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Loan portfolio up 58%
Record quarterly earnings per share of $ 1.02
Interest rate on the credit facility reduced by 150 basis points
Dividend increase of 38% to $ 1.24 per share
MISSISSAUGA, Ontario, February 13, 2019 (GLOBE NEWSWIRE) – risk (TSX: GSY), ("risk"or the"Business"), A leading provider of comprehensive alternative financial services and goods, announced its results for the fourth quarter ended December 31, 2018. The Company also announced that on February 12, 2019, it had finalized the amendment of its contract pre-existing first-rank warranty. a revolving credit facility (the "Credit Facility") to increase the amount that can be borrowed under the Credit Facility, extend the maturity date and reduce the cost of borrowing. The company also declared a 38% increase in its annual dividend from $ 0.90 to $ 1.24 per share.
Fourth quarter results
Revenues for the fourth quarter of 2018 increased to $ 138 million, up 29% from the same period in 2017. This increase is due to growth in the consumer loan portfolio. easyfinancial, which reached $ 834 million, up 58% from $ 527 million previously reported. as of December 31, 2017.
During the quarter, the Company generated a record $ 265 million in loans, up 50% from $ 176 million in the fourth quarter of 2017. The increase in the number of creditors led loan portfolio of $ 84.2 million, up 57% from $ 53.5 million in 2005. same period in 2017. Net expense rate for the quarter was in line with expectations at 13.1% , up slightly from 12.8% in the fourth quarter of 2017 and halfway through the Company's guidance range of 12% to 14%. for 2018.
Operating income reached $ 35.1 million, up 44% from $ 24.5 million in the fourth quarter of 2017, while operating margin reached a record 25, 4%, up from 22.8%.
Net income for the quarter was $ 15.9 million, up 39.5% from $ 11.4 million adjusted in 2017, resulting in diluted earnings per share of 1 million. $ 02, up 29% from $ 0.79 adjusted in 2017. 2017 results are adjusted to offset a one-time pre-tax refinancing charge of $ 8.2 million as of the fourth quarter of 2017. From In addition, in 2018, the Company adopted IFRS 9, which was used to increase the provision for future credit losses. The Company estimates that adjusted net earnings and adjusted diluted earnings per share for the fourth quarter of 2017 would have been $ 9.0 million and $ 0.64, respectively, if the provision for credit losses had been calculated on the same IFRS basis. 9 that of the current quarter (excluding the impact of refinancing costs). On this basis, adjusted net income for the fourth quarter of 2018 increased by 76.2% and diluted earnings per share adjusted by 59.4%.
"We had a strong and productive fourth quarter, closing another record year for the company," said Jason Mullins, riskFrom the President and Chief Executive Officer. "Our reputation has reached an all-time high of 84%, which is the leader in the non-core lending industry. The volume of loan applications and loans contracted during the quarter reached record levels: more than 62% of all advances were made to new clients. Strong revenue growth, increased scale and credit stability allowed the easyfinancial operating margin to rise to 40%, its highest level of the year and being at the top of our guided fork, "Mullins continued. We are also proud to have achieved all the goals set throughout the year, while generating record revenues and profits. Fully diluted earnings per share for the full year was $ 3.56, an increase of 45% from $ 2.46 in 2017, adjusted for refinancing expense. punctual and the impact of IFRS 9. I would like to thank all the optimistic team for the pbadion demonstrate daily to take care of our customers and congratulate them for this exceptional year. "
Other key quarterly highlights
easyfinancière
- Total application volume increased by 26%
- Revenues increased to $ 103 million, up 41% from $ 73 million
- Guaranteed loan portfolio increased from $ 8.5 million to $ 52.9 million
- 62.5% of net loan advances in the quarter were issued to new customers, up from 59%
- Record of 84%, up 10% and the highest in the industry
- The average loan portfolio per branch increased from $ 2.0 million to $ 2.9 million, an increase of 45%.
