ENVA - Earnings call transcript Q1 2018 | Enova International, Inc.

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Operator

Good day, and welcome to the Enova International First Quarter 2018 Earnings Conference Call and webcast. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Monica Gould, Investor Relations for Enova. Please go ahead.

Monica Gould

Thank you, Michael, and good afternoon, everyone. the afternoon of after for XX, ended results this XXXX, the released first XXXX, quarter March Enova market closed.

the not be may Cunningham, Officer. being the David Fisher, did our press Chief With me our Financial you receive Executive archived of call of ir.enova.com. and Investor copy website. webcast If are today's our website release, Relations at you is Relations Officer; obtain This Investor from Chief on call on it section will section of a earnings and Steve

Please cause Before call, statements I we could projections over statements results and release that result obligation this on based to contain like described factors these risks on and the we I'd events. filings to refer on SEC today, undertake update of today's no today's information David, a and our on uncertainties. differ does see the statements currently that that discussion. in risk discussion our more to turn the such, or Any forward-looking our forward-looking future assumptions as call to certain as note press as information environment are materially make for it from the business new include of will as actual specific based we to and

enhance found to to and in the of In understanding GAAP conform principles. press are GAAP in accepted included generally financial between non-GAAP the today's release. not reporting, Reconciliations the do accounting measures U.S. believe measures measures addition we report tables our that certain non-GAAP these We performance. these

And that, the portion financial earnings posted I'd of like our to have our call in David. over supplemental noted turn information on As we to the IR with website. release,

David Fisher

in strategy joining After looking Monica. of our brief Thanks, start my update afternoon, progress turn We giving finally, our will a to results stable I by our start over our quarter, by by everyone. and our going perspective fast who’ll more financial demand in forward. strong a detail. the share to Cunningham, will CFO, underscored discuss you and the Steve in businesses. of guidance and six overview had on for each and I'll record XXXX driven XXXX and our call then call I'm Thanks I and today. remarks, results Good financial credit to

$XXX are quarter, Our XX% full quarter our year expectations higher Revenue last first first we're results our exceptional At than to billion. $X above record the expecting the raising year the high-end guidance. we and across and revenue for and guidance. in board million exceeded QX now the of of midpoint, top a was our the year

a across million revenue expense $XX way While QX these U.S. to increased considerable significantly ago, from it as over million. although impressive we Enova, was of a even dollars generated as we with the into to generated. This the lean up significant businesses saw spend, stronger we up year results XX% was rising our revenue to XXXX, marketing saw Marketing $XX XX% revenue from year-over-year. range customers. of even $XX million. led to due percentage only slightly growth we was growth our exceeded increasing million guidance EBITDA, $XX Adjusted the almost of We demand

As customers new and result, XX% loans demand rose a the to of marketing increased our strong year-over-year.

of doubled comprise of QX credit in increased than originations growth wide from and to in year. the $X. now decline lines QX the demand so seen we revenue, this seasonality, again unseasonably, saw XX% Installment was line-of-credit and less over year year, and our our Origination last last in XX% Lastly, adjusted driven strong XX% products. typical total Total loans XX% sequentially, total of far EPS our X% company by of more portfolio. highlighting we've this reflecting installment than decreased although

success Our our by subprime our segments driven consumer focus and installment have across offering, prime six purchase on agreement and U.S. results near UK our been U.S. line-of-credit include our business, small our receivables in growth. Brazil our a analytics products short-term growth and We positive businesses, them building our business and actively U.S. adding focused and out of as installment to financing, Enova business loan our each businesses brands, these on remain product. Decisions, within service drive which additional

portfolio, large is quarter XX% products, products subprime only of and consisting originations of XX% year-over-year. U.S. strong business generated profitability another line-of-credit XX% well products. single consumer Our installment and grew diversified XX% payer This

is large past U.S. the growth consumer our the our with even single-digits. is As sub-prime market share in very the we and said, market in still

revenue continue business given are UK this saying brick we our over share growth which rose on market scalable last believe with grow mortar and and we're we lender. customers positioned that well our remained a alternatives. XX% take prefer and the growth loan rose the model, and to We strong by we're primarily and year-over-year revenue and the XX% online of steady driven year leading In pleased efficient product. to from QX from installment subprime Originations

we from continues while meaningful year. generating our UK robust a reached growth balances of focused Our business, up increasing million, to be QX is remain profitable profitability. XX% NetCredit which $XXX and on loan last

rose of our of in QX the QX in built demonstrating XX% portfolio QX last near-prime NetCredit’s we the at over of market. US end this product large up have US from prior Our XX% origination significant year. year XX% momentum the represented

loan financing Our QX. of total portfolio at the X% small business of our end represented book

