Encore Capital Group, Inc. (NASDAQ: ECPG), an international
specialty finance company, today reported consolidated financial
results for the fourth quarter and full year ended
December 31, 2023.
“For the debt buying industry as a whole, 2023 was a year
characterized by continued rapid growth of portfolio supply in the
U.S. contrasted by slower growth in the U.K. and Europe. In
addition, all debt buyers now face higher funding costs,” said
Ashish Masih, Encore’s President and Chief Executive Officer. “Our
disciplined approach to purchasing portfolios and the flexibility
of our global balance sheet have allowed us to redirect our capital
deployment to higher return opportunities in the U.S., consistent
with our well-established strategic focus. In fact, 76% of our
portfolio purchasing in 2023 was allocated to the U.S. market
compared to 56% five years ago. As a result of this focus, we
believe Encore has emerged from 2023 in a stronger competitive
position and a clear leader in the industry.”
“Continued increases in lending by banks coupled with rising
delinquencies and charge-offs led to an exceptional purchasing
environment in the U.S. market with record supply for
non-performing loan portfolios in 2023. As a result, our largest
business, MCM, increased U.S. portfolio purchases in 2023 to a
record $815 million, which helped increase Encore’s global
portfolio purchases by 34% for the year. In terms of consumer
behavior, we are observing a more normal, stable environment in the
U.S. that is similar to the pre-pandemic years, most notably in
terms of payment plan performance.”
“For our Cabot business in the U.K. and Europe, we have
maintained our purchasing discipline in the face of portfolio
pricing that we believe still does not yet fully reflect higher
funding costs. Against this backdrop we remain patient, choosing to
deploy at currently low levels until the returns in Cabot’s markets
become more attractive.”
“Our reported financial results in 2023, and in particular our
net loss of $206 million dollars, or ($8.72) per share, were not
indicative of the underlying strength of our business due to
certain non-cash charges, the largest of which was a $238 million
goodwill impairment. This charge was the result of our annual test
for goodwill and was primarily driven by persistently low
purchasing by our Cabot business and a sustained decline in debt
purchasing industry valuations. This charge has no impact on our
liquidity, on our ability to purchase portfolios, on our capability
to collect on portfolios we have already purchased, or on our
outlook for the business.”
“Looking ahead, our priorities in 2024 remain unchanged. We are
guided by our three pillar strategy and focused on our balance
sheet objectives and capital allocation priorities. Anchored by a
robust pipeline of supply in the U.S., where we already have $230
million of committed portfolio purchases for the first quarter, we
expect our portfolio purchases and collections to grow in 2024.
Encore is well positioned to capitalize on the opportunities that
lie ahead,” continued Masih.
Available capacity under Encore’s global senior facility was
$364 million at the end of 2023. In addition, Encore ended the year
with $142 million of non-client cash on the balance sheet.
Financial Highlights for the Full Year of
2023:
|
Year Ended December 31, |
(in thousands, except
percentages and earnings per share) |
2023 |
|
2022 |
|
Change |
Collections |
$ |
1,862,567 |
|
|
$ |
1,911,537 |
|
(3 |
)% |
Revenues |
$ |
1,222,680 |
|
|
$ |
1,398,347 |
|
(13 |
)% |
Portfolio purchases(1) |
$ |
1,073,812 |
|
|
$ |
800,507 |
|
34 |
% |
Estimated Remaining
Collections (ERC) |
$ |
8,191,913 |
|
|
$ |
7,555,003 |
|
8 |
% |
Operating expenses |
$ |
1,206,145 |
|
|
$ |
936,173 |
|
29 |
% |
GAAP net (loss) income |
$ |
(206,492 |
) |
|
$ |
194,564 |
|
(206 |
)% |
GAAP (loss) income per
share |
$ |
(8.72 |
) |
|
$ |
7.46 |
|
(217 |
)% |
__________________
(1) Includes U.S. purchases of $814.6 million
and $556.0 million, and Europe purchases of $259.3 million and
$244.5 million in 2023 and 2022, respectively.
