Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 22, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ENVA | ||
Entity Registrant Name | Enova International, Inc. | ||
Entity Central Index Key | 1,529,864 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 33,490,724 | ||
Entity Public Float | $ 1,216,033,266 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Assets | |||
Cash and cash equivalents | [1] | $ 52,917 | $ 68,684 |
Restricted cash | [1] | 24,342 | 29,460 |
Loans and finance receivables, net | [1] | 859,946 | 704,705 |
Income taxes receivable | 28,914 | 4,092 | |
Other receivables and prepaid expenses | [1] | 29,983 | 23,817 |
Property and equipment, net | 49,553 | 48,525 | |
Goodwill | 267,013 | 267,015 | |
Intangible assets, net | 3,255 | 4,325 | |
Other assets | [1] | 12,262 | 8,837 |
Total assets | 1,328,185 | 1,159,460 | |
Liabilities and Stockholders' Equity | |||
Accounts payable and accrued expenses | [1] | 89,317 | 77,123 |
Deferred tax liabilities, net | 33,171 | 12,108 | |
Long-term debt | [1] | 857,929 | 788,542 |
Total liabilities | 980,417 | 877,773 | |
Commitments and contingencies (Note 10) | |||
Stockholders' equity: | |||
Common stock, $0.00001 par value, 250,000,000 shares authorized, 34,856,553 and 33,932,673 shares issued and 33,584,606 and 33,504,555 outstanding as of December 31, 2018 and 2017, respectively | 0 | 0 | |
Preferred stock, $0.00001 par value, 25,000,000 shares authorized, no shares issued and outstanding | |||
Additional paid in capital | 48,175 | 29,781 | |
Retained earnings | 336,415 | 264,695 | |
Accumulated other comprehensive loss | (13,805) | (7,086) | |
Treasury stock, at cost (1,271,947 and 428,118 shares as of December 31, 2018 and 2017, respectively) | (23,017) | (5,703) | |
Total stockholders' equity | 347,768 | 281,687 | |
Total liabilities and stockholders' equity | $ 1,328,185 | $ 1,159,460 | |
[1] | Includes amounts in consolidated variable interest entities (“VIEs”) presented separately in the table below. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value per share | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 34,856,553 | 33,932,673 |
Common stock, shares outstanding | 33,584,606 | 33,504,555 |
Preferred stock, par value per share | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Treasury stock, shares | 1,271,947 | 428,118 |
CONSOLIDATED BALANCE SHEETS (Co
CONSOLIDATED BALANCE SHEETS (Consolidated VIEs) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Assets of consolidated VIEs, included in total assets above | |||
Cash and cash equivalents | [1] | $ 52,917 | $ 68,684 |
Restricted cash | [1] | 24,342 | 29,460 |
Loans and finance receivables, net | [1] | 859,946 | 704,705 |
Other receivables and prepaid expenses | [1] | 29,983 | 23,817 |
Other assets | [1] | 12,262 | 8,837 |
Liabilities of consolidated VIEs, included in total liabilities above | |||
Accounts payable and accrued expenses | [1] | 89,317 | 77,123 |
Long-term debt | [1] | 857,929 | 788,542 |
Variable Interest Entity, Primary Beneficiary | |||
Assets of consolidated VIEs, included in total assets above | |||
Cash and cash equivalents | 210 | ||
Restricted cash | 22,168 | 21,696 | |
Loans and finance receivables, net | 318,961 | 259,996 | |
Other receivables and prepaid expenses | 2,712 | ||
Other assets | 2,544 | 178 | |
Total assets of consolidated VIEs | 346,595 | 281,870 | |
Liabilities of consolidated VIEs, included in total liabilities above | |||
Accounts payable and accrued expenses | 3,087 | 1,671 | |
Long-term debt | 223,368 | 208,135 | |
Total liabilities of consolidated VIEs | $ 226,455 | $ 209,806 | |
[1] | Includes amounts in consolidated variable interest entities (“VIEs”) presented separately in the table below. |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Consolidated VIEs) (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Allowance for losses | $ 163,308 | $ 123,044 |
Variable Interest Entity, Primary Beneficiary | ||
Allowance for losses | $ 27,255 | $ 22,728 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Revenue | $ 1,114,074 | $ 843,741 | $ 745,569 |
Cost of Revenue | 571,000 | 396,632 | 327,966 |
Gross Profit | 543,074 | 447,109 | 417,603 |
Expenses | |||
Marketing | 125,269 | 101,429 | 97,404 |
Operations and technology | 112,483 | 95,155 | 85,202 |
General and administrative | 107,060 | 101,723 | 97,956 |
Depreciation and amortization | 15,190 | 14,388 | 15,564 |
Total Expenses | 360,002 | 312,695 | 296,126 |
Income from Operations | 183,072 | 134,414 | 121,477 |
Interest expense, net | (79,348) | (74,003) | (65,603) |
Foreign currency transaction (loss) gain, net | (2,320) | 384 | 1,562 |
Loss on early extinguishment of debt | (24,991) | (22,895) | |
Income before Income Taxes | 76,413 | 37,900 | 57,436 |
Provision for income taxes | 6,315 | 8,660 | 22,834 |
Net Income | $ 70,098 | $ 29,240 | $ 34,602 |
Earnings per common share: | |||
Basic | $ 2.06 | $ 0.87 | $ 1.04 |
Diluted | $ 1.99 | $ 0.86 | $ 1.03 |
Weighted average common shares outstanding: | |||
Basic | 33,993 | 33,523 | 33,192 |
Diluted | 35,176 | 34,132 | 33,462 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net Income | $ 70,098 | $ 29,240 | $ 34,602 | |
Other comprehensive gain (loss), net of tax: | ||||
Foreign currency translation (loss) gain | [1] | (5,097) | 4,492 | (6,956) |
Reclassification of certain deferred tax effects | [2] | (1,622) | ||
Total other comprehensive (loss) gain, net of tax | (6,719) | 4,492 | (6,956) | |
Comprehensive Income | $ 63,379 | $ 33,732 | $ 27,646 | |
[1] | Net of tax benefit (provision) of $974, $(2,517) and $3,939 for the years ended December 31, 2018, 2017 and 2016, respectively. | |||
[2] | Amount represents the reclassification of stranded tax effects from AOCI to retained earnings resulting from the change in the federal corporate income tax rate under the Tax Cuts and Jobs Act. |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Tax benefit (provision) of foreign currency translation loss (gain) | $ 974 | $ (2,517) | $ 3,939 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | |
Balance at Dec. 31, 2015 | $ 205,968 | $ 9,924 | $ 200,853 | $ (4,622) | $ (187) | ||
Balance, in shares at Dec. 31, 2015 | 33,151,000 | (29,000) | |||||
Stock-based compensation expense | 8,522 | 8,522 | |||||
Shares issued for vested RSUs, in shares | 214,000 | ||||||
Net income | 34,602 | 34,602 | |||||
Foreign currency translation (loss) gain, net of tax | (6,956) | [1] | (6,956) | ||||
Purchases of treasury shares, at cost | (437) | $ (437) | |||||
Purchases of treasury shares, at cost, in shares | (42,000) | ||||||
Balance at Dec. 31, 2016 | 241,699 | 18,446 | 235,455 | (11,578) | $ (624) | ||
Balance, in shares at Dec. 31, 2016 | 33,365,000 | (71,000) | |||||
Stock-based compensation expense | 11,307 | 11,307 | |||||
Shares issued for vested RSUs, in shares | 564,000 | ||||||
Shares issued for stock option exercises | 28 | 28 | |||||
Shares issued for stock option exercises, in shares | 4,000 | ||||||
Net income | 29,240 | 29,240 | |||||
Foreign currency translation (loss) gain, net of tax | 4,492 | [1] | 4,492 | ||||
Purchases of treasury shares, at cost | (5,079) | $ (5,079) | |||||
Purchases of treasury shares, at cost, in shares | (357,000) | ||||||
Balance at Dec. 31, 2017 | $ 281,687 | 29,781 | 264,695 | (7,086) | $ (5,703) | ||
Balance, in shares at Dec. 31, 2017 | 33,932,673 | 33,933,000 | (428) | ||||
Stock-based compensation expense | $ 11,660 | 11,660 | |||||
Shares issued for vested RSUs, in shares | 604,000 | ||||||
Shares issued for stock option exercises | 6,734 | 6,734 | |||||
Shares issued for stock option exercises, in shares | 320,000 | ||||||
Net income | 70,098 | 70,098 | |||||
Foreign currency translation (loss) gain, net of tax | (5,097) | [1] | (5,097) | ||||
Purchases of treasury shares, at cost | (17,314) | $ (17,314) | |||||
Purchases of treasury shares, at cost, in shares | (844,000) | ||||||
Reclassification of certain deferred tax effects | 1,622 | [2] | 1,622 | (1,622) | |||
Balance at Dec. 31, 2018 | $ 347,768 | $ 48,175 | $ 336,415 | $ (13,805) | $ (23,017) | ||
Balance, in shares at Dec. 31, 2018 | 34,856,553 | 34,857,000 | (1,272) | ||||
[1] | Net of tax benefit (provision) of $974, $(2,517) and $3,939 for the years ended December 31, 2018, 2017 and 2016, respectively. | ||||||
[2] | Amount represents the reclassification of stranded tax effects from AOCI to retained earnings resulting from the change in the federal corporate income tax rate under the Tax Cuts and Jobs Act. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities | |||
Net Income | $ 70,098 | $ 29,240 | $ 34,602 |
Adjustments to reconcile Net Income to net cash provided by operating activities: | |||
Depreciation and amortization | 15,190 | 14,388 | 15,564 |
Amortization of deferred loan costs and debt discount | 6,201 | 7,196 | 6,913 |
Cost of revenue | 571,000 | 396,632 | 327,966 |
Stock-based compensation expense | 11,660 | 11,307 | 8,522 |
Fair value changes in contingent purchase consideration | 2,358 | 3,300 | |
Loss on early extinguishment of debt | 24,991 | 22,895 | |
Deferred income taxes, net | 21,971 | (4,742) | (2,201) |
Other | 55 | (55) | (151) |
Changes in operating assets and liabilities: | |||
Finance and service charges on loans and finance receivables | (22,698) | (19,056) | (16,232) |
Other receivables and prepaid expenses | (6,572) | (3,310) | 843 |
Accounts payable and accrued expenses | 17,766 | (5,306) | 8,462 |
Current income taxes | (24,822) | (4,374) | 5,785 |
Net cash provided by operating activities | 684,840 | 447,173 | 393,373 |
Cash Flows from Investing Activities | |||
Loans and finance receivables originated or acquired | (1,750,507) | (1,419,399) | (1,308,197) |
Loans and finance receivables repaid | 1,045,369 | 909,554 | 858,048 |
Purchases of property and equipment | (16,079) | (16,528) | (14,396) |
Other investing activities | 284 | 1,805 | 95 |
Net cash used in investing activities | (720,933) | (524,568) | (464,450) |
Cash Flows from Financing Activities | |||
Borrowings under revolving line of credit | 203,000 | 30,000 | 58,400 |
Repayments under revolving line of credit | (181,000) | (30,000) | (116,800) |
Borrowings under securitization facilities | 348,813 | 359,842 | 280,075 |
Repayments under securitization facilities | (332,916) | (313,853) | (114,656) |
Issuance of senior notes | 375,000 | 250,000 | |
Repayments of senior notes | (345,000) | (155,000) | |
Debt issuance costs paid | (13,010) | (14,662) | (6,702) |
Debt prepayment penalty paid | (18,828) | (16,694) | |
Payment of promissory note | (3,000) | ||
Proceeds from exercise of stock options | 6,734 | 28 | |
Treasury shares purchased | (17,314) | (5,079) | (437) |
Net cash provided by financing activities | 22,479 | 104,582 | 99,880 |
Effect of exchange rates on cash | (7,271) | 4,717 | (12,008) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (20,885) | 31,904 | 16,795 |
Cash, cash equivalents and restricted cash at beginning of year | 98,144 | 66,240 | 49,445 |
Cash, cash equivalents and restricted cash at end of period | $ 77,259 | $ 98,144 | $ 66,240 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 1. Significant Accounting Policies Nature of the Company Enova International, Inc. (“Enova”), formed on September 7, 2011, is an independent, publicly traded company, and the Company’s shares of common stock are listed on the New York Stock Exchange under the symbol “ENVA.” Enova and its subsidiaries (individually and collectively referred to herein as the “Company”) The Company originates, guarantees or purchases consumer loans. Consumer loans provide customers with cash in their bank account, typically in exchange for an obligation to repay the amount advanced plus fees and/or interest. Consumer loans include short-term loans, line of credit accounts and installment loans. The Company provides financing to small businesses through either a line of credit account, installment loan or a receivables purchase agreement product (“RPAs”). RPAs represent a right to receive future receivables from a small business. Small businesses receive funds in exchange for a portion of the business’ future receivables at an agreed upon discount. In contrast, lending is a commitment to repay principal and interest. “Loans and finance receivables” include consumer loans, small business loans and RPAs. Short-term loans include unsecured short-term loans written by the Company or by a third-party lender through the Company’s credit services organization and credit access business programs (“CSO programs” as further described below) that the Company guarantees. Line of credit accounts include draws made through the Company’s line of credit product. Installment loans are longer-term multi-payment loans that generally require the outstanding principal balance to be paid down in multiple installments and are written by the Company, by a third-party lender through the CSO programs or by a bank partner. Through the Company’s CSO programs, the Company provides services related to a third-party lender’s consumer loan products in some markets by acting as a credit services organization or credit access business on behalf of consumers in accordance with applicable state laws. Services offered under the CSO programs include credit-related services such as arranging loans with independent third-party lenders and assisting in the preparation of loan applications and loan documents (“CSO loans”). Under the CSO programs, the Company guarantees consumer loan payment obligations to the third-party lender in the event that the customer defaults on the loan. CSO loans are not included in the Company’s consolidated balance sheets with the exception of a liability for the estimated losses related to the guarantee on these loans. The Company operates a program with a bank to provide technology, marketing services, and loan servicing for near-prime unsecured consumer installment loans. Under the program, the Company receives marketing and servicing fees while the bank receives an origination fee. The bank has the ability to sell the loans it originates to the Company. The Company does not guarantee the performance of the loans originated by the bank. Basis of Presentation The consolidated financial statements of the Company included herein have been prepared on the basis of accounting principles generally accepted in the United States (“GAAP”) and reflect the historical results of operations and cash flows of the Company during each respective period. The consolidated financial statements include goodwill and intangible assets arising from businesses previously acquired. The financial information included herein may not be indicative of the consolidated financial position, operating results, changes in stockholders’ equity and cash flows of the Company in the future. Intercompany transactions are eliminated. Certain prior period amounts have been reclassified to conform to the current year presentation. The Company consolidates any variable interest entity (“VIE”) where it has determined the Company is the primary beneficiary. The primary beneficiary is the entity which has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance as well as the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE. Use of Estimates The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. On an on-going basis, management evaluates its estimates and judgments, including those related to revenue recognition, allowance for losses on loans and finance receivables, goodwill, long-lived and intangible assets, income taxes, contingencies and litigation. Management bases its estimates on historical experience, empirical data and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates. Foreign Currency Translations The functional currencies for the Company’s subsidiaries that serve or have served residents of the United Kingdom, Australia, Canada and Brazil are the British pound, the Australian dollar, the Canadian dollar and the Brazilian real, respectively. The assets and liabilities of these subsidiaries are translated into U.S. dollars at the exchange rates in effect at each balance sheet date, and the resulting adjustments are recorded in “Accumulated other comprehensive income (loss)” (“AOCI”) as a separate component of stockholders’ equity. Revenue and expenses are translated at the monthly average exchange rates occurring during each period. Cash and Cash Equivalents The Company considers deposits in banks and short-term investments with original maturities of 90 days or less as cash and cash equivalents. Restricted Cash The Company includes funds to be used for future debt payments relating to its securitization transactions and escrow deposits in restricted cash and cash equivalents. Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheets (in thousands): December 31, 2018 2017 2016 Cash and cash equivalents $ 52,917 $ 68,684 $ 39,934 Restricted cash 24,342 29,460 26,306 Total cash, cash equivalents and restricted cash $ 77,259 $ 98,144 $ 66,240 Revenue Recognition The Company recognizes revenue based on the financing products and services it offers and on loans it acquires. “Revenue” in the consolidated statements of income includes: interest income, finance charges, fees for services provided through the Company’s CSO programs (“CSO fees”), revenue on RPAs, service charges, draw fees, minimum billing fees, purchase fees, origination fees, late fees and non-sufficient funds fees as permitted by applicable laws and pursuant to the agreement with the customer. For short-term loans that the Company offers, interest and finance charges are recognized on an effective yield basis over the term of the loan. For line of credit accounts, interest is recognized over the reporting period based upon the balance outstanding and the contractual interest rate, draw fees are recognized on an effective yield basis over the estimated outstanding period of the draw, and minimum billing fees are recognized when assessed to the customer. For installment loans, interest and origination fees are recognized on an effective yield basis over the term of the loan. For RPAs, revenue and purchase fees are recognized on an effective yield basis over the projected delivery term of the agreements and fees are recognized when assessed. CSO fees are recognized on an effective yield basis over the term of the loan. Late and nonsufficient funds fees are recognized when assessed to the customer. Direct costs associated with originating loans and purchasing RPAs, such as third-party customer acquisition costs, are deferred and amortized against revenue on an effective yield basis over the term of the loan or Current and Delinquent Loans and Finance Receivables The Company classifies its loans and finance receivables as either current or delinquent. Short-term loans are considered delinquent when payment of an amount due is not made as of the due date. If a line of credit account or installment loan customer misses one payment, that payment is considered delinquent, and the balance of the loan is considered current. If a line of credit account or installment loan customer does not make two consecutive payments, the entire account or loan is classified as delinquent and placed on a non-accrual status. The Company allows for normal payment processing time before considering a loan delinquent but does not provide for any additional grace period. Where permitted by law and as long as a loan is not considered delinquent, a customer may choose to renew a short-term loan or installment loan or extend the due date on a short-term loan. In order to renew or extend a short-term loan, a customer must agree to pay the current finance charge for the right to make a later payment of the outstanding principal balance plus an additional finance charge. In order to renew an installment loan, the customer enters into a new installment loan contract and agrees to pay the principal balance and finance charge in accordance with the terms of the new loan contract. If a short-term loan is renewed, but the customer fails to pay that loan’s current finance charge as of the due date, the unpaid finance charge is classified as delinquent. The Company does not accrue interest on delinquent loans and does not resume accrual of interest on a delinquent loan unless it is returned to current status. In addition, delinquent loans generally may not be renewed, and if, during its attempt to collect on a delinquent loan, the Company allows additional time for payment through a payment plan or a promise to pay, it is still considered delinquent. Generally, all payments received are first applied against accrued but unpaid interest and fees and then against the principal balance of the loan. Allowance and Liability for Estimated Losses on Loans and Finance Receivables The Company monitors the performance of its loan and finance receivable portfolios and maintains either an allowance or liability for estimated losses on loans and finance receivables (including revenue, fees and/or interest) at a level estimated to be adequate to absorb losses inherent in the portfolio. The allowance for losses on the Company’s owned loans and finance receivables reduces the outstanding loans and finance receivables balance in the consolidated balance sheets. The liability for estimated losses related to loans guaranteed under its CSO programs is initially recorded at fair value and is included in “Accounts payable and accrued expenses” in the consolidated balance sheets. In determining the allowance or liability for estimated losses on loans and finance receivables, the Company applies a documented systematic methodology. In calculating the allowance or liability for receivable losses, outstanding loans and finance receivables are divided into discrete groups of short-term loans, line of credit accounts, installment loans and RPAs and are analyzed as current or delinquent. Increases in either the allowance or the liability, net of charge-offs and recoveries, are recorded as a “Cost of revenue” in the consolidated statements of income. The allowance or liability for short-term loans classified as current is based on historical loss rates adjusted for recent default trends for current loans. For delinquent short-term loans, the allowance or liability is based on a six-month rolling average of loss rates by stage of collection. For line of credit account, installment loan and RPA portfolios, the Company generally uses either a migration analysis or roll-rate based methodology to estimate losses inherent in the portfolio. The allowance or liability calculation under the migration analysis and roll-rate methodology is based on historical charge-off experience and the loss emergence period, which represents the average amount of time between the first occurrence of a loss event and the charge-off of a loan or RPA. The factors the Company considers to assess the adequacy of the allowance or liability include past due performance, historical behavior of monthly vintages, underwriting changes, delinquency status, payment history and recency factors. The Company fully reserves for loans and finance receivables once the receivable or a portion of the receivable has been classified as delinquent for 60 consecutive days and generally charges off loans and finance receivables between 60 and 65 days delinquent. If a loan or finance receivable is deemed uncollectible before it is fully reserved, it is charged off at that point. Loans and finance receivables classified as delinquent generally have an age of one to 64 days from the date any portion of the receivable became delinquent, as defined above. Recoveries on loans and finance receivables previously charged to the allowance are credited to the allowance when collected. Property and Equipment Property and equipment is recorded at cost. The cost of property retired or sold and the related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized in the consolidated statements of income. Costs associated with repair and maintenance activities are expensed as incurred. Depreciation expense is generally provided on a straight-line basis, using the following estimated useful lives: Computer hardware and software 3 to 5 years Furniture, fixtures and equipment 3 to 7 years Leasehold improvements (1) 3 to 10 years (1) Leasehold improvements are depreciated over the lesser of the estimated useful life, remaining lease term, or 10 years. Software Development Costs The Company applies Accounting Standards Codification (“ASC”) 350-40, Internal Use Software Goodwill Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. In accordance with ASC 350, Intangibles—Goodwill and Other The Company first assesses qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. In assessing the qualitative factors, management considers relevant events and circumstances including but not limited to macroeconomic conditions, industry and market environment, overall financial performance of the Company, cash flow from operating activities, market capitalization and stock price. If the Company determines that the two-step quantitative impairment test is required, management uses the income approach to complete its annual goodwill assessment. The income approach uses future cash flows and estimated terminal values for the Company that are discounted using a market participant perspective to determine the fair value, which is then compared to the carrying value to determine if there is impairment. The income approach includes assumptions about revenue growth rates, operating margins and terminal growth rates discounted by an estimated weighted-average cost of capital derived from other publicly-traded companies that are similar but not identical from an operational and economic standpoint. Long-Lived Assets Other Than Goodwill An evaluation of the recoverability of property and equipment and intangible assets subject to amortization is performed whenever the facts and circumstances indicate that the carrying value may be impaired. An impairment loss is recognized if the future undiscounted cash flows associated with the asset and the estimated fair value of the asset are less than the asset’s corresponding carrying value. The amount of the impairment loss, if any, is the excess of the asset’s carrying value over its estimated fair value. The Company amortizes intangible assets subject to amortization on the basis of their expected periods of benefit, generally three to 20 years. The costs of start-up activities and organization costs are charged to expense as incurred. Hedging and Derivatives Activity