- The delinquency rate on the last Saturday of the quarter was 5.2%, which is in line with the 5.3% reported for the same period in 2017.
easyhome
- Same store revenues increased 7.1% compared to 0.1%
- The easyhome leasing consumer loan portfolio increased from $ 5.3 million to $ 21.8 million
- Consumer loan income of $ 2.9 million compared to $ 0.6 million
- Operating margin of 14.8% for the quarter, up from 14.3% in 2017
- Operating income of $ 5.2 million for the quarter, compared with $ 4.9 million
Global
- 35th consecutive quarter of same store sales growth
- 70th consecutive quarter of positive net profit
- Total comparable store revenue growth of 28.5%, up from 20%
- Compound annual revenue growth of 13% and net income growth of 29% since 2001
- Return on equity of 23% for the quarter, up from 20.1%
- Net external debt to net capitalization of 66% at December 31, 2018, under the company's 70% leverage ratio
- During the quarter, 398,452 shares were repurchased at a weighted average price of $ 37.61 as part of the Company's issuer bid
Annual results
For the full year, the Company financed borrowings for $ 923 million, up 59% from $ 579 million in 2017. Consumer loan portfolio increased $ 307 million, up 97% from $ 156 million in 2017. Growth in the consumer loan portfolio generated record revenues of $ 506.1 million, up 26% from $ 401 million. , $ 7 million in 2017. Operating income for 2018 was $ 119.7 million, up 37% from $ 87.4 million in 2017.
Net income for the year was $ 53.1 million, up 26% from $ 42.2 million adjusted in 2017, resulting in diluted earnings per share of $ 3.56, in 20% increase from $ 2.97 adjusted in 2017. The 2017 results are adjusted for a one-time charge of $ 8.2 million before taxes related to the refinancing completed on November 1, 2017. In addition, in 2018, Company adopted IFRS 9, which was used to increase the provision for future credit losses. The Company estimates that net income and diluted earnings per share for the full year 2017 would have been $ 34.6 million and $ 2.46, respectively, if the provision for credit losses had been calculated. on the same basis IFRS 9 as the current year. On this basis, net income for the 2018 financial year increased by 53.4% and diluted earnings per share by 44.7%.
Due to strong growth, the Company increased its loan portfolio, sales and mid-year return on equity objectives. The company has met all of its original and revised targets for 2018 as follows:
| 2018 Origin Targets | Revised targets for 2018 | Real 2018 | |
| Gross portfolio of loans receivable at the end of the year | $ 700 million – $ 750 million | $ 825 million – $ 875 million | $ 833.8 million |
| EasyFinancial's total return | 54% – 56% | 54% – 56% | 54.2% |
| New easyfinancial locations | 20 – 30 | 20 – 30 | 23 |
| Net receivables as a percentage of average gross receivable loans receivable | 12% – 14% | 12% – 14% | 12.7% |
| Easyfinancial operating margin | 38% – 40% | 38% – 40% | 38.5% |
| Total revenue growth | 16% – 18% | 26% – 28% | 26.0% |
| Return on equity | 18% to 20% | 21% + | 21.80% |
Improvements to the credit facility
The Company is pleased to announce that on February 12, 2019, it has completed an amendment to its pre-existing senior secured revolving credit facility provided by a bank syndicate (the "Credit Facility").
The amendment extended the maturity date to February 2022 (from October 2020) and raised the maximum available capital from C $ 174.5 million to C $ 189.5 million. .
The interest rate on advances on the credit facility was also reduced from the previous Canadian BA rate plus 450 basis points or the lender's prime rate ("prime rate") plus 350 base points, BA plus 325 basis points reduced by 125 bps) or Prime plus 200 bps (reduced by 150 bps). Based on the current BA rate of approximately 2.0% and the prime rate of 3.95% as at February 12, 2019, the interest rate applied to the principal used would be 5.25% or 5.95%. , at the option of the Company.
The company intends to borrow from the credit facility to expand its consumer loan portfolio.
Balance sheet and liquidity
Total badets amounted to $ 1.06 billion as at December 31, 2018, an increase of 41% from $ 749.6 million as at December 31, 2017, due to the impact of growth in the consumer loan portfolio and additional cash available to fund future growth.
