- Total revenue increased 20% from the fourth quarter of 2022 to
$584 million
- Diluted earnings per share totaled $1.13 and adjusted earnings per share totaled
$1.83
- Total company combined loans and finance receivables increased
16% from the end of fourth quarter of 2022 to $3.3 billion as total company originations
reached a quarterly record of $1.4
billion
- Continued solid credit performance and outlook with a fourth
quarter net revenue margin of 56% and a sequential increase in the
fair value of the consolidated portfolio as a percentage of
principal to 115% at December 31
- Liquidity, including cash and marketable securities and
available capacity on facilities, totaled $870 million at December
31
- Repurchased $66 million of common
stock under the company's share repurchase program
CHICAGO, Jan. 30,
2024 /PRNewswire/ -- Enova International (NYSE:
ENVA), a leading financial technology company powered by
machine learning and world-class analytics, today announced
financial results for the fourth quarter and full year ended
December 31, 2023.
"We are pleased to end the year on a positive note with another
strong quarter of solid revenue and profitable growth," said
David Fisher, Enova's CEO. "Our
performance in 2023 was made possible by the world class team we
have built at Enova, along with our flexible online-only business
model, nimble machine learning powered credit risk management
capabilities, diversified product offerings and solid balance
sheet. We delivered a record quarter of originations, driven by
strong demand, especially in our SMB business and solid credit
performance across our entire portfolio. Looking ahead, we feel
like we are in a strong position heading into 2024 with an
improving macroeconomic environment and good momentum across our
entire product range."
Fourth Quarter 2023 Summary
- Total revenue of $584 million in
the fourth quarter of 2023 increased 20% from $486 million in the fourth quarter of 2022.
- Net revenue margin of 56% in the fourth quarter of 2023
compared to 60% in the fourth quarter of 2022.
- Net income of $35 million, or
$1.13 per diluted share, in the
fourth quarter of 2023 compared to $51
million, or $1.56 per diluted
share, in the fourth quarter of 2022.
- Fourth quarter 2023 adjusted EBITDA, a non-GAAP measure, of
$130 million compared to $120 million in the fourth quarter of 2022.
- Adjusted earnings of $57 million,
or $1.83 per diluted share, both
non-GAAP measures, in the fourth quarter of 2023 compared to
adjusted earnings of $57 million, or
$1.76 per diluted share, in the
fourth quarter of 2022.
Full Year 2023 Summary
- Total revenue of $2.1 billion in
2023 increased 22% from $1.7 billion
in 2022.
- Net revenue margin of 58% in 2023 compared to 64% in 2022.
- Net income from continuing operations of $175 million, or $5.49 per diluted share, in 2023, compared to
$207 million, or $6.19 per diluted share, in 2022.
- Full year 2023 adjusted EBITDA, a non-GAAP measure, of
$503 million compared to $443 million in 2022.
- Adjusted earnings of $219
million, or $6.85 per diluted
share, both non-GAAP measures, in 2023, compared to adjusted
earnings of $228 million, or
$6.81 per diluted share, in
2022.
"We ended 2023 with positive momentum as strong growth in
originations, receivables and revenue along with solid credit and
operating efficiency drove another quarter of solid financial
results," said Steve Cunningham, CFO
of Enova. "We continued to successfully access multiple funding
markets during the fourth quarter and our ample liquidity and
strong balance sheet enabled record originations this quarter while
returning significant capital to shareholders through share
repurchases. Our strong financial position as we begin 2024 has us
well positioned to drive profitable growth and deliver on our
commitment to generating long-term shareholder value."
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 fourth quarter
and full year 2023 results at 4 p.m. Central
Time / 5 p.m. Eastern Time today, January 30th. 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 join the Enova International call. A replay
of the conference call will be available until February 6, 2024, 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
9204889.
About Enova
Enova International (NYSE: ENVA) is a leading financial services
company with powerful online lending that serves small businesses
and consumers who are underserved by traditional banks. Through its
world-class analytics and machine learning algorithms, Enova has
provided more than 9.5 million customers with over $53 billion in loans and financing. You can learn
more about the company and its portfolio of businesses at
www.enova.com.
