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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number 1-35503

 

Enova International, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

45-3190813

(State or other jurisdiction of

Incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

175 West Jackson Blvd.

Chicago, Illinois

 

60604

(Address of principal executive offices)

 

(Zip Code)

(312) 568-4200

(Registrant’s telephone number, including area code)

NONE

(Former name, former address and former fiscal year, if changed since last report)

Securities Registered Pursuant to Section 12(b) of the Act:

 

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, $.00001 par value per share

ENVA

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

 

Large accelerated filer

 

  

Accelerated filer

 

Non-accelerated filer

 

  

  

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  

33,999,696 of the Registrant’s common shares, $.00001 par value, were outstanding as of July 29, 2019.

 

 


CAUTIONARY NOTE CONCERNING FACTORS THAT MAY AFFECT FUTURE RESULTS

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on these statements. These forward-looking statements give current expectations or forecasts of future events and reflect the views and assumptions of senior management with respect to the business, financial condition, operations and prospects of Enova International, Inc. and its subsidiaries (collectively, the “Company”). When used in this report, terms such as “believes,” “estimates,” “should,” “could,” “would,” “plans,” “expects,” “intends,” “anticipates,” “may,” “forecast,” “project” and similar expressions or variations as they relate to the Company or its management are intended to identify forward-looking statements. Forward-looking statements address matters that involve risks and uncertainties that are beyond the ability of the Company to control and, in some cases, predict. Accordingly, there are or will be important factors that could cause the Company’s actual results to differ materially from those indicated in these statements. Key factors that could cause the Company’s actual financial results, performance or condition to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, the following:

 

the effect of laws and regulations targeting our industry that directly or indirectly regulate or prohibit our operations or render them unprofitable or impractical;

 

the effect of and compliance with domestic and international consumer credit, tax and other laws and government rules and regulations applicable to our business, including changes in such laws, rules and regulations, or changes in the interpretation or enforcement thereof, and the regulatory and examination authority of the Consumer Financial Protection Bureau with respect to providers of consumer financial products and services in the United States and the Financial Conduct Authority in the United Kingdom;

 

changes in our U.K. business practices in response to the requirements of the Financial Conduct Authority and the Financial Ombudsman Service;

 

the effect on our U.K. business of elevated complaints related to historical funding;

 

the effect of and compliance with enforcement actions, orders and agreements issued by applicable regulators, such as the January 2019 Consent Order issued by the Consumer Financial Protection Bureau;

 

our ability to process or collect loans and finance receivables through the Automated Clearing House system;

 

the deterioration of the political, regulatory or economic environment in countries where we operate or in the future may operate;

 

the actions of third parties who provide, acquire or offer products and services to, from or for us;

 

public and regulatory perception of the consumer loan business, small business financing and our business practices;

 

the effect of any current or future litigation proceedings and any judicial decisions or rulemaking that affects us, our products or the legality or enforceability of our arbitration agreements;

 

changes in demand for our services, changes in competition and the continued acceptance of the online channel by our customers;

 

changes in our ability to satisfy our debt obligations or to refinance existing debt obligations or obtain new capital to finance growth;

 

a prolonged interruption in the operations of our facilities, systems and business functions, including our information technology and other business systems;

 

our ability to maintain an allowance or liability for estimated losses that is adequate to absorb credit losses;

 

compliance with laws and regulations applicable to our international operations, including anti-corruption laws such as the Foreign Corrupt Practices Act and the U.K. Bribery Act 2010 and international anti-money laundering, trade and economic sanctions laws;

 

our ability to attract and retain qualified officers;

 

cyber-attacks or security breaches;

 

acts of God, war or terrorism, pandemics and other events;

 

the ability to successfully integrate newly acquired businesses into our operations;

 

interest rate and foreign currency exchange rate fluctuations;

 

changes in the capital markets, including the debt and equity markets;


 

the effect of any of the above changes on our business or the markets in which we operate; and

 

other risks and uncertainties described herein.