The Company periodically uses foreign currency forward contracts, which are considered derivative instruments, to minimize the effects of foreign currency risk in Brazil and the United Kingdom related to the operations of the Company. The forward contracts are not designated as hedges as defined by ASC 815, Derivatives and Hedging; Investment in Unconsolidated Investee The Company has an equity ownership position in an investment without a readily determinable value. In accordance with ASC 321, Investment – Equity Securities, Marketing Expenses Marketing expenses consist of digital costs, lead purchase costs and offline marketing costs such as television and direct mail advertising. Marketing costs directly related to loan and RPA originations are deferred and amortized against revenue. Marketing costs not directly resulting in loan and RPA originations are expensed as incurred. The production costs associated with offline marketing are expensed as incurred. Operations and Technology Expenses Operations and technology expenses include all expenses related to the direct operations and technology infrastructure related to loan underwriting and processing. This includes call center and operations personnel costs, software maintenance expense, underwriting data from third-party vendors, bank and transaction fees and telephony costs. General and Administrative Expenses General and administrative expenses primarily include the Company’s corporate personnel costs, as well as legal, occupancy, and other related costs. Stock-Based Compensation The Company accounts for its stock-based employee compensation plans in accordance with ASC 718, Compensation—Stock Compensation the fair value of share-based compensation is determined at the grant date and the recognition of the related expense is recorded over the period in which the share-based compensation vests. However, with respect to income taxes, the related deduction from taxes payable is based on the award’s intrinsic value at the time of exercise (for an option) or on the fair value upon vesting of the award (for restricted stock units), which can be either greater (creating an excess tax benefit) or less (creating a tax deficiency) than the deferred tax benefit that is recorded as compensation cost is recognized in the consolidated financial statements. Pursuant to Accounting Standards Update (“ASU”) 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”) Reclassification of AOCI to Net Income In 2009, the Company began providing services in Australia and Canada under the brand name DollarsDirect. Due to the small size of the Australian and Canadian markets and our limited operations there, the Company decided to exit those markets in 2016 and reallocate its resources to other existing businesses. As a result, the Company ceased loan originations in those countries and have wound down our loan portfolios. During 2018, the Company continued the liquidation process of the legal entities related to Australia and Canada and recorded a $2.3 million loss to “Foreign currency transaction (loss) gain” in the consolidated statements of income to recognize the cumulative translation adjustment balance that had been previously recorded to “Accumulated other comprehensive loss” on the consolidated balance sheets. The following table sets forth the components of accumulated other comprehensive loss, net of tax, for the years ended December 31, 2018 and 2017 (in thousands): Foreign currency translation gain (loss) Total Balance at December 31, 2016 $ (11,578 ) $ (11,578 ) Other comprehensive income, before reclassifications and tax 7,009 7,009 Tax impact (2,517 ) (2,517 ) Balance at December 31, 2017 $ (7,086 ) $ (7,086 ) Other comprehensive loss, before reclassifications and tax (8,414 ) (8,414 ) Tax impact 1,501 1,501 Australia and Canada liquidation (1) 2,343 2,343 Tax impact (527 ) (527 ) Reclassification of certain deferred tax effects (2) (1,622 ) (1,622 ) Balance at December 31, 2018 $ (13,805 ) $ (13,805 ) (1) Amount represents the reclassification of foreign currency translation losses from AOCI to the consolidated statements of income due to the liquidation of the Company’s Australian and Canadian businesses. (2) Amount represents the reclassification of stranded tax effects from AOCI to retained earnings resulting from the change in the federal corporate income tax rate under the Tax Cuts and Jobs Act. Income Taxes The provision for income taxes is based on income before income taxes as reported for financial statement purposes. Deferred income taxes are provided for in accordance with the asset and liability method of accounting for income taxes in order to recognize the tax effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated financial statements. The Company accounts for uncertainty in income taxes in accordance with ASC 740, Income Taxes The Company performs an evaluation of the recoverability of its deferred tax assets on a quarterly basis. The Company establishes a valuation allowance if it is more likely than not that all or some portion of the deferred tax asset will not be realized. The Company analyzes several factors, including the nature and frequency of operating losses, the Company’s carryforward period for any losses, the reversal of future taxable temporary differences, the expected occurrence of future income or loss and the feasibility of available tax planning strategies to protect against the loss of deferred tax assets. See Note 9 for further discussion. Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings per share is calculated by giving effect to the potential dilution that could occur if securities or other contracts to issue common shares were exercised and converted into common shares during the year. Restricted stock units issued under the Company’s stock-based employee compensation plans are included in diluted shares upon the granting of the awards even though the vesting of shares will occur over time. The following table sets forth the reconciliation of numerators and denominators of basic and diluted earnings per share computations for the years ended December 31, 2018 2017 2016 Year Ended December 31, 2018 2017 2016 Numerator: Net income $ 70,098 $ 29,240 $ 34,602 Denominator: Total weighted average basic shares 33,993 33,523 33,192 Shares applicable to stock-based compensation 1,183 609 270 Total weighted average diluted shares 35,176 34,132 33,462 Earnings per share – basic $ 2.06 $ 0.87 $ 1.04 Earnings per share – diluted $ 1.99 $ 0.86 $ 1.03 For the years ended December 31, 2018, 2017 and 2016, 587,045, 1,563,975 and 1,622,331 shares of common stock underlying stock options, respectively, and 82,929, 182,008 and 464,500 shares of common stock underlying restricted stock units, respectively, were excluded from the calculation of diluted net income per share because their effect would have been antidilutive. Adopted In February 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory In January 2016, the FASB issued ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016‑01”), which requires that equity investments, except for those accounted for under the equity method or those that result in consolidation of the investee, be measured at fair value, with subsequent changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. ASU 2016-01 also impacts the presentation and disclosure requirements for financial instruments. The Company adopted ASU 2016-01 as of January 1, 2018, which did not have a material effect on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue Recognition. Accounting Standards to be Adopted in Future Periods In August 2018, the FASB issued ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) Leases (Topic 842): Targeted Improvements |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | 2. Acquisitions On June 23, 2015, the Company completed the purchase of certain assets and assumed certain liabilities of a company operating as The Business Backer, LLC, which purchases discounted future accounts receivables from small businesses throughout the United States through RPAs, which provide working capital for small businesses. The total consideration of $26.4 million was comprised of $17.7 million in cash at closing, a $3.0 million promissory note (included in “Accounts payable and accrued expenses” in the consolidated balance sheets) and estimated contingent consideration of $5.7 million based on future earn-out opportunities. The promissory note and all accrued interest was paid on June 22, 2018. The contingent purchase consideration was recorded at its estimated fair value at the date of acquisition based upon the Company’s assessment of the probable earnings attributable to the business as defined in the purchase agreement. The contingent purchase consideration was revalued each reporting period with changes in fair value of the contingent consideration obligations recognized as a gain or loss on fair value remeasurement in the Company’s consolidated statements of income. The fair value of the contingent purchase consideration was remeasured as of December 31, 2016 and a gain from the fair value remeasurement of $3.3 million was recognized in “General and administrative expenses” in the consolidated statements of income |
Loans and Finance Receivables,
Loans and Finance Receivables, Credit Quality Information and Allowances and Liabilities for Estimated Losses on Loans and Finance Receivables | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Loans and Finance Receivables, Credit Quality Information and Allowances and Liabilities for Estimated Losses on Loans and Finance Receivables | 3. Loans and Finance Receivables, Credit Quality Information and Allowances and Liabilities for Estimated Losses on Loans and Finance Receivables Revenue generated from the Company’s loans and finance receivables for the years ended December 31, 2018, 2017 and 2016 was as follows (in thousands): Year Ended December 31, 2018 2017 2016 Short-term loans $ 219,210 $ 197,408 $ 196,255 Line of credit accounts 363,495 262,760 220,462 Installment loans and RPAs 529,996 382,683 327,375 Total loans and finance receivables revenue 1,112,701 842,851 744,092 Other 1,373 890 1,477 Total Revenue $ 1,114,074 $ 843,741 $ 745,569 The components of Company-owned loans and finance receivables at December 31, 2018 and 2017 were as follows (in thousands): As of December 31, 2018 Short-term Line of Credit Installment Loans and Loans Accounts RPAs Total Current receivables $ 37,558 $ 213,896 $ 672,538 $ 923,992 Delinquent receivables: Delinquent payment amounts ( 1) — 10,783 2,696 13,479 Receivables on non-accrual status 30,167 2,884 52,732 85,783 Total delinquent receivables 30,167 13,667 55,428 99,262 Total loans and finance receivables, gross 67,725 227,563 727,966 1,023,254 Less: Allowance for losses (21,420 ) (51,008 ) (90,880 ) (163,308 ) Loans and finance receivables, net $ 46,305 $ 176,555 $ 637,086 $ 859,946 As of December 31, 2017 Short-term Line of Credit Installment Loans and Loans Accounts RPAs Total Current receivables $ 45,552 $ 161,070 $ 537,634 $ 744,256 Delinquent receivables: Delinquent payment amounts ( 1) — 7,696 3,635 11,331 Receivables on non-accrual status 28,120 1,302 42,740 72,162 Total delinquent receivables 28,120 8,998 46,375 83,493 Total loans and finance receivables, gross 73,672 170,068 584,009 827,749 Less: Allowance for losses (19,917 ) (31,148 ) (71,979 ) (123,044 ) Loans and finance receivables, net $ 53,755 $ 138,920 $ 512,030 $ 704,705 (1) Represents the delinquent portion of installment loans and line of credit account balances for customers that have only missed one payment. See Note 1 “Significant Accounting Policies-Current and Delinquent Loans and Finance Receivables” for additional information. Changes in the allowance for losses for Company-owned loans and finance receivables and the liability for estimated losses on the Company’s guarantees of third-party lender-owned loans through the CSO programs for the years ended December 31, 2018, 2017 and 2016 were as follows (in thousands): Year Ended December 31, 2018 Short-term Line of Credit Installment Loans and Loans Accounts RPAs Total Allowance for losses for Company-owned loans and finance receivables: Balance at beginning of period $ 19,917 $ 31,148 $ 71,979 $ 123,044 Cost of revenue 92,410 162,975 315,707 571,092 Charge-offs (115,565 ) (158,848 ) (359,340 ) (633,753 ) Recoveries 25,069 15,733 63,691 104,493 Effect of foreign currency translation (411 ) — (1,157 ) (1,568 ) Balance at end of period $ 21,420 $ 51,008 $ 90,880 $ 163,308 Liability for third-party lender-owned loans: Balance at beginning of period $ 2,105 $ — $ 153 $ 2,258 (Decrease) increase in liability (141 ) — 49 (92 ) Balance at end of period $ 1,964 $ — $ 202 $ 2,166 Year Ended December 31, 2017 Short-term Line of Credit Installment Loans and Loans Accounts RPAs Total Allowance for losses for Company-owned loans and finance receivables: Balance at beginning of period $ 17,770 $ 26,594 $ 54,581 $ 98,945 Cost of revenue 77,775 93,416 225,179 396,370 Charge-offs (98,243 ) (102,725 ) (254,109 ) (455,077 ) Recoveries 22,089 13,863 45,773 81,725 Effect of foreign currency translation 526 — 555 1,081 Balance at end of period $ 19,917 $ 31,148 $ 71,979 $ 123,044 Liability for third-party lender-owned loans: Balance at beginning of period $ 1,716 $ — $ 280 $ 1,996 Increase (decrease) in liability 389 — (127 ) 262 Balance at end of period $ 2,105 $ — $ 153 $ 2,258 Year Ended December 31, 2016 Short-term Line of Credit Installment Loans and Loans Accounts RPAs Total Allowance for losses for Company-owned loans and finance receivables: Balance at beginning of period $ 14,652 $ 15,727 $ 36,943 $ 67,322 Cost of revenue 69,202 88,489 170,035 327,726 Charge-offs (85,599 ) (92,044 ) (182,471 ) (360,114 ) Recoveries 20,362 14,422 29,804 64,588 Effect of foreign currency translation (847 ) — 270 (577 ) Balance at end of period $ 17,770 $ 26,594 $ 54,581 $ 98,945 Liability for third-party lender-owned loans: Balance at beginning of period $ 1,298 $ — $ 458 $ 1,756 Increase (decrease) in liability 418 — (178 ) 240 Balance at end of period $ 1,716 $ — $ 280 $ 1,996 In connection with its CSO programs, the Company guarantees consumer loan payment obligations to unrelated third-party lenders for short-term and installment loans and is required to purchase any defaulted loans it has guaranteed. The guarantee represents an obligation to purchase specific loans that go into default. As of December 31, 2018 and 2017, the amount of consumer loans guaranteed by the Company was $29.7 million and $34.1 million, respectively, representing amounts due under consumer loans originated by third-party lenders under the CSO programs. The estimated fair value of the liability for estimated losses on consumer loans guaranteed by the Company of $2.2 million and $2.3 million as of December 31, 2018 and 2017, respectively, is included in “Accounts payable and accrued expenses” in the consolidated balance sheets. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 4. Property and Equipment As a leading technology and analytics company, a significant amount of capital is invested in developing computer software and systems infrastructure. Major classifications of property and equipment at December 31, 2018 and 2017 were as follows (in thousands): As of December 31, 2018 Cost Accumulated Depreciation Net Computer software $ 95,364 $ (64,565 ) $ 30,799 Furniture, fixtures and equipment 34,730 (28,176 ) 6,554 Leasehold improvements 18,245 (6,045 ) 12,200 Total $ 148,339 $ (98,786 ) $ 49,553 As of December 31, 2017 Cost Accumulated Depreciation Net Computer software $ 82,757 $ (56,282 ) $ 26,475 Furniture, fixtures and equipment 33,834 (25,912 ) 7,922 Leasehold improvements 25,196 (11,068 ) 14,128 Total $ 141,787 $ (93,262 ) $ 48,525 The Company capitalized internal software development costs of $12.3 million, $12.0 million and $8.1 million during 2018, 2017 and 2016, respectively. The Company recognized depreciation expense of $14.1 million, $13.3 million and $14.4 million during 2018, 2017 and 2016, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 5. Goodwill and Other Intangible Assets Changes in the carrying value of goodwill for the years ended December 31, 2018 and 2017 were as follows (in thousands): Balance as of January 1, 2017 $ 267,010 Effect of foreign currency translation 5 Balance as of December 31, 2017 $ 267,015 Effect of foreign currency translation (2 ) Balance as of December 31, 2018 $ 267,013 The Company completed its annual assessment of goodwill as of June 30, 2018 based on qualitative factors and determined that the fair value of its goodwill exceeded carrying value; as such, no impairment existed at that date. The Company expects that its entire goodwill balance will be deductible for tax purposes. Acquired intangible assets that are subject to amortization as of December 31, 2018 and 2017, were as follows (in thousands): As of December 31, 2018 Cost Accumulated Amortization Net Customer relationships $ 3,497 $ (3,257 ) $ 240 Lead provider and broker relationships 5,689 (4,729 ) 960 Trademarks 2,549 (734 ) 1,815 Non-competition agreements 800 (560 ) 240 Total $ 12,535 $ (9,280 ) $ 3,255 As of December 31, 2017 Cost Accumulated Amortization Net Customer relationships $ 3,536 $ (3,136 ) $ 400 Lead provider and broker relationships 5,689 (4,089 ) 1,600 Trademarks 2,595 (670 ) 1,925 Non-competition agreements 800 (400 ) 400 Total $ 12,620 $ (8,295 ) $ 4,325 Customer, lead provider and broker relationships are generally amortized over three to five years based on the pattern of economic benefits provided. Trademarks are generally amortized over three to 20 years on a straight-line basis. Non-competition agreements are amortized over the applicable terms of the contract. Amortization expense for acquired intangible assets was $1.1 million, for each of the years ended December 31, 2018, 2017 and 2016, respectively. Estimated future amortization expense for the years ended December 31, is as follows (in thousands): Year Amount 2019 $ 1,070 2020 590 2021 110 2022 110 2023 110 |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | 6. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses at December 31, 2018, 2017 were as follows (in thousands): As of December 31, 2018 2017 Trade accounts payable $ 32,584 $ 25,579 Accrued payroll and fringe benefits 18,202 14,877 Accrued interest payable 16,976 11,064 Deferred finish out allowance 7,103 7,979 Accrual for consumer loan payments rejected for non-sufficient funds 6,555 5,096 Deferred fees on third-party consumer loans 5,608 7,074 Liability for losses on third-party lender owned consumer loans 2,166 2,258 Promissory note — 3,000 Other accrued liabilities 123 196 Total $ 89,317 $ 77,123 |
Marketing Expenses
Marketing Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Marketing Expenses [Abstract] | |
Marketing Expenses | 7. Marketing Expenses Marketing expenses for the years ended December 31, 2018, 2017 and 2016 were as follows (in thousands): Year Ended December 31, 2018 2017 2016 Advertising $ 81,257 $ 64,186 $ 66,184 Customer procurement expense including lead purchase costs 44,012 37,224 30,551 Customer referral and revenue sharing expense — 19 669 Total $ 125,269 $ 101,429 $ 97,404 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-term Debt | 8. Long-term debt The Company’s long-term debt instruments and balances outstanding as of December 31, 2018 2017 December 31, 2018 2017 Securitization notes $ 227,288 $ 211,406 Revolving line of credit 22,000 — 9.75% senior notes due 2021 — 342,558 8.50% senior notes due 2024 250,000 250,000 8.50% senior notes due 2025 375,000 — Subtotal 874,288 803,964 Less: Long-term debt issuance costs (16,359 ) (15,422 ) Total long-term debt $ 857,929 $ 788,542 8.50% Senior Unsecured Notes Due 2025 On September 19, 2018, the Company issued and sold $375.0 million in aggregate principal amount of 8.50% senior notes due 2025 ( The 2025 Senior Notes are redeemable at the Company’s option, in whole or in part, (i) at any time prior to September 15, 2021 at 100% of the aggregate principal amount of 2025 Senior Notes redeemed plus the applicable “make whole” premium specified in the indenture that governs the Company’s 2025 Notes (the “2025 Senior Notes Indenture”), plus accrued and unpaid interest, if any, to the redemption date and (ii) at any time on or after September 15, 2021 at the premium, if any, specified in the 2025 Senior Notes Indenture that will decrease over time, plus accrued and unpaid interest, if any, to the redemption date. In addition, prior to September 15, 2021, at its option, the Company may redeem up to 40% of the aggregate principal amount of the 2025 Senior Notes at a redemption price of 108.5% of the aggregate principal amount of 2025 Senior Notes redeemed, plus accrued and unpaid interest, if any, to the redemption date, with the proceeds of certain equity offerings as described in the 2025 Senior Notes Indenture. The 2025 Senior Notes and the related guarantees have not been and will not be registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities or blue sky laws and foreign securities laws. The Company used a portion of the net proceeds of the 2025 Senior Notes offering to retire $295.0 million of the remaining outstanding 9.75% senior notes due 2021 (the “2021 Senior Notes”), to pay the related accrued interest, premiums, fees and expenses associated therewith. The remaining amount is intended to be used for general corporate purposes, which may include working capital and future repurchases of its outstanding debt securities. 8.50% Senior Unsecured Notes Due 2024 On September 1, 2017, the Company issued and sold $250.0 million in aggregate principal amount of 8.50% senior notes due 2024 (the “2024 Senior Notes”) . The 2024 Senior Notes are redeemable at the Company’s option, in whole or in part, (i) at any time prior to September 1, 2020 at 100% of the aggregate principal amount of 2024 Senior Notes redeemed plus the applicable “make whole” premium specified in the 2024 Senior Notes Indenture, plus accrued and unpaid interest, if any, to the redemption date and (ii) at any time on or after September 1, 2020 at the premium, if any, specified in the 2024 Senior Notes Indenture that will decrease over time, plus accrued and unpaid interest, if any, to the redemption date. In addition, prior to September 1, 2020, at its option, the Company may redeem up to 40% of the aggregate principal amount of the 2024 Senior Notes at a redemption price of 108.5% of the aggregate principal amount of 2024 Senior Notes redeemed, plus accrued and unpaid interest, if any, to the redemption date, with the proceeds of certain equity offerings as described in the 2024 Senior Notes Indenture. The 2024 Senior Notes and the related guarantees have not been and will not be registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities or blue sky laws and foreign securities laws. The Company used the net proceeds of the 2024 Senior Notes offering to retire a portion of its outstanding 2021 Senior Notes, to pay the related accrued interest, premiums, fees and expenses associated therewith and for general corporate purposes. Consumer Loan Securitizations 2018-A Notes On October 31, 2018 (the “2018-A Closing Date”), the Company issued $95,000,000 Class A Asset Backed Notes (the “Class A Notes”) and $30,400,000 Class B Asset Backed Notes (the “Class B Notes” and, collectively with the Class A Notes, the “2018-A Notes”), through an indirect subsidiary. The Class A Notes bear interest at 4.20% and the Class B Notes bear interest at 7.37%. The 2018-A Notes are backed by a pool of unsecured consumer installment loans As of December 31, 2018, the total outstanding amount of the 2018-A Notes was $111.4 million. The net proceeds of the offering of the 2018-A Notes on the 2018-A Closing Date were used to acquire the Securitization Receivables from the Company, fund a reserve account and pay fees and expenses incurred in connection with the transaction. The 2018-A Notes were offered only to “qualified institutional buyers” pursuant to Rule 144A under the Securities Act and to certain persons outside of the United States in compliance with Regulation S under the Securities Act. The 2018-A Notes have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities or blue sky laws and foreign securities laws. 2018-2 Facility On October 23, 2018, the Company and several of its subsidiaries entered into a receivables funding agreement (the “2018-2 Facility”) with Credit Suisse AG, New York Branch, as agent (the “Agent”). The 2018-2 Facility collateralizes Securitization Receivables that have been and will be originated or acquired under the Company’s NetCredit brand by several of its subsidiaries and that meet specified eligibility criteria in exchange for a revolving note. Under the 2018-2 Facility, Securitization Receivables are sold to a wholly-owned subsidiary of the Company (the “2018-2 Debtor”) and serviced by another subsidiary of the Company. The 2018-2 Debtor has issued a revolving note with an initial maximum principal balance of $150.0 million, which is required to be secured by 1.25 times the drawn amount in eligible Securitization Receivables. The 2018-2 Facility is non-recourse to the Company and matures on October 23, 2022. As of December 31, 2018, the outstanding amount of the 2018-2 Facility was $25.0 million. The 2018-2 Facility is governed by a loan and security agreement, dated as of October 23, 2018, between the Agent, the 2018-2 Debtor and certain other lenders and agent parties thereto. The 2018-2 Facility bears interest at a rate per annum equal to one-month LIBOR (subject to a floor) plus an applicable margin, which rate per annum is 3.75%. In addition, the 2018-2 Debtor paid certain customary upfront closing fees to the Agent. Interest payments on the 2018-2 Facility will be made monthly. The 2018-2 Debtor shall be permitted to prepay the 2018-2 Facility, subject to certain fees and conditions. Any remaining amounts outstanding will be payable no later than October 23, 2022, the final maturity date. All amounts due under the 2018-2 Facility are secured by all of the 2018-2 Debtor’s assets, which include the Securitization Receivables transferred to the 2018-2 Debtor, related rights under the Securitization Receivables, a bank account and certain other related collateral. The 2018-2 Facility documents contain customary provisions for securitizations, including: representations and warranties as to the eligibility of the Securitization Receivables and other matters; indemnification for specified losses not including losses due to the inability of consumers to repay their loans; covenants regarding special purpose entity matters; and default and termination provisions that provide for the acceleration of the 2018-2 Facility in circumstances including, but not limited to, failure to make payments when due, servicer defaults, certain insolvency events, breaches of representations, warranties or covenants, failure to maintain the security interest in the Securitization Receivables and defaults under other material indebtedness of the 2018-2 Debtor. 