CHICAGO, April 27, 2017 /PRNewswire/ -- Enova
International (NYSE: ENVA), a leading financial technology company
offering consumer and small business loans and
financing, today announced financial results for the quarter
ended March 31, 2017.
"We had a strong start to 2017, driven by healthy demand,
particularly from new customers, and good credit performance," said
Enova's CEO, David Fisher. "We delivered solid performance
across our six growth businesses and saw strong profit growth,
which are a testament to our leading competitive position, focused
growth strategy, and solid balance sheet with diversified funding.
We remain committed to serving customers by further expanding our
reach and market share, and we are excited about the opportunities
ahead of us."
First Quarter 2017 Summary
- Total revenue of $192.3 million
in the first quarter of 2017 increased 10.1% from $174.7 million in the first quarter of 2016.
- Gross profit margin was 57.4% in the first quarter of 2017
compared to 60.2% in the first quarter of 2016, driven by stronger
growth in the U.S. installment loan and receivables purchase
agreements and a higher mix of new customers, which requires higher
loan loss provisions.
- Net income of $13.9 million, or
$0.41 per diluted share, in the first
quarter of 2017 increased from $9.9
million, or $0.30 per diluted
share, in the first quarter of 2016.
- First quarter 2017 adjusted EBITDA of $43.9 million, a non-GAAP measure, increased from
$37.8 million in the first quarter of
2016.
"We are pleased with the company's financial performance in the
first quarter," said Steve Cunningham, CFO of Enova. "Total
revenue was in line with our guidance and adjusted EBITDA was at
the high end of our guidance range. Our combined loan and
finance receivables balance increased 18.8% from the year ago
quarter to $621 million, driven primarily by our line of
credit and installment loan and receivables purchase agreement
products. Our solid balance sheet and operating cash flow have us
well positioned for the future."
Enova ended the first quarter of 2017 with unrestricted cash and
cash equivalents of $97.0 million. As of March 31, 2017,
the company had total debt outstanding of $631.1 million,
which included $145.4 million outstanding under
Enova's $295 million securitization facilities. During
the first quarter, Enova generated $119.9 million of cash
flow from operations.
Outlook
For the second quarter of 2017, Enova expects total revenue
of $190 million to $200 million, diluted earnings
per share of $0.20 to $0.40, and
Adjusted EBITDA of $35 million to $45 million. For the
full year 2017, Enova expects total revenue of $810 million
to $880 million, diluted earnings per share of
$0.88 to $1.44, and Adjusted
EBITDA of $145 million to $175 million.
For information regarding the non-GAAP financial measures
discussed in this release, please see "Non-GAAP Financial Measures"
and "Reconciliation of GAAP to Non-GAAP Financial Measures"
below.
Conference Call
Enova will host a conference call to discuss its results
at 4 p.m. Central Time / 5 p.m. Eastern
Time today, Thursday, April
27th. The live webcast of the call can be
accessed at the Enova Investor Relations website
at http://ir.enova.com, along with the company's earnings
press release and supplemental financial information. The U.S.
dial-in for the call is 1-855-560-2575 (1-412-542-4161 for non-U.S.
callers). Please ask to be joined to the Enova International call.
A replay of the conference call will be available until May
11, 2017, at 10:59 p.m. Central Time / 11:59
p.m. Eastern Time, while an archived version of the webcast will be
available on the Enova Investor Relations website for 90 days. The
U.S. dial-in for the conference call replay is 1-877-344-7529
(1-412-317-0088). The replay access code is 1010-5535.
About Enova
Enova (NYSE: ENVA) 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 over four million customers around the globe access to
more than $18 billion in loans and financing. The
financial technology company has a portfolio of trusted brands
serving consumers, including CashNetUSA®, NetCredit®, On Stride
Financial®, Pounds to Pocket®, QuickQuid® and Simplic®; has two
brands serving small businesses, Headway Capital® and The Business
Backer™; and offers online lending platform services, on-demand
decision-making technology and real-time predictive analytics
services through Enova Decisions®. You can learn more about the
company at www.enova.com.
