0001084961-20-000021.txt : 20200226 0001084961-20-000021.hdr.sgml : 20200226 20200226161127 ACCESSION NUMBER: 0001084961-20-000021 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20200226 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200226 DATE AS OF CHANGE: 20200226 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENCORE CAPITAL GROUP INC CENTRAL INDEX KEY: 0001084961 STANDARD INDUSTRIAL CLASSIFICATION: SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153] IRS NUMBER: 481090909 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26489 FILM NUMBER: 20655781 BUSINESS ADDRESS: STREET 1: 350 CAMINO DE LA REINA STREET 2: SUITE 100 CITY: SAN DIEGO STATE: CA ZIP: 92108 BUSINESS PHONE: 877-445-4581 MAIL ADDRESS: STREET 1: 350 CAMINO DE LA REINA STREET 2: SUITE 100 CITY: SAN DIEGO STATE: CA ZIP: 92108 FORMER COMPANY: FORMER CONFORMED NAME: MCM CAPITAL GROUP INC DATE OF NAME CHANGE: 19990430 FORMER COMPANY: FORMER CONFORMED NAME: MIDLAND CORP OF KANSAS DATE OF NAME CHANGE: 19990423 8-K 1 ecpg-20200226.htm 8-K ecpg-20200226
0001084961false00010849612020-02-262020-02-2600010849612019-11-062019-11-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
February 26, 2020
Date of report (Date of earliest event reported)
______________________
ENCORE CAPITAL GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware
000-26489
48-1090909
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
350 Camino de la Reina, Suite 100
San Diego, California 92108
(Address of principal executive offices)(Zip Code)
(877) 445-4581
(Registrant’s telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report.)
_____________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 Par Value Per ShareECPGThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐




Item 2.02. Results of Operations and Financial Condition.
On February 26, 2020, Encore Capital Group, Inc. (“Encore”) issued a press release announcing its financial results for the quarter and full fiscal year ended December 31, 2019. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
The information in Item 2.02 of this Current Report on Form 8-K, including the information contained in Exhibit 99.1, is being furnished to the Securities and Exchange Commission pursuant to Item 2.02, and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by a specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
Exhibit Number
Description
99.1
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)





SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ENCORE CAPITAL GROUP, INC.

Date:
February 26, 2020
/s/ Jonathan C. Clark
Jonathan C. Clark
Executive Vice President, Chief Financial Officer and Treasurer





EXHIBIT INDEX
Exhibit NumberDescription
99.1  
Press release dated February 26, 2020
104  Cover Page Interactive Data File (embedded within the Inline XBRL document)


EX-99.1 2 ex991ecpgq42019earning.htm EX-99.1 Document
encorelogoa241.jpg
Exhibit 99.1

Encore Capital Group Announces Fourth Quarter and Full-Year 2019 Financial Results

Encore delivers new records for collections, revenues, ERC and earnings for the year
Record GAAP EPS from continuing operations of $5.33 in 2019, up 31%
Record Economic EPS from continuing operations of $5.95 in 2019, up 19%
2019 global deployments of $1.00 billion, including a record $682 million in the U.S.
SAN DIEGO, February 26, 2020 -- Encore Capital Group, Inc. (NASDAQ: ECPG), an international specialty finance company, today reported consolidated financial results for the fourth quarter and full year ended December 31, 2019.

“2019 was a terrific year for Encore in which we delivered record results in nearly every important aspect of our business,” said Ashish Masih, Encore’s President and Chief Executive Officer. “We set new highs for global collections, revenues, ERC and earnings. We also made significant progress on a number of our strategic priorities, which include concentrating on the valuable U.S. and U.K. markets, where we have our highest risk-adjusted returns, innovating to continually enhance our competitive advantages, and strengthening our balance sheet while delivering strong results.”

“In the U.S., we improved our operating leverage by growing collections to a record level while reducing our collection costs through our operational innovation and increased productivity. At the same time, we capitalized on the favorable purchasing environment in the U.S. through record deployments at the highest purchase multiples we have seen since 2013.”

