Encore Capital Group Announces Fourth Quarter and Full-Year 2023 Financial Results
- Encore Capital Group, Inc. saw a 34% increase in global portfolio purchases in 2023, reaching $1,074 million, with a significant portion allocated to the U.S. market.
- The company's largest business, MCM, achieved a record $815 million in U.S. portfolio purchases in 2023, contributing to the overall growth in global portfolio purchases.
- Encore's financial results for 2023 showed a net loss of $206 million, or ($8.72) per share, mainly attributed to non-cash charges, including a $238 million goodwill impairment.
- Despite the reported net loss, Encore remains confident in its strategic focus on the U.S. market, with $230 million of committed portfolio purchases for the first quarter of 2024.
- Encore's priorities for 2024 include maintaining its three-pillar strategy, focusing on balance sheet objectives, and capital allocation priorities to capitalize on opportunities in the U.S. market.
- Encore Capital Group, Inc. reported a net loss of $206 million in 2023, signaling financial challenges despite strong portfolio purchases.
- The company's financial results for 2023 were impacted by non-cash charges, including a significant $238 million goodwill impairment.
- Operating expenses for Encore Capital Group, Inc. increased by 29% in 2023, potentially affecting overall profitability.
- Encore's Cabot business in the U.K. and Europe faced challenges in portfolio pricing and higher funding costs, impacting purchasing decisions and returns.
Insights
The significant increase in Encore Capital Group's portfolio purchases, particularly in the U.S. market, reflects a robust demand for debt buying services, driven by higher bank lending, delinquencies and charge-offs. Such growth, especially the 34% year-over-year rise to $1,074 million, underscores the company's strategic reallocation of capital towards more profitable opportunities within the U.S., a move that could bolster investor confidence in their operational focus and market positioning.
However, the reported net loss of $206 million, or ($8.72) per share, primarily attributed to a $238 million goodwill impairment, raises concerns about the valuation of the debt purchasing industry and the performance of its Cabot business. While this non-cash charge does not immediately affect liquidity or operations, it does signal potential overvaluation in past acquisitions, which may warrant closer scrutiny from investors regarding the company's asset quality and future earnings potential.
Encore's liquidity position, with $364 million in available capacity under its global senior facility and $142 million in non-client cash, suggests a solid footing for future investments. The commitment to $230 million in U.S. portfolio purchases for Q1 2024 indicates a continued aggressive growth strategy, which could lead to increased revenue if managed effectively amidst the rising funding costs.
The debt buying industry's landscape, as indicated by Encore's performance, shows a divergence between the U.S. and European markets. The U.S. sector's growth contrasts with Europe's stagnation, possibly reflecting regional economic disparities and market-specific regulatory environments. This bifurcation necessitates a nuanced understanding of regional market dynamics when evaluating Encore's future prospects.
Encore's shift in strategic focus to the U.S. market, where 76% of portfolio purchasing was allocated, reflects an adaptation to these market dynamics. The company's ability to pivot and allocate resources efficiently is crucial in maintaining a competitive edge. However, the decreased collections and revenue year-over-year, despite increased portfolio purchases, could be indicative of challenges in portfolio performance or collection efficiency.
Investors and stakeholders should monitor Encore's ability to manage operating expenses, which have risen by 29% year-over-year. The company's success in enhancing collection strategies and controlling costs will be pivotal in improving its net income position and ensuring sustainable growth.
The goodwill impairment charge disclosed by Encore Capital Group is a significant accounting adjustment that reflects changes in the perceived future benefits of acquired assets. This adjustment can often result from a reassessment of the profitability of the acquired business or a change in market conditions. In this case, the impairment suggests that Encore may need to re-evaluate its acquisition strategy, particularly concerning its Cabot business in the U.K. and Europe.
From a legal perspective, such impairments must be carefully disclosed and explained to shareholders, as they can have material effects on the company's reported financial health. The impairment, while non-cash and not affecting operational liquidity, does reflect a substantial revision of the company's value and future earnings expectations, which is essential information for current and prospective investors.
Additionally, the charges related to Cabot's headcount reduction highlight the cost-saving measures undertaken by Encore, which may have legal implications in terms of employment law and contractual obligations in the U.K. and Europe. It is important for stakeholders to consider the potential long-term effects of these reductions on company operations and employee relations.
- U.S. market for portfolio supply continues strong growth
- Global portfolio purchases in 2023 up
34% to$1,074 million with a record$815 million in the U.S. - Encore expects portfolio purchases and collections to grow in 2024
SAN DIEGO, Feb. 21, 2024 (GLOBE NEWSWIRE) -- 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,
“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
“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
“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
Available capacity under Encore’s global senior facility was
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
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
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
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 Thomas
Encore Capital Group, Inc.
Vice President, Global Investor Relations
(858) 309-6442
bruce.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, | — | — | |||||
| Common stock, | 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 Ended December 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
(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.
FAQ
What was the percentage increase in global portfolio purchases for Encore Capital Group, Inc. in 2023?
What was the total amount of U.S. portfolio purchases for Encore Capital Group, Inc. in 2023?
What was the net loss reported by Encore Capital Group, Inc. in 2023?
What were the key impacts on earnings per share for Encore Capital Group, Inc. in 2023?
What are Encore Capital Group, Inc.'s priorities for 2024?
