What changed in Enova International, Inc.'s 10-K — 2024 vs 2025
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Paragraph-level year-over-year comparison of Enova International, Inc.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.
+257 added−262 removedSource: 10-K (2026-02-20) vs 10-K (2025-02-18)
Top changes in Enova International, Inc.'s 2025 10-K
257 paragraphs added · 262 removed · 212 edited across 1 sections
- Item 7A. Quantitative and Qualitative Disclosures About Market Risk+257 / −262 · 212 edited
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Market Risk — interest-rate, FX, commodity exposure
212 edited+45 added−50 removed170 unchanged
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Market Risk — interest-rate, FX, commodity exposure
212 edited+45 added−50 removed170 unchanged
2024 filing
2025 filing
Biggest changeLong-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 .
Biggest changeLong-term Debt The Company’s long-term debt instruments and balances outstanding as of December 31, 2025 and 2024 were as follows (dollars in thousands): Weighted Outstanding Revolving average Borrowing December 31, period end date Maturity date interest rate (1) capacity 2025 2024 Funding Debt: ODAS IV 2025-2 Securitization Notes October 2028 November 2032 5.65 % $ 261,434 $ 261,434 $ — ODAS IV 2025-1 Securitization Notes March 2028 April 2032 5.89 % 261,392 261,392 — ODAS IV 2024-2 Securitization Notes September 2027 October 2031 5.78 % 261,353 261,353 261,353 2025-A Securitization Notes — October 2031 7.29 % 93,331 93,33 1 — ODAS IV 2024-1 Securitization Notes May 2027 June 2031 6.84 % 399,574 399,574 399,574 2024-A Securitization Notes — October 2030 8.29 % 45,510 45,510 123,546 ODAS IV 2023-1 Securitization Notes July 2026 August 2030 7.66 % 227,051 227,051 227,051 ODR 2021-1 Securitization Facility November 2027 November 2028 6.86 % 246,667 202,890 233,333 NCR 2022 Securitization Facility October 2026 October 2028 7.98 % 200,000 175,194 119,039 NCLOCR 2025 Securitization Facility July 2027 July 2028 8.12 % 150,000 90,000 — NCLOCR 2024 Securitization Facility February 2027 February 2028 9.37 % 150,000 90,000 99,000 2023-A Securitization Notes — December 2027 7.78 % 9,282 9,282 32,116 RAOD Securitization Facility November 2026 November 2027 6.62 % 236,842 236,842 192,000 HWCR 2023 Securitization Facility September 2026 September 2027 8.13 % 487,595 473,214 331,214 ODR 2022-1 Securitization Facility June 2026 June 2027 7.60 % 420,000 202,325 188,342 2018-1 Securitization Facility March 2025 March 2026 (2) — — — 32,200 Total funding debt 7.08 % $ 3,450,031 $ 3,029,392 $ 2,238,768 Corporate Debt: Revolving line of credit August 2029 August 2029 7.02 % 825,000 (3) $ 596,000 $ 453,000 9.125 % Senior Notes Due 2029 — August 2029 9.13 % 500,000 500,000 500,000 11.25 % Senior Notes Due 2028 — December 2028 11.25 % 400,000 400,000 400,000 Total corporate debt 8.86 % $ 1,725,000 $ 1,496,000 $ 1,353,000 Less: Long-term debt issuance costs $ ( 24,581 ) $ ( 24,830 ) Less: Debt discounts ( 2,430 ) ( 3,456 ) Total long-term debt $ 4,498,381 $ 3,563,482 (1) The weighted average interest rate is determined based on the rates and principal balances on December 31, 2025 .
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 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 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.
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 2023-1 Securitization Notes.
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.
The Company used a portion of the net proceeds of the 2028 Senior Notes offering to retire existing indebtedness, and to pay the related accrued interest, premiums, fees and expenses associated therewith. The remaining amount was used for general corporate purposes.
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.
Under the 2018‑1 Securitization Facility, securitization receivables were 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 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.
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.
NCLOCR 2024 Securitization Facility On February 21, 2024, NetCredit LOC Receivables 2024, LLC (“NCLOCR 2024”), 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.
