The following is a summary of the Encore Capital Group, Inc. (ECPG) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Third quarter GAAP net income of $31 million and GAAP EPS of $1.26, up 58% and 59%, respectively, over the previous year.

• Portfolio purchasing increased by 23% to $282 million, largely driven by the strong performance of the MCM business in the U.S.

• Global collections rose by 18% year-over-year to $550 million, signaling strong ongoing cash generation.

Business Progress:

• Strong performance in U.S. market with MCM collections rising 22% over last year to $402 million due to increased portfolio purchasing and favorable market conditions.

• Implemented strategic exits, such as exiting secured NPL market in Spain, focusing on higher return opportunities.

• Adjustments made in the global funding structure, including expanded capacity and extended maturities in the U.S. facility, setting a solid grounding for future activities.

Opportunities:

• Encore Capital anticipates another record year in portfolio purchasing due to robust market conditions and supply availability, especially in the U.S.

• Plans to leverage increasing collections to potentially resume stock repurchases as leverage approaches the target range midpoint.

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.