Key Impacts for the Full Year of
2023:
|
Year Ended December 31, |
(in thousands, except earnings
per share impact) |
2023 |
|
EPS Impact(1) |
Goodwill impairment |
$ |
(238,200 |
) |
|
$ |
(10.06 |
) |
Impairment of intangible
assets |
$ |
(18,726 |
) |
|
$ |
(0.79 |
) |
Charges related to Cabot
headcount reduction in Q1 2023(2) |
$ |
(6,077 |
) |
|
$ |
(0.26 |
) |
Recoveries below forecast |
$ |
(33,405 |
) |
|
$ |
(1.17 |
) |
Changes in expected future
recoveries |
$ |
(49,125 |
) |
|
$ |
(1.74 |
) |
Total impacts |
$ |
(345,533 |
) |
|
$ |
(14.02 |
) |
__________________
(1) Basic share count was used to calculate EPS
impacts.
(2) Impact of $6M charge related to Cabot
headcount reduction in Q1 2023 is different in Q1 2023 versus
full-year 2023 due to differences in share count and tax
treatment.
Financial Highlights for the Fourth Quarter of
2023:
|
Three Months Ended December 31, |
(in thousands, except
percentages and earnings per share) |
2023 |
|
2022 |
|
Change |
Collections |
$ |
458,350 |
|
|
$ |
436,156 |
|
|
5 |
% |
Revenues |
$ |
277,387 |
|
|
$ |
233,996 |
|
|
19 |
% |
Portfolio purchases(1) |
$ |
292,497 |
|
|
$ |
225,343 |
|
|
30 |
% |
Operating expenses |
$ |
494,580 |
|
|
$ |
236,301 |
|
|
109 |
% |
GAAP net loss |
$ |
(270,762 |
) |
|
$ |
(73,118 |
) |
|
270 |
% |
GAAP loss per share |
$ |
(11.40 |
) |
|
$ |
(3.11 |
) |
|
267 |
% |
__________________
(1) Includes U.S. purchases of $208.5 million
and $168.9 million, and Europe purchases of $84.0 million and $56.4
million in Q4 2023 and Q4 2022, respectively.
Key Impacts for the Fourth Quarter of
2023:
|
Three Months Ended December 31, |
(in thousands, except earnings
per share impact) |
2023 |
|
EPS Impact(1) |
Goodwill impairment |
$ |
(238,200 |
) |
|
$ |
(10.03 |
) |
Impairment of intangible
assets |
$ |
(18,726 |
) |
|
$ |
(0.79 |
) |
Recoveries below forecast |
$ |
(13,296 |
) |
|
$ |
(0.47 |
) |
Changes in expected future
recoveries |
$ |
(39,180 |
) |
|
$ |
(1.36 |
) |
Total impacts |
$ |
(309,402 |
) |
|
$ |
(12.65 |
) |
__________________
(1) Basic share count was used to calculate EPS
impacts.
Conference Call and Webcast
The Company will host a conference call and slide presentation
today, February 21, 2024, at 2:00 p.m. Pacific time / 5:00
p.m. Eastern time to discuss fourth quarter and full year
results.
Members of the public are invited to access the live webcast via
the Internet by logging in on the Investor Relations page of
Encore's website at www.encorecapital.com. To access the live
conference call by telephone, please pre-register using this link.
Registrants will receive confirmation with dial-in details.
For those who cannot listen to the live broadcast, a replay of
the webcast will be available on the Company's website shortly
after the call concludes.
Non-GAAP Financial Measures
This news release includes certain financial measures that
exclude the impact of certain items and therefore have not been
calculated in accordance with U.S. generally accepted accounting
principles (“GAAP”). The Company has included information
concerning adjusted EBITDA because management utilizes this
information in the evaluation of its operations and believes that
this measure is a useful indicator of the Company’s ability to
generate cash collections in excess of operating expenses through
the liquidation of its receivable portfolios. Adjusted EBITDA has
not been prepared in accordance with GAAP and should not be
considered an alternative to, or more meaningful than, net income
as an indicator of the Company’s operating performance. Further,
this non-GAAP financial measure, as presented by the Company, may
not be comparable to similarly titled measures reported by other
companies. The Company has attached to this news release a
reconciliation of these non-GAAP financial measures to their most
directly comparable GAAP financial measures.
About Encore Capital Group, Inc.
Encore Capital Group is an international specialty finance
company that provides debt recovery solutions and other related
services for consumers across a broad range of financial assets.
Through its subsidiaries around the globe, Encore purchases
portfolios of consumer receivables from major banks, credit unions,
and utility providers.
Encore partners with individuals as they repay their debt
obligations, helping them on the road to financial recovery and
ultimately improving their economic well-being. Encore is the first
and only company of its kind to operate with a Consumer Bill
of Rights that provides industry-leading commitments to
consumers. Headquartered in San Diego, Encore is a publicly traded
NASDAQ Global Select company (ticker symbol: ECPG) and a component
stock of the Russell 2000, the S&P Small Cap 600 and the
Wilshire 4500. More information about the company can be found at
http://www.encorecapital.com.
