and outstanding an third of was XXXX. quarter Encore. good for joining pleased announced the for report our for Thank QX Bruce, afternoon, Thanks, you Encore I everyone. results earnings call. financial Today quarter to am
across our business is performance We in strongest a of and achieved measures, delivering have number again record key results its financial years.
contributing to on key progress priorities our to are make that continue solid We success. strategic
up million on an Encore’s few in revenues X% Within ERC in constant reported constant constant on the in our dollars, up a share. that $XXX US were record and X% in up Global these business QX a I let in up But third from Global on currency. of as end total, per was dollars and $XXX will million X% update million quarter, collections worldwide up dollars dollars, was grew highlights currency. was to the $X.X quarter: revenues or me $XXX up $XX billion currency. debt accomplishments. XX% were $X.XX a were purchasing provide income record Adjusted our provide X% priorities today first, income background and a dollars. the GAAP share. At record XX% million XX% per QX $XX or to dollars, net million to our $X.XX some
on of the strategic shareholder is priorities, strong three strengthening business which our progress steady performance This value. financial are our creating result and
strong to First, we to results. sheet while deliver continuing have taken steps financial balance our strengthen
we Second, we the have the sharpened highest markets, returns. UK have on US and our focus where risk-adjusted
continue advantages. enhance to our competitive to we Third, innovate
priorities. at a closer Let’s these look now take
priority Encore. Strengthening have our grow balance we increase a be sheet key earnings disciplined Through continues to continued capital improved for ERC, deployment and to reducing leverage. performance, while and operational
times equity have ratio the our two X.X X.X to debt from years times. We reduced last to over
that debt the ratio from in times reduced first and a X.X to the times, Europe. industry. industry the in a also XXXX, our purchasing Since of net of adjusted to X.X have measure our lowest EBITDA, in have debt We ratio this amongst we in resulting reduced common US the in level quarter is
to and of and profitability. efforts drive years performance operating efficiency this when our almost de-levering improvement higher our of ago, portion year capital driven deployment began reduce Encore’s their a two improved leverage, levels was began Although by Cabot’s refocused to stronger
XX% our of on growing Since have basis. not have ERC been currency we we only attractive constant reduced simultaneously leverage by the purchasing a beginning XXXX, at returns, portfolios while also
the ERC from third over of quarter. $XXX Baycorp in We million a despite time sale period ERC in our reduction this dollars have of grown the
to key timing balance stronger is a our Another maturities. debt component of sheet
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$X.X market quarter-billion of recurring opportunity of The outstanding well as consumer the unsecured the debt outstanding substantial is UK. in in within consumer as trillion the dollars US, the revolving dollars credit
investment $XX from in Our in the value was in our face future. continuing total, the dollars debt for success XXXX, of dollars, estimate in the the $X which nearly we with billion optimism was on primary face In returns is markets opportunity opportunity XXXX the consumer is by source double approximate believe debt billion based we XXXX. sold producing approximately strong sold. these opportunity value billion $X issuers UK, billion US of an $X two in that In dollars of investment the dollars in investment
deployments with first portfolio our in our in through three set our XX% these simplified on We and or XXXX, strategy. quarters record markets risk-adjusted were resources streamlined of for of sale in of Baycorp either our remain last and through two have execution US of consistent demonstrated capital sale concentrating UK, These directed the America and Refinancia of purchasing toward with in businesses commitment the returns. our strategy the US business to our annual our business track August. the highest structure of increasing the to Australia December also another the allocation in the we our the South In was in XXXX.We and have divestitures decisions
we and is it continually advantage this and to seeking the these believe advantages UK, the develop operating unmatched we scale portfolio vitally in US in performance scale our and to markets, order improve important disciplined purchasing returns. leverage in regions. superior through these to to achieve in Within collective continue these is markets Encore’s
consumer-centric for Cabot been approach performance operating improved our Our to both and collections. has enabled by MCM
FCA transformation affordability ago it MCM, began centers progress cases, own that our improving made in that is the standardized competitive liquidation to it have driving with we the Similarly, In and years providing in its effectiveness the transform results strong both financial U.K. our advantage. when call consumers. For is interacted our to we the experienced way five was assessments with Cabot consumer-oriented us clear us
For collecting increasingly of digital by builds and higher a Meanwhile, demonstrated extremely center US breakage lower rates consumer-centric our loyalty MCM, channel. call as low cost percentage payment Cabot’s approach from we our our collections plans. on are
the US business, As the lead more sooner we business low payers, to we breakage grow In cash efficiency. levels collections in Cabot rates cost our continuing business to these both to more our in and are MCM convert in of are collecting our in consumers UK, increasing we and the process.
