Enova International Inc (ENVA) 2025 Q1 法說會逐字稿

Hello, and welcome to the Enova International first-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Lindsay Savarese, Investor Relations. Please go ahead.

您好，歡迎參加 Enova International 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在我想將會議交給投資者關係部門的 Lindsay Savarese。請繼續。

Thank you, operator, and good afternoon, everyone. Enova released results for the first quarter of 2025 ended March 31, 2025, this afternoon after market close. If you did not receive a copy of our earnings press release, you may obtain it from the Investor Relations section of our website at ir.enova.com. With me on today's call are David Fisher, Chief Executive Officer; and Steve Cunningham, Chief Financial Officer. This call is being webcast and will be archived on the Investor Relations section of our website.

謝謝接線員，大家下午好。Enova 今天下午收盤後公佈了截至 2025 年 3 月 31 日的 2025 年第一季業績。如果您沒有收到我們的收益新聞稿的副本，您可以從我們網站 ir.enova.com 的投資者關係部分取得。今天與我一起參加電話會議的還有執行長戴維費雪 (David Fisher)；以及財務長史蒂夫坎寧安 (Steve Cunningham)。本次電話會議將透過網路直播，並將存檔於我們網站的投資者關係部分。

Before I turn the call over to David, I'd like to note that today's discussion will contain forward-looking statements and, as such, is subject to risks and uncertainties. Actual results may differ materially as a result from various important risk factors, including those discussed in our earnings press release and in our annual report on Form 10-K, quarterly reports on Forms 10-Q and current reports on Form 8-K. Please note that any forward-looking statements that are made on this call are based on assumptions as of today and we undertake no obligation to update these statements as a result of new information or future events. In addition to US GAAP reporting, Enova reports certain financial measures that do not conform to generally accepted accounting principles.

在我將電話轉給大衛之前，我想指出，今天的討論將包含前瞻性陳述，因此會受到風險和不確定性的影響。由於各種重要風險因素，實際結果可能存在重大差異，包括我們在收益新聞稿和 10-K 表年度報告、10-Q 表季度報告和 8-K 表當前報告中討論的風險因素。請注意，本次電話會議中所做的任何前瞻性陳述均基於今天的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。除了美國公認會計準則報告外，Enova 還報告了某些不符合公認會計原則的財務指標。

We believe these non-GAAP measures enhance the understanding of our performance. A reconciliation between these GAAP and non-GAAP measures are included in the tables found in today's press release. As noted in our earnings release, we have posted supplemental financial information on the IR portion of our website. And with that, I'd like to turn the call over to David.

我們相信這些非公認會計準則衡量指標能夠增強對我們績效的理解。今天的新聞稿中的表格中包含了這些 GAAP 和非 GAAP 指標之間的對帳。正如我們的收益報告中所述，我們已在我們網站的 IR 部分發布了補充財務資訊。說完這些，我想把電話轉給大衛。

Thanks, and good afternoon, everyone. I appreciate you joining our call today. I'm pleased to report that we once again delivered strong results that met or exceeded our expectations, driven by healthy demand and stable credit across our product range. Quarter-after-quarter, we continue to demonstrate that our flexible online-only business model, well diversified portfolio, world class technology, proprietary analytics and experienced team can deliver consistent results. Despite the recent volatility in the stock market and concerns about the impact of increased tariffs, our customer base remains stable as the macro trends for these customers are positive.

謝謝，大家下午好。感謝您今天參加我們的電話會議。我很高興地報告，在產品系列的健康需求和穩定信貸的推動下，我們再次取得了達到或超越我們預期的強勁業績。我們每季都不斷證明，我們靈活的純線上業務模式、多元化的投資組合、世界一流的技術、專有的分析和經驗豐富的團隊能夠帶來持續的成果。儘管近期股市波動且人們擔心關稅上調的影響，但我們的客戶群仍然保持穩定，因為這些客戶的宏觀趨勢是正面的。

Both internal and external data show that our non-prime customers remain on solid footing with a healthy job market and strong wage growth, particularly at lower income levels, and strong consumer spending benefits small and mid-sized businesses as demonstrated by the ongoing strength in our SMB portfolio. While the impact of the government's tariff policy may have on the US economy is difficult to predict, we remain confident in Enova's future and our ability to navigate a wide range of operating environments. We are monitoring both demand and portfolio performance even more closely than normal and continue to see the level demand we would expect, while payment performance remains in line or better than our expectations.

內部和外部數據均表明，我們的非優質客戶仍然基礎穩固，就業市場健康，工資增長強勁，尤其是在低收入水平，強勁的消費支出使中小型企業受益，這從我們中小企業投資組合的持續強勁表現中可見一斑。雖然政府關稅政策對美國經濟的影響可能難以預測，但我們仍然對 Enova 的未來以及我們應對各種營運環境的能力充滿信心。我們正在比平常更密切地監控需求和投資組合表現，並繼續看到我們預期的需求水平，而支付表現仍然符合或優於我們的預期。

Looking forward, the high payment frequency and relatively short duration of our portfolio provides fast feedback that we incorporate into ongoing decision making, which positions us well to react immediately to changes in credit performance. Longer term, we continue to believe we have the right strategy in place to execute on our mission of helping hardworking people get access to fast trustworthy credit, while continuing to produce sustainable and profitable growth. We remain committed to our balanced approach, which has led to predictable outcomes and our strong track record of consistency.

展望未來，我們投資組合的高付款頻率和相對較短的期限提供了快速的反饋，我們將其納入持續的決策中，這使我們能夠對信貸表現的變化立即做出反應。從長遠來看，我們仍然相信我們已經制定了正確的策略來執行我們的使命，即幫助勤奮的人們獲得快速可靠的信貸，同時繼續實現可持續的盈利增長。我們將繼續致力於平衡的方法，這帶來了可預測的結果和良好的一致性記錄。

Our diversified product offerings provide resiliency against an outsized impact to any one portion of our customer base, while the short duration of our portfolio and rapid loss emergence ensures that we can quickly readjust our book to the current environment. As a result, we are confident that these advantages combined with 20 plus years of experience navigating a myriad of macroeconomic environments gives us a strong foundation to build on this success. Now turning to the quarter.