Cautionary Statement Concerning Forward Looking
Statements
This release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 about the
business, financial condition and prospects of Enova. These
forward-looking statements give current expectations or forecasts
of future events and reflect the views and assumptions of Enova's
senior management with respect to the business, financial condition
and prospects of Enova as of the date of this release and are not
guarantees of future performance. The actual results of Enova could
differ materially from those indicated by such forward-looking
statements because of various risks and uncertainties applicable to
Enova's business, including, without limitation, those risks and
uncertainties indicated in Enova's filings with the Securities and
Exchange Commission ("SEC"), including our annual report on Form
10-K, quarterly reports on Forms 10-Q and current reports on Forms
8-K. These risks and uncertainties are beyond the ability of Enova
to control, and, in many cases, Enova cannot predict all of the
risks and uncertainties that could cause its actual results to
differ materially from those indicated by the forward-looking
statements. When used in this release, the words "believes,"
"estimates," "plans," "expects," "anticipates" and similar
expressions or variations as they relate to Enova or its management
are intended to identify forward-looking statements. Enova cautions
you not to put undue reliance on these statements. Enova disclaims
any intention or obligation to update or revise any forward-looking
statements after the date of this release.
Non-GAAP Financial Measures
In addition to the financial information prepared in conformity
with generally accepted accounting principles, or GAAP, Enova
provides historical non-GAAP financial information. Management
believes that presentation of non-GAAP financial information is
meaningful and useful in understanding the activities and business
metrics of Enova's operations. Management believes that these
non-GAAP financial measures reflect an additional way of viewing
aspects of Enova's business that, when viewed with its GAAP
results, provide a more complete understanding of factors and
trends affecting its business.
Management provides non-GAAP financial information for
informational purposes and to enhance understanding of Enova's GAAP
consolidated financial statements. Readers should consider the
information in addition to, but not instead of or superior to,
Enova's financial statements prepared in accordance with GAAP. This
non-GAAP financial information may be determined or calculated
differently by other companies, limiting the usefulness of those
measures for comparative purposes.
Combined Loans and Finance Receivables
Enova has provided combined loans and finance receivables, which is
a non-GAAP measure. Enova also reports allowances and liabilities
for estimated losses on loans and finance receivables individually
and on a combined basis, which are GAAP measures that are included
in Enova's financial statements. Management believes these measures
provide investors with important information needed to evaluate the
magnitude of potential cost of revenue and the opportunity for
revenue performance of the loan and finance receivables portfolio
on an aggregate basis. Management believes that the comparison of
the aggregate amounts from period to period is more meaningful than
comparing only the residual amount on Enova's balance sheet since
both revenue and the cost of revenue for loans and finance
receivables are impacted by the aggregate amount of loans and
finance receivables owned by Enova and those guaranteed by Enova as
reflected in its financial statements.
Adjusted Earnings and Adjusted Earnings Per Share
In addition to reporting financial results in accordance with GAAP,
Enova has provided adjusted earnings and adjusted earnings per
share, or, collectively, the Adjusted Earnings Measures, which are
non-GAAP measures. Management believes that the presentation of
these measures provides investors with greater transparency and
facilitates comparison of operating results across a broad spectrum
of companies with varying capital structures, compensation
strategies, derivative instruments and amortization methods, which
provides a more complete understanding of Enova's financial
performance, competitive position and prospects for the future.
Management also believes that investors regularly rely on non-GAAP
financial measures, such as the Adjusted Earnings Measures, to
assess operating performance and that such measures may highlight
trends in Enova's business that may not otherwise be apparent when
relying on financial measures calculated in accordance with GAAP.
In addition, management believes that the adjustments shown below
are useful to investors in order to allow them to compare Enova's
financial results during the periods shown without the effect of
certain expense items.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP measure that Enova defines as
earnings excluding depreciation, amortization, interest, foreign
currency transaction gains or losses, taxes, and stock-based
compensation, and Adjusted EBITDA margin is a non-GAAP measure that
Enova defines as Adjusted EBITDA as a percentage of total revenue.