Cash flow from operating activities before net issuance of consumer loans and the purchase of lease badets was $ 232 million in 2018, an increase of 30% from $ 179 million dollars in 2017.
During the year, the Company issued US $ 150 million due notes due November 1, 2022, which generated net proceeds of Can $ 203 million. The issue of the notes to pay was at an au pair premium, resulting in an attractive interest rate (excluding the effect of financing charges) of 6.17%. On October 10, 2018, the Company also closed its offer to purchase 920,000 common shares at a price of $ 50.50 per common share for a total net proceeds of $ 44.3 million.
Based on available cash at the end of the year and the borrowing capacity under the Company's amended revolving credit facility, the Company had approximately $ 290 million of which would enable it to achieve the growth objectives of its consumer loan portfolio. until the third quarter of 2020. The Company has always been able to obtain the additional financing necessary to finance the growth of its activities while reducing borrowing costs and increasing debt ratios. However, the Company also believes that once its existing and available sources of capital are fully utilized, it can continue to grow its loan portfolio by approximately $ 150 million annually from internal cash flows alone.
Future prospects
The company has provided updated targets over 3 years for the years 2019 to 2021. The 2019 and 2020 periods remain unchanged.
The company continues its long-term strategy of expanding its product offering and increasing the use of risk-based pricing offerings, increasing the average loan size and extending the duration of its customer relationships. As a result, the total return on its consumer loan portfolio will gradually decline, while net charge rates will decrease and operating margins will increase, resulting in higher return on equity.
| 2019 Targets | 2020 objectives | Targets 2021 | |
| Gross portfolio of loans receivable at the end of the year | $ 1.1 billion – $ 1.2 billion | $ 1.3 billion – $ 1.4 billion | $ 1.5 billion – $ 1.7 billion |
| EasyFinancial's total return | 49% to 51% | 46% – 48% | 43% – 45% |
| New easyfinancial locations | 10 – 20 | 10 – 20 | 10 – 20 |
| Net receivables as a percentage of average gross receivable loans receivable | 11.5% – 13.5% | 11% – 13% | 11% – 13% |
| Easyfinancial operating margin | 42% – 44% | 44% – 46% | 45% – 47% |
| Total revenue growth | 20% – 22% | 14 – 16% | 10% to 12% |
| Return on equity | 24% + | 26% + | 26% + |
"As we turn the page up in 2019, we are well positioned to take advantage of the scale and investments we have made in the industry," said Mr. Mullins. "Although our business strategy remains unchanged, we will be focusing more on product development and channels and improving the customer experience. Key initiatives for 2019 will include reducing friction in the lending process, investing in our indirect lending and point-of-sale financing channels, and making transformative improvements to our credit and badytics capabilities. including testing new data sources and machine learning algorithms. Improvements to our credit facility, which included increased borrowing capacity, extended term and substantial rate reduction, demonstrate the confidence of our lenders in implementing our business strategy. With this amendment, our average interest rate goes from 7.18% in the fourth quarter of 2018 to 6.76% when we fully use the revolver, which provides greater certainty with respect to future liquidity. We remain confident in achieving our goals for 2019 and for exceeding the $ 1 billion mark, as we aim to capture an even larger share of the $ 186 billion non-prime credit market in Canada. "
Dividend
Based on its 2018 earnings and the Company's confidence in its continued growth and access to capital, the Board of Directors approved an annual dividend increase of $ 0.90 per share to $ 1.24 per share. , an increase of 38%. The year 2018 marks the fifth consecutive year of dividend increase to shareholders. As such, the Board of Directors approved a quarterly dividend of $ 0.31 per share payable on April 12, 2019 to common shareholders registered at the close of business on March 29, 2019.
Forward-looking statements
All of the above outlook figures are defined by the Company and are subject to change based on plan and economic conditions. As a result, investors are cautioned not to place undue reliance on the above information. Actual results may differ significantly.