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 other
nonoperating expenses, equity method investment income or loss,
certain transaction-related costs and a discrete regulatory
settlement 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)
|
|
|
|
December 31,
|
|
|
2023
|
|
|
2022
|
|
Assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
54,357
|
|
|
$
|
100,165
|
|
Restricted
cash
|
|
|
323,082
|
|
|
|
78,235
|
|
Loans and finance
receivables at fair value
|
|
|
3,629,167
|
|
|
|
3,018,528
|
|
Income taxes
receivable
|
|
|
44,129
|
|
|
|
43,741
|
|
Other receivables and
prepaid expenses
|
|
|
71,982
|
|
|
|
66,267
|
|
Property and
equipment, net
|
|
|
108,705
|
|
|
|
93,228
|
|
Operating lease
right-of-use asset
|
|
|
14,251
|
|
|
|
19,347
|
|
Goodwill
|
|
|
279,275
|
|
|
|
279,275
|
|
Intangible assets,
net
|
|
|
19,005
|
|
|
|
27,390
|
|
Other
assets
|
|
|
41,583
|
|
|
|
54,713
|
|
Total
assets
|
|
$
|
4,585,536
|
|
|
$
|
3,780,889
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
Accounts payable and
accrued expenses
|
|
$
|
261,156
|
|
|
$
|
198,320
|
|
Operating lease
liability
|
|
|
27,042
|
|
|
|
33,595
|
|
Deferred tax
liabilities, net
|
|
|
113,350
|
|
|
|
104,169
|
|
Long-term
debt
|
|
|
2,943,805
|
|
|
|
2,258,660
|
|
Total
liabilities
|
|
|
3,345,353
|
|
|
|
2,594,744
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
Common stock, $0.00001
par value, 250,000,000 shares authorized, 45,339,814
and 44,326,999 shares
issued and 29,089,258 and 31,220,928 outstanding as of
December 31, 2023 and
2022, respectively
|
|
|
—
|
|
|
|
—
|
|
Preferred stock,
$0.00001 par value, 25,000,000 shares authorized, no
shares
issued and
outstanding
|
|
|
—
|
|
|
|
—
|
|
Additional paid in
capital
|
|
|
284,256
|
|
|
|
251,878
|
|
Retained
earnings
|
|
|
1,488,306
|
|
|
|
1,313,185
|
|
Accumulated other
comprehensive loss
|
|
|
(6,264)
|
|
|
|
(5,990)
|
|
Treasury stock, at
cost (16,250,556 and 13,106,071 shares as of
December 31, 2023 and
2022, respectively)
|
|
|
(526,115)
|
|
|
|
(372,928)
|
|
Total stockholders'
equity
|
|
|
1,240,183
|
|
|
|
1,186,145
|
|
Total liabilities and
stockholders' equity
|
|
$
|
4,585,536
|
|
|
$
|
3,780,889
|
|
ENOVA INTERNATIONAL,
INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF INCOME
(in thousands,
except per share data)
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
Year
Ended
|
|
|
December 31,
|
|
|
December 31,
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
Revenue
|
|
$
|
583,592
|
|
|
$
|
486,164
|
|
|
$
|
2,117,639
|
|
|
$
|
1,736,085
|
|
Change in Fair
Value
|
|
|
(258,556)
|
|
|
|
(196,056)
|
|
|
|
(887,717)
|
|
|
|
(618,521)
|
|
Net
Revenue
|
|
|
325,036
|
|
|
|
290,108
|
|
|
|
1,229,922
|
|
|
|
1,117,564
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing
|
|
|
122,226
|
|
|
|
96,573
|
|
|
|
414,460
|
|
|
|
382,573
|