Management believes Adjusted EBITDA and Adjusted EBITDA margin are
used by investors to analyze operating performance and evaluate
Enova's ability to incur and service debt and Enova's capacity for
making capital expenditures. Adjusted EBITDA and Adjusted EBITDA
margin are also useful to investors to help assess Enova's
estimated enterprise value. The computation of Adjusted EBITDA and
Adjusted EBITDA margin as presented below may differ from the
computation of similarly-titled measures provided by other
companies.
ENOVA
INTERNATIONAL, INC. AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2017
|
|
|
2016
|
|
|
2016
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
97,030
|
|
|
$
|
112,211
|
|
|
$
|
39,934
|
|
Restricted cash and
cash equivalents (includes restricted cash of consolidated VIEs of
$17,815, $13,717 and $19,468 as of March 31, 2017 and
2016 and December 31, 2016, respectively)
|
|
|
25,610
|
|
|
|
20,908
|
|
|
|
26,306
|
|
Loans and finance
receivables, net (includes loans of consolidated VIEs of $225,473,
$150,427 and $234,497 and allowance for losses of $17,879, $12,172
and $17,731 as of March 31, 2017 and 2016 and
December 31, 2016, respectively)
|
|
|
515,463
|
|
|
|
428,202
|
|
|
|
561,550
|
|
Income taxes
receivable
|
|
|
3,004
|
|
|
|
7,436
|
|
|
|
—
|
|
Other receivables and
prepaid expenses
|
|
|
18,059
|
|
|
|
18,810
|
|
|
|
19,524
|
|
Property and
equipment, net
|
|
|
44,279
|
|
|
|
45,740
|
|
|
|
47,100
|
|
Goodwill
|
|
|
267,011
|
|
|
|
267,012
|
|
|
|
267,010
|
|
Intangible assets,
net
|
|
|
5,136
|
|
|
|
6,221
|
|
|
|
5,404
|
|
Other
assets
|
|
|
9,821
|
|
|
|
8,636
|
|
|
|
11,051
|
|
Total
assets
|
|
$
|
985,413
|
|
|
$
|
915,176
|
|
|
$
|
977,879
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and
accrued expenses
|
|
$
|
70,485
|
|
|
$
|
74,278
|
|
|
$
|
71,671
|
|
Income taxes currently
payable
|
|
|
—
|
|
|
|
—
|
|
|
|
282
|
|
Deferred tax
liabilities, net
|
|
|
25,338
|
|
|
|
28,879
|
|
|
|
14,316
|
|
Long-term debt
(includes long-term debt of consolidated VIEs of $145,449, $113,913
and $165,419 and debt issuance costs of $1,419, $3,714 and $1,869,
as of March 31, 2017 and 2016 and
December 31, 2016, respectively)
|
|
|
631,117
|
|
|
|
594,414
|
|
|
|
649,911
|
|
Total
liabilities
|
|
|
726,940
|
|
|
|
697,571
|
|
|
|
736,180
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, $0.00001
par value, 250,000,000 shares authorized, 33,596,007, 33,196,625
and 33,364,525 shares issued and 33,488,159, 33,158,148 and
33,293,100 outstanding as of March 31, 2017 and 2016 and
December 31, 2016, respectively
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Preferred stock,
$0.00001 par value, 25,000,000 shares authorized, no shares issued
and outstanding
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Additional paid in
capital
|
|
|
20,766
|
|
|
|
11,892
|
|
|
|
18,446
|
|
Retained
earnings
|
|
|
249,307
|
|
|
|
210,716
|
|
|
|
