CHICAGO, April 29, 2021 /PRNewswire/ -- Enova
International (NYSE: ENVA), a leading financial technology
company powered by machine learning and artificial
intelligence, today announced financial results for the first
quarter ended March 31, 2021.
"We're pleased to report a record first quarter of
profitability, driven by solid credit performance, improving
originations and disciplined expense management," said David Fisher, Enova's CEO. "We are encouraged by
the recent signs of a recovery in demand and believe that our
diverse product offerings, nimble machine learning-powered credit
risk management capabilities and solid balance sheet position us
well to profitably accelerate growth as the economy continues to
recover."
First Quarter 2021 Summary
- Total revenue of $259 million in the first quarter of
2021 decreased 28% from $362 million in the first quarter
of 2020.
- Net revenue margin of 91.9% in the first quarter of 2021
compared to 34.9% in the first quarter of 2020.
- Net income from continuing operations of $76 million,
or $2.03 per diluted share, in the first quarter of 2021,
compared to $6 million, or $0.18
per diluted share, in the first quarter of 2020.
- First quarter 2021 adjusted EBITDA of $137 million, a
non-GAAP measure, compared to $36 million in the
first quarter of 2020.
- Adjusted earnings of $82 million, or $2.20 per
diluted share, both non-GAAP measures, in the first quarter of
2021, compared to adjusted earnings of $9 million,
or $0.26 per diluted share, in the first quarter of 2020.
"Our strong profitability in the first quarter reflects our
continued strong execution despite the ongoing pandemic," said
Steve Cunningham, CFO of Enova.
"Looking ahead, we are optimistic that we will see both consumer
and small business demand accelerate as the economy
normalizes. We believe we are well positioned to capture the
improving demand with our flexible online-only model, strong
balance sheet, broad breadth of products, and the powerful credit
risk management capabilities of our world-class analytics and
technology."
Outlook
Enova is monitoring and adapting quickly to
changes in the current environment due to the COVID-19 pandemic.
Given the ongoing uncertainties related to virus resurgences,
changes in governmental restrictions, potential economic stimulus,
employment stabilization, and business re-openings, the Company is
not providing guidance for the second quarter or full year
2021.
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 first quarter results at 4 p.m. Central
Time / 5 p.m. Eastern Time today, April 29th. The live webcast of the
call can be accessed at the Enova International 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 join the Enova International call.
A replay of the conference call will be available until
May 6, 2021, 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 International
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 10154678.
About Enova
Enova International (NYSE: ENVA) is
a leading financial technology company providing online financial
services through its artificial intelligence and machine learning
powered lending platform. Enova serves the needs of non-prime
consumers and small businesses, who are frequently underserved by
traditional banks. Enova has provided more than 7 million customers
with over $40 billion in loans and
financing with market leading products that provide a path for them
to improve their financial health. You can learn more about the
company and its brands at www.enova.com.
SOURCE Enova International, Inc.
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
The combined
loans and finance receivables measures are non-GAAP measures that
include loans and finance receivables that Enova owns or has
purchased and loans that Enova guarantees. Management believes
these non-GAAP measures provide investors with important
information needed to evaluate the magnitude of potential
receivable losses and the opportunity for revenue performance of
the loans and finance receivable portfolio on an aggregate basis.
Management also believes that the comparison of the aggregate
amounts from period to period is more meaningful than comparing
only the amounts reflected on Enova's consolidated balance sheet
since revenue is impacted by the aggregate amount of receivables
owned by Enova and those guaranteed by Enova as reflected in its
consolidated financial statements.
Adjusted Earnings Measures
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
each of these expense items.
Adjusted EBITDA Measures
In addition to reporting
financial results in accordance with GAAP, Enova has provided
Adjusted EBITDA and Adjusted EBITDA margin, or, collectively, the
Adjusted EBITDA measures, which are non-GAAP measures. 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. In
addition, management believes that the adjustments for
transaction-related costs, losses on early extinguishment of debt
and equity method investment income shown below are useful to
investors in order to allow them to compare our financial results
during the periods shown without the effect of the expense items.
