Enova Reports Third Quarter 2024 Results
Enova International (NYSE: ENVA) reported strong financial results for the third quarter of 2024. The company saw a 25% increase in total revenue to $690 million and a 28% rise in originations compared to Q3 2023. Diluted earnings per share grew 22% to $1.57, while adjusted earnings per share surged 63% to $2.45. Credit performance remained robust with lower consolidated net charge-off and delinquency ratios.
Key highlights include:
- Net revenue margin held steady at 58%
- Net income increased to $43 million
- Adjusted EBITDA rose 42% to $172 million
- Total loans and finance receivables reached a record $3.8 billion
- The company repurchased $23 million of common stock
Enova's CEO, David Fisher, attributed the success to the company's machine learning risk management algorithms and diversified product offerings.
Enova International (NYSE: ENVA) ha riportato risultati finanziari solidi per il terzo trimestre del 2024. L'azienda ha visto un aumento del 25% nel fatturato totale, raggiungendo i 690 milioni di dollari, e un aumento del 28% nell'originazione rispetto al terzo trimestre del 2023. Gli utili per azione diluiti sono cresciuti del 22%, raggiungendo 1,57 dollari, mentre gli utili per azione rettificati sono aumentati del 63%, arrivando a 2,45 dollari. Le performance creditizie sono rimaste robuste, con tassi più bassi di perdita netta consolidata e di insolvenza.
I punti salienti includono:
- Il margine di fatturato netto è rimasto stabile al 58%
- Il reddito netto è aumentato a 43 milioni di dollari
- L'EBITDA rettificato è salito del 42% a 172 milioni di dollari
- I prestiti totali e i crediti finanziari hanno raggiunto un record di 3,8 miliardi di dollari
- L'azienda ha riacquistato azioni comuni per 23 milioni di dollari
Il CEO di Enova, David Fisher, ha attribuito il successo agli algoritmi di gestione del rischio basati su machine learning dell'azienda e all'offerta diversificata di prodotti.
Enova International (NYSE: ENVA) reportó resultados financieros sólidos para el tercer trimestre de 2024. La compañía vio un aumento del 25% en los ingresos totales, alcanzando los 690 millones de dólares y un incremento del 28% en las originaciones en comparación con el tercer trimestre de 2023. Las ganancias por acción diluidas crecieron un 22% hasta 1,57 dólares, mientras que las ganancias ajustadas por acción se dispararon un 63% hasta 2,45 dólares. El desempeño crediticio se mantuvo robusto con tasas más bajas de pérdidas netas consolidadas y de morosidad.
Los puntos destacados incluyen:
- El margen de ingresos netos se mantuvo estable en el 58%
- Los ingresos netos aumentaron a 43 millones de dólares
- El EBITDA ajustado creció un 42% hasta 172 millones de dólares
- Los préstamos totales y las cuentas por cobrar financieras alcanzaron un récord de 3,8 mil millones de dólares
- La compañía repurchaseó 23 millones de dólares en acciones ordinarias
El CEO de Enova, David Fisher, atribuyó el éxito a los algoritmos de gestión de riesgos de aprendizaje automático de la empresa y a su oferta diversificada de productos.
Enova International (NYSE: ENVA)는 2024년 3분기 강력한 재무 결과를 보고했습니다. 회사는 총 수익이 25% 증가하여 6억 9천만 달러에 이르렀으며, 2023년 3분기와 비교하여 발급 증가율이 28%에 달했습니다. 희석 주당순이익은 22% 증가해 1.57달러에 도달했고, 조정 주당순이익은 63% 급증해 2.45달러에 이르렀습니다. 신용 성과는 통합 순 부실률과 연체 비율이 낮아지면서 강력하게 유지되었습니다.
주요 하이라이트는 다음과 같습니다:
- 순 수익률은 58%에서 안정세를 유지했습니다.
- 순이익은 4,300만 달러로 증가했습니다.
- 조정된 EBITDA는 42% 증가하여 1억 7,200만 달러에 도달했습니다.
- 총 대출 및 금융채권은 기록적인 38억 달러에 도달했습니다.
- 회사는 2,300만 달러 상당의 보통주를 재구매했습니다.