The foregoing list of factors is not exhaustive and new factors may emerge or changes to these factors may occur that would impact the Company’s business and cause actual results to differ materially from those expressed in any of our forward-looking statements. Additional information regarding these and other factors may be contained in the Company’s filings with the Securities and Exchange Commission (the “SEC”). Readers of this report are encouraged to review all of the Risk Factors contained in the Company’s filings with the SEC to obtain more detail about the Company’s risks and uncertainties. All forward-looking statements involve risks, assumptions and uncertainties. The occurrence of the events described, and the achievement of the expected results, depends on many events, some or all of which are not predictable or within the Company’s control. If one or more events related to these or other risks or uncertainties materialize, or if management’s underlying assumptions prove to be incorrect, actual results may differ materially from what the Company anticipates. The forward-looking statements in this report are made as of the date of this report, and the Company disclaims any intention or obligation to update or revise any forward-looking statements to reflect events or circumstances occurring after the date of this report. All forward-looking statements in this report are expressly qualified in their entirety by the foregoing cautionary statements.

 

 


ENOVA INTERNATIONAL, INC.

INDEX TO FORM 10-Q

 

 

 

 

  

Page

PART I. FINANCIAL INFORMATION

 

 

 

Item 1.

 

Financial Statements (Unaudited)

  

 

 

 

Consolidated Balance Sheets – June 30, 2019 and 2018 and December 31, 2018

  

1

 

 

Consolidated Statements of Income – Three and Six Months Ended June 30, 2019 and 2018

  

3

 

 

Consolidated Statements of Comprehensive Income – Three and Six Months Ended June 30, 2019 and 2018

  

4

 

 

Consolidated Statements of Stockholders’ Equity – Three and Six Months Ended June 30, 2019 and 2018

  

5

 

 

Consolidated Statements of Cash Flows – Six Months Ended June 30, 2019 and 2018

  

6

 

 

Notes to Consolidated Financial Statements

  

7

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

28

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

  

50

Item 4.

 

Controls and Procedures

  

50

 

 

PART II. OTHER INFORMATION

  

 

 

 

 

Item 1.

 

Legal Proceedings

  

51

Item 1A.

 

Risk Factors

  

51

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

  

51

Item 3.

 

Defaults upon Senior Securities

  

51

Item 4.

 

Mine Safety Disclosures

  

51

Item 5.

 

Other Information

  

51

Item 6.

 

Exhibits

  

52

 

 

SIGNATURES

  

53

 

 

 


PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share data)

(Unaudited)

 

 

 

June 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

2018

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents(1)

 

$

65,503

 

 

$

47,414

 

 

$

52,917

 

Restricted cash(1)

 

 

22,962

 

 

 

28,863

 

 

 

24,342

 

Loans and finance receivables, net(1)

 

 

892,582

 

 

 

750,131

 

 

 

859,946

 

Income taxes receivable

 

 

12,693

 

 

 

3,006

 

 

 

28,914

 

Other receivables and prepaid expenses(1)

 

 

34,459

 

 

 

25,373

 

 

 

29,983

 

Property and equipment, net

 

 

52,878

 

 

 

47,752

 

 

 

49,553

 

Operating lease right-of-use assets

 

 

20,813

 

 

 

 

 

 

 

Goodwill

 

 

267,013

 

 

 

267,013

 

 

 

267,013

 

Intangible assets, net

 

 

2,720

 

 

 

3,790

 

 

 

3,255

 

Other assets(1)

 

 

11,844

 

 

 

9,862

 

 

 

12,262

 

Total assets

 

$

1,383,467

 

 

$

1,183,204

 

 

$

1,328,185

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses(1)

 

$

118,195

 

 

$

72,406

 

 

$

89,317

 

Operating lease liabilities

 

 

37,696

 

 

 

 

 

 

 

Deferred tax liabilities, net

 

 

35,619

 

 

 

14,322

 

 

 

33,171

 

Long-term debt(1)

