Encore Capital (ECPG) 10-Q 7 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	000-26489
Entity Registrant Name	ENCORE CAPITAL GROUP, INC.
Entity Incorporation, State or Country Code	DE
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
Title of 12(b) Security	Common Stock, $0.01 Par Value Per Share
Trading Symbol	ECPG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		23,690,958
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001084961
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 250,621	$ 158,364
Investment in receivable portfolios, net	3,583,322	3,468,432
Property and equipment, net	102,291	103,959
Other assets	277,799	293,256
Goodwill	602,811	606,475
Total assets	4,816,844	4,630,486
Liabilities:
Accounts payable and accrued liabilities	197,555	189,928
Borrowings	3,455,130	3,318,031
Other liabilities	176,032	185,989
Total liabilities	3,828,717	3,693,948
Commitments and contingencies (Note 11)
Equity:
Convertible preferred stock, $0.01 par value, 5,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.01 par value, 75,000 shares authorized, 23,691 and 23,545 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	237	235
Additional paid-in capital	13,257	11,052
Accumulated earnings	1,104,591	1,049,171
Accumulated other comprehensive loss	(129,958)	(123,920)
Total stockholders’ equity	988,127	936,538
Total liabilities and stockholders’ equity	4,816,844	4,630,486
Variable Interest Entity
Assets
Cash and cash equivalents	26,714	24,472
Investment in receivable portfolios, net	774,104	717,556
Other assets	9,294	19,358
Liabilities:
Accounts payable and accrued liabilities	2,266	1,854
Borrowings	466,267	494,925
Other liabilities	$ 7	$ 2,452

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Convertible preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Convertible preferred stock authorized (shares)	5,000,000	5,000,000
Convertible preferred stock issued (shares)	0	0
Convertible preferred stock outstanding (shares)	0	0
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock authorized (shares)	75,000,000	75,000,000
Common stock issued (shares)	23,691,000	23,545,000
Common stock outstanding (shares)	23,691,000	23,545,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Revenue from receivable portfolios	$ 321,930	$ 301,184	$ 637,782	$ 596,858
Changes in recoveries	5,754	(3,486)	(6,655)	(12,987)
Total debt purchasing revenue	327,684	297,698	631,127	583,871
Servicing revenue	21,107	21,008	41,486	43,593
Other revenues	6,494	4,338	11,058	8,210
Total revenues	355,285	323,044	683,671	635,674
Operating expenses
Salaries and employee benefits	106,608	95,855	210,792	199,705
Cost of legal collections	64,249	57,150	122,970	111,251
General and administrative expenses	36,779	34,529	73,020	72,494
Other operating expenses	30,845	26,349	61,212	53,905
Collection agency commissions	7,504	10,387	14,938	18,537
Depreciation and amortization	7,461	10,702	15,309	21,572
Total operating expenses	253,446	234,972	498,241	477,464
Income from operations	101,839	88,072	185,430	158,210
Other expense
Interest expense	(61,376)	(49,983)	(117,141)	(96,818)
Other income (expense), net	2,047	(1,755)	4,713	(23)
Total other expense	(59,329)	(51,738)	(112,428)	(96,841)
Income before income taxes	42,510	36,334	73,002	61,369
Provision for income taxes	(10,329)	(10,029)	(17,582)	(16,438)
Net income	$ 32,181	$ 26,305	$ 55,420	$ 44,931
Earnings per share:
Basic (USD per share)	$ 1.35	$ 1.11	$ 2.33	$ 1.90
Diluted (USD per share)	$ 1.34	$ 1.08	$ 2.28	$ 1.83
Weighted average shares outstanding:
Basic (shares)	23,883	23,670	23,834	23,610
Diluted (shares)	24,097	24,280	24,282	24,611

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 32,181	$ 26,305	$ 55,420	$ 44,931
Change in unrealized (loss) gain on derivative instruments:
Unrealized (loss) gain on derivative instruments	(731)	1,962	4,744	(6,091)
Income tax effect	(1,088)	253	(3,773)	1,129
Unrealized (loss) gain on derivative instruments, net of tax	(1,819)	2,215	971	(4,962)
Change in foreign currency translation:
Unrealized (loss) gain on foreign currency translation	(1,146)	17,532	(7,292)	33,540
Income tax effect	443	(279)	283	(662)
Unrealized (loss) gain on foreign currency translation, net of tax	(703)	17,253	(7,009)	32,878
Other comprehensive (loss) income, net of tax:	(2,522)	19,468	(6,038)	27,916
Total comprehensive income	$ 29,659	$ 45,773	$ 49,382	$ 72,847

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Earnings	Accumulated Other Comprehensive Loss
Balance at beginning of period (shares) at Dec. 31, 2022		23,323
Balance at Beginning of period at Dec. 31, 2022	$ 1,179,627	$ 233	$ 0	$ 1,278,210	$ (98,816)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	44,931			44,931
Other comprehensive income (loss), net of tax	27,916				27,916
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (shares)		162
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	(6,320)	$ 2	(6,322)
Stock-based compensation	7,925		7,925
Purchase of capped call options, net of tax effect	(13,865)		(13,865)
Unwind of the existing capped call options	28,542		28,542
Settlement of convertible notes	(34,921)		(12,374)	(22,547)
Balance at end of period (shares) at Jun. 30, 2023		23,485
Balance at end of period at Jun. 30, 2023	1,233,835	$ 235	3,906	1,300,594	(70,900)
Balance at beginning of period (shares) at Mar. 31, 2023		23,482
Balance at Beginning of period at Mar. 31, 2023	1,184,156	$ 235	0	1,274,289	(90,368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	26,305			26,305
Other comprehensive income (loss), net of tax	19,468				19,468
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (shares)		3
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	33		33
Stock-based compensation	3,873		3,873
Balance at end of period (shares) at Jun. 30, 2023		23,485
Balance at end of period at Jun. 30, 2023	1,233,835	$ 235	3,906	1,300,594	(70,900)
Balance at beginning of period (shares) at Dec. 31, 2023		23,545
Balance at Beginning of period at Dec. 31, 2023	936,538	$ 235	11,052	1,049,171	(123,920)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	55,420			55,420
Other comprehensive income (loss), net of tax	(6,038)				(6,038)
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (shares)		146
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	(5,787)	$ 2	(5,789)
Stock-based compensation	7,994		7,994
Balance at end of period (shares) at Jun. 30, 2024		23,691
Balance at end of period at Jun. 30, 2024	988,127	$ 237	13,257	1,104,591	(129,958)
Balance at beginning of period (shares) at Mar. 31, 2024		23,687
Balance at Beginning of period at Mar. 31, 2024	953,859	$ 237	8,648	1,072,410	(127,436)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	32,181			32,181
Other comprehensive income (loss), net of tax	(2,522)				(2,522)
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (shares)		4
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	(28)		(28)
Stock-based compensation	4,637		4,637
Balance at end of period (shares) at Jun. 30, 2024		23,691
Balance at end of period at Jun. 30, 2024	$ 988,127	$ 237	$ 13,257	$ 1,104,591	$ (129,958)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities:
Net income	$ 55,420	$ 44,931
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	15,309	21,572
Other non-cash interest expense, net	7,941	8,660
Stock-based compensation expense	7,994	7,925
Deferred income taxes	(810)	2,785
Changes in recoveries	6,655	12,987
Other, net	3,357	985
Changes in operating assets and liabilities
Other assets	(25,896)	(35,730)
Accounts payable, accrued liabilities and other liabilities	16,727	(1,492)
Net cash provided by operating activities	86,697	62,623
Investing activities:
Purchases of receivable portfolios, net of put-backs	(566,960)	(544,721)
Collections applied to investment in receivable portfolios	419,833	342,020
Purchases of asset held for sale	(212)	(24,645)
Purchases of property and equipment	(14,251)	(9,503)
Other, net	29,704	22,603
Net cash used in investing activities	(131,886)	(214,246)
Financing activities:
Payment of loan and debt refinancing costs	(17,201)	(8,151)
Proceeds from credit facilities	393,455	444,805
Repayment of credit facilities	(1,234,189)	(259,843)
Proceeds from senior secured notes	1,000,000	0
Repayment of senior secured notes	(19,540)	(19,540)
Proceeds from issuance of convertible senior notes	0	230,000
Repayment of exchangeable senior notes	0	(192,457)
Proceeds from convertible hedge instruments, net	0	10,050
Other, net	16,967	(14,238)
Net cash provided by financing activities	139,492	190,626
Net increase in cash and cash equivalents	94,303	39,003
Effect of exchange rate changes on cash and cash equivalents	(2,046)	1,956
Cash and cash equivalents, beginning of period	158,364	143,912
Cash and cash equivalents, end of period	250,621	184,871
Supplemental disclosure of cash information:
Cash paid for interest	80,945	79,167
Cash paid for taxes, net of refunds	42,365	36,822
Supplemental schedule of non-cash investing activities:
Investment in receivable portfolios transferred to real estate owned	$ 3,098	$ 6,244

Ownership, Description of Busin

Ownership, Description of Business, and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Ownership, Description of Business, and Summary of Significant Accounting Policies	Ownership, Description of Business, and Summary of Significant Accounting Policies Encore Capital Group, Inc. (“Encore”), through its subsidiaries (collectively with Encore, the “Company”), is an international specialty finance company providing debt recovery solutions and other related services for consumers across a broad range of financial assets. The Company purchases portfolios of defaulted consumer receivables at deep discounts to face value and manages them by working with individuals as they repay their obligations and work toward financial recovery. Defaulted receivables are consumers’ unpaid financial obligations to credit originators, including banks, credit unions, consumer finance companies and commercial retailers. Defaulted receivables may also include receivables subject to bankruptcy proceedings. The Company also provides debt servicing and other portfolio management services to credit originators for non-performing loans in Europe. Through Midland Credit Management, Inc. and its domestic affiliates (collectively, “MCM”), the Company is a market leader in portfolio purchasing and recovery in the United States. Through Cabot Credit Management Limited (“CCM”) and its subsidiaries and European affiliates (collectively, “Cabot”), the Company is one of the largest credit management services providers in Europe and the United Kingdom. These are the Company’s primary operations. The Company also has investments and operations in Latin America and Asia-Pacific, which the Company refers to as “LAAP.” Financial Statement Preparation and Presentation The accompanying interim condensed consolidated financial statements have been prepared by the Company, without audit, in accordance with the instructions to the Quarterly Report on Form 10-Q, and Rule 10-01 of Regulation S-X promulgated by the United States Securities and Exchange Commission (the “SEC”) and, therefore, do not include all information and footnotes necessary for a fair presentation of its condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented reflects all adjustments, consisting of only normal and recurring adjustments, necessary for a fair statement of the Company’s condensed consolidated financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year. The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the Company’s condensed financial statements and the accompanying notes. Actual results could materially differ from those estimates. Basis of Consolidation The condensed consolidated financial statements have been prepared in conformity with GAAP and reflect the accounts and operations of the Company and those of its subsidiaries in which the Company has a controlling financial interest. The Company also consolidates variable interest entities (“VIEs”) for which it is the primary beneficiary. The primary beneficiary has both (a) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance, and (b) either the obligation to absorb losses or the right to receive benefits. Refer to “Note 8: Variable Interest Entities” for further details. All intercompany transactions and balances have been eliminated in consolidation. Translation of Foreign Currencies The condensed financial statements of certain of the Company’s foreign subsidiaries are measured using their local currency as the functional currency. Assets and liabilities of foreign operations are translated into U.S. dollars using period-end exchange rates, and revenues and expenses are translated into U.S. dollars using average exchange rates in effect during each period. The resulting translation adjustments are recorded as a component of other comprehensive income or loss. Equity accounts are translated at historical rates, except for the change in retained earnings during the year which is the result of the income statement translation process. Intercompany transaction gains or losses at each period end arising from subsequent measurement of balances for which settlement is not planned or anticipated in the foreseeable future are included as translation adjustments and recorded within other comprehensive income or loss. Translation gains or losses are the material components of accumulated other comprehensive income or loss and are reclassified to earnings upon the substantial sale or liquidation of investments in foreign operations. Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within the segment measure of profit or loss. This guidance will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. This ASU may result in additional required disclosures when adopted. The Company is currently evaluating the provisions of this ASU and the impact on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions and applies to all entities subject to income taxes. The new standard is effective for annual periods beginning after December 15, 2024. This ASU may result in additional required disclosures when adopted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period. The number of shares used to calculate the diluted earnings per share is computed by using the basic weighted-average number of common shares outstanding plus any dilutive potential common shares outstanding during the period, except when their effect is anti-dilutive. Dilutive potential common shares include outstanding stock based awards, and the dilutive effect of the convertible and exchangeable senior notes, if applicable. A reconciliation of shares used in calculating earnings per basic and diluted shares follows (in thousands, except per share amounts) : Three Months Ended Six Months Ended 2024 2023 2024 2023 Net income $ 32,181 $ 26,305 $ 55,420 $ 44,931 Shares: Total weighted-average basic shares outstanding 23,883 23,670 23,834 23,610 Dilutive effect of stock-based awards 19 117 109 204 Dilutive effect of convertible and exchangeable senior notes 195 493 339 797 Total weighted-average dilutive shares outstanding 24,097 24,280 24,282 24,611 Basic earnings per share $ 1.35 $ 1.11 $ 2.33 $ 1.90 Diluted earnings per share $ 1.34 $ 1.08 $ 2.28 $ 1.83 There were no anti-dilutive employee stock options outstanding during the three and six months ended June 30, 2024 and 2023.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received upon sale of an asset or the price paid to transfer a liability, in an orderly transaction between market participants at the measurement date ( i.e., the “exit price”). The Company uses a fair value hierarchy that prioritizes the inputs used in valuation techniques to measure fair value into three broad levels. The following is a brief description of each level: • Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs, including inputs that reflect the reporting entity’s own assumptions. The Company’s cash and cash equivalents, certain other assets, accounts payable and accrued liabilities, and other liabilities approximate their fair values due to their short-term nature, which are determined to be a Level 1 measurement. Financial Instruments Required To Be Carried At Fair Value Financial assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands) : Fair Value Measurements as of June 30, 2024 Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts $ — $ 873 $ — $ 873 Interest rate cap contracts — 3,417 — 3,417 Interest rate swap agreements — 138 — 138 Liabilities Interest rate swap agreements — (6,570) — (6,570) Cross-currency swap agreements — (41,631) — (41,631) Fair Value Measurements as of December 31, 2023 Level 1 Level 2 Level 3 Total Assets Interest rate cap contracts $ — $ 16,950 $ — $ 16,950 Cross-currency swap agreements — 361 — 361 Liabilities Interest rate swap agreements — (22,510) — (22,510) Cross-currency swap agreements — (28,039) — (28,039) Derivative Contracts: The Company uses derivative instruments to manage its exposure to fluctuations in interest rates and foreign currency exchange rates. Fair values of these derivative instruments are estimated using industry standard valuation models. These models project future cash flows and discount the future amounts to a present value using market-based observable inputs, including interest rate curves, foreign currency exchange rates, and forward and spot prices for currencies. The Company’s derivative agreements are subject to underlying agreements with master netting arrangements, which provide for the right of offset in the event of default or in the event of bankruptcy of either party to the transactions. The Company reports its assets and liabilities subject to these arrangements on a gross basis for certain derivative agreements. Non-Recurring Fair Value Measurement: Certain assets are measured at fair value on a nonrecurring basis. These assets include real estate-owned assets classified as held for sale at the lower of their carrying value or fair value less cost to sell. The fair value of the assets held for sale and estimated selling expenses were determined at the time of initial recognition and in each reporting period using Level 3 measurements based on appraised values using market comparables. The fair value estimate of the assets held for sale was approximately $55.3 million and $70.6 million as of June 30, 2024 and December 31, 2023, respectively. Financial Instruments Not Required To Be Carried At Fair Value The table below summarizes fair value estimates for the Company's financial instruments that are not required to be carried at fair value. The total of the fair value calculations presented does not represent, and should not be construed to represent, the underlying value of the Company. The carrying amounts in the following table are included in the condensed consolidated statements of financial condition as of June 30, 2024 and December 31, 2023 (in thousands) : June 30, 2024 December 31, 2023 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial Assets Investment in receivable portfolios, net $ 3,583,322 $ 3,629,834 $ 3,468,432 $ 3,515,651 Financial Liabilities Global senior secured revolving credit facility — — 816,880 816,880 Encore private placement notes 9,770 9,771 29,310 28,922 Senior secured notes (1) 2,620,254 2,610,487 1,649,621 1,598,636 Convertible senior notes due October 2025 100,000 117,761 100,000 136,403 Convertible senior notes due March 2029 230,000 208,582 230,000 226,794 Cabot securitisation senior facility 322,557 322,557 324,646 324,646 U.S. facility 150,000 150,000 175,000 175,000 Other borrowings 66,058 66,058 24,904 24,904 _______________________ (1) Carrying amount represents historical cost, adjusted for any related debt discount. Investment in Receivable Portfolios: The fair value of investment in receivable portfolios is measured using Level 3 inputs by discounting the estimated future cash flows generated by the Company’s proprietary forecasting models. The key inputs include the estimated future gross cash flow, average cost to collect, and discount rate. The determination of such inputs requires significant judgment, including assessing the assumed market participant’s cost structure, its determination of whether to include fixed costs in its valuation, its collection strategies, and determining the appropriate weighted average cost of capital. The Company evaluates the use of these key inputs on an ongoing basis and refines the data as it continues to obtain better information from market participants in the debt recovery and purchasing business. Borrowings: The Company’s convertible notes, senior secured notes and private placement notes are carried at historical cost, adjusted for the applicable debt discount. The fair value estimate for the convertible notes incorporates quoted market prices using Level 2 inputs. The fair value of the senior secured notes and private placement notes is estimated using widely accepted valuation techniques, including discounted cash flow analyses using available market information on discount and borrowing rates with similar terms, maturities, and credit ratings. Accordingly, the Company used Level 2 inputs for these debt instrument fair value estimates. The carrying value of the Company’s senior secured revolving credit facility, securitisation senior facility, U.S. facility, and other borrowings approximates fair value due to the use of current market rates that are repriced frequently, which are determined to be a Level 2 measurement.