Enova의 CEO인 David Fisher는 회사의 기계 학습 위험 관리 알고리즘과 다각화된 제품 제공 덕분에 성공을 거두었다고 밝혔습니다.
Enova International (NYSE: ENVA) a annoncé de solides résultats financiers pour le troisième trimestre de 2024. L'entreprise a enregistré une augmentation de 25% de son chiffre d'affaires total atteignant 690 millions de dollars, ainsi qu'une hausse de 28% des origines par rapport au troisième trimestre 2023. Les bénéfices par action dilués ont augmenté de 22% pour atteindre 1,57 dollar, tandis que les bénéfices par action ajustés ont grimpé de 63% à 2,45 dollars. La performance du crédit est restée robuste avec des taux d'annulation nette consolidée et de délinquance plus faibles.
Les points saillants incluent :
- La marge de revenus nets est restée stable à 58%
- Le revenu net a augmenté à 43 millions de dollars
- L'EBITDA ajusté a augmenté de 42% pour atteindre 172 millions de dollars
- Les prêts totaux et les créances financières ont atteint un record de 3,8 milliards de dollars
- L'entreprise a racheté pour 23 millions de dollars d'actions ordinaires
Le PDG d'Enova, David Fisher, a attribué le succès aux algorithmes de gestion des risques basés sur l'apprentissage automatique de l'entreprise et à son offre de produits diversifiée.
Enova International (NYSE: ENVA) berichtete über starke finanzielle Ergebnisse für das dritte Quartal 2024. Das Unternehmen verzeichnete einen Umsatzanstieg von 25% auf 690 Millionen Dollar und einen Anstieg der Kreditvergaben um 28% im Vergleich zum dritten Quartal 2023. Die verwässerten Gewinne pro Aktie stiegen um 22% auf 1,57 Dollar, während die bereinigten Gewinne pro Aktie um 63% auf 2,45 Dollar anstiegen. Die Kreditperformance blieb robust mit niedrigeren konsolidierten Nettoausfällen und Delinquenzquoten.
Wichtige Highlights sind:
- Die Nettomarge blieb stabil bei 58%
- Der Nettogewinn stieg auf 43 Millionen Dollar
- Das bereinigte EBITDA stieg um 42% auf 172 Millionen Dollar
- Die gesamten Darlehen und Finanzforderungen erreichten einen Rekord von 3,8 Milliarden Dollar
- Das Unternehmen kaufte Aktien im Wert von 23 Millionen Dollar zurück
Der CEO von Enova, David Fisher, führte den Erfolg auf die Risikomanagement-Algorithmen des Unternehmens auf Basis von maschinellem Lernen und das diversifizierte Produktangebot zurück.
- Total revenue increased 25% year-over-year to $690 million
- Originations grew 28% compared to Q3 2023
- Diluted earnings per share rose 22% to $1.57
- Adjusted earnings per share increased 63% to $2.45
- Adjusted EBITDA grew 42% to $172 million
- Total loans and finance receivables reached a record $3.8 billion, up 23% from Q3 2023
- Credit performance improved with lower net charge-off and delinquency ratios
- Net revenue margin remained stable at 58%
- None.