|
Operations and
technology
|
|
|
47,089
|
|
|
|
44,723
|
|
|
|
194,905
|
|
|
|
173,668
|
|
General and
administrative
|
|
|
49,148
|
|
|
|
35,064
|
|
|
|
160,265
|
|
|
|
140,464
|
|
Depreciation and
amortization
|
|
|
9,034
|
|
|
|
8,499
|
|
|
|
38,157
|
|
|
|
36,867
|
|
Total Operating
Expenses
|
|
|
227,497
|
|
|
|
184,859
|
|
|
|
807,787
|
|
|
|
733,572
|
|
Income from
Operations
|
|
|
97,539
|
|
|
|
105,249
|
|
|
|
422,135
|
|
|
|
383,992
|
|
Interest expense,
net
|
|
|
(57,208)
|
|
|
|
(37,530)
|
|
|
|
(194,779)
|
|
|
|
(115,887)
|
|
Foreign currency
transaction gain (loss), net
|
|
|
49
|
|
|
|
(715)
|
|
|
|
57
|
|
|
|
(645)
|
|
Equity method
investment income (loss)
|
|
|
1,251
|
|
|
|
(87)
|
|
|
|
116
|
|
|
|
6,435
|
|
Other nonoperating
expenses
|
|
|
(3)
|
|
|
|
—
|
|
|
|
(282)
|
|
|
|
(1,321)
|
|
Income before Income
Taxes
|
|
|
41,628
|
|
|
|
66,917
|
|
|
|
227,247
|
|
|
|
272,574
|
|
Provision for income
taxes
|
|
|
6,860
|
|
|
|
16,045
|
|
|
|
52,126
|
|
|
|
65,150
|
|
Net
income
|
|
$
|
34,768
|
|
|
$
|
50,872
|
|
|
$
|
175,121
|
|
|
$
|
207,424
|
|
Earnings Per
Share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.17
|
|
|
$
|
1.62
|
|
|
$
|
5.71
|
|
|
$
|
6.42
|
|
Diluted
|
|
$
|
1.13
|
|
|
$
|
1.56
|
|
|
$
|
5.49
|
|
|
$
|
6.19
|
|
Weighted average common
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
29,687
|
|
|
|
31,401
|
|
|
|
30,673
|
|
|
|
32,290
|
|
Diluted
|
|
|
30,887
|
|
|
|
32,627
|
|
|
|
31,921
|
|
|
|
33,483
|
|
ENOVA INTERNATIONAL,
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOW
(dollars in
thousands)
(Unaudited)
|
|
|
|
Year Ended December
31,
|
|
|
2023
|
|
|
2022
|
|
Cash flows provided
by operating activities
|
|
$
|
1,166,869
|
|
|
$
|
893,998
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
Loans and finance
receivables
|
|
|
(1,449,417)
|
|
|
|
(1,631,354)
|
|
Capitalization of
software development costs and purchases of fixed assets
|
|
|
(45,241)
|
|
|
|
(43,629)
|
|
Sale of
subsidiary
|
|
|
—
|
|
|
|
8,713
|
|
Total cash flows
used in investing activities
|
|
|
(1,494,658)
|
|
|
|
(1,666,270)
|
|
Cash flows provided
by financing activities
|
|
|
526,541
|
|
|
|
724,866
|
|
Effect of exchange
rates on cash
|
|
|
287
|
|
|
|
(77)
|
|
Net change in cash
and cash equivalents and restricted cash
|
|
|
199,039
|
|
|
|
(47,483)
|
|
Cash, cash
equivalents and restricted cash at beginning of year
|
|
|
178,400
|
|
|
|
225,883
|
|
Cash, cash
equivalents and restricted cash at end of period
|
|
$
|
377,439
|
|
|
$
|
178,400
|
|
ENOVA INTERNATIONAL,
INC. AND SUBSIDIARIES
LOANS AND FINANCE
RECEIVABLES FINANCIAL AND OPERATING DATA
(dollars in
thousands)
|
|
The following table
includes financial information for loans and finance receivables,
which is based on loan and finance receivable
balances for the three
months ended December 31, 2023 and 2022.