Derivatives and Hedging Instrum

Derivatives and Hedging Instruments	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Instruments	Derivatives and Hedging Instruments The Company may periodically enter into derivative financial instruments to manage risks related to interest rates and foreign currency. Certain of the Company’s derivative financial instruments qualify for hedge accounting treatment. The following table summarizes the fair value of derivative instruments as recorded in the Company’s condensed consolidated statements of financial condition (in thousands) : June 30, 2024 December 31, 2023 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Interest rate cap contracts Other assets $ 2,635 Other assets $ 14,564 Interest rate swap agreements Other assets 138 — — Interest rate swap agreements Other liabilities (6,570) Other liabilities (22,510) Cross-currency swap agreements — — Other assets 361 Cross-currency swap agreements Other liabilities (41,631) Other liabilities (28,039) Derivatives not designated as hedging instruments: Interest rate cap contracts Other assets 782 Other assets 2,386 Foreign currency exchange contracts Other assets 873 — — Derivatives Designated as Hedging Instruments The Company may periodically enter into interest rate swap agreements and interest rate cap contracts to reduce its exposure to fluctuations in interest rates on variable interest rate debt and their impact on earnings and cash flows. Under the swap agreements, the Company receives floating interest rate payments and makes interest payments based on fixed interest rates. Under the cap contracts, the Company receives floating interest rate payments and makes interest payments based on capped interest rates. The Company designates its interest rate swap and interest rate cap instruments as cash flow hedges at inception. The Company uses cross-currency swap agreements to manage foreign currency exchange risk by converting fixed-rate Euro-denominated borrowings and fixed-rate GBP-denominated borrowings including periodic interest payments and the payment of principal at maturity to fixed-rate USD debt. The cross-currency swap agreements are accounted for as fair value hedges. The following tables summarize the terms of the derivative instruments designated as hedging instruments as recorded in the Company’s consolidated statements of financial condition: June 30, 2024 Effective date Maturity Date Hedge Designation Notional Amount Receive Floating Rate Index Interest rate cap contracts 2021 Cap (1) November 2021 September 2024 Cash flow hedge $316.2 million SONIA 2024 Cap September 2024 September 2026 Cash flow hedge $322.6 million SONIA Interest rate swap agreements 2023 Euro IR Swap October 2023 January 2028 Cash flow hedge $107.4 million 3-month EURIBOR 2024 Euro IR Swaps June 2024 January 2028 Cash flow hedge $445.7 million 3-month EURIBOR 2023 SOFR IR Swaps November 2023 October 2026 Cash flow hedge $150.0 million 1-month SOFR CME Term Cross-currency swap agreements 2020 Euro Swaps September 2020 October 2025 Fair value hedge $375.9 million — 2023 GBP Swaps July 2023 February 2026 Fair value hedge $379.5 million — ______________________ (1) The total notional amount of the 2021 Cap was $442.7 million, of which $316.2 million was hedge designated and $126.5 million was not hedge designated as of June 30, 2024. December 31, 2023 Effective date Maturity Date Hedge Designation Notional Amount Receive Floating Rate Index Interest rate cap contracts 2019 Cap January 2020 June 2024 Cash flow hedge $441.5 million 3-month EURIBOR 2021 Cap (1) November 2021 September 2024 Cash flow hedge $318.3 million SONIA 2024 Cap September 2024 September 2026 Cash flow hedge $324.6 million SONIA Interest rate swap agreements 2023 Euro IR Swap October 2023 January 2028 Cash flow hedge $110.4 million 3-month EURIBOR 2024 Euro IR Swaps June 2024 January 2028 Cash flow hedge $458.1 million 3-month EURIBOR 2023 SOFR IR Swaps November 2023 October 2026 Cash flow hedge $150.0 million 1-month SOFR CME Term Cross-currency swap agreements 2020 Euro Swaps September 2020 October 2025 Fair value hedge $386.3 million — 2023 GBP Swaps July 2023 February 2026 Fair value hedge $381.9 million — _______________________ (1) The total notional amount of the 2021 Cap was $445.6 million, of which $318.3 million was hedge designated and $127.3 million was not hedge designated as of December 31, 2023. The Company expects to reclassify approximately $2.5 million o f net derivative gain fro m OCI into earnings relating to its cash flow designated derivatives within the next 12 months. The following tables summarize the effects of derivatives designated as hedging instruments in the Company’s condensed consolidated financial statements (in thousands) : Derivatives Designated as Hedging Instruments Gain (Loss) Recognized in OCI Location of Gain (Loss) Reclassified from OCI into Income (Loss) Gain (Loss) Reclassified from OCI into Income Three Months Ended June 30, Three Months Ended June 30, 2024 2023 2024 2023 Interest rate swap agreements $ 6,199 $ — Interest expense $ 655 $ — Interest rate cap contracts (5,777) 3,423 Interest expense (664) (391) Cross-currency swap agreements (4,289) (1,896) Interest expense (1,757) (1,395) Other (expense) income (1,370) 1,351 Derivatives Designated as Hedging Instruments Gain (Loss) Recognized in OCI Location of Gain (Loss) Reclassified from OCI into Income (Loss) Gain (Loss) Reclassified from OCI into Income Six Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest rate swap agreements $ 17,273 $ — Interest expense $ 1,195 $ — Interest rate cap contracts (11,828) (3,501) Interest expense (1,376) (841) Cross-currency swap agreements (17,299) 170 Interest expense (3,537) (2,903) Other (expense) income (12,880) 6,504 Derivatives Not Designated as Hedging Instruments From time to time, the Company enters into currency exchange forward contracts to reduce the effects of currency exchange rate fluctuations. These derivative contracts generally mature within one to six months and are not designated as hedge instruments for accounting purposes. The Company also holds an interest rate cap contract, the 2021 Cap, that was partially hedge designated. The gains or losses on these unhedged derivative contracts are recognized in other income or expense based on the changes in fair value. The following table summarizes the effects of derivatives not designated as hedging instruments on the Company’s condensed consolidated statements of income for the three and six months ended June 30, 2024 and 2023 ( in thousands): Derivatives Not Designated as Hedging Instruments Location of Gain Recognized in Income on Derivative Amount of Gain Recognized in Income Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest rate cap contract Other income $ 79 $ — $ 274 $ — Foreign currency exchange contract Other income 873 — 873 —