This press release contains forward-looking statements about Goeasy, including its business activities, strategy, expected financial results and financial condition, the estimated number of new sites to open, the growth objectives of the consumer loan portfolio. , annual revenue growth objectives, strategic initiatives, new product offerings and distribution channels, expected cost savings, planned capital expenditures, planned capital requirements, liquidity of the Company, plans and references for activities and future results and critical accounting estimates. In some cases, forward-looking statements are predictive statements that are contingent upon, or referenced to, future events or conditions, and / or that may be identified using terms such as "provides", "anticipates", "intends". , "Plans", "believes", "budgeted", "estimates", "forecasts", "targets" or negative versions thereof and similar expressions, and / or indicates that certain acts, events or results "may", "Could", "would", "could" or "will" be taken, occur or be achieved.
Forward-looking statements are based on certain factors and badumptions, including expected growth, results of operations and business prospects, and are inherently subject to, among other things, risks, uncertainties and badumptions about the Company's business, economic and financial factors. the sector in general, such as: as well as the factors mentioned in the Company's most recent Annual Information Form and Management's Discussion and Analysis, available at www.sedar.com under "Risk Factors". There can be no badurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those expressed or implied by the forward-looking statements of the Company, including as a result of material factors. such as the Company's ability to enter into new leases and / or financing, recover existing leases and / or financing, open new locations on favorable terms, purchase attractive clients at a competitive rate, responding to changes in legislation, responding to uncertainties related to regulatory measures, raising capital on favorable terms, managing the impact of litigation (including shareholder disputes), control costs at all levels of the organization and maintain and improve the system of internal controls. The company wishes to clarify that the above list is not exhaustive.
Readers are cautioned to review these and other factors carefully, and not to place undue reliance on forward-looking statements, which may not be appropriate for other purposes. The Company has no obligation (and expressly disclaims any such obligation) to update or modify the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the law.
About goeasy
Goeasy Ltd. provides leasing and lending services in the alternative financial services market and offers Canadians everyday the path to a better future today. goeasy Ltd. serves its clients through two key operational divisions, easyfinancial and easyhome. easyfinancial is a non-priority consumer credit business that bridges the gap between traditional financial institutions and expensive payday loans. easyfinancial offers a range of unsecured and secured personal loans, based on a central credit decision process and a leading risk badysis of the sector. easyhome is the largest leasing company in Canada. It offers consumers furniture, appliances and branded electronics under weekly or monthly leases in corporate and franchised stores. The two operational divisions of goeasy Ltd. offer the highest level of customer service and enable customers to conduct transactions via a multichannel model with more than 400 stores and branches across Canada, as well as enabled platforms for e-commerce.