2018‑1 Facility On July 23, 2018, the Company and several of its subsidiaries entered into a receivables funding agreement (the “2018‑1 Facility”) with Pacific Western Bank, as lender (the “2018‑1 Lender”). The 2018‑1 Facility collateralizes Securitization Receivables The 2018‑1 Debtor has issued a revolving note with an initial maximum principal balance of $150.0 million, which is required to be secured by 1.25 times the drawn amount in eligible Securitization Receivables. The 2018‑1 Facility is non-recourse to the Company and matures on July 22, 2023. As of December 31, 2018, the carrying amount of the 2018-1 Facility was $36.0 million. The 2018‑1 Facility is governed by a loan and security agreement, dated as of July 23, 2018, between the 2018‑1 Lender and the 2018‑1 Debtor. The 2018-1 Facility bears interest at a rate per annum equal to LIBOR (subject to a floor) plus an applicable margin, which rate per annum is initially 4.00%. In addition, the 2018‑1 Debtor paid certain customary upfront closing fees to the 2018‑1 Lender. Interest payments on the 2018‑1 Facility will be made monthly. The 2018‑1 Debtor shall be permitted to prepay the 2018‑1 Facility, subject to certain fees and conditions. In the event of prepayment for the purposes of securitizations, no fees shall apply. Any remaining amounts outstanding will be payable no later than July 22, 2023, the final maturity date. All amounts due under the 2018‑1 Facility are secured by all of the 2018‑1 Debtor’s assets, which include the Securitization Receivables transferred to the 2018‑1 Debtor, related rights under the Securitization Receivables, a bank account and certain other related collateral. The 2018‑1 Facility documents contain customary provisions for securitizations, including: representations and warranties as to the eligibility of the Securitization Receivables and other matters; indemnification for specified losses not including losses due to the inability of consumers to repay their loans; covenants regarding special purpose entity matters; and default and termination provisions which provide for the acceleration of the 2018‑1 Facility in circumstances including, but not limited to, failure to make payments when due, servicer defaults, certain insolvency events, breaches of representations, warranties or covenants, failure to maintain the security interest in the receivables and defaults under other material indebtedness of the 2018‑1 Debtor. 2016-1 Facility On January 15, 2016, the Company and certain of its subsidiaries entered into a receivables securitization (as amended, the “2016-1 Securitization Facility”) with certain purchasers, Jefferies Funding LLC, as administrative agent (the “Administrative Agent”) and Bankers Trust Company, as indenture trustee and securities intermediary (the “Indenture Trustee”). The 2016-1 Securitization Facility securitizes Securitization Receivables that have been, or will be, originated or acquired under the Company’s NetCredit brand and that meet specified eligibility criteria. Under the 2016-1 Securitization Facility, Securitization Receivables are sold to a wholly-owned special purpose subsidiary (the “2016-1 Issuer”) and serviced by another subsidiary. The 2016-1 Securitization Facility, as amended, provided for a maximum principal amount of $275 million, a variable funding notes maximum principal amount of $30 million per month and a revolving period of the facility ending in October 2017. On October 20, 2017 (the “Amendment Closing Date”), the Company and certain of its subsidiaries amended and restated the 2016‑1 Securitization Facility (the “Amended Facility”). The counterparties to the Amended Facility included certain purchasers, the Administrative Agent and the Indenture Trustee. The Amended Facility relates to Securitization Receivables that have been and will be originated or acquired under the Company’s NetCredit brand by several of its subsidiaries and that meet specified eligibility criteria. The eligible Securitization Receivables that were owned by the 2016-1 Issuer remained in the Amended Facility and the ineligible Securitization Receivables were removed. Under the Amended Facility, additional eligible Securitization Receivables may be sold to the 2016-1 Issuer and serviced by another subsidiary of the Company. In connection with the amendment and restatement, all of the outstanding notes issued by the 2016-1 Issuer prior to the Amendment Closing Date were redeemed and the 2016-1 Issuer issued an initial term note with an initial principal amount of $181.1 million (the “2017 Initial Term Note”) and variable funding notes (the “2017 Variable Funding Notes”) with an aggregate committed availability of $75 million per quarter with an option to increase the commitment to $90 million with the consent of the holders of the 2017 Variable Funding Notes. The Amended Facility also authorized the 2016-1 Issuer to subsequently issue term notes thereafter and, together with the 2017 Initial Term Note and the 2017 Variable Funding Notes the “2017 Securitization Notes”) at the end of each calendar quarter. The maximum principal amount of the 2017 Securitization Notes that may be outstanding at any time under the Amended Facility is $275 million. The 2017 Securitization Notes are non-recourse to the Company and mature at various dates, the latest of which will be April 15, 2022 (the “2017 Final Maturity Date”). As of December 31, 2018 and 2017, the carrying amount of the Amended Facility was $54.9 million and $196.3 million, respectively. The 2017 Securitization Notes are non-recourse to the Company and mature at various dates, the latest of which will be April 15, 2022 (the “2017 Final Maturity Date”). The 2017 Securitization Notes are issued pursuant to an amended and restated indenture, dated as of the Amendment Closing Date, between the 2016-1 Issuer and the Indenture Trustee. The 2017 Securitization Notes bear interest at a rate per annum equal to One-Month LIBOR (subject to a floor) plus 7.50%. In addition, the 2016-1 Issuer paid certain customary upfront closing fees to the Administrative Agent and will pay customary annual commitment and other fees to the purchasers under the Amended Facility. Subject to certain exceptions, the 2016-1 Issuer is not permitted to prepay or redeem any of the 2017 Securitization Notes prior to April 15, 2019. Following such date, the 2016-1 Issuer is permitted to voluntarily prepay any of the 2017 Securitization Notes, subject to an optional redemption premium. Interest and principal payments on the 2017 Securitization Notes will be made monthly. Any remaining amounts outstanding will be payable no later than the 2017 Final Maturity Date. All amounts due under the 2017 Securitization Notes are secured by all of the 2016-1 Issuer’s assets, which include the Securitization Receivables transferred to the 2016-1 Issuer, related rights under the Securitization Receivables, specified bank accounts and certain other related collateral. The Amended Facility documents contain customary provisions for securitizations, including: representations and warranties as to the eligibility of the Securitization Receivables and other matters; indemnification for specified losses not including losses due to the inability of consumers to repay their loans; covenants regarding special purpose entity matters and other subjects; and default and termination provisions which provide for the acceleration of the 2017 Securitization Notes under the Amended Facility in circumstances including, but not limited to, failure to make payments when due, servicer defaults, certain insolvency events, breaches of representations, warranties or covenants, failure to maintain the security interest in the receivables, and defaults under other material indebtedness. From time to time, the Company repurchases Securitization Receivables at its discretion or under the terms of the Amended Facility. On October 25, 2017, the 2016-1 Issuer and the Indenture Trustee amended the Amended Facility to permit a holder of a 2017 Term Note or the 2017 Initial Term Note to exchange such notes for notes with an alternative structure with terms not materially different to the 2016-1 Issuer than the exchanged Term Notes or Initial Term Notes. 2016-2 Facility On December 1, 2016, the Company and certain of its subsidiaries entered into a receivables securitization (the “2016-2 Facility”) with Redpoint Capital Asset Funding, LLC, as lender (the “Lender”). The 2016-2 Facility securitized Securitization Receivables that were originated or acquired under the Company’s NetCredit brand by several of the Company’s subsidiaries (the “Originators”) and that met specified eligibility criteria, including that the annual percentage rate for each securitized consumer loan was greater than or equal to 90%. The average annual percentage rate for loans securitized under the 2016-2 Facility in 2016 was approximately 135%. Under the 2016-2 Facility, Securitization Receivables are sold to a wholly-owned subsidiary of the Company (the “Debtor”) and serviced by another subsidiary of the Company. As of December 31, 2018, there was no remaining outstanding balance under the 2016-2 Facility, as the facility had been repaid in full. There was no remaining amount available to be borrowed, at that date. As of December 31, 2017, the carrying amount of the 2016-2 Facility was $15.1 million. Revolving Credit Facility On June 30, 2017, the Company and certain of its operating subsidiaries entered into a secured revolving credit agreement with a syndicate of banks including TBK Bank, SSB (“TBK”), as administrative agent and collateral agent, Jefferies Finance LLC and TBK as joint lead arrangers and joint lead bookrunners, and Green Bank, N.A., as lender (the “Credit Agreement”). On April 13, 2018 and October 5, 2018, the Credit Agreement was amended to include Pacific Western Bank and Axos Bank, respectively, as lenders, in the syndicate of lenders. The Credit Agreement is secured by domestic receivables and matures on May 1, 2020. The borrowing limit in the Credit Agreement, as amended on October 5, 2018, is $125 million, which is an increase from $75 million as provided by the first amendment to the Credit Agreement. The Company had $22.0 million and no borrowings outstanding under the Credit Agreement as of December 31, 2018 and 2017, respectively. The Credit Agreement provides for a revolving credit line with interest on borrowings under the facility at prime rate plus 1.00%. In addition, the Credit Agreement provides for payment of a commitment fee calculated with respect to the unused portion of the line, and ranges from 0.30% per annum to 0.50% per annum depending on usage. A portion of the revolving credit facility, up to a maximum of $20 million, is available for the issuance of letters of credit. The Company had outstanding letters of credit under the Credit Agreement of $1.6 million as of December 31, 2018. The Credit Agreement provides for certain prepayment penalties if it is terminated on or before its first and second anniversary date, subject to certain exceptions. The Credit Agreement contains certain limitations on the incurrence of additional indebtedness, investments, the attachment of liens to the Company’s property, the amount of dividends and other distributions, fundamental changes to the Company or its business and certain other activities of the Company. The Credit Agreement contains standard financial covenants for a facility of this type based on a leverage ratio and a fixed charge coverage ratio. The Credit Agreement also provides for customary affirmative covenants, including financial reporting requirements, and certain events of default, including payment defaults, covenant defaults and other customary defaults. 9.75% Senior Unsecured Notes Due 2021 On May 30, 2014, the Company issued and sold $500.0 million in aggregate principal amount of 9.75% Senior Notes due 2021 (the “2021 Senior Notes”). The 2021 Senior Notes bore interest at a rate of 9.75% annually on the principal amount payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2014. The 2021 Senior Notes were sold at a discount of the principal amount to yield 10.0% to maturity and would have matured on June 1, 2021. During the years ended December 31, 2018 and 2017 the Company repurchased $345 million and $155.0 million, respectively, principal amount of the 2021 Senior Notes for aggregate cash consideration of $363.8 million and $166.3 million, respectively, plus accrued interest. For the years ended the Company recorded a loss on extinguishment of debt of approximately $24.8 million ($19.1 million net of tax) and $14.9 million ($9.2 million net of tax), respectively, which is included in “Loss on early extinguishment of debt” in the consolidated statements of income. Weighted-average interest rates on long-term debt were 9.78% and 10.63% during 2018 and 2017, respectively. As of December 31, 2018 and 2017, the Company was in compliance with all covenants and other requirements set forth in the prevailing long-term debt agreements. As of December 31, 2018, required principal payments under the terms of the long-term debt for each of the five years after December 31, 2018 are as follows (in thousands): Year Amount 2019 $ — 2020 22,000 2021 — 2022 — 2023 — Thereafter 625,000 (1 ) Securitization 227,304 (2 ) Total $ 874,304 (1) (2) The 2016-1 Securitization Facility matures at various dates, the latest of which will be April 15, 2022, the 2018-2 Facility matures on October 23, 2022, the 2018-1 Facility matures on July 22, 2023 and the 2018-A Notes mature on May 20, 2026. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes The components of the Company’s deferred tax assets and liabilities as of December 31, 2018 and 2017 were as follows (in thousands): As of December 31, 2018 2017 Deferred tax assets: Loans and finance receivables, net $ 8,209 $ 27,444 Compensation and benefits 4,272 4,423 Translation adjustments 4,645 2,531 Accrued rent and deferred finish out allowance 3,392 2,786 Foreign net operating loss carryforward 4,679 2,164 Contingency reserves 1,462 373 Other 2,375 1,068 Total deferred tax assets 29,034 40,789 Deferred tax liabilities: Amortizable intangible assets 45,549 42,334 Property and equipment 8,824 7,760 Other 2,702 153 Total deferred tax liabilities 57,075 50,247 Net deferred tax liabilities before valuation allowance (28,041 ) (9,458 ) Valuation allowance (5,130 ) (2,650 ) Net deferred tax liabilities $ (33,171 ) $ (12,108 ) The components of the provision for income taxes and the income to which it relates for the years ended December 31, 2018, 2017 and 2016 are shown below (in thousands): Year Ended December 31, 2018 2017 2016 Income before income taxes: Domestic $ 76,413 $ 37,900 $ 57,422 International — — 14 Income before income taxes $ 76,413 $ 37,900 $ 57,436 Current (benefit) provision: Federal $ (15,074 ) $ 11,366 $ 22,656 International 42 (3 ) 94 State and local (943 ) 2,045 2,347 Total current (benefit) provision $ (15,975 ) $ 13,408 $ 25,097 Deferred provision (benefit): Federal $ 18,679 $ (4,461 ) $ (2,152 ) International — — — State and local 3,611 (287 ) (111 ) Total deferred provision (benefit) $ 22,290 $ (4,748 ) $ (2,263 ) Total provision for income taxes $ 6,315 $ 8,660 $ 22,834 The effective tax rate on income differs from the federal statutory rate of 21% for the year ended December 31, 2018 and 35% for the years ended December 31, 2017 and 2016, for the following reasons (dollars in thousands): Year Ended December 31, 2018 2017 2016 Tax provision computed at the federal statutory income tax rate $ 16,047 $ 13,265 $ 20,103 State and local income taxes, net of federal tax benefits 2,091 1,440 1,401 Share-based compensation (1,790 ) (1,005 ) 1,656 Foreign exchange gain — 724 — Deferred tax adjustment from TCJA (10,284 ) (7,491 ) — 162(m) limit on deductibility of executive compensation 1,547 — — Other (1,296 ) 1,727 (326 ) Total provision $ 6,315 $ 8,660 $ 22,834 Effective tax rate 8.3 % 22.9 % 39.8 % As required under ASC 740, the Company revalued the existing deferred tax balances as of December 31, 2017 due to a change in the Federal income tax rate in the period as result of the enactment of the Tax Cuts and Jobs Act (“TCJA”). In accordance with SEC Staff Accounting Bulletin No. 118 (“SAB 118”), the Company obtained further necessary information and incorporated published guidance provided after year end. These items were utilized to prepare the Company’s federal and state income tax filings for the 2017 tax year. Included in the Company’s income tax expense as of December 31, 2018 are certain adjustments related to the finalization of computations related to the TCJA. As of December 22, 2018, the Company considers the one-year period provided for under SAB 118 to be closed. The Company has state net operating loss carryforwards of $13.2 million at December 31, 2018 that, if unused, will expire between calendar years 2023 and 2038. The Company has not recorded a valuation allowance related to the state net operating loss carryforwards as they are more likely than not to be utilized. The Company has gross foreign net operating loss carryforwards from Brazilian operations of $20.6 million, $10.7 million and $4.3 million as of December 31, 2018, 2017 and 2016, respectively. These net operating loss carryforwards are subject to annual limitations and have an unlimited carryforward period. The Company has recorded a full valuation allowance related to the foreign net operating loss carryforwards, as well as other foreign deferred tax assets, as they are not more likely than not to be utilized. The following table summarizes the valuation allowance activity for the years ended December 31, 2018, 2017 and 2016 (in thousands): Year Ended December 31, 2018 2017 2016 Balance at beginning of period $ 2,650 $ 1,807 $ 1,220 Additions 2,480 843 587 Deductions — — — Balance at end of period $ 5,130 $ 2,650 $ 1,807 A reconciliation of the activity related to unrecognized tax benefits follows for the years ended December 31, 2018, 2017 and 2016 (in thousands): Year Ended December 31, 2018 2017 2016 Balance at beginning of period $ 727 $ 351 $ — Additions based on tax positions related to the current year 8,248 229 118 Additions for tax positions of prior years 31,365 147 233 Balance at end of period $ 40,340 $ 727 $ 351 Included in the balances of unrecognized tax benefits at December 31, 2018, 2017 and 2016 are potential benefits of $13.3 million, $0.7 million and $0.4 million, respectively, that, if recognized, would favorably affect the effective tax rate in the period of recognition. The balance of unrecognized tax benefits for temporary items as of December 31, 2018 was $27.1 million. There were no unrecognized tax benefits for temporary items as of December 31, 2017 and 2016. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. There were no expenses for interest and penalties related to unrecognized tax benefits recorded in 2018, 2017, and 2016. The liability for unrecognized tax benefits included no amounts for accrued interest and penalties related to unrecognized tax benefits as of December 31, 2018 and 2017. The Company believes it is reasonably possible that, within the next twelve months, unrecognized domestic tax benefits will change by a significant amount. The Company’s principal uncertainties are related to the timing of recognition of income and losses related to its loan portfolio. The Company anticipates a Joint Committee on Taxation review of certain tax returns that were filed during 2018 in conjunction with the refunds claimed on those returns. Depending upon the outcome of the review and any related agreements or settlements with the relevant taxing authorities, the amount of the uncertainty, including amounts that would be recognized as a component of the effective tax rate, could change significantly. While the total amount of uncertainty to be resolved is not clear, it is reasonably possible that the uncertainties pertaining to this matter will be resolved in the next twelve months. The Company’s U.S. tax returns are subject to examination by federal and state taxing authorities. The statute of limitations related to the Company’s consolidated Federal income tax returns is closed for all tax years up to and including 2013. The years open to examination by state, local and foreign government authorities vary by jurisdiction, but the statute of limitation is generally three years from the date the tax return is filed. For jurisdictions that have generated net operating losses, carryovers may be subject to the statute of limitations applicable for the year those carryovers are utilized. In these cases, the period for which the losses may be adjusted will extend to conform with the statute of limitations for the year in which the losses are utilized. In most circumstances, this is expected to increase the length of time that the applicable taxing authority may examine the carryovers by one year or longer, in limited cases. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Leases The Company leases certain assets, primarily office space, all of which are accounted for as operating leases. The remaining lease terms range from one to nine years with certain rights to extend for additional periods. Future minimum rentals due under non-cancelable leases, which excludes operating expenses and real estate taxes, as of December 31, 2018, are as follows for each of the years ending December 31 (in thousands): Year Amount 2019 $ 6,932 2020 6,751 2021 6,957 2022 7,010 2023 7,113 Thereafter 23,465 Total $ 58,228 Rent expense was $5.7 million, $5.2 million and $5.8 million for the years ended December 31, 2018, 2017 and 2016, respectively. Guarantees of Consumer Loans In connection with its CSO programs, the Company guarantees consumer loan payment obligations to unrelated third-party lenders for short-term and installment loans and is required to purchase any defaulted loans it has guaranteed. As of December 31, 2018 and 2017, the amount of consumer loans guaranteed by the Company was $29.7 million and $34.1 million, respectively, representing amounts due under consumer loans originated by third-party lenders under the CSO programs. The estimated fair value of the liability for estimated losses on consumer loans guaranteed by the Company of $2.2 million and $2.3 million, as of December 31, 2018 and 2017, respectively, is included in “Accounts payable and accrued expenses” in the accompanying consolidated balance sheets. Litigation On April 23, 2018, the Commonwealth of Virginia, through Attorney General Mark R. Herring, filed a lawsuit in the Circuit Court for the County of Fairfax, Virginia against NC Financial Solutions of Utah, LLC (“NC Utah”), a subsidiary of the Company. The lawsuit alleges violations of the Virginia Consumer Protection Act (“VCPA”) relating to NC Utah’s communications with customers, collections of certain payments, its loan agreements, and the rates it charged to Virginia borrowers. The plaintiff is seeking to enjoin NC Utah from continuing its current lending practices in Virginia, restitution, civil penalties, and costs and expenses in connection with the same. Neither the likelihood of an unfavorable decision nor the ultimate liability, if any, with respect to this matter can be determined at this time, and the Company is currently unable to estimate a range of reasonably possible losses, as defined by ASC 450-20-20, Contingencies–Loss Contingencies–Glossary, for this litigation. The Company carefully considered applicable Virginia law before NC Utah began lending in Virginia and, as a result, believes that the Plaintiff’s claims in the complaint are without merit and intends to vigorously defend this lawsuit. The Company is also involved in certain routine legal proceedings, claims and litigation matters encountered in the ordinary course of its business. Certain of these matters may be covered to an extent by insurance or by indemnification agreements with third parties. The Company has recorded accruals in its consolidated financial statements for those matters in which it is probable that it has incurred a loss and the amount of the loss, or range of loss, can be reasonably estimated. In the opinion of management, the resolution of these matters will not have a material adverse effect on the Company’s financial position, results of operations or liquidity. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 11. Employee Benefit Plans The Company sponsors the Enova International, Inc. 401(k) Savings Plan (the “401(k) Plan”), which is open to all U.S. employees of the Company and its subsidiaries. New employees are automatically enrolled in this plan unless they elect not to participate. Prior to January 1, 2015, the Company made matching cash contributions of 50% of each participant’s contributions, based on participant contributions of up to 5% of compensation. Effective January 1, 2015, t Company contributions made prior to January 1, 2015 vest at the rate of 20% each year after one year of service; thus a participant is 100% vested after five years of service. subsequent to January 1, 2015 The Company sponsors the Enova International, Inc. Supplemental Executive Retirement Plan (“SERP”) in which certain officers and certain other employees of the Company participate. Under this defined contribution plan, the Company makes an annual supplemental cash contribution to the SERP based on the terms of the plan as approved by the Company’s Management Development and Compensation Committee of the Board of Directors. The Company recorded compensation expense of $0.5 million, $0.5 million and $0.2 million for SERP contributions for the years ended December 31, 2018, 2017 and 2016, respectively. The NQSP and the SERP are non-qualified deferred compensation plans. Benefits under the NQSP and the SERP are unfunded. As of December 31, 2018, 2017 and 2016, the Company held securities in rabbi trusts to pay benefits under these plans. These securities are classified as trading securities, and the unrealized gains and losses on these securities are netted with the costs of the plans in “General and administrative expenses” in the consolidated statements of income. Amounts included in the consolidated balance sheets relating to the NQSP and the SERP were as follows (in thousands): As of December 31, 2018 2017 Prepaid expenses and other assets $ 2,052 $ 1,460 Accounts payable and accrued expenses $ 2,580 $ 1,993 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 12. Stock-Based Compensation Under the Enova International, Inc. 2014 Second Amended and Restated Long-Term Incentive Plan (the “Enova LTIP”), the Company is authorized to issue 12,500,000 shares of Common Stock pursuant to “Awards” granted as incentive stock options (intended to qualify under Section 422 of the Internal Revenue Code of 1986, as amended), nonqualified stock options, restricted stock units (“RSUs”), restricted stock, performance shares, stock appreciation rights or other stock-based awards. Since 2014, nonqualified stock options and RSU awards have been the only stock-based awards granted under the Plan. As of December 31, 2018, there were 6,438,286 shares available for future grants under the Enova LTIP. During the year ended December 31, 2018, the Company received 92,592 shares of its common stock valued at approximately $2.2 million as partial payment of taxes required to be withheld upon issuance of shares under RSUs. Restricted Stock Units During the years ended December 31, 2018 2017 In accordance with ASC 718, the grant date fair value of RSUs is generally based on the Company’s closing stock price on the day before the grant date and is amortized to expense over the vesting periods. The agreements relating to awards provide that the vesting and payment of awards would be accelerated if there is a change in control of the Company. The following table summarizes the Company’s RSU activity during 2018 2016 Year Ended December 31, Year Ended December 31, Year Ended December 31, 2018 2017 2016 Units Weighted Average Fair Value at Date of Grant Units Weighted Average Fair Value at Date of Grant Units Weighted Average Fair Value at Date of Grant Outstanding at beginning of year 1,425,883 $ 12.00 1,359,057 $ 9.49 641,878 $ 20.55 Units granted 639,109 21.74 763,727 14.70 1,189,136 6.67 Shares issued (604,116 ) 11.90 (563,689 ) 9.68 (213,437 ) 19.65 Units forfeited (218,454 ) 16.12 (133,212 ) 11.62 (258,520 ) 15.65 Outstanding at end of year 1,242,422 $ 16.34 1,425,883 $ 12.00 1,359,057 $ 9.49 Compensation expense related to these RSUs totaling $8.8 million ($6.7 million net of related taxes), $7.3 million ($5.6 million net of related taxes) and $5.2 million ($3.1 million net of related taxes) was recognized for the years ended December 31, 2018 2017 2016 2018 2018 Stock Options During the years ended December 31, 2018 2017 2016 Stock options granted under the Enova LTIP become exercisable in equal increments on the first, second and third anniversaries of their date of grant, and expire on the seventh anniversary of their date of grant. Exercise prices of these stock options are equal to the closing stock price on the day before the grant date. In accordance with ASC 718, compensation expense on stock options is based on the grant date fair value of the stock options and is amortized to expense over the vesting periods. For the year ended December 31, 2018, the Company estimated the fair value of the stock option grants using the Black-Scholes option-pricing model based on the following assumptions: risk-free interest rate ranging from 2.5% to 2.7% with a weighted average of 2.5%, expected term (life) of options of 4.5 years, expected volatility ranging from 51.5% to 52.2% with a weighted average of 51.5% and no expected dividends. Determining the fair value of options awards at their respective grant dates requires considerable judgment, including estimating expected volatility and expected term (life). The Company based its expected volatility on a weighted average of the historical volatility of the Company and the historical volatility of comparable public companies over the option’s expected term. The Company calculated its expected term based on the simplified method, which is the mid-point between the weighted-average graded-vesting term and the contractual term. The simplified method was chosen as a means to determine expected term as the Company has limited historical option exercise experience as a public company. The Company derived the risk-free rate from a weighted-average yield for the three-and five-year zero-coupon U.S. Treasury Strips. The Company estimates forfeitures at the grant date based on its historical forfeiture rate and revises the estimate, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The following table summarizes the Company’s stock option activity during 2018 2016 Year Ended December 31, Year Ended December 31, Year Ended December 31, 2018 2017 2016 Units Weighted Average Exercise Price Units Weighted Average Exercise Price Units Weighted Average Exercise Price Outstanding at beginning of year 2,054,092 $ 16.92 1,587,056 $ 17.98 1,891,153 $ 21.44 Options granted 481,003 21.54 590,988 14.80 337,081 6.29 Options exercised (319,764 ) 21.07 (4,459 ) 6.29 — — Options forfeited (85,494 ) 17.42 (119,493 ) 21.02 (641,178 ) 22.01 Outstanding at end of year 2,129,837 $ 17.32 2,054,092 $ 16.92 1,587,056 $ 17.98 Exercisable options at end of year 1,246,301 17.27 1,165,837 19.94 734,896 21.67 The weighted average fair value of options granted in 2018 2018 2016 2018 2018 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 13. Derivative Instruments The Company periodically uses derivative instruments to manage risk from changes in market conditions that may affect the Company’s financial performance. The Company primarily uses derivative instruments to manage its foreign currency exchange rate risk. The Company periodically uses forward currency exchange contracts to minimize the effects of foreign currency risk in Brazil and the United Kingdom. The forward currency exchange contracts are non-designated derivatives. Any gain or loss resulting from these contracts is recorded as income or loss and is included in “Foreign currency transaction (loss) gain, net” in the Company’s consolidated statements of income. The Company’s derivative instruments are presented in its financial statements on a net basis. The Company had no outstanding derivative instruments as of December 31, . Non-designated derivatives: As of December 31, 2017 Gross Amounts Gross Amounts Net Amounts of Assets of Recognized Offset in the Presented in the Notional Financial Consolidated Consolidated Balance Forward currency exchange contracts Amount Instruments Balance Sheets ( 1) Sheets ( 2) Assets $ — $ — $ — $ — Liabilities $ 12,039 $ 55 $ — $ 55 (1) As of December 31, 2017, the Company had no gross amounts of recognized derivative instruments that the Company made an accounting policy election not to offset. In addition, there was no financial collateral related to the Company’s derivatives. The Company has no assets or liabilities that are subject to an enforceable master netting agreement or similar arrangement. (2) Represents the fair value of forward currency contracts, which is recorded in “Accounts payable and accrued expenses” in the consolidated balance sheets. The following table presents information on the effect of derivative instruments on the consolidated results of operations and AOCI for years ended December 31, 2018, 2017 and 2016 (in thousands): Gains (Losses) Gains (Losses) Gains (Losses) Reclassified From Recognized in Income Recognized in AOCI AOCI into Income Year Ended December 31, Year Ended December 31, Year Ended December 31, 2018 2017 2016 2018 2017 2016 2018 2017 2016 Non-designated derivatives: Forward currency exchange contracts ( 1) $ 243 $ (55 ) $ 3,020 $ — $ — $ — $ — $ — $ — Total $ 243 $ (55 ) $ 3,020 $ — $ — $ — $ — $ — $ — (1) The gains (losses) on these derivatives substantially offset the (losses) gains on the hedged portion of the foreign intercompany balances. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 14. Related Party Transactions In October 2017, the Company entered into an agreement for direct mail services with a marketing agency where David Fisher, the Company’s Chief Executive Officer and Chairman of the Board, also serves as a member of the marketing agency’s Board of Directors. During the year ended December 31, 2018, the Company incurred $11.4 million in expenses related to these services. As of December 31, 2018, the Company owed the agency $2.5 million related to services provided. As of and for the years ended December 31, 2017 and 2016, there were no amounts due or expenses incurred related to the agency. An officer of the Company, who resigned effective July 1, 2018, had an ongoing ownership interest in the small business from which the Company acquired certain assets and assumed certain liabilities in June 2015 (see Note 2 for additional information). Pursuant to the acquisition, a subsidiary of the Company issued a promissory note to the small business in the amount of $3.0 million (the “Promissory Note”) and granted the company an opportunity to earn certain contingent purchase consideration (see Note 2 for additional information), both of which were guaranteed by the Company. The Promissory Note accrued interest at a rate of 4.0% per annum and matured on June 23, 2018. The Company incurred interest expense related to the Promissory Note of $0.1 million in each of the years ended December 31, 2018, 2017 and 2016. The Company believes that the transactions described above have been provided on terms no less favorable to the Company than could have been negotiated with non-affiliated third parties. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2018 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | 15. Variable Interest Entities As part of the Company’s overall funding strategy and as part of its efforts to support its liquidity from sources other than its traditional capital market sources, the Company has established a securitization program through the 2016-1, 2016-2, 2018-1, 2018-2 and 2018-A Securitization Facilities. The Company transfers certain consumer loan receivables to wholly owned, bankruptcy-remote special purpose subsidiaries (“VIEs”), which issue notes backed by the underlying consumer loan receivables and are serviced by another wholly-owned subsidiary of the Company. The cash flows from the loans held by the VIEs are used to repay obligations under the notes. The Company is required to evaluate the VIEs for consolidation. The Company has the ability to direct the activities of the VIEs that most significantly impact the economic performance of the entities as the servicer of the securitized loan receivables. Additionally, the Company has the right to returns related to servicing fee revenue from the VIEs and to receive residual payments, which expose it to potentially significant losses and returns. Accordingly, the Company determined it is the primary beneficiary of the VIEs and is required to consolidate them. The assets and liabilities related to the VIEs are included in the Company’s consolidated financial statements and are accounted for as secured borrowings. |
Supplemental Disclosures of Cas
Supplemental Disclosures of Cash Flow Information | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures of Cash Flow Information | 16. Supplemental Disclosures of Cash Flow Information The following table sets forth certain cash and non-cash activities for the years ended December 31, 2018, 2017 and 2016 (in thousands): Year Ended December 31, 2018 2017 2016 Cash paid during the year for: Interest $ 68,350 $ 63,529 $ 59,609 Income taxes paid 9,581 17,263 19,213 Non-cash investing and financing activities: Loans and finance receivables renewed $ 374,563 $ 322,648 $ 310,425 |
Operating Segment Information
Operating Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Operating Segment Information | 17. Operating Segment Information The Company provides online financial services to non-prime credit consumers and small businesses in the United States, United Kingdom, and Brazil and has one reportable segment, which is composed of the Company’s domestic and international operations and corporate services. The Company has aggregated all components of its business into a single operating segment based on the similarities of the economic characteristics, the nature of the products and services, the nature of the production and distribution methods, the shared technology platforms, the type of customer and the nature of the regulatory environment. The following tables present information on the Company’s domestic and international operations as of and for the years ended December 31, 2018, 2017 and 2016 (in thousands). Year Ended December 31, 2018 2017 2016 Revenue Domestic $ 946,515 $ 709,537 $ 622,991 International 167,559 134,204 122,578 Total revenue $ 1,114,074 $ 843,741 $ 745,569 Income from operations Domestic $ 294,183 $ 233,065 $ 204,084 International 1,399 6,147 19,787 Corporate services (112,510 ) (104,798 ) (102,394 ) Total income from operations $ 183,072 $ 134,414 $ 121,477 Depreciation and amortization Domestic $ 7,430 $ 6,769 $ 6,005 International 1,499 1,539 2,167 Corporate services 6,261 6,080 7,392 Total depreciation and amortization $ 15,190 $ 14,388 $ 15,564 Expenditures for property and equipment Domestic $ 8,177 $ 6,449 $ 6,955 International 4,328 4,589 3,158 Corporate services 3,574 5,490 4,283 Total expenditures for property and equipment $ 16,079 $ 16,528 $ 14,396 December 31, 2018 2017 Property and equipment, net Domestic $ 19,878 $ 25,732 International 9,778 7,670 Corporate services 19,897 15,123 Total property and equipment, net $ 49,553 $ 48,525 Assets Domestic $ 1,110,608 $ 964,697 International 138,280 133,449 Corporate services 79,297 61,314 Total assets $ 1,328,185 $ 1,159,460 Geographic Information The following table presents the Company’s revenue by geographic region for the years ended December 31, 2018, 2017 and 2016 (in thousands): Year Ended December 31, 2018 2017 2016 Revenue United States $ 946,515 $ 709,537 $ 622,991 United Kingdom 141,453 114,838 103,478 Other international countries 26,106 19,366 19,100 Total revenue $ 1,114,074 $ 843,741 $ 745,569 The Company’s long-lived assets, which consist of the Company’s property and equipment, were $49.6 million and $48.5 million at December 31, 2018 and 2017, respectively. The operations for the Company’s domestic and international businesses are primarily located within the United States, and the value of any long-lived assets located outside of the United States is immaterial. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 18. Fair Value Measurements Recurring Fair Value Measurements In accordance with ASC 820, certain of the Company’s assets and liabilities, which are carried at fair value, are classified in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. During the years ended December 31, 2018 and 2017, there were no transfers of assets or liabilities between Level 1, 2 or 3 in fair value. It is the Company’s policy to value any transfers between levels of the fair value hierarchy based on end of period values. The Company’s financial assets (liabilities) that are measured at fair value on a recurring basis as of December 31, 2018 and 2017 are as follows (in thousands): December 31, Fair Value Measurements Using 2018 Level 1 Level 2 Level 3 Financial assets (liabilities) Nonqualified savings plan assets ( 1) $ 2,052 $ 2,052 $ — $ — Total $ 2,052 $ 2,052 $ — $ — December 31, Fair Value Measurements Using 2017 Level 1 Level 2 Level 3 Financial assets (liabilities) Forward currency exchange contracts $ (55 ) $ — $ (55 ) $ — Nonqualified savings plan assets ( 1) 1,460 1,460 — — Total $ 1,405 $ 1,460 $ (55 ) $ — (1) The non-qualified savings plan assets have an offsetting liability of a greater amount, which is included in “Accounts payable and accrued expenses” in the Company’s consolidated balance sheets. The Company measures the fair value of its forward currency exchange contracts under Level 2 inputs as defined by ASC 820. For these forward currency exchange contracts, current market rates are used to determine fair value. The significant inputs used in these models are derived from observable market rates. The fair value of the nonqualified savings plan assets are measured under a Level 1 input. These assets are publicly traded equity securities for which market prices of identical assets are readily observable. The Company determined the fair value of the liability for the contingent consideration discussed in Note 2 based on a probability-weighted discounted cash flow analysis. This analysis reflects the contractual terms of the purchase agreement and utilizes assumptions with regard to future earnings, probabilities of achieving such future earnings, the timing of expected payments and a discount rate. Significant increases with respect to assumptions as to future earnings and probabilities of achieving such future earnings would result in a higher fair value measurement while an increase in the discount rate would result in a lower fair value measurement. The fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement as defined in the fair value hierarchy. Based on future expected earnings, the Company did not expect to pay any additional contingent consideration and recorded an adjustment to write-off the remaining liability in 2017. As of December 31, 2018, the Company had not made and was no longer potentially liable for any contingent payments related to this acquisition. The change in the fair value of the contingent consideration, which is a Level 3 liability measured at fair value on a recurring basis, is summarized in the table below for the year ended December 31, 2017 (in thousands): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Contingent consideration Total Balance at December 31, 2016 $ 2,358 $ 2,358 Remeasurement of contingent consideration (see Note 2) (2,358 ) (2,358 ) Balance at December 31, 2017 $ — $ — Fair Value Measurements on a Non-Recurring Basis The Company measures non-financial assets and liabilities such as property and equipment and intangible assets at fair value on a nonrecurring basis or when events or circumstances indicate that the carrying amount of the assets may be impaired. At December 31, 2018 and 2017, there were no assets or liabilities recorded at fair value on a nonrecurring basis. Financial Assets and Liabilities Not Measured at Fair Value The Company’s financial assets and liabilities as of December 31, 2018 and 2017 that are not measured at fair value in the consolidated balance sheets are as follows (in thousands): December 31, Fair Value Measurements Using 2018 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 52,917 $ 52,917 $ — $ — Short-term loans and line of credit accounts, net (1) 222,860 — — 222,860 Installment loans and RPAs, net (1) 637,086 — — 670,888 Restricted cash 24,342 24,342 — — Investment in unconsolidated investee (2)(3) 6,703 — — 6,703 Total $ 943,908 $ 77,259 $ — $ 900,451 Financial liabilities: Liability for estimated losses on consumer loans guaranteed by the Company $ 2,166 $ — $ — $ 2,166 Revolving line of credit 22,000 — — 22,000 Securitization Notes 227,288 — 225,474 — 8.50% senior notes due 2024 250,000 — 212,500 — 8.50% senior notes due 2025 375,000 — 306,563 — Total $ 876,454 $ — $ 744,537 $ 24,166 December 31, Fair Value Measurements Using 2017 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 68,684 $ 68,684 $ — $ — Short-term loans and line of credit accounts, net (1) 192,675 — — 192,675 Installment loans and RPAs, net (1) 512,030 — — 544,799 Restricted cash 29,460 29,460 — — Investment in unconsolidated investee (2)(3) 6,703 — — 6,703 Total $ 809,552 $ 98,144 $ — $ 744,177 Financial liabilities: Liability for estimated losses on consumer loans guaranteed by the Company $ 2,258 $ — $ — $ 2,258 Promissory note 3,000 — — 3,287 Securitization Notes 211,406 — 215,063 — 9.75% senior notes due 2021 342,558 — 365,700 — 8.50% senior notes due 2024 250,000 — 255,000 — Total $ 809,222 $ — $ 835,763 $ 5,545 (1) Short-term loans, line of credit accounts and installment loans and RPAs are included in “Loans and finance receivables, net” in the consolidated balance sheets. (2) Investment in unconsolidated investee is included in “Other assets” in the consolidated balance sheets. (3) See Note 1 for additional information related to the investment in unconsolidated investee. Cash and cash equivalents and restricted cash The carrying amount of restricted cash and cash equivalents approximates fair value. Short-term loans, line of credit accounts, installment loans and RPAs are carried in the consolidated balance sheet net of the allowance for estimated losses, which is calculated by applying historical loss rates combined with recent default trends to the gross receivable balance. Short-term loans and line of credit accounts have relatively short maturity periods that are generally 12 months or less. The unobservable inputs used to calculate the fair value of these receivables include historical loss rates, recent default trends and estimated remaining loan term; therefore, the carrying value approximates the fair value. The fair value of installment loans and RPAs is estimated using discounted cash flow analyses, which consider interest rates on loans and discounts offered for receivables with similar terms to customers with similar credit quality, the timing of expected payments, estimated customer default rates and/or valuations of comparable portfolios. Unsecured installment loans typically have terms between two and 60 months. RPAs typically have estimated delivery terms between six and 18 months. The Company measures the fair value of its investment in unconsolidated investee using Level 3 inputs. Because the unconsolidated investee is a private company and financial information is limited, the Company estimates the fair value based on the best available information at the measurement date. As of December 31, 2018, the Company estimated the fair value of its investment to be approximately equal to the book value. In connection with its CSO programs, the Company guarantees consumer loan payment obligations to unrelated third-party lenders for short-term and installment loans the Company arranges for consumers on the third-party lenders’ behalf and is required to purchase any defaulted loans it has guaranteed. The Company measures the fair value of its liability for third-party lender-owned consumer loans under Level 3 inputs. The fair value of these liabilities is calculated by applying historical loss rates combined with recent default trends to the gross consumer loan balance. The unobservable inputs used to calculate the fair value of these loans include historical loss rates, recent default trends and estimated remaining loan terms; therefore, the carrying value of these liabilities approximates the fair value. The Company measures the fair value of its revolving line of credit using Level 3 inputs. The Company considered the fair value of its other long-term debt and the timing of expected payment(s). The fair values of the Company’s Securitization Notes and senior notes are estimated based on quoted prices in markets that are not active, which are deemed Level 2 inputs. The fair value of the Promissory Note was estimated using a discounted cash flow analysis, which is deemed Level 3. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data (Unaudited) | 19. Quarterly Financial Data (Unaudited) The following is a summary of the quarterly results of operations for the years ended December 31, 2018 and 2017 (in thousands, except per share data): First Second Third Fourth Quarter Quarter Quarter Quarter 2018 Total Revenue $ 254,298 $ 253,301 $ 293,879 $ 312,596 Cost of Revenue 108,553 121,494 163,763 177,190 Gross Profit $ 145,745 $ 131,807 $ 130,116 $ 135,406 Net Income $ 27,898 $ 18,225 $ 15,304 $ 8,671 Diluted earnings per share (1) $ 0.81 $ 0.52 $ 0.43 $ 0.25 Diluted weighted average common shares 34,572 35,371 35,665 35,103 2017 Total Revenue $ 192,263 $ 189,904 $ 217,878 $ 243,696 Cost of Revenue 81,884 79,862 107,341 127,545 Gross Profit $ 110,379 $ 110,042 $ 110,537 $ 116,151 Net Income (Loss) $ 13,852 $ 11,873 $ (3,368 ) $ 6,883 Diluted earnings per share (1) $ 0.41 $ 0.35 $ (0.10 ) $ 0.20 Diluted weighted average common shares 34,036 34,125 33,670 34,172 (1) The sum of quarterly per share amounts may not equal per share amounts for the year due to differences in weighted-average shares and/or equivalent shares |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 20. Subsequent Events Subsequent events have been reviewed through the date these financial statements were available to be issued. On February 25, 2019 (the “2019-1 Closing Date”), the Company and several of its subsidiaries entered into a receivables securitization (the “2019-1 Facility”) with PCAM Credit II, LLC, as lender (the “2019-1 Lender”). The 2019-1 Lender is an affiliate of Park Cities Asset Management, LLC. The 2019-1 Facility finances Securitization Receivables that have been and will be originated or acquired under the Company’s NetCredit and CashNetUSA brands by several of the Company’s subsidiaries and that meet specified eligibility criteria. Under the 2019-1 Facility, eligible Securitization Receivables are sold to a wholly-owned subsidiary of the Company (the “2019-1 Debtor”) and serviced by another subsidiary of the Company. The 2019-1 Debtor has issued a delayed draw term note with an initial maximum principal balance of $30.0 million and a revolving note with an initial maximum principal balance of $20.0 million for an aggregate initial maximum principal balance of $50.0 million, which is required to be secured by eligible Securitization Receivables. The 2019-1 Facility has an accordion feature that, with the consent of the 2019-1 Lender, allows for the maximum principal balance of the delayed draw term note to increase to $50.0 million and the maximum principal balance of the revolving note to increase to $25.0 million, for an aggregate maximum principal balance of $75.0 million. The 2019-1 Facility is non-recourse to the Company and matures three years after the 2019-1 Closing Date. The 2019-1 Facility is governed by a loan and security agreement, dated as of the 2019-1 Closing Date, between the 2019-1 Lender and the 2019-1 Debtor. The 2019-1 Facility bears interest at a rate per annum equal to LIBOR (subject to a floor) plus an applicable margin, which applicable margin is initially 9.75%. In addition, the 2019-1 Debtor is required to pay certain customary upfront closing fees to the 2019-1 Lender. Interest payments on the 2019-1 Facility will be made monthly. Subject to certain exceptions, the 2019-1 Debtor is not permitted to prepay the delayed draw term note prior to two years after the 2019-1 Closing Date. Following such date, the 2019-1 Debtor is permitted to voluntarily prepay the 2019-1 Facility without penalty. The revolving note may be paid in whole or in part at any time after the delayed draw term note has been fully drawn. All amounts due under the 2019-1 Facility are secured by all of the 2019-1 Debtor’s assets, which include the eligible Securitization Receivables transferred to the 2019-1 Debtor, related rights under the eligible Securitization Receivables, a bank account and certain other related collateral. The Company has issued a limited indemnity to the 2019-1 Lender for certain “bad acts,” and the Company has agreed for the benefit of the 2019-1 Lender to meet certain ongoing financial performance covenants. The 2019-1 Facility documents contain customary provisions for securitizations, including representations and warranties as to the eligibility of the eligible Securitization Receivables and other matters; indemnification for specified losses not including losses due to the inability of consumers to repay their loans; covenants regarding special purpose entity matters; and default and termination provisions which provide for the acceleration of the 2019-1 Facility in circumstances including, but not limited to, failure to make payments when due, certain insolvency events, breaches of representations, warranties or covenants, failure to maintain the security interest in the eligible Securitization Receivables, defaults under other material indebtedness of the 2019-1 Debtor and a default by the Company under its financial performance covenants. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements of the Company included herein have been prepared on the basis of accounting principles generally accepted in the United States (“GAAP”) and reflect the historical results of operations and cash flows of the Company during each respective period. The consolidated financial statements include goodwill and intangible assets arising from businesses previously acquired. The financial information included herein may not be indicative of the consolidated financial position, operating results, changes in stockholders’ equity and cash flows of the Company in the future. Intercompany transactions are eliminated. Certain prior period amounts have been reclassified to conform to the current year presentation. The Company consolidates any variable interest entity (“VIE”) where it has determined the Company is the primary beneficiary. The primary beneficiary is the entity which has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance as well as the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE. |
