- Originations rose 20% and total company revenue increased 25%
from the fourth quarter of 2023
- Diluted earnings per share of $2.30 increased 104% and adjusted earnings per
share1 of $2.61 rose 43%
compared to the fourth quarter of 2023
- Net revenue margin of 57% in the fourth quarter of 2024,
compared to 56% in the fourth quarter of 2023, was in line with our
expectations and reflects continued strong credit performance
- Liquidity, including cash and marketable securities and
available capacity on facilities, totaled $1.3 billion at December
31
CHICAGO, Feb. 4, 2025
/PRNewswire/ -- Enova International (NYSE: ENVA), a
leading financial services company powered by machine learning and
world-class analytics, today announced financial results for
the fourth quarter and full year ended December 31, 2024.
"We are pleased to report our strongest year yet with full year
2024 originations, revenue and adjusted EPS all reaching the
highest levels in our company's history. This success was
driven by our world class team, strong competitive position and
dedication to unit economics" said David
Fisher, Enova's CEO. "Our portfolio expanded to nearly
$4 billion, as a result of continued
strength in both our SMB and consumer businesses. Looking ahead, we
believe we have significant momentum heading into 2025 and are
confident in our ability to continue meeting our customer needs
while creating value for our shareholders."
Fourth Quarter 2024 Summary
- Total revenue of $730 million
increased 25% from $584 million in
the fourth quarter of 2023.
- Net revenue margin of 57% was consistent with 56% in the fourth
quarter of 2023, reflecting continued solid credit
performance.
- Net income of $64 million, or
$2.30 per diluted share, increased
83% from $35 million, or $1.13 per diluted share, in the fourth quarter of
2023.
- Adjusted EBITDA1 of $174 million increased 34%
from $130 million in the fourth quarter of 2023.
- Adjusted earnings per share1 of $2.61 increased
43% from $1.83 per diluted share in
the fourth quarter of 2023.
- Total company combined loans and finance
receivables1 increased 20% from the end of the fourth
quarter of 2023 to a record $4.0
billion with total company originations of $1.7 billion in the quarter.
- Repurchased $51 million of common
stock under the company's share repurchase program.
Full Year 2024 Summary
- Total revenue of $2.7 billion increased 26%
from $2.1 billion in 2023.
- Net revenue margin of 58% was flat compared to 2023.
- Net income of $209 million, or $7.43 per diluted
share, increased 20% from $175 million, or $5.49 per
diluted share, in 2023.
- Adjusted EBITDA1 of $657 million increased
31% from $503 million in 2023.
- Adjusted earnings per share1
of $9.15 increased 34% from $6.85 in 2023.
|
|
|
|
|
|
|
|
1 Non-GAAP
measure. Refer to "Non-GAAP Financial Measures," "Loans and Finance
Receivables Financial and Operating Data," and "Reconciliation
of GAAP to Non-GAAP Financial Measures" below for additional
information.
|
"We are proud to close out 2024 with record top- and bottom-line
results," said Steve Cunningham, CFO
of Enova. "Our strong financial results for the fourth quarter and
full-year 2024 continue to showcase the powerful combination of our
diversified product offerings, scalable operating model,
world-class risk management capabilities and balance sheet
flexibility that have driven our ability to deliver consistently
strong financial results."
Conference Call
Enova will host a conference call to discuss its fourth quarter
and full year 2024 results at 4 p.m. Central
Time / 5 p.m. Eastern Time today, February 4th. 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 11, 2025, 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 6182379.
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 11.8 million customers with over $59 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 in the United States, or GAAP, Enova provides
historical non-GAAP financial information. Enova presents non-GAAP
financial information because such measures are used by management
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 management and 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
Enova provides 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 can provide a more complete
understanding of Enova's financial performance, competitive
position and prospects for the future. Management utilizes, and
also believes that investors utilize, the Adjusted Earnings
Measures to assess operating performance, recognizing 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
Adjusted Earnings Measures are useful to management and investors
in comparing Enova's financial results during the periods shown
without the effect of certain items that are not indicative of
Enova's core operating performance or results of operations.
