Enova International, Inc.

Previous wording

We are a leading technology and analytics company focused on providing online financial services. In 2025, we extended approximately $7.8 billion in credit or financing to borrowers and for the six months ended June 30, 2026, we extended approximately $4.6 billion in credit or financing to borrowers. As of June 30, 2026, we offered or arranged loans or draws on lines of credit to consumers in 38 states in the United States and Brazil. We also offered or arranged financing to small businesses in 49 states and Washington D.C. in the United States. We use our proprietary technology, analytics and customer service capabilities to quickly evaluate, underwrite and fund loans or provide financing, allowing us to offer consumers and small businesses credit or financing when and how they want it. Our customers include the large and growing number of consumers and small businesses that have bank accounts but use alternative financial services because of their limited access to more traditional credit from banks, credit card companies and other lenders. We were an early entrant into online lending, launching our online business in 2004, and through June 30, 2026, we have completed approximately 71.6 million customer transactions and collected more than 95 terabytes of currently accessible customer behavior data since launch, allowing us to better analyze and underwrite our specific customer base. We have significantly diversified our business over the past several years, having expanded the markets we serve and the financing products we offer. These financing products include installment loans and line of credit accounts.

Current wording

We are a leading technology and analytics company focused on providing online financial services. In 2025, we extended approximately $7.8 billion in credit or financing to borrowers and for the nine months ended September 30, 2026, we extended approximately $7.2 billion in credit or financing to borrowers. As of September 30, 2026, we offered or arranged loans or draws on lines of credit to consumers in 38 states in the United States and Brazil. We also offered or arranged financing to small businesses in 49 states and Washington D.C. in the United States. We use our proprietary technology, analytics and customer service capabilities to quickly evaluate, underwrite and fund loans or provide financing, allowing us to offer consumers and small businesses credit or financing when and how they want it. Our customers include the large and growing number of consumers and small businesses that have bank accounts but use alternative financial services because of their limited access to more traditional credit from banks, credit card companies and other lenders. We were an early entrant into online lending, launching our online business in 2004, and through September 30, 2026, we have completed approximately 72.9 million customer transactions and collected more than 95 terabytes of currently accessible customer behavior data since launch, allowing us to better analyze and underwrite our specific customer base. We have significantly diversified our business over the past several years, having expanded the markets we serve and the financing products we offer. These financing products include installment loans and line of credit accounts.

Previous wording

On December 10, 2025, we entered into a merger agreement with Grasshopper Bancorp, Inc. (“Grasshopper”) under which we will acquire Grasshopper for an aggregate purchase price valued at approximately $369 million at signing to be paid in a combination of cash and newly issued shares. Under the terms of the merger agreement, Grasshopper will merge with and into us, with us continuing as the surviving corporation and, immediately following the merger, an interim national bank and wholly-owned subsidiary of ours will merge with and into Grasshopper Bank, a wholly-owned subsidiary of Grasshopper, with Grasshopper Bank continuing as the surviving bank. The merger agreement was unanimously approved by the Boards of Directors of each of the Company and Grasshopper. On February 2, 2026, Grasshopper held a special meeting of its stockholders in connection with the merger, at which the merger agreement was approved. The transaction remains subject to regulatory approvals from the Office of the Comptroller of the Currency and the Federal Reserve and other customary closing conditions, and is expected to close during the second half of 2026.

Current wording

As previously disclosed, on December 10, 2025, we entered into an agreement and plan of merger, as amended on December 18, 2025 (as amended the “Merger Agreement”) with Grasshopper Bancorp, Inc. (“Grasshopper”) a Delaware corporation and the parent holding company of Grasshopper Bank N.A. (“Grasshopper Bank”), a national bank and wholly-owned subsidiary of Grasshopper. Under the terms of the Merger Agreement, Grasshopper was to merge with and into us, with us continuing as the surviving corporation (the “Merger”) and, immediately following the Merger, an interim national bank and wholly-owned subsidiary of ours would merge with and into Grasshopper Bank, with Grasshopper Bank continuing as the surviving bank.

