Investor Presentation. May 11, 2016
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1 Investor Presentation May 11, 2016
2 Safe Harbor Statement Cautionary Statement Regarding Risks and Uncertainties That May Affect Future Results This presentation 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 forwardlooking 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 Information In addition to the financial information prepared in conformity with generally accepted accounting principles in the United States ( GAAP ), the Company provides cash flow from operating activities less net loan and finance receivables originated, acquired and repaid and purchases of property and equipment ( free cash flow ) and net income excluding depreciation, amortization, interest, foreign currency transaction gains or losses, taxes, and stock-based compensation expense ( Adjusted EBITDA ), which are not considered measures of financial performance under GAAP. Management uses these non-gaap financial measures for internal managerial purposes and believes that their presentation is meaningful and useful in understanding the activities and business metrics of the Company s operations. Management believes that these non-gaap financial measures reflect an additional way of viewing aspects of the Company s business that, when viewed with the Company s GAAP results, provides a more complete understanding of factors and trends affecting the Company s business. Management provides such non-gaap financial information for informational purposes and to enhance understanding of the Company s GAAP consolidated financial statements. Readers should consider the information in addition to, but not instead of, the Company 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. A table reconciling such non-gaap financial measures is available in the appendix. 2 May Enova International, Inc.
3 Investment Highlights Focus on Non-Prime Customer Segment a Large, Growing Market Diversified Business Serving Multiple Geographies and Sub-Segments Proven Tech and Analytics that can Adapt to New Regulations Multiple Funding Sources for Lending Capital Strong Pipeline of New Growth Initiatives Licensed and Supervised by Regulators in Major Geographies History of Profitable Online Lending with 12 years of Experience 3 May Enova International, Inc.
4 Large Non-Prime Online Lending Market Opportunity Consumer 68M 1 underserved individuals (Enova has served 2.5M+) $69B 2 unsecured loan volume 7M 3 underserved individuals (Enova has served 1.3M+) $9B 3 unsecured loan volume $83B 4 estimated potential unsecured personal loan volume Small Business +$82B 5 estimated U.S. unmet demand for SMB LOC + Merchant Cash Advance Market 40% of consumers in the U.S. have Non-Prime Credit Ratings FDIC National Survey of Unbanked and Underbanked Households Financially Underserved Market Size Study December 2014, CFSI (Center for Financial Services Innovation) 3 Enova estimates based on data provided by one of our data vendors Sept, According to Financial Conduct Authority (FCA), in million consumers took out 10 million payday loans, with a total value of 2.5 billion ($4.0 billion). The U.K. Parliamentary Commission on Banking Standards estimated that the high-cost credit market, which includes short-term lending, represented over $9 billion in loan volume as of September However, in its February 2015 final report following its investigation of the U.K. payday lending industry, the Competition & Markets Authority found that revenue for the seven major payday lenders was down 27% year over year for the first nine months of Credit Market Overview, FEBRABAN June Oliver Wyman Financial Services, Financing Small Businesses May Enova International, Inc.
5 Growing Preference for Online Financial Services Convenience Apply anytime, anywhere, and manage account from desktop or mobile account Flexibility Borrow the amount needed and fit payment to budget Underwriting Direct link to Enova technology and analytics RealView score Privacy Secure systems and no need to stand in line at a store to apply for funds in public Speed Rapid funding directly into bank account 5 May Enova International, Inc.
6 Multiple Products for Closing the Credit Gap Consumer Near-Prime Installment Loans Bank Offered Direct Lending Amount Term APR Customer $1,000 $10, months 35% US Near-Prime: 60% College Degree $54k Average Gross Income $1,000 $10, months 35% 150% 45 Average Age 55% Homeowners Installment Loans $150 $3, months 100% 399% Near-Prime and Non-Prime Lines of Credit $100 $1,800 open-ended; amortizing 24% 299% Near-Prime and Non-Prime Single Pay Loans $100 $1, days 189% 450% US Non-Prime: 45% College Degree $49k Average Gross Income 43 Average Age 44% Homeowners UK Non-Prime: 52% College/Trade quals & above 25k Average Gross Income 39 Average Age 36% Homeowners Small Business Small Business Receivables Purchase Agreement $5,000 $250, months LOC $5,000 $35,000 Open-ended; Amortizing 9.9% 49% Fee Avg. 10 yrs old, $1.5M AGR 40% 80% Avg. 7 yrs old & $450k revenue 6 May Enova International, Inc.