235,455
|
|
Accumulated other
comprehensive loss
|
|
|
(10,440)
|
|
|
|
(4,758)
|
|
|
|
(11,578)
|
|
Treasury stock, at
cost (107,848, 38,477 and 71,425 shares as of
March 31, 2017 and 2016 and December 31, 2016,
respectively)
|
|
|
(1,160)
|
|
|
|
(245)
|
|
|
|
(624)
|
|
Total stockholders'
equity
|
|
|
258,473
|
|
|
|
217,605
|
|
|
|
241,699
|
|
Total liabilities and
stockholders' equity
|
|
$
|
985,413
|
|
|
$
|
915,176
|
|
|
$
|
977,879
|
|
ENOVA
INTERNATIONAL, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(in thousands,
except per share data)
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
|
2017
|
|
|
2016
|
|
Revenue
|
|
$
|
192,263
|
|
|
$
|
174,653
|
|
Cost of
Revenue
|
|
|
81,884
|
|
|
|
69,577
|
|
Gross
Profit
|
|
|
110,379
|
|
|
|
105,076
|
|
Expenses
|
|
|
|
|
|
|
|
|
Marketing
|
|
|
19,583
|
|
|
|
21,181
|
|
Operations and
technology
|
|
|
23,531
|
|
|
|
20,134
|
|
General and
administrative
|
|
|
25,696
|
|
|
|
27,925
|
|
Depreciation and
amortization
|
|
|
3,497
|
|
|
|
3,987
|
|
Total
Expenses
|
|
|
72,307
|
|
|
|
73,227
|
|
Income from
Operations
|
|
|
38,072
|
|
|
|
31,849
|
|
Interest expense,
net
|
|
|
(17,222)
|
|
|
|
(15,915)
|
|
Foreign currency
transaction gain
|
|
|
227
|
|
|
|
1,568
|
|
Income before
Income Taxes
|
|
|
21,077
|
|
|
|
17,502
|
|
Provision for income
taxes
|
|
|
7,225
|
|
|
|
7,639
|
|
Net
Income
|
|
$
|
13,852
|
|
|
$
|
9,863
|
|
Earnings Per
Share:
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.42
|
|
|
$
|
0.30
|
|
Diluted
|
|
$
|
0.41
|
|
|
$
|
0.30
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
33,372
|
|
|
|
33,142
|
|
Diluted
|
|
|
34,036
|
|
|
|
33,187
|
|
ENOVA
INTERNATIONAL, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOW
|
(dollars in
thousands)
|
(Unaudited)
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2017
|
|
|
2016
|
|
Cash flows
provided by operating activities
|
|
$
|
119,865
|
|
|
$
|
98,592
|
|
Cash flows used in
investing activities
|
|
|
|
|
|
|
|
|
Loans and finance
receivables
|
|
|
(45,802)
|
|
|
|
(65,670)
|
|
Change in restricted
cash
|
|
|
1,651
|
|
|
|
(13,717)
|
|
Property and equipment
additions
|
|
|
(2,156)
|
|
|
|
(2,230)
|
|
Other investing
activities
|
|
|
1,517
|
|
|
|
58
|
|
Total cash flows
used in investing activities
|
|
|
(44,790)
|
|
|
|
(81,559)
|
|
Cash flows
(used in) provided by financing activities
|
|
|
(20,506)
|
|
|
|
52,184
|
|
Effect of exchange
rates on cash
|
|
|
2,527
|
|
|
|
928
|
|
Net increase in
cash and cash equivalents
|
|
|
57,096
|
|
|
|
70,145
|
|
Cash and cash
equivalents at beginning of year
|
|
|
39,934
|
|
|
|
42,066
|
|
Cash and cash
equivalents at end of period
|
|
$
|
97,030
|
|
|
$
|
112,211
|
|
ENOVA
INTERNATIONAL, INC. AND SUBSIDIARIES
|
GEOGRAPHIC
INFORMATION
|
(dollars in
thousands)
|
|
The following table
presents information on Enova's domestic and international
operations for the three months ended March 31, 2017 and
2016.