Previous wording

Consolidated total revenue increased $164.8 million, or 21.6%, to $928.9 million in the current quarter compared to $764.1 million for the three months ended June 30, 2025, or the prior year quarter.

Current wording

Consolidated total revenue increased $206.5 million, or 25.7%, to $1,009.2 million in the current quarter compared to $802.7 million for the three months ended September 30, 2025, or the prior year quarter.

Previous wording

Consolidated income from operations increased $53.0 million, or 28.8%, to $237.1 million in the current quarter compared to $184.1 million in the prior year quarter.

Current wording

Consolidated income from operations increased $50.4 million, or 25.6%, to $247.2 million in the current quarter compared to $196.8 million in the prior year quarter.

Previous wording

Consolidated net income was $105.1 million in the current quarter compared to $76.1 million in the prior year quarter. Consolidated diluted income per share was $4.00 in the current quarter compared to $2.86 in the prior year quarter.

Current wording

Consolidated net income was $107.3 million in the current quarter compared to $80.3 million in the prior year quarter. Consolidated diluted income per share was $4.06 in the current quarter compared to $3.03 in the prior year quarter.

Previous wording

In 2025 and the first six months of 2026, views in the marketplace on the economy and its near-term prospects remained mixed with concerns on employment, inflation, tariffs and other macroeconomic trends. In certain situations, management concluded that the probability of future charge-offs or prepayments was different than what we had experienced in the past and, therefore, altered those assumptions in our fair value models. We continue to utilize this approach and have adjusted these assumptions where appropriate. We also evaluate the discount rates used in our models on a quarterly basis and adjust when appropriate to be responsive to changes in the market and representative of what a market participant would use. As of June 30, 2026, we deemed the resulting fair value of our loans and finance receivables to be an appropriate market-based exit price that considers current market conditions.

Current wording

In 2025 and the first nine months of 2026, views in the marketplace on the economy and its near-term prospects remained mixed with concerns on employment, inflation, tariffs and other macroeconomic trends. In certain situations, management concluded that the probability of future charge-offs or prepayments was different than what we had experienced in the past and, therefore, altered those assumptions in our fair value models. We continue to utilize this approach and have adjusted these assumptions where appropriate. We also evaluate the discount rates used in our models on a quarterly basis and adjust when appropriate to be responsive to changes in the market and representative of what a market participant would use. As of September 30, 2026, we deemed the resulting fair value of our loans and finance receivables to be an appropriate market-based exit price that considers current market conditions.

Previous wording

(a) In the first six months of 2026, we recorded costs totaling $4.1 million ($3.2 million net of tax) related to the pending acquisition of Grasshopper.

Current wording

(a) In the first nine months of 2026, we recorded costs totaling $5.5 million ($4.2 million net of tax) related to the planned acquisition of Grasshopper.

Previous wording

(b) In the second quarter of 2025,we recorded other nonoperating expenses of $1.0 million ($0.8 million net of tax) related to the early extinguishment of debt.

Current wording

(b) In the third quarter of 2026 and second quarter of 2025, we recorded other nonoperating expenses of $0.6 million ($0.5 million net of tax) and $1.0 million ($0.8 million net of tax), respectively, related to the early extinguishment of debt.

Previous wording

Revenue increased $164.8 million, or 21.6%, to $928.9 million for the current quarter as compared to $764.1 million for the prior year quarter. The increase was driven by a 34.6% increase in revenue from our small business portfolio and a 11.5% increase in revenue from our consumer portfolio as higher levels of originations have led to higher loan balances for both portfolios.

Current wording

Revenue increased $206.5 million, or 25.7%, to $1,009.2 million for the current quarter as compared to $802.7 million for the prior year quarter. The increase was driven by a 31.7% increase in revenue from our small business portfolio and a 21.1% increase in revenue from our consumer portfolio as higher levels of originations have led to higher loan balances for both portfolios.

Previous wording

Net revenue for the current quarter was $568.0 million compared to $441.5 million for the prior year quarter. Our consolidated net revenue margin was 61.2% for the current quarter compared to 57.8% for the prior year quarter. Refer to “—Consumer Loans and Finance Receivables” and “—Small Business Loans and Finance Receivables” below for additional discussion of net revenue for the current quarter.