Investment in Receivable Portfo

Investment in Receivable Portfolios, Net	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Investment in Receivable Portfolios, Net	Investment in Receivable Portfolios, Net The Company’s purchased portfolios of loans are grossed-up to their face value with an offsetting allowance and noncredit discount allocated to the individual receivables as the unit of account is at the individual loan level. Since each loan is deeply delinquent and deemed uncollectible at the individual loan level, the Company applies its charge-off policy and fully writes-off the amortized costs ( i.e. , face value net of noncredit discount) of the individual receivables immediately after purchasing the portfolio. The Company then records a negative allowance that represents the present value of all expected future recoveries for pools of receivables that share similar risk characteristics using a discounted cash flow approach, which ultimately equals the amount paid for a portfolio purchase and presented as “Investment in receivable portfolios, net” in the Company’s condensed consolidated statements of financial condition. The discount rate is an effective interest rate (or “purchase EIR”) based on the purchase price of the portfolio and the expected future cash flows at the time of purchase. Receivable portfolio purchases are aggregated into pools based on similar risk characteristics. Examples of risk characteristics include financial asset type, collateral type, size, interest rate, date of origination, term, and geographic location. The Company’s static pools are typically grouped into credit card, purchased consumer bankruptcy, and mortgage portfolios. The Company further groups these static pools by geographic location. Once a pool is established, the portfolios will remain in the designated pool unless the underlying risk characteristics change. The purchase EIR of a pool will not change over the life of the pool even if expected future cash flows change. Revenue is recognized for each static pool over the economic life of the pool. Debt purchasing revenue includes two components: (1) Revenue from receivable portfolios, which is the accretion of the discount on the negative allowance due to the passage of time (generally the portfolio balance multiplied by the EIR) and also includes all revenue from zero basis portfolio (“ZBA”) collections, and (2) Changes in recoveries, which includes (a) Recoveries above or below forecast, which is the difference between (i) actual cash collected/recovered during the current period and (ii) expected cash recoveries for the current period, which generally represents over or under performance for the period; and (b) Changes in expected future recoveries, which is the present value change of expected future recoveries, where such change generally results from (i) collections “pulled forward from” or “pushed out to” future periods (i.e. amounts either collected early or expected to be collected later) and (ii) magnitude and timing changes to estimates of expected future collections (which can be increases or decreases). The Company measures expected future recoveries based on historical experience, current conditions, reasonable and supportable forecasts, and other quantitative and qualitative factors. Factors that may change the expected future recoveries may include both internal as well as external factors. Internal factors include operational performance, such as capacity and the productivity of the Company’s collection staff. External factors include new laws or regulations, new interpretations of existing laws or regulations, and macroeconomic conditions. The Company continues to reassess its expected future recoveries in each reporting period. Investment in receivable portfolios, net consists of the following as of the dates presented ( in thousands ): June 30, 2024 December 31, 2023 Amortized cost $ — $ — Negative allowance for expected recoveries 3,583,322 3,468,432 Balance, end of period $ 3,583,322 $ 3,468,432 The following table summarizes the changes in the balance of investment in receivable portfolios, net during the periods presented ( in thousands ): Three Months Ended Six Months Ended 2024 2023 2024 2023 Balance, beginning of period $ 3,531,387 $ 3,214,792 $ 3,468,432 $ 3,088,261 Negative allowance for expected recoveries - current period purchases (1) 278,692 274,325 574,406 550,756 Collections applied to investment in receivable portfolios, net (2) (224,798) (175,338) (419,833) (342,020) Changes in recoveries (3) 5,754 (3,486) (6,655) (12,987) Put-backs and recalls (3,099) (4,229) (7,446) (6,035) Disposals and transfers to real estate owned (1,053) (5,139) (3,098) (6,244) Foreign currency translation adjustments (3,561) 30,061 (22,484) 59,255 Balance, end of period $ 3,583,322 $ 3,330,986 $ 3,583,322 $ 3,330,986 _______________________ (1) The table below provides the detail on the establishment of negative allowance for expected recoveries of portfolios purchased during the periods presented: Three Months Ended Six Months Ended 2024 2023 2024 2023 Purchase price $ 278,692 $ 274,325 $ 574,406 $ 550,756 Allowance for credit losses 649,642 690,501 1,294,156 1,350,145 Amortized cost 928,334 964,826 1,868,562 1,900,901 Noncredit discount 1,211,961 1,049,233 2,467,754 2,054,454 Face value 2,140,295 2,014,059 4,336,316 3,955,355 Write-off of amortized cost (928,334) (964,826) (1,868,562) (1,900,901) Write-off of noncredit discount (1,211,961) (1,049,233) (2,467,754) (2,054,454) Negative allowance 278,692 274,325 574,406 550,756 Negative allowance for expected recoveries - current period purchases $ 278,692 $ 274,325 $ 574,406 $ 550,756 (2) Collections applied to investment in receivable portfolios, net, is calculated as follows during the periods presented: Three Months Ended Six Months Ended 2024 2023 2024 2023 Cash Collections $ 546,728 $ 476,522 $ 1,057,615 $ 938,878 Less - amounts classified to revenue from receivable portfolios (321,930) (301,184) (637,782) (596,858) Collections applied to investment in receivable portfolios, net $ 224,798 $ 175,338 $ 419,833 $ 342,020 (3) Changes in recoveries is calculated as follows during the periods presented, where recoveries include cash collections, put-backs and recalls, and other cash-based adjustments: Three Months Ended Six Months Ended 2024 2023 2024 2023 Recoveries above (below) forecast $ 27,443 $ (477) $ 28,296 $ (15,835) Changes in expected future recoveries (21,689) (3,009) (34,951) 2,848 Changes in recoveries $ 5,754 $ (3,486) $ (6,655) $ (12,987) Recoveries above or below forecast represent over and under-performance in the reporting period, respectively. Collections during the three and six months ended June 30, 2024, over-performed the forecasted collections by approximately $27.4 million and $28.3 million, respectively. Collections during the three and six months ended June 30, 2023, under-performed the forecasted collections by approximately $0.5 million and $15.8 million, respectively.

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets Other assets consist of the following (in thousands) : June 30, December 31, Operating lease right-of-use assets $ 60,378 $ 67,019 Real estate owned 55,253 70,590 Prepaid expenses 36,543 32,910 Income tax deposits 30,927 8,735 Deferred tax assets, net 15,060 17,277 Service fee receivables 11,292 9,080 Derivative instruments 4,428 17,311 Other 63,918 70,334 Total $ 277,799 $ 293,256

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Borrowings	Borrowings The Company is in compliance in all material respects with all covenants under its financing arrangements as of June 30, 2024. The components of the Company’s consolidated borrowings were as follows (in thousands) : June 30, December 31, Global senior secured revolving credit facility $ — $ 816,880 Encore private placement notes 9,770 29,310 Senior secured notes 2,624,620 1,654,989 Convertible senior notes 330,000 330,000 Cabot securitisation senior facility 322,557 324,646 U.S. facility 150,000 175,000 Other 66,058 24,904 Finance lease liabilities 1,778 2,818 3,504,783 3,358,547 Less: debt discount and issuance costs, net of amortization (49,653) (40,516) Total $ 3,455,130 $ 3,318,031 Encore is the parent of the restricted group for the Global Senior Facility, the Senior Secured Notes and the Encore Private Placement Notes, each of which is guaranteed by the same group of material Encore subsidiaries and secured by the same collateral, which represents substantially all of the assets of those subsidiaries. Global Senior Secured Revolving Credit Facility In September 2020, the Company entered into a multi-currency senior secured revolving credit facility agreement (as amended and restated, the “Global Senior Facility”). As of June 30, 2024, the Global Senior Facility provided for a total committed facility of $1,203.0 million that matures in September 2027 and includes the following key provisions: • Interest at Term SOFR (or EURIBOR for any loan drawn in Euro or a rate based on SONIA for any loan drawn in British Pound), with a Term SOFR (or EURIBOR or SONIA) floor of 0.00%, plus a margin of 2.50%, plus in the case of Term SOFR borrowings, a credit adjustment spread of 0.10%; • An unused commitment fee of 0.40% per annum, payable quarterly in arrears; • A restrictive covenant that limits the LTV Ratio (defined in the Global Senior Facility) to 0.75 in the event that the Global Senior Facility is more than 20% utilized; • A restrictive covenant that limits the SSRCF LTV Ratio (defined in the Global Senior Facility) to 0.275; • A restrictive covenant that requires the Company to maintain a Fixed Charge Coverage Ratio (as defined in the Global Senior Facility) of at least 2.0; • Additional restrictions and covenants which limit, among other things, the payment of dividends and the incurrence of additional indebtedness and liens; and • Standard events of default which, upon occurrence, may permit the lenders to terminate the Global Senior Facility and declare all amounts outstanding to be immediately due and payable. The Global Senior Facility is secured by substantially all of the assets of the Company and the guarantors. Pursuant to the terms of an intercreditor agreement entered into with respect to the relative positions of (1) the Global Senior Facility, any super priority hedging liabilities and the Encore Private Placement Notes (collectively, “Super Senior Liabilities”) and (2) the Senior Secured Notes, Super Senior Liabilities that are secured by assets that also secure the Senior Secured Notes will receive priority with respect to any proceeds received upon any enforcement action over any such assets. As of June 30, 2024, we had no borrowings under the Global Senior Facility. The weighted average interest rate of the Global Senior Facility was 7.85% and 7.51% for the three months ended June 30, 2024 and 2023, respectively, and 7.88% and 7.30% for the six months ended June 30, 2024 and 2023, respectively. Available capacity under the Global Senior Facility, after taking into account applicable debt covenants, was approximately $1,203.0 million as of June 30, 2024. Encore Private Placement Notes In August 2017, Encore entered into $325.0 million in senior secured notes with a group of insurance companies (the “Encore Private Placement Notes”). As of June 30, 2024, $9.8 million of the Encore Private Placement Notes remained outstanding. The Encore Private Placement Notes bear an annual interest rate of 5.625%, mature in August 2024 and require quarterly principal payments of $9.8 million. The covenants and material terms for the Encore Private Placement Notes are substantially similar to those for the Global Senior Facility. Senior Secured Notes The following table provides a summary of the Company’s senior secured notes (the “Senior Secured Notes”) ($ in thousands) : June 30, December 31, Issue Maturity Date Interest Payment Dates Interest Rate 2025 Notes $ 375,859 $ 386,324 EUR Oct 15, 2025 Apr 15, Oct 15 4.875 % 2026 Notes 379,479 381,937 GBP Feb 15, 2026 Feb 15, Aug 15 5.375 % 2028 Notes 316,233 318,280 GBP Jun 1, 2028 Jun 1, Dec 1 4.250 % 2028 Floating Rate Notes 553,049 568,448 EUR Jan 15, 2028 Jan 15, Apr 15, Jul 15, Oct 15 EURIBOR +4.250% (1) 2029 Notes 500,000 — USD Apr 1, 2029 Apr 1, Oct 1 9.250 % 2030 Notes 500,000 — USD May 15, 2030 May 15, Nov 15 8.500 % $ 2,624,620 $ 1,654,989 _______________________ (1) Interest rate is based on three-month EURIBOR (subject to a 0% floor) plus 4.250% per annum, resets quarterly. The Senior Secured Notes are secured by the same collateral as the Global Senior Facility and the Encore Private Placement Notes. The guarantees provided in respect of the Senior Secured Notes are pari passu with each such guarantee given in respect of the Global Senior Facility and Encore Private Placement Notes. Subject to the intercreditor agreement described above under the section “Global Senior Secured Revolving Credit Facility,” Super Senior Liabilities that are secured by assets that also secure the Senior Secured Notes will receive priority with respect to any proceeds received upon any enforcement action over any such assets. The 2028 Floating Rate Notes had a weighted average interest rate of 8.16% and 7.28% for the three months ended June 30, 2024 and 2023, respectively, and 8.18% and 6.83% for the six months ended June 30, 2024 and 2023, respectively. As discussed in “Note 4: Derivatives and Hedging Instruments,” the Company uses interest rate derivative contracts to manage its risk related to the interest rate fluctuation in its variable interest rate bearing debt. The weighted average interest rate of the 2028 Floating Rate Notes including the effect of the hedging instruments was 5.47% and 4.36% for the three months ended June 30, 2024 and 2023, respectively, and 5.24% and 4.34% for the six months ended June 30, 2024 and 2023, respectively. In March 2024, Encore issued $500.0 million in aggregate principal amount of 9.250% Senior Secured Notes due April 2029 at an issue price of 100.000% (the “2029 Notes”). Interest on the 2029 Notes is payable semi-annually, in arrears, on April 1 and October 1 of each year, commencing on October 1, 2024. The Company used the proceeds from this offering to pay down $493.0 million of the drawings under its Global Senior Facility and to pay certain transaction fees and expenses incurred in connection with the offering of the 2029 Notes. In May 2024, Encore issued $500.0 million in aggregate principal amount of 8.500% Senior Secured Notes due May 2030 at an issue price of 100.000% (the “2030 Notes”). Interest on the 2030 Notes is payable semi-annually, in arrears, on May 15 and November 15 of each year, commencing on November 15, 2024. The Company used the proceeds from this offering to pay down $448.7 million of the drawings under its Global Senior Facility, pay certain transaction fees and expenses incurred in connection with the offering of the 2030 Notes and for general corporate purposes. Convertible Notes The following table provides a summary of the principal balance, maturity date and interest rate for the Company’s convertible senior notes (the “Convertible Notes”) ($ in thousands) : June 30, December 31, Maturity Date Interest Payment Dates Interest Rate 2025 Convertible Notes $ 100,000 $ 100,000 Oct 1, 2025 Apr 1, Oct 1 3.250 % 2029 Convertible Notes 230,000 230,000 Mar 15, 2029 Mar 15, Sep 15 4.000 % $ 330,000 $ 330,000 In order to reduce the risk related to the potential dilution and/or the potential cash payments the Company may be required to make in the event that the market price of the Company’s common stock becomes greater than the conversion prices of the Convertible Notes, the Company may enter into hedge programs that increase the effective conversion price for the Convertible Notes. In connection with the issuance of the 2029 Convertible Notes, the Company entered into privately negotiated capped call transactions that effectively raised the conversion price of the 2029 Convertible Notes from $65.89 to $82.69. These hedging instruments have been determined to be indexed to the Company’s own stock and meet the criteria for equity classification. The Company recorded the cost of the hedge instruments as a reduction in additional paid-in capital, and does not recognize subsequent changes in fair value of these financial instruments in its condensed consolidated financial statements. The Company did not hedge the 2025 Convertible Notes. Certain key terms related to the convertible features as of June 30, 2024 are listed below ($ in thousands, except conversion price) : 2025 Convertible Notes 2029 Convertible Notes Initial conversion price $ 40.00 $ 65.89 Closing stock price at date of issuance $ 32.00 $ 51.68 Closing stock price date Sep 4, 2019 Feb 28, 2023 Initial conversion rate (shares per $1,000 principal amount) 25.0000 15.1763 Adjusted conversion rate (shares per $1,000 principal amount) (1) 25.1310 15.1763 Adjusted conversion price (1) $ 39.79 $ 65.89 Adjusted effective conversion price (2) $ 39.79 $ 82.69 Excess of if-converted value compared to principal (3) $ 4,872 $ — Conversion date Jul 1, 2025 Dec 15, 2028 _______________________ (1) Pursuant to the indenture for the Company’s 2025 Convertible Notes, the conversion rate for the 2025 Convertible Notes was adjusted upon the completion of the Company’s tender offer in December 2021. (2) As discussed above, the Company maintains a hedge program that increases the effective conversion price for the 2029 Convertible Notes to $82.69. (3) Represents the premium the Company would have to pay assuming the Convertible Notes were converted on June 30, 2024 using a hypothetical share price based on the closing stock price on June 28, 2024, the last trading day for the six months ended June 30, 2024. In the event of conversion, the Convertible Notes are convertible into cash up to the aggregate principal amount of the notes and the excess conversion premium, if any, may be settled in cash or shares of the Company’s common stock at the Company’s election and subject to certain restrictions contained in each of the indentures governing the Convertible Notes. Interest expense related to the Convertible Notes was $3.1 million and $3.3 million during the three months ended June 30, 2024 and 2023, respectively, and $6.2 million and $6.2 million during the six months ended June 30, 2024 and 2023, respectively. Cabot Securitisation Senior Facility Cabot Securitisation UK Ltd (“Cabot Securitisation”), an indirect subsidiary of Encore, has a senior facility for a committed amount of £255.0 million (as amended, the “Cabot Securitisation Senior Facility”). Funds drawn under the Cabot Securitisation Senior Facility bear interest at a rate per annum equal to SONIA plus a margin of 3.20% plus, for periods after September 18, 2026, a step up margin ranging from 0% to 1.00%. The Cabot Securitisation Senior Facility matures in September 2028. As of June 30, 2024, the outstanding borrowings under the Cabot Securitisation Senior Facility were £255.0 million (approximately $322.6 million based on an exchange rate of $1.00 to £0.79, the exchange rate as of June 30, 2024). The obligations of Cabot Securitisation under the Cabot Securitisation Senior Facility are secured by first ranking security interests over all of Cabot Securitisation’s property, assets and rights (including receivables purchased from Cabot Financial UK from time to time), the book value of which was approximately £330.4 million (approximately $417.9 million based on an exchange rate of $1.00 to £0.79, the exchange rate as of June 30, 2024) as of June 30, 2024. The weighted average interest rate of the Cabot Securitisation Senior Facility was 8.41% and 7.46% for the three months ended June 30, 2024 and 2023, respectively, and 8.41% and 7.17% for the six months ended June 30, 2024 and 2023, respectively. As discussed in “Note 4, Derivatives and Hedging Instruments,” the Company uses interest rate cap contracts to manage its risk related to the interest rate fluctuations in its variable interest rate bearing debt. The weighted average interest rate of the Cabot Securitisation Senior Facility including the effect of the hedging instruments was 5.51% and 5.25% for the three months ended June 30, 2024 and 2023, respectively, and 5.51% and 5.25% for the six months ended June 30, 2024 and 2023, respectively. Cabot Securitisation is a securitized financing vehicle and is a VIE for consolidation purposes. Refer to “Note 8: Variable Interest Entities” for further details. U.S. Facility In October 2023, an indirect subsidiary of Encore (“U.S. Financing Subsidiary”), entered into a facility for a committed amount of $175.0 million (the “U.S. Facility”). The U.S. Facility matures in October 2026. Funds drawn under the U.S. Facility bear interest at a rate per annum equal to Term SOFR plus a margin of 3.50%. As of June 30, 2024, the outstanding borrowings under the U.S. Facility were $150.0 million. The obligations under the U.S. Facility are secured by first ranking security interests over all of U.S. Financing Subsidiary’s assets and rights. As of June 30, 2024, this included receivables acquired from MCM, the book value of which was approximately $312.2 million. The weighted average interest rate of the U.S. Facility was 8.82% and 8.83% for the three and six months ended June 30, 2024, respectively. As discussed in “Note 4: Derivatives and Hedging Instruments,” the Company uses interest rate derivative contracts to manage its risk related to the interest rate fluctuation in its variable interest rate bearing debt. The weighted average interest rate of the U.S. Facility including the effect of the hedging instruments was 7.95% and 7.97% for the three and six months ended June 30, 2024, respectively. The U.S. Facility is a securitized financing vehicle and is a VIE for consolidation purposes. Refer to “Note 8: Variable Interest Entities” for further details.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2024
Variable Interest Entity, Measure of Activity [Abstract]
Variable Interest Entities	Variable Interest Entities A VIE is defined as a legal entity whose equity owners do not have sufficient equity at risk, or, as a group, the holders of the equity investment at risk lack any of the following three characteristics: decision-making rights, the obligation to absorb expected losses, or the right to receive expected residual returns of the entity. The primary beneficiary is identified as the variable interest holder that has both the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and the obligation to absorb expected losses or the right to receive residual returns from the entity that could potentially be significant to the VIE. The Company consolidates VIEs when it is the primary beneficiary. As of June 30, 2024, the Company’s VIEs include certain securitized financing vehicles and other immaterial special purpose entities that were created to purchase receivable portfolios in certain geographies. The Company is the primary beneficiary of these VIEs. The Company has the power to direct the activities of the VIEs including the ability to exercise discretion in the servicing of the financial assets and has the right to receive residual returns that could potentially be significant to the VIEs. The Company evaluates its relationships with its VIEs on an ongoing basis to ensure that it continues to be the primary beneficiary. Most assets recognized as a result of consolidating these VIEs do not represent additional assets that could be used to satisfy claims against the Company’s general assets. Conversely, liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets; rather, they represent claims against the specific assets of the VIE.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss) [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss A summary of the Company’s changes in accumulated other comprehensive loss by component is presented below (in thousands): Three Months Ended June 30, 2024 Derivatives Currency Translation Adjustments Accumulated Other Comprehensive Loss Balance at beginning of period $ (303) $ (127,133) $ (127,436) Other comprehensive loss before reclassification (3,867) (1,146) (5,013) Reclassification 3,136 — 3,136 Tax effect (1,088) 443 (645) Balance at end of period $ (2,122) $ (127,836) $ (129,958) Three Months Ended June 30, 2023 Derivatives Currency Translation Adjustments Accumulated Other Comprehensive Loss Balance at beginning of period $ 29,317 $ (119,685) $ (90,368) Other comprehensive income before reclassification 1,527 17,532 19,059 Reclassification 435 — 435 Tax effect 253 (279) (26) Balance at end of period $ 31,532 $ (102,432) $ (70,900) Six Months Ended June 30, 2024 Derivatives Currency Translation Adjustments Accumulated Other Comprehensive Loss Balance at beginning of period $ (3,093) $ (120,827) $ (123,920) Other comprehensive loss before reclassification (11,854) (7,292) (19,146) Reclassification 16,598 — 16,598 Tax effect (3,773) 283 (3,490) Balance at end of period $ (2,122) $ (127,836) $ (129,958) Six Months Ended June 30, 2023 Derivatives Currency Translation Adjustments Accumulated Other Comprehensive Loss Balance at beginning of period $ 36,494 $ (135,310) $ (98,816) Other comprehensive (loss) income before reclassification (3,331) 33,540 30,209 Reclassification (2,760) — (2,760) Tax effect 1,129 (662) 467 Balance at end of period $ 31,532 $ (102,432) $ (70,900)

