Total Revenue

Increased by 5.7% sequentially: from $689.92 million in Q3 2024 to $729.55 million in Q4 2024

Total revenue improved due to strong top‐line momentum built on robust originations and higher loan balances in Q3 2024. This sequential growth further reflects the continuation of improved consumer and small business performance from the previous quarter, driving higher overall revenue. " "

Consumer Loans

Increased by 5.5% sequentially: from $410.88 million in Q3 2024 to $433.63 million in Q4 2024

Consumer loans revenue rose as a result of continued strong demand in consumer lending products, notably benefiting from a higher proportion of line-of-credit accounts. This build on Q3 trends indicates that originations and portfolio mix improvements sustained the growth in Q4 2024. " "

Small Business Loans

Increased by 6.1% sequentially: from $269.45 million in Q3 2024 to $285.79 million in Q4 2024

Small Business Loans revenue climbed due to further expansion in SMB originations and increased loan balances. The continued improvement from Q3 2024 reflects a strategic focus on SMB growth with improved unit economics from earlier quarters. " "

U.S. Sales

Increased by about 5.5% sequentially: from $676.70 million in Q3 2024 to $714.48 million in Q4 2024

U.S. sales strengthened driven by a consistent product mix and solid credit performance that built upon Q3 dynamics. This improvement indicates that the domestic market continues to benefit from strong originations and effective risk management. " "

Other International Revenue

Increased by roughly 14.3% sequentially: from $13.20 million in Q3 2024 to $15.09 million in Q4 2024

Other International revenue experienced a sharper growth rate compared to the U.S. segment, suggesting a successful expansion or favorable market conditions in the international markets that complemented the domestic performance seen in previous periods. " "

Net Income

Increased by 46.6% sequentially: from $43.41 million in Q3 2024 to $63.70 million in Q4 2024

Net income jumped significantly due to strong revenue growth combined with improved operational efficiency and better credit performance relative to Q3 2024. This marked improvement underscores the positive impact of enhanced loan performance and cost controls that built on the previous quarter’s momentum. " "

Basic Earnings per Share

Increased by 46.7% sequentially: from $1.65 in Q3 2024 to $2.42 in Q4 2024

Basic EPS benefited from the net income surge and a reduction in shares outstanding—partially due to the share repurchase program. The EPS improvement continues the trend from Q3 2024, showing how operational profitability and favorable capital actions from the prior period compound year-over-year results. " "

Total Assets

Increased by 5.9% sequentially: from $4,975.70 million in Q3 2024 to $5,266.13 million in Q4 2024

Total assets grew further primarily due to higher loans and receivables balances, which are built upon the asset expansion seen in Q3 2024. Improvements in the fair value of the portfolio and incremental investments contributed to asset growth in Q4 2024. " "

Long‑Term Debt

Increased by approximately 8.2% sequentially: reaching $3,563.48 million in Q4 2024

Long‑term debt rose as the company expanded its borrowing capacity through new debt issuances and higher utilization to support increased originations and asset growth. This change is consistent with the previous period’s trend of aggressive funding to finance portfolio expansion, now amplified to support further strategic initiatives. " "

Revenue Growth – Sequential

Q1 2025

Expected to increase around 5% " "

Flat to slightly higher sequentially " "

lowered

Revenue Growth – YoY

Q1 2025

Expected to exceed 20% " "

Around 20% " "

lowered

Net Revenue Margin

Q1 2025

55% to 58% " "

Expected to remain flat sequentially " "

no change

Marketing Expenses

Q1 2025

Around 20% of revenue " "

In the upper teens as a percentage of revenue " "

lowered

Operations and Technology Costs

Q1 2025

8% to 9% of revenue " "

Around 8.5% of revenue " "

no change

General and Administrative Costs

Q1 2025

Around 6% of revenue " "

Around 6% of revenue " "

no change

Adjusted EPS

Q1 2025

Expected to increase by 25% or more "

About 5% higher sequentially "

lowered

Originations Growth

FY 2025

no prior guidance

Expected to increase by around 15% year-over-year "

no prior guidance

Revenue Growth

FY 2025

no prior guidance

Expected to grow slightly faster than originations "

no prior guidance

Adjusted EPS Growth

FY 2025

no prior guidance

Expected to grow by around 25% year-over-year "

no prior guidance

Cost of Funds

FY 2025

no prior guidance

Expected to decline by approximately 50 basis points from 9.3% "

no prior guidance

Interest Expense as a Percentage of Revenue

FY 2025

no prior guidance

Expected to be around 10% to 10.25% "

no prior guidance

Effective Tax Rate

FY 2025

no prior guidance

Expected to remain in the mid-20% range "

no prior guidance

Growth and Competitive Position

Consistently reported robust revenue, originations, EBITDA, and EPS growth with deliberate balance between rapid growth and disciplined risk‐taking in Q1–Q3. " " "

Q4 2024 reported record revenue, originations, and profitability metrics alongside a stable competitive environment backed by strong technological capabilities. " "

Steady, strong growth with further accentuation in Q4. Performance metrics have improved across periods with a consistent competitive advantage.

