for Bruce, good you joining earnings our call. everyone. Thanks, and afternoon, Thank
the It our global daily economy, in to time due lives. our health business upon, ones, and the the living the the COVID-XX is pandemic. are way the live of rely we unprecedented we of state an loved We impacting
connected under on your healthy finding the and stay are families I current hope those and For ways the safe, are to circumstances. who call, that you
friends as around more economic begin, coronavirus want selfless enforcement would like well immense responders been these at current X,XXX crisis. the stepped all as are with this who to heroes, helping employees times. impacted recognize by tirelessly plus working the law have families the toward to relevant I to first we financial times. I those in to directly up and turn empowerment us the what challenges world through do It also help and the from who officers, workers, years. difficulty recover Before we thank for and and Encore, our even their courage remains we path the core is and of have people a of At unprecedented of healthcare
a to and people, on now environment. provide business I'd COVID-XX like moment take our on an of our pandemic impact the to update our
have people of a the continues plan First, continuity our most we situation. work home, the say jurisdictions. and environments. to I'm operational all And to people remained proud Through our business created is global a that a our social of on, We important quickly working people and evolving distancing well-being response designed to protect combination our changing their our health adapted business. across to responsibility. activated from and force manage Early our our task cross-functional we that to
capitalize also sheet years we two position. have solid in increases opportunities with our prudent financial balance ample over This us and provided way our the coming as times flexibility purchasing to footing past the has us made on enable through our a strong months. In position maintain navigate liquidity will solid strengthening it The of is in crisis, a we resources. to improvements
by encountered Many industry, nature the are our the consumers respect with COVID-XX brought hardships this our empathy, measures dignity difficult and in in As credit time. about the leading to virus management to during the contain continues the of by and spread the basis. treat on player Encore similar day-to-day consumers services a to implemented hardships of a
order Our is the to At with business of shutdowns such are and to in and work the to changes such the which impacted past are several industry, team, of systems operate collections globe, as ours, consumers. expertise in within We as compliance across and competency COVID time, that Adapting ours, adopting including these to of regulated number same made our and designed in possible as is the through highly collections court relief are a governments outside impacting regulators the strength facing consumers of by core a specifically environment. our approach, well consumer-centric over years. broader of changes to there investment restrictions provide a hardships. is our prudent control, systems various factors certain the impacting
services. uncertain credit Finally, to and issuers portfolios, provide management for banks have we relationships the solid partners these able It their times. respond and strong be aim our evolve we them quickly we is needs card with to credit to from to whom and through be whom purchase as
QX, announced of another we which for of Turning delivered we results during today period financial now operating strong XXXX, to quarter the performance. first
quarter be nearly it should impacts Additionally, did outbreak of not the complete. that occur the COVID-XX was noted until
record million $XXX in to COVID-XX. performance These $XXX by we collections of first While was million of billion, changes we non-cash of our in strong a made ERC caused the $X.X forecast delivered quarter. charge changes overshadowed record forecast by collections this and resulted
tax would charge or earnings of in $XX loss a we have changes non-cash large per in to impact to results per The significant revising QX, to collections a as established in financial a on per margin. quarterly quarter share. the we COVID-XX, a a quarter. million reducing impact wide net reported led with forecast response charge QX the or record level quarter share. $XX share $X.XX loss million first new our the first in result, collections As $X.XX million forecast our earnings loss first of by was the non-cash $X.XX $X for GAAP or Without after our the our adjusted The of our had by
collections, very driven of anticipated by by and collections. are in delays expectation these forecast an much changes permanently reduced Importantly, not
has the of The of affected businesses also COVID-XX our different each Likewise, impact. has of differently. levels each world experienced pandemic economies
in even has that We business more been the our Continental than impacted U.S. in our are in Europe And impacted business seeing our U.K. has business been the less.
a portion in to we In estimated collections. delays forecast XX Our on the XXXX to were response the a to QX the revisions over a from nature the delays to payment QX, and in QX lengthy the based in the we Europe, of XX of COVID-XX U.S., estimated In the months. range of and delays to months with of U.K., in range purchasing relative number to history U.K. in plans in factor Both the higher of part success contributing charge. is size years, our due QX returns portfolios U.S. in our
collecting point modest a detail a remarks. group even with a his in charge. generate in delay will can provide As from regarding pool more return high meaningful prepared this large Jon a
don't we of were partial pleased Although approximately performance global to in collections provide revised our normally quarter XX% share forecast. collections updates, our are that April we
we the to collect generate in collections continues first as amounts business our cash of significant record we quarter, own. on the the portfolios With
cash of balance which quarter benchmark the new generation. record to added set the in combination In fact, is industry a the for for principal first EBITDA adjusted to we applied collections
times. $XXX Turning collections totaling million with the a to XX% QX last record quarter purchasing now strong and million our in an X.X purchase of delivered a up year. U.S., to price in QX deployments MCM U.S. were the attractive first compared in of were business of MCM $XXX period at multiple
mentioned we have take to forward whom strong I conversations as flow with banks. pandemic the the our constructive partners with relationships we arrangements. continue we COVID-XX in previously, As And our pride with evolves, have
reflection period. XXX% our compared Despite in This reducing costs of beginning to strong we've operating the and of the expenses, continued on addition, operating in is to efficiency. a management cost-to-collect QX again our focus court of expense succeeded year-ago
on Turning pandemic a COVID-XX impact having of to Europe. Cabot, much the substantial is
differ deep been what the our Cabot have in experience we years. many years to understanding to has from which to does experiencing country and who been of to hardship market, conditions markets has helping like quickly do. in financial MCM reflects country, This important Although is It Cabot for each remember a is the varying customers change. impact adapting adapted of that
the As part of thing helping to to it's forbearance right do. customers, when we customers regularly provide
the In appropriate that when has provided FCA industry hardship in cause guidance U.K., offer to the the forbearance cases. firms
the Importantly, handling is Encore's business, of the approach. Cabot's XX% is embedded cases Cabot, U.K. Within largest our representing in of ERC. proper overall respectful nearly collections already hardship
collections performance COVID-XX collections than impact indicates significant has parts consumer Spanish with saw late in material breakage that and of COVID-XX in March we rates. no performing the has impact in the plan of QX, profound. change the saw been on more more Emerging and been expectations, market the from line In other the payment Europe, U.K. April in During
However, less X% Spain ERC. than Encore's of overall represents
Regarding customer near-term pause since environment needs. viral outbreak to addressing the began, sales banks in largely the normal have the more purchasing focus Europe, on processes
to result, expect of in a we new As the lower level market coming portfolios near-term.
rise as the strong are that to However, on we meaningfully volumes And in anticipate as result medium-term, I come COVID-XX more moments. pandemic. topic with a to expected have will a say the over charge-offs of few this returns market to increased portfolios of
look at over call quarter our to more I'd results. to now first a hand financial the like for detailed Jon
