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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 September 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  

33,770,368 of the Registrant’s common shares, $.00001 par value, were outstanding as of October 28, 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;

 

costs associated with the exit from our U.K. business and the cost, if any, to support our U.K. business during its administration under U.K. law;

 

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 – September 30, 2019 and 2018 and December 31, 2018

  

1

 

 

Consolidated Statements of Income – Three and Nine Months Ended September 30, 2019 and 2018

  

3

 

 

Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 30, 2019 and 2018

  

4

 

 

Consolidated Statements of Stockholders’ Equity – Three and Nine Months Ended September 30, 2019 and 2018

  

5

 

 

Consolidated Statements of Cash Flows – Nine Months Ended September 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

  

51

Item 4.

 

Controls and Procedures

  

51

 

 

PART II. OTHER INFORMATION

  

 

 

 

 

Item 1.

 

Legal Proceedings

  

52

Item 1A.

 

Risk Factors

  

52

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

  

52

Item 3.

 

Defaults upon Senior Securities

  

53

Item 4.

 

Mine Safety Disclosures

  

53

Item 5.

 

Other Information

  

53

Item 6.

 

Exhibits

  

53

 

 

SIGNATURES

  

54

 

 

 


PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share data)

(Unaudited)

 

 

 

September 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

2018

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents(1)

 

$

69,945

 

 

$

164,122

 

 

$

52,917

 

Restricted cash(1)

 

 

20,719

 

 

 

20,897

 

 

 

24,342

 

Loans and finance receivables, net(1)

 

 

1,001,154

 

 

 

838,783

 

 

 

859,946

 

Income taxes receivable

 

 

12,727

 

 

 

45,639

 

 

 

28,914

 

Other receivables and prepaid expenses(1)

 

 

39,549

 

 

 

25,699

 

 

 

29,983

 

Property and equipment, net

 

 

54,951

 

 

 

48,514

 

 

 

49,553

 

Operating lease right-of-use assets

 

 

20,260

 

 

 

 

 

 

 

Goodwill

 

 

267,013

 

 

 

267,013

 

 

 

267,013

 

Intangible assets, net

 

 

2,452

 

 

 

3,523

 

 

 

3,255

 

Other assets(1)

 

 

11,907

 

 

 

12,078

 

 

 

12,262

 

Total assets

 

$

1,500,677

 

 

$

1,426,268

 

 

$

1,328,185

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses(1)

 

$

122,212

 

 

$

76,188

 

 

$

89,317

 

Operating lease liabilities

 

 

36,770

 

 

 

 

 

 

 

Deferred tax liabilities, net

 

 

33,980

 

 

 

46,321

 

 

 

33,171

 

Long-term debt(1)

 

 

873,744

 

 

 

951,091

 

 

 

857,929

 

Total liabilities

 

 

1,066,706

 

 

 

1,073,600

 

 

 

980,417

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

Common stock, $0.00001 par value, 250,000,000 shares authorized, 35,751,763, 34,764,648 and 34,856,553 shares issued and 33,988,030, 34,274,785 and 33,584,606 outstanding as of September 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

 

 

61,477

 

 

 

44,657

 

 

 

48,175

 

Retained earnings

 

 

423,234

 

 

 

327,744

 

 

 

336,415

 

Accumulated other comprehensive loss

 

 

(17,158

)

 

 

(12,468

)

 

 

(13,805

)

Treasury stock, at cost (1,763,733, 489,863 and 1,271,947 shares as of September 30, 2019 and 2018 and December 31, 2018, respectively)

 

 

(33,582

)

 

 

(7,265

)

 

 

(23,017

)

Total stockholders' equity

 

 

433,971

 

 

 

352,668

 

 

 

347,768

 

Total liabilities and stockholders' equity

 

$

1,500,677

 

 

$

1,426,268

 

 

$

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.

 

 

 

September 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

2018

 

Assets of consolidated VIEs, included in total assets above

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

420

 

 

$

120

 

 

$

210

 

Restricted cash

 

 

18,618

 

 

 

18,678

 

 

 

22,168

 

Loans and finance receivables, net (includes allowance for losses of $34,509, $28,096 and $27,255 as of September 30, 2019 and 2018 and December 31, 2018, respectively)

 

 

340,034

 

 

 

291,673

 

 

 

318,961

 

Other receivables and prepaid expenses

 

 

9,236

 

 

 

2,381

 

 

 

2,712

 

Other assets

 

 

2,346

 

 

 

2,228

 

 

 

2,544

 

Total assets

 

$

370,654

 

 

$

315,080

 

 

$

346,595

 