我們多樣化的產品供應能夠抵禦對任何部分客戶群造成的巨大衝擊，而我們投資組合的短期性和快速的損失出現確保我們能夠根據當前環境快速調整我們的帳簿。因此，我們相信，這些優勢加上 20 多年來應對各種宏觀經濟環境的經驗，為我們取得這一成功奠定了堅實的基礎。現在轉向本季。

We once again generated greater than 20% year-over-year growth in revenue originations and adjusted EPS as our diversified online-only business model continues to attract customers and generate significant operating leverage. First quarter originations increased 26% year-over-year and 1% sequentially to $1.7 billion. As a result of the strong origination growth, our combined loan and finance receivables increased 20% year-over-year to a record $4.1 billion. Small business products represented 65% of the total portfolio and consumer was 35%. We generated revenue of $746 million in the first quarter, an increase of 22% year-over-year and 2% sequentially.

由於我們多元化的純線上業務模式繼續吸引客戶並產生顯著的經營槓桿，我們的收入來源和調整後每股收益再次實現了超過 20% 的同比增長。第一季貸款發放金額年增 26%，季增 1%，達到 17 億美元。由於貸款發放量強勁成長，我們的綜合貸款和融資應收款年增 20%，達到創紀錄的 41 億美元。小型企業產品佔總產品組合的 65%，消費者產品佔 35%。我們第一季的營收為 7.46 億美元，年增 22%，季增 2%。

SMB revenue increased 29% year-over-year and 7% sequentially to a record $305 million. Our consumer revenue increased to $431 million, 18% higher than a year ago and down a less than expected 1% sequentially off a strong Q4. Profitability continued to grow even faster. Adjusted EPS increased 56% year-over-year driven by the operating leverage inherent in our online-only business, a lower cost of funds and efficient marketing. Marketing expense was 19% of our total revenue, in line with our expectations and compared to 18% in Q1 of 2024.

中小企業營收年增 29%，季增 7%，達到創紀錄的 3.05 億美元。我們的消費者營收增至 4.31 億美元，比去年同期高出 18%，與強勁的第四季相比，季減 1%，低於預期。獲利能力持續快速成長。調整後每股盈餘較去年同期成長 56%，這得益於我們純線上業務固有的營運槓桿、較低的資金成本和高效的行銷。行銷費用占我們總收入的 19%，符合我們的預期，而 2024 年第一季為 18%。

As I've mentioned, credit quality continues to be good across the portfolio due to the stability we have seen in the performance of our customers. The consolidated net charge-off ratio for the quarter declined to 8.6% from 8.9% last quarter, largely driven by a drop in our consumer business. Demand and credit in our consumer business continues to be powered by a strong labor market as rising wages and historically low levels of unemployment continue to benefit our customers. The latest job report highlights a resilient labor market. In March, the US added 228,000 jobs, the fourth highest month for the private payroll growth in the past two years, which was well ahead of expectations.

正如我所提到的，由於我們看到客戶表現的穩定性，整個投資組合的信貸品質持續保持良好。本季綜合淨沖銷率從上季的 8.9% 下降至 8.6%，主要原因是我們的消費者業務下滑。由於工資上漲和歷史低位失業率繼續使我們的客戶受益，我們消費業務的需求和信貸繼續受到強勁勞動力市場的推動。最新的就業報告凸顯了勞動市場的韌性。美國3月份新增私部門就業人數22.8萬個，為兩年來私部門就業人數增幅第四高的月份，遠超預期。

In addition, new jobless claims have repeatedly come in below expectations. Also, as a reminder, we successfully navigated periods over the last two decades where the unemployment rate has been more than double where it is today. Over this period, we've helped almost 10 million customers get access to fast, trustworthy credit. Further, as we've said many times before, in many ways our customers are always in a recession.

此外，新申請失業救濟人數屢屢低於預期。另外，需要提醒的是，過去二十年，我們成功度過了失業率比現在高出一倍以上的時期。在此期間，我們已幫助近 1,000 萬名客戶獲得快速、可靠的信貸。此外，正如我們之前多次說過的那樣，在很多方面，我們的客戶總是處於衰退之中。

These hardworking people are experienced in living paycheck-to-paycheck and sophisticated in managing variabilities in their finances. As a result, recessions tend to have less of an impact on our non-prime customers than on prime borrowers. Turning to our SMB business. For the third quarter in a row, we produced over $1 billion in originations. We continue to see solid demand in credit across this portfolio as well and we continue to see more businesses proactively seeking out alternative lenders like us.

這些勤奮的人有著豐富的月光族生活經驗，並且善於管理財務波動。因此，經濟衰退對非優質客戶的影響往往小於對優質借款人的影響。轉向我們的 SMB 業務。連續第三個季度，我們的貸款發放超過 10 億美元。我們繼續看到該投資組合對信貸的強勁需求，我們繼續看到越來越多的企業積極尋找像我們這樣的替代貸款機構。

We're proud to serve as a trusted partner when these businesses need capital to fuel their growth plans. Our SMB portfolio is intentionally well diversified across states, across industries, across product types and across the credit spectrum. We have advanced algorithms that are constantly monitoring performance across all of those variables. As I mentioned above, the consumer is still in a strong position, which is an important driver to the success of small businesses. For example, in March, retail sales increased 1.4%, topping consensus.

