Enova International, a leading financial technology and analytics company offering consumer and small business loans and financing, today announced financial results for the quarter ended June 30, 2019.

"We are pleased to report another quarter of solid financial results that exceeded our expectations on both the top and bottom line," said David Fisher, Enova's CEO. "Our strong financial performance was driven by solid demand, stable credit, and efficient marketing spend. We continue to demonstrate our ability to produce sustainable and profitable growth and our second quarter results further validate this balanced approach. We are excited about our ability to deliver meaningful returns as we leverage our diversified product offerings, proven tech and analytics, and diversified funding model."

Second Quarter 2019 Summary

• Total revenue of $286 million in the second quarter of 2019 increased 13% from $253 million in the second quarter of 2018.
• Gross profit margin was 51.6% in the second quarter of 2019, compared to 52.0% in the second quarter of 2018.
• Net income of $25 million, or $0.73 per diluted share, in the second quarter of 2019 increased from $18 million, or $0.52 per diluted share, in the second quarter of 2018.
• Second quarter 2019 adjusted EBITDA of $58 million, a non-GAAP measure, increased from $50 million in the second quarter of 2018.
• Adjusted earnings of $28 million, or $0.81 per diluted share, a non-GAAP measure, in the second quarter of 2019 increased from adjusted earnings of $21 million, or $0.59 per diluted share, in the second quarter of 2018.

"Second quarter performance reflects the strength and diversification of our businesses and our ability to consistently deliver financial results that meet or exceed our expectations," said Steve Cunningham, CFO of Enova. "Our results were driven by a 19% year-over-year increase in total company combined loan and finance receivables balances, credit performance improvement, continued cost discipline, and a declining cost of funds. We are increasing our profit guidance for the full year and are optimistic about our ability to generate meaningful growth and profitability for the remainder of 2019 and beyond."

Enova ended the second quarter of 2019 with unrestricted cash and cash equivalents of $66 million.  As of June 30, 2019, the company had total debt outstanding of $786 million, which included $109 million outstanding under Enova's $350 million securitization facilities. During the second quarter, Enova generated $194 million of cash flow from operations.

Outlook

For the third quarter of 2019, Enova expects total revenue of $320 million to $340 million, GAAP diluted earnings per share of $0.62 to $0.84, adjusted EBITDA of $55 million to $65 million and adjusted earnings per share of $0.70 to $0.92. For the full year 2019, Enova now expects total revenue of $1.26 billion to $1.30 billion, GAAP diluted earnings per share of $3.13 to $3.57, adjusted EBITDA of $250 million to $270 millionand adjusted earnings per share of $3.50 to $3.94