Insights
- Strong top-line growth with total company revenue increasing
25% and originations increasing28% from the third quarter of 2023 - Diluted earnings per share of
$1.57 22% and adjusted earnings per share of$2.45 63% compared to the third quarter of 2023 - Credit performance remained strong compared to a year ago with lower consolidated net charge-off and delinquency ratios, a stable net revenue margin and a higher fair value premium on the total company portfolio
- Liquidity, including cash and marketable securities and available capacity on facilities, totaled
$1.2 billion
"For the second quarter in a row, we generated annual growth above
Third Quarter 2024 Summary
- Total revenue of
$690 million 25% from$551 million - Net revenue margin of
58% in the third quarter of 2024, consistent with the third quarter of 2023, reflecting continued solid credit performance. - Net income of
$43 million $1.57 22% from$41 million $1.29 - Third quarter 2024 adjusted EBITDA, a non-GAAP measure, of
$172 million 42% from$121 million - Adjusted earnings of
$68 million $2.45 $48 million $1.50 - Total company combined loans and finance receivables increased
23% from the end of third quarter of 2023 to a record$3.8 billion $1.6 billion - Repurchased
$23 million
"Our ability to deliver strong top and bottom-line results that are in line or better than our expectations reflects the solid footing of our consumer and small business customers and the powerful combination of our diversified product offerings, scalable operating model and world-class risk management capabilities," said Steve Cunningham, CFO of Enova. "Our solid balance sheet should provide tailwinds to our future profitability in a falling interest rate environment while enabling our ability to both efficiently fund growth and 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 third quarter 2024 results at 4 p.m. Central Time / 5 p.m. Eastern Time today, October 22nd. 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
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 11.1 million customers with over
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 and certain transaction-related costs 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) | ||||||||||||
September 30, | December 31, | |||||||||||
2024 | 2023 | 2023 | ||||||||||
Assets | ||||||||||||
Cash and cash equivalents | $ | 67,500 | $ | 62,908 | $ | 54,357 | ||||||
Restricted cash | 186,880 | 133,413 | 323,082 | |||||||||
Loans and finance receivables at fair value | 4,134,440 | 3,321,062 | 3,629,167 | |||||||||
Income taxes receivable | 66,290 | 65,664 | 44,129 | |||||||||
Other receivables and prepaid expenses | 68,926 | 58,624 | 71,982 | |||||||||
Property and equipment, net | 117,970 | 103,911 | 108,705 | |||||||||
Operating lease right-of-use assets | 12,705 | 15,984 | 14,251 | |||||||||
Goodwill | 279,275 | 279,275 | 279,275 | |||||||||
Intangible assets, net | 12,964 | 21,019 | 19,005 | |||||||||
Other assets | 28,746 | 41,193 | 41,583 | |||||||||
Total assets | $ | 4,975,696 | $ | 4,103,053 | $ | 4,585,536 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||
Accounts payable and accrued expenses | $ | 259,535 | $ | 275,160 | $ | 261,156 | ||||||
Operating lease liabilities | 26,346 | 27,136 | 27,042 | |||||||||
Deferred tax liabilities, net | 217,387 | 96,942 | 113,350 | |||||||||
Long-term debt | 3,293,735 | 2,442,784 | 2,943,805 | |||||||||
Total liabilities | 3,797,003 | 2,842,022 | 3,345,353 | |||||||||
Commitments and contingencies | ||||||||||||
Stockholders' equity: | ||||||||||||
Common stock, | — | — | — | |||||||||
Preferred stock, | — | — | — | |||||||||
Additional paid in capital | 318,223 | 274,053 | 284,256 | |||||||||
Retained earnings | 1,634,059 | 1,453,538 | 1,488,306 | |||||||||
Accumulated other comprehensive loss | (9,422) | (7,203) | (6,264) | |||||||||
Treasury stock, at cost (20,186,725, 14,896,215 and 16,250,556 | (764,167) | (459,357) | (526,115) | |||||||||
Total stockholders' equity | 1,178,693 | 1,261,031 | 1,240,183 | |||||||||