7 Long Track Record of Growth Cumulative Originations & Key Milestones 35.5 M 36.4M 31.9 M Cumulative Originations $ 22.5 M 27.4 M Cumulative Originations # 5.7 M 3.2 M 1.1 M $0.4 B $1.3 B $2.5 B 9.1 M $3.9 B 13.9 M $6.0 B 17.9 M $8.0 B $10.5 B $13.1 B $15.3 B $17.3 B $17.7 B Q years+ profitably extending credit 4.4+ M unique customers served 14 lending product offerings across geographies served 10 brands in six countries $4B ($71M) Cumulative Originations 1 $19B $18B Cumulative Net Income 2 $244M $8.7B ($26M) 7 1 From inception through Q From FY 2013 through Q May Enova International, Inc.
8 Multi-Year Strategy FOCUSED GROWTH Exceptional execution of our mature businesses + Investment in a few innovative New Initiatives that diversify our revenues and earnings 8 May Enova International, Inc.
9 Diverse Business Portfolio Core Businesses Execute Consumer Near-Prime Scale Brazil Invest Small Business Integrate 9 May Enova International, Inc.
10 Proven Real-Time Analytics & Technology is Core Marketing Algorithmic media buying models Fraud & Underwriting > 1,000+ variables for underwriting > 100+ algorithms running > 10.5 TB in managed datasets Servicing & Retention 300 M+ unique customer interactions Collections 15 optimization models running Credit Data Customer Interaction Info Social Data Banking Data Public Records Device Info Colossus Analytics Engine Pattern recognition Machine Learning Predictive models 500K transactions / hours New Customers RealView : Risk Based Ability-to- Repay Credit Decisions Customized Customer Interactions 10 March Enova International, Inc.
11 Population Inclusion (increasing risk) True Positive (repaid) RealView Underwriting Outperforms Competitors Predicting Default - ROC Curves 1 FICO Vantage NetCredit V5 Random NetCredit V7 False Positive (defaulted) Population Inclusion (increasing risk) Within a population of NetCredit loan applicants that is evaluated and ordered on likelihood of default, Enova has been able to more accurately predict, on a consistent basis, whether or not a customer actually defaults ROC Curves - Receiver Operating Characteristic Curves 2 This graph depicts the results of a an internal study conducted by Enova using a random sample from its NetCredit applicant pool (the population ). As one moves up the Y axis and along the X axis, more of the population is included. The population is ordered by perceived creditworthiness so that at the bottom left of the graph, only the most creditworthy customers are included in the population. At the top right, 100% of the population is included, with the least creditworthy parts of this population being the last included 3 This graph should not be considered to be an indicator of future performance May Enova International, Inc.
12 Average AR Balance Outstanding ($M) Analytics and Experience Result in Improved Loan Performance As a % of Average Loan Balance $600 $550 $500 $450 $400 $350 $300 $250 $200 $150 $100 Enova Average AR Balance Average Loans and Finance Receivables Outstanding (Gross) 35% 30% Enova Loan Loss Provision % 25% 20% 15% 10% Loan Loss Provision % Net Charge-off % 12 May Enova International, Inc.
13 Consistent High Quality Customer Service Drives Recommendation 100% 95% 90% 85% U.S. Customer Service Ratings Q2 '14 Q1 '16 U.S. based In-House Contact Centers Multi-channel availability via phone, chat, text, or supported by state-of-the-art CRM and telephony technology 7 days a week 80% 100% 95% Satisfied with service received Cust Service Rep was knowledgeable U.S. Customer Satisfaction Ratings Q2 '14 Q1 '16 Best Practices Sustain Performance onboarding, soft skills training and continuous education with scorecards, call monitoring and calibration, wait time, first call resolution 90% 85% 80% High Service Levels average wait times < 10 seconds 94% < 30 seconds Would recommend to friend Would use Brand again 13 May Enova International, Inc.
14 Securitization Program Diversifies Funding Sources In January 2016, Enova Closed a $175M credit facility with Jefferies for the use of Securitizing NetCredit loans Collateral consists of NetCredit loans and is split into two main tranches. One tranche of sub-36% interest rate loans (A) and another tranche 36-99% (B) 1 Enova is acting as Master Servicer in the Program Enova can issue up to $20M more in securities per month, with a maximum total outstanding of $175M NetCredit Loan Specifications Pricing: 35% - 99% Amount: $1,000 - $10,000 Duration: 6 60 months Wtd. Avg. APR: 57% Q1 Securitization Activity Summary 2 Advances: $135M Repayments: $21M Debt Outstanding: $114M Receivables UPB: $155M LTV 73.3% Earliest Maturity: 1/15/ ENVA s Securitization deal with Jefferies is unrated. Tranches A and B refer to the type of loans held in the pools 2 Reflects cash activity through 3/31/16 May Enova International, Inc.
15 U.S. Near-Prime Offering Growth 230% New Customer Loan Size and Average APR $4,501 $1,277 66% ($ in Millions except Q1 16) Cumulative Originations $477,000,000 $425 $349 $15 $31 $47 $61 $91 $141 $188 $230 $283 Q Q Q Q Q Q Q Q Q Q Q Q May Enova International, Inc.