|
|
|
Three Months Ended
December 31
|
|
2023
|
|
|
2022
|
|
|
Change
|
|
|
Ending combined loan
and finance receivable principal balance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
owned
|
|
$
|
3,154,735
|
|
|
$
|
2,739,164
|
|
|
$
|
415,571
|
|
|
Guaranteed by the
Company(a)
|
|
|
13,537
|
|
|
|
12,937
|
|
|
|
600
|
|
|
Total combined loan
and finance receivable principal
balance(b)
|
|
$
|
3,168,272
|
|
|
$
|
2,752,101
|
|
|
$
|
416,171
|
|
|
Ending combined loan
and finance receivable fair value balance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
owned
|
|
$
|
3,629,167
|
|
|
$
|
3,018,528
|
|
|
$
|
610,639
|
|
|
Guaranteed by the
Company(a)
|
|
|
18,534
|
|
|
|
16,257
|
|
|
|
2,277
|
|
|
Ending combined loan
and finance receivable fair value
balance(b)
|
|
$
|
3,647,701
|
|
|
$
|
3,034,785
|
|
|
$
|
612,916
|
|
|
Fair value as a % of
principal(c)
|
|
|
115.1
|
%
|
|
|
110.3
|
%
|
|
|
4.8
|
%
|
|
Ending combined loan
and finance receivable balance, including
principal and
accrued fees/interest outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
owned
|
|
$
|
3,297,082
|
|
|
$
|
2,837,799
|
|
|
$
|
459,283
|
|
|
Guaranteed by the
Company(a)
|
|
|
16,351
|
|
|
|
15,644
|
|
|
|
707
|
|
|
Ending combined loan
and finance receivable balance(b)
|
|
$
|
3,313,433
|
|
|
$
|
2,853,443
|
|
|
$
|
459,990
|
|
|
Average combined
loan and finance receivable balance, including
principal and
accrued fees/interest outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
owned(d)
|
|
$
|
3,141,479
|
|
|
$
|
2,723,006
|
|
|
$
|
418,473
|
|
|
Guaranteed by the
Company(a)(d)
|
|
|
16,341
|
|
|
|
15,050
|
|
|
|
1,291
|
|
|
Average combined
loan and finance receivable balance(a)(d)
|
|
$
|
3,157,820
|
|
|
$
|
2,738,056
|
|
|
$
|
419,764
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
574,721
|
|
|
$
|
478,945
|
|
|
$
|
95,776
|
|
|
Change in fair
value
|
|
|
(256,412)
|
|
|
|
(194,375)
|
|
|
|
(62,037)
|
|
|
Net revenue
|
|
|
318,309
|
|
|
|
284,570
|
|
|
|
33,739
|
|
|
Net revenue
margin
|
|
|
55.4
|
%
|
|
|
59.4
|
%
|
|
|
(4.0)
|
%
|
|
Change in fair value as
a % of average loan and finance receivable
balance(d)
|
|
|
8.1
|
%
|
|
|
7.1
|
%
|
|
|
1.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delinquencies:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
>30 days
delinquent
|
|
$
|
263,524
|
|
|
$
|
190,119
|
|
|
$
|
73,405
|
|
|
>30 days delinquent
as a % of loan and finance receivable
balance(c)
|
|
|
8.0
|
%
|
|
|
6.7
|
%
|
|
|
1.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs (net of
recoveries)
|
|
$
|
305,436
|
|
|
$
|
240,531
|
|
|
$
|
64,905
|
|
|
Charge-offs (net of
recoveries) as a % of average loan and finance
receivable
balance(d)
|
|
|
9.7
|
%
|
|
|
8.8
|
%
|
|
|
0.9
|
%
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
Year
Ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
Net income
|
|
$
|
34,768
|
|
|
$
|
50,872
|
|
|
$
|
175,121
|
|
|
$
|
207,424
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction-related
costs(a)
|
|
|
755
|
|
|
|
—
|
|
|
|
755
|
|
|
|
—
|
|
|
Lease termination and
cease use costs(b)
|
|
|
—
|
|
|
|
—
|
|
|
|
1,698
|
|
|
|
—
|
|
|
Equity method
investment (income) loss(c)
|
|
|
(1,251)
|
|
|
|
87
|
|
|
|
(116)
|
|
|
|
(6,107)
|
|
|
Other nonoperating
expenses(d)
|
|
|
3
|
|
|
|
—
|
|
|
|
282
|
|
|
|
1,321
|
|
|
Intangible asset
amortization
|
|
|
2,014
|
|
|
|
2,014
|
|
|
|
8,385
|
|
|
|
8,055
|
|