has have our by to cost where MCM cost than is while we grown particularly Since improving a MCM improved more business, XX% grown in points. XXX collections basis Our improvement in to efficiency collections collect. XXXX, full MCM’s have evident while collect collections
and UK. reducing confidence with important awards treated partner have be to consumer Cabot, Cabot their best-in-class While to different win deserve, banks that Cabot on is market they satisfaction consistently dimension, whether excelled they or the the which the also must number When receives reputational a with on very scores sales in they risk. satisfaction. with continues through decide its partners. choosing the weigh has unmatched built debt servicing when respect in firms customer and leadership customers very when business, satisfaction of a both independent their do regulatory has high Banks it scale will returns, studies, consumer whom superior and factors selecting
establish of Let’s the one to to $XXX ago, quarter, to third US compared This for on again now million in quarter the annual quarters our and of the new in year in for turn performance level third the collections X% up growing US. third US deployed compared XXXX. of keeps our business. track in million ever in purchasing MCM, MCM a were $XXX purchasing a deployments quarter XXXX. We the to dollars record us US XX% dollars, strongest
call impact XX QX Initiatives and year. our have efficiency through MCM leverage center points productivity collections have in of and up to on a this to Collections QX and digital year improved of improved a our basis reduce operating channel to business, principal and last as and costs were MCM for consumer-centric helped this drive The higher channel. XX% which approach growth to this continue continue to channel. a improve proportion reduce improve compared driver compared our in cost-to-collect, ago, was meaningful to
the purchases points purchasing higher unique QX basis Turning are to totaled our to access third quarter operational leading platform. These than million scale our $XX portfolio Europe, the about dollars, in period grew purchasing returns returns European last currency, XXX that in are compared as in X% Collections as our business ago. year. from year a higher the by debt and at portfolio our were well driven being to same constant servicing brought by
leverage year. performance we in constant X% third dollars European the continues ERC driven purchases. of of last our compared more portfolio $X.X our while by our Our debt end being to quarter operating improved the was up selective on decline, in focus billion currency to maintain Cabot’s
continues Finally, Cabot’s consolidation collections in have completed now our we as improve Spain. of to the operations efficiency
and attractive and quarter level than collections in our margin from later, overall more an a we XXXX those are higher the even in profitability. key operating US along have in recent returns we majority our coupled passed of in efficiency, mentioned with portfolios ago, a which in new which deployments have the past. with point improvement As new at operating we business When inflection purchased returns, our derived are of markets performance delivering of now
Our driven and a peer factors number by operating of to is compares favorably margin earlier. group our described
and to include participants. entry achieved markets, market key that certain have scale characteristics for our advantages which barriers growth, opportunities We significant new sophistication, substantial in for share
We for and collections more lowest digital call lowering our cost and moving our improved channel. center our the by channel, continue operating costs to of to strive efficiency
investment leverage develop tools assets proprietary employ strategies to portfolios to continue make collections capabilities, the and most We of underwrite opportunity. data and each analytical and advanced to we
risk-adjusted Refinancia divested operated with European our margins returns and our Finally, have than we US lower businesses. Baycorp and businesses, and which
operating of level performance improved returns to of led business. has our level Our a in also new
we years to have fact, ability a seen driver and increase of profits. is in key In best the our to continue returns
ultimate create I time. of priorities value. over shareholder is shareholders on steady In believe returns return attractive, As is mentioned solid indicator a to when our setting goal in business equity this our to we our regard, earlier, performance
detailed financial I’d over the that, to of Jon review more hand our results. to for With like a call