Adjusted EBITDA Measures
Enova provides 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, stock-based compensation and certain other
items, as appropriate, that are not indicative of our core
operating performance. Adjusted EBITDA margin is a non-GAAP measure
that Enova defines as Adjusted EBITDA as a percentage of total
revenue. Management utilizes, and also believes that investors
utilize, Adjusted EBITDA Measures to analyze operating performance
and evaluate Enova's ability to incur and service debt and Enova's
capacity for making capital expenditures. Enova believes that
Adjusted EBITDA is useful to management and investors in comparing
Enova's financial results during the periods shown without the
effect of certain non-cash items and certain items that are not
indicative of Enova's core operating performance or results of
operations. 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,
|
|
|
|
2024
|
|
|
2023
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
73,910
|
|
|
$
|
54,357
|
|
|
Restricted
cash
|
|
|
248,758
|
|
|
|
323,082
|
|
|
Loans and finance
receivables at fair value
|
|
|
4,386,444
|
|
|
|
3,629,167
|
|
|
Income taxes
receivable
|
|
|
40,690
|
|
|
|
44,129
|
|
|
Other receivables and
prepaid expenses
|
|
|
63,752
|
|
|
|
71,982
|
|
|
Property and
equipment, net
|
|
|
119,956
|
|
|
|
108,705
|
|
|
Operating lease
right-of-use asset
|
|
|
18,201
|
|
|
|
14,251
|
|
|
Goodwill
|
|
|
279,275
|
|
|
|
279,275
|
|
|
Intangible assets,
net
|
|
|
10,951
|
|
|
|
19,005
|
|
|
Other
assets
|
|
|
24,194
|
|
|
|
41,583
|
|
|
Total
assets
|
|
$
|
5,266,131
|
|
|
$
|
4,585,536
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
Accounts payable and
accrued expenses
|
|
$
|
249,970
|
|
|
$
|
261,156
|
|
|
Operating lease
liability
|
|
|
32,165
|
|
|
|
27,042
|
|
|
Deferred tax
liabilities, net
|
|
|
223,590
|
|
|
|
113,350
|
|
|
Long-term
debt
|
|
|
3,563,482
|
|
|
|
2,943,805
|
|
|
Total
liabilities
|
|
|
4,069,207
|
|
|
|
3,345,353
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
Common stock, $0.00001
par value, 250,000,000 shares authorized, 46,520,916 and 45,339,814
shares
issued and 25,808,096
and 29,089,258 outstanding as of December 31, 2024 and 2023,
respectively
|
|
|
—
|
|
|
|
—
|
|
|
Preferred stock,
$0.00001 par value, 25,000,000 shares authorized, no shares issued
and outstanding
|
|
|
—
|
|
|
|
—
|
|
|
Additional paid in
capital
|
|
|
328,268
|
|
|
|
284,256
|
|
|
Retained
earnings
|
|
|
1,697,754
|
|
|
|
1,488,306
|
|
|
Accumulated other
comprehensive loss
|
|
|
(13,691)
|
|
|
|
(6,264)
|
|
|
Treasury stock, at
cost (20,712,820 and 16,250,556 shares as of
December 31, 2024 and 2023, respectively)
|
|
|
(815,407)
|
|
|
|
(526,115)
|
|
|
Total stockholders'
equity
|
|
|
1,196,924
|
|
|
|
1,240,183
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
5,266,131
|
|
|
$
|
4,585,536
|
|
|
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,
|
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
