Enova International (NYSE: ENVA) reported Q4 EPS of $0.92, $0.14 worse than the analyst estimate of $1.06. Revenue for the quarter came in at $345 million versus the consensus estimate of $339.58 million.

Fourth Quarter 2019 Summary

• Total revenue of $345 million in the fourth quarter of 2019 increased 25% from $277 million in the fourth quarter of 2018.
• Gross profit margin was 42.5% in the fourth quarter of 2019, compared to 43.1% in the fourth quarter of 2018.
• Net income of $30 million, or $0.87 per diluted share, in the fourth quarter of 2019 compared to $10 million, or $0.28 per diluted share, in the fourth quarter of 2018.
• Fourth quarter 2019 adjusted EBITDA of $66 million, a non-GAAP measure, increased from $49 million in the fourth quarter of 2018.
• Adjusted earnings of $31 million, or $0.92 per diluted share, a non-GAAP measure, in the fourth quarter of 2019 increased from adjusted earnings of $19 million, or $0.55 per diluted share, in the fourth quarter of 2018.

"Our fourth quarter topped off another year of strong results for Enova, driven by strong demand, solid execution, and efficient marketing," said David Fisher, Enova's CEO. "The business continues to operate at a very high level, demonstrated by the substantial revenue and earnings growth we delivered in 2019. We are excited about the opportunities ahead of us and expect 2020 to be another excellent year for Enova, as we adapt to changes in the market to continue to help hardworking people get access to fast, trustworthy credit."

"Fourth quarter financial results reflect our continued ability to leverage our diverse product offerings, solid balance sheet, operating leverage and disciplined focus on unit economics to deliver both significant growth and profitability. As shown in our outlook for 2020, we expect a continuation of these trends into the new year," said Steve Cunningham, CFO of Enova. "Our outlook also incorporates the adoption of the fair value method of accounting for our receivables portfolio to comply with new life of loan loss recognition requirements, which we feel best aligns with our operating model and the economics of our business."

GUIDANCE:

Enova International sees Q1 2020 EPS of $1.35-$1.78, versus the consensus of $1.24. Enova International sees Q1 2020 revenue of $328-348 million, versus the consensus of $321.77 million.

Enova International sees FY2020 EPS of $4.53-$5.82, versus the consensus of $4.43. Enova International sees FY2020 revenue of $1.418-1.488 billion, versus the consensus of $1.36 billion.

Outlook

Beginning January 1, 2020, Enova will adopt fair value accounting to comply with new accounting standards for life of loan loss accounting and the outlook for 2020 reflects this adoption. Please see the "Supplemental Financial Information" for the fourth quarter 2019 on Enova's investor relations website for additional details and pro forma results for comparability of the outlook to prior periods.

• For the first quarter of 2020, Enova expects total revenue of $328 million to $348 million, diluted earnings per share from continuing operations of $1.27 to $1.71, adjusted EBITDA of $85 million to $105 million and adjusted earnings per share of $1.35 to $1.78.
• For the full year 2020, Enova expects total revenue of $1.418 billion to $1.488 billion, diluted earnings per share from continuing operations of $4.21 to $5.50, adjusted EBITDA of $305 million to $365 million and adjusted earnings per share of $4.53 to $5.82.

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