Adjusted EBITDA margin is a non-GAAP measure that Enova defines as
Adjusted EBITDA as a percentage of total revenue. Management
believes Adjusted EBITDA Measures 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 Measures are also useful to investors to help
assess Enova's estimated enterprise value.
ENOVA
INTERNATIONAL, INC. AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2021
|
|
|
2020
|
|
|
2020
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
324,328
|
|
|
$
|
161,076
|
|
|
$
|
297,273
|
|
Restricted
cash
|
|
|
49,879
|
|
|
|
42,742
|
|
|
|
71,927
|
|
Loans and finance
receivables at fair value
|
|
|
1,230,711
|
|
|
|
1,093,207
|
|
|
|
1,241,506
|
|
Income taxes
receivable
|
|
|
—
|
|
|
|
35,487
|
|
|
|
—
|
|
Other receivables and
prepaid expenses
|
|
|
41,630
|
|
|
|
33,530
|
|
|
|
40,301
|
|
Property and
equipment, net
|
|
|
78,899
|
|
|
|
56,216
|
|
|
|
79,417
|
|
Operating lease
right-of-use assets
|
|
|
39,159
|
|
|
|
19,981
|
|
|
|
40,123
|
|
Goodwill
|
|
|
279,275
|
|
|
|
267,868
|
|
|
|
267,974
|
|
Intangible assets,
net
|
|
|
41,155
|
|
|
|
1,918
|
|
|
|
26,008
|
|
Other
assets
|
|
|
48,606
|
|
|
|
21,276
|
|
|
|
43,546
|
|
Total
assets
|
|
$
|
2,133,642
|
|
|
$
|
1,733,301
|
|
|
$
|
2,108,075
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and
accrued expenses
|
|
$
|
108,982
|
|
|
$
|
95,893
|
|
|
$
|
124,071
|
|
Operating lease
liabilities
|
|
|
66,090
|
|
|
|
35,783
|
|
|
|
67,956
|
|
Income taxes currently
payable
|
|
|
17,378
|
|
|
|
—
|
|
|
|
2,624
|
|
Deferred tax
liabilities, net
|
|
|
61,070
|
|
|
|
71,679
|
|
|
|
48,129
|
|
Long-term
debt
|
|
|
874,514
|
|
|
|
1,091,732
|
|
|
|
946,461
|
|
Total
liabilities
|
|
|
1,128,034
|
|
|
|
1,295,087
|
|
|
|
1,189,241
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, $0.00001
par value, 250,000,000 shares authorized,
42,862,788, 36,112,268 and 41,936,784 shares issued
and 36,598,693, 31,007,899 and 35,762,926 outstanding
as of March 31, 2021 and 2020 and
December 31, 2020, respectively
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Preferred stock,
$0.00001 par value, 25,000,000 shares authorized,
no shares issued and outstanding
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Additional paid in
capital
|
|
|
203,765
|
|
|
|
67,440
|
|
|
|
187,981
|
|
Retained
earnings
|
|
|
925,386
|
|
|
|
477,082
|
|
|
|
849,466
|
|
Accumulated other
comprehensive loss
|
|
|
(8,498)
|
|
|
|
(7,807)
|
|
|
|
(6,898)
|
|
Treasury stock, at
cost (6,264,095, 5,104,369 and 6,173,858 shares as
of March 31, 2021 and 2020 and
December 31, 2020, respectively)
|
|
|
(115,787)
|
|
|
|
(98,501)
|
|
|
|
(113,201)
|
|
Total Enova
International, Inc. stockholders' equity
|
|
|
1,004,866
|
|
|
|
438,214
|
|
|
|
917,348
|
|
Noncontrolling
interest
|
|
|
742
|
|
|
|
—
|
|
|
|
1,486
|
|
Total stockholders'
equity
|
|
|
1,005,608
|
|
|
|
438,214
|
|
|
|
918,834
|
|
Total liabilities and
stockholders' equity
|
|
$
|
2,133,642
|
|
|
$
|
1,733,301
|
|
|
$
|
2,108,075
|
|
ENOVA
INTERNATIONAL, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(in thousands,
except per share data)
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
|
2021
|
|
|
2020
|
|
Revenue
|
|
$
|
259,444
|
|
|
$
|
362,252
|
|
Change in Fair
Value
|
|
|
(21,078)
|
|
|
|
(235,719)
|
|
Net
Revenue
|
|
|
238,366
|
|
|
|
126,533