X% X% quarter continue We see to remaining rationalizing sequentially strong, originations the and demand increasing to market first and year-over-year. led which

Our originations sequentially. $XX XX% the rose million, at Brazilian and ended QX year-over-year quarter XX% loan portfolio

an opportunity. believe credit population continue coupled and Brazil’s demand sizable a it regulatory market strong that make system modern attractive for for Brazil environment and a We to us. has large with banking stable a

is economy the will and stability. their election presidential the fall political bring addition hopefully in In improving some

gain Finally Enova to as Decisions are a traction. continues real service time analytics business,

number We remain the the early our very increasing success, seeing on in stages, still of we're across the verticals. is with rate while of business this serving successfully business pleased current focused customer acquisitions, While a customers. we're

on touch current today, briefly up environment. regulatory wrapping I the to want Before

to believe it that are it online the regulatory drive to and opportunity products case, our we to struggle timeline favorable We our announcement years share what may to reduced start any that or and Overall, model we our competitors And, borrower positions growth diversification us credit over stable enable In market us our continue may CFPB’s gain final and year. the strong believe seeing will flexible And expand the lending the significant share. the outcome preferred trends well are our macroeconomic for position, us us sheet strategy, execute focused platform have us positions pleased on drive a and to and rule small-dollar beyond. our present balance leading the of efforts the to review I the to rule that adapt. remains the as confident our with XXXX success. to to solid we've in growth remain may we unclear direction competitive very and strategy adapt be. will risk. Following well our remainder and outstanding team, our continued taken believe for enable

detail turn to and go answer that will over I'd you Now, more our the have. who in any to financials over like happy we’ll to may questions be Steve? following Steve his remarks, call

Steve Cunningham

quarter Thank and XXXX. provide then financial first the second the David. operating quarter our performance by and for for afternoon, full you, Good our the year everyone. outlook start and reviewing I'll of

to credit quarterly XX% our receivables first line on XXXX of quarter. We revenue quarter from of growth of in of results of VA and EBITDA, a XX% was revenue originations ranges. Year-over-year from total XX% revenue X% installment primarily driven EBITDA first earnings increase all $XXX exceeding XX% On to year-over-year year-over-year increased financial ago guidance total Total increased in to million growth increased driven during change all installment are quarter exceeding with $XXX new operations quarter another high-end of to X% guidance businesses and our to as prior from we XXXX were duration report XX% per larger in year Revenue from the our constant total million pleased quarter our a adjusted of XX% in basis higher accounted a by $XXX an in revenue fourth and the a longer revenue XX%. XX% strong receivables, rose per record share, basis, portfolio adjusted million XX% of and million across and million. new year-over-year. currency increase portfolio consists earnings now increased receivable range of products loan balances, the domestic our of the quarter the our a combined loan seasonal and finance Compared XX% And we our originations these company the finance first combined year-over-year and rose were line-of-credit XXXX, a products in in rose Installment revenue The to year-over-year the a revenue, we've Because increased generate during loans finance growth, receivables to in faster total. and at and revenue. Total revenue continue we've and generating originations seen as was loans the $XXX line-of-credit installment and a the total year-over-year by balances finance proportion loan we million first the balances. receivables sequential to for company quarter runoff in of experience growth, result reflects, just $XXX company XX% Domestic declined first receivables quarter's. increase $XXX to of products. able from quarter. X%. and of our dollar fourth experience finance the growth the share. revenue $XXX been million customers. less revenue XXXX. loan sequentially end Originations of drive loan customers than in Domestically, quarter were and in and higher the which

XX% higher installment in loan revenue growth revenue the a company basis. driven constant a combined loan $XX in company products NetCredit, year-over-year loan domestic Continued and of revenue revenue loans for and Revenue grew and total X% comprised combined of loan XX% year-over-year. balances a year-over-year loans increase XX% and drove and XX% up revenue the total balances year-over-year. a to was domestic a revenue. constant the sequentially, revenue receivables XX% growth International and on On quarter. XX% short-term a international receivables strong currency XX% end sequentially installment rose currency business in basis, for International were balances year-over-year in NetCredit up XX%. on basis near-prime increase Year-over-year, X% installment accounted On basis, was first demand by XX% loan these finance balances International increased quarter. of international year-over-year as finance XX% first loan million. XX% international our at up our were international