|
Revenue
|
|
$
|
729,551
|
|
|
$
|
583,592
|
|
|
$
|
2,657,800
|
|
|
$
|
2,117,639
|
|
|
Change in Fair
Value
|
|
|
(316,515)
|
|
|
|
(258,556)
|
|
|
|
(1,128,351)
|
|
|
|
(887,717)
|
|
|
Net
Revenue
|
|
|
413,036
|
|
|
|
325,036
|
|
|
|
1,529,449
|
|
|
|
1,229,922
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing
|
|
|
151,178
|
|
|
|
122,226
|
|
|
|
523,569
|
|
|
|
414,460
|
|
|
Operations and
technology
|
|
|
58,431
|
|
|
|
47,089
|
|
|
|
224,391
|
|
|
|
194,905
|
|
|
General and
administrative
|
|
|
38,035
|
|
|
|
49,148
|
|
|
|
156,524
|
|
|
|
160,265
|
|
|
Depreciation and
amortization
|
|
|
10,196
|
|
|
|
9,034
|
|
|
|
40,207
|
|
|
|
38,157
|
|
|
Total Operating
Expenses
|
|
|
257,840
|
|
|
|
227,497
|
|
|
|
944,691
|
|
|
|
807,787
|
|
|
Income from
Operations
|
|
|
155,196
|
|
|
|
97,539
|
|
|
|
584,758
|
|
|
|
422,135
|
|
|
Interest expense,
net
|
|
|
(76,989)
|
|
|
|
(57,208)
|
|
|
|
(290,442)
|
|
|
|
(194,779)
|
|
|
Foreign currency
transaction (loss) gain, net
|
|
|
(902)
|
|
|
|
49
|
|
|
|
(1,064)
|
|
|
|
57
|
|
|
Equity method
investment income (loss)
|
|
|
92
|
|
|
|
1,251
|
|
|
|
(16,460)
|
|
|
|
116
|
|
|
Other nonoperating
expenses
|
|
|
—
|
|
|
|
(3)
|
|
|
|
(5,691)
|
|
|
|
(282)
|
|
|
Income before Income
Taxes
|
|
|
77,397
|
|
|
|
41,628
|
|
|
|
271,101
|
|
|
|
227,247
|
|
|
Provision for income
taxes
|
|
|
13,702
|
|
|
|
6,860
|
|
|
|
61,653
|
|
|
|
52,126
|
|
|
Net
income
|
|
$
|
63,695
|
|
|
$
|
34,768
|
|
|
$
|
209,448
|
|
|
$
|
175,121
|
|
|
Earnings Per
Share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
2.44
|
|
|
$
|
1.17
|
|
|
$
|
7.78
|
|
|
$
|
5.71
|
|
|
Diluted
|
|
$
|
2.30
|
|
|
$
|
1.13
|
|
|
$
|
7.43
|
|
|
$
|
5.49
|
|
|
Weighted average common
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
26,141
|
|
|
|
29,687
|
|
|
|
26,920
|
|
|
|
30,673
|
|
|
Diluted
|
|
|
27,666
|
|
|
|
30,887
|
|
|
|
28,202
|
|
|
|
31,921
|
|
|
ENOVA INTERNATIONAL,
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOW
(dollars in
thousands)
(Unaudited)
|
|
|
|
|
|
Year Ended December
31,
|
|
|
|
2024
|
|
|
2023
|
|
|
Cash flows provided
by operating activities
|
|
$
|
1,538,576
|
|
|
$
|
1,166,869
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
|
Loans and finance
receivables
|
|
|
(1,867,773)
|
|
|
|
(1,449,417)
|
|
|
Property and equipment
additions
|
|
|
(43,422)
|
|
|
|
(45,241)
|
|
|
Total cash flows
used in investing activities
|
|
|
(1,911,195)
|
|
|
|
(1,494,658)
|
|
|
Cash flows provided
by financing activities
|
|
|
318,882
|
|
|
|
526,541
|
|
|
Effect of exchange
rates on cash
|
|
|
(1,034)
|
|
|
|
287
|
|
|
Net change in cash
and cash equivalents and restricted cash
|
|
|
(54,771)
|
|
|
|
199,039
|
|
|
Cash, cash
equivalents and restricted cash at beginning of year
|
|
|
377,439
|
|
|
|
178,400
|
|
|
Cash, cash
equivalents and restricted cash at end of period
|
|
$
|
322,668
|
|
|
$
|
377,439
|
|
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, 2024 and 2023.