Use of Estimates | Use of Estimates The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. On an on-going basis, management evaluates its estimates and judgments, including those related to revenue recognition, allowance for losses on loans and finance receivables, goodwill, long-lived and intangible assets, income taxes, contingencies and litigation. Management bases its estimates on historical experience, empirical data and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates. |
Foreign Currency Translations | Foreign Currency Translations The functional currencies for the Company’s subsidiaries that serve or have served residents of the United Kingdom, Australia, Canada and Brazil are the British pound, the Australian dollar, the Canadian dollar and the Brazilian real, respectively. The assets and liabilities of these subsidiaries are translated into U.S. dollars at the exchange rates in effect at each balance sheet date, and the resulting adjustments are recorded in “Accumulated other comprehensive income (loss)” (“AOCI”) as a separate component of stockholders’ equity. Revenue and expenses are translated at the monthly average exchange rates occurring during each period. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers deposits in banks and short-term investments with original maturities of 90 days or less as cash and cash equivalents. |
Restricted Cash | Restricted Cash The Company includes funds to be used for future debt payments relating to its securitization transactions and escrow deposits in restricted cash and cash equivalents. Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheets (in thousands): December 31, 2018 2017 2016 Cash and cash equivalents $ 52,917 $ 68,684 $ 39,934 Restricted cash 24,342 29,460 26,306 Total cash, cash equivalents and restricted cash $ 77,259 $ 98,144 $ 66,240 |
Revenue Recognition | Revenue Recognition The Company recognizes revenue based on the financing products and services it offers and on loans it acquires. “Revenue” in the consolidated statements of income includes: interest income, finance charges, fees for services provided through the Company’s CSO programs (“CSO fees”), revenue on RPAs, service charges, draw fees, minimum billing fees, purchase fees, origination fees, late fees and non-sufficient funds fees as permitted by applicable laws and pursuant to the agreement with the customer. For short-term loans that the Company offers, interest and finance charges are recognized on an effective yield basis over the term of the loan. For line of credit accounts, interest is recognized over the reporting period based upon the balance outstanding and the contractual interest rate, draw fees are recognized on an effective yield basis over the estimated outstanding period of the draw, and minimum billing fees are recognized when assessed to the customer. For installment loans, interest and origination fees are recognized on an effective yield basis over the term of the loan. For RPAs, revenue and purchase fees are recognized on an effective yield basis over the projected delivery term of the agreements and fees are recognized when assessed. CSO fees are recognized on an effective yield basis over the term of the loan. Late and nonsufficient funds fees are recognized when assessed to the customer. Direct costs associated with originating loans and purchasing RPAs, such as third-party customer acquisition costs, are deferred and amortized against revenue on an effective yield basis over the term of the loan or |
Current and Delinquent Loans and Finance Receivables | Current and Delinquent Loans and Finance Receivables The Company classifies its loans and finance receivables as either current or delinquent. Short-term loans are considered delinquent when payment of an amount due is not made as of the due date. If a line of credit account or installment loan customer misses one payment, that payment is considered delinquent, and the balance of the loan is considered current. If a line of credit account or installment loan customer does not make two consecutive payments, the entire account or loan is classified as delinquent and placed on a non-accrual status. The Company allows for normal payment processing time before considering a loan delinquent but does not provide for any additional grace period. Where permitted by law and as long as a loan is not considered delinquent, a customer may choose to renew a short-term loan or installment loan or extend the due date on a short-term loan. In order to renew or extend a short-term loan, a customer must agree to pay the current finance charge for the right to make a later payment of the outstanding principal balance plus an additional finance charge. In order to renew an installment loan, the customer enters into a new installment loan contract and agrees to pay the principal balance and finance charge in accordance with the terms of the new loan contract. If a short-term loan is renewed, but the customer fails to pay that loan’s current finance charge as of the due date, the unpaid finance charge is classified as delinquent. The Company does not accrue interest on delinquent loans and does not resume accrual of interest on a delinquent loan unless it is returned to current status. In addition, delinquent loans generally may not be renewed, and if, during its attempt to collect on a delinquent loan, the Company allows additional time for payment through a payment plan or a promise to pay, it is still considered delinquent. Generally, all payments received are first applied against accrued but unpaid interest and fees and then against the principal balance of the loan. |
Allowance and Liability for Estimated Losses on Loans and Finance Receivables | Allowance and Liability for Estimated Losses on Loans and Finance Receivables The Company monitors the performance of its loan and finance receivable portfolios and maintains either an allowance or liability for estimated losses on loans and finance receivables (including revenue, fees and/or interest) at a level estimated to be adequate to absorb losses inherent in the portfolio. The allowance for losses on the Company’s owned loans and finance receivables reduces the outstanding loans and finance receivables balance in the consolidated balance sheets. The liability for estimated losses related to loans guaranteed under its CSO programs is initially recorded at fair value and is included in “Accounts payable and accrued expenses” in the consolidated balance sheets. In determining the allowance or liability for estimated losses on loans and finance receivables, the Company applies a documented systematic methodology. In calculating the allowance or liability for receivable losses, outstanding loans and finance receivables are divided into discrete groups of short-term loans, line of credit accounts, installment loans and RPAs and are analyzed as current or delinquent. Increases in either the allowance or the liability, net of charge-offs and recoveries, are recorded as a “Cost of revenue” in the consolidated statements of income. The allowance or liability for short-term loans classified as current is based on historical loss rates adjusted for recent default trends for current loans. For delinquent short-term loans, the allowance or liability is based on a six-month rolling average of loss rates by stage of collection. For line of credit account, installment loan and RPA portfolios, the Company generally uses either a migration analysis or roll-rate based methodology to estimate losses inherent in the portfolio. The allowance or liability calculation under the migration analysis and roll-rate methodology is based on historical charge-off experience and the loss emergence period, which represents the average amount of time between the first occurrence of a loss event and the charge-off of a loan or RPA. The factors the Company considers to assess the adequacy of the allowance or liability include past due performance, historical behavior of monthly vintages, underwriting changes, delinquency status, payment history and recency factors. The Company fully reserves for loans and finance receivables once the receivable or a portion of the receivable has been classified as delinquent for 60 consecutive days and generally charges off loans and finance receivables between 60 and 65 days delinquent. If a loan or finance receivable is deemed uncollectible before it is fully reserved, it is charged off at that point. Loans and finance receivables classified as delinquent generally have an age of one to 64 days from the date any portion of the receivable became delinquent, as defined above. Recoveries on loans and finance receivables previously charged to the allowance are credited to the allowance when collected. |
Property and Equipment | Property and Equipment Property and equipment is recorded at cost. The cost of property retired or sold and the related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized in the consolidated statements of income. Costs associated with repair and maintenance activities are expensed as incurred. Depreciation expense is generally provided on a straight-line basis, using the following estimated useful lives: Computer hardware and software 3 to 5 years Furniture, fixtures and equipment 3 to 7 years Leasehold improvements (1) 3 to 10 years (1) Leasehold improvements are depreciated over the lesser of the estimated useful life, remaining lease term, or 10 years. |
Software Development Costs | Software Development Costs The Company applies Accounting Standards Codification (“ASC”) 350-40, Internal Use Software |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. In accordance with ASC 350, Intangibles—Goodwill and Other The Company first assesses qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. In assessing the qualitative factors, management considers relevant events and circumstances including but not limited to macroeconomic conditions, industry and market environment, overall financial performance of the Company, cash flow from operating activities, market capitalization and stock price. If the Company determines that the two-step quantitative impairment test is required, management uses the income approach to complete its annual goodwill assessment. The income approach uses future cash flows and estimated terminal values for the Company that are discounted using a market participant perspective to determine the fair value, which is then compared to the carrying value to determine if there is impairment. The income approach includes assumptions about revenue growth rates, operating margins and terminal growth rates discounted by an estimated weighted-average cost of capital derived from other publicly-traded companies that are similar but not identical from an operational and economic standpoint. |
Long-Lived Assets Other Than Goodwill | Long-Lived Assets Other Than Goodwill An evaluation of the recoverability of property and equipment and intangible assets subject to amortization is performed whenever the facts and circumstances indicate that the carrying value may be impaired. An impairment loss is recognized if the future undiscounted cash flows associated with the asset and the estimated fair value of the asset are less than the asset’s corresponding carrying value. The amount of the impairment loss, if any, is the excess of the asset’s carrying value over its estimated fair value. The Company amortizes intangible assets subject to amortization on the basis of their expected periods of benefit, generally three to 20 years. The costs of start-up activities and organization costs are charged to expense as incurred. |
Hedging and Derivatives Activity | Hedging and Derivatives Activity The Company periodically uses foreign currency forward contracts, which are considered derivative instruments, to minimize the effects of foreign currency risk in Brazil and the United Kingdom related to the operations of the Company. The forward contracts are not designated as hedges as defined by ASC 815, Derivatives and Hedging; |
Investment in Unconsolidated Investee | Investment in Unconsolidated Investee The Company has an equity ownership position in an investment without a readily determinable value. In accordance with ASC 321, Investment – Equity Securities, |
Marketing Expenses | Marketing Expenses Marketing expenses consist of digital costs, lead purchase costs and offline marketing costs such as television and direct mail advertising. Marketing costs directly related to loan and RPA originations are deferred and amortized against revenue. Marketing costs not directly resulting in loan and RPA originations are expensed as incurred. The production costs associated with offline marketing are expensed as incurred. |
Operations and Technology Expenses | Operations and Technology Expenses Operations and technology expenses include all expenses related to the direct operations and technology infrastructure related to loan underwriting and processing. This includes call center and operations personnel costs, software maintenance expense, underwriting data from third-party vendors, bank and transaction fees and telephony costs. |
General and Administrative Expenses | General and Administrative Expenses General and administrative expenses primarily include the Company’s corporate personnel costs, as well as legal, occupancy, and other related costs. |
Stock Based Compensation | Stock-Based Compensation The Company accounts for its stock-based employee compensation plans in accordance with ASC 718, Compensation—Stock Compensation the fair value of share-based compensation is determined at the grant date and the recognition of the related expense is recorded over the period in which the share-based compensation vests. However, with respect to income taxes, the related deduction from taxes payable is based on the award’s intrinsic value at the time of exercise (for an option) or on the fair value upon vesting of the award (for restricted stock units), which can be either greater (creating an excess tax benefit) or less (creating a tax deficiency) than the deferred tax benefit that is recorded as compensation cost is recognized in the consolidated financial statements. Pursuant to Accounting Standards Update (“ASU”) 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”) |
Reclassification of AOCI to Net Income | Reclassification of AOCI to Net Income In 2009, the Company began providing services in Australia and Canada under the brand name DollarsDirect. Due to the small size of the Australian and Canadian markets and our limited operations there, the Company decided to exit those markets in 2016 and reallocate its resources to other existing businesses. As a result, the Company ceased loan originations in those countries and have wound down our loan portfolios. During 2018, the Company continued the liquidation process of the legal entities related to Australia and Canada and recorded a $2.3 million loss to “Foreign currency transaction (loss) gain” in the consolidated statements of income to recognize the cumulative translation adjustment balance that had been previously recorded to “Accumulated other comprehensive loss” on the consolidated balance sheets. The following table sets forth the components of accumulated other comprehensive loss, net of tax, for the years ended December 31, 2018 and 2017 (in thousands): Foreign currency translation gain (loss) Total Balance at December 31, 2016 $ (11,578 ) $ (11,578 ) Other comprehensive income, before reclassifications and tax 7,009 7,009 Tax impact (2,517 ) (2,517 ) Balance at December 31, 2017 $ (7,086 ) $ (7,086 ) Other comprehensive loss, before reclassifications and tax (8,414 ) (8,414 ) Tax impact 1,501 1,501 Australia and Canada liquidation (1) 2,343 2,343 Tax impact (527 ) (527 ) Reclassification of certain deferred tax effects (2) (1,622 ) (1,622 ) Balance at December 31, 2018 $ (13,805 ) $ (13,805 ) (1) Amount represents the reclassification of foreign currency translation losses from AOCI to the consolidated statements of income due to the liquidation of the Company’s Australian and Canadian businesses. (2) Amount represents the reclassification of stranded tax effects from AOCI to retained earnings resulting from the change in the federal corporate income tax rate under the Tax Cuts and Jobs Act. |
Income Taxes | Income Taxes The provision for income taxes is based on income before income taxes as reported for financial statement purposes. Deferred income taxes are provided for in accordance with the asset and liability method of accounting for income taxes in order to recognize the tax effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated financial statements. The Company accounts for uncertainty in income taxes in accordance with ASC 740, Income Taxes The Company performs an evaluation of the recoverability of its deferred tax assets on a quarterly basis. The Company establishes a valuation allowance if it is more likely than not that all or some portion of the deferred tax asset will not be realized. The Company analyzes several factors, including the nature and frequency of operating losses, the Company’s carryforward period for any losses, the reversal of future taxable temporary differences, the expected occurrence of future income or loss and the feasibility of available tax planning strategies to protect against the loss of deferred tax assets. See Note 9 for further discussion. |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings per share is calculated by giving effect to the potential dilution that could occur if securities or other contracts to issue common shares were exercised and converted into common shares during the year. Restricted stock units issued under the Company’s stock-based employee compensation plans are included in diluted shares upon the granting of the awards even though the vesting of shares will occur over time. The following table sets forth the reconciliation of numerators and denominators of basic and diluted earnings per share computations for the years ended December 31, 2018 2017 2016 Year Ended December 31, 2018 2017 2016 Numerator: Net income $ 70,098 $ 29,240 $ 34,602 Denominator: Total weighted average basic shares 33,993 33,523 33,192 Shares applicable to stock-based compensation 1,183 609 270 Total weighted average diluted shares 35,176 34,132 33,462 Earnings per share – basic $ 2.06 $ 0.87 $ 1.04 Earnings per share – diluted $ 1.99 $ 0.86 $ 1.03 For the years ended December 31, 2018, 2017 and 2016, 587,045, 1,563,975 and 1,622,331 shares of common stock underlying stock options, respectively, and 82,929, 182,008 and 464,500 shares of common stock underlying restricted stock units, respectively, were excluded from the calculation of diluted net income per share because their effect would have been antidilutive. |
Adopted Accounting Standards | Adopted In February 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory In January 2016, the FASB issued ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016‑01”), which requires that equity investments, except for those accounted for under the equity method or those that result in consolidation of the investee, be measured at fair value, with subsequent changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. ASU 2016-01 also impacts the presentation and disclosure requirements for financial instruments. The Company adopted ASU 2016-01 as of January 1, 2018, which did not have a material effect on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue Recognition. Accounting Standards to be Adopted in Future Periods In August 2018, the FASB issued ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) Leases (Topic 842): Targeted Improvements |
Derivative Instruments Policy | The Company periodically uses forward currency exchange contracts to minimize the effects of foreign currency risk in Brazil and the United Kingdom. The forward currency exchange contracts are non-designated derivatives. Any gain or loss resulting from these contracts is recorded as income or loss and is included in “Foreign currency transaction (loss) gain, net” in the Company’s consolidated statements of income. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheets (in thousands): December 31, 2018 2017 2016 Cash and cash equivalents $ 52,917 $ 68,684 $ 39,934 Restricted cash 24,342 29,460 26,306 Total cash, cash equivalents and restricted cash $ 77,259 $ 98,144 $ 66,240 |
Schedule of Property and Equipment Estimated Useful Lives | Depreciation expense is generally provided on a straight-line basis, using the following estimated useful lives: Computer hardware and software 3 to 5 years Furniture, fixtures and equipment 3 to 7 years Leasehold improvements (1) 3 to 10 years (1) Leasehold improvements are depreciated over the lesser of the estimated useful life, remaining lease term, or 10 years. |
Schedule of Components of Accumulated Other Comprehensive Income (Loss), Net of Tax | The following table sets forth the components of accumulated other comprehensive loss, net of tax, for the years ended December 31, 2018 and 2017 (in thousands): Foreign currency translation gain (loss) Total Balance at December 31, 2016 $ (11,578 ) $ (11,578 ) Other comprehensive income, before reclassifications and tax 7,009 7,009 Tax impact (2,517 ) (2,517 ) Balance at December 31, 2017 $ (7,086 ) $ (7,086 ) Other comprehensive loss, before reclassifications and tax (8,414 ) (8,414 ) Tax impact 1,501 1,501 Australia and Canada liquidation (1) 2,343 2,343 Tax impact (527 ) (527 ) Reclassification of certain deferred tax effects (2) (1,622 ) (1,622 ) Balance at December 31, 2018 $ (13,805 ) $ (13,805 ) (1) Amount represents the reclassification of foreign currency translation losses from AOCI to the consolidated statements of income due to the liquidation of the Company’s Australian and Canadian businesses. (2) Amount represents the reclassification of stranded tax effects from AOCI to retained earnings resulting from the change in the federal corporate income tax rate under the Tax Cuts and Jobs Act. |
Schedule of Reconciliation of Numerators and Denominators of Basic and Diluted Earnings per Share Computations | The following table sets forth the reconciliation of numerators and denominators of basic and diluted earnings per share computations for the years ended December 31, 2018 2017 2016 Year Ended December 31, 2018 2017 2016 Numerator: Net income $ 70,098 $ 29,240 $ 34,602 Denominator: Total weighted average basic shares 33,993 33,523 33,192 Shares applicable to stock-based compensation 1,183 609 270 Total weighted average diluted shares 35,176 34,132 33,462 Earnings per share – basic $ 2.06 $ 0.87 $ 1.04 Earnings per share – diluted $ 1.99 $ 0.86 $ 1.03 |
Loans and Finance Receivables_2
Loans and Finance Receivables, Credit Quality Information and Allowances and Liabilities for Estimated Losses on Loans and Finance Receivables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Schedule of Revenue Generated from Loans and Finance Receivables | Revenue generated from the Company’s loans and finance receivables for the years ended December 31, 2018, 2017 and 2016 was as follows (in thousands): Year Ended December 31, 2018 2017 2016 Short-term loans $ 219,210 $ 197,408 $ 196,255 Line of credit accounts 363,495 262,760 220,462 Installment loans and RPAs 529,996 382,683 327,375 Total loans and finance receivables revenue 1,112,701 842,851 744,092 Other 1,373 890 1,477 Total Revenue $ 1,114,074 $ 843,741 $ 745,569 |