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate for the three and six months ended June 30, 2024 was 24.3% and 24.1%, respectively. For the three and six months ended June 30, 2023, the Company’s effective tax rate was 27.6% and 26.8%, respectively. For the three and six months ended June 30, 2024, the difference between the effective tax rate and the federal statutory rate was primarily due to state income taxes. For the three months ended June 30, 2023, the difference between the effective tax rate and the federal statutory rate was primarily due to state income taxes and a foreign adjustment. For the six months ended June 30, 2023, the difference between the effective tax rate and the federal statutory rate was primarily due to state income taxes, an accrual related to state tax filing positions, and other foreign adjustments. Each interim period is considered an integral part of the annual period and tax expense or benefit is measured using an estimated annual effective income tax rate. The estimated annual effective tax rate for the full year is applied to the respective interim period, taking into account year-to-date amounts and projected amounts for the year. Since the Company operates in foreign countries with varying tax rates, the Company’s quarterly effective tax rate is dependent on the level of income or loss from international operations in the reporting period. The Company’s subsidiary in Costa Rica is operating under a 100% tax holiday through December 31, 2026. The impact of the tax holiday in Costa Rica for the three and six months ended June 30, 2024 and 2023, was immaterial. The Company is subject to income taxes in the U.S. and foreign jurisdictions. Significant judgment is required in evaluating uncertain tax positions and determining the provision for income taxes.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation and Regulatory The Company is involved in disputes, legal actions, regulatory investigations, inquiries, and other actions from time to time in the ordinary course of business. The Company, along with others in its industry, is routinely subject to legal actions asserting various claims, including those based on the Fair Debt Collection Practices Act (“FDCPA”), the Fair Credit Reporting Act (“FCRA”), the Telephone Consumer Protection Act (“TCPA”), comparable state statutes, state and federal unfair competition statutes, and common law causes of action. The violations of law investigated or alleged in these actions often include claims that the Company lacks specified licenses to conduct its business, attempts to collect debts on which the statute of limitations has run, has made inaccurate or unsupported assertions of fact in support of its collection actions and/or has acted improperly in connection with its efforts to contact consumers. Such litigation and regulatory actions could involve potential compensatory or punitive damage claims, fines, sanctions, injunctive relief, or changes in business practices. Many continue on for some length of time and involve substantial investigation, litigation, negotiation, and other expense and effort before a result is achieved, and during the process the Company often cannot determine the substance or timing of any eventual outcome. As of June 30, 2024, there were no material developments in any of the legal proceedings disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 or any new material legal proceedings during the three and six months ended June 30, 2024. In certain legal proceedings, the Company may have recourse to insurance or third-party contractual indemnities to cover all or portions of its litigation expenses, judgments, or settlements. The Company records loss contingencies in its financial statements only for matters in which losses are probable and can be reasonably estimated. Where a range of loss can be reasonably estimated with no best estimate in the range, the Company records the minimum estimated liability. The Company continuously assesses the potential liability related to its pending litigation and regulatory matters and revises its estimates when additional information becomes available. The Company’s legal costs are recorded to expense as incurred. As of June 30, 2024, the Company has no material reserves for legal matters. Purchase Commitments In the normal course of business, the Company enters into forward flow purchase agreements. A forward flow purchase agreement is a commitment to purchase receivables over a duration that is typically three to twelve months, but can be longer, generally with a specifically defined volume range, frequency, and pricing. Typically, these forward flow contracts have provisions that allow for early termination or price re-negotiation should the underlying quality of the portfolio deteriorate over time or if any particular month’s delivery is materially different than the original portfolio used to price the forward flow contract. Certain of these forward flow purchase agreements may also have termination clauses, whereby the agreements can be canceled by either party upon providing a certain specified amount of notice. As of June 30, 2024, the Company had entered into forward flow purchase agreements for the purchase of nonperforming loans with an estimated minimum aggregate purchase price of approximately $440.1 million. The Company expects actual purchases under these forward flow purchase agreements to be significantly greater than the estimated minimum aggregate purchase price.

Segment and Geographic Informat

Segment and Geographic Information	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment and Geographic Information	Segment and Geographic Information The Company conducts business through several operating segments. The Company’s Chief Operating Decision Maker relies on internal management reporting processes that provide segment revenue, segment operating income, and segment asset information in order to make financial decisions and allocate resources. The Company determined its operating segments meet the aggregation criteria, and therefore, it has one reportable segment, portfolio purchasing and recovery, based on similarities among the operating units including economic characteristics, the nature of the services, the nature of the production process, customer types for their services, the methods used to provide their services and the nature of the regulatory environment. The following table presents information about geographic areas in which the Company operates (in thousands) : Three Months Ended Six Months Ended 2024 2023 2024 2023 Total revenues: United States $ 239,750 $ 206,765 $ 458,886 $ 406,983 Europe United Kingdom 76,725 75,223 149,152 153,208 Other European countries (1) 38,188 41,056 74,292 75,294 Total Europe 114,913 116,279 223,444 228,502 Other geographies (1) 622 — 1,341 189 Total $ 355,285 $ 323,044 $ 683,671 $ 635,674 ________________________ (1) None of these countries comprise greater than 10% of the Company's consolidated revenues.

Goodwill and Identifiable Intan

Goodwill and Identifiable Intangible Assets	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Identifiable Intangible Assets	Goodwill and Identifiable Intangible Assets The Company’s goodwill is tested for impairment at the reporting unit level annually and in interim periods if certain events occur that indicate that the fair value of a reporting unit may be below its carrying value. Determining the number of reporting units and the fair value of a reporting unit requires the Company to make judgments and involves the use of significant estimates and assumptions. The annual goodwill testing date for the reporting units that are included in the portfolio purchasing and recovery reportable segment is October 1st. There have been no events or circumstances during the three and six months ended June 30, 2024, that have required the Company to perform an interim assessment of goodwill carried at these reporting units. Management continues to evaluate and monitor all key factors impacting the carrying value of the Company’s recorded goodwill and intangible assets. Adverse changes in the Company’s actual or expected operating results, market capitalization, business climate, economic factors or other negative events that may be outside the control of management could result in a material non-cash impairment charge in the future. The Company’s goodwill is attributable to the MCM and Cabot reporting units included in its portfolio purchasing and recovery segment. The following tables summarize the activity in the Company’s goodwill balance (in thousands): MCM Cabot (1) Total Balance as of March 31, 2024 $ 148,936 $ 453,464 $ 602,400 Effect of foreign currency translation — 411 411 Balance as of June 30, 2024 $ 148,936 $ 453,875 $ 602,811 ______________________ (1) The amount is net of accumulated goodwill impairment loss of $238.2 million as of June 30, 2024 and March 31, 2024, related to the Cabot reporting unit. MCM Cabot Total Balance as of March 31, 2023 $ 148,936 $ 685,238 $ 834,174 Effect of foreign currency translation — 18,022 18,022 Balance as of June 30, 2023 $ 148,936 $ 703,260 $ 852,196 There was no accumulated goodwill impairment loss as of June 30, 2023 and March 31, 2023. MCM Cabot (1) Total Balance as of December 31, 2023 $ 148,936 $ 457,539 $ 606,475 Effect of foreign currency translation — (3,664) (3,664) Balance as of June 30, 2024 $ 148,936 $ 453,875 $ 602,811 ______________________ (1) The amount is net of accumulated goodwill impairment loss of $238.2 million as of June 30, 2024 and December 31, 2023, related to the Cabot reporting unit. MCM Cabot Total Balance as of December 31, 2022 $ 148,936 $ 672,278 $ 821,214 Effect of foreign currency translation — 30,982 30,982 Balance as of June 30, 2023 $ 148,936 $ 703,260 $ 852,196 There was no accumulated goodwill impairment loss as of June 30, 2023 and December 31, 2022. The Company’s acquired intangible assets are summarized as follows (in thousands) : As of June 30, 2024 As of December 31, 2023 Gross Accumulated Net Gross Accumulated Net Trade name and other $ 918 $ (918) $ — $ 918 $ (870) $ 48 Total intangible assets $ 918 $ (918) $ — $ 918 $ (870) $ 48

