Uncertainty about domestic regulation, especially Consumer Financial Protection Bureau's final rule Intensifying competition from new entrants and existing Internet-based platform that heightens fraud risk but is also highly scalable Debt to adjusted EBITDA between 4.5x to 5.0x and minimal tangible equity 25% of gross profit derived from short-term payday loans Declining EBITDA margins because of competitive dynamics and higher provisions but poised to improve from increasing operating leverage The negative outlook reflects S&P Global Ratings' view that there is a one in three chance that Enova International Inc.'s leverage could remain above 5.0x over the next 12 months. Our base-case expectation is that Enova will naturally deleverage through EBITDA growth over the next year. We expect debt to adjusted EBITDA