Current wording

Net revenue for the current quarter was $614.4 million compared to $460.7 million for the prior year quarter. Our consolidated net revenue margin was 60.9% for the current quarter compared to 57.4% for the prior year quarter. Refer to “—Consumer Loans and Finance Receivables” and “—Small Business Loans and Finance Receivables” below for additional discussion of net revenue for the current quarter.

Previous wording

The fair value of our loan and finance receivable portfolio in our consolidated financial statements was $6,172.8 million and $4,773.3 million as of June 30, 2026 and 2025, respectively. The outstanding principal balance of our loan and finance receivables portfolio was $5,351.1 million and $4,141.1 million as of June 30, 2026 and 2025, respectively. The fair value of the combined loan and finance receivables portfolio includes $27.6 million and $23.8 million with an outstanding principal balance of $19.4 million and $16.8 million of consumer loan balances that are guaranteed by us but not owned by us, which are not included in our consolidated financial statements as of June 30, 2026 and 2025, respectively.

Current wording

The fair value of our loan and finance receivable portfolio in our consolidated financial statements was $6,596.0 million and $5,012.9 million as of September 30, 2026 and 2025, respectively. The outstanding principal balance of our loan and finance receivables portfolio was $5,690.3 million and $4,344.9 million as of September 30, 2026 and 2025, respectively. The fair value of the combined loan and finance receivables portfolio includes $27.6 million and $24.4 million with an outstanding principal balance of $16.8 million and $17.3 million of consumer loan balances that are guaranteed by us but not owned by us, which are not included in our consolidated financial statements as of September 30, 2026 and 2025, respectively.

Previous wording

The consumer portfolio balance was 31.4% of our combined loan and finance receivable portfolio balance at fair value as of June 30, 2026 compared to 35.3% as of June 30, 2025. Our small business portfolio of loans and finance receivables was 68.6% of our combined loan and finance receivable portfolio at fair value as of June 30, 2026 compared to 64.7% as of June 30, 2025. See “Non-GAAP Financial Measures—Combined Loans and Finance Receivables Measures” above for additional information related to combined loans and finance receivables.

Current wording

The consumer portfolio balance was 32.6% of our combined loan and finance receivable portfolio balance at fair value as of September 30, 2026 compared to 34.1% as of September 30, 2025. Our small business portfolio of loans and finance receivables was 67.4% of our combined loan and finance receivable portfolio at fair value as of September 30, 2026 compared to 65.9% as of September 30, 2025. See “Non-GAAP Financial Measures—Combined Loans and Finance Receivables Measures” above for additional information related to combined loans and finance receivables.

Previous wording

At June 30, 2026 and 2025, the ratio of fair value as a percentage of principal was 115.4% and 115.3%, respectively, on company owned loans and finance receivables and 115.5% and 115.4%, respectively, on combined loans and finance receivables. These ratios were relatively flat compared to the prior year. Refer to “—Consumer Loans and Finance Receivables” and “—Small Business Loans and Finance Receivables” below for additional discussion of fair value ratios for the current quarter.

Current wording

At September 30, 2026 and 2025, the ratio of fair value as a percentage of principal was 115.9% and 115.4%, respectively, on company owned loans and finance receivables and 116.1% and 115.5%, respectively, on combined loans and finance receivables. These ratios were slightly higher compared to the prior year due to improvement in both the consumer and small business portfolios. Refer to “—Consumer Loans and Finance Receivables” and “—Small Business Loans and Finance Receivables” below for additional discussion of fair value ratios for the current quarter.

Previous wording

The average amount outstanding per loan and finance receivable increased in the current quarter compared to the prior year quarter for our overall portfolio due to an increase in average amount outstanding per loan in our small business portfolio as well as a mix shift towards our small business portfolio, which carries a higher average amount outstanding per loan compared to our consumer portfolio.

