Exhibit 99.1
Twelve Months Ended March 31, | Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||
2018 | 2018 | 2017 | 2017 | 2016 | |||||||||||||||
(in thousands, except ratios, unaudited) | |||||||||||||||||||
Other Financial Data (Company and Restricted Subsidiaries): | |||||||||||||||||||
Total revenues, adjusted by net allowances | $ | 667,423 | $ | 171,944 | $ | 170,316 | $ | 665,795 | $ | 669,636 | |||||||||
Net income | $ | 46,188 | $ | 12,676 | $ | 20,536 | $ | 54,048 | $ | 75,280 | |||||||||
Adjustments: | |||||||||||||||||||
Loss from discontinued operations, net of tax | — | — | 199 | 199 | 2,353 | ||||||||||||||
Interest expense | 67,825 | 18,896 | 15,435 | 64,364 | 57,161 | ||||||||||||||
Interest income | (1,731 | ) | (541 | ) | (408 | ) | (1,598 | ) | (1,404 | ) | |||||||||
Provision for income taxes | 22,527 | 3,379 | 11,319 | 30,467 | 41,367 | ||||||||||||||
Depreciation and amortization | 16,883 | 3,936 | 4,755 | 17,702 | 19,204 | ||||||||||||||
Stock-based compensation expense | 9,769 | 1,694 | 750 | 8,825 | 12,627 | ||||||||||||||
Acquisition, integration and restructuring related expenses | — | — | 129 | 129 | 3,227 | ||||||||||||||
Expenses related to Cabot IPO | 1,564 | 193 | — | 1,371 | — | ||||||||||||||
Settlement fees and related administrative expenses | — | — | — | — | 6,299 | ||||||||||||||
Adjusted EBITDA(1) | 163,025 | 40,233 | 52,715 | 175,507 | 216,114 | ||||||||||||||
Collections applied to principal balance(2) | 445,241 | 127,023 | 117,159 | 435,377 | 412,258 | ||||||||||||||
Adjusted EBITDA plus collections applied to principal balance | $ | 608,266 | $ | 167,256 | $ | 169,874 | $ | 610,884 | $ | 628,372 | |||||||||
(Net debt)(3) / (Adjusted EBITDA plus collections applied to principal balance)(2) | 2.10x | — | — | 1.97x | 1.77x | ||||||||||||||
(Adjusted EBITDA plus collections applied to principal balance)(2) / interest expense | 8.97x | — | — | 9.49x | 10.99x |
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(1) | Adjusted EBITDA is defined as net income before discontinued operations, interest income and expense, taxes, depreciation and amortization, stock-based compensation expenses, acquisition, integration and restructuring expenses, settlement fees and related administrative expenses and other charges or gains that are not indicative of ongoing operations. We have included information concerning Adjusted EBITDA because management utilizes this information in the evaluation of our operations and believes that this measure is a useful indicator of our ability to generate cash collections in excess of operating expenses through the liquidation of our receivable portfolios. While providing useful information, Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income, income from operations or net cash provided by operating activities as indicators of our operating performance or liquidity. Further, Adjusted EBITDA, as presented by us, may not be comparable to similarly titled measures reported by other companies since each company may define such measures differently. |
(2) | Amount represents (a) gross collections from receivable portfolios less (b) revenue from receivable portfolios and (c) allowance charges or allowance reversals on receivable portfolios. |
(3) | For purposes of this calculation, net debt is total debt less cash and cash equivalents. |
As of March 31, | As of December 31, | ||||||||||
2018 | 2017 | 2016 | |||||||||
(in thousands, unaudited) | |||||||||||
Statement of Financial Condition Data (Company and Restricted Subsidiaries): | |||||||||||
Cash and cash equivalents | $ | 73,190 | $ | 88,419 | $ | 60,532 | |||||
Investment in receivable portfolios, net | 1,300,800 | 1,251,528 | 1,158,277 | ||||||||
Total assets | 2,232,600 | 2,180,842 | 1,988,011 | ||||||||
Total debt | 1,349,264 | 1,291,187 | 1,170,193 | ||||||||
Total liabilities | 1,440,577 | 1,399,956 | 1,279,987 | ||||||||
Total stockholders’ equity | 792,023 | 780,886 | 705,029 |