Liabilities of consolidated VIEs, included in total liabilities above

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

3,300

 

 

$

2,514

 

 

$

3,087

 

Long-term debt

 

 

234,666

 

 

 

224,559

 

 

 

223,368

 

Total liabilities

 

$

237,966

 

 

$

227,073

 

 

$

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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue

 

$

329,513

 

 

$

293,879

 

 

$

908,396

 

 

$

801,478

 

Cost of Revenue

 

 

171,266

 

 

 

163,763

 

 

 

448,608

 

 

 

393,810

 

Gross Profit

 

 

158,247

 

 

 

130,116

 

 

 

459,788

 

 

 

407,668

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketing

 

 

36,993

 

 

 

36,011

 

 

 

92,559

 

 

 

93,133

 

Operations and technology

 

 

34,310

 

 

 

28,260

 

 

 

96,321

 

 

 

80,993

 

General and administrative

 

 

28,787

 

 

 

24,360

 

 

 

87,236

 

 

 

79,576

 

Depreciation and amortization

 

 

3,716

 

 

 

3,688

 

 

 

11,842

 

 

 

11,363

 

Total Expenses

 

 

103,806

 

 

 

92,319

 

 

 

287,958

 

 

 

265,065

 

Income from Operations

 

 

54,441

 

 

 

37,797

 

 

 

171,830

 

 

 

142,603

 

Interest expense, net

 

 

(18,232

)

 

 

(20,244

)

 

 

(55,847

)

 

 

(59,272

)

Foreign currency transaction (loss) gain

 

 

(12

)

 

 

27

 

 

 

(193

)

 

 

(2,265

)

Loss on early extinguishment of debt

 

 

 

 

 

(12,469

)

 

 

(2,321

)

 

 

(17,179

)

Income before Income Taxes

 

 

36,197

 

 

 

5,111

 

 

 

113,469

 

 

 

63,887

 

Provision for (benefit from) income taxes

 

 

9,112

 

 

 

(10,193

)

 

 

26,304

 

 

 

2,460

 

Net Income

 

$

27,085

 

 

$

15,304

 

 

$

87,165

 

 

$

61,427

 

Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.80

 

 

$

0.45

 

 

$

2.58

 

 

$

1.81

 

Diluted

 

$

0.78

 

 

$

0.43

 

 

$

2.53

 

 

$

1.75

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

33,997

 

 

 

34,168

 

 

 

33,770

 

 

 

33,938

 

Diluted

 

 

34,577

 

 

 

35,665

 

 

 

34,492

 

 

 

35,200

 

 

 

 

See notes to consolidated financial statements.

 

 

3


ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net Income

 

$

27,085

 

 

$

15,304

 

 

$

87,165

 

 

$

61,427

 

Other comprehensive loss, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation loss(1)

 

 

(2,384

)

 

 

(1,563

)

 

 

(3,353

)

 

 

(3,760

)

Reclassification of certain deferred tax effects

 

 

 

 

 

 

 

 

 

 

 

(1,622

)

Total other comprehensive loss, net of tax

 

 

(2,384

)

 

 

(1,563

)

 

 

(3,353

)

 

 

(5,382

)

Comprehensive Income

 

$

24,701

 

 

$

13,741

 

 

$

83,812

 

 

$

56,045

 

 

(1)

Net of tax benefit of $966 and $456 for the three months ended September 30, 2019 and 2018, respectively and $933 and $766 for the nine months ended September 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 June 30, 2018

 

 

34,634

 

 

 

 

$

 

 

 

 

$

39,335

 

 

 

 

$

312,440

 

 

 

 

$

(10,905

)

 

 

 

 

(489

)

 

 

 

$

(7,225

)

 

$

333,645

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

2,882

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,882

 

Shares issued for vested RSUs

 

 

9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares issued for stock option exercises

 

 

122

 

 

 

 

 

 

 

 

 

 

2,440

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,440

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,304

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,304

 

Foreign currency translation loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,563

)

 

 

 

 

 

 

 

 

 

 

 

 

(1,563

)

Purchases of treasury shares, at cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

(40

)

 

 

(40

)

Balance at September 30, 2018

 

 

34,765

 

 

 

 

$

 

 

 

 

$

44,657

 

 

 

 

$

327,744

 

 

 

 

$

(12,468

)

 

 

 

 

(490

)

 

 

 

$

(7,265

)

 

$

352,668

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2019

 

 

35,671

 

 

 

 

$

 

 

 

 

$

56,910

 

 

 

 

$

396,149

 

 

 

 

$

(14,774

)

 

 

 

 

(1,682

)

 

 

 

$

(31,832

)

 

$

406,453

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

3,387