- Total revenue increased 26% from the second quarter of 2023 to
$628 million
- Diluted earnings per share and adjusted earnings per share
increased 29% and 28% from the second quarter of 2023 to
$1.93 and $2.21, respectively
- Total company combined loans and finance receivables increased
25% from the end of second quarter of 2023 to a record $3.6 billion as total company originations were
$1.4 billion for the quarter
- Continued solid credit performance and outlook with a second
quarter net revenue margin of 59%
- Liquidity, including cash and marketable securities and
available capacity on facilities, totaled $891 million at June
30
- Repurchased approximately $62
million of common stock under the company's share repurchase
program
CHICAGO, July 23,
2024 /PRNewswire/ -- Enova International (NYSE:
ENVA), a leading financial services company powered by machine
learning and world-class analytics, today announced financial
results for the second quarter ended June
30, 2024.
"We delivered another quarter of strong results driven by the
strength of our talented team, world-class machine learning
analytics, flexible online-only business model, diversified product
offerings and solid balance sheet," said David Fisher, Enova's CEO. "We believe we are in
a strong position heading into the back half of 2024 with
considerable momentum, a constructive macroeconomic environment,
and stable credit across our entire product range."
Second Quarter 2024 Summary
- Total revenue of $628 million in
the second quarter of 2024 increased 26% from $499 million in the second quarter of 2023.
- Net revenue margin of 59% in the second quarter of 2024
compared to 60% in the second quarter of 2023.
- Net income of $54 million, or
$1.93 per diluted share, in the
second quarter of 2024 compared to $48
million, or $1.50 per diluted
share, in the second quarter of 2023.
- Second quarter 2024 adjusted EBITDA, a non-GAAP measure, of
$163 million compared to $126 million in the second quarter of 2023.
- Adjusted earnings of $62 million,
or $2.21 per diluted share, both
non-GAAP measures, in the second quarter of 2024 compared to
adjusted earnings of $55 million, or
$1.72 per diluted share, in the
second quarter of 2023.
"We are pleased to report another solid quarter with results
that were in-line with or better than our expectations," said
Steve Cunningham, CFO of Enova. "A
constructive operating environment has resulted in solid demand,
stable credit and cost-effective access to capital while our
diversified product offerings, scalable operating model,
world-class risk management capabilities and solid balance sheet
continue to enable our consistent and differentiated financial
performance. Going forward, we remain confident in our ability to
generate meaningful financial results this year and beyond and our
ability to return significant capital to shareholders through share
repurchases."
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 second quarter
2024 results at 4 p.m. Central Time / 5 p.m. Eastern
Time today, July 23rd. 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 July 30, 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 4681239.
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 10.5 million customers with over $56 billion in loans and financing. You can learn
more about the company and its portfolio of businesses 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
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)
|
|
|
|
|
|
June 30,
|
|
|
December 31,
|
|
|
|
2024
|
|
|
2023
|
|
|
2023
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
60,138
|
|
|
$
|
100,042
|
|
|
$
|
54,357
|
|
|
Restricted
cash
|
|
|
211,167
|
|
|
|
161,619
|
|
|
|
323,082
|
|
|
Loans and finance
receivables at fair value
|
|
|
3,939,159
|
|
|
|
3,092,445
|
|
|
|
3,629,167
|
|
|
Income taxes
receivable
|
|
|
68,732
|
|
|
|
32,653
|
|
|
|
44,129
|
|
|
Other receivables and
prepaid expenses
|
|
|
71,172
|
|
|
|
57,758
|
|
|
|
71,982
|
|
|
Property and
equipment, net
|
|
|
115,061
|
|
|
|
99,073
|
|
|
|
108,705
|
|
|
Operating lease
right-of-use assets
|
|
|
13,180
|
|
|
|
16,488
|
|
|
|
14,251
|
|
|
Goodwill
|
|
|
279,275
|
|
|
|
279,275
|
|
|
|
279,275
|
|
|
Intangible assets,
net
|
|
|
14,978
|
|
|
|
23,032
|
|
|
|
19,005
|
|
|
Other
assets
|
|
|
44,229
|
|
|
|
45,522
|
|
|
|
41,583
|
|
|
Total
assets
|
|
$
|
4,817,091
|
|
|
$
|
3,907,907
|
|
|
$
|
4,585,536
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and
accrued expenses
|
|
$
|
333,972
|
|
|
$
|
229,315
|
|
|
$
|
261,156
|
|
|
Operating lease
liabilities
|
|
|
