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27.07.2017 22:16:00
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Enova Reports Second Quarter 2017 Financial Results
CHICAGO, July 27, 2017 /PRNewswire/ -- Enova International (NYSE: ENVA), a leading financial technology company offering consumer and small business loans and financing, today announced financial results for the quarter ended June 30, 2017.
"We are pleased with the progress we are seeing in each of our six growth businesses, which was driven this quarter by continued healthy demand and good credit performance," said David Fisher, Enova's CEO. "We believe our leading competitive position, built on our world class analytics and technology platform, positions us well to execute our focused growth strategy and maintain strong profitability."
Second Quarter 2017 Summary
- Total revenue of $189.9 million in the second quarter of 2017 increased 10.1% from $172.5 million in the second quarter of 2016.
- Gross profit margin was 57.9% in the second quarter of 2017 compared to 62.1% in the second quarter of 2016, driven by stronger growth in the U.S. installment loan and receivables purchase agreements and a higher mix of new customers, which requires higher loan loss provisions.
- Net income of $11.9 million, or $0.35 per diluted share, in the second quarter of 2017 increased from $8.2 million, or $0.25 per diluted share, in the second quarter of 2016. Second quarter 2017 adjusted EBITDA of $41.6 million, a non-GAAP measure, increased from $35.2 million in the second quarter of 2016.
- Second quarter 2017 adjusted earnings per share of $0.41, a non-GAAP measure, increased 46.4% from $0.28 in the second quarter of 2016.
"Our financial results demonstrate the strong operating leverage in our online business model and solid credit performance," said Steve Cunningham, CFO of Enova. "Diluted earnings per share and adjusted EBITDA came in at the high end of our guidance range, driven by efficient marketing and effective operating expense management."
Enova ended the second quarter of 2017 with unrestricted cash and cash equivalents of $46.2 million. As of June 30, 2017, the company had total debt outstanding of $638.7 million, which included $152.0 million outstanding under Enova's $295 million securitization facilities. During the second quarter, Enova generated $66.2 million of cash flow from operations.
Outlook
For the third quarter of 2017, Enova expects total revenue of $200 million to $220 million, GAAP diluted earnings per share of $0.02 to $0.21, adjusted EBITDA of $25 million to $35 million, and adjusted earnings per share of $0.07 to $0.25. For the full year 2017, Enova expects total revenue of $810 million to $860 million, GAAP diluted earnings per share of $0.88 to $1.24, adjusted EBITDA of $145 million to $165 million, and adjusted earnings per share of $1.07 to $1.43.
For information regarding the non-GAAP financial measures discussed in this release, please see "Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP Financial Measures" below.
Conference Call
Enova will host a conference call to discuss its results at 4 p.m. Central Time / 5 p.m. Eastern Time today, Thursday, July 27th. The live webcast of the call can be accessed at the Enova Investor Relations website at http://ir.enova.com, along with the company's earnings press release and supplemental financial information. The U.S. dial-in for the call is 1-855-560-2575 (1-412-542-4161 for non-U.S. callers). Please ask to be joined to the Enova International call. A replay of the conference call will be available until August 10, 2017, at 10:59 p.m. Central Time / 11:59 p.m. Eastern Time, while an archived version of the webcast will be available on the Enova Investor Relations website for 90 days. The U.S. dial-in for the conference call replay is 1-877-344-7529 (1-412-317-0088). The replay access code is 1010-9454.
About Enova
Enova (NYSE: ENVA) is a leading provider of online financial services to non-prime consumers and small businesses, providing access to credit powered by its advanced analytics, innovative technology, and world-class online platform and services. Enova has provided almost five million customers around the globe access to more than $20 billion in loans and financing. The financial technology company has a portfolio of trusted brands serving consumers, including CashNetUSA®, DollarsDirect®, NetCredit®, On Stride Financial®, Pounds to Pocket®, QuickQuid® and Simplic®; two brands serving small businesses, Headway Capital® and The Business Backer®; and offers online lending platform services to lenders. Through its Enova Decisions™ brand, it also delivers on-demand decision-making technology and real-time predictive analytics services to clients. You can learn more about the company and its brands at www.enova.com.