當這些企業需要資金來推動其成長計畫時，我們很榮幸能夠成為值得信賴的合作夥伴。我們的中小企業投資組合有意在各州、各行業、各個產品類型和各個信貸範圍內實現多元化。我們擁有先進的演算法，可以持續監控所有這些變數的效能。正如我上面提到的，消費者仍然處於強勢地位，這是小企業成功的重要驅動力。例如，3月份，社會消費品零售總額成長1.4%，高於預期。

While it's difficult to predict how tariffs will impact SMBs and the overall economy, because of the diversity, size and industry of our borrowers, we would not expect a substantial impact to our portfolio. However, with all the fluctuations in the market and in any part of the cycle, there are always risks and opportunities. We have a nimble model and short duration products, where we can rotate in and out of industries quickly. Our analytics are focused on ensuring that we are underwriting into the right industries at the right time and making the right risk adjusted decisions. And as you can see through our consistent results over the years, we have a very talented team that knows how to manage through changes in the environment.

雖然很難預測關稅將如何影響中小企業和整體經濟，但由於我們的借款人的多樣性、規模和行業，我們預計不會對我們的投資組合產生重大影響。然而，市場在波動，週期的任何部分，總是存在風險和機會。我們擁有靈活的模式和短期產品，可以快速地在各個行業中輪換。我們的分析重點是確保我們在正確的時間承保正確的行業並做出正確的風險調整決策。正如您從我們多年來始終如一的成果中所看到的，我們擁有一支非常有才華的團隊，他們知道如何應對環境的變化。

Before I wrap up, I'd like to take a few moments to discuss our strategy and outlook for 2025 and beyond. We are encouraged by the continued strong momentum and good credit performance across our portfolio. We're optimistic that our customers will manage the current economic landscape successfully, but in any event, we have the technology and people in place to ensure that we continue to produce sustainable and profitable growth, and we are confident that our focused growth strategy will continue to deliver value for both our customers and our shareholders.

在結束之前，我想花點時間討論一下我們 2025 年及以後的策略和展望。我們對我們的投資組合持續強勁的發展勢頭和良好的信用表現感到鼓舞。我們樂觀地認為，我們的客戶將成功應對當前的經濟形勢，但無論如何，我們擁有技術和人才，以確保我們繼續實現可持續的盈利增長，並且我們相信，我們重點關注的增長戰略將繼續為我們的客戶和股東創造價值。

In addition, our solid balance sheet with more than $1.1 billion in liquidity provides us with the financial flexibility to successfully navigate a range of operating environments and to continue to deliver on our commitment to driving long-term shareholder value through both continued investments in our business as well as share repurchases. We look forward to updating you on our progress throughout the year.

此外，我們穩健的資產負債表和超過 11 億美元的流動資金為我們提供了財務靈活性，使我們能夠成功應對各種營運環境，並透過持續投資我們的業務和股票回購來繼續履行推動長期股東價值的承諾。我們期待向您通報我們全年的進展。

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

接下來，我想將電話轉給我們的財務長史蒂夫坎寧安 (Steve Cunningham)，他將更詳細地討論我們的財務表現和前景。根據史蒂夫的發言，我們將很樂意回答您的任何問題。史蒂夫？

Thank you, David, and good afternoon, everyone. As David noted in his remarks, we're pleased to deliver another solid quarter of top and bottom line financial performance. We started 2025 with strong growth in originations, receivables and revenue, along with solid credit, operating efficiency and balance sheet flexibility. Turning to our first quarter results. Total company revenue of $746 million increased 22% from the first quarter of 2024, slightly exceeding our expectations, driven by 20% year-over-year growth in total company combined loan and finance receivables balances on an amortized basis.

謝謝你，大衛，大家下午好。正如大衛在演講中指出的那樣，我們很高興能夠再次實現穩健的季度營收和利潤財務表現。2025 年開始，我們的發起、應收帳款和收入均實現了強勁成長，同時信用穩健、營運效率高、資產負債表靈活。談到我們的第一季業績。該公司總收入為 7.46 億美元，較 2024 年第一季增長 22%，略高於我們的預期，這得益於公司合併貸款和融資應收款餘額按攤銷方式同比增長 20%。

Total company originations during the first quarter rose 26% from the first quarter of 2024 to just over $1.7 billion. Revenue from small business lending increased 29% from the first quarter of 2024 to $305 million as small business receivables on an amortized basis ended the quarter at $2.7 billion or 20% higher than the end of the first quarter of 2024. Small business originations rose 27% year-over-year to $1.2 billion. Revenue from our consumer businesses increased 18% from the first quarter of 2024 to $431 million as consumer receivables on an amortized basis ended the first quarter at $1.5 billion or 20% higher than the end of the first quarter of 2024. Consumer originations grew 22% from the first quarter of 2024 to $508 million.

第一季公司發起總額較 2024 年第一季成長 26%，達到略高於 17 億美元。小型企業貸款收入較 2024 年第一季成長 29%，達到 3.05 億美元，因為本季末攤銷後的小型企業應收帳款為 27 億美元，比 2024 年第一季末高出 20%。小型企業發起額年增 27%，達到 12 億美元。我們的消費者業務收入較 2024 年第一季成長 18%，達到 4.31 億美元，因為第一季末以攤銷計算的消費者應收帳款為 15 億美元，比 2024 年第一季末高出 20%。消費者起源額從 2024 年第一季起成長了 22%，達到 5.08 億美元。

For the second quarter of 2025, we expect total company revenue to be flat to slightly higher sequentially, resulting in year-over-year revenue growth of around 20%. This expectation will depend upon the level, timing and mix of originations growth during the quarter. Now turning to credit, which is the most significant driver of net revenue and portfolio fair value. In line with our expectations, the consolidated net revenue margin was 57% for the first quarter, unchanged from last quarter and the first quarter of 2024, and reflects continued solid credit performance. The consolidated net charge-off ratio for the first quarter of 8.6% is also consistent with the first quarter of 2024.