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 32,181	$ 26,305	$ 55,420	$ 44,931

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Ownership, Description of Bus_2

Ownership, Description of Business, and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Financial Statement Preparation and Presentation	Financial Statement Preparation and Presentation The accompanying interim condensed consolidated financial statements have been prepared by the Company, without audit, in accordance with the instructions to the Quarterly Report on Form 10-Q, and Rule 10-01 of Regulation S-X promulgated by the United States Securities and Exchange Commission (the “SEC”) and, therefore, do not include all information and footnotes necessary for a fair presentation of its condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented reflects all adjustments, consisting of only normal and recurring adjustments, necessary for a fair statement of the Company’s condensed consolidated financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year.
Use of Estimates	The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the Company’s condensed financial statements and the accompanying notes. Actual results could materially differ from those estimates.
Basis of Consolidation	Basis of Consolidation The condensed consolidated financial statements have been prepared in conformity with GAAP and reflect the accounts and operations of the Company and those of its subsidiaries in which the Company has a controlling financial interest. The Company also consolidates variable interest entities (“VIEs”) for which it is the primary beneficiary. The primary beneficiary has both (a) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance, and (b) either the obligation to absorb losses or the right to receive benefits. Refer to “Note 8: Variable Interest Entities” for further details. All intercompany transactions and balances have been eliminated in consolidation.
Translation of Foreign Currencies	Translation of Foreign Currencies
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within the segment measure of profit or loss. This guidance will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. This ASU may result in additional required disclosures when adopted. The Company is currently evaluating the provisions of this ASU and the impact on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions and applies to all entities subject to income taxes. The new standard is effective for annual periods beginning after December 15, 2024. This ASU may result in additional required disclosures when adopted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.
Earnings Per Share	Basic earnings per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period. The number of shares used to calculate the diluted earnings per share is computed by using the basic weighted-average number of common shares outstanding plus any dilutive potential common shares outstanding during the period, except when their effect is anti-dilutive. Dilutive potential common shares include outstanding stock based awards, and the dilutive effect of the convertible and exchangeable senior notes, if applicable.
Fair Value Measurements	Fair value is defined as the price that would be received upon sale of an asset or the price paid to transfer a liability, in an orderly transaction between market participants at the measurement date ( i.e., the “exit price”). The Company uses a fair value hierarchy that prioritizes the inputs used in valuation techniques to measure fair value into three broad levels. The following is a brief description of each level: • Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs, including inputs that reflect the reporting entity’s own assumptions. The Company’s cash and cash equivalents, certain other assets, accounts payable and accrued liabilities, and other liabilities approximate their fair values due to their short-term nature, which are determined to be a Level 1 measurement. Derivative Contracts: The Company uses derivative instruments to manage its exposure to fluctuations in interest rates and foreign currency exchange rates. Fair values of these derivative instruments are estimated using industry standard valuation models. These models project future cash flows and discount the future amounts to a present value using market-based observable inputs, including interest rate curves, foreign currency exchange rates, and forward and spot prices for currencies. The Company’s derivative agreements are subject to underlying agreements with master netting arrangements, which provide for the right of offset in the event of default or in the event of bankruptcy of either party to the transactions. The Company reports its assets and liabilities subject to these arrangements on a gross basis for certain derivative agreements. Non-Recurring Fair Value Measurement: Investment in Receivable Portfolios: The fair value of investment in receivable portfolios is measured using Level 3 inputs by discounting the estimated future cash flows generated by the Company’s proprietary forecasting models. The key inputs include the estimated future gross cash flow, average cost to collect, and discount rate. The determination of such inputs requires significant judgment, including assessing the assumed market participant’s cost structure, its determination of whether to include fixed costs in its valuation, its collection strategies, and determining the appropriate weighted average cost of capital. The Company evaluates the use of these key inputs on an ongoing basis and refines the data as it continues to obtain better information from market participants in the debt recovery and purchasing business. Borrowings: The Company’s convertible notes, senior secured notes and private placement notes are carried at historical cost, adjusted for the applicable debt discount. The fair value estimate for the convertible notes incorporates quoted market prices using Level 2 inputs. The fair value of the senior secured notes and private placement notes is estimated using widely accepted valuation techniques, including discounted cash flow analyses using available market information on discount and borrowing rates with similar terms, maturities, and credit ratings. Accordingly, the Company used Level 2 inputs for these debt instrument fair value estimates.
Derivatives	The Company may periodically enter into derivative financial instruments to manage risks related to interest rates and foreign currency. Certain of the Company’s derivative financial instruments qualify for hedge accounting treatment.
Investment in Receivable Portfolios, Net	The Company’s purchased portfolios of loans are grossed-up to their face value with an offsetting allowance and noncredit discount allocated to the individual receivables as the unit of account is at the individual loan level. Since each loan is deeply delinquent and deemed uncollectible at the individual loan level, the Company applies its charge-off policy and fully writes-off the amortized costs ( i.e. , face value net of noncredit discount) of the individual receivables immediately after purchasing the portfolio. The Company then records a negative allowance that represents the present value of all expected future recoveries for pools of receivables that share similar risk characteristics using a discounted cash flow approach, which ultimately equals the amount paid for a portfolio purchase and presented as “Investment in receivable portfolios, net” in the Company’s condensed consolidated statements of financial condition. The discount rate is an effective interest rate (or “purchase EIR”) based on the purchase price of the portfolio and the expected future cash flows at the time of purchase. Receivable portfolio purchases are aggregated into pools based on similar risk characteristics. Examples of risk characteristics include financial asset type, collateral type, size, interest rate, date of origination, term, and geographic location. The Company’s static pools are typically grouped into credit card, purchased consumer bankruptcy, and mortgage portfolios. The Company further groups these static pools by geographic location. Once a pool is established, the portfolios will remain in the designated pool unless the underlying risk characteristics change. The purchase EIR of a pool will not change over the life of the pool even if expected future cash flows change. Revenue is recognized for each static pool over the economic life of the pool. Debt purchasing revenue includes two components: (1) Revenue from receivable portfolios, which is the accretion of the discount on the negative allowance due to the passage of time (generally the portfolio balance multiplied by the EIR) and also includes all revenue from zero basis portfolio (“ZBA”) collections, and (2) Changes in recoveries, which includes (a) Recoveries above or below forecast, which is the difference between (i) actual cash collected/recovered during the current period and (ii) expected cash recoveries for the current period, which generally represents over or under performance for the period; and (b) Changes in expected future recoveries, which is the present value change of expected future recoveries, where such change generally results from (i) collections “pulled forward from” or “pushed out to” future periods (i.e. amounts either collected early or expected to be collected later) and (ii) magnitude and timing changes to estimates of expected future collections (which can be increases or decreases).
Variable Interest Entities	A VIE is defined as a legal entity whose equity owners do not have sufficient equity at risk, or, as a group, the holders of the equity investment at risk lack any of the following three characteristics: decision-making rights, the obligation to absorb expected losses, or the right to receive expected residual returns of the entity. The primary beneficiary is identified as the variable interest holder that has both the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and the obligation to absorb expected losses or the right to receive residual returns from the entity that could potentially be significant to the VIE. The Company consolidates VIEs when it is the primary beneficiary. As of June 30, 2024, the Company’s VIEs include certain securitized financing vehicles and other immaterial special purpose entities that were created to purchase receivable portfolios in certain geographies. The Company is the primary beneficiary of these VIEs. The Company has the power to direct the activities of the VIEs including the ability to exercise discretion in the servicing of the financial assets and has the right to receive residual returns that could potentially be significant to the VIEs. The Company evaluates its relationships with its VIEs on an ongoing basis to ensure that it continues to be the primary beneficiary. Most assets recognized as a result of consolidating these VIEs do not represent additional assets that could be used to satisfy claims against the Company’s general assets. Conversely, liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets; rather, they represent claims against the specific assets of the VIE.
Segment Reporting	The Company conducts business through several operating segments. The Company’s Chief Operating Decision Maker relies on internal management reporting processes that provide segment revenue, segment operating income, and segment asset information in order to make financial decisions and allocate resources. The Company determined its operating segments meet the aggregation criteria, and therefore, it has one reportable segment, portfolio purchasing and recovery, based on similarities among the operating units including economic characteristics, the nature of the services, the nature of the production process, customer types for their services, the methods used to provide their services and the nature of the regulatory environment.
Goodwill	The Company’s goodwill is tested for impairment at the reporting unit level annually and in interim periods if certain events occur that indicate that the fair value of a reporting unit may be below its carrying value. Determining the number of reporting units and the fair value of a reporting unit requires the Company to make judgments and involves the use of significant estimates and assumptions.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Reconciliation of Shares Used in Calculating Earnings Per Basic and Diluted Shares	A reconciliation of shares used in calculating earnings per basic and diluted shares follows (in thousands, except per share amounts) : Three Months Ended Six Months Ended 2024 2023 2024 2023 Net income $ 32,181 $ 26,305 $ 55,420 $ 44,931 Shares: Total weighted-average basic shares outstanding 23,883 23,670 23,834 23,610 Dilutive effect of stock-based awards 19 117 109 204 Dilutive effect of convertible and exchangeable senior notes 195 493 339 797 Total weighted-average dilutive shares outstanding 24,097 24,280 24,282 24,611 Basic earnings per share $ 1.35 $ 1.11 $ 2.33 $ 1.90 Diluted earnings per share $ 1.34 $ 1.08 $ 2.28 $ 1.83

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	Financial assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands) : Fair Value Measurements as of June 30, 2024 Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts $ — $ 873 $ — $ 873 Interest rate cap contracts — 3,417 — 3,417 Interest rate swap agreements — 138 — 138 Liabilities Interest rate swap agreements — (6,570) — (6,570) Cross-currency swap agreements — (41,631) — (41,631) Fair Value Measurements as of December 31, 2023 Level 1 Level 2 Level 3 Total Assets Interest rate cap contracts $ — $ 16,950 $ — $ 16,950 Cross-currency swap agreements — 361 — 361 Liabilities Interest rate swap agreements — (22,510) — (22,510) Cross-currency swap agreements — (28,039) — (28,039)
Schedule of Financial Instruments Not Required to be Carried at Fair Value	The carrying amounts in the following table are included in the condensed consolidated statements of financial condition as of June 30, 2024 and December 31, 2023 (in thousands) : June 30, 2024 December 31, 2023 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial Assets Investment in receivable portfolios, net $ 3,583,322 $ 3,629,834 $ 3,468,432 $ 3,515,651 Financial Liabilities Global senior secured revolving credit facility — — 816,880 816,880 Encore private placement notes 9,770 9,771 29,310 28,922 Senior secured notes (1) 2,620,254 2,610,487 1,649,621 1,598,636 Convertible senior notes due October 2025 100,000 117,761 100,000 136,403 Convertible senior notes due March 2029 230,000 208,582 230,000 226,794 Cabot securitisation senior facility 322,557 322,557 324,646 324,646 U.S. facility 150,000 150,000 175,000 175,000 Other borrowings 66,058 66,058 24,904 24,904 _______________________ (1) Carrying amount represents historical cost, adjusted for any related debt discount.

Derivatives and Hedging Instr_2

Derivatives and Hedging Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivative Instruments	The following table summarizes the fair value of derivative instruments as recorded in the Company’s condensed consolidated statements of financial condition (in thousands) : June 30, 2024 December 31, 2023 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Interest rate cap contracts Other assets $ 2,635 Other assets $ 14,564 Interest rate swap agreements Other assets 138 — — Interest rate swap agreements Other liabilities (6,570) Other liabilities (22,510) Cross-currency swap agreements — — Other assets 361 Cross-currency swap agreements Other liabilities (41,631) Other liabilities (28,039) Derivatives not designated as hedging instruments: Interest rate cap contracts Other assets 782 Other assets 2,386 Foreign currency exchange contracts Other assets 873 — —
Schedule of Derivative Instruments	The following tables summarize the terms of the derivative instruments designated as hedging instruments as recorded in the Company’s consolidated statements of financial condition: June 30, 2024 Effective date Maturity Date Hedge Designation Notional Amount Receive Floating Rate Index Interest rate cap contracts 2021 Cap (1) November 2021 September 2024 Cash flow hedge $316.2 million SONIA 2024 Cap September 2024 September 2026 Cash flow hedge $322.6 million SONIA Interest rate swap agreements 2023 Euro IR Swap October 2023 January 2028 Cash flow hedge $107.4 million 3-month EURIBOR 2024 Euro IR Swaps June 2024 January 2028 Cash flow hedge $445.7 million 3-month EURIBOR 2023 SOFR IR Swaps November 2023 October 2026 Cash flow hedge $150.0 million 1-month SOFR CME Term Cross-currency swap agreements 2020 Euro Swaps September 2020 October 2025 Fair value hedge $375.9 million — 2023 GBP Swaps July 2023 February 2026 Fair value hedge $379.5 million — ______________________ (1) The total notional amount of the 2021 Cap was $442.7 million, of which $316.2 million was hedge designated and $126.5 million was not hedge designated as of June 30, 2024. December 31, 2023 Effective date Maturity Date Hedge Designation Notional Amount Receive Floating Rate Index Interest rate cap contracts 2019 Cap January 2020 June 2024 Cash flow hedge $441.5 million 3-month EURIBOR 2021 Cap (1) November 2021 September 2024 Cash flow hedge $318.3 million SONIA 2024 Cap September 2024 September 2026 Cash flow hedge $324.6 million SONIA Interest rate swap agreements 2023 Euro IR Swap October 2023 January 2028 Cash flow hedge $110.4 million 3-month EURIBOR 2024 Euro IR Swaps June 2024 January 2028 Cash flow hedge $458.1 million 3-month EURIBOR 2023 SOFR IR Swaps November 2023 October 2026 Cash flow hedge $150.0 million 1-month SOFR CME Term Cross-currency swap agreements 2020 Euro Swaps September 2020 October 2025 Fair value hedge $386.3 million — 2023 GBP Swaps July 2023 February 2026 Fair value hedge $381.9 million — _______________________ (1)
Effects of Derivatives in Cash Flow Hedging Relationships	The following tables summarize the effects of derivatives designated as hedging instruments in the Company’s condensed consolidated financial statements (in thousands) : Derivatives Designated as Hedging Instruments Gain (Loss) Recognized in OCI Location of Gain (Loss) Reclassified from OCI into Income (Loss) Gain (Loss) Reclassified from OCI into Income Three Months Ended June 30, Three Months Ended June 30, 2024 2023 2024 2023 Interest rate swap agreements $ 6,199 $ — Interest expense $ 655 $ — Interest rate cap contracts (5,777) 3,423 Interest expense (664) (391) Cross-currency swap agreements (4,289) (1,896) Interest expense (1,757) (1,395) Other (expense) income (1,370) 1,351 Derivatives Designated as Hedging Instruments Gain (Loss) Recognized in OCI Location of Gain (Loss) Reclassified from OCI into Income (Loss) Gain (Loss) Reclassified from OCI into Income Six Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest rate swap agreements $ 17,273 $ — Interest expense $ 1,195 $ — Interest rate cap contracts (11,828) (3,501) Interest expense (1,376) (841) Cross-currency swap agreements (17,299) 170 Interest expense (3,537) (2,903) Other (expense) income (12,880) 6,504
Derivatives Not Designated as Hedging Instruments	The following table summarizes the effects of derivatives not designated as hedging instruments on the Company’s condensed consolidated statements of income for the three and six months ended June 30, 2024 and 2023 ( in thousands): Derivatives Not Designated as Hedging Instruments Location of Gain Recognized in Income on Derivative Amount of Gain Recognized in Income Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest rate cap contract Other income $ 79 $ — $ 274 $ — Foreign currency exchange contract Other income 873 — 873 —