Total liabilities and stockholders' equity | $ | 4,975,696 | $ | 4,103,053 | $ | 4,585,536 | ||||||
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, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenue | $ | 689,924 | $ | 551,360 | $ | 1,928,249 | $ | 1,534,047 | ||||||||
Change in Fair Value | (289,568) | (231,749) | (811,836) | (629,161) | ||||||||||||
Net Revenue | 400,356 | 319,611 | 1,116,413 | 904,886 | ||||||||||||
Operating Expenses | ||||||||||||||||
Marketing | 141,059 | 116,508 | 372,391 | 292,234 | ||||||||||||
Operations and technology | 56,628 | 51,686 | 165,960 | 147,816 | ||||||||||||
General and administrative | 38,916 | 37,731 | 118,489 | 111,117 | ||||||||||||
Depreciation and amortization | 10,039 | 9,954 | 30,011 | 29,123 | ||||||||||||
Total Operating Expenses | 246,642 | 215,879 | 686,851 | 580,290 | ||||||||||||
Income from Operations | 153,714 | 103,732 | 429,562 | 324,596 | ||||||||||||
Interest expense, net | (76,902) | (48,666) | (213,453) | (137,571) | ||||||||||||
Foreign currency transaction (loss) gain | (95) | 179 | (162) | 8 | ||||||||||||
Equity method investment loss | (16,552) | (10) | (16,552) | (1,135) | ||||||||||||
Other nonoperating expenses | (4,678) | (25) | (5,691) | (279) | ||||||||||||
Income before Income Taxes | 55,487 | 55,210 | 193,704 | 185,619 | ||||||||||||
Provision for income taxes | 12,073 | 13,925 | 47,951 | 45,266 | ||||||||||||
Net income | $ | 43,414 | $ | 41,285 | $ | 145,753 | $ | 140,353 | ||||||||
Earnings Per Share | ||||||||||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 1.64 | $ | 1.35 | $ | 5.36 | $ | 4.53 | ||||||||
Diluted | $ | 1.57 | $ | 1.29 | $ | 5.14 | $ | 4.35 | ||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 26,420 | 30,600 | 27,182 | 31,006 | ||||||||||||
Diluted | 27,711 | 31,902 | 28,382 | 32,269 | ||||||||||||
ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (dollars in thousands) (Unaudited) | ||||||||
Nine Months Ended September 30, | ||||||||
2024 | 2023 | |||||||
Total cash flows provided by operating activities | $ | 1,108,056 | $ | 852,581 | ||||
Cash flows from investing activities | ||||||||
Loans and finance receivables | (1,298,988) | (895,010) | ||||||
Capitalization of software development costs and purchases of fixed assets | (33,244) | (33,429) | ||||||
Total cash flows used in investing activities | (1,332,232) | (928,439) | ||||||
Cash flows provided by financing activities | 101,911 | 93,569 | ||||||
Effect of exchange rates on cash, cash equivalents and restricted cash | (794) | 210 | ||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (123,059) | 17,921 | ||||||
Cash, cash equivalents and restricted cash at beginning of year | 377,439 | 178,400 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 254,380 | $ | 196,321 | ||||
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 September 30, 2024 and 2023. | ||||||||||||
Three Months Ended September 30, | 2024 | 2023 | Change | |||||||||
Ending combined loan and finance receivable principal balance: | ||||||||||||
Company owned | $ | 3,593,366 | $ | 2,904,686 | $ | 688,680 | ||||||
Guaranteed by the Company(a) | 18,292 | 13,684 | 4,608 | |||||||||
Total combined loan and finance receivable principal balance(b) | $ | 3,611,658 | $ | 2,918,370 | $ | 693,288 | ||||||
Ending combined loan and finance receivable fair value balance: | ||||||||||||
Company owned | $ | 4,134,440 | $ | 3,321,062 | $ | 813,378 | ||||||
Guaranteed by the Company(a) | 25,446 | 18,661 | 6,785 | |||||||||
Ending combined loan and finance receivable fair value balance(b) | $ | 4,159,886 | $ | 3,339,723 | $ | 820,163 | ||||||
Fair value as a % of principal(c) | 115.2 | % | 114.4 | % | 0.8 | % | ||||||
Ending combined loan and finance receivable balance, including | ||||||||||||
Company owned | $ | 3,742,767 | $ | 3,037,904 | $ | 704,863 | ||||||
Guaranteed by the Company(a) | 21,797 | 16,533 | 5,264 | |||||||||
Ending combined loan and finance receivable balance(b) | $ | 3,764,564 | $ | 3,054,437 | $ | 710,127 | ||||||
Average combined loan and finance receivable balance, including | ||||||||||||