Forward Looking Statements
The statements in this press release that are not historical
facts, including, most importantly, those statements preceded by,
or that include, the words “will,” “may,” “believe,” “projects,”
“expects,” “anticipates” or the negation thereof, or similar
expressions, constitute “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995
(the “Reform Act”). These statements may include, but are not
limited to, statements regarding our future operating results,
performance, business plans or prospects as well as statements
regarding future supply, consumer behavior, or macroeconomic
environment. For all “forward-looking statements,” the Company
claims the protection of the safe harbor for forward-looking
statements contained in the Reform Act. Such forward-looking
statements involve risks, uncertainties and other factors which may
cause actual results, performance or achievements of the Company
and its subsidiaries to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. These risks, uncertainties and other
factors are discussed in the reports filed by the Company with the
Securities and Exchange Commission, including the most recent
reports on Form 10-K, as it may be amended from time to time. The
Company disclaims any intent or obligation to update these
forward-looking statements.
Contact:Bruce ThomasEncore Capital Group,
Inc.Vice President, Global Investor Relations(858)
309-6442bruce.thomas@encorecapital.com
SOURCE: Encore Capital Group, Inc.
FINANCIAL TABLES FOLLOW |
|
ENCORE CAPITAL GROUP, INC. |
Consolidated Statements of Financial
Condition |
(In Thousands, Except Par Value Amounts) |
|
|
December 31,2023 |
|
December 31,2022 |
Assets |
|
|
|
Cash and cash equivalents |
$ |
158,364 |
|
|
$ |
143,912 |
|
Investment in receivable
portfolios, net |
|
3,468,432 |
|
|
|
3,088,261 |
|
Property and equipment,
net |
|
103,959 |
|
|
|
113,900 |
|
Other assets |
|
293,256 |
|
|
|
341,073 |
|
Goodwill |
|
606,475 |
|
|
|
821,214 |
|
Total assets |
$ |
4,630,486 |
|
|
$ |
4,508,360 |
|
Liabilities and Equity |
|
|
|
Liabilities: |
|
|
|
Accounts payable and accrued liabilities |
$ |
189,928 |
|
|
$ |
198,217 |
|
Borrowings |
|
3,318,031 |
|
|
|
2,898,821 |
|
Other liabilities |
|
185,989 |
|
|
|
231,695 |
|
Total liabilities |
|
3,693,948 |
|
|
|
3,328,733 |
|
Commitments and
contingencies |
|
|
|
Equity: |
|
|
|
Convertible preferred stock, $0.01 par value, 5,000 shares
authorized, no shares issued and outstanding |
|
— |
|
|
|
— |
|
Common stock, $0.01 par value, 75,000 shares authorized, 23,545
shares and 23,323 shares issued and outstanding as of December 31,
2023 and December 31, 2022, respectively |
|
235 |
|
|
|
233 |
|
Additional paid-in capital |
|
11,052 |
|
|
|
— |
|
Accumulated earnings |
|
1,049,171 |
|
|
|
1,278,210 |
|
Accumulated other comprehensive loss |
|
(123,920 |
) |
|
|
(98,816 |
) |
Total stockholders’ equity |
|
936,538 |
|
|
|
1,179,627 |
|
Total liabilities and stockholders’ equity |
$ |
4,630,486 |
|
|
$ |
4,508,360 |
|
|
The following table presents certain assets and liabilities of
consolidated variable interest entities (“VIEs”) included in the
consolidated statements of financial condition above. Most assets
in the table below include those assets that can only be used to
settle obligations of consolidated VIEs. The liabilities exclude
amounts where creditors or beneficial interest holders have
recourse to the general credit of the Company.