|
|
Expenses
|
|
|
|
|
|
|
|
|
Marketing
|
|
|
28,568
|
|
|
|
34,558
|
|
Operations and
technology
|
|
|
35,627
|
|
|
|
31,266
|
|
General and
administrative
|
|
|
44,089
|
|
|
|
27,951
|
|
Depreciation and
amortization
|
|
|
6,627
|
|
|
|
3,670
|
|
Total
Expenses
|
|
|
114,911
|
|
|
|
97,445
|
|
Income from
Operations
|
|
|
123,455
|
|
|
|
29,088
|
|
Interest expense,
net
|
|
|
(19,914)
|
|
|
|
(20,381)
|
|
Foreign currency
transaction (loss) gain
|
|
|
(34)
|
|
|
|
41
|
|
Loss on early
extinguishment of debt
|
|
|
(378)
|
|
|
|
—
|
|
Equity method
investment income
|
|
|
558
|
|
|
|
—
|
|
Income before
Income Taxes
|
|
|
103,687
|
|
|
|
8,748
|
|
Provision for income
taxes
|
|
|
27,716
|
|
|
|
3,000
|
|
Net income from
continuing operations before noncontrolling interest
|
|
|
75,971
|
|
|
|
5,748
|
|
Less: Net income
attributable to noncontrolling interest
|
|
|
51
|
|
|
|
—
|
|
Net income from
continuing operations
|
|
|
75,920
|
|
|
|
5,748
|
|
Net loss from
discontinued operations
|
|
|
—
|
|
|
|
(288)
|
|
Net income
attributable to Enova International, Inc.
|
|
$
|
75,920
|
|
|
$
|
5,460
|
|
Earnings (Loss)
Per Share attributable to Enova International, Inc.:
|
|
|
|
|
|
|
|
|
Earnings (loss) per
common share – basic:
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
2.10
|
|
|
$
|
0.18
|
|
Discontinued
operations
|
|
|
—
|
|
|
|
(0.01)
|
|
Earnings (loss) per
common share – basic
|
|
$
|
2.10
|
|
|
$
|
0.17
|
|
Earnings (loss) per
common share – diluted:
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
2.03
|
|
|
$
|
0.18
|
|
Discontinued
operations
|
|
|
—
|
|
|
|
(0.01)
|
|
Earnings (loss) per
common share – diluted
|
|
$
|
2.03
|
|
|
$
|
0.17
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
36,109
|
|
|
|
32,337
|
|
Diluted
|
|
|
37,487
|
|
|
|
32,833
|
|
ENOVA
INTERNATIONAL, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOW
|
(dollars in
thousands)
|
(Unaudited)
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2021
|
|
|
2020
|
|
Cash flows
provided by operating activities
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities - continuing operations
|
|
$
|
117,028
|
|
|
$
|
252,802
|
|
Cash flows from
operating activities - discontinued operations
|
|
|
—
|
|
|
|
(288)
|
|
Total Cash flows
provided by operating activities
|
|
|
117,028
|
|
|
|
252,514
|
|
Cash flows used in
investing activities
|
|
|
|
|
|
|
|
|
Loans and finance
receivables
|
|
|
(9,015)
|
|
|
|
(178,185)
|
|
Acquisitions
|
|
|
(28,358)
|
|
|
|
(3,597)
|
|
Purchases of property
and equipment
|
|
|
(7,106)
|
|
|
|
(5,156)
|
|
Other investing
activities
|
|
|
25
|
|
|
|
57
|
|
Total cash flows
used in investing activities
|
|
|
(44,454)
|
|
|
|
(186,881)
|
|
Cash flows (used
in) provided by financing activities
|
|
|
(67,656)
|
|
|
|
57,335
|
|
Effect of exchange
rates on cash, cash equivalents and restricted cash
|
|
|
89
|
|
|
|
(114)
|
|
Net increase in
cash, cash equivalents and restricted cash
|
|
|
5,007
|
|
|
|
122,854
|
|
Cash, cash
equivalents and restricted cash at beginning of year
|
|
|
369,200
|
|
|
|
80,964
|
|
Cash, cash
equivalents and restricted cash at end of period
|
|
$
|
374,207
|
|
|
$
|
203,818
|
|
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
continuing operations for the three months ended March 31, 2021 and
2020.