Company owned(d) | $ | 3,658,014 | $ | 2,947,494 | $ | 710,520 | ||||||
Guaranteed by the Company(a)(d) | 18,999 | 17,681 | 1,318 | |||||||||
Average combined loan and finance receivable balance(a)(d) | $ | 3,677,013 | $ | 2,965,175 | $ | 711,838 | ||||||
Installment loans as percentage of average combined loan and finance receivable balance | 45.9 | % | 53.0 | % | (7.1) | % | ||||||
Line of credit accounts as percentage of average combined loan and finance | 54.1 | % | 47.0 | % | 7.1 | % | ||||||
Revenue | $ | 680,338 | $ | 543,124 | $ | 137,214 | ||||||
Change in fair value | (287,037) | (229,758) | (57,279) | |||||||||
Net revenue | 393,301 | 313,366 | 79,935 | |||||||||
Net revenue margin | 57.8 | % | 57.7 | % | 0.1 | % | ||||||
Combined loan and finance receivable originations and purchases | $ | 1,613,920 | $ | 1,261,186 | $ | 352,734 | ||||||
Delinquencies: | ||||||||||||
>30 days delinquent | $ | 293,839 | $ | 242,126 | $ | 51,713 | ||||||
>30 days delinquent as a % of loan and finance receivable balance(c) | 7.8 | % | 7.9 | % | (0.1) | % | ||||||
Charge-offs: | ||||||||||||
Charge-offs (net of recoveries) | $ | 309,325 | $ | 277,903 | $ | 31,422 | ||||||
Charge-offs (net of recoveries) as a % of average loan and finance receivable balance(d) | 8.4 | % | 9.4 | % | (1.0) | % | ||||||
(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 | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net income | $ | 43,414 | $ | 41,285 | $ | 145,753 | $ | 140,353 | ||||||||
Adjustments: | ||||||||||||||||
Transaction-related costs(a) | — | — | 327 | — | ||||||||||||
Lease termination and cease-use costs(b) | — | — | — | 1,698 | ||||||||||||
Equity method investment loss(c) | 16,552 | 10 | 16,552 | 1,135 | ||||||||||||
Other nonoperating expenses(d) | 4,678 | 25 | 5,691 | 279 | ||||||||||||
Intangible asset amortization | 2,014 | 2,014 | 6,041 | 6,371 | ||||||||||||
Stock-based compensation expense | 8,116 | 7,075 | 23,519 | 19,280 | ||||||||||||
Foreign currency transaction loss (gain) | 95 | (179) | 162 | (8) | ||||||||||||
Cumulative tax effect of adjustments | (6,949) | (2,228) | (12,181) | (7,163) | ||||||||||||
Adjusted earnings | $ | 67,920 | $ | 48,002 | $ | 185,864 | $ | 161,945 | ||||||||
Diluted earnings per share | $ | 1.57 | $ | 1.29 | $ | 5.14 | $ | 4.35 | ||||||||
Adjusted earnings per share | $ | 2.45 | $ | 1.50 | $ | 6.55 | $ | 5.02 | ||||||||
Adjusted EBITDA | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net income | $ | 43,414 | $ | 41,285 | $ | 145,753 | $ | 140,353 | ||||||||
Depreciation and amortization expenses | 10,039 | 9,954 | 30,011 | 29,123 | ||||||||||||
Interest expense, net | 76,902 | 48,666 | 213,453 | 137,571 | ||||||||||||
Foreign currency transaction loss (gain) | 95 | (179) | 162 | (8) | ||||||||||||
Provision for income taxes | 12,073 | 13,925 | 47,951 | 45,266 | ||||||||||||
Stock-based compensation expense | 8,116 | 7,075 | 23,519 | 19,280 | ||||||||||||
Adjustments: | ||||||||||||||||
Transaction-related costs(a) | — | — | 327 | — | ||||||||||||
Equity method investment loss(c) | 16,552 | 10 | 16,552 | 1,135 | ||||||||||||
Other nonoperating expenses(d) | 4,678 | 25 | 5,691 | 279 | ||||||||||||
Adjusted EBITDA | $ | 171,869 | $ | 120,761 | $ | 483,419 | $ | 372,999 | ||||||||
Adjusted EBITDA margin calculated as follows: | ||||||||||||||||
Total Revenue | $ | 689,924 | $ | 551,360 | $ | 1,928,249 | $ | 1,534,047 | ||||||||
Adjusted EBITDA | 171,869 | 120,761 | 483,419 | 372,999 | ||||||||||||
Adjusted EBITDA as a percentage of total revenue | 24.9 | % | 21.9 | % | 25.1 | % | 24.3 | % | ||||||||
(a) | In the first quarter of 2024, the Company recorded |
(b) | In the first quarter of 2023, the Company recorded a loss of |
(c) | In the third quarter of 2024, the Company recorded an equity method investment loss of |
(d) | In the three- and nine-month periods ended September 30, 2024, the Company recorded other nonoperating expenses of |
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SOURCE Enova International, Inc.
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