16 Profitability Can Continue to Grow as Program Scales 30% 25% 20% 15% 10% 5% 0% 27% NetCredit Quarterly Expenses as a % of Originations $1.7 $1.3 $1.0 $1.1 $1.1 $1.1 $0.8 $0.6 $4.7 $4.6 $0.6 $0.7 $3.7 $3.3 $3.4 $3.0 $3.0 $2.6 $2.1 $0.5 $1.8 $1.4 $0.4 $0.6 $0.4 $1.7 11% 1 Q Q Q Q Q Q Q Q Q Q Q Q Q $7.0 ($ in Millions) $6.0 $5.0 $4.0 $3.0 $2.0 $1.0 $0.0 Marketing Expense Operations & Technology Expense Marketing and O&T as a % of Quarterly Originations 1 Q includes expenses associated with securitization closing 16 May Enova International, Inc.
17 ($ in Millions) Brazil Near-Prime Product Opportunity Brazil Initiative Brazil represents a highly attractive market opportunity High demand for credit, nascent online competition Large addressable market, total population of 200MM Unsecured installment loans Overall APR of 179% is competitive to mainstream credit products Gross Accounts Receivable $8.5 Enova product (launched June 2014) under the brand name Simplic is ramping up growth $4.5 Arrange online installment product for the lower middle class 3-12 month installment loan, with an average duration of 11 months $0.4 $0.9 $2.1 Q Q Q Q Q May Enova International, Inc.
18 ($ in Millions) Diverse Small Business Offerings in U.S. Small Business Initiatives Successfully developing new SMB initiatives into real and long-term opportunities Unsecured line of credit Unsecured purchase of sales receivables Total U.S. small business loan market of $193 billion (Q4 15, <$250k) 1 Tighter banking regulations leading bank to vacate loans under $1.0MM FinTech emerging lenders feature ease of use (online/mobile application) and fast turnaround times (rapid-decisioning) Gross Accounts Receivable $66.3 Offers more diverse opportunities when small business owners need access to capital $55.1 $37.8 $17.5 $3.6 Q Q Q Q Q Enova brands Headway Capital (launched Aug 14) and The Business Backer (assets acquired June 15) address the SMB market Offer credit/account limits between $5,000-$250,000 Rate: 35%-80% Term: months 18 1 FDIC 12/31/15 May Enova International, Inc.
19 Proactive, Global Compliance Capabilities Compliance Infrastructure Licensed where required; reduces regulatory risk and is a barrier to entry Central team led by professional bank compliance officer reporting to Board of Directors Regulatory framework built into technology platform and the business model Rapidly update products and business rules for changes in regulatory requirements and laws Regulatory Environment National and 50 States National National and Provincial Primary Federal regulator, CFPB issued outline in 3/15, final rules likely go into effect late 2017 State regulations generally stable, subject to political process of state legislatures State and Federal focus on unlicensed lenders potential longterm positive impact Primary National regulator, FCA (as of 4/1/14) issued new rules under the Consumer Credit Sourcebook in early 2014 Total Cost of Credit cap effective 1/2/15 FCA expects just 3 or 4 lenders ultimately will provide high-cost, short-term credit Australia National regulator Brazil National regulator Canada Provincial regulators China National and Provincial regulators 19 March Enova International, Inc.
20 U.S. CFPB Small Dollar Rules CFPB Rulemaking Dodd-Frank charged CFPB with making rules for PayDay and Deposit Advance, but forbid CFPB from setting rates. CFPB expanded proposals to include installment and auto title loans as well, and uses 36% APR as a bright line The current estimated schedule is: Mar - Apr 15 May 16 - Oct 16 Final Nov Rules 16 - Oct 17 Late 17 Outline of Proposals Published and Panel Started Small Biz Review Panel & Report (60 days) Proposed Rules Comment Period (90 days) Final Rule Implement Period (6 12 months) Effective Date Enova is well-positioned to manage rule changes: Advanced analytics leverage diverse data sources in addition to traditional affordability criteria to issue compliant loans at scale Our technology platform enables rapid adjustments to product design and operational processes 20 March Enova International, Inc.
21 Financial Highlights Long history of strong growth in revenue and Adjusted EBITDA U.S. revenue increased 20.5% YoY to $143 million in Q Adjusted EBITDA margin of 21.6% in Q Generated $98.6 million of cash flows from operations in Q Solid balance sheet with cash and cash equivalents of $112 million, $33 million availability on unsecured revolver, and additional availability under our securitization credit facility 21 May Enova International, Inc.