“In Europe, our returns for portfolios purchased in 2019 were up between 150 and 200 basis points compared to 2018. We continue to reduce our debt leverage as planned, while maintaining our ERC. We also set a new record for collections in Europe.”

“In the fourth quarter we continued our year of strong performance, delivering solid GAAP earnings. In addition, adjusted earnings were up 8% compared to the same quarter a year ago.”

“We feel very optimistic as we begin 2020. We expect to generate new records for collections, revenues, ERC, and earnings in 2020 while further reducing our debt leverage,” said Masih.

Financial Highlights for the Full Year of 2019:

Estimated remaining collections (ERC) increased $569 million compared to the prior year, to $7.73 billion.
Portfolio purchases for the full year were $1.00 billion, including $682 million in the U.S. and $307 million in Europe.
Gross collections were a record $2.03 billion, compared to $1.97 billion in 2018.
Total revenues, adjusted by net allowances and allowance reversals, were a record $1.40 billion, compared to $1.36 billion in 2018.
Total operating expenses were $951 million, compared to $957 million in 2018.
Total interest expense was $227 million, compared to $240 million in 2018.
GAAP net income attributable to Encore increased 45% to a record $168 million, or $5.33 per fully diluted share, compared to $116 million, or $4.06 per fully diluted share, in 2018.
Adjusted net income attributable to Encore increased 32% to a record $187 million, or $5.95 per fully diluted share (also referred to as Economic EPS), compared to $142 million, or $4.98 per share in 2018.



Encore Capital Group, Inc.
Page 2

Financial Highlights for the Fourth Quarter of 2019:

Portfolio purchases were $235 million, including $155 million in the U.S. and $80 million in Europe.
Gross collections were $499 million, compared to $484 million in the fourth quarter of 2018.
Total revenues, adjusted by net allowances and allowance reversals, were $348 million, compared to $349 million in the fourth quarter of 2018.
Total operating expenses were $235 million, compared to $233 million in the fourth quarter of 2018.
Total interest expense decreased to $53.5 million, compared to $57.0 million in the fourth quarter of 2018.
GAAP net income attributable to Encore was $43.1 million, or $1.36 per fully diluted share, compared to $47.0 million, or $1.50 per fully diluted share, in the fourth quarter of 2018. A year ago we recorded a favorable settlement related to Cabot’s acquisition of dlc that lifted our GAAP results, but not our adjusted results.
Adjusted net income attributable to Encore increased 8% to $49.2 million, or $1.56 per fully diluted share. This compares to $45.5 million, or $1.45 per fully diluted share in the fourth quarter of 2018.
As of December 31, 2019, after taking into account borrowing base and applicable debt covenants, available capacity under Encore’s U.S. revolving credit facility was $272 million, and availability under Cabot’s revolving credit facility was £160 million (approximately $211 million). These figures do not include cash on the balance sheet.


Conference Call and Webcast
The Company will host a conference call and slide presentation today, February 26, 2020, at 2:00 p.m. Pacific time / 5:00 p.m. Eastern time to discuss fourth quarter and full year results.
Members of the public are invited to access the live webcast via the Internet by logging on at the Investor Relations page of Encore's website at www.encorecapital.com. To access the live, listen-only telephone conference portion, please dial (855) 541-0982 or (704) 288-0606.
For those who cannot listen to the live broadcast, a telephonic replay will be available for seven days by dialing (800) 585-8367 or (404) 537-3406 and entering the conference ID number 8553077. A replay of the webcast will also be available shortly after the call on the Company's website.

Non-GAAP Financial Measures
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. generally accepted accounting principles (“GAAP”). The Company has included adjusted income attributable to Encore and adjusted income from continuing operations attributable to Encore per share (also referred to as economic EPS when adjusted for certain shares associated with our convertible notes that will not be issued but are reflected in the fully diluted share count for accounting purposes) because management uses this measure to assess operating performance, in order to highlight trends in the Company’s business that may not otherwise be apparent when relying on financial measures calculated in accordance with GAAP. The Company has included information concerning adjusted operating expenses in order to facilitate a comparison of approximate cash costs to cash collections for the portfolio purchasing and recovery business in the periods presented. Adjusted income attributable to Encore, adjusted income from continuing operations


Encore Capital Group, Inc.
Page 3

attributable to Encore per share/economic EPS, and adjusted operating expenses have not been prepared in accordance with GAAP. These non-GAAP financial measures should not be considered as alternatives to, or more meaningful than, net income, net income per share, and total operating expenses as indicators of the Company’s operating performance. Further, these non-GAAP financial measures, as presented by the Company, may not be comparable to similarly titled measures reported by other companies. The Company has attached to this news release a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures.