|
|
Three Months Ended
March 31,
|
|
2021
|
|
|
2020
|
|
|
Change
|
|
Ending combined
loan and finance receivable principal balance:
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
owned
|
|
$
|
1,219,848
|
|
|
$
|
1,061,408
|
|
|
$
|
158,440
|
|
Guaranteed by the
Company(a)
|
|
|
5,691
|
|
|
|
10,287
|
|
|
|
(4,596)
|
|
Total combined
loan and finance receivable principal
balance(b)
|
|
$
|
1,225,539
|
|
|
$
|
1,071,695
|
|
|
$
|
153,844
|
|
Ending combined
loan and finance receivable fair value balance:
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
owned
|
|
$
|
1,230,711
|
|
|
$
|
1,093,207
|
|
|
$
|
137,504
|
|
Guaranteed by the
Company(a)
|
|
|
7,246
|
|
|
|
12,445
|
|
|
|
(5,199)
|
|
Ending combined
loan and finance receivable fair value
balance(b)
|
|
$
|
1,237,957
|
|
|
$
|
1,105,652
|
|
|
$
|
132,305
|
|
Fair value as a % of
principal(c)
|
|
|
101.0
|
%
|
|
|
103.2
|
%
|
|
|
(2.2)
|
%
|
Ending combined
loan and finance receivable balance, including
principal and accrued fees/interest outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
owned
|
|
$
|
1,265,987
|
|
|
$
|
1,145,748
|
|
|
$
|
120,239
|
|
Guaranteed by the
Company(a)
|
|
|
6,792
|
|
|
|
11,798
|
|
|
|
(5,006)
|
|
Ending combined
loan and finance receivable balance(b)
|
|
$
|
1,272,779
|
|
|
$
|
1,157,546
|
|
|
$
|
115,233
|
|
Average combined
loan and finance receivable balance, including
principal and accrued fees/interest outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
owned(d)
|
|
$
|
1,299,248
|
|
|
$
|
1,190,198
|
|
|
$
|
109,050
|
|
Guaranteed by the
Company(a)(d)
|
|
|
8,670
|
|
|
|
17,846
|
|
|
|
(9,176)
|
|
Average combined
loan and finance receivable balance(a)(d)
|
|
$
|
1,307,918
|
|
|
$
|
1,208,044
|
|
|
$
|
99,874
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
257,297
|
|
|
$
|
359,806
|
|
|
$
|
(102,509)
|
|
Change in fair
value
|
|
|
(21,078)
|
|
|
|
(235,719)
|
|
|
|
214,641
|
|
Net
revenue
|
|
|
236,219
|
|
|
|
124,087
|
|
|
|
112,132
|
|
Net revenue
margin
|
|
|
91.8
|
%
|
|
|
34.5
|
%
|
|
|
57.3
|
%
|
Change in fair value
as a % of average loan and finance receivable
balance(d)
|
|
|
1.6
|
%
|
|
|
19.5
|
%
|
|
|
(17.9)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delinquencies:
|
|
|
|
|
|
|
|
|
|
|
|
|
>30 days
delinquent
|
|
$
|
96,228
|
|
|
$
|
86,294
|
|
|
$
|
9,934
|
|
>30 days
delinquent as a % of loan and finance receivable
balance(c)
|
|
|
7.6
|
%
|
|
|
7.5
|
%
|
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs:
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs (net of
recoveries)
|
|
$
|
54,450
|
|
|
$
|
203,224
|
|
|
$
|
(148,774)
|
|
Charge-offs (net of
recoveries) as a % of average loan and finance
receivable balance(d)
|
|
|
4.2
|
%
|
|
|
16.8
|
%
|
|
|
(12.6)
|
%
|
|
|
|
|
|
(a)
|
Represents loans
originated by third-party lenders through the CSO programs, which
are not included in our consolidated balance sheets.