22 History of Revenue and Profit Growth Revenue from Core Products (1) Revenue from New Initiatives (2) $113 ($ in Millions) ($ in Millions) $752 $763 $658 $540 $47 $41 $145 $134 $2 $13 $21 FY 2012 FY 2013 FY 2014 FY 2015 Q Q FY 2012 FY 2013 FY 2014 FY 2015 Q Q ($ in Millions) Adjusted EBITDA & Margin $236 $131 $162 $156 $132 $63 $88 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 Q LTM Margin 16.7% 18.3% 19.9% 21.2% 29.1% 23.9% 20.0% 1 Core Products include: CashNetUSA, QuickQuid, Pounds to Pocket, Dollars Direct Canada and Australia 2 New Initiatives include: NetCredit, Headway Capital, The Business Backer, On Stride, EnovaDecisions, and Simplic 22 May Enova International, Inc.
23 ($Millions) Online Business Model Provides Operating Leverage $900 Enova Key Metrics $800 $700 $600 6 Yr % increase 156% 343% $500 $400 $300 $ % $100 $ Q Loans and Finance Receivables Outstanding Revenue O&T and G&A Expenses Gross loan and finance receivables balances outstanding include loan arrangements extended by unrelated third parties 2 Operations and technology, and general and administrative expenses 23 May Enova International, Inc.
24 Appendix 24 24
25 Consolidated Income Statement Consolidated Statements of Income 12 Mos Ended 12 Mos Ended 12 Mos Ended 12 Mos Ended 12 Mos Ended LTM Ended (in thousands) December 31, December 31, December 31, December 31, December 31, March 31, (unaudited) Revenue $ 480,340 $ 660,928 $ 765,323 $ 809,837 $ 652,600 $ 661,577 Cost of Revenue 201, , , , , ,865 Gross Profit 278, , , , , ,712 Expenses Marketing 73, , , , , ,907 Operations and technology 52,371 63,505 70,776 73,573 74,012 76,134 General and Administrative 65,401 72,690 84, , , ,432 Depreciation and amortization 11,263 13,272 17,143 18,732 18,388 17,092 Total Expenses 202, , , , , ,565 Income from Operations 76, , , , , ,147 Interest expense, net (17,420) (20,996) (19,788) (38,474) (52,883) (55,493) Foreign currency transaction (loss) gain (487) (342) (1,176) (35) (985) 1,527 Income before Income Taxes 58,382 92, , ,499 70,519 48,181 Provision for income taxes 21,350 33,967 43,594 64,828 26,527 18,856 Net Income $ 37,032 $ 58,872 $ 78,038 $ 111,671 $ 43,992 $ 29, May Enova International, Inc.
26 Consolidated Balance Sheets Consolidated Balance Sheets December 31, December 31, December 31, December 31, December 31, March 31, (in thousands - unaudited) Assets Cash $ 34,411 $ 37,548 $ 47,480 $ 75,106 $ 42,066 $ 112,211 Loans and finance receivables, net 162, , , , , ,202 PP&E, net 36,716 41,759 39,405 33,985 48,055 45,740 Goodwill and Intangible assets, net 256, , , , , ,233 Other assets 15,209 17,138 14,972 32,712 42,235 55,790 Total Assets $ 505,335 $ 580,878 $ 661,238 $ 721,315 $ 840,537 $ 915,176 Liabilities and Stockholder s Equity Debt 1 $ 410,964 $ 427,889 $ 424,133 $ 480,726 $ 541,909 $ 594,414 Other liabilities 52,522 55,573 64,057 86,605 92, ,157 Total Liabilities 463, , , , , ,571 Total Stockholder s Equity 41,849 97, , , , ,605 Total Liabilities and Stockholder s Equity $ 505,335 $ 580,878 $ 661,238 $ 721,315 $ 840,537 $ 915,176 1 Debt shown is net of deferred loan issuance costs 26 May Enova International, Inc.
27 Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA to Net Income Fiscal Year Ended December 31, LTM Ended March 31, ($ millions) Net income $24.8 $37.0 $58.9 $78.0 $111.7 $44.0 $29.3 Lease termination and relocation costs (1) Regulatory penalty (2) Withdrawn IPO (3) Interest expense, net Provision for income taxes Depreciation and amortization Foreign currency transaction (gain) loss (1.5) Stock-based compensation expense Adjusted EBITDA $63.0 $87.7 $131.5 $162.5 $235.8 $155.7 $132.4 (1) Represents facility cease-use charges on our prior headquarters. (2) Represents the amount paid in connection with a civil money penalty assessed by the Consumer Financial Protection Bureau, which is nondeductible for tax purposes. (3) Represents costs related to our withdrawn Registration Statement in July 2012 in connection with efforts in pursuit of an initial public offering. Free Cash Flow LTM Ending ($ millions) March 31, 2016 Cash flow from operating activities $294.6 Cash flow from investing activities: Loans and Finance Receivables (383.7) Purchases of property and equipment (22.9) Free cash flow ($111.9) 27 May Enova International, Inc.
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