|
December 31, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
Cash and cash equivalents |
$ |
24,472 |
|
$ |
1,344 |
Investment in receivable
portfolios, net |
|
717,556 |
|
|
431,350 |
Other assets |
|
19,358 |
|
|
3,627 |
Liabilities |
|
|
|
Accounts payable and accrued
liabilities |
|
1,854 |
|
|
150 |
Borrowings |
|
494,925 |
|
|
423,522 |
Other liabilities |
|
2,452 |
|
|
105 |
|
|
|
|
|
|
ENCORE CAPITAL GROUP, INC. |
Consolidated Statements of Operations |
(In Thousands, Except Per Share Amounts) |
|
|
|
|
|
(Unaudited)Three Months EndedDecember
31, |
|
Year Ended December 31, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenues |
|
|
|
|
|
|
|
Revenue from receivable portfolios |
$ |
304,892 |
|
|
$ |
294,755 |
|
|
$ |
1,204,437 |
|
|
$ |
1,202,361 |
|
Changes in recoveries |
|
(52,476 |
) |
|
|
(86,148 |
) |
|
|
(82,530 |
) |
|
|
93,145 |
|
Total debt purchasing revenue |
|
252,416 |
|
|
|
208,607 |
|
|
|
1,121,907 |
|
|
|
1,295,506 |
|
Servicing revenue |
|
19,650 |
|
|
|
22,996 |
|
|
|
83,136 |
|
|
|
94,922 |
|
Other revenues |
|
5,321 |
|
|
|
2,393 |
|
|
|
17,637 |
|
|
|
7,919 |
|
Total revenues |
|
277,387 |
|
|
|
233,996 |
|
|
|
1,222,680 |
|
|
|
1,398,347 |
|
Operating expenses |
|
|
|
|
|
|
|
Salaries and employee benefits |
|
96,760 |
|
|
|
90,058 |
|
|
|
391,532 |
|
|
|
375,135 |
|
Cost of legal collections |
|
56,727 |
|
|
|
54,188 |
|
|
|
224,252 |
|
|
|
217,944 |
|
General and administrative expenses |
|
36,809 |
|
|
|
40,023 |
|
|
|
144,862 |
|
|
|
145,798 |
|
Other operating expenses |
|
29,315 |
|
|
|
28,516 |
|
|
|
111,179 |
|
|
|
111,234 |
|
Collection agency commissions |
|
9,074 |
|
|
|
8,156 |
|
|
|
35,657 |
|
|
|
35,568 |
|
Depreciation and amortization |
|
8,969 |
|
|
|
11,285 |
|
|
|
41,737 |
|
|
|
46,419 |
|
Goodwill impairment |
|
238,200 |
|
|
|
— |
|
|
|
238,200 |
|
|
|
— |
|
Impairment of intangible assets |
|
18,726 |
|
|
|
4,075 |
|
|
|
18,726 |
|
|
|
4,075 |
|
Total operating expenses |
|
494,580 |
|
|
|
236,301 |
|
|
|
1,206,145 |
|
|
|
936,173 |
|
(Loss) income from
operations |
|
(217,193 |
) |
|
|
(2,305 |
) |
|
|
16,535 |
|
|
|
462,174 |
|
Other expense |
|
|
|
|
|
|
|
Interest expense |
|
(54,501 |
) |
|
|
(42,313 |
) |
|
|
(201,877 |
) |
|
|
(153,308 |
) |
Other (expense) income |
|
(2 |
) |
|
|
(1,269 |
) |
|
|
5,078 |
|
|
|
2,123 |
|
Total other expense |
|
(54,503 |
) |
|
|
(43,582 |
) |
|
|
(196,799 |
) |
|
|
(151,185 |
) |
(Loss) income before income
taxes |
|
(271,696 |
) |
|
|
(45,887 |
) |
|
|
(180,264 |
) |
|
|
310,989 |
|
Benefit (provision) for income
taxes |
|
934 |
|
|
|
(27,231 |
) |
|
|
(26,228 |
) |
|
|
(116,425 |
) |
Net (loss) income |
$ |
(270,762 |
) |
|
$ |
(73,118 |
) |
|
$ |
(206,492 |
) |
|
$ |
194,564 |
|
|
|
|
|
|
|
|
|
(Loss) income per
share: |
|
|
|
|
|
|
|
Basic |
$ |
(11.40 |
) |
|
$ |
(3.11 |
) |
|
$ |
(8.72 |
) |
|
$ |
8.06 |
|
Diluted |
$ |
(11.40 |
) |
|
$ |
(3.11 |
) |
|
$ |
(8.72 |
) |
|
$ |
7.46 |
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
Basic |
|
23,741 |
|
|
|
23,544 |
|
|
|
23,670 |
|
|
|
24,142 |
|
Diluted |
|
23,741 |
|
|
|
23,544 |
|
|
|
23,670 |
|
|
|
26,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENCORE CAPITAL GROUP, INC. |
Consolidated Statements of Cash Flows |
(In Thousands) |
|
|
Year Ended December 31, |
|
2023 |
|
2022 |
|
2021 |
Operating
activities: |
|
|
|
|
|
Net (loss) income |