Turning to margins. profit gross

year XX.X% finance Net ago receivables gross at gross year-ago reflecting further to and XX%, quarter, losses Our the compares which stable reflects end year XXXX. receivables profit and performance of combined first the compared first the the changed stable for first nearly The quarter quarter in to David steady the loan portfolio in quarter in total a percentage a was quarter and gross XX% liability XX.X%. the mentioned. the the was to charge-offs of yields XX.X% loan allowance fourth prior the past of as that of at decreased company quarter performance margin finance the a flat year. average from credit percent quarter margin and over combined and a is profit as from profit of credit Gross for

XX% to profit loans of be returning Going and of the pace mix influenced of XX% forward, of the and in originations and to in financings the mix will originations, our we margin in growth customers range expect portfolio. versus new the in be gross the by consolidated

XX% previously XX% driven was the quarter XX% to reasons compared quarter improved I in the margin in XXXX. profit the quarter gross domestic by of first of from in fourth first margin the Our Gross XXXX discussed.

margin of decline driven profit international to a increase in first XX% prior by loan margin ago compared was large originations. in year quarter profit the in international the gross in The from quarter. in international year installment XX% part gross quarter Our XX% the

to margin both in UK growth and range driven as pace expect mix XX% of will to and new our XX% by the of the We Brazil, as from profit gross customers. international be returning well and the

expenses. to Turning

leverage, $XX operating operating strong see the for quarter to to continue grew only year-over-year non-marketing expenses total first X% million. as We

XXXX. $XX to XX% first or including compared quarter expenses, in marketing of of in million operating were the XX% revenue or revenue first $XX of the million total quarter Our

the mentioned, of first grew David As ago quarter to million marketing in the or year quarter revenue. compared expenses to $XX XX% XX%

and As volumes we we CPS. marketing attractive demand strong maintaining on increase market. customer drove this met while the saw efficiency spend quarter in the The

of prior in year costs. compared revenue the $XX because $XX in We of General into we’re or low new revenue first as in quarter and higher ago attract in higher variable revenue volume. likely range growth mid-teens million and expect of than quarter primarily the slightly million marketing first administrative we second to of XX% $XX expenses or the expenses the in percentage spend technology to demand XX% million remain lean will a XX% are customer first first the $XX XXXX Marketing compared terms profitable meaningfully the to the highest year during with the in personnel-related we totaled or during dollar seasonal Operations spend XXXX, of and expenses periods volume-related quarter our and of quarter expenses. revenue revenue or of year. of XX% higher and to half were the primarily million on of in

base, continue percentage eight Adjusted expenses year-over-year out the $XX revenue seven year-over-year previous G&A of fixed a quarters. quarter. non-GAAP first fact as We a have to decline our increased in of XX% cost measure seen in of million for EBITDA, leverage the

to the quarter in year. first Our XX.X% margin XX.X% prior was the adjusted EBITDA compared of

compensation XXXX. compared quarter, million to $X.X the in first million expense the in was quarter of Our stock-based $X.X

because Our quarter tax effective tax the XXXX, first for of lower was rate compared of XX.X% rate. XX.X% primarily in the federal quarter first a to

net benefited first or normalize We was of XXXX. which effective from financing pretax the included tax first rate for is X.XX% XXXX. share, drop our $XX.X rising believe the of senior diluted in extinguishment a mature cost income during early share continue early in that $X.XX the tax the Quarterly $X.XX that to of net effective related million income Net compares EBITDA a million per per one-time in debt, of company’s $X.X a million to the quarter to mid-XX%s $XX of income income and or rate. in our notes the in a diluted will quarter charge $XX.X Net in drop redemption million XXXX.

$X.X pretax and of a quarter to the earnings, of one-time Adjusted measure, XXX% year. $X.XX million currency charge per final a well related per as noncash diluted share $X.XX prior our write-off non-GAAP down share million the Australia adjustment million from Canada the or first As to from diluted increased operations. wind $XX.X $XX.X or in translation

with we and operations million first of cash $XX and During total cash flows equivalents totaled quarter, million, cash the from debt and of $XXX $XXX ended quarter the unrestricted million.

