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Johny Fernandez: We did find out that Enova is pleased with the OnDeck
acquisition, that's something that we have been talking about. And now it's

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looking to divest ODX, OnDeck Canada, and OnDeck Australia. So these are
big moves, obviously with Enova making. So making this move. So go ahead

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and walk us through like, number one, like the why it's doing this, why
it's doing something, you know, obviously, it looks like they're going to

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go ahead and kind of split things.

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Sean Murray: Sure, yeah. And I haven't talked to Enova or OnDeck about
this. I learned the way that many other people learn, I learned through

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their earnings call, which was last week. And they kind of just mentioned
it, they probably said two sentences about each. They said they wanted to

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divest ODX that that OnDeck had some pretty important bank clients that
they signed up. But that ultimately it wasn't really a moneymaker, it

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seemed more like a vanity play and a PR stunt than it was a real business.
And then they also mentioned that they wanted to, quote unquote, monetize

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OnDeck Canada and onDeck, Australia. And they did it in the same breath as
talking about divesting ODX. So I took that to mean that they also want to

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sell OnDeck Canada and Australia. And but what they explained, it's not
that those branches didn't make money or weren't viable. I think they

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actually said that they were viable in their respective markets, but that
they were too small. And Enova, such a big company that I think that it

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would be a distraction to manage a market that is too small for them. I was
kind of surprised to hear that Canada would be considered a distraction or

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too small for them. Australia, I totally understood. And that's because
Australia is so far away. It's a very small market, Australia. Tiny. And

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it's so far away. And it takes a lot of time and effort to really manage
that market. But if you're going to manage it remotely from the US, or at

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least oversee it, you're going to have to spend time in Australia, it's
like a whole day flight, you lose a day just by going two days, it costs a

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whole lot of money to go there. I'm sure Enova could afford it. But the
market is so small to spend all this time and all this energy and resources

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on that market, I can understand why they would want to split that off.
Canada was I was kind of surprised about but this is all part of the the

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post acquisition kind of phase of a deal. And so it really doesn't really
send any signal about you know, what they think about OnDeck, I think

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ultimately this was going to be their plan anyway, they acquired OnDeck,
they're looking to shed the parts that don't really fit into their model.

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I've seen numerous former employees of OnDeck announced their their
departures from OnDeck on on LinkedIn. And, you know, the fact that they're

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going to divest what doesn't make sense, is just, you know, a normal part
of the business.

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Johny Fernandez: Awesome. So like in for futures, you know, when do you
think this kind of will fully take place? Like how long do you think the

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process is gonna be for them to actually fulfill this?

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Sean Murray: Um, you know, that's a great question. If I was an investment
banker, I'd probably have a better answer for you on that, you know, I'm

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not privy to any of the conversations. And then revealing that in their
earnings call may suggest that they've been talking about it for quite a

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while. And you know, nobody had been pursuing it that it wasn't like they
just started. These things could take a while to do. I think that there's

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going to be a lot of interested buyers, at least for OnDeck. Canada, I
don't know about ODX and I don't really know about Australia, but I know

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that there was a pretty strong interest in acquiring OnDeck Canada's
operations just from feedback I've gotten on our announcement of our story

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about OnDeck or that move. So possibly by the end of the year, but it's
really hard to say