Cautionary Statement Concerning Forward Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about the business, financial condition and prospects of Enova. These forward-looking statements give current expectations or forecasts of future events and reflect the views and assumptions of Enova's senior management with respect to the business, financial condition and prospects of Enova as of the date of this release and are not guarantees of future performance. The actual results of Enova could differ materially from those indicated by such forward-looking statements because of various risks and uncertainties applicable to Enova's business, including, without limitation, those risks and uncertainties indicated in Enova's filings with the Securities and Exchange Commission ("SEC"), including our annual report on Form 10-K, quarterly reports on Forms 10-Q and current reports on Forms 8-K. These risks and uncertainties are beyond the ability of Enova to control, and, in many cases, Enova cannot predict all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this release, the words "believes," "estimates," "plans," "expects," "anticipates" and similar expressions or variations as they relate to Enova or its management are intended to identify forward-looking statements. Enova cautions you not to put undue reliance on these statements. Enova disclaims any intention or obligation to update or revise any forward-looking statements after the date of this release.
Non-GAAP Financial Measures
In addition to the financial information prepared in conformity with generally accepted accounting principles, or GAAP, Enova provides historical non-GAAP financial information. Management believes that presentation of non-GAAP financial information is meaningful and useful in understanding the activities and business metrics of Enova's operations. Management believes that these non-GAAP financial measures reflect an additional way of viewing aspects of Enova's business that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.
Management provides non-GAAP financial information for informational purposes and to enhance understanding of Enova's GAAP consolidated financial statements. Readers should consider the information in addition to, but not instead of or superior to, Enova's financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.
Combined Loans and Finance Receivables
Enova has provided combined loans and finance receivables, which is a non-GAAP measure. Enova also reports allowances and liabilities for estimated losses on loans and finance receivables individually and on a combined basis, which are GAAP measures that are included in Enova's financial statements. Management believes these measures provide investors with important information needed to evaluate the magnitude of potential cost of revenue and the opportunity for revenue performance of the loan and finance receivables portfolio on an aggregate basis. Management believes that the comparison of the aggregate amounts from period to period is more meaningful than comparing only the residual amount on Enova's balance sheet since both revenue and the cost of revenue for loans and finance receivables are impacted by the aggregate amount of loans and finance receivables owned by Enova and those guaranteed by Enova as reflected in its financial statements.
Adjusted Earnings and Adjusted Earnings Per Share
In addition to reporting financial results in accordance with GAAP, Enova has provided adjusted earnings and adjusted earnings per share, or, collectively, the Adjusted Earnings Measures, which are non-GAAP measures. Management believes that the presentation of these measures provides investors with greater transparency and facilitates comparison of operating results across a broad spectrum of companies with varying capital structures, compensation strategies, derivative instruments and amortization methods, which provides a more complete understanding of Enova's financial performance, competitive position and prospects for the future. Management also believes that investors regularly rely on non-GAAP financial measures, such as the Adjusted Earnings Measures, to assess operating performance and that such measures may highlight trends in Enova's business that may not otherwise be apparent when relying on financial measures calculated in accordance with GAAP. In addition, management believes that the adjustments shown below are useful to investors in order to allow them to compare Enova's financial results during the periods shown without the effect of certain expense items.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP measure that Enova defines as earnings excluding depreciation, amortization, interest, foreign currency transaction gains or losses, taxes, and stock-based compensation, and Adjusted EBITDA margin is a non-GAAP measure that Enova defines as Adjusted EBITDA as a percentage of total revenue. Management believes Adjusted EBITDA and Adjusted EBITDA margin are used by investors to analyze operating performance and evaluate Enova's ability to incur and service debt and Enova's capacity for making capital expenditures. Adjusted EBITDA and Adjusted EBITDA margin are also useful to investors to help assess Enova's estimated enterprise value. The computation of Adjusted EBITDA and Adjusted EBITDA margin as presented below may differ from the computation of similarly-titled measures provided by other companies.
ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||||
(dollars in thousands, except per share data) | ||||||||||||
(Unaudited) | ||||||||||||
June 30, | December 31, | |||||||||||
2017 | 2016 | 2016 | ||||||||||
Assets | ||||||||||||
Cash and cash equivalents | $ | 46,209 | $ | 39,167 | $ | 39,934 | ||||||
Restricted cash and cash equivalents (includes restricted cash of consolidated VIEs of $19,119, $13,930 and $19,468 as of June 30, 2017 and 2016 and December 31, 2016, respectively) | 26,636 | 34,601 | 26,306 | |||||||||
Loans and finance receivables, net (includes loans of consolidated VIEs of $240,444, $155,313 and $234,497 and allowance for losses of $17,072, $13,024 and $17,731 as of June 30, 2017 and 2016 and December 31, 2016, respectively) | 563,996 | 489,990 | 561,550 | |||||||||
Income taxes receivable | 13,410 | — | — | |||||||||
Other receivables and prepaid expenses | 22,006 | 18,468 | 19,524 | |||||||||
Property and equipment, net | 44,329 | 47,206 | 47,100 | |||||||||
Goodwill | 267,012 | 267,013 | 267,010 | |||||||||
Intangible assets, net | 4,865 | 5,946 | 5,404 | |||||||||
Other assets | 13,406 | 8,478 | 11,051 | |||||||||
Total assets | $ | 1,001,869 | $ | 910,869 | $ | 977,879 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||
Accounts payable and accrued expenses | $ | 62,799 | $ | 75,175 | $ | 71,671 | ||||||
Income taxes currently payable | — | 2,912 | 282 | |||||||||
Deferred tax liabilities, net | 25,753 | 19,677 | 14,316 | |||||||||
Long-term debt (includes long-term debt of consolidated VIEs of $151,987, $106,846 and $165,419 and debt issuance costs of $1,054, $2,948 and $1,869, as of June 30, 2017 and 2016 and December 31, 2016, respectively) | 638,749 | 588,824 | 649,911 | |||||||||
Total liabilities | 727,301 | 686,588 | 736,180 | |||||||||
Commitments and contingencies | ||||||||||||
Stockholders' equity: | ||||||||||||
Common stock, $0.00001 par value, 250,000,000 shares authorized, 33,752,662, 33,236,539 and 33,364,525 shares issued and 33,635,215, 33,197,558 and 33,293,100 outstanding as of June 30, 2017 and 2016 and December 31, 2016, respectively | — | — | — | |||||||||
Preferred stock, $0.00001 par value, 25,000,000 shares authorized, no shares issued and outstanding | — | — | — | |||||||||
Additional paid in capital | 23,753 | 14,073 | 18,446 | |||||||||
Retained earnings | 261,180 | 218,904 | 235,455 | |||||||||
Accumulated other comprehensive loss | (9,069) | (8,447) | (11,578) | |||||||||
Treasury stock, at cost (117,447, 38,981 and 71,425 shares as of June 30, 2017 and 2016 and December 31, 2016, respectively) | (1,296) | (249) | (624) | |||||||||
Total stockholders' equity | 274,568 | 224,281 | 241,699 | |||||||||
Total liabilities and stockholders' equity | $ | 1,001,869 | $ | 910,869 | $ | 977,879 | ||||||
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, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Revenue | $ | 189,904 | $ | 172,535 | $ | 382,167 | $ | 347,188 | ||||||||
Cost of Revenue | 79,862 | 65,453 | 161,746 | 135,030 | ||||||||||||
Gross Profit | 110,042 | 107,082 | 220,421 | 212,158 | ||||||||||||
Expenses | ||||||||||||||||
Marketing | 23,410 | 25,597 | 42,993 | 46,778 | ||||||||||||
Operations and technology | 21,818 | 20,935 | 45,349 | 41,069 | ||||||||||||
General and administrative | 26,245 | 27,515 | 51,941 | 55,440 | ||||||||||||
