Encore Q1 2020 Earnings Report
Key Takeaways
Encore Capital Group reported a GAAP loss of $(0.33) per share and non-GAAP Economic loss of $(0.19) per share for Q1 2020. The results were significantly impacted by a $109 million non-cash charge due to COVID-19-related collections forecast revisions. However, the company achieved record global cash collections of $527 million.
GAAP net loss attributable to Encore was $10.5 million, or $(0.33) per fully diluted share.
Adjusted net loss attributable to Encore was $5.9 million, or $(0.19) per fully diluted share.
Record global cash collections of $527 million were achieved.
Total revenues were $289 million, which includes a $109 million non-cash charge related to COVID-19.
Estimated remaining collections (ERC) increased $633 million compared to the end of the prior year, to a record $8.5 billion.
Encore
Encore
Forward Guidance
Looking forward, Encore has a solid liquidity position and believes the strength of their balance sheet will enable them to capture opportunities in the U.S. and U.K. markets which are poised for substantial growth.