About Encore Capital Group, Inc.
Encore Capital Group is an international specialty finance company that provides debt recovery solutions and other related services for consumers across a broad range of financial assets. Through its subsidiaries around the globe, Encore purchases portfolios of consumer receivables from major banks, credit unions, and utility providers. 

Encore partners with individuals as they repay their debt obligations, helping them on the road to financial recovery and ultimately improving their economic well-being. Encore is the first and only company of its kind to operate with a Consumer Bill of Rights that provides industry-leading commitments to consumers. Headquartered in San Diego, Encore is a publicly traded NASDAQ Global Select company (ticker symbol: ECPG) and a component stock of the Russell 2000, the S&P Small Cap 600 and the Wilshire 4500. More information about the company can be found at http://www.encorecapital.com. More information about the Company's Cabot Credit Management subsidiary can be found at 
http://www.cabotcm.com. Information found on the company’s or Cabot’s website is not incorporated by reference.

Forward Looking Statements
The statements in this press release that are not historical facts, including, most importantly, those statements preceded by, or that include, the words “will,” “may,” “believe,” “projects,” “expects,” “anticipates” or the negation thereof, or similar expressions, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). These statements may include, but are not limited to, statements regarding our future operating results, performance, business plans or prospects. For all “forward-looking statements,” the Company claims the protection of the safe harbor for forward-looking statements contained in the Reform Act. Such forward-looking statements involve risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company and its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and other factors are discussed in the reports filed by the Company with the Securities and Exchange Commission, including the most recent reports on Forms 10-K and 10-Q, each as it may be amended from time to time. The Company disclaims any intent or obligation to update these forward-looking statements.
Contact:
Bruce Thomas
Encore Capital Group, Inc.
Vice President, Investor Relations
(858) 309-6442
bruce.thomas@encorecapital.com

SOURCE: Encore Capital Group, Inc.
FINANCIAL TABLES FOLLOW



Encore Capital Group, Inc.
Page 4

ENCORE CAPITAL GROUP, INC.
Consolidated Statements of Financial Condition
(In Thousands, Except Par Value Amounts)
December 31,
2019
December 31,
2018
Assets
Cash and cash equivalents$192,335  $157,418  
Investment in receivable portfolios, net3,283,984  3,137,893  
Deferred court costs, net100,172  95,918  
Property and equipment, net120,051  115,518  
Other assets329,223  257,002  
Goodwill884,185  868,126  
Total assets$4,909,950  $4,631,875  
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities$223,911  $287,945  
Borrowings3,513,197  3,490,633  
Other liabilities147,436  33,609  
Total liabilities3,884,544  3,812,187  
Commitments and contingencies
Equity:
Convertible preferred stock, $0.01 par value, 5,000 shares authorized, no shares issued and outstanding—  —  
Common stock, $0.01 par value, 75,000 and 50,000 shares authorized, 31,097 shares and 30,884 shares issued and outstanding as of December 31, 2019 and December 31, 2018, respectively311  309  
Additional paid-in capital222,590  208,498  
Accumulated earnings888,058  720,189  
Accumulated other comprehensive loss(88,766) (110,987) 
Total Encore Capital Group, Inc. stockholders’ equity1,022,193  818,009  
Noncontrolling interest3,213  1,679  
Total equity1,025,406  819,688  
Total liabilities and equity$4,909,950  $4,631,875  