對於 2025 年第二季度，我們預計公司總營收將與上一季持平或略有成長，年增約 20%。這一預期將取決於本季發起成長的水平、時間和組合。現在轉向信貸，它是淨收入和投資組合公允價值的最重要驅動因素。與我們的預期一致，第一季的合併淨收入利潤率為 57%，與上一季和 2024 年第一季持平，反映出持續穩健的信貸表現。第一季的合併淨沖銷率為 8.6%，與 2024 年第一季一致。

Importantly, we expect future credit performance to remain stable as reflected by the year-over-year improvement in the consolidated 30-plus delinquency rate as well as the stability in the consolidated fair value premium. Small business credit performance remains strong. Compared to the first quarter of 2024, consistency in the net charge-off ratio, the net revenue margin, fair value premium and improvement in the 30-plus delinquency rate all reflect expected stable credit performance. Consumer credit also remains solid as our credit metrics remain within historical ranges and reflect typical seasonal patterns in recent mix shifts, which I'll discuss in a moment. Consumer net revenue margin for the first quarter was 50%, unchanged from the year ago quarter.

重要的是，我們預期未來信貸表現將保持穩定，這反映在合併 30 歲以上拖欠率的同比改善以及合併公允價值溢價的穩定。小型企業信貸表現依然強勁。與 2024 年第一季相比，淨沖銷率、淨收入利潤率、公允價值溢價的一致性以及 30 以上拖欠率的改善均反映出預期的穩定信貸表現。消費者信貸也保持穩健，因為我們的信貸指標仍處於歷史範圍內，並反映了近期組合變化中的典型季節性模式，我稍後將討論這一點。第一季消費者淨收入利潤率為50%，與去年同期持平。

As is typical for the first quarter, the consumer net charge-off ratio declined sequentially 90 basis points to 15.2% and is slightly higher than the first quarter of 2024, mainly from mix shifts in our recent originations. As I mentioned late last year, we saw strong demand in our cash net consumer business as a result of some product changes that improved the customer application experience. That demand continued through earlier this year as we thoughtfully took market share in that customer segment, resulting in a higher percentage of new customers to Enova.

與第一季的典型情況一樣，消費者淨沖銷率環比下降 90 個基點至 15.2%，略高於 2024 年第一季度，這主要是由於我們近期發起的組合變化。正如我去年年底提到的，由於一些產品變化改善了客戶的應用體驗，我們的現金淨消費者業務需求強勁。由於我們精心策劃在該客戶群中佔據市場份額，這種需求一直持續到今年早些時候，從而為 Enova 帶來了更高比例的新客戶。

As you know, attracting new customers to our company is important to our long-term success as many new customers become repeat customers that deliver strong lifetime economics as they utilize our market-leading products offered across a wider spectrum of the non-prime segment than many of our competitors. As a result of this mix shift in recent cash net vintages and the recent strong consumer demand overall, the consumer 30-plus delinquency ratio was flat sequentially and slightly higher than the year ago quarter, which is consistent with our expectations given the influence of those recent vintages as they season normally.

如您所知，吸引新客戶對於我們公司的長期成功至關重要，因為許多新客戶會成為回頭客，他們利用我們在非主要細分市場中提供的市場領先產品，比我們的許多競爭對手提供更廣泛的終身經濟效益。由於近期現金淨年份的這種組合轉變以及近期整體強勁的消費需求，30 歲以上消費者的拖欠率與上一季度持平，略高於去年同期，這與我們的預期一致，因為近期年份的銷售正常，這對消費者的拖欠率產生了影響。

Our unit economics framework considers the lifetime return on equity of our vintages, which incorporates not just the level of credit risk, but the pricing for the risk being taken. This risk return profile will be reflected in the level and trend of our fair value premiums. At the end of the first quarter, the consumer portfolio fair value premium remains steady at levels we've seen over the past 2 years, indicating a stable risk return profile and strong unit economics for our recent consumer originations. Looking ahead, we expect the total company net revenue margin for the second quarter of 2025 to be in the 55% to 60% range. This expectation will depend upon portfolio payment performance and the level, timing and mix of originations growth during the second quarter.

我們的單位經濟框架考慮了我們年份的終生股本回報率，其中不僅包含信用風險水平，還包含所承擔風險的定價。這種風險回報狀況將反映在我們的公允價值溢價的水平和趨勢中。在第一季末，消費者投資組合的公允價值溢價保持穩定，與過去兩年的水平持平，這表明我們近期的消費者投資具有穩定的風險回報狀況和強勁的單位經濟效益。展望未來，我們預計 2025 年第二季公司總淨收入利潤率將在 55% 至 60% 之間。這一預期將取決於第二季投資組合支付表現以及發起成長的水平、時間和組合。

Now turning to expenses. Total operating expenses for the first quarter, including marketing were 33% of revenue compared to 34% of revenue in the first quarter of 2024 as we continue to see the benefits of our efficient marketing activities to leverage inherent in our online-only model and thoughtful expense management. Efficient first quarter marketing spend drove higher than expected originations and was in line with our guidance range for the quarter. Marketing costs increased slightly to 19% of revenue, or $139 million, compared to 18% of revenue, or $111 million in the first quarter of 2024. We expect marketing expenses to be around 20% of revenue for the second quarter, but will depend upon the growth and mix of originations.

現在談談費用。第一季包括行銷在內的總營運費用佔收入的 33%，而 2024 年第一季則為 34%，因為我們繼續看到高效的行銷活動帶來的好處，以利用我們純線上模式和周到的費用管理固有的優勢。第一季高效的行銷支出推動了高於預期的起源，並符合我們對本季的指導範圍。行銷成本略有增加，佔營收的 19%，即 1.39 億美元，而 2024 年第一季為佔營收的 18%，即 1.11 億美元。我們預計第二季的行銷費用將佔營收的 20% 左右，但將取決於業務的成長和組合。

Operations and technology expenses for the first quarter declined to 8% of revenue, or $62 million, compared to 9% of revenue, or $54 million, in the first quarter of 2024, driven by growth in receivables and originations over the past year. Given the significant variable component of this expense category, sequential increases in O&T costs should be expected in an environment where originations and receivables are growing and should be around 8.5% of total revenue.

