(in thousands, except percentages, earnings per share and leverage ratio) Encore is well positioned to capitalize on the opportunities that will emerge as portfolio supply rises,” continued Masih.įinancial Highlights for the Full Year of 2021: We are anchored by our three pillar strategy, focused on our balance sheet objectives and capital allocation priorities and expect to deliver a strong ROIC through the credit cycle. “Looking ahead, our priorities in 2022 remain consistent with the fundamental objectives that have driven our financial performance and created shareholder value over the past several years. In addition, Encore ended the year with $160 million of non-client cash on the balance sheet. Furthermore, the majority of our multi-year share repurchase authorization, which we expanded in May 2021, remained available at year end.”Īvailable capacity under Encore’s global senior facility was $643 million at the end of 2021. These share repurchases were consistent with our capital allocation priorities and fully aligned with our balance sheet objectives to preserve flexibility and maintain prudent leverage. As a result of our actions, we repurchased approximately 23% of Encore’s outstanding shares during the year for $390 million. “Strong cash generation coupled with a lower level of purchasing opportunities and our strong balance sheet allowed us to return capital to shareholders, culminating in a highly successful tender offer in the fourth quarter. and Europe, whose collections had been more impacted by the pandemic in 2020, returned to growth in 2021 as collections grew 16% and portfolio purchases were up sharply from the prior year.”

“In the U.S., our MCM business delivered very strong collections in 2021 and continued its disciplined purchasing of portfolios at attractive returns. “Our business in 2021 achieved new highs for collections, earnings and returns, all while continuing to position Encore for long-term success.” “In a year of challenges across the globe related to the ongoing COVID-19 pandemic, Encore maintained a disciplined, consistent approach to our business, continued to execute on our strategy and delivered exceptional financial results,” said Ashish Masih, Encore’s President and Chief Executive Officer.

(NASDAQ: ECPG), an international specialty finance company, today reported consolidated financial results for the fourth quarter and full year ended December 31, 2021. 23, 2022 (GLOBE NEWSWIRE) - Encore Capital Group, Inc.

Share repurchases of $390 million in 2021 represented 23% of shares outstanding a year ago.

GAAP net income of $351 million in 2021, up 66%.

Encore delivers records for collections, earnings and returns for the year.

Encore casino news updates