 

 

785,504

 

 

 

762,831

 

 

 

857,929

 

Total liabilities

 

 

977,014

 

 

 

849,559

 

 

 

980,417

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

Common stock, $0.00001 par value, 250,000,000 shares authorized, 35,671,114, 34,633,819 and 34,856,553 shares issued and 33,989,158, 34,145,146 and 33,584,606 outstanding as of June 30, 2019 and 2018 and December 31, 2018, respectively

 

 

 

 

 

 

 

 

 

Preferred stock, $0.00001 par value, 25,000,000 shares authorized, no shares issued and outstanding

 

 

 

 

 

 

 

 

 

Additional paid in capital

 

 

56,910

 

 

 

39,335

 

 

 

48,175

 

Retained earnings

 

 

396,149

 

 

 

312,440

 

 

 

336,415

 

Accumulated other comprehensive loss

 

 

(14,774

)

 

 

(10,905

)

 

 

(13,805

)

Treasury stock, at cost (1,681,956, 488,673 and 1,271,947 shares as of June 30, 2019 and 2018 and December 31, 2018, respectively)

 

 

(31,832

)

 

 

(7,225

)

 

 

(23,017

)

Total stockholders' equity

 

 

406,453

 

 

 

333,645

 

 

 

347,768

 

Total liabilities and stockholders' equity

 

$

1,383,467

 

 

$

1,183,204

 

 

$

1,328,185

 

    

(1)

Includes amounts in wholly owned, bankruptcy-remote special purpose subsidiaries (“VIEs”) presented separately in the table below.

1


ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share data)

(Unaudited)

 

The following table presents the aggregated assets and liabilities of consolidated VIEs, which are included in the Consolidated Balance Sheets above. The assets in the table below may only be used to settle obligations of consolidated VIEs and are in excess of those obligations. See Note 12 for additional information.

 

 

 

June 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

2018

 

Assets of consolidated VIEs, included in total assets above

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

420

 

 

$

 

 

$

210

 

Restricted cash

 

 

20,796

 

 

 

21,744

 

 

 

22,168

 

Loans and finance receivables, net (includes allowance for losses of $31,522, $21,019 and $27,255 as of June 30, 2019 and 2018 and December 31, 2018, respectively)

 

 

306,322

 

 

 

236,953

 

 

 

318,961

 

Other receivables and prepaid expenses

 

 

6,671

 

 

 

8

 

 

 

2,712

 

Other assets

 

 

2,530

 

 

 

132

 

 

 

2,544

 

Total assets

 

$

336,739

 

 

$

258,837

 

 

$

346,595

 

Liabilities of consolidated VIEs, included in total liabilities above

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

2,410

 

 

$

1,489

 

 

$

3,087

 

Long-term debt

 

 

171,931

 

 

 

176,928

 

 

 

223,368

 

Total liabilities

 

$

174,341

 

 

$

178,417

 

 

$

226,455

 

 

 

 

See notes to consolidated financial statements.

 

 

2


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,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue

 

$

285,700

 

 

$

253,301

 

 

$

578,883

 

 

$

507,599

 

Cost of Revenue

 

 

138,297

 

 

 

121,494

 

 

 

277,342

 

 

 

230,047

 

Gross Profit

 

 

147,403

 

 

 

131,807

 

 

 

301,541

 

 

 

277,552

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketing

 

 

31,904

 

 

 

29,386

 

 

 

55,566

 

 

 

57,122

 

Operations and technology

 

 

32,411

 

 

 

27,195

 

 

 

62,011

 

 

 

52,733

 

General and administrative

 

 

28,876

 

 

 

28,295

 

 

 

58,449

 

 

 

55,216

 

Depreciation and amortization

 

 

3,942

 

 

 

3,837

 

 

 

8,126

 

 

 

7,675

 

Total Expenses

 

 

97,133

 

 

 

88,713

 

 

 

184,152

 

 

 

172,746

 

Income from Operations

 

 

50,270

 

 

 

43,094

 

 

 

117,389

 

 

 

104,806

 

Interest expense, net

 

 

(18,115

)

 

 

(19,355

)

 

 

(37,615

)

 

 

(39,028

)

Foreign currency transaction loss

 

 

(38

)

 

 

(204

)

 

 

(181

)

 

 

(2,292

)

Loss on early extinguishment of debt

 

 

 

 

 

 

 

 

(2,321

)

 

 

(4,710

)

Income before Income Taxes

 

 

32,117

 

 

 

23,535

 

 

 

77,272

 

 

 

58,776

 

Provision for income taxes

 

 

7,054

 

 

 

5,310

 

 

 

17,192

 

 

 

12,653

 

Net Income

 

$

25,063

 

 

$

18,225

 

 

$

60,080

 

 

$

46,123

 

Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.74

 

 

$

0.54

 

 

$

1.78

 

 

$

1.36

 

Diluted

 

$

0.73

 

 

$

0.52

 

 

$

1.74

 

 

$

1.32

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

33,826

 

 

 

33,984

 

 

 

33,660

 

 

 

33,821

 

Diluted

 

 

34,469

 

 

 

35,371

 

 

 

34,451

 

 

 

34,966

 

 

 

 

See notes to consolidated financial statements.

 

 

3


ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net Income

 

$

25,063

 

 

$

18,225

 

 

$

60,080

 

 

$

46,123

 

Other comprehensive loss, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation loss(1)

 

 

(2,523

)

 

 

(6,583

)

 

 

(969

)

 

 

(2,197

)

Reclassification of certain deferred tax effects

 

 

 

 

 

 

 

 

 

 

 

(1,622

)

Total other comprehensive loss, net of tax

 

 

(2,523

)

 

 

(6,583

)

 

 

(969

)

 

 

(3,819

)

Comprehensive Income

 

$

22,540

 

 

$

11,642

 

 

$

59,111

 

 

$

42,304

 

 

(1)

Net of tax benefit (provision) of $467 and $1,911 for the three months ended June 30, 2019 and 2018, respectively and $(33) and $310 for the six months ended June 30, 2019 and 2018, respectively.

 

 

 

See notes to consolidated financial statements.

 

 

4


ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

 

 

Paid in

 

 

 

 

Retained

 

 

 

 

Comprehensive

 

 

 

 

Treasury Stock, at cost

 

 

Stockholders'

 

 

 

Shares

 

 

 

 

Amount

 

 

 

 

Capital

 

 

 

 

Earnings

 

 

 

 

Loss

 

 

 

 

Shares

 

 

 

 

Amount

 

 

Equity

 

Balance at March 31, 2018

 

 

34,340

 

 

 

 

$

 

 

 

 

$

32,671

 

 

 

 

$

294,215

 

 

 

 

$

(4,322

)

 

 

 

 

(478

)

 

 

 

$

(6,831

)

 

$

315,733

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

2,834

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,834

 

Shares issued for vested RSUs

 

 

128

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares issued for stock option exercises

 

 

166

 

 

 

 

 

 

 

 

 

 

3,830

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,830

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,225

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,225

 

Foreign currency translation loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,583

)

 

 

 

 

 

 

 

 

 

 

 

 

(6,583

)

Purchases of treasury shares, at cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11

)

 

 

 

 

(394

)

 

 

(394

)

Balance at June 30, 2018

 

 

34,634

 

 

 

 

$

 

 

 

 

$

39,335

 

 

 

 

$

312,440

 

 

 

 

$

(10,905

)

 

 

 

 

(489

)

 

 

 

$

(7,225

)

 

$

333,645

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2019

 

 

35,340

 

 

 

 

$

 

 

 

 

$

51,638

 

 

 

 

$

371,086

 

 

 

 

$

(12,251

)

 

 

 

 

(1,656

)

 

 

 

$

(31,259

)

 

$

379,214

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

3,323

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,323

 

Shares issued for vested RSUs