|
(b)
|
Non-GAAP
measure.
|
(c)
|
Determined using
period-end balances.
|
(d)
|
The average
combined loan and finance receivable balance is the average of the
month-end balances during the period.
|
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,
|
|
|
|
2021
|
|
|
2020
|
|
Net income from
continuing operations
|
|
$
|
75,920
|
|
|
$
|
5,748
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Transaction-related
costs(a)
|
|
|
1,412
|
|
|
|
—
|
|
Loss on early
extinguishment of debt(b)
|
|
|
378
|
|
|
|
—
|
|
Intangible asset
amortization
|
|
|
1,151
|
|
|
|
267
|
|
Stock-based
compensation expense
|
|
|
5,804
|
|
|
|
3,460
|
|
Foreign currency
transaction loss (gain)
|
|
|
34
|
|
|
|
(41)
|
|
Cumulative tax effect
of adjustments
|
|
|
(2,209)
|
|
|
|
(868)
|
|
|
|
|
|
|
|
|
|
|
Adjusted
earnings
|
|
$
|
82,490
|
|
|
$
|
8,566
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
|
$
|
2.03
|
|
|
$
|
0.18
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per
share
|
|
$
|
2.20
|
|
|
$
|
0.26
|
|
|
Adjusted
EBITDA
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
|
2021
|
|
|
2020
|
|
Net income from
continuing operations
|
|
$
|
75,920
|
|
|
$
|
5,748
|
|
Depreciation and
amortization expenses
|
|
|
6,621
|
|
|
|
3,670
|
|
Interest expense,
net
|
|
|
19,755
|
|
|
|
20,381
|
|
Foreign currency
transaction loss
|
|
|
34
|
|
|
|
(41)
|
|
Provision for income
taxes
|
|
|
27,716
|
|
|
|
3,000
|
|
Stock-based
compensation expense
|
|
|
5,804
|
|
|
|
3,460
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Transaction-related
costs(a)
|
|
|
1,412
|
|
|
|
—
|
|
Loss on early
extinguishment of debt(b)
|
|
|
378
|
|
|
|
—
|
|
Equity method
investment income
|
|
|
(558)
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
137,082
|
|
|
$
|
36,218
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
margin calculated as follows:
|
|
|
|
|
|
|
|
|
Total
Revenue
|
|
$
|
259,444
|
|
|
$
|
362,252
|
|
Adjusted
EBITDA
|
|
|
137,082
|
|
|
|
36,218
|
|
Adjusted EBITDA as a
percentage of total revenue
|
|
|
52.8
|
%
|
|
|
10.0
|
%
|
|
|
|
|
|
(a)
|
In the first
quarter of 2021, the Company incurred expenses totaling $1.4
million ($1.1 million net of tax) related to acquisitions and a
divestiture of a subsidiary.
|
(b)
|
In the first
quarter of 2021, the Company recorded a loss on early
extinguishment of debt of $0.4 million ($0.3 million net of tax)
related to the repurchase of securitization notes.
|
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SOURCE Enova International, Inc.