|
|
|
Three Months
Ended March 31,
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
2016
|
|
|
$
Change
|
|
|
%
Change
|
|
Domestic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
164,669
|
|
|
$
|
143,428
|
|
|
$
|
21,241
|
|
|
|
14.8
|
%
|
Cost of
revenue
|
|
|
70,649
|
|
|
|
60,456
|
|
|
|
10,193
|
|
|
|
16.9
|
|
Gross
profit
|
|
$
|
94,020
|
|
|
$
|
82,972
|
|
|
$
|
11,048
|
|
|
|
13.3
|
|
Gross profit
margin
|
|
|
57.1
|
%
|
|
|
57.8
|
%
|
|
|
(0.7)
|
%
|
|
|
(1.2)
|
%
|
International:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
27,594
|
|
|
$
|
31,225
|
|
|
$
|
(3,631)
|
|
|
|
(11.6)
|
%
|
Cost of
revenue
|
|
|
11,235
|
|
|
|
9,121
|
|
|
|
2,114
|
|
|
|
23.2
|
|
Gross
profit
|
|
$
|
16,359
|
|
|
$
|
22,104
|
|
|
$
|
(5,745)
|
|
|
|
(26.0)
|
|
Gross profit
margin
|
|
|
59.3
|
%
|
|
|
70.8
|
%
|
|
|
(11.5)
|
%
|
|
|
(16.2)
|
%
|
Total:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
192,263
|
|
|
$
|
174,653
|
|
|
$
|
17,610
|
|
|
|
10.1
|
%
|
Cost of
revenue
|
|
|
81,884
|
|
|
|
69,577
|
|
|
|
12,307
|
|
|
|
17.7
|
|
Gross
profit
|
|
$
|
110,379
|
|
|
$
|
105,076
|
|
|
$
|
5,303
|
|
|
|
5.0
|
|
Gross profit
margin
|
|
|
57.4
|
%
|
|
|
60.2
|
%
|
|
|
(2.8)
|
%
|
|
|
(4.7)
|
%
|
ENOVA
INTERNATIONAL, INC. AND SUBSIDIARIES
|
LOANS AND FINANCE
RECEIVABLES FINANCIAL AND OPERATING DATA
|
(dollars in
thousands)
|
|
The following table
shows loans and finance receivables and related loan loss activity,
which is based on loan and finance receivable balances, for the
three months ended March 31, 2017 and 2016.
|
|
Three Months Ended
March 31,
|
|
2017
|
|
|
2016
|
|
|
Change
|
|
Cost of
revenue
|
|
$
|
81,884
|
|
|
$
|
69,577
|
|
|
$
|
12,307
|
|
Charge-offs (net of
recoveries)
|
|
|
98,814
|
|
|
|
69,995
|
|
|
|
21,026
|
|
Average combined
loans and finance receivables, gross:
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
owned(a)
|
|
|
635,236
|
|
|
|
500,817
|
|
|
|
134,419
|
|
Guaranteed by
Enova(a)(b)
|
|
|
28,027
|
|
|
|
32,627
|
|
|
|
(4,600)
|
|
Average combined
loans and finance receivables,
gross (a)(c)
|
|
$
|
663,263
|
|
|
$
|
533,444
|
|
|
$
|
129,819
|
|
Ending combined
loans and finance receivables, gross:
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
owned
|
|
$
|
598,717
|
|
|
$
|
495,906
|
|
|
$
|
102,811
|
|
Guaranteed by
Enova(b)
|
|
|
22,546
|
|
|
|
27,114
|
|
|
|
(4,568)
|
|
Ending combined
loans and finance receivables, gross (c)
|
|
$
|
621,263
|
|
|
$
|
523,020
|
|
|
$
|
98,243
|
|
Ending allowance and
liability for losses
|
|
$
|
84,441
|
|
|
$
|
68,886
|
|
|
$
|
15,555
|
|
Combined originations
(d)
|
|
$
|
447,536
|
|
|
$
|
446,838
|
|
|
$
|
698
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and finance
receivables ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue as a
% of average combined loans and finance receivables,
gross(a)(c)
|
|
|
12.3
|
%
|
|
|
13.0
|
%
|
|
|
(0.7)
|
%
|
Charge-offs (net of
recoveries) as a % of average combined loans and finance
receivables, gross(a)(c)
|
|
|
14.9
|
%
|
|
|
13.1
|
%
|
|
|
0.6
|
%
|
Gross profit
margin
|
|
|
57.4
|
%
|
|
|
60.2
|
%
|
|
|
(2.8)
|
%
|
Allowance and
liability for losses as a % of combined loans and finance
receivables, gross(c)(e)
|
|
|
13.6
|
%
|
|
|
13.2
|
%
|
|
|
0.4
|
%
|
|
|
|
|
|
|
|
(a)
|
The average
combined loans and finance receivables, gross, is the average of
the month-end balances during the period.
|
(b)
|
Represents loans
originated by third-party lenders through the credit services
organization (or CSO), which are not included in Enova's financial
statements.
|
(c)
|
Non-GAAP measure.