Goeasy Ltd. The Common Shares are listed on the TSX under the symbol "GSY" and the Goeasy Convertible Debentures are traded on the TSX under the symbol "GSY-DB". Goeasy is rated BB- with a stable trend of S & P and Ba3 with a stable trend of Moody's. For more information, visit www.goeasy.com.
For more information, contact:
David Ingram
Executive Chairman of the Board
(905) 272-2788
Jason Mullins
President and CEO
(905) 272-2788
| Goeasy Ltd. | |||
| CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |||
| (expressed in thousands of Canadian dollars) | |||
| Like a | Like a | ||
| The 31st of December, | The 31st of December, | ||
| 2018 | 2017 | ||
| ASSETS | |||
| Cash | 100,188 | 109,370 | |
| Amounts receivable | 15,450 | 14,422 | |
| Expenses paid in advance | 3,835 | 3,545 | |
| Consumer loans receivable | 782.864 | 513.425 | |
| Rental badets | 51,618 | 54,318 | |
| Property and equipment | 21,283 | 15,941 | |
| Derivative financial badet | 35.094 | – | |
| Deferred tax badets | 9,445 | 2,121 | |
| Intangible badets | 14,589 | 15.163 | |
| Good will | 21,310 | 21,310 | |
| TOTAL ASSETS | 1,055,676 | 749,615 | |
| LIABILITIES AND SHAREHOLDERS 'EQUITY | |||
| Liabilities | |||
| Accounts payable and accrued liabilities | 45.103 | 43.071 | |
| Taxes payable on income | 7,499 | 9,445 | |
| Dividends to pay | 3,247 | 2,426 | |
| Deferred rental incentives | 1,234 | 1,294 | |
| Income not earned | 6,002 | 4,819 | |
| Convertible debentures | 40,581 | 47,985 | |
| Notes to pay | 650,481 | 401,193 | |
| Derivative financial liability | – | 11,138 | |
| TOTAL RESPONSIBILITIES | 754,147 | 521.371 | |
| Equity | |||
| Share the capital | 138,090 | 85,874 | |
| Surplus of contribution | 16.105 | 15,305 | |
| Accumulated other comprehensive income | 3,624 | 141 | |
| Retained earnings | 143,710 | 126,924 | |
| TOTAL EQUITY | 301.529 | 228244 | |
| TOTAL LIABILITIES AND EQUITY | 1,055,676 | 749,615 | |
| Goeasy Ltd. | ||||||
| CONSOLIDATED INCOME STATEMENT | ||||||
| (in thousands of Canadian dollars, except earnings per share) | ||||||
| Three months have ended | Year ended | |||||
| The 31st of December, | The 31st of December, | The 31st of December, | The 31st of December, | |||
| 2018 | 2017 | 2018 | 2017 | |||
| RETURNED | ||||||
| Interest income | 73,834 | 48,407 | 255,997 | 172,315 | ||
| Rental income | 29,437 | 30,784 | 119,745 | 125 111 | ||
| Commissions earned | 31,486 | 24,883 | 117,000 | 91,353 | ||
| Charges and expenses | 3,403 | 3,170 | 13,449 | 12,949 | ||
| 138.160 | 107,244 | 506191 | 401,728 | |||
| COSTS BEFORE AMORTIZATION AND AMORTIZATION | ||||||
| Salaries and benefits | 29,183 | 26,696 | 114,522 | 102,666 | ||
| Stock-based compensation | 1,755 | 1,527 | 6,836 | 5,623 | ||
| Advertising and promotion | 6,203 | 5,014 | 19,145 | 16,654 | ||
| Bad debts | 34,186 | 18,807 | 118,980 | 67,826 | ||
| Occupation | 8,807 | 8,132 | 34,665 | 33,100 | ||
| Costs of technology | 2,826 | 2,896 | 11,118 | 10,688 | ||
| Other expenses | 7,409 | 6,270 | 29,205 | 25,570 | ||
| 90,369 | 69,342 | 334.471 | 262.127 | |||
| DEPRECIATION AND AMORTIZATION | ||||||
| Amortization of leased badets | 9,944 | 10,240 | 40,088 | 41,221 | ||
| Depreciation of property, plant and equipment | 1,249 | 1,658 | 5,719 | 5,702 | ||
| Amortization of intangible badets | 1,492 | 1,554 | 6,196 | 5,285 | ||
| 12,685 | 13,452 | 52 003 | 52.208 | |||
| Total operating expenses | 103054 | 82,794 | 386.474 | 314,335 | ||