Credit Quality and Risk

Q1–Q3 discussions focused on stable credit quality, improved net charge‐off ratios, and effective risk management frameworks built around advanced credit analytics. " " "

Q4 2024 reaffirmed stable credit quality with slightly declining net charge‐offs and robust risk management across consumer and small business portfolios. " " "

Continued improvement and stability. The focus on strong credit management remains a core strength across periods.

Operational Efficiency and Margin Expansion

Across Q1–Q3, management highlighted scalable operating models, effective expense management, and operating leverage that drove margin expansion even as costs grew slower than revenue. " " "

In Q4 2024, total operating expenses as a percentage of revenue decreased (34% vs. 37% previously) while EBITDA and EPS growth outpaced revenue, reinforcing efficient cost management. " "

Consistent cost control and margin improvement. Operational efficiency remains a key driver of profitability.

Regulatory Uncertainty and Compliance Challenges

Earlier periods (notably Q1 and Q3) had little direct discussion on regulatory issues, with only indirect regulatory references in Q2. "

Q4 2024 featured explicit discussion of the Small Business Disclosure Rule and Payment Provisions, though described as minor adjustments rather than significant obstacles. "

Emerging topic in Q4. More explicit regulatory considerations are now being discussed though the impact remains expected to be limited.

Interest Rate Sensitivity and Funding Risks

Q2 and Q3 provided detailed discussions regarding cost of funds, rate sensitivity (benefits from potential rate cuts), and strong liquidity positions, while Q1 had minimal detailed discussion. " "

Q4 2024 detailed a 43 basis point reduction in cost of funds and outlined funding risks alongside strategic adjustments in funding mix, maintaining a strong liquidity profile. " "

Steady emphasis with improved funding cost environment. The benefit of lower rates is consistently highlighted, reinforcing liquidity and risk management.

Macroeconomic and Trade Risks

Q1–Q3 emphasized a favorable macroeconomic environment marked by job growth, wage increases, and easing inflation; trade risks were generally not a major focus. " " "

In Q4 2024, while the positive macroeconomic backdrop remains, the discussion also touched upon potential trade risks (tariffs) that might affect small business demand, though the overall outlook remains constructive. "

Stable macro outlook with a slight new focus on trade risks. Overall sentiment remains positive despite minor additions in risk commentary.

Competitive Landscape and New Entrant Threats

Consistently across Q1–Q3, the competitive environment was described as non-aggressive with high entry barriers, limited new entrants, and a strong market share. " " "

In Q4 2024, management reiterated that there has been no significant or sustained competitive pressure; the market remains favorable with only minor transient competitor movements. " "

Consistently favorable. The competitive landscape remains stable with no emerging threat, bolstering the company’s position.

International Expansion and Funding Prospects

Q1 highlighted challenges and opportunities in Brazil, Q2 provided positive updates on Brazil’s high-growth potential along with detailed funding transaction commentary, and Q3 continued to cover funding prospects in depth. " "

Q4 2024 did not address international expansion or funding prospects, suggesting these topics are either stabilized or temporarily deprioritized [—].

Not mentioned in Q4. This omission may indicate a shift in focus or that international efforts are largely on track and require less immediate discussion.

Technological Advancements in Machine Learning Risk Management

Q1–Q3 consistently stressed the importance of world-class machine learning algorithms and advanced analytics in managing credit risk, differentiating the product portfolio, and driving profitable growth. " " "

Q4 2024 reaffirmed the role of proprietary machine learning technology and robust analytics as key drivers behind underwriting success and record financial performance. " "

Steady and highly positive. The focus on technology remains central to the company’s risk management and growth strategy.

Revenue Diversification and Seasonality Management

Discussions in Q1–Q3 underscored a diversified portfolio (split between small business and consumer products) and proactive seasonality management to offset fluctuations, ensuring steady revenue streams. " "

Q4 2024 continued to emphasize diversified revenue streams with strong small business and consumer lending contributions, and acknowledged seasonal patterns with expectations for Q1 2025 adjustments. " " "

Consistent and effective. The diversified revenue model and seasonality strategies remain effective and unchanged.

Capital Returns, Liquidity, and Share Repurchase

Throughout Q1–Q3, management outlined robust liquidity positions, active share buyback programs, and strategic capital returns through repurchases and refinancing initiatives. " " "

Q4 2024 continued this trend with active repurchases (e.g., $51 million in shares), high liquidity ($1.3 billion), and maintained share repurchase capacity, further signaling commitment to returning capital to shareholders. "

Steady commitment. The strategy of returning capital and maintaining strong liquidity remains a cornerstone of shareholder value creation.

Marketing Expense Pressures and Cost Management

Q1–Q3 consistently reported marketing expenses around 17–20% of revenue with a strong focus on efficient cost management and operating leverage that helped reduce total operating expense ratios over time. " " "

Q4 2024 reported marketing expenses at 21% of revenue with continued emphasis on cost discipline, efficient online marketing, and controlled fixed costs, maintaining overall operating expenses at 34% of revenue. " "

Stable with slight improvements. Marketing spend remains within expected ranges while ongoing cost management supports operational efficiency.