joining Thank for everyone. good our call. Bruce, Thanks, afternoon, you earnings and
most helping the have has are the finding the the regain we have this years, at difficulty from company, in priority, taken Encore above important perform of call XXXX I'm or debts. their these itself people the health are in that have economic you efforts even to for high hardship our as their COVID-XX, all others, around your as unified has In of pandemic. that employees each in that Encore become countries placed levels productivity personal As families exhibited the we prevalent, we at level recover of pandemic which a globe the and do. grateful allowed before well-being to regain of times other. begins resiliency It closer as also we of a and and more COVID-XX in increasing safe, challenging to ways resolve demonstrating distant front their some normalcy. us caused our financial consumers remains reminded and center Despite listening to the hardships grown have steps financial which been resolve remains the healthy and people proud who physically what we and freedom. from while are more hope core by being I'm team to through of
As a digital collections by coronavirus our result, seen of ago. quarter the had have not a the been during stages collections revised as – channel and call have negatively pandemic not originally impacted the center when in early we modeled the forecast we as
volume call quite been inbound strong, MCM. for fact, In has particularly
and for platform. people prefer who from the years, well reach our of were in we high through to in past investing of our us prepared demand consumers technology as result volume a As higher as call digital over well levels several
In addition, conditions varying our outstanding by to team collections caused has the adapting operations done job in an our COVID-XX.
QX reduced expenses. collections expected we our While curves, we outperformed also
moments. to $XXX million $XXX the of Record and channel second for the expense lower channel I'll for revenues in our quarter, expenses focus million the continued to a collect XX% in talk global we more both in reduced the XXXX. collections legal Global on Cabot. a results through quarter came we during strong legal significantly to MCM management, about jurisdictions. ago. compared many delivered our efforts expected and channel We legal quarter of better were addition the as second were In year than had few up
was Our ERC XX% to billion of $X.X compared year. up QX last
channel, reduced a of million record we $X.XX delivered of As in legal as as quarter. collections income large in result previous per record $XXX more quarterly our our X.X result GAAP net stronger-than-expected or and was share. any expenses This times earnings than
We of also or adjusted QX established income for per million a new non-GAAP share. record in $XXX $X.XX
at we generate consistently enhance ability multiples, we the to And we to even portfolios continue purchase We cash. as we levels higher own. generate on our cash to portfolios collect more continue as of significant attractive
of including generation. a I EBITDA, that benchmark metric In collections fact, to new would applied set is in a after again and insulated we which we cash. for principal, changes. cash. this cash interest taxes, the accounting is the record remind clear any it like second subtracting implications Even that to generating adjusted CapEx, substantial of is from Cash largely industry is amount cash the are cash quarter, for you
our to now in the U.S. business Turning
leveraging operational this XX%. up exceeded compared million, QX curves I'm collection that strong working we by distancing year, period. combination the XX% record delivered MCM a a remained changing expected fully team pleased as adapt environments. to MCM results and work were second our has quarter to social home to last Our very by and throughout collections in quickly MCM QX of from continue of $XXX
in factors. QX, Our key performance several including quarters, driven have several by been collections the improved over past
First, the our digital last years, call the of larger and the over groundwork center a collections have proportion toward channel. we to few laying direct been
continue steady the to within digital that number in we channel, of expansion with connect see consumers who means. Second, through a us
continues inbound strategy account our last better technology. investments years few calls the increase process finally, proportion and outreach seeing are in to over we to Third, of our calls. outbound And from the training, improvements consumer managers to due productivity
which payers. inbound improves the consumers we As you expect, at would convert higher proportion our of into the rate calls
prospects manager is the increasing reflecting we performance The will collections deployments We supply we expect future. purchase of meaningfully MCM to headcount. and account increased combination when operating of about only to attractive slight the in allow improvements particularly $XXX collections our differentiated leverage the for these are market scale of while at the our pricing. reasons in capacity million us totaled X.X an our price multiple factors excited resulting need times, modestly one
a related planned our collections expenses operating As to in cost to MCM's reduced of our million we overall reduced the the expenses helped approximately legal MCM's QX. reduce result XX% action quarter. COVID $XX by to collect impact, in This and
level that Looking cannot forward, court legal to collections such in compared management of had reasonably ago levels increases period. catch return a a courts to for expenses we QX, that would spent we MCM's layered our related and Even strong efficiency. to if We originally year and the million costs This did collections normal a related Instead, next expect compared then and collection in not up operating improved all we in in to planned legal succeeded collect normal. continued in the QX. collect QX to a expenses cost to more to ago reducing the is reflection other legal have to in to spend quarter. $XX way again focus to cost expenses be over year spend or on the we be the in activity gradually quickly as return more year and incurred expense our
trend Finally, MCM's collections July. QX into in has continued
country. collection a and from expected market. than pandemic was fully higher has the quickly QX to has to conditions Continental our each varying varying amount and is second in COVID-XX the Europe, curves. In UK Turning in operational collections XX% impact in of country to had adapted Cabot these Cabot. Cabot's quarter the
continue As remains the quarter improvement management Cabot's in for we purchasing the of strong Cabot's expect progressed, change time see being, breakage UK, throughout material payment profitability. we most in we lower supply these of UK continued each of to in challenging enabled subdued saw times focused the has to this on cost continued the In plan XXXX. persist no level markets. through The environment and rates.
However, increase in are beyond we charge-offs at anticipate rise XXXX returns meaningfully. purchasing as to do in expected and an opportunities attractive
collections what now second hand like Jon over Finally, QX July. more MCM, at call to similar has we financial the into I'd for are at our at Cabot look to seeing results. continued in detailed our quarter a trend to