26,511
|
|
|
|
28,384
|
|
|
|
27,042
|
|
|
Deferred tax
liabilities, net
|
|
|
114,959
|
|
|
|
103,852
|
|
|
|
113,350
|
|
|
Long-term
debt
|
|
|
3,194,121
|
|
|
|
2,297,026
|
|
|
|
2,943,805
|
|
|
Total
liabilities
|
|
|
3,669,563
|
|
|
|
2,658,577
|
|
|
|
3,345,353
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, $0.00001
par value, 250,000,000 shares authorized,
46,373,689, 45,070,929 and 45,339,814 shares issued and
26,498,011, 30,869,886 and 29,089,258 outstanding as of
June 30, 2024 and 2023 and December 31, 2023,
respectively
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Preferred stock,
$0.00001 par value, 25,000,000 shares authorized, no
shares issued and outstanding
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Additional paid in
capital
|
|
|
308,481
|
|
|
|
266,058
|
|
|
|
284,256
|
|
|
Retained
earnings
|
|
|
1,590,645
|
|
|
|
1,412,253
|
|
|
|
1,488,306
|
|
|
Accumulated other
comprehensive loss
|
|
|
(10,749)
|
|
|
|
(5,988)
|
|
|
|
(6,264)
|
|
|
Treasury stock, at
cost (19,875,678, 14,201,043 and 16,250,556
shares as of June 30, 2024 and 2023 and
December 31, 2023, respectively)
|
|
|
(740,849)
|
|
|
|
(422,993)
|
|
|
|
(526,115)
|
|
|
Total stockholders'
equity
|
|
|
1,147,528
|
|
|
|
1,249,330
|
|
|
|
1,240,183
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
4,817,091
|
|
|
$
|
3,907,907
|
|
|
$
|
4,585,536
|
|
|
ENOVA INTERNATIONAL,
INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF INCOME
(in thousands,
except per share data)
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
|
Revenue
|
|
$
|
628,436
|
|
|
$
|
499,431
|
|
|
$
|
1,238,325
|
|
|
$
|
982,687
|
|
|
Change in Fair
Value
|
|
|
(258,245)
|
|
|
|
(200,046)
|
|
|
|
(522,268)
|
|
|
|
(397,412)
|
|
|
Net
Revenue
|
|
|
370,191
|
|
|
|
299,385
|
|
|
|
716,057
|
|
|
|
585,275
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing
|
|
|
120,765
|
|
|
|
95,971
|
|
|
|
231,332
|
|
|
|
175,726
|
|
|
Operations and
technology
|
|
|
54,953
|
|
|
|
46,961
|
|
|
|
109,332
|
|
|
|
96,130
|
|
|
General and
administrative
|
|
|
39,708
|
|
|
|
36,228
|
|
|
|
79,573
|
|
|
|
73,386
|
|
|
Depreciation and
amortization
|
|
|
9,709
|
|
|
|
8,629
|
|
|
|
19,972
|
|
|
|
19,169
|
|
|
Total Operating
Expenses
|
|
|
225,135
|
|
|
|
187,789
|
|
|
|
440,209
|
|
|
|
364,411
|
|
|
Income from
Operations
|
|
|
145,056
|
|
|
|
111,596
|
|
|
|
275,848
|
|
|
|
220,864
|
|
|
Interest expense,
net
|
|
|
(70,954)
|
|
|
|
(45,584)
|
|
|
|
(136,551)
|
|
|
|
(88,905)
|
|
|
Foreign currency
transaction loss
|
|
|
(19)
|
|
|
|
—
|
|
|
|
(67)
|
|
|
|
(171)
|
|
|
Equity method
investment loss
|
|
|
—
|
|
|
|
(1,119)
|
|
|
|
—
|
|
|
|
(1,125)
|
|
|
Other nonoperating
expenses
|
|
|
(521)
|
|
|
|
(121)
|
|
|
|
(1,013)
|
|
|
|
(254)
|
|
|
Income before Income
Taxes
|
|
|
73,562
|
|
|
|
64,772
|
|
|
|
138,217
|
|
|
|
130,409
|
|
|
Provision for income
taxes
|
|
|
19,651
|
|
|
|
16,627
|
|
|
|
35,878
|
|
|
|
31,341
|
|
|
Net
income
|
|
$
|
53,911
|
|
|
$
|
48,145
|
|
|
$
|
102,339
|
|
|
$
|
99,068
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
2.00
|
|
|
$
|
1.55
|
|
|
$
|
3.71
|
|
|
$
|
3.17
|
|
|
Diluted
|
|
$
|
1.93
|
|
|
$
|
1.50
|
|
|
$
|
3.56
|
|
|
$
|
3.05
|
|
|
Weighted average common
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
26,938
|
|
|
|
31,084
|
|
|
|
27,567
|
|
|
|
31,212
|
|
|
Diluted
|
|
|
27,941
|
|
|
|
32,203
|
|
|
|
28,722
|
|
|
|
32,456
|
|
|
ENOVA INTERNATIONAL,
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOW
(dollars in
thousands)
(Unaudited)
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
|
|
2024
|
|
|
2023
|
|
|
Total cash flows
provided by operating activities
|
|
$
|
709,505
|
|
|
$
|
581,339
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
|
Loans and finance
receivables
|
|
|
(827,638)
|
|
|
|
(462,829)
|
|
|
Capitalization of
software development costs and purchases of fixed assets
|
|
|
(22,312)
|
|
|
|
(20,648)
|
|
|
Total cash flows
used in investing activities
|
|
|
(849,950)
|
|
|
|
(483,477)
|
|
|
Cash flows provided
by (used in) financing activities
|
|
|
35,159
|
|
|
|
(15,069)
|
|
|
Effect of exchange
rates on cash, cash equivalents and restricted cash
|
|
|
(848)
|
|
|
|
468
|
|
|
Net (decrease)
increase in cash, cash equivalents and restricted
cash
|
|
|
(106,134)
|
|
|
|
83,261
|
|
|
Cash, cash
equivalents and restricted cash at beginning of year
|
|
|
377,439
|
|
|
|
178,400
|
|
|
Cash, cash
equivalents and restricted cash at end of period
|
|
$
|
271,305
|
|
|
$
|
261,661
|
|
|
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 June 30, 2024 and 2023.