Current wording

The average amount outstanding per loan and finance receivable increased in the current quarter compared to the prior year quarter for our overall portfolio due to an increase in average amount outstanding per loan in our small business portfolio, as a result of higher funded amounts to our small business customers, as well as a mix shift towards our small business portfolio, which carries a higher average amount outstanding per loan compared to our consumer portfolio.

Previous wording

The average loan and finance receivable origination amount increased to $1,914 during the current quarter from $1,691 during the prior year quarter, due primarily to a higher proportion of loans originated in the small business portfolio, the average size of which greatly exceeds the average size of loans originated in the consumer portfolio. The average loan and finance receivable origination amount for the small business portfolio decreased during the current quarter compared to the prior year quarter due primarily to a higher proportion of line of credit draws, which are lower on average compared to installment loan originations.

Current wording

The average loan and finance receivable origination amount increased to $1,905 during the current quarter from $1,779 during the prior year quarter, due primarily to a higher proportion of loans originated in the small business portfolio, the average size of which greatly exceeds the average size of loans originated in the consumer portfolio. The average loan and finance receivable origination amount for the consumer portfolio increased during the current quarter compared to the prior year quarter due primarily to a slight mix shift to products with higher average origination amounts. The average loan and finance receivable origination amount for the small business portfolio during the current quarter was fairly consistent with the prior year quarter.

Previous wording

Demand for our consumer loan products and services in the United States has historically been highest in the third and fourth quarters of each year, corresponding to the holiday season, and lowest in the first quarter of each year, corresponding to our customers’ receipt of income tax refunds. The ending balance, including principal and accrued fees/interest outstanding, of combined consumer loans and finance receivables at June 30, 2026 increased 13.7% to $1,731.1 million compared to $1,522.2 million at June 30, 2025, due primarily to originations outpacing repayments.

Current wording

Demand for our consumer loan products and services in the United States has historically been highest in the third and fourth quarters of each year, corresponding to the holiday season, and lowest in the first quarter of each year, corresponding to our customers’ receipt of income tax refunds. The ending balance, including principal and accrued fees/interest outstanding, of combined consumer loans and finance receivables at September 30, 2026 increased 23.7% to $1,913.3 million compared to $1,546.7 million at September 30, 2025, due primarily to originations outpacing repayments.

Previous wording

The percentage of loans greater than 30 days delinquent of 7.6% was lower at June 30, 2026 compared to 8.0% at June 30, 2025, and charge-offs (net of recoveries) as a percentage of average combined loan and finance receivable balance decreased to 12.8% in the current quarter compared to 14.5% for the prior year quarter. These levels were in the normal range for both periods, although slightly toward the higher end in the prior year quarter. Compared to the prior sequential quarter ending March 31, 2026, the percentage of loans greater than 30 days delinquent and charge-offs (net of recoveries) as a percentage of average combined loan and finance receivable balance both decreased, which is consistent with our normal seasonal pattern.

Current wording

The percentage of loans greater than 30 days delinquent of 8.6% was lower at September 30, 2026 compared to 9.2% at September 30, 2025, and charge-offs (net of recoveries) as a percentage of average combined loan and finance receivable balance decreased to 15.1% in the current quarter compared to 16.1% for the prior year quarter. These levels were in the normal range for both periods, although slightly toward the higher end in the prior year quarter. Compared to the prior sequential quarter ending June 30, 2026, the percentage of loans greater than 30 days delinquent and charge-offs (net of recoveries) as a percentage of average combined loan and finance receivable balance both increased, which is consistent with our normal seasonal pattern.

Previous wording

Revenue related to our consumer loans and finance receivables was $477.4 million for the current quarter compared to $428.3 million for the prior year quarter. The increase in revenue was driven primarily by growth in the overall portfolio. The net revenue margin related to our consumer loans and finance receivables was 57.3% in the current quarter, which was higher than the net revenue margin in the prior four sequential quarters due primarily to strong growth coupled with lower charge-offs (net of recoveries) and delinquencies.