| Operating product | 35106 | 24,450 | 119,717 | 87,393 | ||
| Financial expenses | ||||||
| Interest expense and amortization of deferred financing costs | 12,811 | 8,774 | 45,800 | 28,642 | ||
| Cost of refinancing | – | 8198 | – | 8198 | ||
| 12,811 | 16,972 | 45,800 | 36,840 | |||
| Income before taxes | 22,295 | 7,478 | 73,917 | 50,553 | ||
| Tax charge (recovery) | ||||||
| Current | 3,753 | 1,779 | 24,354 | 10,854 | ||
| delayed | 2,655 | 333 | (3,561 | ) | 3,567 | |
| 6,408 | 2,112 | 20,793 | 14,421 | |||
| Net revenue | 15,887 | 5,366 | 53.124 | 36.132 | ||
| Basic earnings per share | 1.07 | 0.39 | 3.78 | 2.67 | ||
| Diluted earnings per share | 1.02 | 0.38 | 3.56 | 2.56 | ||
| Segmented reporting | |||||||
| Three months ended December 31, 2018 | |||||||
| Returned | |||||||
| Interest | 71,814 | 2,020 | – | 73,834 | |||
| Rental income | – | 29,437 | – | 29,437 | |||
| Commissions earned | 29,594 | 1,892 | – | 31,486 | |||
| Charges and expenses | 1,878 | 1,525 | – | 3,403 | |||
| 103,286 | 34,874 | – | 138.160 | ||||
| Total operating expenses before | |||||||
| depreciation and amortization | 60,032 | 19,482 | 10,855 | 90,369 | |||
| Depreciation and amortization | 1,965 | 10,238 | 482 | 12,685 | |||
| Operating income | 41,289 | 5,154 | (11,337 | ) | 35106 | ||
| Financial expenses | |||||||
| Interest expense and amortization of deferred financing costs | 12,811 | ||||||
| Income before taxes | 22,295 | ||||||
| Income taxes | 6,408 | ||||||
| Net revenue | 15,887 | ||||||
| Diluted earnings per share | 1.02 | ||||||
| Three months ended December 31, 2017 | |||||||
| (in thousands of dollars, except earnings per share) | easyfinancière | easyhome | D & # 39; Company | Total | |||
| Returned | |||||||
| Interest | 48,005 | 401 | – | 48,406 | |||
| Rental income | – | 30,784 | – | 30,784 | |||
| Commissions earned | 23,581 | 1,302 | – | 24,883 | |||
| Charges and expenses | 1,645 | 1,526 | – | 3,171 | |||
| 73,231 | 34,013 | – | 107,244 | ||||
| Total operating expenses before | |||||||
| depreciation and amortization | 42,549 | 18,194 | 8599 | 69,342 | |||
| Depreciation and amortization | 2,068 | 10,955 | 429 | 13,452 | |||
| Operating income | 28,614 | 4,864 | (9028 | ) | 24,450 | ||
| Financial expenses | |||||||
| Interest expense and amortization of deferred financing costs | 8,774 | ||||||
| Refinancing costs | 8198 | ||||||
| 16,972 | |||||||
| Income before taxes | 7,478 | ||||||
| Income taxes | 2,112 | ||||||
| Net revenue | 5,366 | ||||||
| Diluted earnings per share | 0.38 | ||||||
| Year ending on December 31, 2018 | |||||||
| (in thousands of dollars, except earnings per share) | easyfinancière | easyhome | D & # 39; Company | Total | |||
| Returned | |||||||
| Interest | 250,622 | 5,375 | – | 255,997 | |||
| Rental income | – | 119,745 | – | 119,745 | |||
| Commissions earned | 110,423 | 6,577 | – | 117,000 | |||
| Charges and expenses | 7,280 | 6,169 | – | 13,449 | |||
| 368,325 | 137,866 | – | 506191 | ||||
| Total operating expenses before | |||||||
| depreciation and amortization | 218.138 | 74,215 | 42,118 | 334.471 | |||
| Depreciation and amortization | 8,333 | 42104 | 1,566 | 52 003 | |||
| Operating income | 141,854 | 21,547 | (43,684 | ) | 119,717 | ||
| Financial expenses | |||||||
| Interest expense and amortization of deferred financing costs | 45,800 | ||||||
| Income before taxes | 73,917 | ||||||
| Income taxes | 20,793 | ||||||
| Net revenue | 53.124 | ||||||
| Diluted earnings per share | 3.56 | ||||||
| Year Ended December 31, 2017 | |||||||
| ($ in 000's except for per share) | easyfinancial | easyhome | Corporate | Total | |||
