Enova International, a leading financial technology and analytics company offering consumer and small business loans and financing, announced that its Board of Directors has authorized a share repurchase plan for up to $50 million of its common stock. This new program will be in place until December 31, 2021 and is an expansion of the current $75 million repurchase program, which expires on December 31, 2020. Through September 30, 2020, Enova had repurchased $73 million in common stock under the existing program.
“This expansion demonstrates our commitment to driving long-term shareholder value and reflects our confidence in the continued strength of the business relative to our current valuation,” said David Fisher, Enova’s CEO. “Our strong balance sheet and liquidity position gives us the flexibility to opportunistically enhance shareholder value through share repurchases while also investing in our business to drive sustainable and profitable growth.”
Repurchases will be made in accordance with applicable securities laws from time to time in the open market, through privately negotiated transactions or otherwise. The share repurchase program does not obligate the Company to purchase any shares of its common stock. The authorization for the share repurchase program may be terminated, increased or decreased by the Company’s Board of Directors in its discretion at any time.
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Enova International, is a leading provider of online financial services to non-prime consumers and small businesses, providing access to credit powered by its advanced analytics, innovative technology, and world-class online platform and services. Enova has provided more than 7 million customers around the globe with access to more than $40 billion in loans and financing. The financial technology company has a portfolio of trusted brands serving consumers, including CashNetUSA®, NetCredit® and Simplic®; three brands serving small businesses, Headway Capital®, The Business Backer® and OnDeck®; and offers online lending platform services to lenders. Through its Enova Decisions™ brand, it also delivers on-demand decision-making technology and real-time predictive analytics services to clients.