Current wording

Revenue related to our consumer loans and finance receivables was $537.1 million for the current quarter compared to $443.4 million for the prior year quarter. The increase in revenue was driven primarily by growth in the overall portfolio and, to a lesser extent, slightly higher average yields. The net revenue margin related to our consumer loans and finance receivables was 54.0% in the current quarter, which, along with the prior sequential quarter, was higher than the net revenue margin in the prior three quarters due primarily to strong growth coupled with lower charge-offs (net of recoveries) and delinquencies.

Previous wording

The ratio of fair value as a percentage of principal on consumer loans and finance receivables was 122.5% at June 30, 2026, which is slightly higher compared to 121.6% at June 30, 2025 due to improvement in credit metrics discussed earlier in this section. The ratio of fair value as a percentage of principal at June 30, 2026 was slightly lower compared to 122.9% at March 31, 2026, which followed our typical seasonal pattern. Refer also to “Results of Operations—Valuation of Loans and Finance Receivables” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for additional discussion on loan valuation.

Current wording

The ratio of fair value as a percentage of principal on consumer loans and finance receivables was 123.4% at September 30, 2026, which is higher compared to 121.6% at September 30, 2025 due to improvement in credit metrics discussed earlier in this section. The ratio of fair value as a percentage of principal at September 30, 2026 was slightly higher compared to 122.5% at June 30, 2026, due primarily to strong credit performance coupled with growth in the portfolio. Refer also to “Results of Operations—Valuation of Loans and Finance Receivables” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for additional discussion on loan valuation.

Previous wording

The ending balance, including principal and accrued fees/interest outstanding, of small business loans and finance receivables at June 30, 2026 increased 36.5% to $3,816.1 million compared to $2,796.5 million at June 30, 2025, due primarily to originations outpacing repayments.

Current wording

The ending balance, including principal and accrued fees/interest outstanding, of small business loans and finance receivables at September 30, 2026 increased 34.0% to $3,984.6 million compared to $2,974.4 million at September 30, 2025, due primarily to originations outpacing repayments.

Previous wording

The percentage of loans greater than 30 days delinquent of 7.4% was higher at June 30, 2026 compared to 6.6% at June 30, 2025 and 7.1% at March 31, 2026, but remains within the range observed over the prior four years and consistent with our expectations for the portfolio. Charge-offs (net of recoveries) as a percentage of average loan and finance receivable balance of 4.8% during the current quarter were fairly consistent with the prior four sequential quarters.

Current wording

The percentage of loans greater than 30 days delinquent of 7.8% was higher at September 30, 2026 compared to 6.2% at September 30, 2025 and 7.4% at June 30, 2026, but remains within the range of 6.2% to 8.8% observed over the prior three years and consistent with our expectations for the portfolio. Charge-offs (net of recoveries) as a percentage of average loan and finance receivable balance of 4.8% during the current quarter were fairly consistent with the prior four sequential quarters.

Previous wording

Revenue related to our small business loans and finance receivables was $439.3 million for the current quarter compared to $326.3 million for the prior year quarter. The increase in revenue was driven primarily by growth in the overall portfolio. The net revenue margin related to our small business loans and finance receivables was 64.7% for the current quarter, which is slightly lower than the prior four sequential quarters, but remains within the range observed over the prior four years and consistent with our expectations for the portfolio, as credit performance and yields were also within expectations.

Current wording

Revenue related to our small business loans and finance receivables was $458.7 million for the current quarter compared to $348.3 million for the prior year quarter. The increase in revenue was driven primarily by growth in the overall portfolio, partially offset by slightly lower average yields. The net revenue margin related to our small business loans and finance receivables was 68.3% for the current quarter, which is fairly consistent with the average of the prior four sequential quarters of 69.6%. The net revenue margin remains within the range of recent experience and is consistent with our expectations for the portfolio, as credit performance and yields were also within expectations.

Previous wording

The ratio of fair value as a percentage of principal on small business loans and finance receivables was 112.5% at June 30, 2026, which is consistent with the prior four sequential quarters, as performance and outlook remain stable on the portfolio.