第一季的營運和技術費用下降至收入的 8%，即 6,200 萬美元，而 2024 年第一季則為收入的 9%，即 5,400 萬美元，這主要是由於過去一年應收帳款和發起款項的增長。鑑於此費用類別的重大變數成分，在發起和應收帳款不斷增長的環境下，O&T 成本應該會連續增加，並應佔總收入的 8.5% 左右。

Our fixed costs continue to scale as we focus on operating efficiency and thoughtful expense management. General and administrative expenses for the first quarter increased to $42 million, or 6% of revenue, versus $40 million, or 7% of revenue in the first quarter of 2024. While there may be slight variations from quarter-to-quarter, we expect G&A expenses in the near term will range around 6% of total revenue.

隨著我們注重營運效率和周到的費用管理，我們的固定成本持續擴大。第一季的一般及行政開支增至 4,200 萬美元，佔營收的 6%，而 2024 年第一季的一般及行政開支為 4,000 萬美元，佔營收的 7%。雖然季度間可能會略有差異，但我們預計短期內的一般及行政費用將佔總收入的 6% 左右。

Our balance sheet and liquidity position remains strong and gives us the financial flexibility to successfully navigate a range of operating environments, while delivering on our commitment to drive long-term shareholder value through both continued investments in our business and share repurchases. We ended the first quarter with $1.1 billion of liquidity, including $318 million of cash and marketable securities and $810 million of available capacity on debt facilities. Our cost of funds declined to 8.9%, or 23 basis points lower than the fourth quarter, primarily as a result of strong execution on recent financing transactions and the impact of the first full quarter of a lower SOFR since the Federal Reserve's 100 basis point reduction in the Fed funds rate late last year.

我們的資產負債表和流動性狀況仍然強勁，並為我們提供了成功應對各種經營環境的財務靈活性，同時履行了透過持續投資我們的業務和股票回購來推動長期股東價值的承諾。截至第一季末，我們擁有 11 億美元的流動資金，其中包括 3.18 億美元的現金和有價證券以及 8.1 億美元的可用債務融資能力。我們的資金成本下降至 8.9%，比第四季低 23 個基點，主要原因是近期融資交易的強勁執行，以及自去年年底聯準會將聯邦基金利率下調 100 個基點以來，SOFR 在第一季度下降的影響。

During the first quarter, we acquired 617,000 shares at a cost of $63 million, and we started the second quarter with share repurchase capacity of approximately $57 million available under our senior note covenants. Given the recent volatility in the stock market and in the share prices of financial companies, including Enova, we used nearly all of our available buyback capacity during the first quarter.

在第一季度，我們以 6,300 萬美元的成本收購了 617,000 股股票，而從第二季度開始，我們根據優先票據契約可回購的股票數量約為 5,700 萬美元。鑑於近期股市和包括 Enova 在內的金融公司股價的波動，我們在第一季使用了幾乎所有可用的回購能力。

If the recent reduction in our valuation persists through the second quarter from this ongoing volatility, we intend to use most, if not all, of our second quarter capacity to opportunistically repurchase shares. Our effective tax rate for the first quarter was 20% compared to 25% for the first quarter of 2024. The decline was driven by tax benefits on stock compensation from share price increases, a decrease in interest expense accrued on our uncertain tax position reserves and favorable state rate changes. While there may be variations from quarter-to-quarter, we expect our full year effective tax rate to be in the mid 20% range for 2025. Finally, we continued to deliver solid profitability this quarter.

如果由於持續的波動，我們估值的近期下降趨勢持續到第二季​​度，我們打算利用第二季度的大部分（如果不是全部）產能來機會性地回購股票。我們第一季的有效稅率為 20%，而 2024 年第一季的有效稅率為 25%。下降的原因是股價上漲帶來的股票薪資稅收優惠、不確定稅收狀況儲備金產生的利息支出減少以及有利的州稅率變化。雖然各季度之間可能會有所不同，但我們預計 2025 年全年有效稅率將在 20% 左右。最後，本季我們持續實現穩健的獲利。

Compared to the first quarter of 2024, adjusted EPS, a non-GAAP measure, increased 56% to $2.98 per diluted share. To wrap up, let me summarize our near-term expectations. For the second quarter, we expect consolidated revenue growth to be flat to slightly higher sequentially with a net revenue margin in the 55% to 60% range. Additionally, we expect marketing expenses to be around 20% of revenue, O&T cost of around 8.5% of revenue and G&A cost around 6% of revenue. With a more normalized tax rate, these expectations should lead to adjusted EPS for the second quarter of 2025 at slightly higher sequentially and over 35% higher than the second quarter of 2024.

與 2024 年第一季相比，調整後每股收益（非 GAAP 指標）成長 56%，達到每股稀釋收益 2.98 美元。最後，讓我總結一下我們的近期預期。對於第二季度，我們預計綜合收入成長將與上一季度持平或略有上升，淨收入利潤率將在 55% 至 60% 之間。此外，我們預計行銷費用約佔收入的 20%，O&T 成本約佔收入的 8.5%，G&A 成本約佔收入的 6%。隨著稅率更加正常化，這些預期將導致 2025 年第二季的調整後每股盈餘比上一季略高，並且比 2024 年第二季高出 35% 以上。

For the full year, we expect growth in originations compared to the full year of 2024 of at least 15%. The resulting growth in receivables with stable credit and continued operating leverage should result in full year 2025 growth for revenue that is slightly faster than originations growth and adjusted EPS growth of at least 25%. Our second quarter and full year 2025 expectations will depend upon the path of the macroeconomic environment and the resulting impact on demand, customer payment rates and the level, timing and mix of originations growth.