The following table presents certain assets and liabilities of consolidated variable interest entities (“VIEs”) included in the consolidated statements of financial condition above. Most assets in the table below include those assets that can only be used to settle obligations of consolidated VIEs. The liabilities exclude amounts where creditors or beneficial interest holders have recourse to the general credit of the Company.
December 31,
2019
December 31,
2018
Assets
Cash and cash equivalents$34  $448  
Investment in receivable portfolios, net539,596  501,489  
Other assets4,759  9,563  
Liabilities
Accounts payable and accrued liabilities$—  $4,556  
Borrowings464,092  445,837  
Other liabilities—  46  
 


Encore Capital Group, Inc.
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ENCORE CAPITAL GROUP, INC.
Consolidated Statements of Operations
(In Thousands, Except Per Share Amounts)
 
 (Unaudited)
Three Months Ended December 31,
Year Ended December 31,
 2019201820192018
Revenues
Revenue from receivable portfolios$329,418  $298,104  $1,269,288  $1,167,132  
Servicing revenue35,306  36,455  126,527  148,044  
Other revenues3,123  4,161  9,974  5,381  
Total revenues367,847  338,720  1,405,789  1,320,557  
(Allowances) allowance reversals on receivable portfolios, net(20,053) 10,001  (8,108) 41,473  
Total revenues, adjusted by net allowances347,794  348,721  1,397,681  1,362,030  
Operating expenses
Salaries and employee benefits91,666  93,211  376,365  369,064  
Cost of legal collections53,224  49,621  202,670  205,204  
General and administrative expenses23,520  35,189  148,256  158,352  
Other operating expenses16,960  31,456  108,433  134,934  
Collection agency commissions37,921  13,361  63,865  47,948  
Depreciation and amortization11,293  9,996  41,029  41,228  
Goodwill impairment—  —  10,718  —  
Total operating expenses234,584  232,834  951,336  956,730  
Income from operations113,210  115,887  446,345  405,300  
Other (expense) income
Interest expense(53,515) (56,956) (226,760) (240,048) 
Other expense(2,577) (3,803) (18,343) (8,764) 
Total other expense(56,092) (60,759) (245,103) (248,812) 
Income from continuing operations before income taxes57,118  55,128  201,242  156,488  
Provision for income taxes(13,886) (9,095) (32,333) (46,752) 
Income from continuing operations43,232  46,033  168,909  109,736  
Net income43,232  46,033  168,909  109,736  
Net (income) loss attributable to noncontrolling interest(147) 1,003  (1,040) 6,150  
Net income attributable to Encore Capital Group, Inc. stockholders$43,085  $47,036  $167,869  $115,886  
Amounts attributable to Encore Capital Group, Inc.:
Income from continuing operations$43,085  $47,036  $167,869  $115,886  
Net income$43,085  $47,036  $167,869  $115,886  
Earnings per share attributable to Encore Capital Group, Inc.:
Basic earnings per share$1.38  $1.51  $5.38  $4.09  
Diluted earnings per share$1.36  $1.50  $5.33  $4.06  
Weighted average shares outstanding:
Basic31,233  31,107  31,210  28,313  
Diluted31,612  31,270  31,474  28,572  