Current wording

The ratio of fair value as a percentage of principal on small business loans and finance receivables was 112.8% at September 30, 2026, which is fairly consistent with the prior four sequential quarters, as performance and outlook remain stable on the portfolio.

Previous wording

Marketing expense increased to $203.5 million in the current quarter compared to $142.8 million in the prior year quarter due primarily to growth in the overall business with higher online advertising costs intended to capture increasing market demand for both our consumer and small business loan products and higher commissionable originations in our small business portfolio.

Current wording

Marketing expense increased to $229.7 million in the current quarter compared to $147.4 million in the prior year quarter due primarily to growth in the overall business with higher online advertising costs intended to capture increasing market demand for both our consumer and small business loan products and higher commissionable originations in our small business portfolio.

Previous wording

Operations and technology expense increased to $74.9 million in the current quarter compared to $63.7 million in the prior year quarter, due primarily to higher variable costs, particularly underwriting costs, computer and software maintenance, and personnel costs as a result of increases in originations and the size of the loan portfolio. As a percentage of revenue, operations and technology expense decreased slightly to 8.1% in the current year quarter from 8.3% in the prior year quarter due primarily to growth in revenue outpacing personnel costs.

Current wording

Operations and technology expense increased to $80.7 million in the current quarter compared to $64.5 million in the prior year quarter, due primarily to higher variable costs, particularly collection, personnel, underwriting and computer and software maintenance as a result of increases in originations and the size of the loan portfolio. As a percentage of revenue, operations and technology expense decreased slightly to 8.0% in the current quarter from 8.1% in the prior year quarter due primarily to growth in revenue outpacing personnel costs.

Previous wording

General and administrative expense increased to $44.1 million in the current quarter compared to $40.5 million in the prior year quarter due primarily to transaction-related costs associated with the acquisition of Grasshopper. As a percentage of revenue, general and administrative expense decreased to 4.7% in the current year quarter from 5.3% in the prior year quarter, as increased originations and revenues outpaced fixed costs.

Current wording

General and administrative expense increased to $46.2 million in the current quarter compared to $39.6 million in the prior year quarter due primarily to higher personnel costs and transaction-related costs associated with the planned acquisition of Grasshopper. As a percentage of revenue, general and administrative expense decreased to 4.6% in the current quarter from 4.9% in the prior year quarter, as increased originations and revenues outpaced fixed costs.

Previous wording

Depreciation and amortization expense decreased $2.0 million or 18.7% compared to the prior year quarter driven primarily by certain intangible assets reaching the end of their amortizable lives between quarters.

Current wording

Depreciation and amortization expense decreased $1.8 million or 14.1% compared to the prior year quarter driven primarily by certain intangible assets reaching the end of their amortizable lives between quarters.

Previous wording

Interest expense, net increased $15.0 million, or 18.2%, to $97.8 million in the current quarter compared to $82.8 million in the prior year quarter. The increase was due primarily to an increase of $1,064.6 million, or 27.8%, in the average amount of debt outstanding to $4,884.6 million during the current quarter from $3,820.0 million during the prior year quarter, partially offset by a decrease in the weighted average interest rate on our outstanding debt to 8.10% during the current quarter from 8.76% during the prior year quarter resulting primarily from year-over-year decreases in benchmark rates.

Current wording

Interest expense, net increased $16.5 million, or 19.0%, to $103.5 million in the current quarter compared to $87.0 million in the prior year quarter. The increase was due primarily to an increase of $1,174.0 million, or 29.14%, in the average amount of debt outstanding to $5,202.7 million during the current quarter from $4,028.7 million during the prior year quarter, partially offset by a decrease in the weighted average interest rate on our outstanding debt to 7.97% during the current quarter from 8.61% during the prior year quarter resulting primarily from year-over-year decreases in benchmark rates.

Previous wording

Net income increased $29.0 million, or 38.0%, to $105.1 million during the current quarter compared to $76.1 million during the prior year quarter. The increase was due primarily to an increase in income from operations due to higher net revenue which outpaced increases in operating expenses as a percentage of revenue, partially offset by higher interest expense, which was the result of an increase in the average amount of debt outstanding.