See the above discussion for additional information regarding
combined loans and finance receivables.
|
(d)
|
Represents loans
and finance receivables originated by Enova and third-party lenders
through the CSO and includes renewals of existing origination
agreements to customers in good standing. The disclosure is
statistical data that is not included in Enova's financial
statements.
|
(e)
|
Allowance and
liability for losses as a percentage of combined loans and finance
receivables, gross, is determined using period-end
balances.
|
ENOVA
INTERNATIONAL, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL MEASURES
|
(dollars in
thousands, except per share data)
|
|
Adjusted Earnings
Measures
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
|
2017
|
|
|
2016
|
|
Net Income
|
|
$
|
13,852
|
|
|
$
|
9,863
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Intangible asset
amortization
|
|
|
271
|
|
|
|
320
|
|
Stock-based
compensation expense
|
|
|
2,320
|
|
|
|
1,968
|
|
Foreign currency
transaction gain
|
|
|
(227)
|
|
|
|
(1,568)
|
|
Cumulative tax effect
of adjustments
|
|
|
(810)
|
|
|
|
(315)
|
|
|
|
|
|
|
|
|
|
|
Adjusted
earnings
|
|
$
|
15,406
|
|
|
$
|
10,268
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
|
$
|
0.41
|
|
|
$
|
0.30
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per
share
|
|
$
|
0.45
|
|
|
$
|
0.31
|
|
|
Adjusted
EBITDA
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
|
2017
|
|
|
2016
|
|
Net Income
|
|
$
|
13,852
|
|
|
$
|
9,863
|
|
Depreciation and
amortization expenses
|
|
|
3,497
|
|
|
|
3,987
|
|
Interest expense,
net
|
|
|
17,222
|
|
|
|
15,915
|
|
Foreign currency
transaction gain
|
|
|
(227)
|
|
|
|
(1,568)
|
|
Provision for income
taxes
|
|
|
7,225
|
|
|
|
7,639
|
|
Stock-based
compensation expense
|
|
|
2,320
|
|
|
|
1,968
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
43,889
|
|
|
$
|
37,804
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
margin calculated as follows:
|
|
|
|
|
|
|
|
|
Total
Revenue
|
|
$
|
192,263
|
|
|
$
|
174,653
|
|
Adjusted
EBITDA
|
|
|
43,889
|
|
|
|
37,804
|
|
Adjusted EBITDA as a
percentage of total revenue
|
|
|
22.8
|
%
|
|
|
21.6
|
%
|
ENOVA
INTERNATIONAL, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL MEASURES
|
(dollars in
thousands)
|
|
Estimated Adjusted
EBITDA For 2017
|
|
The following table
reconciles estimated Income from operations to Adjusted EBITDA, a
non-GAAP measure:
|
|
|
|
Estimated
Results
|
|
|
|
Three Months
Ended June 30, 2017
|
|
|
|
Low
|
|
High
|
|
|
|
Unaudited
|
|
Income from
operations
|
|
|
28,000
|
|
|
38,000
|
|
Depreciation and
amortization
|
|
|
4,000
|
|
|
4,000
|
|
Stock-based
compensation expense
|
|
|
3,000
|
|
|
3,000
|
|
Adjusted
EBITDA
|
|
$
|
35,000
|
|
$
|
45,000
|
|
|
|
|
|
|
|
|
|
|
|
Estimated
Results
|
|
|
|
Year Ended
December 31, 2017
|
|
|
|
Low
|
|
High
|
|
|
|
Unaudited
|
|
Income from
operations
|
|
|
118,000
|
|
|
148,000
|
|
Depreciation and
amortization
|
|
|
17,000
|
|
|
17,000
|
|
Stock-based
compensation expense
|
|
|
10,000
|
|
|
10,000
|
|
Adjusted
EBITDA
|
|
$
|
145,000
|
|
$
|
175,000
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/enova-reports-first-quarter-2017-financial-results-300447485.html
SOURCE Enova International, Inc.