|
Three Months Ended
December 31
|
|
2024
|
|
|
2023
|
|
|
Change
|
|
|
Ending combined loan
and finance receivable principal balance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
owned
|
|
$
|
3,810,444
|
|
|
$
|
3,154,735
|
|
|
$
|
655,709
|
|
|
Guaranteed by the
Company(a)
|
|
|
19,859
|
|
|
|
13,537
|
|
|
|
6,322
|
|
|
Total combined loan
and finance receivable principal balance(b)
|
|
$
|
3,830,303
|
|
|
$
|
3,168,272
|
|
|
$
|
662,031
|
|
|
Ending combined loan
and finance receivable fair value balance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
owned
|
|
$
|
4,386,444
|
|
|
$
|
3,629,167
|
|
|
$
|
757,277
|
|
|
Guaranteed by the
Company(a)
|
|
|
28,414
|
|
|
|
18,534
|
|
|
|
9,880
|
|
|
Ending combined loan
and finance receivable fair value balance(b)
|
|
$
|
4,414,858
|
|
|
$
|
3,647,701
|
|
|
$
|
767,157
|
|
|
Fair value as a % of
principal(c)
|
|
|
115.3
|
%
|
|
|
115.1
|
%
|
|
|
0.2
|
%
|
|
Ending combined loan
and finance receivable balance, including principal and accrued
fees/interest outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
owned
|
|
$
|
3,966,486
|
|
|
$
|
3,297,082
|
|
|
$
|
669,404
|
|
|
Guaranteed by the
Company(a)
|
|
|
23,826
|
|
|
|
16,351
|
|
|
|
7,475
|
|
|
Ending combined loan
and finance receivable balance(b)
|
|
$
|
3,990,312
|
|
|
$
|
3,313,433
|
|
|
$
|
676,879
|
|
|
Average combined
loan and finance receivable balance, including principal and
accrued fees/interest outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
owned(d)
|
|
$
|
3,842,144
|
|
|
$
|
3,141,479
|
|
|
$
|
700,665
|
|
|
Guaranteed by the
Company(a)(d)
|
|
|
22,060
|
|
|
|
16,341
|
|
|
|
5,719
|
|
|
Average combined
loan and finance receivable balance(a)(d)
|
|
$
|
3,864,204
|
|
|
$
|
3,157,820
|
|
|
$
|
706,384
|
|
|
Installment loans as
percentage of average combined loan and finance receivable
balance
|
|
|
44.9
|
%
|
|
|
50.2
|
%
|
|
|
(5.3)
|
%
|
|
Line of credit accounts
as percentage of average combined loan and finance receivable
balance
|
|
|
55.1
|
%
|
|
|
49.8
|
%
|
|
|
5.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
719,410
|
|
|
$
|
574,721
|
|
|
$
|
144,689
|
|
|
Change in fair
value
|
|
|
(314,091)
|
|
|
|
(256,412)
|
|
|
|
(57,679)
|
|
|
Net revenue
|
|
|
405,319
|
|
|
|
318,309
|
|
|
|
87,010
|
|
|
Net revenue
margin
|
|
|
56.3
|
%
|
|
|
55.4
|
%
|
|
|
0.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined loan and
finance receivable originations and purchases
|
|
$
|
1,714,919
|
|
|
$
|
1,425,785
|
|
|
$
|
289,134
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delinquencies:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
>30 days
delinquent
|
|
$
|
297,832
|
|
|
$
|
263,524
|
|
|
$
|
34,308
|
|
|
>30 days delinquent
as a % of loan and finance receivable
balance(c)
|
|
|
7.5
|
%
|
|
|
8.0
|
%
|
|
|
(0.5)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs (net of
recoveries)
|
|
$
|
342,183
|
|
|
$
|
305,436
|
|
|
$
|
36,747
|
|
|
Charge-offs (net of
recoveries) as a % of average loan and finance receivable
balance(d)
|
|
|
8.9
|
%
|
|
|
9.7
|
%
|
|
|
(0.8)
|
%
|
|
|
|
|
|
|
|
|
|
(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,
|
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
|
Net income
|
|
$
|
63,695
|
|
|
$
|
34,768
|
|
|
$
|
209,448
|
|
|
$
|
175,121
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction-related
costs(a)
|
|
|
—
|
|
|
|
755
|