Current wording

Net income increased $27.0 million, or 33.6%, to $107.3 million during the current quarter compared to $80.3 million during the prior year quarter. The increase was due primarily to an increase in income from operations due to higher net revenue, which outpaced increases in operating expenses as a percentage of revenue, partially offset by higher interest expense, which was the result of an increase in the average amount of debt outstanding.

Previous wording

Revenue increased $294.5 million, or 19.5%, to $1,804.1 million for the six-month period ended June 30, 2026, or current six-month period, as compared to $1,509.6 million for the six-month period ended June 30, 2025, or prior year six-month period. The increase was driven by a 35.8% increase in revenue from our small business portfolio and a 7.5% increase in revenue from our consumer portfolio as higher levels of originations have led to higher loan balances for both portfolios.

Current wording

Revenue increased $501.0 million, or 21.7%, to $2,813.3 million for the nine-month period ended September 30, 2026, or current nine-month period, as compared to $2,312.3 million for the nine-month period ended September 30, 2025, or prior year nine-month period. The increase was driven by a 34.3% increase in revenue from our small business portfolio and a 12.1% increase in revenue from our consumer portfolio as higher levels of originations have led to higher loan balances for both portfolios.

Previous wording

Net revenue for the current six-month period was $1,097.1 million compared to $867.6 million for the prior year six-month period. Our consolidated net revenue margin was 60.8% for the current six-month period, as compared to 57.5% for the prior year six-month period. The increase was driven by an increase in net revenue margin in the consumer portfolio as well as a mix shift toward the small business portfolio, which generally has a higher net revenue margin compared to the consumer portfolio.

Current wording

Net revenue for the current nine-month period was $1,711.4 million compared to $1,328.4 million for the prior year nine-month period. Our consolidated net revenue margin was 60.8% for the current nine-month period, as compared to 57.4% for the prior year nine-month period. The increase was driven by an increase in net revenue margin in the consumer portfolio as well as a mix shift toward the small business portfolio, which generally has a higher net revenue margin compared to the consumer portfolio, partially offset by a decrease in net revenue margin in the small business portfolio.

Previous wording

The following table sets forth the components of revenue and net revenue, separated by product for the current six-month period and the prior year six-month period (dollars in thousands):

Current wording

The following table sets forth the components of revenue and net revenue, separated by product for the current nine-month period and the prior year nine-month period (dollars in thousands):

Previous wording

Revenue generated from the Company’s operations for the current six-month period and the prior year six-month period was as follows (in thousands):

Current wording

Revenue generated from the Company’s operations for the current nine-month period and the prior year nine-month period was as follows (in thousands):

Previous wording

The average loan and finance receivable origination amount is calculated as the total amount of combined loans and finance receivables originated, renewed and purchased for the period divided by the total number of combined loans and finance receivables originated, renewed and purchased for the period. The following table shows the average loan and finance receivable origination amount by product for the current six-month period compared to the prior year six-month period:

Current wording

The average loan and finance receivable origination amount is calculated as the total amount of combined loans and finance receivables originated, renewed and purchased for the period divided by the total number of combined loans and finance receivables originated, renewed and purchased for the period. The following table shows the average loan and finance receivable origination amount by product for the current nine-month period compared to the prior year nine-month period:

Previous wording

The average loan and finance receivable origination amount increased to $2,038 from $1,706 during the current six-month period compared to the prior year six-month period, due primarily to a higher proportion of loans originated in the small business portfolio, the average size of which greatly exceeds the average size of loans originated in the consumer portfolio. The average loan and finance receivable origination amount for the small business portfolio decreased during the current six-month period compared to the prior year six-month period due primarily to a higher proportion of line of credit draws, which are lower on average compared to installment loan originations.

Current wording

The average loan and finance receivable origination amount increased to $1,988 from $1,731 during the current nine-month period compared to the prior year nine-month period, due primarily to a higher proportion of loans originated in the small business portfolio, the average size of which greatly exceeds the average size of loans originated in the consumer portfolio. The average loan and finance receivable origination amount for the consumer portfolio increased during the current nine-month period compared to the prior year nine-month period due primarily to a slight mix shift to products with higher average origination amounts. The average loan and finance receivable origination amount for the small business portfolio during the current nine-month period was fairly consistent with the prior year nine-month period.

