![]() ![]() Further, this non-GAAP financial measure, as presented by the Company, may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA has not been prepared in accordance with GAAP and should not be considered as an alternative to, or more meaningful than, net income and net income per share as indicators of the Company’s operating performance. 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 first quarter results. purchases of $213.5 million and $94.3 million, and Europe purchases of $63.0 million and $75.2 million in Q1 2023 and Q1 2022, respectively.Įncore will host a conference call and slide presentation today, May 3, 2023, at 2:00 p.m. (in thousands, except percentages and earnings per share) We're also as committed as ever to the critical role we play in the consumer credit ecosystem and to help consumers regain their financial freedom, especially in this rising charge-off rate environment," said Masih.įinancial Highlights for the First Quarter of 2023 : in the second quarter to be at a similar level to those in Q1. Looking forward, we expect portfolio purchases in the U.S. “As a result of the disciplined execution of our strategy, Encore is well-positioned with the operational capability and balance sheet to capitalize on the growing portfolio purchasing opportunities in the market. “In Europe, in the face of near double-digit inflation, and consistent with our message from a quarter ago, we took actions in the first quarter to manage our cost base, including headcount reductions in support functions, that resulted in a $6 million pre-tax charge.” in the first quarter were a record $213 million, more than double the amount we purchased in Q1 a year ago.” As a result, MCM portfolio purchases in the U.S. is accelerating with lending and charge-off rates steadily growing. ![]() At the same time, as anticipated, the growth of portfolio supply in the U.S. and have stabilized for our Cabot business in Europe. ![]() “As such, collections have returned to pre-pandemic levels for our MCM business in the U.S. “Encore’s performance in the first quarter reflected normalized consumer behavior in each of our key markets,” said Ashish Masih, President and Chief Executive Officer. (NASDAQ: ECPG), an international specialty finance company, today reported consolidated financial results for the first quarter ended March 31, 2023. SAN DIEGO, (GLOBE NEWSWIRE) - Encore Capital Group, Inc.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |