table shows loans and finance receivables and related loan loss activity, which is based on loan and finance receivable | ||||||||||||
Three Months Ended September 30, | 2020 | 2019 | Change | |||||||||
Ending combined loan and finance receivable principal balance: | ||||||||||||
Company owned | $ | 651,289 | $ | 1,003,277 | $ | (351,988) | ||||||
Guaranteed by the Company(a) | 6,905 | 23,549 | (16,644) | |||||||||
Total combined loan and finance receivable principal balance(b) | $ | 658,194 | $ | 1,026,826 | $ | (368,632) | ||||||
Ending combined loan and finance receivable fair value balance: | ||||||||||||
Company owned | $ | 693,370 | N/A | N/A | ||||||||
Guaranteed by the Company(a) | 7,411 | N/A | N/A | |||||||||
Ending combined loan and finance receivable fair value balance(b) | $ | 700,781 | N/A | N/A | ||||||||
Fair value as a % of principal(c) | 106.5 | % | ||||||||||
Ending combined loan and finance receivable balance, including | ||||||||||||
Company owned | $ | 698,964 | $ | 1,086,163 | $ | (387,199) | ||||||
Guaranteed by the Company(a) | 8,100 | 23,648 | (15,548) | |||||||||
Ending combined loan and finance receivable balance(b) | $ | 707,064 | $ | 1,109,811 | $ | (402,747) | ||||||
Ending allowance for loan losses (prior to FVO adoption) | N/A | $ | 75,413 | N/A | ||||||||
Allowance for losses as a % of combined loan and finance receivable | N/A | 6.8 | % | N/A | ||||||||
Average combined loan and finance receivable balance, including | ||||||||||||
Company owned(d) | $ | 747,956 | $ | 1,019,520 | $ | (271,564) | ||||||
Guaranteed by the Company(a)(d) | 6,855 | 23,031 | (16,176) | |||||||||
Average combined loan and finance receivable balance(a)(d) | $ | 754,811 | $ | 1,042,551 | $ | (287,740) | ||||||
Revenue | $ | 203,397 | $ | 259,201 | $ | (55,804) | ||||||
Cost of revenue/change in fair value | (22,777) | (162,186) | 139,409 | |||||||||
Gross profit/net revenue | 180,620 | 97,015 | 83,605 | |||||||||
Gross profit margin/net revenue margin | 88.8 | % | 37.4 | % | 51.4 | % | ||||||
Cost of revenue/change in fair value as a % of average loan and finance | 3.0 | % | 15.6 | % | (12.6) | % | ||||||
Delinquencies: | ||||||||||||
>30 days delinquent | $ | 25,841 | $ | 77,772 | $ | (51,931) | ||||||
>30 days delinquent as a % of loan and finance receivable balance(c) | 3.7 | % | 7.0 | % | (3.3) | % | ||||||
Charge-offs: | ||||||||||||
Charge-offs (net of recoveries) | $ | 35,166 | $ | 139,505 | $ | (104,339) | ||||||
Charge-offs (net of recoveries) as a % of average loan and finance | 4.7 | % | 13.4 | % | (8.7) | % | ||||||
(a) | Represents loans originated by third-party lenders through the CSO programs, which are not included in our consolidated |
(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. |
ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||||||||||
Adjusted Earnings Measures | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net income from continuing operations | $ | 93,676 | $ | 28,883 | $ | 147,450 | $ | 98,488 | ||||||||
Adjustments: | ||||||||||||||||
Acquisition-related costs(a) | 6,593 | — | 6,593 | — | ||||||||||||
Lease termination and cease-use costs(b) | — | — | — | 726 | ||||||||||||
Loss on early extinguishment of debt(c) | — | — | — | 2,321 | ||||||||||||
Intangible asset amortization | 27 | 268 | 562 | 803 | ||||||||||||
Stock-based compensation expense | 3,768 | 3,387 | 10,888 | 9,784 | ||||||||||||
Foreign currency transaction loss | 30 | 12 | 7 | 190 | ||||||||||||
Cumulative tax effect of adjustments | (2,454) | (852) | (4,251) | (3,214) | ||||||||||||
Discrete tax adjustments(d) | (11,604) | — | (11,604) | (141) | ||||||||||||
Adjusted earnings | $ | 90,036 | $ | 31,698 | $ | 149,645 | $ | 108,957 | ||||||||
Diluted earnings per share | $ | 3.09 | $ | 0.83 | $ | 4.73 | $ | 2.86 | ||||||||
Adjusted earnings per share | $ | 2.97 | $ | 0.92 | $ | 4.80 | $ | 3.16 | ||||||||
Adjusted EBITDA | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net income from continuing operations | $ | 93,676 | $ | 28,883 | $ | 147,450 | $ | 98,488 | ||||||||
Depreciation and amortization expenses | 3,770 | 3,433 | 11,444 | 11,048 | ||||||||||||
Interest expense, net | 18,634 | 18,235 | 59,387 | 55,853 | ||||||||||||
Foreign currency transaction loss | 30 | 12 | 7 | 190 | ||||||||||||
Provision for income taxes | 9,671 | 10,374 | 30,812 | 31,776 | ||||||||||||
Stock-based compensation expense | 3,768 | 3,387 | 10,888 | 9,784 | ||||||||||||
Adjustments: | ||||||||||||||||
Acquisition-related costs(a) | 6,593 | — | 6,593 | — | ||||||||||||
Lease termination and cease-use costs(b) | — | — | — | 370 | ||||||||||||
Loss on early extinguishment of debt(c) | — | — | — | 2,321 | ||||||||||||
Adjusted EBITDA | $ | 136,142 | $ | 64,324 | $ | 266,581 | $ | 209,830 | ||||||||
Adjusted EBITDA margin calculated as follows: | ||||||||||||||||
Total Revenue | $ | 204,545 | $ | 305,612 | $ | 819,858 | $ | 829,495 | ||||||||
Adjusted EBITDA | 136,142 | 64,324 | 266,581 | 209,830 | ||||||||||||
Adjusted EBITDA as a percentage of total revenue | 66.6 | % | 21.0 | % | 32.5 | % | 25.3 | % | ||||||||
(a) | In the third quarter of 2020, the Company incurred expenses totaling |
(b) | In the first quarter of 2019, the Company recorded impairment charges of |
(c) | In the first quarter of 2019, the Company recorded a loss on early extinguishment of debt of |
(d) | In the third quarter of 2020, the Company recognized an |
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SOURCE Enova International, Inc.
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