Encore Capital Group, Inc.
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ENCORE CAPITAL GROUP, INC.
Consolidated Statements of Cash Flows
(In Thousands)
 Year Ended December 31,
201920182017
Operating activities:
Net income$168,909  $109,736  $78,978  
Adjustments to reconcile net income to net cash provided by operating activities:
Loss from discontinued operations, net of income taxes—  —  199  
Depreciation and amortization41,029  41,228  39,977  
Goodwill impairment10,718  —  —  
Interest expense related to financing3,523  11,710  —  
Other non-cash interest expense, net30,299  38,549  47,437  
Stock-based compensation expense12,557  12,980  10,399  
Loss (gain) on derivative instruments, net5,009  10,789  (3,915) 
Deferred income taxes22,339  16,814  28,970  
Provision for (reversal of) allowances on receivable portfolios, net8,108  (41,473) (41,236) 
Other, net4,785  (17,805) (7,846) 
Changes in operating assets and liabilities
Deferred court costs and other assets25,379  (35,626) (4,101) 
Prepaid income tax and income taxes payable(25,678) 24,284  (26,699) 
Accounts payable, accrued liabilities and other liabilities(62,244) 15,605  1,655  
Net cash provided by operating activities244,733  186,791  123,818  
Investing activities:
Cash paid for acquisitions, net of cash acquired—  —  (96,390) 
Purchases of receivable portfolios, net of put-backs(1,035,130) (1,131,095) (1,045,829) 
Collections applied to investment in receivable portfolios, net757,640  809,688  709,420  
Purchases of property and equipment(39,602) (67,475) (28,126) 
Proceeds from sale of portfolios107,937  —  —  
Other, net6,822  (8,634) 8,794  
Net cash used in investing activities(202,333) (397,516) (452,131) 
Financing activities:
Payment of loan and debt refinancing costs(11,586) (23,286) (28,972) 
Proceeds from credit facilities603,634  942,186  1,434,480  
Repayment of credit facilities(586,429) (571,144) (1,168,069) 
Proceeds from senior secured notes454,573  —  325,000  
Repayment of senior secured notes(470,768) (91,578) (204,241) 
Proceeds from issuance of convertible and exchangeable senior notes100,000  172,500  150,000  
Repayment of convertible senior notes(84,600) —  (125,407) 
Proceeds from other debt18,334  27,694  33,197  
Repayment of other debt(25,531) (42,456) (8,910) 
Payment for the purchase of PECs and noncontrolling interest—  (234,101) (29,731) 
Other, net(17,397) (13,438) 870  
Net cash (used in) provided by financing activities(19,770) 166,377  378,217  
Net increase (decrease) in cash and cash equivalents22,630  (44,348) 49,904  
Effect of exchange rate changes on cash and cash equivalents12,287  (10,373) 12,470  
Cash and cash equivalents, beginning of period157,418  212,139  149,765  
Cash and cash equivalents of continuing operations, end of period$192,335  $157,418  $212,139  
Supplemental disclosures of cash flow information:
Cash paid for interest$178,948  $198,797  $162,545  
Cash paid for income taxes, net of refunds43,973  5,734  42,378  
Supplemental schedule of non-cash investing and financing activities:
Stock consideration for the Cabot Transaction$—  $180,559  $—  
Conversion of convertible senior notes—  —  28,277  
Property and equipment acquired through finance leases5,299  3,283  3,577  



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ENCORE CAPITAL GROUP, INC.
Supplemental Financial Information
Reconciliation of Adjusted Income Attributable to Encore to GAAP Net Income Attributable to Encore and Adjusted Operating Expenses Related to Portfolio Purchasing and Recovery Business to GAAP Total Operating Expenses
(In Thousands, Except Per Share amounts) (Unaudited)
 Three Months Ended December 31,
 20192018
 $Per Diluted
Share—
Accounting
and Economic
$Per Diluted
Share—
Accounting
and Economic
GAAP net income from continuing operations attributable to Encore, as reported
$43,085  $1.36  $47,036  $1.50  
Adjustments:
Convertible and exchangeable notes non-cash interest and issuance cost amortization
3,930  0.13  4,072  0.13  
Acquisition, integration and restructuring related expenses(1)
704  0.02  (5,179) (0.17) 
Amortization of certain acquired intangible assets(2)
1,659  0.05  1,886  0.06  
Net gain on fair value adjustments to contingent considerations(3)
—  —  (1,012) (0.03) 
Income tax effect of the adjustments(4)
(1,390) (0.04) (1,316) (0.04) 
Change in tax accounting method(5)
1,245  0.04  —  —  
Adjusted income from continuing operations attributable to Encore
$49,233  $1.56  $45,487  $1.45  
________________________
(1)Amount represents acquisition, integration and restructuring related expenses. We adjust for this amount because we believe these expenses are not indicative of ongoing operations; therefore, adjusting for these expenses enhances comparability to prior periods, anticipated future periods, and our competitors’ results.
(2)As we acquire debt solution service providers around the world, we also acquire intangible assets, such as trade names and customer relationships. These intangible assets are valued at the time of the acquisition and amortized over their estimated lives. We believe that amortization of acquisition-related intangible assets, especially the amortization of an acquired company’s trade names and customer relationships, is the result of pre-acquisition activities. In addition, the amortization of these acquired intangibles is a non-cash static expense that is not affected by operations during any reporting period. As a result, the amortization of certain acquired intangible assets is excluded from our adjusted income from continuing operations attributable to Encore and adjusted income from continuing operations per share.
(3)Amount represents the net gain recognized as a result of fair value adjustments to contingent considerations that were established for our acquisitions of debt solution service providers in Europe. We have adjusted for this amount because we do not believe this is indicative of ongoing operations.
(4)Amount represents the total income tax effect of the adjustments, which is generally calculated based on the applicable marginal tax rate of the jurisdiction in which the portion of the adjustment occurred. Additionally, we adjust for certain discrete tax items that are not indicative of our ongoing operations.
(5)Amount represents the benefit from the tax accounting method change related to revenue reporting. We adjust for certain discrete tax items that are not indicative of our ongoing operations.