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
2024
|
|
|
2023
|
|
|
Change
|
|
|
Ending combined loan
and finance receivable principal balance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
owned
|
|
$
|
3,423,652
|
|
|
$
|
2,756,942
|
|
|
$
|
666,710
|
|
|
Guaranteed by the
Company(a)
|
|
|
12,487
|
|
|
|
14,199
|
|
|
|
(1,712)
|
|
|
Total combined loan
and finance receivable principal balance(b)
|
|
$
|
3,436,139
|
|
|
$
|
2,771,141
|
|
|
$
|
664,998
|
|
|
Ending combined loan
and finance receivable fair value balance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
owned
|
|
$
|
3,939,159
|
|
|
$
|
3,092,445
|
|
|
$
|
846,714
|
|
|
Guaranteed by the
Company(a)
|
|
|
17,284
|
|
|
|
19,115
|
|
|
|
(1,831)
|
|
|
Ending combined loan
and finance receivable fair value balance(b)
|
|
$
|
3,956,443
|
|
|
$
|
3,111,560
|
|
|
$
|
844,883
|
|
|
Fair value as a % of
principal(c)
|
|
|
115.1
|
%
|
|
|
112.3
|
%
|
|
|
2.8
|
%
|
|
Ending combined loan
and finance receivable balance, including principal and accrued
fees/interest outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
owned
|
|
$
|
3,569,726
|
|
|
$
|
2,857,557
|
|
|
$
|
712,169
|
|
|
Guaranteed by the
Company(a)
|
|
|
14,941
|
|
|
|
16,972
|
|
|
|
(2,031)
|
|
|
Ending combined loan
and finance receivable balance(b)
|
|
$
|
3,584,667
|
|
|
$
|
2,874,529
|
|
|
$
|
710,138
|
|
|
Average combined
loan and finance receivable balance, including principal and
accrued fees/interest outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
owned(d)
|
|
$
|
3,485,739
|
|
|
$
|
2,817,761
|
|
|
$
|
667,978
|
|
|
Guaranteed by the
Company(a)(d)
|
|
|
13,730
|
|
|
|
14,627
|
|
|
|
(897)
|
|
|
Average combined
loan and finance receivable balance(a)(d)
|
|
$
|
3,499,469
|
|
|
$
|
2,832,388
|
|
|
$
|
667,081
|
|
|
Installment loans as
percentage of average combined loan and finance receivable
balance
|
|
|
47.7
|
%
|
|
|
57.1
|
%
|
|
|
(9.4)
|
%
|
|
Line of credit accounts
as percentage of average combined loan and finance receivable
balance
|
|
|
52.3
|
%
|
|
|
42.9
|
%
|
|
|
9.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
619,340
|
|
|
$
|
492,723
|
|
|
$
|
126,617
|
|
|
Change in fair
value
|
|
|
(255,980)
|
|
|
|
(198,126)
|
|
|
|
(57,854)
|
|
|
Net revenue
|
|
|
363,360
|
|
|
|
294,597
|
|
|
|
68,763
|
|
|
Net revenue
margin
|
|
|
58.7
|
%
|
|
|
59.8
|
%
|
|
|
(1.1)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined loan and
finance receivable originations and purchases
|
|
$
|
1,408,654
|
|
|
$
|
1,113,127
|
|
|
$
|
295,527
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delinquencies:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
>30 days
delinquent
|
|
$
|
268,053
|
|
|
$
|
221,540
|
|
|
$
|
46,513
|
|
|
>30 days delinquent
as a % of loan and finance receivable
balance(c)
|
|
|
7.5
|
%
|
|
|
7.7
|
%
|
|
|
(0.2)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs (net of
recoveries)
|
|
$
|
268,386
|
|
|
$
|
214,970
|
|
|
$
|
53,416
|
|
|
Charge-offs (net of
recoveries) as a % of average loan and finance receivable
balance(d)
|
|
|
7.7
|
%
|
|
|
7.6
|
%
|
|
|
0.1
|
%
|
|
|
|
|
|
|
|
(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
|
|
|
Six Months
Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
|
Net income