Investment in Receivable Port_2

Investment in Receivable Portfolios, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	Investment in receivable portfolios, net consists of the following as of the dates presented ( in thousands ): June 30, 2024 December 31, 2023 Amortized cost $ — $ — Negative allowance for expected recoveries 3,583,322 3,468,432 Balance, end of period $ 3,583,322 $ 3,468,432
Schedule of Investment in Receivable Portfolios	The following table summarizes the changes in the balance of investment in receivable portfolios, net during the periods presented ( in thousands ): Three Months Ended Six Months Ended 2024 2023 2024 2023 Balance, beginning of period $ 3,531,387 $ 3,214,792 $ 3,468,432 $ 3,088,261 Negative allowance for expected recoveries - current period purchases (1) 278,692 274,325 574,406 550,756 Collections applied to investment in receivable portfolios, net (2) (224,798) (175,338) (419,833) (342,020) Changes in recoveries (3) 5,754 (3,486) (6,655) (12,987) Put-backs and recalls (3,099) (4,229) (7,446) (6,035) Disposals and transfers to real estate owned (1,053) (5,139) (3,098) (6,244) Foreign currency translation adjustments (3,561) 30,061 (22,484) 59,255 Balance, end of period $ 3,583,322 $ 3,330,986 $ 3,583,322 $ 3,330,986 _______________________ (1) The table below provides the detail on the establishment of negative allowance for expected recoveries of portfolios purchased during the periods presented: Three Months Ended Six Months Ended 2024 2023 2024 2023 Purchase price $ 278,692 $ 274,325 $ 574,406 $ 550,756 Allowance for credit losses 649,642 690,501 1,294,156 1,350,145 Amortized cost 928,334 964,826 1,868,562 1,900,901 Noncredit discount 1,211,961 1,049,233 2,467,754 2,054,454 Face value 2,140,295 2,014,059 4,336,316 3,955,355 Write-off of amortized cost (928,334) (964,826) (1,868,562) (1,900,901) Write-off of noncredit discount (1,211,961) (1,049,233) (2,467,754) (2,054,454) Negative allowance 278,692 274,325 574,406 550,756 Negative allowance for expected recoveries - current period purchases $ 278,692 $ 274,325 $ 574,406 $ 550,756 (2) Collections applied to investment in receivable portfolios, net, is calculated as follows during the periods presented: Three Months Ended Six Months Ended 2024 2023 2024 2023 Cash Collections $ 546,728 $ 476,522 $ 1,057,615 $ 938,878 Less - amounts classified to revenue from receivable portfolios (321,930) (301,184) (637,782) (596,858) Collections applied to investment in receivable portfolios, net $ 224,798 $ 175,338 $ 419,833 $ 342,020 (3) Changes in recoveries is calculated as follows during the periods presented, where recoveries include cash collections, put-backs and recalls, and other cash-based adjustments: Three Months Ended Six Months Ended 2024 2023 2024 2023 Recoveries above (below) forecast $ 27,443 $ (477) $ 28,296 $ (15,835) Changes in expected future recoveries (21,689) (3,009) (34,951) 2,848 Changes in recoveries $ 5,754 $ (3,486) $ (6,655) $ (12,987)

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Components of Other Assets	Other assets consist of the following (in thousands) : June 30, December 31, Operating lease right-of-use assets $ 60,378 $ 67,019 Real estate owned 55,253 70,590 Prepaid expenses 36,543 32,910 Income tax deposits 30,927 8,735 Deferred tax assets, net 15,060 17,277 Service fee receivables 11,292 9,080 Derivative instruments 4,428 17,311 Other 63,918 70,334 Total $ 277,799 $ 293,256

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Consolidated Debt and Capital Lease Obligations	The components of the Company’s consolidated borrowings were as follows (in thousands) : June 30, December 31, Global senior secured revolving credit facility $ — $ 816,880 Encore private placement notes 9,770 29,310 Senior secured notes 2,624,620 1,654,989 Convertible senior notes 330,000 330,000 Cabot securitisation senior facility 322,557 324,646 U.S. facility 150,000 175,000 Other 66,058 24,904 Finance lease liabilities 1,778 2,818 3,504,783 3,358,547 Less: debt discount and issuance costs, net of amortization (49,653) (40,516) Total $ 3,455,130 $ 3,318,031
Schedule of Notes	The following table provides a summary of the Company’s senior secured notes (the “Senior Secured Notes”) ($ in thousands) : June 30, December 31, Issue Maturity Date Interest Payment Dates Interest Rate 2025 Notes $ 375,859 $ 386,324 EUR Oct 15, 2025 Apr 15, Oct 15 4.875 % 2026 Notes 379,479 381,937 GBP Feb 15, 2026 Feb 15, Aug 15 5.375 % 2028 Notes 316,233 318,280 GBP Jun 1, 2028 Jun 1, Dec 1 4.250 % 2028 Floating Rate Notes 553,049 568,448 EUR Jan 15, 2028 Jan 15, Apr 15, Jul 15, Oct 15 EURIBOR +4.250% (1) 2029 Notes 500,000 — USD Apr 1, 2029 Apr 1, Oct 1 9.250 % 2030 Notes 500,000 — USD May 15, 2030 May 15, Nov 15 8.500 % $ 2,624,620 $ 1,654,989 _______________________ (1) Interest rate is based on three-month EURIBOR (subject to a 0% floor) plus 4.250% per annum, resets quarterly. The following table provides a summary of the principal balance, maturity date and interest rate for the Company’s convertible senior notes (the “Convertible Notes”) ($ in thousands) : June 30, December 31, Maturity Date Interest Payment Dates Interest Rate 2025 Convertible Notes $ 100,000 $ 100,000 Oct 1, 2025 Apr 1, Oct 1 3.250 % 2029 Convertible Notes 230,000 230,000 Mar 15, 2029 Mar 15, Sep 15 4.000 % $ 330,000 $ 330,000
Schedule of Hedge Program for Convertible Notes	Certain key terms related to the convertible features as of June 30, 2024 are listed below ($ in thousands, except conversion price) : 2025 Convertible Notes 2029 Convertible Notes Initial conversion price $ 40.00 $ 65.89 Closing stock price at date of issuance $ 32.00 $ 51.68 Closing stock price date Sep 4, 2019 Feb 28, 2023 Initial conversion rate (shares per $1,000 principal amount) 25.0000 15.1763 Adjusted conversion rate (shares per $1,000 principal amount) (1) 25.1310 15.1763 Adjusted conversion price (1) $ 39.79 $ 65.89 Adjusted effective conversion price (2) $ 39.79 $ 82.69 Excess of if-converted value compared to principal (3) $ 4,872 $ — Conversion date Jul 1, 2025 Dec 15, 2028 _______________________ (1) Pursuant to the indenture for the Company’s 2025 Convertible Notes, the conversion rate for the 2025 Convertible Notes was adjusted upon the completion of the Company’s tender offer in December 2021. (2) As discussed above, the Company maintains a hedge program that increases the effective conversion price for the 2029 Convertible Notes to $82.69. (3)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss) [Abstract]
Accumulated Other Comprehensive Loss	A summary of the Company’s changes in accumulated other comprehensive loss by component is presented below (in thousands): Three Months Ended June 30, 2024 Derivatives Currency Translation Adjustments Accumulated Other Comprehensive Loss Balance at beginning of period $ (303) $ (127,133) $ (127,436) Other comprehensive loss before reclassification (3,867) (1,146) (5,013) Reclassification 3,136 — 3,136 Tax effect (1,088) 443 (645) Balance at end of period $ (2,122) $ (127,836) $ (129,958) Three Months Ended June 30, 2023 Derivatives Currency Translation Adjustments Accumulated Other Comprehensive Loss Balance at beginning of period $ 29,317 $ (119,685) $ (90,368) Other comprehensive income before reclassification 1,527 17,532 19,059 Reclassification 435 — 435 Tax effect 253 (279) (26) Balance at end of period $ 31,532 $ (102,432) $ (70,900) Six Months Ended June 30, 2024 Derivatives Currency Translation Adjustments Accumulated Other Comprehensive Loss Balance at beginning of period $ (3,093) $ (120,827) $ (123,920) Other comprehensive loss before reclassification (11,854) (7,292) (19,146) Reclassification 16,598 — 16,598 Tax effect (3,773) 283 (3,490) Balance at end of period $ (2,122) $ (127,836) $ (129,958) Six Months Ended June 30, 2023 Derivatives Currency Translation Adjustments Accumulated Other Comprehensive Loss Balance at beginning of period $ 36,494 $ (135,310) $ (98,816) Other comprehensive (loss) income before reclassification (3,331) 33,540 30,209 Reclassification (2,760) — (2,760) Tax effect 1,129 (662) 467 Balance at end of period $ 31,532 $ (102,432) $ (70,900)

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Geographical Areas of Operations	The following table presents information about geographic areas in which the Company operates (in thousands) : Three Months Ended Six Months Ended 2024 2023 2024 2023 Total revenues: United States $ 239,750 $ 206,765 $ 458,886 $ 406,983 Europe United Kingdom 76,725 75,223 149,152 153,208 Other European countries (1) 38,188 41,056 74,292 75,294 Total Europe 114,913 116,279 223,444 228,502 Other geographies (1) 622 — 1,341 189 Total $ 355,285 $ 323,044 $ 683,671 $ 635,674 ________________________ (1) None of these countries comprise greater than 10% of the Company's consolidated revenues.

Goodwill and Identifiable Int_2

Goodwill and Identifiable Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Activity in the Goodwill Balance	The Company’s goodwill is attributable to the MCM and Cabot reporting units included in its portfolio purchasing and recovery segment. The following tables summarize the activity in the Company’s goodwill balance (in thousands): MCM Cabot (1) Total Balance as of March 31, 2024 $ 148,936 $ 453,464 $ 602,400 Effect of foreign currency translation — 411 411 Balance as of June 30, 2024 $ 148,936 $ 453,875 $ 602,811 ______________________ (1) The amount is net of accumulated goodwill impairment loss of $238.2 million as of June 30, 2024 and March 31, 2024, related to the Cabot reporting unit. MCM Cabot Total Balance as of March 31, 2023 $ 148,936 $ 685,238 $ 834,174 Effect of foreign currency translation — 18,022 18,022 Balance as of June 30, 2023 $ 148,936 $ 703,260 $ 852,196 There was no accumulated goodwill impairment loss as of June 30, 2023 and March 31, 2023. MCM Cabot (1) Total Balance as of December 31, 2023 $ 148,936 $ 457,539 $ 606,475 Effect of foreign currency translation — (3,664) (3,664) Balance as of June 30, 2024 $ 148,936 $ 453,875 $ 602,811 ______________________ (1) The amount is net of accumulated goodwill impairment loss of $238.2 million as of June 30, 2024 and December 31, 2023, related to the Cabot reporting unit. MCM Cabot Total Balance as of December 31, 2022 $ 148,936 $ 672,278 $ 821,214 Effect of foreign currency translation — 30,982 30,982 Balance as of June 30, 2023 $ 148,936 $ 703,260 $ 852,196
Schedule of Acquired Intangible Assets	The Company’s acquired intangible assets are summarized as follows (in thousands) : As of June 30, 2024 As of December 31, 2023 Gross Accumulated Net Gross Accumulated Net Trade name and other $ 918 $ (918) $ — $ 918 $ (870) $ 48 Total intangible assets $ 918 $ (918) $ — $ 918 $ (870) $ 48

