Record Originations and Revenue
In Q3, originations increased 28% year-over-year to $1.6 billion, with small business loans surpassing $1 billion for the first time. Total revenue reached $690 million, a 25% increase year-over-year.
Strong Profitability Metrics
Adjusted EBITDA increased 42% year-over-year, and adjusted EPS rose 63%. Profitability metrics benefited from strong operating leverage and efficient credit management.
Improved Credit Quality
Net charge-offs as a percentage of average combined loan and finance receivables decreased to 8.4% in Q3 compared to 9.4% in the previous year.
Solid Liquidity and Shareholder Value Initiatives
The company ended Q3 with $1.2 billion in liquidity and announced a $300 million share repurchase program, supported by a strong balance sheet.
Positive Outlook for Q4 2024
Expectations for 20%+ year-over-year growth in originations, revenue, and EPS in Q4 2024, driven by a conducive macroeconomic environment.