我們預計，與 2024 年全年相比，全年貸款發放量將增加至少 15%。應收帳款的成長、穩定的信貸和持續的經營槓桿將導致 2025 年全年收入的成長略高於發起成長，調整後的每股盈餘成長至少為 25%。我們對 2025 年第二季和全年的預期將取決於宏觀經濟環境的走向及其對需求、客戶支付率以及發起成長的水平、時間和組合的影響。

We are confident that the demonstrated ability of our talented team has us well positioned to adapt to an evolving macro environment. Our resilient direct online-only business model, diversified product offerings, nimble machine learning-powered credit risk management capabilities and solid balance sheet support our ability to continue to drive profitable growth while also effectively managing risk.

我們相信，我們優秀團隊所展現的能力使我們能夠很好地適應不斷變化的宏觀環境。我們富有彈性的直接線上業務模式、多樣化的產品供應、靈活的機器學習驅動的信用風險管理能力以及穩健的資產負債表支持我們繼續推動盈利增長，同時有效管理風險。

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

我們很樂意回答您的問題。操作員？

(Operator Instructions) David Scharf, Citizens.

（操作員指示）大衛·沙夫，公民。

David, you actually addressed much of this in your opening remarks about the diversification of your small business borrower base. I am wondering, as you just -- everybody's obviously trying to get their arms around if and when we see changes in behavior from tariffs and potential inflation. But based on just application flow, application volume, did you get any sense that small businesses in particular or any verticals in particular might be stocking up on inventory that might be kind of pulling forward some loan demand? Or is it just too difficult to tell at this point?

大衛，實際上，您在開場白中已經談及了小企業借款人群體多樣化的大部分問題。我想知道，正如你剛才所說——顯然每個人都在努力了解我們是否會看到關稅和潛在通膨導致的行為變化。但是僅基於申請流程和申請量，您是否感覺到特別是小型企業或任何垂直行業可能會囤積庫存，從而可能拉動一些貸款需求？還是現在還很難說？

Yes, it's always tough to know if you'd be able to tell, but there's no indication of it at all. I think demand tracks typical seasonal patterns. When tariff talk became louder kind of late in Q1, we didn't see any spike in application volumes. It's difficult to know what they would have been otherwise. So while there is seasonality, there's also just -- different operating environments have different levels of demand.

是的，如果你能說出來的話，總是很難知道，但根本沒有任何跡象表明這一點。我認為需求遵循典型的季節性模式。當第一季末關稅討論變得更加激烈時，我們並沒有看到申請量有任何激增。很難知道如果沒有這些，他們會變成什麼樣子。因此，雖然存在季節性，但不同的營運環境也有不同的需求水準。

So you're never going to know for sure. But we certainly didn't see any spikes in application volume kind of late in the quarter once tariff talk really started heating up.

所以你永遠無法確切知道。但一旦關稅談判真正開始升溫，我們肯定不會在本季末看到申請量出現任何激增。

Got it. Helpful. And then as far as just how quickly you've historically been able to kind of gauge any kinds of shifts in behavior -- I mean, obviously, they are short duration assets. But can you just remind us, for most consumer and SMB loans, are most of them two-week payment frequencies or monthly? Like how often are you actually capturing --

知道了。很有幫助。至於你過去能夠多快地衡量任何行為的轉變——我的意思是，顯然，它們是短期資產。但是您能否提醒我們，對於大多數消費者和中小企業貸款來說，它們的還款頻率大多是兩週一次還是每月一次？就像你實際上多久捕捉一次--

Yes. The large -- yes, a large majority are weekly or bi-weekly. There are some monthly both on consumer and small business, but the large majority are weekly or biweekly. So we see -- so we have very, very quick reads in changes in performance. And the overall portfolios -- and as you know, the overall portfolios are relatively short in duration as well, with both consumer and small business kind of around six months weighted average terms.

是的。是的，絕大多數都是每週或每兩週一次。有一些是針對消費者和小型企業的月刊，但大多數是周刊或雙週刊。所以我們看到——因此我們可以非常非常快速地讀取效能的變化。而整體投資組合－如你所知，整體投資組合的期限也相對較短，消費者和小型企業的加權平均期限都在六個月左右。

So we don't have the big back book that we're having to deal with if there's negative changes in credit.

因此，當信貸出現負面變化時，我們不需要處理大量的帳簿。

Okay. Maybe if I can just squeeze in one just follow-up kind of clean up question for Steve. Given the decline in funding costs now and SOFR reduction now flowing through, can you give us a sense for how we ought to be thinking about second quarter interest expense either as a percentage of revenue on a dollar basis or just as a weighted average funding cost?

好的。也許我可以擠出時間問史蒂夫一個後續的清理問題。鑑於目前融資成本的下降和 SOFR 的降低，您能否告訴我們應該如何考慮第二季度的利息支出，是將其視為按美元計算的收入百分比，還是僅僅將其視為加權平均融資成本？

Yes, I don't expect -- from here, our outlook doesn't really have any rate cuts for the remainder of this year. So I wouldn't expect there to be much difference. Maybe a slight tick down just on the cadence of the funding that we have coming up in second quarter, but not an awful lot of change in the cost of funds. So I think pretty steady in terms of as a percent of revenue as you think about the near term.

是的，我不認為——從目前的情況來看，我們認為今年剩餘時間內不會出現任何降息。所以我預計不會有太大的差異。也許第二季的融資節奏會略有下降，但資金成本不會發生太大變化。因此，我認為就短期而言，其收入百分比相當穩定。

Okay. Just a follow-up on that. Has there been -- as you think about on debt securitizations, I mean since April 2, I mean have you seen any material change in spreads in the marketplace?

好的。這只是對此的一個跟進。就債務證券化而言，自 4 月 2 日起，您是否看到市場利差有任何重大變化？

There are ABS transactions getting done from companies sort of adjacent to us and in our space. And remember, we did a -- we closed the price and closed the transaction in mid-March. There was actually quite a bit of noise at that time, and we closed with very good performance. So I think the credit markets relative to the equity markets have been much calmer both on the secured and the unsecured side. Equity markets have been very noisy.