|
Stock-based
compensation expense
|
|
|
7,458
|
|
|
|
5,993
|
|
|
|
26,738
|
|
|
|
21,950
|
|
|
Foreign currency
transaction (gain) loss, net
|
|
|
(49)
|
|
|
|
715
|
|
|
|
(57)
|
|
|
|
645
|
|
|
Cumulative tax effect
of adjustments
|
|
|
(2,293)
|
|
|
|
(2,191)
|
|
|
|
(9,456)
|
|
|
|
(5,365)
|
|
|
Regulatory
settlement(e)
|
|
|
15,201
|
|
|
|
—
|
|
|
|
15,201
|
|
|
|
—
|
|
|
Adjusted
earnings
|
|
$
|
56,606
|
|
|
$
|
57,490
|
|
|
$
|
218,551
|
|
|
$
|
227,923
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
|
$
|
1.13
|
|
|
$
|
1.56
|
|
|
$
|
5.49
|
|
|
$
|
6.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per
share
|
|
$
|
1.83
|
|
|
$
|
1.76
|
|
|
$
|
6.85
|
|
|
$
|
6.81
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
|
|
Three Months
Ended
|
|
|
Year
Ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
Net income
|
|
$
|
34,768
|
|
|
$
|
50,872
|
|
|
$
|
175,121
|
|
|
$
|
207,424
|
|
|
Depreciation and
amortization expenses
|
|
|
9,034
|
|
|
|
8,499
|
|
|
|
38,157
|
|
|
|
36,867
|
|
|
Interest expense,
net
|
|
|
57,208
|
|
|
|
37,530
|
|
|
|
194,779
|
|
|
|
115,887
|
|
|
Foreign currency
transaction (gain) loss, net
|
|
|
(49)
|
|
|
|
715
|
|
|
|
(57)
|
|
|
|
645
|
|
|
Provision for income
taxes
|
|
|
6,860
|
|
|
|
16,045
|
|
|
|
52,126
|
|
|
|
65,150
|
|
|
Stock-based
compensation expense
|
|
|
7,458
|
|
|
|
5,993
|
|
|
|
26,738
|
|
|
|
21,950
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction-related
costs(a)
|
|
|
755
|
|
|
|
—
|
|
|
|
755
|
|
|
|
—
|
|
|
Equity method
investment (income) loss(c)
|
|
|
(1,251)
|
|
|
|
87
|
|
|
|
(116)
|
|
|
|
(6,435)
|
|
|
Regulatory
settlement(e)
|
|
|
15,201
|
|
|
|
—
|
|
|
|
15,201
|
|
|
|
—
|
|
|
Other nonoperating
expenses(d)
|
|
|
3
|
|
|
|
—
|
|
|
|
282
|
|
|
|
1,321
|
|
|
Adjusted
EBITDA
|
|
$
|
129,987
|
|
|
$
|
119,741
|
|
|
$
|
502,986
|
|
|
$
|
442,809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin
calculated as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue
|
|
$
|
583,592
|
|
|
$
|
891,761
|
|
|
$
|
2,117,639
|
|
|
$
|
1,736,085
|
|
|
Adjusted
EBITDA
|
|
|
129,987
|
|
|
|
119,741
|
|
|
|
502,986
|
|
|
|
442,809
|
|
|
Adjusted EBITDA as a
percentage of total revenue
|
|
|
22.3
|
%
|
|
|
13.4
|
%
|
|
|
23.8
|
%
|
|
|
25.5
|
%
|
|
|
|
|
|
|
|
|
|
(a)
|
In the fourth
quarter of 2023, the Company recorded $0.8 million ($0.6 million
net of tax) of costs related to a consent solicitation for the
Senior Notes due 2025.
|
|
(b)
|
In the first quarter
of 2023, the Company recorded a loss of $1.7 million ($1.3 million
net of tax) related to the exit of leased office
space.
|
|
(c)
|
In the second
quarter of 2022, the Company recorded equity method investment
income of $6.3 million ($3.6 million net of tax) that was comprised
primarily of a gain of $11.0 million on an equity method
investment, partially offset by a $4.4 million loss on the sale of
another equity method investment.
|
|
(d)
|
In the second and
third quarters of 2022, the Company recorded other nonoperating
expenses totaling $1.3 million ($1.0 million net of tax) related to
incomplete transactions.
|
|
(e)
|
In the fourth
quarter of 2023, the Company reached an agreement with the Consumer
Financial Protection Bureau, or the CFPB, pursuant to which it
agreed to pay a civil money penalty of $15.0 million, which is
nondeductible for tax purposes.
|
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SOURCE Enova International, Inc.