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.
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 ODK or certain other subsidiaries.
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. 63 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.
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. 66 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.
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.
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 the transaction for general corporate purposes.
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.
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. 12 . 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.
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").
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, 2025 and 2024, 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, 2025, and the related notes (collectively referred to as the "financial statements").
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. 79 ENOVA INTERNATIONAL, INC.
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. 83 ENOVA INTERNATIONAL, INC.
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”).
Corporate Debt 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”).
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. I TEM 9B.
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, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. I TEM 9B.
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.
Installment loans are loans originated 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.
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.
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, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
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.
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 10 for further discussion.
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.
Operating Segment Information During the three years ended December 31, 2025 , 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.
“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.
“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”), origination fees and other fees as permitted by applicable laws and pursuant to the agreement with the customer.
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.
The statute of limitations related to the Company’s consolidated Federal income tax returns is closed for all tax years up to and including 2021. 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.
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”).
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, 2025 (the “Evaluation Date”).
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.
During the years ended December 31, 2025 and 2024 , 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 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.
The effectiveness of our internal control over financial reporting as of December 31, 2025 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.
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.
Loans and finance receivables at fair value – Refer to Notes 1 and 18 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.
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 such, the Company recorded a loss of $ 16.6 million during 2024, which included 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.
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.
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 account and pay fees and expenses incurred in connection with the transaction.
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.
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, 2025.
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).
We also have audited the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
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 71 ENOVA INTERNATIONAL, INC.
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 74 ENOVA INTERNATIONAL, INC.
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.
The ODAS IV 2025-1 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.
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.
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 2.4% and 3.6% at December 31, 2025 and 2024, respectively. Conversely, credit losses may decrease as the economy strengthens or with increased government assistance.
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.
Also, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.
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 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 2.00 %.
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.
The Company completed its annual assessment of goodwill as of October 1, 2025 based on qualitative factors and determined that the fair value of its goodwill exceeded carrying value; as such, no impairment existed at that date.
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. 64 ENOVA INTERNATIONAL, INC.
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 20, 2026 We have served as the Company's auditor since 2021. 67 ENOVA INTERNATIONAL, INC.
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 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, November 15, 2023, March 20, 2025, November 14, 2025 and November 24, 2025, among the ODR 2021-1 Debtor, the administrative and collateral agent, the lenders, and the paying agent.
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 .
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. 11 .
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.
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, 2025 and 2024 , the total outstanding amount of the HWCR 2023 Securitization Facility was $ 473.2 million and $ 331.2 million, respectively.
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.
As of December 31, 2025, 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 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 non-recourse to the Company. The facility has a revolving period that ends in February 2027 and a final maturity ending in February 2028 . As of December 31, 2025 and 2024, the total outstanding amount of the NCLOCR 2024 Securitization Facility was $ 90.0 million and $ 99.0 million, respectively.
Collateral for the ODAS IV Securitization Notes consists of, among other things, a revolving pool of small business loans originated or purchased by ODK.
Collateral for the ODAS IV 2025-1 Securitization Notes consists of, among other things, a revolving pool of small business loans originated or purchased by ODK.
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 .
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. 18 .
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.
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. 92 ENOVA INTERNATIONAL, INC.
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 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. 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 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 202 5 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.
AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 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”).
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. 77 ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Stock-Based Compensation The Company accounts for its stock-based employee compensation plans in accordance with ASC 718, Compensation—Stock Compensation (“ASC 718”).
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 year s.
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 nine years .
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.
As of December 31, 2025 and 2024 , the carrying amount of the ODAS IV 2023-1 Securitization Notes was $ 226.3 million, including an unamortized discount of $ 0.1 million and unamortized issuance costs of $ 0.7 million, and $ 225.2 million, including an unamortized discount of $ 0.2 million and unamortized issuance costs of $ 1.7 million, respectively.
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.
Compensation expense related to stock options totaling $ 8.1 million ($ 6.2 million net of related taxes), $ 6.8 million ($ 5.1 million net of related taxes) and $ 4.6 million ($ 3.4 million net of related taxes) was recognized for the years ended December 31, 2025, 2024 and 2023, respectively.