Components of Company-Owned Loans and Finance Receivables | The components of Company-owned loans and finance receivables at December 31, 2018 and 2017 were as follows (in thousands): As of December 31, 2018 Short-term Line of Credit Installment Loans and Loans Accounts RPAs Total Current receivables $ 37,558 $ 213,896 $ 672,538 $ 923,992 Delinquent receivables: Delinquent payment amounts ( 1) — 10,783 2,696 13,479 Receivables on non-accrual status 30,167 2,884 52,732 85,783 Total delinquent receivables 30,167 13,667 55,428 99,262 Total loans and finance receivables, gross 67,725 227,563 727,966 1,023,254 Less: Allowance for losses (21,420 ) (51,008 ) (90,880 ) (163,308 ) Loans and finance receivables, net $ 46,305 $ 176,555 $ 637,086 $ 859,946 As of December 31, 2017 Short-term Line of Credit Installment Loans and Loans Accounts RPAs Total Current receivables $ 45,552 $ 161,070 $ 537,634 $ 744,256 Delinquent receivables: Delinquent payment amounts ( 1) — 7,696 3,635 11,331 Receivables on non-accrual status 28,120 1,302 42,740 72,162 Total delinquent receivables 28,120 8,998 46,375 83,493 Total loans and finance receivables, gross 73,672 170,068 584,009 827,749 Less: Allowance for losses (19,917 ) (31,148 ) (71,979 ) (123,044 ) Loans and finance receivables, net $ 53,755 $ 138,920 $ 512,030 $ 704,705 (1) Represents the delinquent portion of installment loans and line of credit account balances for customers that have only missed one payment. See Note 1 “Significant Accounting Policies-Current and Delinquent Loans and Finance Receivables” for additional information. |
Schedule of Changes in Allowance for Losses | Changes in the allowance for losses for Company-owned loans and finance receivables and the liability for estimated losses on the Company’s guarantees of third-party lender-owned loans through the CSO programs for the years ended December 31, 2018, 2017 and 2016 were as follows (in thousands): Year Ended December 31, 2018 Short-term Line of Credit Installment Loans and Loans Accounts RPAs Total Allowance for losses for Company-owned loans and finance receivables: Balance at beginning of period $ 19,917 $ 31,148 $ 71,979 $ 123,044 Cost of revenue 92,410 162,975 315,707 571,092 Charge-offs (115,565 ) (158,848 ) (359,340 ) (633,753 ) Recoveries 25,069 15,733 63,691 104,493 Effect of foreign currency translation (411 ) — (1,157 ) (1,568 ) Balance at end of period $ 21,420 $ 51,008 $ 90,880 $ 163,308 Liability for third-party lender-owned loans: Balance at beginning of period $ 2,105 $ — $ 153 $ 2,258 (Decrease) increase in liability (141 ) — 49 (92 ) Balance at end of period $ 1,964 $ — $ 202 $ 2,166 Year Ended December 31, 2017 Short-term Line of Credit Installment Loans and Loans Accounts RPAs Total Allowance for losses for Company-owned loans and finance receivables: Balance at beginning of period $ 17,770 $ 26,594 $ 54,581 $ 98,945 Cost of revenue 77,775 93,416 225,179 396,370 Charge-offs (98,243 ) (102,725 ) (254,109 ) (455,077 ) Recoveries 22,089 13,863 45,773 81,725 Effect of foreign currency translation 526 — 555 1,081 Balance at end of period $ 19,917 $ 31,148 $ 71,979 $ 123,044 Liability for third-party lender-owned loans: Balance at beginning of period $ 1,716 $ — $ 280 $ 1,996 Increase (decrease) in liability 389 — (127 ) 262 Balance at end of period $ 2,105 $ — $ 153 $ 2,258 Year Ended December 31, 2016 Short-term Line of Credit Installment Loans and Loans Accounts RPAs Total Allowance for losses for Company-owned loans and finance receivables: Balance at beginning of period $ 14,652 $ 15,727 $ 36,943 $ 67,322 Cost of revenue 69,202 88,489 170,035 327,726 Charge-offs (85,599 ) (92,044 ) (182,471 ) (360,114 ) Recoveries 20,362 14,422 29,804 64,588 Effect of foreign currency translation (847 ) — 270 (577 ) Balance at end of period $ 17,770 $ 26,594 $ 54,581 $ 98,945 Liability for third-party lender-owned loans: Balance at beginning of period $ 1,298 $ — $ 458 $ 1,756 Increase (decrease) in liability 418 — (178 ) 240 Balance at end of period $ 1,716 $ — $ 280 $ 1,996 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Classifications of Property and Equipment | Major classifications of property and equipment at December 31, 2018 and 2017 were as follows (in thousands): As of December 31, 2018 Cost Accumulated Depreciation Net Computer software $ 95,364 $ (64,565 ) $ 30,799 Furniture, fixtures and equipment 34,730 (28,176 ) 6,554 Leasehold improvements 18,245 (6,045 ) 12,200 Total $ 148,339 $ (98,786 ) $ 49,553 As of December 31, 2017 Cost Accumulated Depreciation Net Computer software $ 82,757 $ (56,282 ) $ 26,475 Furniture, fixtures and equipment 33,834 (25,912 ) 7,922 Leasehold improvements 25,196 (11,068 ) 14,128 Total $ 141,787 $ (93,262 ) $ 48,525 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Value of Goodwill | Changes in the carrying value of goodwill for the years ended December 31, 2018 and 2017 were as follows (in thousands): Balance as of January 1, 2017 $ 267,010 Effect of foreign currency translation 5 Balance as of December 31, 2017 $ 267,015 Effect of foreign currency translation (2 ) Balance as of December 31, 2018 $ 267,013 |
Summary of Acquired Intangible Assets | Acquired intangible assets that are subject to amortization as of December 31, 2018 and 2017, were as follows (in thousands): As of December 31, 2018 Cost Accumulated Amortization Net Customer relationships $ 3,497 $ (3,257 ) $ 240 Lead provider and broker relationships 5,689 (4,729 ) 960 Trademarks 2,549 (734 ) 1,815 Non-competition agreements 800 (560 ) 240 Total $ 12,535 $ (9,280 ) $ 3,255 As of December 31, 2017 Cost Accumulated Amortization Net Customer relationships $ 3,536 $ (3,136 ) $ 400 Lead provider and broker relationships 5,689 (4,089 ) 1,600 Trademarks 2,595 (670 ) 1,925 Non-competition agreements 800 (400 ) 400 Total $ 12,620 $ (8,295 ) $ 4,325 |
Summary of Estimated Future Amortization Expense | Estimated future amortization expense for the years ended December 31, is as follows (in thousands): Year Amount 2019 $ 1,070 2020 590 2021 110 2022 110 2023 110 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses at December 31, 2018, 2017 were as follows (in thousands): As of December 31, 2018 2017 Trade accounts payable $ 32,584 $ 25,579 Accrued payroll and fringe benefits 18,202 14,877 Accrued interest payable 16,976 11,064 Deferred finish out allowance 7,103 7,979 Accrual for consumer loan payments rejected for non-sufficient funds 6,555 5,096 Deferred fees on third-party consumer loans 5,608 7,074 Liability for losses on third-party lender owned consumer loans 2,166 2,258 Promissory note — 3,000 Other accrued liabilities 123 196 Total $ 89,317 $ 77,123 |
Marketing Expenses (Tables)
Marketing Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Marketing Expenses [Abstract] | |
Schedule of Marketing Expenses | Marketing expenses for the years ended December 31, 2018, 2017 and 2016 were as follows (in thousands): Year Ended December 31, 2018 2017 2016 Advertising $ 81,257 $ 64,186 $ 66,184 Customer procurement expense including lead purchase costs 44,012 37,224 30,551 Customer referral and revenue sharing expense — 19 669 Total $ 125,269 $ 101,429 $ 97,404 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt Instruments and Balances Outstanding | The Company’s long-term debt instruments and balances outstanding as of December 31, 2018 2017 December 31, 2018 2017 Securitization notes $ 227,288 $ 211,406 Revolving line of credit 22,000 — 9.75% senior notes due 2021 — 342,558 8.50% senior notes due 2024 250,000 250,000 8.50% senior notes due 2025 375,000 — Subtotal 874,288 803,964 Less: Long-term debt issuance costs (16,359 ) (15,422 ) Total long-term debt $ 857,929 $ 788,542 |
Schedule of Maturities of Long-term Debt | As of December 31, 2018, required principal payments under the terms of the long-term debt for each of the five years after December 31, 2018 are as follows (in thousands): Year Amount 2019 $ — 2020 22,000 2021 — 2022 — 2023 — Thereafter 625,000 (1 ) Securitization 227,304 (2 ) Total $ 874,304 (1) (2) The 2016-1 Securitization Facility matures at various dates, the latest of which will be April 15, 2022, the 2018-2 Facility matures on October 23, 2022, the 2018-1 Facility matures on July 22, 2023 and the 2018-A Notes mature on May 20, 2026. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | The components of the Company’s deferred tax assets and liabilities as of December 31, 2018 and 2017 were as follows (in thousands): As of December 31, 2018 2017 Deferred tax assets: Loans and finance receivables, net $ 8,209 $ 27,444 Compensation and benefits 4,272 4,423 Translation adjustments 4,645 2,531 Accrued rent and deferred finish out allowance 3,392 2,786 Foreign net operating loss carryforward 4,679 2,164 Contingency reserves 1,462 373 Other 2,375 1,068 Total deferred tax assets 29,034 40,789 Deferred tax liabilities: Amortizable intangible assets 45,549 42,334 Property and equipment 8,824 7,760 Other 2,702 153 Total deferred tax liabilities 57,075 50,247 Net deferred tax liabilities before valuation allowance (28,041 ) (9,458 ) Valuation allowance (5,130 ) (2,650 ) Net deferred tax liabilities $ (33,171 ) $ (12,108 ) |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision for income taxes and the income to which it relates for the years ended December 31, 2018, 2017 and 2016 are shown below (in thousands): Year Ended December 31, 2018 2017 2016 Income before income taxes: Domestic $ 76,413 $ 37,900 $ 57,422 International — — 14 Income before income taxes $ 76,413 $ 37,900 $ 57,436 Current (benefit) provision: Federal $ (15,074 ) $ 11,366 $ 22,656 International 42 (3 ) 94 State and local (943 ) 2,045 2,347 Total current (benefit) provision $ (15,975 ) $ 13,408 $ 25,097 Deferred provision (benefit): Federal $ 18,679 $ (4,461 ) $ (2,152 ) International — — — State and local 3,611 (287 ) (111 ) Total deferred provision (benefit) $ 22,290 $ (4,748 ) $ (2,263 ) Total provision for income taxes $ 6,315 $ 8,660 $ 22,834 |
Schedule of Effective Income Tax Rate Reconciliation | The effective tax rate on income differs from the federal statutory rate of 21% for the year ended December 31, 2018 and 35% for the years ended December 31, 2017 and 2016, for the following reasons (dollars in thousands): Year Ended December 31, 2018 2017 2016 Tax provision computed at the federal statutory income tax rate $ 16,047 $ 13,265 $ 20,103 State and local income taxes, net of federal tax benefits 2,091 1,440 1,401 Share-based compensation (1,790 ) (1,005 ) 1,656 Foreign exchange gain — 724 — Deferred tax adjustment from TCJA (10,284 ) (7,491 ) — 162(m) limit on deductibility of executive compensation 1,547 — — Other (1,296 ) 1,727 (326 ) Total provision $ 6,315 $ 8,660 $ 22,834 Effective tax rate 8.3 % 22.9 % 39.8 % |
Summary of Valuation Allowance Activity | The following table summarizes the valuation allowance activity for the years ended December 31, 2018, 2017 and 2016 (in thousands): Year Ended December 31, 2018 2017 2016 Balance at beginning of period $ 2,650 $ 1,807 $ 1,220 Additions 2,480 843 587 Deductions — — — Balance at end of period $ 5,130 $ 2,650 $ 1,807 |
Reconciliation of Activity Related to Unrecognized Tax Benefits | A reconciliation of the activity related to unrecognized tax benefits follows for the years ended December 31, 2018, 2017 and 2016 (in thousands): Year Ended December 31, 2018 2017 2016 Balance at beginning of period $ 727 $ 351 $ — Additions based on tax positions related to the current year 8,248 229 118 Additions for tax positions of prior years 31,365 147 233 Balance at end of period $ 40,340 $ 727 $ 351 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Future Minimum Rentals Due Under Non-Cancelable Leases | Future minimum rentals due under non-cancelable leases, which excludes operating expenses and real estate taxes, as of December 31, 2018, are as follows for each of the years ending December 31 (in thousands): Year Amount 2019 $ 6,932 2020 6,751 2021 6,957 2022 7,010 2023 7,113 Thereafter 23,465 Total $ 58,228 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Amounts Included in Consolidated Balance Sheets Relating to NQSP and SERP | Amounts included in the consolidated balance sheets relating to the NQSP and the SERP were as follows (in thousands): As of December 31, 2018 2017 Prepaid expenses and other assets $ 2,052 $ 1,460 Accounts payable and accrued expenses $ 2,580 $ 1,993 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) - Enova LTIP | 12 Months Ended |
Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of RSU Activity | The following table summarizes the Company’s RSU activity during 2018 2016 Year Ended December 31, Year Ended December 31, Year Ended December 31, 2018 2017 2016 Units Weighted Average Fair Value at Date of Grant Units Weighted Average Fair Value at Date of Grant Units Weighted Average Fair Value at Date of Grant Outstanding at beginning of year 1,425,883 $ 12.00 1,359,057 $ 9.49 641,878 $ 20.55 Units granted 639,109 21.74 763,727 14.70 1,189,136 6.67 Shares issued (604,116 ) 11.90 (563,689 ) 9.68 (213,437 ) 19.65 Units forfeited (218,454 ) 16.12 (133,212 ) 11.62 (258,520 ) 15.65 Outstanding at end of year 1,242,422 $ 16.34 1,425,883 $ 12.00 1,359,057 $ 9.49 |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity during 2018 2016 Year Ended December 31, Year Ended December 31, Year Ended December 31, 2018 2017 2016 Units Weighted Average Exercise Price Units Weighted Average Exercise Price Units Weighted Average Exercise Price Outstanding at beginning of year 2,054,092 $ 16.92 1,587,056 $ 17.98 1,891,153 $ 21.44 Options granted 481,003 21.54 590,988 14.80 337,081 6.29 Options exercised (319,764 ) 21.07 (4,459 ) 6.29 — — Options forfeited (85,494 ) 17.42 (119,493 ) 21.02 (641,178 ) 22.01 Outstanding at end of year 2,129,837 $ 17.32 2,054,092 $ 16.92 1,587,056 $ 17.98 Exercisable options at end of year 1,246,301 17.27 1,165,837 19.94 734,896 21.67 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Assets at Fair Value | The following table presents information related to the Company’s derivative instruments as of December 31, 2017 (in thousands): Non-designated derivatives: As of December 31, 2017 Gross Amounts Gross Amounts Net Amounts of Assets of Recognized Offset in the Presented in the Notional Financial Consolidated Consolidated Balance Forward currency exchange contracts Amount Instruments Balance Sheets ( 1) Sheets ( 2) Assets $ — $ — $ — $ — Liabilities $ 12,039 $ 55 $ — $ 55 (1) As of December 31, 2017, the Company had no gross amounts of recognized derivative instruments that the Company made an accounting policy election not to offset. In addition, there was no financial collateral related to the Company’s derivatives. The Company has no assets or liabilities that are subject to an enforceable master netting agreement or similar arrangement. (2) Represents the fair value of forward currency contracts, which is recorded in “Accounts payable and accrued expenses” in the consolidated balance sheets. |
Effect Of Derivative Instruments | The following table presents information on the effect of derivative instruments on the consolidated results of operations and AOCI for years ended December 31, 2018, 2017 and 2016 (in thousands): Gains (Losses) Gains (Losses) Gains (Losses) Reclassified From Recognized in Income Recognized in AOCI AOCI into Income Year Ended December 31, Year Ended December 31, Year Ended December 31, 2018 2017 2016 2018 2017 2016 2018 2017 2016 Non-designated derivatives: Forward currency exchange contracts ( 1) $ 243 $ (55 ) $ 3,020 $ — $ — $ — $ — $ — $ — Total $ 243 $ (55 ) $ 3,020 $ — $ — $ — $ — $ — $ — (1) The gains (losses) on these derivatives substantially offset the (losses) gains on the hedged portion of the foreign intercompany balances. |
Supplemental Disclosures of C_2
Supplemental Disclosures of Cash Flow information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash and Non-Cash Activities | The following table sets forth certain cash and non-cash activities for the years ended December 31, 2018, 2017 and 2016 (in thousands): Year Ended December 31, 2018 2017 2016 Cash paid during the year for: Interest $ 68,350 $ 63,529 $ 59,609 Income taxes paid 9,581 17,263 19,213 Non-cash investing and financing activities: Loans and finance receivables renewed $ 374,563 $ 322,648 $ 310,425 |
Operating Segment Information (
Operating Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Summary of Domestic and International Operations | The following tables present information on the Company’s domestic and international operations as of and for the years ended December 31, 2018, 2017 and 2016 (in thousands). Year Ended December 31, 2018 2017 2016 Revenue Domestic $ 946,515 $ 709,537 $ 622,991 International 167,559 134,204 122,578 Total revenue $ 1,114,074 $ 843,741 $ 745,569 Income from operations Domestic $ 294,183 $ 233,065 $ 204,084 International 1,399 6,147 19,787 Corporate services (112,510 ) (104,798 ) (102,394 ) Total income from operations $ 183,072 $ 134,414 $ 121,477 Depreciation and amortization Domestic $ 7,430 $ 6,769 $ 6,005 International 1,499 1,539 2,167 Corporate services 6,261 6,080 7,392 Total depreciation and amortization $ 15,190 $ 14,388 $ 15,564 Expenditures for property and equipment Domestic $ 8,177 $ 6,449 $ 6,955 International 4,328 4,589 3,158 Corporate services 3,574 5,490 4,283 Total expenditures for property and equipment $ 16,079 $ 16,528 $ 14,396 December 31, 2018 2017 Property and equipment, net Domestic $ 19,878 $ 25,732 International 9,778 7,670 Corporate services 19,897 15,123 Total property and equipment, net $ 49,553 $ 48,525 Assets Domestic $ 1,110,608 $ 964,697 International 138,280 133,449 Corporate services 79,297 61,314 Total assets $ 1,328,185 $ 1,159,460 |
Summary of Company's Revenue by Geographical Region | The following table presents the Company’s revenue by geographic region for the years ended December 31, 2018, 2017 and 2016 (in thousands): Year Ended December 31, 2018 2017 2016 Revenue United States $ 946,515 $ 709,537 $ 622,991 United Kingdom 141,453 114,838 103,478 Other international countries 26,106 19,366 19,100 Total revenue $ 1,114,074 $ 843,741 $ 745,569 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Assets and Liabilities Measured on Recurring Basis | The Company’s financial assets (liabilities) that are measured at fair value on a recurring basis as of December 31, 2018 and 2017 are as follows (in thousands): December 31, Fair Value Measurements Using 2018 Level 1 Level 2 Level 3 Financial assets (liabilities) Nonqualified savings plan assets ( 1) $ 2,052 $ 2,052 $ — $ — Total $ 2,052 $ 2,052 $ — $ — December 31, Fair Value Measurements Using 2017 Level 1 Level 2 Level 3 Financial assets (liabilities) Forward currency exchange contracts $ (55 ) $ — $ (55 ) $ — Nonqualified savings plan assets ( 1) 1,460 1,460 — — Total $ 1,405 $ 1,460 $ (55 ) $ — (1) The non-qualified savings plan assets have an offsetting liability of a greater amount, which is included in “Accounts payable and accrued expenses” in the Company’s consolidated balance sheets. |
Fair Value Measurement for Contingent Consideration | The change in the fair value of the contingent consideration, which is a Level 3 liability measured at fair value on a recurring basis, is summarized in the table below for the year ended December 31, 2017 (in thousands): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Contingent consideration Total Balance at December 31, 2016 $ 2,358 $ 2,358 Remeasurement of contingent consideration (see Note 2) (2,358 ) (2,358 ) Balance at December 31, 2017 $ — $ — |
Financial Assets and Liabilities Not Measured at Fair Value | The Company’s financial assets and liabilities as of December 31, 2018 and 2017 that are not measured at fair value in the consolidated balance sheets are as follows (in thousands): December 31, Fair Value Measurements Using 2018 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 52,917 $ 52,917 $ — $ — Short-term loans and line of credit accounts, net (1) 222,860 — — 222,860 Installment loans and RPAs, net (1) 637,086 — — 670,888 Restricted cash 24,342 24,342 — — Investment in unconsolidated investee (2)(3) 6,703 — — 6,703 Total $ 943,908 $ 77,259 $ — $ 900,451 Financial liabilities: Liability for estimated losses on consumer loans guaranteed by the Company $ 2,166 $ — $ — $ 2,166 Revolving line of credit 22,000 — — 22,000 Securitization Notes 227,288 — 225,474 — 8.50% senior notes due 2024 250,000 — 212,500 — 8.50% senior notes due 2025 375,000 — 306,563 — Total $ 876,454 $ — $ 744,537 $ 24,166 December 31, Fair Value Measurements Using 2017 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 68,684 $ 68,684 $ — $ — Short-term loans and line of credit accounts, net (1) 192,675 — — 192,675 Installment loans and RPAs, net (1) 512,030 — — 544,799 Restricted cash 29,460 29,460 — — Investment in unconsolidated investee (2)(3) 6,703 — — 6,703 Total $ 809,552 $ 98,144 $ — $ 744,177 Financial liabilities: Liability for estimated losses on consumer loans guaranteed by the Company $ 2,258 $ — $ — $ 2,258 Promissory note 3,000 — — 3,287 Securitization Notes 211,406 — 215,063 — 9.75% senior notes due 2021 342,558 — 365,700 — 8.50% senior notes due 2024 250,000 — 255,000 — Total $ 809,222 $ — $ 835,763 $ 5,545 (1) Short-term loans, line of credit accounts and installment loans and RPAs are included in “Loans and finance receivables, net” in the consolidated balance sheets. (2) Investment in unconsolidated investee is included in “Other assets” in the consolidated balance sheets. (3) See Note 1 for additional information related to the investment in unconsolidated investee. |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | |
Summary of Quarterly Financial Data | The following is a summary of the quarterly results of operations for the years ended December 31, 2018 and 2017 (in thousands, except per share data): First Second Third Fourth Quarter Quarter Quarter Quarter 2018 Total Revenue $ 254,298 $ 253,301 $ 293,879 $ 312,596 Cost of Revenue 108,553 121,494 163,763 177,190 Gross Profit $ 145,745 $ 131,807 $ 130,116 $ 135,406 Net Income $ 27,898 $ 18,225 $ 15,304 $ 8,671 Diluted earnings per share (1) $ 0.81 $ 0.52 $ 0.43 $ 0.25 Diluted weighted average common shares 34,572 35,371 35,665 35,103 2017 Total Revenue $ 192,263 $ 189,904 $ 217,878 $ 243,696 Cost of Revenue 81,884 79,862 107,341 127,545 Gross Profit $ 110,379 $ 110,042 $ 110,537 $ 116,151 Net Income (Loss) $ 13,852 $ 11,873 $ (3,368 ) $ 6,883 Diluted earnings per share (1) $ 0.41 $ 0.35 $ (0.10 ) $ 0.20 Diluted weighted average common shares 34,036 34,125 33,670 34,172 (1) The sum of quarterly per share amounts may not equal per share amounts for the year due to differences in weighted-average shares and/or equivalent shares |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2019 | |
Significant Accounting Policies [Line Items] | |||||
Days for delinquent loans to be charged off | 60 days | ||||
Deferred income tax assets valuation allowance percentage | 50.00% | ||||
Corporate income tax rate | 21.00% | 35.00% | 35.00% | ||
Accounting Standards Update 2018-02 | |||||
Significant Accounting Policies [Line Items] | |||||
Reclassification of accumulated other comprehensive income to beginning retained earnings | $ 1.6 | ||||
Accounting Standards Update 2016-18 | |||||
Significant Accounting Policies [Line Items] | |||||
Decrease in net cash used in investing activities | $ 2.6 | $ 20.1 | |||
Change in effect of exchange rates on cash | $ 0.6 | $ 1.2 | |||
ASU 2016-02 | Total Assets | Subsequent Event | |||||
Significant Accounting Policies [Line Items] | |||||
Change in total assets and liabilities and retained earnings | $ 22.3 | ||||
ASU 2016-02 | Total Liabilities | Subsequent Event | |||||
Significant Accounting Policies [Line Items] | |||||
Change in total assets and liabilities and retained earnings | 22.7 | ||||
ASU 2016-02 | Retained Earnings | Subsequent Event | |||||
Significant Accounting Policies [Line Items] | |||||
Change in total assets and liabilities and retained earnings | $ 0.4 | ||||
Stock options | |||||
Significant Accounting Policies [Line Items] | |||||
Stock options not included in computation of diluted earnings per share | 587,045 | 1,563,975 | 1,622,331 | ||
Restricted stock units | |||||
Significant Accounting Policies [Line Items] | |||||
Stock options not included in computation of diluted earnings per share | 82,929 | 182,008 | 464,500 | ||
Australia and Canada | |||||
Significant Accounting Policies [Line Items] | |||||
Foreign currency translation gain (loss) | $ 2.3 | ||||
Other Assets | |||||
Significant Accounting Policies [Line Items] | |||||
Carrying value of investment | $ 6.7 | $ 6.7 | |||
Maximum | |||||
Significant Accounting Policies [Line Items] | |||||
Cash and cash equivalent maturity period | 90 days | ||||
Days for delinquent loans to be charged off | 65 days | ||||
Delinquent loans expiry period (in days) | 64 days | ||||
Expected period of life of intangible assets | 20 years | ||||
Maximum | Software Development Costs | |||||
Significant Accounting Policies [Line Items] | |||||
Property and equipment, useful life | 5 years | ||||
Minimum | |||||
Significant Accounting Policies [Line Items] | |||||
Days for delinquent loans to be charged off | 60 days | ||||
Delinquent loans expiry period (in days) | 1 day | ||||
Expected period of life of intangible assets | 3 years | ||||
Minimum | Software Development Costs | |||||
Significant Accounting Policies [Line Items] | |||||
Property and equipment, useful life | 1 year |
Significant Accounting Polici_5
Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Accounting Policies [Abstract] | ||||||
Cash and cash equivalents | $ 52,917 | [1] | $ 68,684 | [1] | $ 39,934 | |
Restricted cash | 24,342 | [1] | 29,460 | [1] | 26,306 | |
Total cash, cash equivalents and restricted cash | $ 77,259 | $ 98,144 | $ 66,240 | $ 49,445 | ||
[1] | Includes amounts in consolidated variable interest entities (“VIEs”) presented separately in the table below. |
Significant Accounting Polici_6
Significant Accounting Policies - Schedule of Property and Equipment Estimated Useful Lives (Detail) | 12 Months Ended | |
Dec. 31, 2018 | ||
Computer Hardware and Software | Minimum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, useful life | 3 years | |
Computer Hardware and Software | Maximum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, useful life | 5 years | |
Furniture, Fixtures and Equipment | Minimum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, useful life | 3 years | |
Furniture, Fixtures and Equipment | Maximum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, useful life | 7 years | |