我們週邊和我們空間內的公司正在進行 ABS 交易。請記住，我們在三月中旬確定了價格並完成了交易。當時確實有不少噪音，但我們以非常好的表現結束了演出。因此我認為信貸市場相對於股票市場而言要平靜得多，無論是有擔保的還是無擔保的。股票市場一直非常吵雜。

I can't say the same about the credit markets right now.

目前，我不能對信貸市場做出同樣的說法。

Moshe Orenbuch, TD Cowen.

Moshe Orenbuch，TD Cowen。

You talked a little, Steve, about the fair value premiums and credit performance. Maybe could you just expand a little bit on how that -- I guess how they're likely to perform in the current environment? And maybe if you could -- well -- and I'll follow-up with another one after --

史蒂夫，你談了一些關於公允價值溢價和信用表現的問題。也許您可以稍微詳細說明一下——我猜他們在當前環境下可能會表現如何？如果你能的話——好吧——我會在之後再跟進另一個--

Yes. I mean, I think I've talked about this before. The fair value premiums are most sensitive to changes in the lifetime credit performance that we expect on our various lines of business. And as you know, we have very quick loss emergence. So for the most part -- for example, our subprime consumer business, most of the lifetime expectations for a new vintage are going to be in the quarter that they're originated in.

是的。我的意思是，我想我之前已經談論過這個問題。公允價值溢價對我們預期的各個業務線的終身信用表現的變化最為敏感。如您所知，我們的損失出現得非常快。因此，在大多數情況下——例如，我們的次級消費者業務，大多數新年份的終身預期將在其起源的季度實現。

So there's very fast feedback, as we've talked about. So that's -- and a stable -- when I talk about sensitive to credit, I mean it's -- basically the way to think about it is like a 10% change in the lifetime loss expectation would lead to about a 400 basis point change in fair value premium. And so you can see we've been very stable across the portfolios, and on a consolidated basis, sort of bouncing around in basis points, which is telling you that the outlook where we sit at the end of the quarter is very, very stable.

正如我們所討論的，反饋非常快。所以這就是 — — 並且是穩定的 — — 當我談到對信貸的敏感性時，我的意思是 — — 基本上可以這樣想：終身損失預期發生 10% 的變化將導致公允價值溢價發生約 400 個基點的變化。因此，您可以看到，我們的投資組合一直非常穩定，並且在合併基礎上，基點有所波動，這告訴您，我們在本季末的前景非常非常穩定。

And if things were to change, like I mentioned, because we can react quickly, we would expect to quickly catch changes that we would need to make if the environment deteriorated. And therefore, you wouldn't see a lot of volatility in those fair value premiums on a consolidated basis in particular.

如果情況發生變化，就像我提到的那樣，因為我們可以快速做出反應，所以我們可以快速捕捉環境惡化時需要做出的改變。因此，您不會看到這些公允價值溢價在合併基礎上出現很大的波動。

Got it. In terms of -- you also had talked a little bit about the expected impact from newer customers. Can you just kind of flesh that out a little bit more, both like is that a process that continues like into the second quarter? Does it continue into the second half? And should -- do those customers come in at a higher yield, because the revenue margin on the consumer side was sort of flat to down a couple of ticks year-over-year? Like how should we think about the impact on the revenue margin as well?

知道了。就此而言—您也談到了新客戶的預期影響。您能否更詳細地說明一下，這個過程是否會持續到第二季​​？這種情況會持續到下半年嗎？這些客戶是否應該獲得更高的收益，因為消費者方面的收入利潤率與去年同期相比持平或下降了幾個百分點？例如，我們該如何考慮對收入利潤率的影響？

Yes. So I think for the -- what I was speaking to, which was cash net, the new customers are there. We haven't had to talk about this in many years, but the new customers do charge-off at a higher rate. We just don't know them as well. But over the life of the relationship we have with customers that don't, there's very strong unit economics, because as I mentioned, we have a broad set of products that they can continue their financial journey with.

是的。所以我認為——就我所說的現金淨額而言，新客戶就在那裡。我們已經很多年沒有談論過這個問題了，但新客戶的沖銷率確實更高。我們只是不太了解他們。但在我們與沒有貸款的客戶的關係存續期間，單位經濟效益非常強勁，因為正如我所提到的，我們擁有廣泛的產品，他們可以使用這些產品繼續他們的財務之旅。

So I would expect most of the year-over-year increases that you've seen related to that mix will sort of wash through in the second quarter. So you may see a little bit -- it might be a little bit higher year-over-year in 2Q, and I would see that -- expect to see that moderate in the back half of the year, assuming there's not more new customers coming in, in the environment.

因此，我預計，您所看到的與該組合相關的大部分同比增長將在第二季度得到體現。因此，您可能會看到一點——第二季度的同比增幅可能會略高一些，而且我認為——假設沒有更多新客戶進入，預計下半年的增幅會趨於緩和。

And then on the yield side, I think what you're seeing is we definitely have seen steady to good yields on the cash net side, but we've also seen great performance on the net credit side. And as a result of that, we've had customers that have been able to graduate to lower APR products. And so I think what you're seeing is the net effect of that. The yield year-over-year is relatively flat because of those two dynamics.

然後在收益率方面，我認為您看到的是，我們在現金淨方面確實看到了穩定到良好的收益率，但我們在淨信貸方面也看到了出色的表現。因此，我們的客戶已經能夠升級到較低 APR 的產品。所以我認為你所看到的就是其淨效應。由於這兩種動態，收益率比去年同期相對持平。

Got it. And so that benefit accrues to you in the form of growth both from those -- the new customers that -- the continuous customers and from that graduation. Is that -- that's the way we should think about it?

知道了。這樣，您就可以從新客戶、老客戶以及畢業客戶以成長的形式獲得利益。那是──我們該這樣思考嗎？

Exactly.

確切地。

Great.

偉大的。

(Operator Instructions) Kyle Joseph, Stephens.