Our outstanding the debt the balance of $XXX at securitization end loan installment the of under quarter million combined includes million facilities. $XXX

April In X%. credit borrowing no $XX in capacity cost revolving addition amended to we million prime our bank-led, million plus on secured from the XX, change with increase to borrowing line $XX of of

and like I'd full to our Now second for XXXX. to quarter year outlook turn the

significant changes. our in in a volatility reflects from outlook of our originations customers mix current each continued impact businesses, sustained stable growth and XXXX results. pound Any from businesses could significant Our levels regulatory new to of British impacts strong in credit, our no higher the

the From on year, discussed during expect quarter, of larger and historical our we our our receivables continue investment we share across which focus first last call, receivables strong XXXX businesses. revenue, the quarterly start our quarterly increased experience pattern. proportion duration, into our typical the to per seasonal Despite quarter on tailwinds compared the higher our to we of total financing in calendar EBITDA the strongest new sequential earnings write-off to and dollar to less and As customers seasonality portfolio, typically to expect loans as leading the is longer year. we

be share the EBITDA and growth of losses could second for year, provisions peak half the periods. margin, higher by periods gross those during in per earnings impacted our During

may wider As see a variation and prior EBITDA result, per we in years. a than in quarterly earnings share

$X.XX $X.XX per share. of $XX noted million; and be our release, earnings $XX revenue quarter $XXX $X.XX be XXXX, expect million in earnings be As to and total to and EBITDA per adjusted million; second and million between in between between and per between share per $X.XX to to we adjusted be share earnings $XXX share; the diluted

year $XXX between between $XXX diluted to adjusted adjusted are million our $X.XX between share. full the per and total million to and earnings $X.XX back over $X.XX with EBITDA now per call earnings share we to For and share $X.XX $XXX I'll and $X.XX that, be be Thank billion; and guidance million; David. to expect revenue to And hand you. the between be share; per be and XXXX, per raising

David Fisher

At open we'll Steve. call time, questions. up Thanks, to the this your

Operator

you. Thank

Caintic We Vincent will session. Your ahead. now question [Operator first begin Please from comes Stephens. the from go question-and-answer Instructions]

Vincent Caintic

strong afternoon Good on and guys the thanks. congratulations quarter. Hey,

EPS particular So upside already you we pulling in wondering your had else much I’m on given and gave the from and guidance previously the what so raising particularly driven pull impressed then that anything And if forward share over guidance things months? grab that with are future to earnings X I’m happened past away, February competitors a that call. March could two maybe the the changed you quarters then was have just so quickly maybe you’re any last maybe was February share here. where market might there in this you or that

David Fisher

Vince. Sure. Thanks

a there's things. think couple I

So matched in QX we times anticipated stronger than and with pretty QX typically that mentioned seeing couple really was as demand credit. we was certainly stable had strong a and

growth a And our I a generate large with think us was this than years it in mentioned, Steve of few of a revenue amount ago. is as even than stronger new the expected led customers. longer term strong combination portfolio the EBITDA growth two loan

quarter. of some that so in results benefit you than – in stronger you have stronger results get following the when QX, And expected

April, EBITDA be will anything Steve's in flow. to it would than growth don't lead more with if this is saw that stronger all associated on us mean we new deliver But growth, growth the expected, quarter than growth sheet last we which So be it demand has sure into a question expected marketing the of the And even more. customers. we'll we remainder know year that typical expected, and entering more plus October, tailwinds along we plus now, the because sellers September our of the always some QX it’s a at lead demand to provisioning year strong QX because to for combination new as year stronger try that strong similar why did now haven’t demand year fact and seen doesn't QX. growth throughout just sort in going But Demand predict the fact I or EBITDA expected exited sheet it while a demand not gives the is just higher pretty and there's the and for QX into might question quarters month stayed additional so spend we that only with demand creators the message besides revenue strong some strong in we might balance we raise the revenue larger strong levels we in QX. will is us doesn't balance but of are be get as I'm well, than quarter. the consistently the to of point that like not we almost didn't into and demand And at strong B believe answer than customer been think lot industry. which that raise the entering the leaning QX the the that

the hand. lack in revenue always little operating where a taper but demand we be the to saw models So strength a yes, move and we visibility aggressive in want weakness of don't hand certainly of on EBITDA our plus QX with that given

Vincent Caintic

and helpful. maybe Perfect, higher level point, quarter and this strong this that’s you loan benign gotten have your you you were growth have I'm the gotten getting with were But your on that are might then of And maybe more your you’d provisions cheaper Thank you. of on more your of and revenue just anything efficient, side, usually to has wondering maybe provisioning quarter, the just so expense. a really marketing when then fronts, relatively efficient the marketing lot gotten And acquisition better? marketing consumer just costs with better. this have cost had you growth be cost credit marketing both seeing as