Depreciation and amortization | 3,366 | 4,228 | 6,863 | 8,215 | ||||||||||||
Total Expenses | 74,839 | 78,275 | 147,146 | 151,502 | ||||||||||||
Income from Operations | 35,203 | 28,807 | 73,275 | 60,656 | ||||||||||||
Interest expense, net | (17,012) | (16,026) | (34,234) | (31,941) | ||||||||||||
Foreign currency transaction gain | 62 | 471 | 289 | 2,039 | ||||||||||||
Income before Income Taxes | 18,253 | 13,252 | 39,330 | 30,754 | ||||||||||||
Provision for income taxes | 6,380 | 5,064 | 13,605 | 12,703 | ||||||||||||
Net Income | $ | 11,873 | $ | 8,188 | $ | 25,725 | $ | 18,051 | ||||||||
Earnings Per Share: | ||||||||||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 0.35 | $ | 0.25 | $ | 0.77 | $ | 0.54 | ||||||||
Diluted | $ | 0.35 | $ | 0.25 | $ | 0.75 | $ | 0.54 | ||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 33,553 | 33,175 | 33,463 | 33,159 | ||||||||||||
Diluted | 34,125 | 33,335 | 34,081 | 33,261 | ||||||||||||
ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW | ||||||||
(dollars in thousands) | ||||||||
(Unaudited) | ||||||||
Six Months Ended June 30, | ||||||||
2017 | 2016 | |||||||
Cash flows provided by operating activities | $ | 186,058 | $ | 180,507 | ||||
Cash flows used in investing activities | ||||||||
Loans and finance receivables | (164,731) | (190,184) | ||||||
Change in restricted cash | 13 | (27,935) | ||||||
Property and equipment additions | (5,301) | (7,649) | ||||||
Other investing activities | 1,482 | 95 | ||||||
Total cash flows used in investing activities | (168,537) | (225,673) | ||||||
Cash flows (used in) provided by financing activities | (15,900) | 45,113 | ||||||
Effect of exchange rates on cash | 4,654 | (2,846) | ||||||
Net increase (decrease) in cash and cash equivalents | 6,275 | (2,899) | ||||||
Cash and cash equivalents at beginning of year | 39,934 | 42,066 | ||||||
Cash and cash equivalents at end of period | $ | 46,209 | $ | 39,167 | ||||
ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||||||||||
GEOGRAPHIC INFORMATION | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||
The following tables present information on Enova's domestic and international operations for the three and six months ended June 30, 2017 and 2016. | ||||||||||||||||
Three Months Ended | ||||||||||||||||
2017 | 2016 | $ Change | % Change | |||||||||||||
Domestic: | ||||||||||||||||
Revenue | $ | 158,073 | $ | 140,342 | $ | 17,731 | 12.6 | % | ||||||||
Cost of revenue | 67,393 | 57,752 | 9,641 | 16.7 | ||||||||||||
Gross profit | $ | 90,680 | $ | 82,590 | $ | 8,090 | 9.8 | |||||||||
Gross profit margin | 57.4 | % | 58.8 | % | (1.4) | % | (2.4) | % | ||||||||
International: | ||||||||||||||||
Revenue | $ | 31,831 | $ | 32,193 | $ | (362) | (1.1) | % | ||||||||
Cost of revenue | 12,469 | 7,701 | 4,768 | 61.9 | ||||||||||||
Gross profit | $ | 19,362 | $ | 24,492 | $ | (5,130) | (20.9) | |||||||||
Gross profit margin | 60.8 | % | 76.1 | % | (15.3) | % | (20.1) | % | ||||||||
Total: | ||||||||||||||||
Revenue | $ | 189,904 | $ | 172,535 | $ | 17,369 | 10.1 | % | ||||||||
Cost of revenue | 79,862 | 65,453 | 14,409 | 22.0 | ||||||||||||
Gross profit | $ | 110,042 | $ | 107,082 | $ | 2,960 | 2.8 | |||||||||
Gross profit margin | 57.9 | % | 62.1 | % | (4.2) | % | (6.8) | % | ||||||||
Six Months Ended June 30, | ||||||||||||||||
