Encore Cap Group Inc Stock Price, News & Analysis

Encore Capital Group (NASDAQ: ECPG) has appointed John Yung as President of International and Cabot Credit Management, effective May 8, 2023. Yung, who joined the company in 2015 and currently serves as Senior Vice President, Chief Global Strategist, will oversee Cabot’s operations in the U.K. and Europe, as well as Encore’s interests in Latin America and Asia Pacific. He will succeed Craig Buick, who has been CEO of Cabot since January 2020 and will assist during the transition. Encore Capital Group is a leading specialty finance company focused on providing debt recovery solutions globally.

Encore Capital Group (ECPG) has successfully priced a private offering of $200 million in 4.00% convertible senior notes due 2029. This amount was increased from the initial $175 million target. The notes will accrue interest semi-annually, with the first payment on September 15, 2023. The initial conversion price is set at approximately $65.89 per share, a 27.5% premium over the last share price of $51.68. Encore anticipates net proceeds of around $194.1 million, primarily to repurchase existing debt of approximately $154.8 million. The company intends to use remaining funds for general corporate purposes, including debt repayment and working capital.

Encore Capital Group (ECPG) announced a private offering of $175 million in convertible senior notes due 2029. The offering is intended for qualified institutional buyers, with a potential additional $26.25 million for over-allotments. The notes will be senior, unsecured, bearing interest payable semi-annually, with conversion options for holders. Proceeds will fund capped call transactions and repurchase existing debt and shares. Encore anticipates completing the offering while navigating market conditions that could impact its stock price. The offering is not registered under the Securities Act, emphasizing its private nature.

Encore Capital Group, Inc. (ECPG) released findings from its second Economic Freedom Study, surveying 3,000 adults in the U.S. and U.K. The study reveals a declining sentiment regarding personal finances, with fewer adults feeling better off compared to the previous year. Over 90% reported inflation affecting spending, particularly on essentials. Notably, 35% of Americans and 43% of U.K. adults have past-due debts, and confidence in debt repayment varies. Despite financial stresses, a vast majority prioritize economic freedom and believe in fulfilling financial obligations. The online survey was conducted by Morning Consult from December 9-22, 2022.

Encore Capital Group reported its 2022 financial results, highlighting a GAAP net income of $195 million and a GAAP EPS of $7.46. Portfolio purchases rose 20% to $801 million, driven by a 36% increase in U.S. portfolio purchasing. Despite challenges, including a 17% decline in collections and a 13% drop in revenues, the company remains optimistic about future growth opportunities in the U.S. credit cycle. Encore anticipates at least $200 million in portfolio purchases for Q1 2023, which is more than double the amount from Q1 2022. The company ended 2022 with $126 million in non-client cash on its balance sheet.

Encore Capital Group, Inc. (Nasdaq:ECPG) announced its upcoming release of fourth quarter 2022 financial results on February 22, 2023, after the market closes. The company will host a conference call at 2:00 p.m. Pacific / 5:00 p.m. Eastern to discuss the results, featuring key executives including President Ashish Masih and CFO Jonathan Clark. Investors can access the live webcast on Encore's Investor Relations page. Encore Capital is a leading specialty finance firm focused on debt recovery solutions, operating with a unique Consumer Bill of Rights to support customers in repaying debts and improving their financial health.

Encore Capital Group reported third-quarter 2022 results with GAAP net income of $31 million and GAAP EPS of $1.22. Global collections fell to $458 million, down 19% year-over-year, while revenues dropped 25% to $307.8 million. Portfolio purchases increased 38% to $232.7 million, marking the largest global purchases since Q4 2019. The company faces challenges due to a decline in collections linked to lower global portfolio purchasing and currency fluctuations in Europe. The outlook remains positive for future portfolio purchasing opportunities.

Encore Capital Group (Nasdaq:ECPG) will release its third-quarter 2022 financial results on November 2, 2022, after the market closes.

The company will also hold a conference call at 2:00 p.m. Pacific / 5:00 p.m. Eastern, featuring executives Ashish Masih and Jonathan Clark. A live webcast will be accessible on the Investor Relations page of Encore's website, along with a replay for those unable to attend the live session.

Encore Capital Group (ECPG) has announced that seven of its locations have been certified as a Great Place to Work®. This certification reflects direct feedback from employees through an in-depth survey about workplace experiences. The certified locations include Cabot Financial in U.K., Ireland, Spain, France, Portugal, and Midland Credit Management in Costa Rica and India. The CEO Ashish Masih expressed excitement over the certifications, emphasizing the company's commitment to a thriving work environment. Additionally, the company focuses on professional growth and unique employee recognition.