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (shares)	0	0	0	0

Earnings Per Share - Table (Det

Earnings Per Share - Table (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Income (Loss) Attributable to Parent	$ 32,181	$ 26,305	$ 55,420	$ 44,931
Total weighted-average basic shares outstanding (shares)	23,883	23,670	23,834	23,610
Dilutive effect of stock-based awards (shares)	19	117	109	204
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities (in shares)	195	493	339	797
Total weighted-average dilutive shares outstanding (shares)	24,097	24,280	24,282	24,611
Basic earnings per share (USD per share)	$ 1.35	$ 1.11	$ 2.33	$ 1.90
Diluted earnings per share (USD per share)	$ 1.34	$ 1.08	$ 2.28	$ 1.83

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Required to be Carried at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Foreign currency exchange contracts
Assets
Foreign Currency Contract, Asset, Fair Value Disclosure	$ 873
Foreign currency exchange contracts | Level 1
Assets
Foreign Currency Contract, Asset, Fair Value Disclosure	0
Foreign currency exchange contracts | Level 2
Assets
Foreign Currency Contract, Asset, Fair Value Disclosure	873
Foreign currency exchange contracts | Level 3
Assets
Foreign Currency Contract, Asset, Fair Value Disclosure	0
Interest rate cap contracts
Assets
Interest Rate Derivative Assets, at Fair Value	3,417	$ 16,950
Interest rate cap contracts | Level 1
Assets
Interest Rate Derivative Assets, at Fair Value	0	0
Interest rate cap contracts | Level 2
Assets
Interest Rate Derivative Assets, at Fair Value	3,417	16,950
Interest rate cap contracts | Level 3
Assets
Interest Rate Derivative Assets, at Fair Value	0	0
Interest rate swap agreements
Assets
Interest Rate Derivative Assets, at Fair Value	138
Liabilities
Interest rate swap agreements	(6,570)	(22,510)
Interest rate swap agreements | Level 1
Assets
Interest Rate Derivative Assets, at Fair Value	0
Liabilities
Interest rate swap agreements	0	0
Interest rate swap agreements | Level 2
Assets
Interest Rate Derivative Assets, at Fair Value	138
Liabilities
Interest rate swap agreements	(6,570)	(22,510)
Interest rate swap agreements | Level 3
Assets
Interest Rate Derivative Assets, at Fair Value	0
Liabilities
Interest rate swap agreements	0	0
Cross-currency swap agreements
Assets
Foreign Currency Contract, Asset, Fair Value Disclosure		361
Liabilities
Cross-currency swap agreements	(41,631)	(28,039)
Cross-currency swap agreements | Level 1
Assets
Foreign Currency Contract, Asset, Fair Value Disclosure		0
Liabilities
Cross-currency swap agreements	0	0
Cross-currency swap agreements | Level 2
Assets
Foreign Currency Contract, Asset, Fair Value Disclosure		361
Liabilities
Cross-currency swap agreements	(41,631)	(28,039)
Cross-currency swap agreements | Level 3
Assets
Foreign Currency Contract, Asset, Fair Value Disclosure		0
Liabilities
Cross-currency swap agreements	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Assets held for sale	$ 55,253	$ 70,590

Fair Value Measurements - Fin_2

Fair Value Measurements - Financial Instruments Not Required to be Carried at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Carrying Amount
Financial Assets
Investment in receivable portfolios, net	$ 3,583,322	$ 3,468,432
Carrying Amount | Other
Financial Liabilities
Debt instrument, fair value disclosure	66,058	24,904
Carrying Amount | Global Senior Secured Revolving Credit Facility [Member]
Financial Liabilities
Debt instrument, fair value disclosure	0	816,880
Carrying Amount | Cabot securitisation senior facility
Financial Liabilities
Debt instrument, fair value disclosure	322,557	324,646
Carrying Amount | U.S. facility
Financial Liabilities
Debt instrument, fair value disclosure	150,000	175,000
Carrying Amount | Encore private placement notes
Financial Liabilities
Debt instrument, fair value disclosure	9,770	29,310
Carrying Amount | Senior secured notes
Financial Liabilities
Debt instrument, fair value disclosure	2,620,254	1,649,621
Carrying Amount | 2025 Convertible Notes
Financial Liabilities
Debt instrument, fair value disclosure	100,000	100,000
Carrying Amount | 2029 Convertible Notes
Financial Liabilities
Debt instrument, fair value disclosure	230,000	230,000
Estimated Fair Value
Financial Assets
Investment in receivable portfolios, net	3,629,834	3,515,651
Estimated Fair Value | Other
Financial Liabilities
Debt instrument, fair value disclosure	66,058	24,904
Estimated Fair Value | Global Senior Secured Revolving Credit Facility [Member]
Financial Liabilities
Debt instrument, fair value disclosure	0	816,880
Estimated Fair Value | Cabot securitisation senior facility
Financial Liabilities
Debt instrument, fair value disclosure	322,557	324,646
Estimated Fair Value | U.S. facility
Financial Liabilities
Debt instrument, fair value disclosure	150,000	175,000
Estimated Fair Value | Encore private placement notes
Financial Liabilities
Debt instrument, fair value disclosure	9,771	28,922
Estimated Fair Value | Senior secured notes
Financial Liabilities
Debt instrument, fair value disclosure	2,610,487	1,598,636
Estimated Fair Value | 2025 Convertible Notes
Financial Liabilities
Debt instrument, fair value disclosure	117,761	136,403
Estimated Fair Value | 2029 Convertible Notes
Financial Liabilities
Debt instrument, fair value disclosure	$ 208,582	$ 226,794

Derivatives and Hedging Instr_3

Derivatives and Hedging Instruments - Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Interest rate cap contracts
Derivative [Line Items]
Interest Rate Derivative Assets, at Fair Value	$ 3,417	$ 16,950
Interest rate swap agreements
Derivative [Line Items]
Interest Rate Derivative Assets, at Fair Value	138
Interest rate swap agreements	(6,570)	(22,510)
Cross-currency swap agreements
Derivative [Line Items]
Foreign Currency Contract, Asset, Fair Value Disclosure		361
Foreign Currency Contracts, Liability, Fair Value Disclosure	(41,631)	(28,039)
Foreign currency exchange contracts
Derivative [Line Items]
Foreign Currency Contract, Asset, Fair Value Disclosure	873
Derivatives Designated as Hedging Instruments | Interest rate cap contracts | Other assets
Derivative [Line Items]
Interest Rate Derivative Assets, at Fair Value	2,635	14,564
Derivatives Designated as Hedging Instruments | Interest rate swap agreements | Other assets
Derivative [Line Items]
Interest Rate Derivative Assets, at Fair Value	138
Derivatives Designated as Hedging Instruments | Interest rate swap agreements | Other liabilities
Derivative [Line Items]
Interest rate swap agreements	(6,570)	(22,510)
Derivatives Designated as Hedging Instruments | Cross-currency swap agreements | Other assets
Derivative [Line Items]
Foreign Currency Contract, Asset, Fair Value Disclosure		361
Derivatives Designated as Hedging Instruments | Cross-currency swap agreements | Other liabilities
Derivative [Line Items]
Foreign Currency Contracts, Liability, Fair Value Disclosure	(41,631)	(28,039)
Not Designated as Hedging Instrument | Interest rate cap contracts | Other assets
Derivative [Line Items]
Interest Rate Derivative Assets, at Fair Value	782	$ 2,386
Not Designated as Hedging Instrument | Foreign currency exchange contracts | Other assets
Derivative [Line Items]
Foreign Currency Contract, Asset, Fair Value Disclosure	$ 873

Derivatives and Hedging Instr_4

Derivatives and Hedging Instruments - Notional Amount (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
2019 Cap | Cash flow hedge | Derivatives Designated as Hedging Instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative instrument, notional amount		$ 441.5
2021 Cap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative instrument, notional amount	$ 442.7	445.6
2021 Cap | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative instrument, notional amount	126.5	127.3
2021 Cap | Cash flow hedge | Derivatives Designated as Hedging Instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative instrument, notional amount	316.2	318.3
2024 Cap | Cash flow hedge | Derivatives Designated as Hedging Instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative instrument, notional amount	322.6	324.6
2023 Euro IR Swap | Cash flow hedge | Derivatives Designated as Hedging Instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative instrument, notional amount	107.4	110.4
2024 Euro IR Swaps | Cash flow hedge | Derivatives Designated as Hedging Instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative instrument, notional amount	445.7	458.1
2023 SOFR IR Swaps | Cash flow hedge | Derivatives Designated as Hedging Instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative instrument, notional amount	150	150
2020 Euro Swaps | Fair value hedge | Derivatives Designated as Hedging Instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative instrument, notional amount	375.9	386.3
2023 GBP Swaps | Fair value hedge | Derivatives Designated as Hedging Instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative instrument, notional amount	$ 379.5	$ 381.9

Derivatives and Hedging Instr_5

Derivatives and Hedging Instruments - Effects of Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative [Line Items]
Gain (Loss) Recognized in OCI	$ (1,819)	$ 2,215	$ 971	$ (4,962)
Derivatives Designated as Hedging Instruments | Interest rate swap agreements | Cash flow hedge | Interest expense
Derivative [Line Items]
Gain (Loss) Recognized in OCI	6,199	0	17,273	0
Gain (Loss) Reclassified from OCI into Income	655	0	1,195	0
Derivatives Designated as Hedging Instruments | Interest rate cap contracts | Cash flow hedge | Interest expense
Derivative [Line Items]
Gain (Loss) Recognized in OCI	(5,777)	3,423	(11,828)	(3,501)
Gain (Loss) Reclassified from OCI into Income	(664)	(391)	(1,376)	(841)
Derivatives Designated as Hedging Instruments | Cross-currency swap agreements | Fair value hedge | Interest expense
Derivative [Line Items]
Gain (Loss) Reclassified from OCI into Income	(1,757)	(1,395)	(3,537)	(2,903)
Derivatives Designated as Hedging Instruments | Cross-currency swap agreements | Fair value hedge | Interest Expense / Other Income (Expense)
Derivative [Line Items]
Gain (Loss) Recognized in OCI	(4,289)	(1,896)	(17,299)	170
Derivatives Designated as Hedging Instruments | Cross-currency swap agreements | Fair value hedge | Other Expense
Derivative [Line Items]
Gain (Loss) Reclassified from OCI into Income	$ (1,370)	$ 1,351	$ (12,880)	$ 6,504

Derivatives and Hedging Instr_6

Derivatives and Hedging Instruments - Narrative (Details) $ in Millions	12 Months Ended
	Jun. 30, 2025 USD ($)
Subsequent Event | Forecast
Derivative [Line Items]
Cash flow hedge gain (loss) to be reclassified within 12 months	$ 2.5

Derivatives and Hedging Instr_7

Derivatives and Hedging Instruments - Not Designated as Hedging (Details) - Cash flow hedge - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest rate cap contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss) Recognized in Income	$ 79	$ 0	$ 274	$ 0
Foreign currency exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss) Recognized in Income	$ 873	$ 0	$ 873	$ 0

Investment in Receivable Port_3

Investment in Receivable Portfolios, Net - Schedule of Investment Receivable Portfolios (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Financing Receivable, before Allowance for Credit Loss	$ 0	$ 0
Negative allowance for expected recoveries	3,583,322	3,468,432
Balance, end of period	$ 3,583,322	$ 3,468,432

Investment in Receivable Port_4

Investment in Receivable Portfolios, Net - Change in the Balance of the Investment in Receivable Portfolios (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period	$ 3,531,387	$ 3,214,792	$ 3,468,432	$ 3,088,261
Purchases of receivable portfolios	278,692	274,325	574,406	550,756
Collections applied to investment in receivable portfolios, net	(224,798)	(175,338)	(419,833)	(342,020)
Changes in expected recoveries	5,754	(3,486)	(6,655)	(12,987)
Put-backs and recalls	(3,099)	(4,229)	(7,446)	(6,035)
Disposals and transfers to real estate owned	(1,053)	(5,139)	(3,098)	(6,244)
Foreign currency translation adjustments	(3,561)	30,061	(22,484)	59,255
Balance, end of period	3,583,322	3,330,986	3,583,322	3,330,986
Financing Receivable, Purchased with Credit Deterioration, Amount at Purchase Price [Abstract]
Purchase price	278,692	274,325	574,406	550,756
Allowance for credit losses	649,642	690,501	1,294,156	1,350,145
Amortized cost	928,334	964,826	1,868,562	1,900,901
Noncredit discount	1,211,961	1,049,233	2,467,754	2,054,454
Face value	2,140,295	2,014,059	4,336,316	3,955,355
Write-off of amortized cost	(928,334)	(964,826)	(1,868,562)	(1,900,901)
Write-off of noncredit discount	(1,211,961)	(1,049,233)	(2,467,754)	(2,054,454)
Negative allowance	278,692	274,325	574,406	550,756
Negative allowance for expected recoveries - current period purchases	278,692	274,325	574,406	550,756
Collections applied to principal balance (debt purchasing)
Cash Collections	546,728	476,522	1,057,615	938,878
Less - amounts classified to revenue from receivable portfolios	(321,930)	(301,184)	(637,782)	(596,858)
Collections applied to investment in receivable portfolios, net	224,798	175,338	419,833	342,020
Changes in expected recoveries
Recoveries above (below) forecast	27,443	(477)	28,296	(15,835)
Changes in expected future recoveries	(21,689)	(3,009)	(34,951)	2,848
Changes in recoveries	$ 5,754	$ (3,486)	$ (6,655)	$ (12,987)

Investment in Receivable Port_5

Investment in Receivable Portfolios, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Receivables [Abstract]
Recoveries above (below) forecast	$ 27,443	$ (477)	$ 28,296	$ (15,835)
Changes in expected future recoveries	$ (21,689)	$ (3,009)	$ (34,951)	$ 2,848