Encore Capital Group, Inc.
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Year Ended December 31,
 20192018
$Per Diluted
Share—
Accounting
and
Economic
$Per Diluted
Share—
Accounting
and
Economic
GAAP net income from continuing operations attributable to Encore, as reported
$167,869  $5.33  $115,886  $4.06  
Adjustments:
Convertible and exchangeable notes non-cash interest and issuance cost amortization
15,501  0.50  13,896  0.50  
Acquisition, integration and restructuring related expenses(1)
7,049  0.22  11,506  0.40  
Amortization of certain acquired intangible assets(2)
7,017  0.22  8,337  0.29  
Net gain on fair value adjustments to contingent considerations(3)
(2,300) (0.07) (5,664) (0.20) 
Expenses related to withdrawn Cabot IPO(4)
—  —  2,984  0.10  
Loss on derivatives in connection with the Cabot Transaction(5)
—  —  9,315  0.33  
Goodwill impairment(6)
10,718  0.34  —  —  
Loss on Baycorp Transaction(6)
12,489  0.40  —  —  
Income tax effect of the adjustments(7)
(23,230) (0.74) (9,079) (0.32) 
Change in tax accounting method(8)
(7,825) (0.25) —  —  
Adjustments attributable to noncontrolling interest(9)
—  —  (5,022) (0.18) 
Adjusted income from continuing operations attributable to Encore
$187,288  $5.95  $142,159  $4.98  
________________________
(1)Amount represents acquisition, integration and restructuring related expenses, which for the year ended December 31, 2019 includes approximately $1.3 million of transaction costs incurred associated with the Baycorp Transaction. We adjust for this amount because we believe these expenses are not indicative of ongoing operations; therefore, adjusting for these expenses enhances comparability to prior periods, anticipated future periods, and our competitors’ results.
(2)As we acquire debt solution service providers around the world, we also acquire intangible assets, such as trade names and customer relationships. These intangible assets are valued at the time of the acquisition and amortized over their estimated lives. We believe that amortization of acquisition-related intangible assets, especially the amortization of an acquired company’s trade names and customer relationships, is the result of pre-acquisition activities. In addition, the amortization of these acquired intangibles is a non-cash static expense that is not affected by operations during any reporting period. As a result, the amortization of certain acquired intangible assets is excluded from our adjusted income from continuing operations attributable to Encore and adjusted income from continuing operations per share.
(3)Amount represents the net gain recognized as a result of fair value adjustments to contingent considerations that were established for our acquisitions of debt solution service providers in Europe. We have adjusted for this amount because we do not believe this is indicative of ongoing operations.
(4)Amount represents expenses related to the proposed and later withdrawn initial public offering by CCM. We adjust for this amount because we believe these expenses are not indicative of ongoing operations; therefore, adjusting for these expenses enhances comparability to prior periods, anticipated future periods, and our competitors’ results.
(5)Amount represents the loss recognized on the forward contract we entered into in anticipation of the completion of the Cabot Transaction. We adjust for this amount because we believe the loss is not indicative of ongoing operations; therefore, adjusting for this loss enhances comparability to prior periods, anticipated future periods, and our competitors’ results.
(6)The Baycorp Transaction resulted in a goodwill impairment charge of $10.7 million and a loss on sale of $12.5 million during the year ended December 31, 2019. We believe the goodwill impairment charge and the loss on sale are not indicative of ongoing operations, therefore adjusting for these expenses enhances comparability to prior periods, anticipated future periods, and our competitors’ results.
(7)Amount represents the total income tax effect of the adjustments, which is generally calculated based on the applicable marginal tax rate of the jurisdiction in which the portion of the adjustment occurred. Additionally, we adjust for certain discrete tax items that are not indicative of our ongoing operations. We recognized approximately $17.5 million, or $0.55 per diluted share, in tax benefit as a result of the Baycorp Transaction, which is included in this income tax adjustment during the year ended December 31, 2019.
(8)Amount represents the benefit from the tax accounting method change related to revenue reporting. We adjust for certain discrete tax items that are not indicative of our ongoing operations.
(9)Certain of the above pre-tax adjustments include expenses recognized by our partially-owned subsidiaries. This adjustment represents the portion of the non-GAAP adjustments that are attributable to noncontrolling interest.