Leasehold Improvements | Minimum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, useful life | 3 years | [1] |
Leasehold Improvements | Maximum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, useful life | 10 years | [1] |
[1] | Leasehold improvements are depreciated over the lesser of the estimated useful life, remaining lease term, or 10 years. |
Significant Accounting Polici_7
Significant Accounting Policies - Schedule of Property and Equipment Estimated Useful Lives (Detail) (Parenthetical) - Leasehold Improvements | 12 Months Ended | |
Dec. 31, 2018 | [1] | |
Maximum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, useful life | 10 years | |
Minimum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, useful life | 3 years | |
[1] | Leasehold improvements are depreciated over the lesser of the estimated useful life, remaining lease term, or 10 years. |
Significant Accounting Polici_8
Significant Accounting Policies - Schedule of Components of Accumulated Other Comprehensive Loss, Net of Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Balance | $ 281,687 | $ 241,699 | |
Other comprehensive income (loss), before reclassifications and tax | (8,414) | 7,009 | |
Tax impact | 1,501 | (2,517) | |
Australia and Canada liquidation | [1] | 2,343 | |
Tax impact | (527) | ||
Reclassification of certain deferred tax effects | [2] | (1,622) | |
Balance | 347,768 | 281,687 | |
Foreign Currency Translation Gain (Loss) | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Balance | (7,086) | (11,578) | |
Other comprehensive income (loss), before reclassifications and tax | (8,414) | 7,009 | |
Tax impact | 1,501 | (2,517) | |
Australia and Canada liquidation | [1] | 2,343 | |
Tax impact | (527) | ||
Reclassification of certain deferred tax effects | [2] | (1,622) | |
Balance | (13,805) | (7,086) | |
Accumulated Other Comprehensive (Loss) Income | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Balance | (7,086) | (11,578) | |
Other comprehensive income (loss), before reclassifications and tax | 7,009 | ||
Reclassification of certain deferred tax effects | 1,622 | ||
Balance | $ (13,805) | $ (7,086) | |
[1] | Amount represents the reclassification of foreign currency translation losses from AOCI to the consolidated statements of income due to the liquidation of the Company’s Australian and Canadian businesses. | ||
[2] | Amount represents the reclassification of stranded tax effects from AOCI to retained earnings resulting from the change in the federal corporate income tax rate under the Tax Cuts and Jobs Act. |
Significant Accounting Polici_9
Significant Accounting Policies - Reconciliation of Numerators and Denominators of Basic and Diluted Earnings per Share - (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||||||
Numerator: | |||||||||||||||||||
Net income | $ 8,671 | $ 15,304 | $ 18,225 | $ 27,898 | $ 6,883 | $ (3,368) | $ 11,873 | $ 13,852 | $ 70,098 | $ 29,240 | $ 34,602 | ||||||||
Denominator: | |||||||||||||||||||
Total weighted average basic shares | 33,993 | 33,523 | 33,192 | ||||||||||||||||
Shares applicable to stock-based compensation | 1,183 | 609 | 270 | ||||||||||||||||
Total weighted average diluted shares | 35,103 | 35,665 | 35,371 | 34,572 | 34,172 | 33,670 | 34,125 | 34,036 | 35,176 | 34,132 | 33,462 | ||||||||
Earnings per share – basic | $ 2.06 | $ 0.87 | $ 1.04 | ||||||||||||||||
Earnings per share – diluted | $ 0.25 | [1] | $ 0.43 | [1] | $ 0.52 | [1] | $ 0.81 | [1] | $ 0.20 | [1] | $ (0.10) | [1] | $ 0.35 | [1] | $ 0.41 | [1] | $ 1.99 | $ 0.86 | $ 1.03 |
[1] | The sum of quarterly per share amounts may not equal per share amounts for the year due to differences in weighted-average shares and/or equivalent shares outstanding for each of the periods presented. |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) | Jun. 23, 2015 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Combinations [Abstract] | |||
Date of acquisition | Jun. 23, 2015 | ||
Business acquisition, asset acquired | $ 26,400,000 | ||
Business acquisition, payment in cash | 17,700,000 | ||
Business Combination, promissory note | 3,000,000 | $ 3,000,000 | |
Estimated contingent consideration payable | $ 5,700,000 | $ 2,358,000 | |
Change in fair value measurement of contingent consideration | 2,358,000 | $ 3,300,000 | |
Consideration paid | 0 | ||
Business combination recorded an adjustment to write-off remaining liability | $ 2,700,000 |
Loans and Finance Receivables_3
Loans and Finance Receivables, Credit Quality Information and Allowances and Liabilities for Estimated Losses on Loans and Finance Receivables - Schedule of Revenue Generated from Loans and Finance Receivables (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts Notes And Loans Receivable [Line Items] | |||||||||||
Total loans and finance receivables revenue | $ 1,112,701 | $ 842,851 | $ 744,092 | ||||||||
Other | 1,373 | 890 | 1,477 | ||||||||
Total Revenue | $ 312,596 | $ 293,879 | $ 253,301 | $ 254,298 | $ 243,696 | $ 217,878 | $ 189,904 | $ 192,263 | 1,114,074 | 843,741 | 745,569 |
Short-term Loans | |||||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||||
Total loans and finance receivables revenue | 219,210 | 197,408 | 196,255 | ||||||||
Line of Credit Accounts | |||||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||||
Total loans and finance receivables revenue | 363,495 | 262,760 | 220,462 | ||||||||
Installment Loans and RPAs | |||||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||||
Total loans and finance receivables revenue | $ 529,996 | $ 382,683 | $ 327,375 |
Loans and Finance Receivables_4
Loans and Finance Receivables, Credit Quality Information and Allowances and Liabilities for Estimated Losses on Loans and Finance Receivables - Components of Company-Owned Loans and Finance Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts Notes And Loans Receivable [Line Items] | |||||
Current receivables | $ 923,992 | $ 744,256 | |||
Delinquent payment amounts | [1] | 13,479 | 11,331 | ||
Receivables on non-accrual status | 85,783 | 72,162 | |||
Total delinquent receivables | 99,262 | 83,493 | |||
Total loans and finance receivables, gross | 1,023,254 | 827,749 | |||
Less: Allowance for losses | (163,308) | (123,044) | $ (98,945) | $ (67,322) | |
Loans and finance receivables, net | [2] | 859,946 | 704,705 | ||
Short-term Loans | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Current receivables | 37,558 | 45,552 | |||
Receivables on non-accrual status | 30,167 | 28,120 | |||
Total delinquent receivables | 30,167 | 28,120 | |||
Total loans and finance receivables, gross | 67,725 | 73,672 | |||
Less: Allowance for losses | (21,420) | (19,917) | (17,770) | (14,652) | |
Loans and finance receivables, net | 46,305 | 53,755 | |||
Line of Credit Accounts | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Current receivables | 213,896 | 161,070 | |||
Delinquent payment amounts | [1] | 10,783 | 7,696 | ||
Receivables on non-accrual status | 2,884 | 1,302 | |||
Total delinquent receivables | 13,667 | 8,998 | |||
Total loans and finance receivables, gross | 227,563 | 170,068 | |||
Less: Allowance for losses | (51,008) | (31,148) | (26,594) | (15,727) | |
Loans and finance receivables, net | 176,555 | 138,920 | |||
Installment Loans and RPAs | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Current receivables | 672,538 | 537,634 | |||
Delinquent payment amounts | [1] | 2,696 | 3,635 | ||
Receivables on non-accrual status | 52,732 | 42,740 | |||
Total delinquent receivables | 55,428 | 46,375 | |||
Total loans and finance receivables, gross | 727,966 | 584,009 | |||
Less: Allowance for losses | (90,880) | (71,979) | $ (54,581) | $ (36,943) | |
Loans and finance receivables, net | $ 637,086 | $ 512,030 | |||
[1] | Represents the delinquent portion of installment loans and line of credit account balances for customers that have only missed one payment. See Note 1 “Significant Accounting Policies-Current and Delinquent Loans and Finance Receivables” for additional information. | ||||
[2] | Includes amounts in consolidated variable interest entities (“VIEs”) presented separately in the table below. |
Loans and Finance Receivables_5
Loans and Finance Receivables, Credit Quality Information and Allowances and Liabilities for Estimated Losses on Loans and Finance Receivables - Schedule of Changes in Allowance for Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for losses for Company-owned loans and finance receivables | |||
Balance at beginning of period | $ 123,044 | $ 98,945 | $ 67,322 |
Cost of revenue | 571,092 | 396,370 | 327,726 |
Charge-offs | (633,753) | (455,077) | (360,114) |
Recoveries | 104,493 | 81,725 | 64,588 |
Effect of foreign currency translation | (1,568) | 1,081 | (577) |
Balance at end of period | 163,308 | 123,044 | 98,945 |
Liability for third-party lender-owned loans | |||
Balance at beginning of period | 2,258 | 1,996 | 1,756 |
(Decrease) increase in liability | (92) | 262 | 240 |
Balance at end of period | 2,166 | 2,258 | 1,996 |
Short-term Loans | |||
Allowance for losses for Company-owned loans and finance receivables | |||
Balance at beginning of period | 19,917 | 17,770 | 14,652 |
Cost of revenue | 92,410 | 77,775 | 69,202 |
Charge-offs | (115,565) | (98,243) | (85,599) |
Recoveries | 25,069 | 22,089 | 20,362 |
Effect of foreign currency translation | (411) | 526 | (847) |
Balance at end of period | 21,420 | 19,917 | 17,770 |
Liability for third-party lender-owned loans | |||
Balance at beginning of period | 2,105 | 1,716 | 1,298 |
(Decrease) increase in liability | (141) | 389 | 418 |
Balance at end of period | 1,964 | 2,105 | 1,716 |
Line of Credit Accounts | |||
Allowance for losses for Company-owned loans and finance receivables | |||
Balance at beginning of period | 31,148 | 26,594 | 15,727 |
Cost of revenue | 162,975 | 93,416 | 88,489 |
Charge-offs | (158,848) | (102,725) | (92,044) |
Recoveries | 15,733 | 13,863 | 14,422 |
Balance at end of period | 51,008 | 31,148 | 26,594 |
Installment Loans and RPAs | |||
Allowance for losses for Company-owned loans and finance receivables | |||
Balance at beginning of period | 71,979 | 54,581 | 36,943 |
Cost of revenue | 315,707 | 225,179 | 170,035 |
Charge-offs | (359,340) | (254,109) | (182,471) |
Recoveries | 63,691 | 45,773 | 29,804 |
Effect of foreign currency translation | (1,157) | 555 | 270 |
Balance at end of period | 90,880 | 71,979 | 54,581 |
Liability for third-party lender-owned loans | |||
Balance at beginning of period | 153 | 280 | 458 |
(Decrease) increase in liability | 49 | (127) | (178) |
Balance at end of period | $ 202 | $ 153 | $ 280 |
Loans and Finance Receivables_6
Loans and Finance Receivables, Credit Quality Information and Allowances and Liabilities for Estimated Losses on Loans and Finance Receivables - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||
Active consumer loans owned by third-party lenders | $ 29.7 | $ 34.1 |
Accrual for losses on consumer loan guaranty obligations | $ 2.2 | $ 2.3 |
Property and Equipment - Classi
Property and Equipment - Classifications of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, Cost | $ 148,339 | $ 141,787 |
Property and equipment, Accumulated Depreciation | (98,786) | (93,262) |
Property and equipment, Net | 49,553 | 48,525 |
Computer Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, Cost | 95,364 | 82,757 |
Property and equipment, Accumulated Depreciation | (64,565) | (56,282) |
Property and equipment, Net | 30,799 | 26,475 |
Furniture, Fixtures and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, Cost | 34,730 | 33,834 |
Property and equipment, Accumulated Depreciation | (28,176) | (25,912) |
Property and equipment, Net | 6,554 | 7,922 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, Cost | 18,245 | 25,196 |
Property and equipment, Accumulated Depreciation | (6,045) | (11,068) |
Property and equipment, Net | $ 12,200 | $ 14,128 |
Property and Equipment - Additi
Property and Equipment - Additional information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |||
Capitalized internal software development costs | $ 12.3 | $ 12 | $ 8.1 |
Depreciation expense | $ 14.1 | $ 13.3 | $ 14.4 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Summary of Changes in Carrying Value of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Goodwill, Beginning Balance | $ 267,015 | $ 267,010 |
Effect of foreign currency translation | (2) | 5 |
Goodwill, Ending Balance | $ 267,013 | $ 267,015 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite Lived Intangible Assets [Line Items] | ||||
Goodwill impairment loss | $ 0 | |||
Amortization of Intangible Assets | $ 1,100,000 | $ 1,100,000 | $ 1,100,000 | |
Minimum | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Expected period of life of intangible assets | 3 years | |||
Maximum | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Expected period of life of intangible assets | 20 years | |||
Customer Relationships | Minimum | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Expected period of life of intangible assets | 3 years | |||
Customer Relationships | Maximum | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Expected period of life of intangible assets | 5 years | |||
Trademarks | Minimum | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Expected period of life of intangible assets | 3 years | |||
Trademarks | Maximum | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Expected period of life of intangible assets | 20 years | |||
Lead Provider and Broker Relationships | Minimum | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Expected period of life of intangible assets | 3 years | |||
Lead Provider and Broker Relationships | Maximum | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Expected period of life of intangible assets | 5 years |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Summary of Acquired Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Acquired Finite Lived Intangible Assets [Line Items] | ||
Acquired intangible assets, Cost | $ 12,535 | $ 12,620 |
Acquired intangible assets, Accumulated Amortization | (9,280) | (8,295) |
Acquired intangible assets, Net | 3,255 | 4,325 |
Customer Relationships | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Acquired intangible assets, Cost | 3,497 | 3,536 |
Acquired intangible assets, Accumulated Amortization | (3,257) | (3,136) |
Acquired intangible assets, Net | 240 | 400 |
Lead Provider and Broker Relationships | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Acquired intangible assets, Cost | 5,689 | 5,689 |
Acquired intangible assets, Accumulated Amortization | (4,729) | (4,089) |
Acquired intangible assets, Net | 960 | 1,600 |
Trademarks | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Acquired intangible assets, Cost | 2,549 | 2,595 |
Acquired intangible assets, Accumulated Amortization | (734) | (670) |
Acquired intangible assets, Net | 1,815 | 1,925 |
Non-Competition Agreements | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Acquired intangible assets, Cost | 800 | 800 |
Acquired intangible assets, Accumulated Amortization | (560) | (400) |
Acquired intangible assets, Net | $ 240 | $ 400 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Summary of Estimated Future Amortization Expense (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2,019 | $ 1,070 |
2,020 | 590 |
2,021 | 110 |
2,022 | 110 |
2,023 | $ 110 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 23, 2015 | |
Payables And Accruals [Abstract] | ||||
Trade accounts payable | $ 32,584 | $ 25,579 | ||
Accrued payroll and fringe benefits | 18,202 | 14,877 | ||
Accrued interest payable | 16,976 | 11,064 | ||
Deferred finish out allowance | 7,103 | 7,979 | ||
Accrual for consumer loan payments rejected for non-sufficient funds | 6,555 | 5,096 | ||
Deferred fees on third-party consumer loans | 5,608 | 7,074 | ||
Liability for losses on third-party lender owned consumer loans | 2,166 | 2,258 | ||
Promissory note | 3,000 | $ 3,000 | ||
Other accrued liabilities | 123 | 196 | ||
Total | [1] | $ 89,317 | $ 77,123 | |
[1] | Includes amounts in consolidated variable interest entities (“VIEs”) presented separately in the table below. |
Marketing Expenses - Schedule o
Marketing Expenses - Schedule of Marketing Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Marketing Expenses [Abstract] | |||
Advertising | $ 81,257 | $ 64,186 | $ 66,184 |
Customer procurement expense including lead purchase costs | 44,012 | 37,224 | 30,551 |
Customer referral and revenue sharing expense | 19 | 669 | |
Total | $ 125,269 | $ 101,429 | $ 97,404 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt Instruments and Balances Outstanding (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Securitization notes | $ 227,288 | $ 211,406 | |
Subtotal | 874,288 | 803,964 | |
Less: Long-term debt issuance costs | (16,359) | (15,422) | |
Total long-term debt | [1] | 857,929 | 788,542 |
Revolving Line of Credit | |||
Debt Instrument [Line Items] | |||
Revolving line of credit | 22,000 | ||
9.75% Senior Notes Due 2021 | |||
Debt Instrument [Line Items] | |||
Senior notes | 342,558 | ||
8.50% Senior Notes Due 2024 | |||
Debt Instrument [Line Items] | |||
Senior notes | 250,000 | $ 250,000 | |
8.50% Senior Notes Due 2025 | |||
Debt Instrument [Line Items] | |||
Senior notes | $ 375,000 | ||
[1] | Includes amounts in consolidated variable interest entities (“VIEs”) presented separately in the table below. |
Long-term Debt - Summary of L_2
Long-term Debt - Summary of Long-Term Debt Instruments and Balances Outstanding (Parenthetical) (Detail) | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 19, 2018 | Sep. 01, 2017 | May 30, 2014 | |
9.75% Senior Notes Due 2021 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate | 9.75% | 9.75% | 9.75% | ||
Debt instrument, maturity date | Jun. 1, 2021 | Jun. 1, 2021 | |||
8.50% Senior Notes Due 2024 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate | 8.50% | 8.50% | 8.50% | ||
Debt instrument, maturity date | Sep. 1, 2024 | Sep. 1, 2024 | |||
8.50% Senior Notes Due 2025 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate | 8.50% | 8.50% | |||
Debt instrument, maturity date | Sep. 15, 2025 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) - USD ($) | Oct. 23, 2018 | Sep. 19, 2018 | Jul. 23, 2018 | Oct. 20, 2017 | Sep. 01, 2017 | Dec. 14, 2016 | Dec. 01, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2018 | Oct. 05, 2018 | Sep. 30, 2016 | May 30, 2014 |
Debt Instrument [Line Items] | |||||||||||||
Securitization notes | $ 227,288,000 | $ 211,406,000 | |||||||||||
Loss on early extinguishment of debt | $ 24,991,000 | $ 22,895,000 | |||||||||||
Weighted average interest rates | 9.78% | 10.63% | |||||||||||
8.50% Senior Unsecured Notes Due 2025 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face amount | $ 375,000,000 | $ 375,000,000 | |||||||||||
Debt instrument, maturity date | Sep. 15, 2025 | ||||||||||||
Debt instrument, interest rate | 8.50% | 8.50% | |||||||||||
Debt instrument, payment terms | The 2025 Senior Notes bear interest at a rate of 8.50% annually on the principal amount payable semi-annually in arrears on March 15 and September 15 of each year, beginning on March 15, 2019. | ||||||||||||
Debt instrument, percentage of sale price | 100.00% | ||||||||||||
Notes redemption, description | The 2025 Senior Notes are redeemable at the Company’s option, in whole or in part, (i) at any time prior to September 15, 2021 at 100% of the aggregate principal amount of 2025 Senior Notes redeemed plus the applicable “make whole” premium specified in the indenture that governs the Company’s 2025 Notes (the “2025 Senior Notes Indenture”), plus accrued and unpaid interest, if any, to the redemption date and (ii) at any time on or after September 15, 2021 at the premium, if any, specified in the 2025 Senior Notes Indenture that will decrease over time, plus accrued and unpaid interest, if any, to the redemption date. | ||||||||||||
Note redeem rate | 100.00% | ||||||||||||
8.50% Senior Unsecured Notes Due 2025 | $375.0 million 8.50% Senior Unsecured Notes Redemption, Under Additional Option Available | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Note redeem rate | 108.50% | ||||||||||||
Percentage of notes principal redeemable | 40.00% | ||||||||||||
9.75% Senior Unsecured Notes Due 2021 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face amount | $ 500,000,000 | ||||||||||||
Debt instrument, maturity date | Jun. 1, 2021 | Jun. 1, 2021 | |||||||||||
Debt instrument, interest rate | 9.75% | 9.75% | 9.75% | ||||||||||
Debt instrument, repurchase of principal amount | $ 295,000,000 | $ 345,000,000 | $ 155,000,000 | ||||||||||
Debt instrument, effective percentage | 10.00% | ||||||||||||
Aggregate cash consideration paid for repurchase of principal amount with accrued interest | 363,800,000 | 166,300,000 | |||||||||||
Loss on early extinguishment of debt | 24,800,000 | 14,900,000 | |||||||||||
Loss on early extinguishment of debt, net of tax | 19,100,000 | $ 9,200,000 | |||||||||||
8.50% Senior Unsecured Notes Due 2024 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face amount | $ 250,000,000 | $ 250,000,000 | |||||||||||
Debt instrument, maturity date | Sep. 1, 2024 | Sep. 1, 2024 | |||||||||||
Debt instrument, interest rate | 8.50% | 8.50% | 8.50% | ||||||||||
Debt instrument, payment terms | The 2024 Senior Notes bear interest at a rate of 8.50% annually on the principal amount payable semi-annually in arrears on March 1 and September 1 of each year, beginning on March 1, 2018. | ||||||||||||
Debt instrument, percentage of sale price | 100.00% | ||||||||||||
Notes redemption, description | The 2024 Senior Notes are redeemable at the Company’s option, in whole or in part, (i) at any time prior to September 1, 2020 at 100% of the aggregate principal amount of 2024 Senior Notes redeemed plus the applicable “make whole” premium specified in the 2024 Senior Notes Indenture, plus accrued and unpaid interest, if any, to the redemption date and (ii) at any time on or after September 1, 2020 at the premium, if any, specified in the 2024 Senior Notes Indenture that will decrease over time, plus accrued and unpaid interest, if any, to the redemption date. | ||||||||||||
Note redeem rate | 100.00% | ||||||||||||
8.50% Senior Unsecured Notes Due 2024 | $250.0 million 8.50% Senior Unsecured Notes Redemption, Under Additional Option Available | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Note redeem rate | 108.50% | ||||||||||||
Percentage of notes principal redeemable | 40.00% | ||||||||||||
2018-A Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, maturity date | May 20, 2026 | ||||||||||||
Securitization notes | $ 111,400,000 | ||||||||||||
2018-A Notes | Class A Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face amount | $ 95,000,000 | ||||||||||||
Debt instrument, interest rate | 4.20% | ||||||||||||
2018-A Notes | Class B Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face amount | $ 30,400,000 | ||||||||||||
Debt instrument, interest rate | 7.37% | ||||||||||||
2018-2 Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face amount | $ 150,000,000 | ||||||||||||
Debt instrument, maturity date | Oct. 23, 2022 | Oct. 23, 2022 | |||||||||||
Securitization notes | $ 25,000,000 | ||||||||||||
2018-2 Facility | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, effective percentage | 3.75% | ||||||||||||
Debt instrument, frequency of periodic payment | monthly | ||||||||||||
2018-1 Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face amount | $ 150,000,000 | ||||||||||||
Debt instrument, maturity date | Jul. 22, 2023 | Jul. 22, 2023 | |||||||||||
Securitization notes | $ 36,000,000 | ||||||||||||
2018-1 Facility | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, effective percentage | 4.00% | ||||||||||||
Debt instrument, frequency of periodic payment | monthly | ||||||||||||
2016-1 Securitization Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, maturity date | Apr. 15, 2022 | ||||||||||||
Maximum principal amount of securitization facility | $ 275,000 | ||||||||||||
Variable funding note maximum principal amount per month | $ 30,000 | ||||||||||||
Maturity period of revolving facility | 2017-10 | ||||||||||||
2017 Securitization Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Securitization notes | $ 54,900,000 | $ 196,300,000 | |||||||||||
Maximum principal amount of securitization notes outstanding | $ 275,000,000 | ||||||||||||
Debt instrument, basis spread on variable rate | 7.50% | ||||||||||||
2017 Securitization Notes | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Aggregate availability of variable funding notes | $ 75,000,000 | ||||||||||||
2017 Securitization Notes | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Aggregate availability of variable funding notes | 90,000,000 | ||||||||||||
2017 Securitization Notes | Initial Term Note | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face amount | $ 181,100,000 | ||||||||||||
2016-2 Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Securitization notes | 0 | 15,100,000 | |||||||||||
Annual percentage rate for securitized consumer loan | 90.00% | ||||||||||||
Average annual percentage rate for securitized consumer loan | 135.00% | ||||||||||||
Securitization notes remaining amount available to be borrowed | $ 0 | ||||||||||||
Revolving Credit Facility Due 2020 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | $ 125,000,000 | ||||||||||||
Credit agreement, maturity date | May 1, 2020 | ||||||||||||
Revolving line of credit | $ 22,000,000 | $ 0 | |||||||||||
Revolving Credit Facility Due 2020 | Letters of Credit | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | 20,000,000 | ||||||||||||
Borrowings outstanding under credit agreement | $ 1,600,000 | ||||||||||||
Revolving Credit Facility Due 2020 | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Commitment fee percentage | 0.30% | ||||||||||||
Revolving Credit Facility Due 2020 | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Commitment fee percentage | 0.50% | ||||||||||||
Revolving Credit Facility Due 2020 | Prime Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, basis spread on variable rate | 1.00% | ||||||||||||
Revolving Credit Facility Due 2017 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | $ 75,000,000 |
Long Term Debt - Schedule of Ma
Long Term Debt - Schedule of Maturities of Long-term Debt (Detail) $ in Thousands | Dec. 31, 2018USD ($) | |
Debt Disclosure [Abstract] | ||
2,020 | $ 22,000 | |
Thereafter | 625,000 | [1] |
Securitization | 227,304 | [2] |