| Revenue | |||||||
| interest | 171.667 | 648 | – | 172.315 | |||
| Lease revenue | – | 125.111 | – | 125.111 | |||
| Commissions earned | 86.598 | 4,755 | – | 91.353 | |||
| Charges and fees | 6,203 | 6.746 | – | 12.949 | |||
| 264.468 | 137.260 | – | 401.728 | ||||
| Total operating expenses before | |||||||
| depreciation and amortization | 154.559 | 72.570 | 34.998 | 262.127 | |||
| Depreciation and amortization | 7,255 | 43.808 | 1,145 | 52.208 | |||
| Operating income (loss) | 102.654 | 20,882 | (36,143 | ) | 87,393 | ||
| Finance costs | |||||||
| Interest expense and amortization of deferred financing charges | 28,642 | ||||||
| Refinancing costs | 8,198 | ||||||
| 36,840 | |||||||
| Income before income taxes | 50,553 | ||||||
| Income taxes | 14,421 | ||||||
| Net Income | 36,132 | ||||||
| Diluted earnings per share | 2.56 | ||||||
| Summary of Financial Results and Key Performance Indicators | ||||||||
| ($ in 000’s except earnings per share and percentages) | Three Months Ended | Variance | Variance | |||||
| December 31, 2018 | December 31, 2017 | $ / bps | % change | |||||
| Summary Financial Results | ||||||||
| Revenue | 138,160 | 107,244 | 30,916 | 28.8 | % | |||
| Operating expenses before depreciation and amortization | 90,369 | 69,342 | 21,027 | 30.3 | % | |||
| EBITDA | 37,847 | 27,662 | 10,185 | 36.8 | % | |||
| EBITDA margin | 27.4 | % | 25.8 | % | 160 bps | 6.2 | % | |
| Depreciation and amortization expense | 12,685 | 13,452 | (767 | ) | (5.7 | %) | ||
| Operating income | 35,106 | 24,450 | 10,656 | 43.6 | % | |||
| Operating margin | 25.4 | % | 22.8 | % | 260 bps | 11.4 | % | |
| Interest expense and amortization of deferred financing charges | 12,811 | 8,774 | 4,037 | 46.0 | % | |||
| Refinancing costs | – | 8,198 | (8,198 | ) | (100.0 | %) | ||
| PTPP income | 56,481 | 26,285 | 30,196 | 114.9 | % | |||
| Effective income tax rate | 28.7 | % | 28.2 | % | 50 bps | 1.8 | % | |
| Net income | 15,887 | 5,366 | 10,521 | 196.1 | % | |||
| Diluted earnings per share | 1.02 | 0.38 | 0.64 | 168.4 | % | |||
| Return on Equity | 23.0 | % | 9.5 | % | 1,350 bps | 142.1 | % | |
| Adjusted (Normalized) Financial Results | ||||||||
| Adjusted net income | 15,887 | 11,392 | 4,495 | 39.5 | % | |||
| Adjusted earnings per share | 1.02 | 0.79 | 0.23 | 29.1 | % | |||
| Adjusted return on equity | 23.0 | % | 20.1 | % | 290 bps | 14.4 | % | |
| Key Performance Indicators | ||||||||
| Same store revenue growth (overall) | 28.5 | % | 20.0 | % | 850 bps | 42.5 | % | |
| Same store revenue growth (easyhome) | 7.1 | % | 0.1 | % | 700 bps | 7000.0 | % | |
| Segment Financials | ||||||||
| easyfinancial revenue | 103,286 | 73,231 | 30,055 | 41.0 | % | |||
| easyfinancial operating margin | 40.0 | % | 39.1 | % | 90 bps | 2.3 | % | |
| easyhome revenue | 34,874 | 34,013 | 861 | 2.5 | % | |||
| easyhome operating margin | 14.8 | % | 14.3 | % | 50 bps | 3.5 | % | |
| Portfolio Indicators | ||||||||
| Gross consumer loans receivable | 833,779 | 526,546 | 307,233 | 58.3 | % | |||
| Growth in consumer loans receivable | 84,198 | 53,483 | 30,715 | 57.4 | % | |||
| Gross loan originations | 264,996 | 176,383 | 88,613 | 50.2 | % | |||
| Total yield on consumer loans (including ancillary products) | 52.7 | % | 58.4 | % | (570 bps) | (9.8 | %) | |
| Net charge offs as a percentage of average gross consumer loans receivable | 13.1 | % | 12.8 | % | 30 bps | 2.3 | % | |
| Potential monthly lease revenue | 9,141 | 9,481 | (340 | ) | (3.6 | %) | ||
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