earnings Thanks, everyone. you call. our Bruce, afternoon, joining good and for Thank
principal beginning performance our as begin our highlights better was sheet traffic to pandemic, record of significantly To quarter, quarter in higher was call a balance some QX. capital been results, more level Since online strong than we continued Encore us and a had quarter. we consumer behavior the the for resulting of contacting our beginning collections first consumers let's priorities. first performance first continued digital financial on generating QX. of at anticipated, understand allocation The in and have on accelerated of This The rate in much the from improve important inbound our driver the period execute focus and higher interactions. has especially in our financial and a our U.S., with of strategy, into the operational collections the
strong issuers rates collections banks we most market continue sellers are sell are as in the before returns. long incremental flow, million our leverage $XX how GAAP drove the behaviors the and this of who as remain selling net for lower uncertain that The nearly and reduced driving market such consumer incremental per higher well. including to delinquency will a of sellers. back approximately quarter aspects $X In last, are collections cost of it's who share. credit banks the now QX result the card Having lower level income was of us. said number charge-off higher Although to pandemic from of were in also GAAP earnings the each higher portfolios collect, in the resulting cash U.S. improvement in The of that, business see to or for and Europe,
the less, purchases to have portfolio are the begun selling, were has still there market, very accounts to and global However, impact selling at On which QX. fewer disciplined even subdued continue we Despite though are basis, $XXX banks portfolio fewer simply subsequently in attractive are million returns. purchase they our and the remained delinquent supply a chargeoffs. in because pricing,
that and us mitigate over worked improve turn the our We the efficiency, impacts collections our to allowed pricing and in to has on of higher cost have years several diligently past market effectiveness returns.
deliver competitive capital advantages business. allocation articulated higher our the priorities enable us quarter comparison in A to our ago, for result, As returns. these to a peers, we
QX, including priorities, three listed recent capital. quarters, a significant have we You we may of recall that share generated including excess amount In repurchases.
have range target of our to X of X leverage times. our low-end We reduced the to
allocation $XX line repurchased our result, in with a quarter. capital million priorities, during of As we the Encore first shares
authorization share a program. $XXX million to prior we $XX from addition, million multi-year repurchase increased program In have our
any according like financial and quarter, We further maintaining To for capital conversation the sheet, that will previously subject consistently outlined to we balance continue allows our liquidity, the to our stated to best-in-class our allocate repurchases the results priorities us describe performance. have share performance. would I future strong our of to and that continuation and strong our are to strategy to anchor financial deliver
Our is core relatively business straightforward.
returns, portfolios to using cash-on-cash non-performing the of at to of objective us. attractive cost available Our lowest purchase funding loans is
We of as cost well also objectives maintaining efficient focus, compliance each ensuring as strive of consumer on while portfolios, highest structure. to exceed our for an these our by achieve strategy. and We our the maintaining focus collection X-pillar level expectations
shareholder performance, us well in enables and value. strategy consistently on Our to opportunities, us positioned has to long-term is instrumental outstanding deliver financial future building capitalize
to The Focus, our efforts valuable us markets risk-adjusted strategy, the Market most concentrate first our our of leads with returns. pillar highest on
leverage a improved and continuing quarter most level largest in MCM record the in is Our as while valuable and center digital channel. to a our drive we call collections first operating proportion the grew U.S. of cost-efficient higher market demonstrated through collections to
only apparent while first dollars of is the transition MCM's to effectiveness of operation. collections increased us operating more transition $X over million it are and of of The underway this pace collections the expense. past as this by and years, picked In in debts. connecting consumers million compared us we resolve again has quarters scalability the in QX accelerated up grew for $XX our dollars their online added quarter, and to XXXX, calling of been with While incurring several few impact a QX
specific consumer cost will While drive in operationally in a factors behavior significantly made These clear combined changes the benefit long collect term. lower this not have long how the it's we the last, to us will would quarter.
by we CFPB did purchase, now are continues deploy be industry returns. become to early capital expected pandemic of XXXX. at impacts the effective rules supply the portfolios the the of attractive Although have reduced to in the announced for The
a rules. in new we fully management, As implement compliance expertise these our of and are result to risk well-positioned
UK our and to Europe. now the business Turning in
we a Our collections in to in expectations of compared normalize portfolio quarter pre-COVID last continues capacity, generally levels. supply returning year, the Deployments last UK the million volatility. XX% major higher few compared market some exceeded to in performance by first with quarters Collections X%. were remain year now of future. prices the our $XX to quarter and QX inconsistent the and in back COVID-related the are grew over though sellers first to Europe foreseeable expect Most to selling after
generate cash. to consistently Our competitive us significant platform enables
the generation the ending in resilience March months efficiency in XX%, increased operations the our portfolios. steady cash XX our for improvement of the Our of and reflecting our business,
has cash contributed in in a to growth borrowings leverage consistent our ratio. reduction and Our generation
returns, allocation strong our portfolio attractive cash also us additional M&A, which repurchases. purchases and Our generation and provides at capital priorities, we share when include disciplined with consider strategic flexibility
that important underlying investing Our began operation importance competitive ROIC, risk quarter business account emphasize ago takes appropriately believe delivers long-term we through as of returns our can which deliver it's as cycle. the that our A We ability credit we of into advantages demonstrate our also maintain allow the differentiated us to capital. well both ultimately to to when that collections our performance returns. price strong the to
in years, strong a is performance conditions business the last ability solid first over time. improvements and X quarter, to as under current as Our in the our of market ROIC well returns indicator and our deliver over
industry. around at continue our companies attractive such it is returns difficult to in other We believe or to find
that of a third The the critical of pillar a our to balance strengthening We strong is sheet sheet our success. priority. strategy balance believe makes constant
and on ratio X.X and now to Our continued our at X.X in further the industry. our leverage low of near is lowest X the X balance to targeted strengthening us sheet reduce has range times, focus which to ratio debt-to-equity the reduce end our of to our times enabled is times,
Our strong reduction. which led focused capital operating deployment turn cash has to in driven levels have leverage higher flow, and of performance
have result look structure accomplishments of detailed to established the over funds, on to a over we will at and lowered Jon more significantly capital financial future we best-in-class now a for the our call our financing to cost that capitalize us I'd like results. last our we of opportunities. a year, allow As believe hand have