Total | $ 874,304 | |
[1] | The $250.0 million 8.50% senior unsecured notes and the $375.0 million senior unsecured notes mature September 1, 2024 and September 15, 2025, respectively. | |
[2] | The 2016-1 Securitization Facility matures at various dates, the latest of which will be April 15, 2022, the 2018-2 Facility matures on October 23, 2022, the 2018-1 Facility matures on July 22, 2023 and the 2018-A Notes mature on May 20, 2026. |
Long Term Debt - Schedule of _2
Long Term Debt - Schedule of Maturities of Long-term Debt (Parenthetical) (Detail) - USD ($) | Oct. 23, 2018 | Jul. 23, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 19, 2018 | Sep. 01, 2017 |
8.50% Senior Unsecured Notes Due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 250,000,000 | $ 250,000,000 | ||||
Debt instrument, interest rate | 8.50% | 8.50% | 8.50% | |||
Debt instrument, maturity date | Sep. 1, 2024 | Sep. 1, 2024 | ||||
8.50% Senior Unsecured Notes Due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 375,000,000 | $ 375,000,000 | ||||
Debt instrument, interest rate | 8.50% | 8.50% | ||||
Debt instrument, maturity date | Sep. 15, 2025 | |||||
2016-1 Securitization Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, maturity date | Apr. 15, 2022 | |||||
2018-2 Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 150,000,000 | |||||
Debt instrument, maturity date | Oct. 23, 2022 | Oct. 23, 2022 | ||||
2018-1 Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 150,000,000 | |||||
Debt instrument, maturity date | Jul. 22, 2023 | Jul. 22, 2023 | ||||
2018-A Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, maturity date | May 20, 2026 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Loans and finance receivables, net | $ 8,209 | $ 27,444 |
Compensation and benefits | 4,272 | 4,423 |
Translation adjustments | 4,645 | 2,531 |
Accrued rent and deferred finish out allowance | 3,392 | 2,786 |
Foreign net operating loss carryforward | 4,679 | 2,164 |
Contingency reserves | 1,462 | 373 |
Other | 2,375 | 1,068 |
Total deferred tax assets | 29,034 | 40,789 |
Deferred tax liabilities: | ||
Amortizable intangible assets | 45,549 | 42,334 |
Property and equipment | 8,824 | 7,760 |
Other | 2,702 | 153 |
Total deferred tax liabilities | 57,075 | 50,247 |
Net deferred tax liabilities before valuation allowance | (28,041) | (9,458) |
Valuation allowance | (5,130) | (2,650) |
Net deferred tax liabilities | $ (33,171) | $ (12,108) |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income before income taxes: | |||
Domestic | $ 76,413 | $ 37,900 | $ 57,422 |
International | 14 | ||
Income before Income Taxes | 76,413 | 37,900 | 57,436 |
Current (benefit) provision: | |||
Federal | (15,074) | 11,366 | 22,656 |
International | 42 | (3) | 94 |
State and local | (943) | 2,045 | 2,347 |
Total current (benefit) provision | (15,975) | 13,408 | 25,097 |
Deferred provision (benefit): | |||
Federal | 18,679 | (4,461) | (2,152) |
State and local | 3,611 | (287) | (111) |
Total deferred provision (benefit) | 22,290 | (4,748) | (2,263) |
Total provision for income taxes | $ 6,315 | $ 8,660 | $ 22,834 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | ||||
Federal statutory rate | 21.00% | 35.00% | 35.00% | |
Net operating loss carryforwards, valuation allowance | $ 5,130,000 | $ 2,650,000 | $ 1,807,000 | $ 1,220,000 |
Potential benefits that would affect effective tax rate | 13,300,000 | 700,000 | 400,000 | |
Expenses for interest and penalties related to unrecognized tax benefits | 0 | 0 | 0 | |
Unrecognized tax benefits for temporary items | 27,100,000 | 0 | 0 | |
Accrued interest and penalties related to unrecognized tax benefits | $ 0 | 0 | ||
State Local And Foreign Jurisdiction Tax Authority | ||||
Income Tax Contingency [Line Items] | ||||
Statute of limitation period | 3 years | |||
State | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards, valuation allowance | $ 0 | |||
Net operating loss carryforwards | $ 13,200,000 | |||
State | Earliest Tax Year | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards, expiration year | 2,023 | |||
State | Latest Tax Year | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards, expiration year | 2,038 | |||
Foreign | Brazilian Operations | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | $ 20,600,000 | $ 10,700,000 | $ 4,300,000 |
Income Taxes - Components of Ef
Income Taxes - Components of Effective Tax Rate on Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Tax provision computed at the federal statutory income tax rate | $ 16,047 | $ 13,265 | $ 20,103 |
State and local income taxes, net of federal tax benefits | 2,091 | 1,440 | 1,401 |
Share-based compensation | (1,790) | (1,005) | 1,656 |
Foreign exchange gain | 724 | ||
Deferred tax adjustment from TCJA | (10,284) | (7,491) | |
162(m) limit on deductibility of executive compensation | 1,547 | ||
Other | (1,296) | 1,727 | (326) |
Total provision for income taxes | $ 6,315 | $ 8,660 | $ 22,834 |
Effective tax rate | 8.30% | 22.90% | 39.80% |
Income Taxes - Summary of Valua
Income Taxes - Summary of Valuation Allowance Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of period | $ 2,650 | $ 1,807 | $ 1,220 |
Additions | 2,480 | 843 | 587 |
Balance at end of period | $ 5,130 | $ 2,650 | $ 1,807 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Activity Related to Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of period | $ 727 | $ 351 | |
Additions based on tax positions related to the current year | 8,248 | 229 | $ 118 |
Additions for tax positions of prior years | 31,365 | 147 | 233 |
Balance at end of period | $ 40,340 | $ 727 | $ 351 |
Commitments and Contingencies -
Commitments and Contingencies - Additional information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments And Contingencies [Line Items] | |||
Expense related to lease termination penalty | $ 5.7 | $ 5.2 | $ 5.8 |
Active consumer loans owned by third-party lenders | 29.7 | 34.1 | |
Accrual for losses on consumer loan guaranty obligations | $ 2.2 | $ 2.3 | |
Minimum | |||
Commitments And Contingencies [Line Items] | |||
Remaining term on operating leases | 1 year | ||
Maximum | |||
Commitments And Contingencies [Line Items] | |||
Remaining term on operating leases | 9 years |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Rentals Due Under Non-Cancelable Leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,019 | $ 6,932 |
2,020 | 6,751 |
2,021 | 6,957 |
2,022 | 7,010 |
2,023 | 7,113 |
Thereafter | 23,465 |
Total | $ 58,228 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
SERP | |||||
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items] | |||||
Compensation expense | $ 0.5 | $ 0.5 | $ 0.2 | ||
401(k) Savings Plan | Nonqualified Savings Plan | |||||
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items] | |||||
Percentage of matching contribution by employer | 100.00% | 50.00% | |||
Percentage of matching contribution by employee | 1.00% | 5.00% | |||
Percentage of matching contribution by employer on the next part of pay | 50.00% | ||||
Percentage of the next part of employee pay for matching contribution | 5.00% | ||||
Rate at which company contributions vest | 20.00% | ||||
Company's vested contribution | 100.00% | ||||
Company's consolidated contributions | $ 2.7 | $ 1.9 | $ 2.2 |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Amounts Included in Consolidated Balance Sheets Relating to NQSP and SERP (Detail) - SERP - Nonqualified Savings Plan - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid expenses and other assets | $ 2,052 | $ 1,460 |
Accounts payable and accrued expenses | $ 2,580 | $ 1,993 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock share received value | $ 17,314 | $ 5,079 | $ 437 |
Restricted Stock Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock shares received | 92,592 | ||
Common stock share received value | $ 2,200 | ||
Restricted Stock Units | Officers and Certain Employees | Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share based compensation units vesting period | 3 years | ||
Restricted Stock Units | Officers and Certain Employees | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share based compensation units vesting period | 4 years | ||
Enova LTIP | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares authorized | 12,500,000 | ||
Shares available for future grants | 6,438,286 | ||
Enova LTIP | Restricted Stock Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense | $ 8,800 | 7,300 | 5,200 |
Compensation expenses net of tax | 6,700 | 5,600 | 3,100 |
Unrecognized compensation cost | $ 14,500 | ||
Unrecognized compensation expense recognition period | 2 years 8 months 12 days | ||
Outstanding RSUs aggregate intrinsic value | $ 24,200 | ||
Enova LTIP | Stock options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense | 2,900 | 4,000 | 3,300 |
Compensation expenses net of tax | 2,200 | $ 3,100 | $ 2,000 |
Unrecognized compensation cost | $ 4,400 | ||
Unrecognized compensation expense recognition period | 1 year 9 months 18 days | ||
Risk-free interest rate | 2.50% | ||
Risk free interest rate, minimum | 2.50% | ||
Risk free interest rate, maximum | 2.70% | ||
Expected life (years) | 4 years 6 months | ||
Expected volatility | 51.50% | ||
Expected volatility rate, minimum | 51.50% | ||
Expected volatility rate, maximum | 52.20% | ||
Expected dividend yield | 0.00% | ||
Weighted average fair value of options granted | $ 9.65 | ||
Outstanding stock options aggregate intrinsic value | $ 17,400 | ||
Exercisable stock options intrinsic value | $ 8,300 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of RSU Activity (Detail) - Enova LTIP - Restricted Stock Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Outstanding at beginning of year, Units | 1,425,883 | 1,359,057 | 641,878 |
Units granted, Units | 639,109 | 763,727 | 1,189,136 |
Shares issued, Units | (604,116) | (563,689) | (213,437) |
Units forfeited, Units | (218,454) | (133,212) | (258,520) |
Outstanding at end of year, Units | 1,242,422 | 1,425,883 | 1,359,057 |
Outstanding at beginning of year, Weighted Average Fair Value at Date of Grant | $ 12 | $ 9.49 | $ 20.55 |
Units granted, Weighted Average Fair Value at Date of Grant | 21.74 | 14.70 | 6.67 |
Shares issued, Weighted Average Fair Value at Date of Grant | 11.90 | 9.68 | 19.65 |
Units forfeited, Weighted Average Fair Value at Date of Grant | 16.12 | 11.62 | 15.65 |
Outstanding at end of year, Weighted Average Fair Value at Date of Grant | $ 16.34 | $ 12 | $ 9.49 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - Enova LTIP - Stock options - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Outstanding at beginning of year, Units | 2,054,092 | 1,587,056 | 1,891,153 |
Options granted, Units | 481,003 | 590,988 | 337,081 |
Options exercised, Units | (319,764) | (4,459) | |
Options forfeited, Units | (85,494) | (119,493) | (641,178) |
Outstanding at end of year, Units | 2,129,837 | 2,054,092 | 1,587,056 |
Exercisable options at end of year, Units | 1,246,301 | 1,165,837 | 734,896 |
Outstanding at beginning of year, Weighted Average Exercise Price | $ 16.92 | $ 17.98 | $ 21.44 |
Options granted, Weighted Average Exercise Price | 21.54 | 14.80 | 6.29 |
Options exercised, Weighted Average Exercise Price | 21.07 | 6.29 | |
Options forfeited, Weighted Average Exercise Price | 17.42 | 21.02 | 22.01 |
Outstanding at end of year, Weighted Average Exercise Price | 17.32 | 16.92 | 17.98 |
Exercisable options at end of year, Weighted Average Exercise Price | $ 17.27 | $ 19.94 | $ 21.67 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Details) | Dec. 31, 2018USD ($) |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Outstanding derivative instruments | $ 0 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Values of Derivative Instruments (Detail) - Non-Designated Derivatives - Forward Currency Exchange Contracts $ in Thousands | Dec. 31, 2017USD ($) | |
Derivatives Fair Value [Line Items] | ||
Derivative Liabilities, Notional Amount | $ 12,039 | |
Gross Amounts of Recognized Financial Instruments, Liabilities | 55 | |
Net Amounts of Assets Presented in the Consolidated Balance, Liabilities | $ 55 | [1] |
[1] | Represents the fair value of forward currency contracts, which is recorded in “Accounts payable and accrued expenses” in the consolidated balance sheets. |
Derivative Instruments - Fair_2
Derivative Instruments - Fair Values of Derivative Instruments (Parenthetical) (Detail) - Non-Designated Derivatives - Forward Currency Exchange Contracts | Dec. 31, 2017USD ($) |
Derivatives Fair Value [Line Items] | |
Gross amounts of recognized derivative instruments | $ 0 |
Derivative asset, fair value of collateral | 0 |
Amount of derivative assets | 0 |
Amount of derivative liabilities | $ 0 |
Derivative Instruments - Effect
Derivative Instruments - Effect of Derivative Instruments on the Consolidated Results of Operations and Accumulated other Comprehensive Income (Detail) - Non-Designated Derivatives - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Derivative Instruments Gain Loss [Line Items] | ||||
Gains (Losses) Recognized in Income | $ 243 | $ (55) | $ 3,020 | |
Forward Currency Exchange Contracts | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Gains (Losses) Recognized in Income | [1] | $ 243 | $ (55) | $ 3,020 |
[1] | The gains (losses) on these derivatives substantially offset the (losses) gains on the hedged portion of the foreign intercompany balances. |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 23, 2015 | |
Related Party Transaction [Line Items] | ||||
Business Combination, promissory note | $ 3,000,000 | $ 3,000,000 | ||
Marketing Agency | ||||
Related Party Transaction [Line Items] | ||||
Amount expenses incurred to related party | $ 11,400,000 | 0 | $ 0 | |
Due to related party | 2,500,000 | 0 | 0 | |
Small Business | ||||
Related Party Transaction [Line Items] | ||||
Business Combination, promissory note | $ 3,000,000 | |||
Promissory note maturity date | Jun. 23, 2018 | |||
Interest expense related to promissory note | $ 100,000 | $ 100,000 | $ 100,000 | |
Debt instrument, interest rate | 4.00% |
Supplemental Disclosures of C_3
Supplemental Disclosures of Cash Flow Information - Schedule of Cash and Non-Cash Activities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash paid during the year for: | |||
Interest | $ 68,350 | $ 63,529 | $ 59,609 |
Income taxes paid | 9,581 | 17,263 | 19,213 |
Non-cash investing and financing activities: | |||
Loans and finance receivables renewed | $ 374,563 | $ 322,648 | $ 310,425 |
Operating Segment Information -
Operating Segment Information - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)Segment | Dec. 31, 2017USD ($) | |
Segment Reporting [Abstract] | ||
Number of reportable segment | 1 | |
Number of operating segment | 1 | |
Property and equipment, net | $ | $ 49,553 | $ 48,525 |
Operating Segment Information_2
Operating Segment Information - Summary of Domestic and International Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues [Abstract] | |||||||||||
Revenue | $ 312,596 | $ 293,879 | $ 253,301 | $ 254,298 | $ 243,696 | $ 217,878 | $ 189,904 | $ 192,263 | $ 1,114,074 | $ 843,741 | $ 745,569 |
Income from operations [Abstract] | |||||||||||
Income from operations | 183,072 | 134,414 | 121,477 | ||||||||
Depreciation and amortization [Abstract] | |||||||||||
Depreciation and amortization | 15,190 | 14,388 | 15,564 | ||||||||
Expenditures for property and equipment [Abstract] | |||||||||||
Expenditures for property and equipment | 16,079 | 16,528 | 14,396 | ||||||||
Property and equipment, net [Abstract] | |||||||||||
Property and equipment, net | 49,553 | 48,525 | 49,553 | 48,525 | |||||||
Assets | |||||||||||
Assets | 1,328,185 | 1,159,460 | 1,328,185 | 1,159,460 | |||||||
Domestic | |||||||||||
Revenues [Abstract] | |||||||||||
Revenue | 946,515 | 709,537 | 622,991 | ||||||||
Income from operations [Abstract] | |||||||||||
Income from operations | 294,183 | 233,065 | 204,084 | ||||||||
Depreciation and amortization [Abstract] | |||||||||||
Depreciation and amortization | 7,430 | 6,769 | 6,005 | ||||||||
Expenditures for property and equipment [Abstract] | |||||||||||
Expenditures for property and equipment | 8,177 | 6,449 | 6,955 | ||||||||
Property and equipment, net [Abstract] | |||||||||||
Property and equipment, net | 19,878 | 25,732 | 19,878 | 25,732 | |||||||
Assets | |||||||||||
Assets | 1,110,608 | 964,697 | 1,110,608 | 964,697 | |||||||
International | |||||||||||
Revenues [Abstract] | |||||||||||
Revenue | 167,559 | 134,204 | 122,578 | ||||||||
Income from operations [Abstract] | |||||||||||
Income from operations | 1,399 | 6,147 | 19,787 | ||||||||
Depreciation and amortization [Abstract] | |||||||||||
Depreciation and amortization | 1,499 | 1,539 | 2,167 | ||||||||
Expenditures for property and equipment [Abstract] | |||||||||||
Expenditures for property and equipment | 4,328 | 4,589 | 3,158 | ||||||||
Property and equipment, net [Abstract] | |||||||||||
Property and equipment, net | 9,778 | 7,670 | 9,778 | 7,670 | |||||||
Assets | |||||||||||
Assets | 138,280 | 133,449 | 138,280 | 133,449 | |||||||
Corporate Services | |||||||||||
Income from operations [Abstract] | |||||||||||
Income from operations | (112,510) | (104,798) | (102,394) | ||||||||
Depreciation and amortization [Abstract] | |||||||||||
Depreciation and amortization | 6,261 | 6,080 | 7,392 | ||||||||
Expenditures for property and equipment [Abstract] | |||||||||||
Expenditures for property and equipment | 3,574 | 5,490 | $ 4,283 | ||||||||
Property and equipment, net [Abstract] | |||||||||||
Property and equipment, net | 19,897 | 15,123 | 19,897 | 15,123 | |||||||
Assets | |||||||||||
Assets | $ 79,297 | $ 61,314 | $ 79,297 | $ 61,314 |
Operating Segment Information_3
Operating Segment Information - Summary of Company's Revenue by Geographical Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues [Abstract] | |||||||||||
Revenue | $ 312,596 | $ 293,879 | $ 253,301 | $ 254,298 | $ 243,696 | $ 217,878 | $ 189,904 | $ 192,263 | $ 1,114,074 | $ 843,741 | $ 745,569 |
United States | |||||||||||
Revenues [Abstract] | |||||||||||
Revenue | 946,515 | 709,537 | 622,991 | ||||||||
United Kingdom | |||||||||||
Revenues [Abstract] | |||||||||||
Revenue | 141,453 | 114,838 | 103,478 | ||||||||
Other International Countries | |||||||||||
Revenues [Abstract] | |||||||||||
Revenue | $ 26,106 | $ 19,366 | $ 19,100 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Transfer of Liabilities, amount | $ 0 | $ 0 |
Transfer of assets, amount | $ 0 | 0 |
Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalent maturity period | 90 days | |
Maximum | Short-term Loans | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Term of loan | 12 months | |
Maximum | Line of Credit Accounts | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Term of loan | 12 months | |
Maximum | Installment Loans and RPAs | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Term of loan | 60 months | |
Maximum | RPAs | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Estimated delivery term | 18 months | |
Minimum | Installment Loans and RPAs | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Term of loan | 2 months | |
Minimum | RPAs | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Estimated delivery term | 6 months | |
Fair Value Measurements Nonrecurring Member | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value non-recurring | $ 0 | 0 |
Liabilities fair value non-recurring | $ 0 | $ 0 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Forward currency exchange contracts | $ (55) | ||
Nonqualified savings plan assets | [1] | $ 2,052 | 1,460 |
Total | 2,052 | 1,405 | |
Level 1 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Nonqualified savings plan assets | [1] | 2,052 | 1,460 |
Total | $ 2,052 | 1,460 | |
Level 2 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Forward currency exchange contracts | (55) | ||
Total | $ (55) | ||
[1] | The non-qualified savings plan assets have an offsetting liability of a greater amount, which is included in “Accounts payable and accrued expenses” in the Company’s consolidated balance sheets. |
Fair Value Measurements - Fai_2
Fair Value Measurements - Fair Value Measurement for Contingent Consideration (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Contingent consideration, Beginning balance | $ 2,358 | |
Contingent consideration, Remeasurement of contingent consideration | (2,358) | $ (3,300) |
Contingent consideration, Ending balance | 2,358 | |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Contingent consideration, Beginning balance | 2,358 | |
Contingent consideration, Remeasurement of contingent consideration | $ (2,358) | |
Contingent consideration, Ending balance | $ 2,358 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Not Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financial liabilities: | |||||
Liability for estimated losses on consumer loans guaranteed by the Company | $ 2,166 | $ 2,258 | $ 1,996 | $ 1,756 | |
Carrying Value | |||||
Financial assets: | |||||
Cash and cash equivalents | 52,917 | 68,684 | |||
Short-term loans and line of credit accounts, net | [1] | 222,860 | 192,675 | ||
Installment loans and RPAs, net | [1] | 637,086 | 512,030 | ||
Restricted cash | 24,342 | 29,460 | |||
Investment in unconsolidated investee | [2],[3] | 6,703 | 6,703 | ||
Total | 943,908 | 809,552 | |||
Financial liabilities: | |||||
Liability for estimated losses on consumer loans guaranteed by the Company | 2,166 | 2,258 | |||
Revolving line of credit | 22,000 | ||||
Promissory note | 3,000 | ||||
Securitization Notes | 227,288 | 211,406 | |||
Total | 876,454 | 809,222 | |||
Carrying Value | 8.50% Senior Notes Due 2024 | |||||
Financial liabilities: | |||||
Senior notes | 250,000 | 250,000 | |||
Carrying Value | 9.75% Senior Notes Due 2021 | |||||
Financial liabilities: | |||||
Senior notes | 342,558 | ||||
Carrying Value | 8.50% Senior Notes Due 2025 | |||||
Financial liabilities: | |||||
Senior notes | 375,000 | ||||
Level 1 | Estimated Fair Value | |||||
Financial assets: | |||||
Cash and cash equivalents | 52,917 | 68,684 | |||
Restricted cash | 24,342 | 29,460 | |||
Total | 77,259 | 98,144 | |||
Level 2 | Estimated Fair Value | |||||
Financial liabilities: | |||||
Securitization Notes | 225,474 | 215,063 | |||
Total | 744,537 | 835,763 | |||
Level 2 | Estimated Fair Value | 8.50% Senior Notes Due 2024 | |||||
Financial liabilities: | |||||
Senior notes | 212,500 | 255,000 | |||
Level 2 | Estimated Fair Value | 9.75% Senior Notes Due 2021 | |||||
Financial liabilities: | |||||
Senior notes | 365,700 | ||||
Level 2 | Estimated Fair Value | 8.50% Senior Notes Due 2025 | |||||
Financial liabilities: | |||||
Senior notes | 306,563 | ||||
Level 3 | Estimated Fair Value | |||||
Financial assets: | |||||
Short-term loans and line of credit accounts, net | [1] | 222,860 | 192,675 | ||
Installment loans and RPAs, net | [1] | 670,888 | 544,799 | ||
Investment in unconsolidated investee | [2],[3] | 6,703 | 6,703 | ||
Total | 900,451 | 744,177 | |||
Financial liabilities: | |||||
Liability for estimated losses on consumer loans guaranteed by the Company | 2,166 | 2,258 | |||
Revolving line of credit | 22,000 | ||||
Promissory note | 3,287 | ||||
Total | $ 24,166 | $ 5,545 | |||
[1] | Short-term loans, line of credit accounts and installment loans and RPAs are included in “Loans and finance receivables, net” in the consolidated balance sheets. | ||||
[2] | Investment in unconsolidated investee is included in “Other assets” in the consolidated balance sheets. | ||||
[3] | See Note 1 for additional information related to the investment in unconsolidated investee. |
Fair Value Measurements - Fin_2
Fair Value Measurements - Financial Assets and Liabilities Not Measured at Fair Value (Parenthetical) (Detail) | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 19, 2018 | Sep. 01, 2017 | May 30, 2014 | |
8.50% Senior Notes Due 2024 | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Debt instrument, interest rate | 8.50% | 8.50% | 8.50% | ||
Debt instrument, maturity date | Sep. 1, 2024 | Sep. 1, 2024 | |||
8.50% Senior Notes Due 2025 | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Debt instrument, interest rate | 8.50% | 8.50% | |||
Debt instrument, maturity date | Sep. 15, 2025 | ||||
9.75% Senior Notes Due 2021 | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Debt instrument, interest rate | 9.75% | 9.75% | 9.75% | ||
Debt instrument, maturity date | Jun. 1, 2021 | Jun. 1, 2021 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) - Summary of Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||||
Total Revenue | $ 312,596 | $ 293,879 | $ 253,301 | $ 254,298 | $ 243,696 | $ 217,878 | $ 189,904 | $ 192,263 | $ 1,114,074 | $ 843,741 | $ 745,569 | ||||||||
Cost of Revenue | 177,190 | 163,763 | 121,494 | 108,553 | 127,545 | 107,341 | 79,862 | 81,884 | 571,000 | 396,632 | 327,966 | ||||||||
Gross Profit | 135,406 | 130,116 | 131,807 | 145,745 | 116,151 | 110,537 | 110,042 | 110,379 | 543,074 | 447,109 | 417,603 | ||||||||
Net income | $ 8,671 | $ 15,304 | $ 18,225 | $ 27,898 | $ 6,883 | $ (3,368) | $ 11,873 | $ 13,852 | $ 70,098 | $ 29,240 | $ 34,602 | ||||||||
Diluted | $ 0.25 | [1] | $ 0.43 | [1] | $ 0.52 | [1] | $ 0.81 | [1] | $ 0.20 | [1] | $ (0.10) | [1] | $ 0.35 | [1] | $ 0.41 | [1] | $ 1.99 | $ 0.86 | $ 1.03 |
Diluted weighted average common shares | 35,103 | 35,665 | 35,371 | 34,572 | 34,172 | 33,670 | 34,125 | 34,036 | 35,176 | 34,132 | 33,462 | ||||||||
[1] | The sum of quarterly per share amounts may not equal per share amounts for the year due to differences in weighted-average shares and/or equivalent shares outstanding for each of the periods presented. |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event - 2019-1 Facility | Feb. 25, 2019USD ($) |
Subsequent Event [Line Items] | |
Debt instrument, face amount | $ 50,000,000 |
Debt instrument maturity term | 3 years |
LIBOR | |
Subsequent Event [Line Items] | |
Debt instrument, effective percentage | 9.75% |
Debt instrument, frequency of periodic payment | monthly |
PCAM Credit II, LLC | |
Subsequent Event [Line Items] | |
Debt instrument, face amount | $ 75,000,000 |
Initial Term Note | |
Subsequent Event [Line Items] | |
Debt instrument, face amount | 30,000,000 |
Initial Term Note | PCAM Credit II, LLC | |
Subsequent Event [Line Items] | |
Debt instrument, face amount | 50,000,000 |
Revolving Note | |
Subsequent Event [Line Items] | |
Debt instrument, face amount | 20,000,000 |
Revolving Note | PCAM Credit II, LLC | |
Subsequent Event [Line Items] | |
Debt instrument, face amount | $ 25,000,000 |