|
|
|
327
|
|
|
|
755
|
|
|
Lease termination and
cease use costs(b)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,698
|
|
|
Equity method
investment (income) loss(c)
|
|
|
(92)
|
|
|
|
(1,251)
|
|
|
|
16,460
|
|
|
|
(116)
|
|
|
Other nonoperating
expenses(d)
|
|
|
—
|
|
|
|
3
|
|
|
|
5,691
|
|
|
|
282
|
|
|
Intangible asset
amortization
|
|
|
2,014
|
|
|
|
2,014
|
|
|
|
8,055
|
|
|
|
8,385
|
|
|
Stock-based
compensation expense
|
|
|
8,297
|
|
|
|
7,458
|
|
|
|
31,816
|
|
|
|
26,738
|
|
|
Foreign currency
transaction loss (gain), net
|
|
|
902
|
|
|
|
(49)
|
|
|
|
1,064
|
|
|
|
(57)
|
|
|
Cumulative tax effect
of adjustments
|
|
|
(2,608)
|
|
|
|
(2,293)
|
|
|
|
(14,789)
|
|
|
|
(9,456)
|
|
|
Regulatory
settlement(e)
|
|
|
—
|
|
|
|
15,201
|
|
|
|
—
|
|
|
|
15,201
|
|
|
Adjusted
earnings
|
|
$
|
72,208
|
|
|
$
|
56,606
|
|
|
$
|
258,072
|
|
|
$
|
218,551
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
|
$
|
2.30
|
|
|
$
|
1.13
|
|
|
$
|
7.43
|
|
|
$
|
5.49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per
share
|
|
$
|
2.61
|
|
|
$
|
1.83
|
|
|
$
|
9.15
|
|
|
$
|
6.85
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Year
Ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
|
Net income
|
|
$
|
63,695
|
|
|
$
|
34,768
|
|
|
$
|
209,448
|
|
|
$
|
175,121
|
|
|
Depreciation and
amortization expenses
|
|
|
10,196
|
|
|
|
9,034
|
|
|
|
40,207
|
|
|
|
38,157
|
|
|
Interest expense,
net
|
|
|
76,989
|
|
|
|
57,208
|
|
|
|
290,442
|
|
|
|
194,779
|
|
|
Foreign currency
transaction loss (gain), net
|
|
|
902
|
|
|
|
(49)
|
|
|
|
1,064
|
|
|
|
(57)
|
|
|
Provision for income
taxes
|
|
|
13,702
|
|
|
|
6,860
|
|
|
|
61,653
|
|
|
|
52,126
|
|
|
Stock-based
compensation expense
|
|
|
8,297
|
|
|
|
7,458
|
|
|
|
31,816
|
|
|
|
26,738
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction-related
costs(a)
|
|
|
—
|
|
|
|
755
|
|
|
|
327
|
|
|
|
755
|
|
|
Equity method
investment (income) loss(c)
|
|
|
(92)
|
|
|
|
(1,251)
|
|
|
|
16,460
|
|
|
|
(116)
|
|
|
Regulatory
settlement(e)
|
|
|
—
|
|
|
|
15,201
|
|
|
|
—
|
|
|
|
15,201
|
|
|
Other nonoperating
expenses(d)
|
|
|
—
|
|
|
|
3
|
|
|
|
5,691
|
|
|
|
282
|
|
|
Adjusted
EBITDA
|
|
$
|
173,689
|
|
|
$
|
129,987
|
|
|
$
|
657,108
|
|
|
$
|
502,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin
calculated as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue
|
|
$
|
729,551
|
|
|
$
|
583,592
|
|
|
$
|
2,657,800
|
|
|
$
|
2,117,639
|
|
|
Adjusted
EBITDA
|
|
|
173,689
|
|
|
|
129,987
|
|
|
|
657,108
|
|
|
|
502,986
|
|
|
Adjusted EBITDA as a
percentage of total revenue
|
|
|
23.8
|
%
|
|
|
22.3
|
%
|
|
|
24.7
|
%
|
|
|
23.8
|
%
|
|
|
|
|
|
|
|
|
|
(a)
|
In the first quarter
of 2024 and the fourth quarter of 2023, the Company recorded $0.3
million ($0.2 million net of tax) and $0.8 million ($0.6 million
net of tax), respectively, 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 third quarter
of 2024, the Company recorded an equity method investment loss of
$16.6 million ($13.3 million net of tax) related to the write-down
of its investment in Linear.
|
|
(d)
|
In the twelve-month
periods ended December 31, 2024 and 2023, the Company recorded
other nonoperating expenses of $5.7 million ($4.3 million net of
tax) and $0.3 million ($0.2 million net of tax), respectively,
related to early extinguishment of debt.
|
|
(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.
