Encore Capital Q1 net income down 89% to $18.6M; portfolio purchases up 63% to $276M

ENCORE CAPITAL GROUP INC

2023-Q1 EPS reported $0.75 revenue$312,630,000

GAAP EPS $0.75 vs $6.40 YoY; net income $18.6M down from $175.7M; revenue $312.6M (-37%).
Collections $462.4M (-11%); US portfolio purchases record $213.5M (more than double Q1 2022).
European headcount reductions incurred $6M pre-tax charge ($0.19 per share impact).
Portfolio supply accelerating in US; management expects Q2 US purchases similar to Q1.
Estimated Remaining Collections (ERC) flat at $7.79B; operating expenses up 3%.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ENCORE CAPITAL GROUP INC reported the first quarter ended March 31, 2023 results: revenue $312,630, net income $18,626, EPS $0.75.

Period: the first quarter ended March 31, 2023
Revenue: $312,630
Net income: $18,626
EPS: $0.75
Result: reported results

Exact text from the filing

First Quarter of 2023: Three Months Ended March 31, (in thousands, except percentages and earnings per share) 2023 2022 Change Collections $ 462,356 $ 519,414 (11)% Revenues $ 312,630 $ 499,682 (37)% Portfolio purchases (1) $ 276,431 $ 169,505 63% Estimated Remaining Collections (ERC) $ 7,789,980 $ 7,799,940 0% Operating expenses $ 242,492 $ 234,668 3% GAAP net

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Source: SEC EDGAR

accession 0001084961-23-000052

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