$ |
(206,492 |
) |
|
$ |
194,564 |
|
|
$ |
351,201 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
Depreciation and amortization |
|
41,737 |
|
|
|
46,419 |
|
|
|
50,079 |
|
Other non-cash interest expense, net |
|
17,160 |
|
|
|
15,875 |
|
|
|
17,785 |
|
Stock-based compensation expense |
|
13,854 |
|
|
|
15,402 |
|
|
|
18,330 |
|
Deferred income taxes |
|
(55,916 |
) |
|
|
46,410 |
|
|
|
35,371 |
|
Goodwill impairment |
|
238,200 |
|
|
|
— |
|
|
|
— |
|
Impairment of intangible assets |
|
18,726 |
|
|
|
4,075 |
|
|
|
— |
|
Changes in recoveries |
|
82,530 |
|
|
|
(93,145 |
) |
|
|
(199,136 |
) |
Other, net |
|
(2,259 |
) |
|
|
18,798 |
|
|
|
26,430 |
|
Changes in operating assets
and liabilities |
|
|
|
|
|
Other assets |
|
15,894 |
|
|
|
(6,722 |
) |
|
|
38,941 |
|
Accounts payable, accrued liabilities and other liabilities |
|
(10,443 |
) |
|
|
(30,995 |
) |
|
|
(35,948 |
) |
Net cash provided by operating activities |
|
152,991 |
|
|
|
210,681 |
|
|
|
303,053 |
|
Investing
activities: |
|
|
|
|
|
Purchases of receivable portfolios, net of put-backs |
|
(1,060,206 |
) |
|
|
(790,569 |
) |
|
|
(657,280 |
) |
Collections applied to investment in receivable portfolios,
net |
|
658,130 |
|
|
|
709,176 |
|
|
|
1,019,629 |
|
Purchases of real estate owned |
|
(26,901 |
) |
|
|
(39,340 |
) |
|
|
(17,090 |
) |
Purchases of property and equipment |
|
(24,807 |
) |
|
|
(37,224 |
) |
|
|
(33,372 |
) |
Proceeds from sale of real estate owned |
|
52,636 |
|
|
|
27,722 |
|
|
|
31,159 |
|
Other, net |
|
(793 |
) |
|
|
— |
|
|
|
(3,150 |
) |
Net cash (used in) provided by investing activities |
|
(401,941 |
) |
|
|
(130,235 |
) |
|
|
339,896 |
|
Financing
activities: |
|
|
|
|
|
Payment of loan and debt refinancing costs |
|
(13,707 |
) |
|
|
(1,659 |
) |
|
|
(11,963 |
) |
Proceeds from credit facilities |
|
1,196,046 |
|
|
|
779,513 |
|
|
|
821,931 |
|
Repayment of credit facilities |
|
(989,627 |
) |
|
|
(515,703 |
) |
|
|
(896,418 |
) |
Proceeds from senior secured notes |
|
104,188 |
|
|
|
— |
|
|
|
353,747 |
|
Repayment of senior secured notes |
|
(39,080 |
) |
|
|
(39,080 |
) |
|
|
(359,175 |
) |
Proceeds from issuance of convertible senior notes |
|
230,000 |
|
|
|
— |
|
|
|
— |
|
Repayment of convertible senior notes |
|
(212,480 |
) |
|
|
(221,153 |
) |
|
|
(161,000 |
) |
Repurchase and retirement of common stock |
|
— |
|
|
|
(87,006 |
) |
|
|
(390,606 |
) |
Other, net |
|
(7,040 |
) |
|
|
(22,357 |
) |
|
|
(12,208 |
) |
Net cash provided by (used in) financing activities |
|
268,300 |
|
|
|
(107,445 |
) |
|
|
(655,692 |
) |
Net increase (decrease) in
cash and cash equivalents |
|
19,350 |
|
|
|
(26,999 |
) |
|
|
(12,743 |
) |
Effect of exchange rate
changes on cash and cash equivalents |
|
(4,898 |
) |
|
|
(18,734 |
) |
|
|
13,204 |
|
Cash and cash equivalents,
beginning of period |
|
143,912 |
|
|
|
189,645 |
|
|
|
189,184 |
|
Cash and cash equivalents, end
of period |
$ |
158,364 |
|
|
$ |
143,912 |
|
|
$ |
189,645 |
|
|
|
|
|
|
|
Supplemental disclosures of
cash flow information: |
|
|
|
|
|
Cash paid for interest |
$ |
163,815 |
|
|
$ |
131,391 |
|
|
$ |
132,400 |
|
Cash paid for income taxes, net of refunds |
|
68,522 |
|
|
|
71,276 |
|
|
|
42,039 |
|
Supplemental schedule of
non-cash investing and financing activities: |
|
|
|
|
|
Investment in receivable portfolios transferred to real estate
owned |