David Fisher

good Yes, questions. all

a So that’s over but quarter, especially the XXX percentage marketing quarter in I first slowest is last because revenue which points than spent strong up of think less basis quarter. typically very is QX of in we dollars for lot marketing you're a But nominal growth. actually our as in the only year revenue of a right,

really very QX, that about of the that the the Now two-fold. revenue with typically is side very the seasonally than demand or on written exit strong revenue also growth as is you One, because in and new shrinks loan to book in strong thing a the QX have loans QX. so gross quarter think you combine the but quarter a from always perspective good margin – lower grow from because doesn't it

combine to you led despite strong gross of into customer with levels with very marketing. the more new that margins EBITDA demand leaning and So the higher the good

Vincent Caintic

perspective then on consumer And from Great. the credit side? the

David Fisher

is about of is which a longer credit I and the for we Yes, which employment costumer for good I’ve us we're them. unemployment in good lend telling additional The low the cycle. it's the very more us income for stay think demand the on is a taking is the confident because to economic is so credit. have need I our good, to very high, and source certainly story I here been think becomes great place a customers on to think economy been is while And nice

positive. that's So very

enough bonuses at along aggressive are to at raises it's an future that borrow getting in people all. huge to need take people to But huge credit. jobs such their ripping be feeling their on think willing are or about they I good where rate not don't

to the is we're, that's the strong how here long And credit. in demand of think the economy I so strength plus of the good we've really And leading certainly solid in – results. cycle that combination QX reflective of and been where the

Vincent Caintic

Perfect. Thanks very much.

David Fisher

Yes.

Operator

next Securities. comes go David ahead. from Scharf Please you. question Thank The from JMP

David Scharf

afternoon. Hi, good

of most of I've sure can sounds questions counterintuitive, answered. little got the on though I idea that the the just think asked my got description before. remind it a me side, guess a on of marketing customer I'm to helps use I help coming Dave you But big ultimately being I've think question spend, your frame that you even the proponent. I picture good as because And perhaps know into it phrase, just would it to of level of marketing understand of you operating more much of feeling the a overall increasing that the perhaps they're think of spend lot margin to is sort intuitively hear a lean Nevertheless just me demand, describe don't Could your discretionary I when the dynamic since of consumer about healthy demand. spend increased as though we is some because almost where way have question you crunch. that in to credit sort borrowers you marketing maybe the you. think kind environment us acquisition is, spend that well

David Fisher

Sure.

demand when it of us more of a I as if then a earlier you seller And business, made a of business, creator. take it think little into but comment you I it account, a demand make you the makes So than a – think as us more sense. broader consumer sense doesn't kind us retail being about think if

of it think makes lot I sense. a

to pull we're back to on CPSs just And demand be the on if can't not string. marketing there, through So are going a going is push the roof. just because you going

we dollar we're demand XX% people people ads not the to drive to borrow. to special need run Mac that rate when to to borrow don't like encouraging prudent lending. get And off to don't slow more interest don't So traffic that's to come and McDonald's not a just might want us, run sell they it's that have stores. Big We a

So do that. don't we

demand. of that that's up So efficient the we our ramping good and when highly we marketing demand sign when into We being lean see our see by advertising.

are out example, how we quarter TV PPC of for or buys. spend could of the spend examples talk our looking out are we our kind see a about Those of sure we many significantly customers leaning up are So into marketing. we new send per amount to during customer, make mean to can up with our to mail direct larger loans when cost demand coming we our what Without, as who up all our demand take raising marketing us. when or that's

David Scharf

per in that's this and in of even I to so. balances that just I Any in more you're jacking-up positive to And kind helpful. is know seeing. value take any environment six really first guess advantage but the a more kind a context and the revenue thought, both – quarter just magnitude the marketing importantly you're careful months Okay, consumer in management, of behavior very upside about se of earnings the given expectation ending in there as percentage of upside overall over next of the

David Fisher

the day, week, means the looking week here Well, will environment continue by months predict at will this by remains spend, for will I we first-of-all strong to to be, so, as that we we're I this is strong if demand of would – no likely who kind strong we’ll continue these next QX now. demand, much be for that's increase QX whether have where to from less will where knows to way six QXs day we growth. quarters and where will like marketing of EBITDA sure. and mentioned can growth and a a that earlier had are happen as up. a revenue percentage go you see percentage is, And spend. months. levels be six trying revenue we're it quarter in spend, revenue if If marketing we of

market enough our I now, a overall keep with know know by that obviously of profitability won't us business. marketing warrants do control ability think And you have the ranges, get spend out the why the on it. eye we with the we’ll reason close to expectations of guidance we well and have we the started so wider we to the that set year are would part if the of