|
|
$
|
53,911
|
|
|
$
|
48,145
|
|
|
$
|
102,339
|
|
|
$
|
99,068
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction-related
costs(a)
|
|
|
—
|
|
|
|
—
|
|
|
|
327
|
|
|
|
—
|
|
|
Lease termination and
cease-use costs(b)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,698
|
|
|
Equity method
investment loss
|
|
|
—
|
|
|
|
1,119
|
|
|
|
—
|
|
|
|
1,125
|
|
|
Other nonoperating
expenses(c)
|
|
|
521
|
|
|
|
121
|
|
|
|
1,013
|
|
|
|
254
|
|
|
Intangible asset
amortization
|
|
|
2,013
|
|
|
|
2,013
|
|
|
|
4,027
|
|
|
|
4,357
|
|
|
Stock-based
compensation expense
|
|
|
7,764
|
|
|
|
6,236
|
|
|
|
15,403
|
|
|
|
12,205
|
|
|
Foreign currency
transaction loss
|
|
|
19
|
|
|
|
—
|
|
|
|
67
|
|
|
|
171
|
|
|
Cumulative tax effect
of adjustments
|
|
|
(2,590)
|
|
|
|
(2,364)
|
|
|
|
(5,232)
|
|
|
|
(4,935)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
earnings
|
|
$
|
61,638
|
|
|
$
|
55,270
|
|
|
$
|
117,944
|
|
|
$
|
113,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
|
$
|
1.93
|
|
|
$
|
1.50
|
|
|
$
|
3.56
|
|
|
$
|
3.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per
share
|
|
$
|
2.21
|
|
|
$
|
1.72
|
|
|
$
|
4.11
|
|
|
$
|
3.51
|
|
|
Adjusted
EBITDA
|
|
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
|
Net income
|
|
$
|
53,911
|
|
|
$
|
48,145
|
|
|
$
|
102,339
|
|
|
$
|
99,068
|
|
|
Depreciation and
amortization expenses
|
|
|
9,709
|
|
|
|
8,629
|
|
|
|
19,972
|
|
|
|
19,169
|
|
|
Interest expense,
net
|
|
|
70,954
|
|
|
|
45,584
|
|
|
|
136,551
|
|
|
|
88,905
|
|
|
Foreign currency
transaction loss
|
|
|
19
|
|
|
|
—
|
|
|
|
67
|
|
|
|
171
|
|
|
Provision for income
taxes
|
|
|
19,651
|
|
|
|
16,627
|
|
|
|
35,878
|
|
|
|
31,341
|
|
|
Stock-based
compensation expense
|
|
|
7,764
|
|
|
|
6,236
|
|
|
|
15,403
|
|
|
|
12,205
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction-related
costs(a)
|
|
|
—
|
|
|
|
—
|
|
|
|
327
|
|
|
|
—
|
|
|
Equity method
investment loss
|
|
|
—
|
|
|
|
1,119
|
|
|
|
—
|
|
|
|
1,125
|
|
|
Other nonoperating
expenses(c)
|
|
|
521
|
|
|
|
121
|
|
|
|
1,013
|
|
|
|
254
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
162,529
|
|
|
$
|
126,461
|
|
|
$
|
311,550
|
|
|
$
|
252,238
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin
calculated as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue
|
|
$
|
628,436
|
|
|
$
|
499,431
|
|
|
$
|
1,238,325
|
|
|
$
|
982,687
|
|
|
Adjusted
EBITDA
|
|
|
162,529
|
|
|
|
126,461
|
|
|
|
311,550
|
|
|
|
252,238
|
|
|
Adjusted EBITDA as a
percentage of total revenue
|
|
|
25.9
|
%
|
|
|
25.3
|
%
|
|
|
25.2
|
%
|
|
|
25.7
|
%
|
|
|
|
|
|
|
|
(a)
|
In the first quarter
of 2024, the Company recorded $0.3 million ($0.2 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 2024, the Company recorded other nonoperating expense of
$0.5 million ($0.4 million net of tax) related to the early
extinguishment of debt. In the first quarter of 2024 and the first
and second quarters of 2023, the Company recorded other
nonoperating expense of $0.5 million ($0.4 million net of tax),
$0.1 million ($0.1 million net of tax) and $0.1 million ($0.1
million net of tax), respectively, related to the repurchase of
senior notes.
|
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SOURCE Enova International, Inc.