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.
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 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.
As of December 31, 2025 and 2024, the amount of consumer loans, including principal, fees and interest, guaranteed by the Company were $ 22.3 million and $ 23.8 million, respectively. These loans are not included in the consolidated balance sheets as the Company does not own the loans prior to default. 4.
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.
The Company recorded compensation expense of $ 1.0 million, $ 0.9 million and $ 0.5 million for SERP contributions for the years ended December 31, 2025, 2024 and 2023, respectively. The NQSP and the SERP are non-qualified deferred compensation plans for which the Company holds securities in rabbi trusts to pay benefits.
At December 31, 2024 and 2023 , there were no assets or liabilities recorded at fair value on a nonrecurring basis.
At December 31, 2025 and 2024 , there were no assets or liabilities recorded at fair value on a nonrecurring basis.
(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.
(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. 101 ENOVA INTERNATIONAL, INC.
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.
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 2.6% and 4.3% at December 31, 2025 and 2024, respectively. The expected rate of future customer prepayments can also impact the fair value of our loans and finance receivables.
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 %.
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 86 ENOVA INTERNATIONAL, INC.
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 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.
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 Company had recorded a tax-effected valuation allowance of $ 9.9 million as of December 31, 2025, 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.
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.
Certain leases include options to extend the leases for up to five years , while others include options to terminate the lease under certain conditions . 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.
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 .
It does not include the impact of the amortization of deferred loan origination costs or debt discounts. (2) On May 30, 2025, the remaining outstanding balance on this facility was paid in full and the facility was terminated .
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.
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.
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.
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.
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.
AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 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.
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.
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 $ 44.1 million, $ 40.9 million and $ 37.3 million during 2025, 2024 and 2023, respectively.
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 78 ENOVA INTERNATIONAL, INC.
Amortization expense for acquired intangible assets was $ 7.3 million, $ 8.1 million and $ 8.4 million for the years ended December 31, 2025, 2024 and 2023, respectively. Estimated future amortization expense for the years ended December 31, is as follows (in thousands): Year Amount 2026 $ 2,029 2027 806 2028 110 2029 110 2030 110 82 ENOVA INTERNATIONAL, INC.
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.
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 loans mature on August 28, 2029.
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.
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 bank account and certain other related collateral.
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.
AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 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 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. 92 ENOVA INTERNATIONAL, INC.
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.
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 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 0.56% and 0.71% at December 31, 2025 and 2024, respectively. Expectations of future credit losses are a significant input to the valuation of our loans and finance receivables.
AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 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.
AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 2025-2 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.
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.
The 2018‑1 Securitization Facility collateralized securitization receivables that had been 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.
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.
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. 97 ENOVA INTERNATIONAL, INC.
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.
As of December 31, 2025 and 2024 , the amount of consumer loans, including principal, fees and interest, guaranteed by the Company were $ 22.3 million and $ 23.8 million, respectively. These loans are not included in the consolidated balance sheets as the Company does not own the loans prior to default.
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.
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.
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.
As of December 31, 2025 and 2024, the carrying amount of the ODAS IV 2024-2 Securitization Notes was $ 259.2 million, including unamortized issuance costs of $ 2.2 million, and $ 257.9 million, including unamortized issuance costs of $ 3.4 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 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. Interest payments on the NCR 2022 Securitization Facility are made monthly.
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 balance of unrecognized tax benefits for temporary items as of December 31, 2025, 2024 and 2023 was $ 91.8 million, $ 75.6 million and $ 125.9 million, respectively. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense.
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.
As of December 31, 2025 and 2024, the carrying amount of the ODAS IV 2024-1 Securitization Notes was $ 396.7 million, including unamortized issuance costs of $ 2.8 million, and $ 395.2 million, including an unamortized discount of $ 0.1 million and unamortized issuance costs of $ 4.3 million, respectively.
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 %.
The Company had outstanding borrowings as of December 31, 2025 and 2024 of $ 596.0 million and $ 453.0 million, respectively, under the Credit Agreement. The loans bear interest, at the Company’s option, at the base rate plus 0.50 % or the SOFR rate plus 3.25 %.
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