David Scharf

loans. a product much sequential enough. us years. admittedly curious, it’s which any extremely is morning the – so dynamic pawn Noted notice that shifting this or had short-term similar notice in tax since Fair really Also of season mix lender, down previous as you Did actually this wouldn't pay than that less is duration for anyway. much they your that you

David Fisher

I didn't say that. Now necessarily I the would season year. impact muted more of we would say this tax was actually see the

to the less that of mix is masked of impacted But also the our demand. could duration, strong overall I tax long-term think by by some products shift season. some portfolio have been in that helps just the it are

So, talk see the the tax strong, we've didn’t end of we demand remained about as until here. delays I heard some season, And mentioned in April that.

actually much this saw years. a we year than muted some have we had tax in season more other So,

David Scharf

Got it.

Okay, I'll get back Thanks in line.

David Fisher

Thanks David.

Operator

comes next Instructions] [Operator Hecht ahead. Your you. Thank Jefferies. from John from Please question go

John Hecht

acquisition of the more an And new update, channels, learned the you forth. us mean to am and what that of to and technique. maybe Good stuff, bit pivot in you based questions you productive the has of for marketing were terms afternoon can kind little most and mentioned effective addressed. a being most of what I the been guys. here And maybe to consumer techniques, year migration so the my of able marketing what have I costs guess most channels certain rest sales wondering, that give on a opportunities, is David Congratulation credit turning demand lot in recently. does

David Fisher

to two largely affiliate increasingly direct the base. of some us used for new over our which for aggregators strong The since we then years very be really customers resurgent has has which it lead has PPC, mail as partners, online, channels, last of is about and but over is become a question, well. has source a targeting been years. well balanced of it banner partners, some is kind four and that, marketing lead good somebody talked be we've for significant time FEO, portion still had us ads, a us I think customer Yeah, in main new more actually, become partners, then our while main affiliate the in based become TV lead and

and balanced four. ability those So They pros the during quarter. those less have and and we mail well direct we've move kind TV down have their each actually up cons. to of between

We some but less. have

off The and other the turn quarter as two to needed. channels almost we ability on complete have during

again, ago, nice say it's a plus kind were customer lead for for now reliant growth. heavily our us new So mix years five on to compared become partners we when of

John Hecht

the talked then talked terms debt I through here, talked to improvements math And that go liquidity in quarter the time the excuse balance you you securitization the sheet which that kind engaged me. basically over of of about, the line-of-credit, facility about about in in very, haven't it, the had you the – you increasing

has in one would given demand the amount fund that second strong number matured. would you or a increase is, you seek done demand facilitate the question additional the – be cost persisted liquidity I during is as business quick of improving a liquidity Just QX have mean that good of type of year. your the is you the of have the is, very job

If over see you some next still quarters. the few there opportunity

Steve Cunningham

Hi, John.

the the nicely, rest higher our of we've that expect. are more or think year going very into than And we see throughout set we if like sitting So, of sustained rest even kind I liquidity we've seen year, the demand of do the positioning we than way.

our the well. also access as as securitization. revolver upsized stand-by to obviously facilities on line markets open as new have on do both well And then the demonstrated the NetCredit we the we have on So term

just in you those operating we for was to it flow us a operating for among saw, strong have, quarterly of number addition think I as the cash well. as record So cash three amount

as combinations some position time. all seen a in stronger sitting. So we've those a have

John Hecht

final then modeling. and is for questions Okay

know well. point-in-time Your an you XXXX? comp would is Can that update, to adjusted it us just stocks what I are but give doing in this at do be you expect related earnings not stock-based

Steve Cunningham

the same going That to It's levels. run seen. you’ve about

if to with slightly you're heavier So quarter, going big a see a increase. within up quarter big expect on so terms it you the tends not for was $XXX,XXX of which year-over-year should but stock-comp just steady maybe be pretty to the in increase,

John Hecht

Alright much. guys, thanks very

Steve Cunningham

John. Thanks

David Fisher

John. Thanks

Operator

Thank David any you. would remarks. turn conference question-and-answer closing over like to This concludes Fisher to back our I session. for the

David Fisher

year updating the today. on for next We joining to the have you our quarter forward look Thanks rest good then again of evening. us and throughout progress everyone a

Operator

Thank disconnect. presentation you. The may conference attending you for has now concluded. now today's Thank you

Enova International (ENVA) 26 Apr 182018 Q1 Earnings call transcript