Encore Capital Group, Inc.
Page 9

 Three Months Ended December 31,Year Ended December 31,
2019201820192018
GAAP total operating expenses, as reported$234,584  $232,834  $951,336  $956,730  
Adjustments:
Operating expenses related to non-portfolio purchasing and recovery business(1)
(42,373) (45,069) (173,190) (193,715) 
Stock-based compensation expense(3,145) (2,528) (12,557) (12,980) 
Acquisition, integration and restructuring related operating expenses(2)
(704) 5,179  (7,049) (7,523) 
Expenses related to withdrawn Cabot IPO(3)
—  —  —  (2,984) 
Goodwill impairment—  —  (10,718) —  
Net gain on fair value adjustments to contingent considerations(4)
—  1,012  2,300  5,664  
Adjusted operating expenses related to portfolio purchasing and recovery business
$188,362  $191,428  $750,122  $745,192  
________________________
(1)Operating expenses related to non-portfolio purchasing and recovery business include operating expenses from other operating segments that primarily engage in fee-based business, as well as corporate overhead not related to our portfolio purchasing and recovery business.
(2)Amount represents acquisition, integration and restructuring related operating expenses (including approximately $1.3 million of transaction costs incurred associated with the Baycorp Transaction during the year ended December 31, 2019 and excluding amounts already included in stock-based compensation expense). We adjust for this amount because we believe these expenses are not indicative of ongoing operations; therefore, adjusting for these expenses enhances comparability to prior periods, anticipated future periods, and our competitors’ results.
(3)Amount represents expenses related to the proposed and later withdrawn initial public offering by CCM. We adjust for this amount because we believe these expenses are not indicative of ongoing operations; therefore, adjusting for these expenses enhances comparability to prior periods, anticipated future periods, and our competitors’ results.
(4)Amount represents the net gain recognized as a result of fair value adjustments to contingent considerations that were established for our acquisitions of debt solution service providers in Europe. We have adjusted for this amount because we do not believe this is indicative of ongoing operations.

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Cover Page
Feb. 26, 2020
Nov. 06, 2019
Cover page.    
Entity Central Index Key 0001084961  
Amendment Flag false  
Document Type 8-K  
Document Period End Date Feb. 26, 2020  
Entity Registrant Name ENCORE CAPITAL GROUP, INC.  
Entity Incorporation, State or Country Code DE  
Entity File Number 000-26489  
Entity Tax Identification Number 48-1090909  
Entity Address, Address Line One 350 Camino de la Reina  
Entity Address, Address Line Two Suite 100  
Entity Address, City or Town San Diego  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 92108  
City Area Code 877  
Local Phone Number 445-4581  
Written Communications false  
Soliciting Material false  
Pre-commencement Tender Offer false  
Pre-commencement Issuer Tender Offer false  
Title of 12(b) Security   Common Stock, $0.01 Par Value Per Share
Trading Symbol   ECPG
Security Exchange Name   NASDAQ
Entity Emerging Growth Company false