（操作員指示）凱爾·約瑟夫，史蒂芬斯。

Congrats on a good quarter. Just looking back at -- going back to 2008, we can look back and look at consumer portfolios and look at their performance in non-prime consumer portfolios. And non-prime portfolios have been fairly resilient. We don't have any empirical evidence really on the small business side. But can you give us your expectations for the credit performance of the small business portfolio and any sort of differences you'd anticipate between that and consumer looking back at kind of historical recessions?

恭喜本季取得良好業績。回顧 2008 年，我們可以回顧一下消費者投資組合，看看它們在非優質消費者投資組合中的表現。非優質投資組合一直具有相當強的彈性。我們確實沒有任何關於小企業方面的經驗證據。但是，您能否告訴我們您對小型企業投資組合的信貸表現的預期，以及您預計這與消費者回顧歷史經濟衰退之間會有什麼不同？

Yes. I mean I was -- Enova was around in 2008, so we have some data. And it wasn't that different than our consumer data. I mean what we really saw for both the businesses back then was a slowdown in lending was probably the biggest impact, more than major credit issues. Our small businesses are very small and they tend to act in some ways more like sophisticated consumers than mid-sized businesses.

是的。我的意思是——Enova 大約在 2008 年就存在了，所以我們有一些數據。這與我們的消費者數據並沒有什麼不同。我的意思是，當時我們真正看到的是，對這兩家企業來說，貸款放緩可能是最大的影響，比重大信貸問題的影響更大。我們的小型企業規模非常小，與中型企業相比，它們在某些方面表現得更像成熟的消費者。

So I think that's probably why we saw similar payment performance in 2008. Every recession is a little different, and so it's always difficult to predict exactly. But I think we'll just go back to what we've talked about before, is that we have a very diversified small business portfolio across states, across industries, across products, with short duration terms and very frequent payment performance and loss emergence. So given everything we're seeing now, that makes us very comfortable to continue doing what we've been doing over the last several years.

所以我認為這可能是我們在 2008 年看到類似支付表現的原因。每次經濟衰退都有些不同，因此很難準確預測。但我認為我們只需回到之前討論過的話題，那就是我們擁有跨州、跨行業、跨產品的非常多樣化的小型企業組合，期限較短，付款履行和損失出現的頻率非常高。因此，考慮到我們現在看到的一切，我們可以放心地繼續做過去幾年來一直在做的事情。

(Operator Instructions) John Hecht, Jefferies.

（操作員指示）約翰·赫克特（John Hecht），傑富瑞（Jefferies）。

Most of them have been asked and answered. I guess one of them -- and I know it's been a very favorable competitive environment for you guys for a few quarters. You did talk about a higher mix of new customers. I'm wondering, is that also a function of the competitive markets? And then are there other pockets like within small business that you're seeing opportunity to lean in as well because of the draw back of competition?

大多數問題都已經被問過並得到解答。我想其中之一——我知道最近幾季對你們來說是一個非常有利的競爭環境。您確實談到了更多新客戶。我想知道，這也是競爭市場的功能嗎？那麼，由於競爭的減弱，您是否也看到了其他領域（例如小型企業）的介入機會？

Yes. I mean I think the strong growth we've seen both on the consumer and small business side both over the last couple years, but certainly in the first quarter, where stronger growth -- and we expected it across both of those segments. As almost always, a combination of a conducive competitive environment, no new entrants, no new competitive threats in the last quarter in either of those, plus continued product enhancements. And we have product enhancements on both sides. That certainly made meaningful differences in the quarter on the new customer side.

是的。我的意思是，我認為過去幾年我們在消費者和小型企業方面都看到了強勁的成長，但第一季的成長肯定會更加強勁——我們預計這兩個領域都會出現這種情況。幾乎總是如此，有利的競爭環境、沒有新進業者、上個季度沒有新的競爭威脅，加上持續的產品改進。我們對雙方的產品都有改進。這無疑為本季的新客戶帶來了顯著的變化。

So that's something we expect to continue. Plenty more product enhancements planned for the rest of the year. And again, not seeing any changes on the competitive side at all.

因此，我們希望這種情況能夠持續下去。今年剩餘時間也計劃推出更多產品改進。而且，在競爭方面根本沒有看到任何變化。

Okay. And then, Steve, for the buyback, you mentioned if kind of the market conditions stay consistent, then you would probably use most of the buyback in this quarter. Is that sort of saying like at the current stock price? Or is there some sort of, if it drops from here, you'll be more aggressive and take advantage of that? How do I just -- how do I read the kind of levels that you're thinking about from a repurchase perspective?

好的。然後，史蒂夫，對於回購，你提到如果市場條件保持一致，那麼你可能會在本季度使用大部分回購。照現在的股價，是不是也有這種說法？或者是否存在某種情況，如果它從這裡下降，你會更積極地利用這一點？我該如何——我該如何從回購的角度解讀您所考慮的水平？

Yes. I mean, I think at these levels, we would be interested as well. So the stock has been kind of bouncing around for the past couple of months. But I would say even at these levels, we would be looking to take as much as we can out to support the valuation.

是的。我的意思是，我認為在這些層面上，我們也會感興趣。因此，在過去幾個月裡，該股走勢一直在波動。但我想說，即使在這些層面上，我們也會盡可能採取更多措施來支持估值。

Okay. And then final question, and forgive me, is on the guide. The OT expense, is that 8.5% of total revs or 8%?

好的。最後一個問題，請原諒，是關於指南的。加班費用是佔總收入的 8.5% 還是 8%？

8.5%. I said around 8.5%. So plus or minus 8.5%.

8.5%。我說的是8.5%左右。所以正負 8.5%。

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

我們的問答環節到此結束。現在我想將電話轉回給戴維費雪，請他做最後發言。

Thanks, everybody, for joining our call today. We certainly appreciate your time, and look forward to speaking with you again next quarter. Have a good evening.

感謝大家今天參加我們的電話會議。我們非常感謝您抽出時間，並期待下個季度再次與您交談。祝您晚上愉快。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路了。