$ |
7,957 |
|
|
$ |
1,903 |
|
|
$ |
768 |
|
Property and equipment acquired through finance leases |
|
234 |
|
|
|
3,273 |
|
|
|
2,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
ENCORE CAPITAL GROUP, INC. |
Supplemental Financial Information |
Reconciliation of Non-GAAP Metrics |
|
Adjusted
EBITDA |
|
(in thousands,
unaudited) |
Three Months Ended December 31, |
|
Year Ended December 31, |
2023 |
|
2022 |
|
2023 |
|
2022 |
GAAP net (loss) income, as reported |
$ |
(270,762 |
) |
|
$ |
(73,118 |
) |
|
$ |
(206,492 |
) |
|
$ |
194,564 |
|
Adjustments: |
|
|
|
|
|
|
|
Interest expense |
|
54,501 |
|
|
|
42,313 |
|
|
|
201,877 |
|
|
|
153,308 |
|
Interest income |
|
(1,364 |
) |
|
|
— |
|
|
|
(4,746 |
) |
|
|
(1,774 |
) |
(Benefit) provision for income taxes |
|
(934 |
) |
|
|
27,231 |
|
|
|
26,228 |
|
|
|
116,425 |
|
Depreciation and amortization |
|
8,969 |
|
|
|
11,285 |
|
|
|
41,737 |
|
|
|
46,419 |
|
Net loss (gain) on derivative instruments(1) |
|
342 |
|
|
|
— |
|
|
|
(3,170 |
) |
|
|
— |
|
Stock-based compensation expense |
|
2,837 |
|
|
|
3,171 |
|
|
|
13,854 |
|
|
|
15,402 |
|
Acquisition, integration and restructuring related expenses(2) |
|
827 |
|
|
|
34 |
|
|
|
7,401 |
|
|
|
1,213 |
|
Goodwill Impairment(3) |
|
238,200 |
|
|
|
— |
|
|
|
238,200 |
|
|
|
— |
|
Impairment for Intangibles(3) |
|
18,726 |
|
|
|
4,075 |
|
|
|
18,726 |
|
|
|
4,075 |
|
Adjusted EBITDA |
$ |
51,342 |
|
|
$ |
14,991 |
|
|
$ |
333,615 |
|
|
$ |
529,632 |
|
Collections applied to
principal balance(4) |
$ |
213,769 |
|
|
$ |
232,420 |
|
|
$ |
776,280 |
|
|
$ |
635,262 |
|
________________________
(1) Amount represents gain or loss recognized
on derivative instruments that are not designated as hedging
instruments or gain or loss recognized on derivative instruments
upon dedesignation of hedge relationships. We adjust for this
amount because we believe the gain or loss on derivative contracts
is not indicative of ongoing operations.
(2) Amount represents acquisition, integration
and restructuring related expenses. We adjust for this amount
because we believe these expenses are not indicative of ongoing
operations; therefore, adjusting for these expenses enhances
comparability to prior periods, anticipated future periods, and our
competitors’ results.
(3) During the fourth quarter of 2023, we
recorded a non-cash goodwill impairment charge of $238.2 million
and an impairment of intangible assets of $18.7 million. We
recorded a non-cash impairment of intangible assets of $4.1 million
during the year ended December 31, 2022. We believe these
non-cash impairment charges are not indicative of ongoing
operations, therefore adjusting for these expenses enhances
comparability to prior periods, anticipated future periods, and our
competitors’ results. Refer to “Note 15: Goodwill and Identified
Intangible Assets” to our consolidated financial statements for
further details.
(4) Amount represents (a) gross collections
from receivable portfolios less (b) debt purchasing revenue, plus
(c) proceeds applied to basis from sales of real estate owned
(“REO”) assets and related activities. A reconciliation of
“collections applied to investment in receivable portfolios, net”
to “collections applied to principal balance” is available in the
Form 10-K for the period ending December 31, 2023.
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