2017 | 2016 | $ Change | % Change | |||||||||||||
Domestic: | ||||||||||||||||
Revenue | $ | 322,742 | $ | 283,770 | $ | 38,972 | 13.7 | % | ||||||||
Cost of revenue | 138,042 | 118,208 | 19,834 | 16.8 | ||||||||||||
Gross profit | $ | 184,700 | $ | 165,562 | $ | 19,138 | 11.6 | |||||||||
Gross profit margin | 57.2 | % | 58.3 | % | (1.1) | % | (1.9) | % | ||||||||
International: | ||||||||||||||||
Revenue | $ | 59,425 | $ | 63,418 | $ | (3,993) | (6.3) | % | ||||||||
Cost of revenue | 23,704 | 16,822 | 6,882 | 40.9 | ||||||||||||
Gross profit | $ | 35,721 | $ | 46,596 | $ | (10,875) | (23.3) | |||||||||
Gross profit margin | 60.1 | % | 73.5 | % | (13.4) | % | (18.2) | % | ||||||||
Total: | ||||||||||||||||
Revenue | $ | 382,167 | $ | 347,188 | $ | 34,979 | 10.1 | % | ||||||||
Cost of revenue | 161,746 | 135,030 | 26,716 | 19.8 | ||||||||||||
Gross profit | $ | 220,421 | $ | 212,158 | $ | 8,263 | 3.9 | |||||||||
Gross profit margin | 57.7 | % | 61.1 | % | (3.4) | % | (5.6) | % | ||||||||
ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||||||
LOANS AND FINANCE RECEIVABLES FINANCIAL AND OPERATING DATA | ||||||||||||
(dollars in thousands) | ||||||||||||
The following table shows loans and finance receivables and related loan loss activity, which is based on loan and finance receivable balances, for the three months ended June 30, 2017 and 2016. | ||||||||||||
Three Months Ended June 30, | 2017 | 2016 | Change | |||||||||
Cost of revenue | $ | 79,862 | $ | 65,453 | $ | 14,409 | ||||||
Charge-offs (net of recoveries) | 78,768 | 58,558 | 20,210 | |||||||||
Average combined loans and finance receivables, gross: | ||||||||||||
Company owned(a) | 619,699 | 522,099 | 97,600 | |||||||||
Guaranteed by Enova(a)(b) | 24,999 | 27,537 | (2,538) | |||||||||
Average combined loans and finance receivables, gross (a)(c) | $ | 644,698 | $ | 549,636 | $ | 95,062 | ||||||
Ending combined loans and finance receivables, gross: | ||||||||||||
Company owned | $ | 647,835 | $ | 563,810 | $ | 84,025 | ||||||
Guaranteed by Enova(b) | 28,013 | 31,227 | (3,214) | |||||||||
Ending combined loans and finance receivables, gross (c) | $ | 675,848 | $ | 595,037 | $ | 80,811 | ||||||
Ending allowance and liability for losses | $ | 85,780 | $ | 75,653 | $ | 10,127 | ||||||
Combined originations (d) | $ | 512,546 | $ | 516,099 | $ | (3,553) | ||||||
Loans and finance receivables ratios: | ||||||||||||
Cost of revenue as a % of average combined loans and finance receivables, gross(a)(c) | 12.4 | % | 11.9 | % | 0.5 | % | ||||||
Charge-offs (net of recoveries) as a % of average combined loans and finance receivables, gross(a)(c) | 12.2 | % | 10.7 | % | 1.5 | % | ||||||
Gross profit margin | 57.9 | % | 62.1 | % | (4.2) | % | ||||||
Allowance and liability for losses as a % of combined loans and finance receivables, gross(c)(e) | 12.7 | % | 12.7 | % | — | % | ||||||
__________________ | |
(a) | The average combined loans and finance receivables, gross, is the average of the month-end balances during the period. |
(b) | Represents loans originated by third-party lenders through the credit services organization (or CSO) programs, which are not included in Enova's financial statements. |
(c) | Non-GAAP measure. See the above discussion for additional information regarding combined loans and finance receivables. |
