![]() 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. generally accepted accounting principles (“GAAP”). ![]() 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. Registrants will receive confirmation with dial-in details.įor 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. 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 To access the live conference call by telephone, please pre-register using this link. Eastern time, to present and discuss third quarter results. See Supplemental Financial Information for a definition of Net Debt and Adjusted EBITDA and a reconciliation of Net Debt to total debt and Adjusted EBITDA to net income.Įncore will host a conference call and slide presentation today, November 2, 2022, at 2:00 p.m. (3) This is a non-GAAP metric that we define as the ratio of Net Debt at period end to (Adjusted EBITDA plus collections applied to principal balance for the preceding twelve months). See Supplemental Financial Information for a definition and calculation of LTM Pre-Tax ROIC (Return on Invested Capital). purchases of $176.6 million and $102.3 million, and Europe purchases of $56.1 million and $65.8 million in Q3 2022 and Q3 2021, respectively. We're also as committed as ever to the critical role we play in the credit ecosystem and to help consumers regain their financial freedom," said Masih. “I am truly excited about Encore’s strong position as we have the required operational capacity and ample liquidity to capitalize on the growing portfolio purchasing opportunities in the marketplace. “In Europe, Cabot’s third quarter results indicated a decline in collections and portfolio purchases as reported, but when adjusted for the impact of the weakening British pound and Euro, both collections and purchases were flat when compared to the year ago quarter.” in the third quarter were up 73% compared to Q3 last year and Encore’s global purchases in the quarter were the largest since Q4 2019.” Consequently, MCM portfolio purchases in the U.S. At the same time, as anticipated, we are now entering the growth part of the portfolio supply cycle in the U.S., with lending steadily growing and charge-off rates beginning to rise above the pandemic lows. consumer behavior, while our European results were affected by the weakening of the British pound and the Euro. “This environment impacted Encore’s performance in the third quarter, which reflected an expected lower level of collections, resulting from lower global portfolio purchasing in recent quarters and normalizing U.S. “Our performance in recent years and the disciplined execution of our strategy has put us in a position of strength to navigate the evolving macroeconomic environment that we and many companies face today,” said Ashish Masih, President and Chief Executive Officer. (NASDAQ: ECPG), an international specialty finance company, today reported consolidated financial results for the third quarter ended September 30, 2022. ![]() 02, 2022 (GLOBE NEWSWIRE) - Encore Capital Group, Inc.
0 Comments
Leave a Reply. |