Previous wording

Marketing expense increased to $393.0 million in the current six-month period compared to $282.1 million in the prior year six-month period. The increase was due primarily to growth in the overall business with higher commissionable originations in our small business portfolio and higher online advertising costs intended to capture increasing market demand for both our consumer and small business loan products, partially offset by lower spend in certain channels and media as we optimize marketing efficiency.

Current wording

Marketing expense increased to $622.7 million in the current nine-month period compared to $429.5 million in the prior year nine-month period. The increase was due primarily to growth in the overall business with higher online advertising costs intended to capture increasing market demand for both our consumer and small business loan products and higher commissionable originations in our small business portfolio.

Previous wording

Operations and technology expense increased to $150.6 million in the current six-month period compared to $126.1 million in the prior year six-month period, due primarily to higher variable costs, particularly underwriting costs, personnel costs and computer and software maintenance expenses as a result of increases in originations and the size of the loan portfolio. As a percentage of revenue, operations and technology expense decreased slightly to 8.3% in the current six-month period from 8.4% in the prior year six-month period, as increased originations and revenues outpaced fixed costs.

Current wording

Operations and technology expense increased to $231.3 million in the current nine-month period compared to $190.7 million in the prior year nine-month period, due primarily to higher variable costs, particularly underwriting costs, personnel costs and computer and software maintenance expenses as a result of increases in originations and the size of the loan portfolio. As a percentage of revenue, operations and technology expense was flat at 8.2%.

Previous wording

General and administrative expense increased $8.9 million, or 10.7%, to $91.9 million in the current six-month period compared to $83.0 million in the prior year six-month period, due primarily to $4.1 million in transaction-related costs associated with the acquisition of Grasshopper as well as higher personnel costs. As a percentage of revenue, general and administrative expense decreased to 5.1% in the current six-month period from 5.5% in the prior year six-month period, as increased originations and revenues outpaced fixed costs.

Current wording

General and administrative expense increased $15.4 million, or 12.5%, to $138.0 million in the current nine-month period compared to $122.6 million in the prior year nine-month period, due primarily to higher personnel costs and $5.5 million in transaction-related costs associated with the planned acquisition of Grasshopper. As a percentage of revenue, general and administrative expense decreased to 4.9% in the current nine-month period from 5.3% in the prior year nine-month period, as increased originations and revenues outpaced fixed costs.

Previous wording

Depreciation and amortization expense decreased $3.1 million or 15.1% compared to the prior year six-month period driven primarily by certain intangible assets reaching the end of their amortizable lives between periods.

Current wording

Depreciation and amortization expense decreased $4.9 million or 14.7% compared to the prior year nine-month period driven primarily by certain intangible assets reaching the end of their amortizable lives between periods.

Previous wording

Interest expense, net increased $28.6 million, or 17.5%, to $191.9 million in the current six-month period compared to $163.3 million in the prior year six-month period. The increase was due primarily to an increase of $1,032.3 million in the average amount of debt outstanding to $4,782.7 million during the current six-month period from $3,750.4 million during the prior year six-month period, partially offset by a decrease in the weighted average interest rate on our outstanding debt to 8.14% during the current six-month period from 8.84% during the prior year six-month period resulting primarily from year-over-year decreases in benchmark rates.

Current wording

Interest expense, net increased $45.1 million, or 18.0%, to $295.4 million in the current nine-month period compared to $250.3 million in the prior year nine-month period. The increase was due primarily to an increase of $1,079.6 million, or 28.09%, in the average amount of debt outstanding to $4,922.7 million during the current nine-month period from $3,843.1 million during the prior year nine-month period, partially offset by a decrease in the weighted average interest rate on our outstanding debt to 8.08% during the current nine-month period from 8.76% during the prior year nine-month period resulting primarily from year-over-year decreases in benchmark rates.