(d) | Represents loans and finance receivables originated by Enova and third-party lenders (including through the CSO programs) and includes renewals of existing origination agreements to customers in good standing. The disclosure is statistical data that is not included in Enova's financial statements. |
(e) | Allowance and liability for losses as a percentage of combined loans and finance receivables, gross, is determined using period-end balances. |
ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||||||||||||
(dollars in thousands, except per share data) | ||||||||||||||||
Adjusted Earnings Measures | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net Income | $ | 11,873 | $ | 8,188 | $ | 25,725 | $ | 18,051 | ||||||||
Adjustments: | ||||||||||||||||
Intangible asset amortization | 271 | 276 | 542 | 596 | ||||||||||||
Stock-based compensation expense | 2,987 | 2,181 | 5,307 | 4,149 | ||||||||||||
Foreign currency transaction gain | (62) | (471) | (289) | (2,039) | ||||||||||||
Cumulative tax effect of adjustments | (1,113) | (803) | (1,923) | (1,118) | ||||||||||||
Adjusted earnings | $ | 13,956 | $ | 9,371 | $ | 29,362 | $ | 19,639 | ||||||||
Diluted earnings per share | $ | 0.35 | $ | 0.25 | $ | 0.75 | $ | 0.54 | ||||||||
Adjusted earnings per share | $ | 0.41 | $ | 0.28 | $ | 0.86 | $ | 0.59 | ||||||||
Adjusted EBITDA | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net Income | $ | 11,873 | $ | 8,188 | $ | 25,725 | $ | 18,051 | ||||||||
Depreciation and amortization expenses | 3,366 | 4,228 | 6,863 | 8,215 | ||||||||||||
Interest expense, net | 17,012 | 16,026 | 34,234 | 31,941 | ||||||||||||
Foreign currency transaction gain | (62) | (471) | (289) | (2,039) | ||||||||||||
Provision for income taxes | 6,380 | 5,064 | 13,605 | 12,703 | ||||||||||||
Stock-based compensation expense | 2,987 | 2,181 | 5,307 | 4,149 | ||||||||||||
Adjusted EBITDA | $ | 41,556 | $ | 35,216 | $ | 85,445 | $ | 73,020 | ||||||||
Adjusted EBITDA margin calculated as follows: | ||||||||||||||||
Total Revenue | $ | 189,904 | $ | 172,535 | $ | 382,167 | $ | 347,188 | ||||||||
Adjusted EBITDA | 41,556 | 35,216 | 85,445 | 73,020 | ||||||||||||
Adjusted EBITDA as a percentage of total revenue | 21.9 | % | 20.4 | % | 22.4 | % | 21.0 | % | ||||||||
ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||||
(dollars in thousands) | ||||||||
Estimated Adjusted EBITDA For 2017 | ||||||||
The following tables reconcile estimated Income from operations to Adjusted EBITDA, a non-GAAP measure: | ||||||||
Estimated Results | ||||||||
Three Months Ended September 30, 2017 | ||||||||
Low | High | |||||||
Unaudited | ||||||||
Income from operations | 18,000 | 28,000 | ||||||
Depreciation and amortization | 4,000 | 4,000 | ||||||
Stock-based compensation expense | 3,000 | 3,000 | ||||||
Adjusted EBITDA | $ | 25,000 | $ | 35,000 | ||||
Estimated Results | ||||||||
Year Ended December 31, 2017 | ||||||||
Low | High | |||||||
Unaudited | ||||||||
Income from operations | $ | 119,000 | $ | 139,000 | ||||
Depreciation and amortization | 15,000 | 15,000 | ||||||
Stock-based compensation expense | 11,000 | 11,000 | ||||||
Adjusted EBITDA | $ | 145,000 | $ | 165,000 | ||||
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SOURCE Enova International, Inc.
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