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Operating lease right-of-use assets	$ 60,378	$ 67,019
Real estate owned	55,253	70,590
Prepaid expenses	36,543	32,910
Income tax deposits	30,927	8,735
Deferred tax assets, net	15,060	17,277
Service fee receivables	11,292	9,080
Derivative instruments	4,428	17,311
Other	63,918	70,334
Total	$ 277,799	$ 293,256
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Total	Total

Borrowings - Consolidated Debt

Borrowings - Consolidated Debt and Capital Lease Obligations - Table and Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance lease liabilities	$ 1,778	$ 2,818
Debt and finance lease liabilities, gross	3,504,783	3,358,547
Less: debt discount and issuance costs, net of amortization	(49,653)	(40,516)
Total	$ 3,455,130	$ 3,318,031
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Total	Total
Credit Facility | Global Senior Secured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 816,880
Credit Facility | Cabot securitisation senior facility
Debt Instrument [Line Items]
Long-term debt	322,557	324,646
Credit Facility | U.S. facility
Debt Instrument [Line Items]
Long-term debt	150,000	175,000
Encore private placement notes | Encore private placement notes
Debt Instrument [Line Items]
Long-term debt	9,770	29,310
Convertible senior notes
Debt Instrument [Line Items]
Long-term debt	330,000	330,000
Convertible senior notes | Convertible senior notes
Debt Instrument [Line Items]
Long-term debt	330,000	330,000
Senior secured notes | Senior secured notes
Debt Instrument [Line Items]
Long-term debt	2,624,620	1,654,989
Other
Debt Instrument [Line Items]
Long-term debt	$ 66,058	$ 24,904

Borrowings - Global Senior Secu

Borrowings - Global Senior Secured Revolving Credit Facility - Narrative (Details) - Global Senior Secured Revolving Credit Facility [Member] - Revolving Credit Facility - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,203		$ 1,203
Commitment fee (as a percent)			0.40%
Maximum ratio of financial indebtedness to cash and cash equivalent investments	0.75		0.75
Utilization threshold (as a percent)	20%		20%
Maximum ratio of super senior liabilities to cash and cash equivalent investments	0.275		0.275
Fixed charge coverage ratio	2		2
Weighted average interest rate (as a percent)	7.85%	7.51%	7.88%	7.30%
Available borrowing capacity	$ 1,203		$ 1,203
Euro Interbank Offered Rate (EURIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			2.50%
Euro Interbank Offered Rate (EURIBOR) | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0%
Sterling Overnight Index Average (SONIA)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			2.50%
Sterling Overnight Index Average (SONIA) | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0%
Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			2.50%
Debt Instrument, Interest Rate, Adjustment Spread (as a percent)	0.10%		0.10%
Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0%

Borrowings - Encore Private Pla

Borrowings - Encore Private Placement Notes - Narrative (Details) - Encore private placement notes - Notes Payable, Other Payables - USD ($)	3 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Aug. 31, 2017
Debt Instrument [Line Items]
Debt issued			$ 325,000,000
Long-term debt	$ 9,770,000	$ 29,310,000
Stated interest rate (as a percent)	5.625%
Senior secured notes, periodic principal repayment	$ 9,800,000

Borrowings - Senior Secured Not

Borrowings - Senior Secured Notes Table (Details) - Senior secured notes - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt	$ 2,624,620	$ 1,654,989
2025 Notes
Debt Instrument [Line Items]
Long-term debt	$ 375,859	386,324
Stated interest rate (as a percent)	4.875%
2026 Notes
Debt Instrument [Line Items]
Long-term debt	$ 379,479	381,937
Stated interest rate (as a percent)	5.375%
2028 Notes
Debt Instrument [Line Items]
Long-term debt	$ 316,233	318,280
Stated interest rate (as a percent)	4.25%
2028 Floating Rate Notes
Debt Instrument [Line Items]
Long-term debt	$ 553,049	568,448
Variable rate floor (as a percent)	0%
Basis spread on variable rate (as a percent)	4.25%
2028 Floating Rate Notes | Euro Interbank Offered Rate (EURIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	4.25%
2029 Notes
Debt Instrument [Line Items]
Long-term debt	$ 500,000	0
Stated interest rate (as a percent)	9.25%
2030 Notes
Debt Instrument [Line Items]
Long-term debt	$ 500,000	$ 0
Stated interest rate (as a percent)	8.50%

Borrowings - Senior Secured N_2

Borrowings - Senior Secured Notes Narrative (Details) - USD ($)		1 Months Ended	3 Months Ended		6 Months Ended
	May 21, 2024	Mar. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Credit Facility | Global Senior Secured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Repayment of borrowings	$ 448,700,000	$ 493,000,000
2028 Floating Rate Notes | Senior secured notes
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)			8.16%	7.28%	8.18%	6.83%
2028 Floating Rate Notes | Senior secured notes | Derivatives Designated as Hedging Instruments
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)			5.47%	4.36%	5.24%	4.34%
2029 Notes | Senior secured notes
Debt Instrument [Line Items]
Debt instrument face value			$ 500,000,000		$ 500,000,000
Issuance price (as a percent)			1		1
Stated interest rate (as a percent)			9.25%		9.25%
2030 Notes | Senior secured notes
Debt Instrument [Line Items]
Debt instrument face value			$ 500,000,000		$ 500,000,000
Issuance price (as a percent)			1		1
Stated interest rate (as a percent)			8.50%		8.50%

Borrowings - Encore Convertible

Borrowings - Encore Convertible Notes - Table and Narrative (Details) - Convertible senior notes - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Apr. 01, 2023	Mar. 31, 2023
Debt Instrument [Line Items]
Long-Term Debt	$ 330,000	$ 330,000
2025 Convertible Notes
Debt Instrument [Line Items]
Long-Term Debt	$ 100,000	100,000
Stated interest rate (as a percent)	3.25%
Initial conversion price (usd per share)	$ 40
2029 Convertible Notes
Debt Instrument [Line Items]
Long-Term Debt	$ 230,000	$ 230,000
Stated interest rate (as a percent)	4%
Initial conversion price (usd per share)	$ 65.89		$ 82.69	$ 65.89

Borrowings - Convertible Notes

Borrowings - Convertible Notes Features and Certain Key Terms (Details) - Convertible senior notes $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares	Apr. 01, 2023 $ / shares	Mar. 31, 2023 $ / shares
2025 Convertible Notes
Debt Instrument [Line Items]
Initial conversion price (usd per share)	$ 40
Closing stock price at date of issuance (usd per share)	$ 32
Initial conversion rate (shares per $1,000 principal amount)	25
Adjusted conversion rate (shares per $1,000 principal amount)(1)	25.1310
Adjusted conversion or exchange price (usd per share)	$ 39.79
Adjusted effective conversion or exchange price (usd per share)	$ 39.79
Excess of if-converted value compared to principal | $	$ 4,872
2029 Convertible Notes
Debt Instrument [Line Items]
Initial conversion price (usd per share)	$ 65.89	$ 82.69	$ 65.89
Closing stock price at date of issuance (usd per share)	$ 51.68
Initial conversion rate (shares per $1,000 principal amount)	15.1763
Adjusted conversion rate (shares per $1,000 principal amount)(1)	15.1763
Adjusted conversion or exchange price (usd per share)	$ 65.89
Adjusted effective conversion or exchange price (usd per share)	$ 82.69
Excess of if-converted value compared to principal | $	$ 0

Borrowings - Interest Expense R

Borrowings - Interest Expense Related to Convertible Notes -Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Convertible senior notes
Debt Instrument [Line Items]
Interest expense, debt, excluding amortization	$ 3.1	$ 3.3	$ 6.2	$ 6.2

Borrowings - Cabot Securitisati

Borrowings - Cabot Securitisation Senior Facility (Details) £ in Millions, $ in Millions		3 Months Ended		6 Months Ended
	Sep. 16, 2026	Jun. 30, 2024 USD ($)	Jun. 30, 2023	Jun. 30, 2024 USD ($)	Jun. 30, 2023	Jun. 30, 2024 GBP (£)
United Kingdom, Pounds
Debt Instrument [Line Items]
Foreign currency exchange rate, translation		0.79		0.79		0.79
Cabot securitisation senior facility
Debt Instrument [Line Items]
Maximum borrowing capacity						£ 255
Long-term debt		$ 322.6		$ 322.6		255
Investment in Receivables Acquired		$ 417.9		$ 417.9		£ 330.4
Weighted average interest rate (as a percent)		8.41%	7.46%	8.41%	7.17%
Cabot securitisation senior facility | Derivatives Designated as Hedging Instruments
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)		5.51%	5.25%	5.51%	5.25%
Cabot securitisation senior facility | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				3.20%
Cabot securitisation senior facility | Minimum | Debt Instrument, Redemption, Period Two | Forecast
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0%
Cabot securitisation senior facility | Maximum | Debt Instrument, Redemption, Period Two | Forecast
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1%

Borrowings - U.S. Facility (Det

Borrowings - U.S. Facility (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
U.S. facility
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)	8.82%	8.83%
U.S. facility | Derivatives Designated as Hedging Instruments
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)	7.95%	7.97%
U.S. facility
Debt Instrument [Line Items]
Investment in Receivables Acquired	$ 312,200	$ 312,200
U.S. facility | Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	175,000	$ 175,000
Basis spread on variable rate (as a percent)		3.50%
Long-term debt	$ 150,000	$ 150,000	$ 175,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at Beginning of period	$ 953,859	$ 1,184,156	$ 936,538	$ 1,179,627
Balance at end of period	988,127	1,233,835	988,127	1,233,835
Derivatives
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at Beginning of period	(303)	29,317	(3,093)	36,494
Other comprehensive loss before reclassification	(3,867)	1,527	(11,854)	(3,331)
Reclassification	3,136	435	16,598	(2,760)
Tax effect	(1,088)	253	(3,773)	1,129
Balance at end of period	(2,122)	31,532	(2,122)	31,532
Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at Beginning of period	(127,133)	(119,685)	(120,827)	(135,310)
Other comprehensive loss before reclassification	(1,146)	17,532	(7,292)	33,540
Reclassification	0	0	0	0
Tax effect	443	(279)	283	(662)
Balance at end of period	(127,836)	(102,432)	(127,836)	(102,432)
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at Beginning of period	(127,436)	(90,368)	(123,920)	(98,816)
Other comprehensive loss before reclassification	(5,013)	19,059	(19,146)	30,209
Reclassification	3,136	435	16,598	(2,760)
Tax effect	(645)	(26)	(3,490)	467
Balance at end of period	$ (129,958)	$ (70,900)	$ (129,958)	$ (70,900)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Contingency [Line Items]
Effective rate (as a percent)	24.30%	27.60%	24.10%	26.80%
Costa Rica | Tax holiday through December 31, 2026
Income Tax Contingency [Line Items]
Holiday tax rate (as a percent)			100%	100%

Commitments and Contingencies (

Commitments and Contingencies (Details)	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Material reserves for litigation	$ 0
Purchase price	$ 440,100,000

Segment and Geographic Inform_3

Segment and Geographic Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment			1
Segment Reporting Information [Line Items]
Revenues	$ 355,285	$ 323,044	$ 683,671	$ 635,674
United States
Segment Reporting Information [Line Items]
Revenues	239,750	206,765	458,886	406,983
Total Europe
Segment Reporting Information [Line Items]
Revenues	114,913	116,279	223,444	228,502
United Kingdom
Segment Reporting Information [Line Items]
Revenues	76,725	75,223	149,152	153,208
Other European countries
Segment Reporting Information [Line Items]
Revenues	38,188	41,056	74,292	75,294
Other Geographies
Segment Reporting Information [Line Items]
Revenues	$ 622	$ 0	$ 1,341	$ 189

Goodwill and Identifiable Int_3

Goodwill and Identifiable Intangible Assets - Activity in Goodwill Balance (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Goodwill impairment	$ 238,200,000	$ 0	$ 238,200,000	$ 0	$ 238,200,000	$ 0
Effect of foreign currency translation	411,000	18,022,000	(3,664,000)	30,982,000
Goodwill	602,811,000	852,196,000	602,811,000	852,196,000	606,475,000	821,214,000
Goodwill [Roll Forward]
Balance at beginning of period	602,400,000	834,174,000	606,475,000	821,214,000
Effect of foreign currency translation	411,000	18,022,000	(3,664,000)	30,982,000
Balance at end of period	602,811,000	852,196,000	602,811,000	852,196,000
MCM
Goodwill [Line Items]
Effect of foreign currency translation	0	0	0	0
Goodwill	148,936,000	148,936,000	148,936,000	148,936,000	148,936,000	148,936,000
Goodwill [Roll Forward]
Balance at beginning of period	148,936,000	148,936,000	148,936,000	148,936,000
Effect of foreign currency translation	0	0	0	0
Balance at end of period	148,936,000	148,936,000	148,936,000	148,936,000
Cabot
Goodwill [Line Items]
Effect of foreign currency translation	411,000	18,022,000	(3,664,000)	30,982,000
Goodwill	453,875,000	703,260,000	453,875,000	703,260,000	$ 457,539,000	$ 672,278,000
Goodwill [Roll Forward]
Balance at beginning of period	453,464,000	685,238,000	457,539,000	672,278,000
Effect of foreign currency translation	411,000	18,022,000	(3,664,000)	30,982,000
Balance at end of period	$ 453,875,000	$ 703,260,000	$ 453,875,000	$ 703,260,000

Goodwill and Identifiable Int_4

Goodwill and Identifiable Intangible Assets - Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 918	$ 918
Accumulated Amortization	(918)	(870)
Net Carrying Amount	0	48
Trade name and other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	918	918
Accumulated Amortization	(918)	(870)
Net Carrying Amount	$ 0	$ 48