Encore Capital Group Announces Fourth Quarter and Full-Year 2019 Financial Results

Nachrichtenquelle: globenewswire
26.02.2020, 22:05  |  101   |   |   
  • Encore delivers new records for collections, revenues, ERC and earnings for the year
  • Record GAAP EPS from continuing operations of $5.33 in 2019, up 31%
  • Record Economic EPS from continuing operations of $5.95 in 2019, up 19%
  • 2019 global deployments of $1.00 billion, including a record $682 million in the U.S.

SAN DIEGO, Feb. 26, 2020 (GLOBE NEWSWIRE) -- Encore Capital Group, Inc. (NASDAQ: ECPG), an international specialty finance company, today reported consolidated financial results for the fourth quarter and full year ended December 31, 2019.

“2019 was a terrific year for Encore in which we delivered record results in nearly every important aspect of our business,” said Ashish Masih, Encore’s President and Chief Executive Officer. “We set new highs for global collections, revenues, ERC and earnings. We also made significant progress on a number of our strategic priorities, which include concentrating on the valuable U.S. and U.K. markets, where we have our highest risk-adjusted returns, innovating to continually enhance our competitive advantages, and strengthening our balance sheet while delivering strong results.”

“In the U.S., we improved our operating leverage by growing collections to a record level while reducing our collection costs through our operational innovation and increased productivity. At the same time, we capitalized on the favorable purchasing environment in the U.S. through record deployments at the highest purchase multiples we have seen since 2013.”

“In Europe, our returns for portfolios purchased in 2019 were up between 150 and 200 basis points compared to 2018. We continue to reduce our debt leverage as planned, while maintaining our ERC. We also set a new record for collections in Europe.”

“In the fourth quarter we continued our year of strong performance, delivering solid GAAP earnings. In addition, adjusted earnings were up 8% compared to the same quarter a year ago.”

“We feel very optimistic as we begin 2020. We expect to generate new records for collections, revenues, ERC, and earnings in 2020 while further reducing our debt leverage,” said Masih.

Financial Highlights for the Full Year of 2019:

  • Estimated remaining collections (ERC) increased $569 million compared to the prior year, to $7.73 billion.
  • Portfolio purchases for the full year were $1.00 billion, including $682 million in the U.S. and $307 million in Europe.
  • Gross collections were a record $2.03 billion, compared to $1.97 billion in 2018.
  • Total revenues, adjusted by net allowances and allowance reversals, were a record $1.40 billion, compared to $1.36 billion in 2018.
  • Total operating expenses were $951 million, compared to $957 million in 2018.
  • Total interest expense was $227 million, compared to $240 million in 2018.
  • GAAP net income attributable to Encore increased 45% to a record $168 million, or $5.33 per fully diluted share, compared to $116 million, or $4.06 per fully diluted share, in 2018.
  • Adjusted net income attributable to Encore increased 32% to a record $187 million, or $5.95 per fully diluted share (also referred to as Economic EPS), compared to $142 million, or $4.98 per share in 2018.

Financial Highlights for the Fourth Quarter of 2019:

  • Portfolio purchases were $235 million, including $155 million in the U.S. and $80 million in Europe.
  • Gross collections were $499 million, compared to $484 million in the fourth quarter of 2018.
  • Total revenues, adjusted by net allowances and allowance reversals, were $348 million, compared to $349 million in the fourth quarter of 2018.
  • Total operating expenses were $235 million, compared to $233 million in the fourth quarter of 2018.
  • Total interest expense decreased to $53.5 million, compared to $57.0 million in the fourth quarter of 2018.
  • GAAP net income attributable to Encore was $43.1 million, or $1.36 per fully diluted share, compared to $47.0 million, or $1.50 per fully diluted share, in the fourth quarter of 2018. A year ago we recorded a favorable settlement related to Cabot’s acquisition of dlc that lifted our GAAP results, but not our adjusted results.
  • Adjusted net income attributable to Encore increased 8% to $49.2 million, or $1.56 per fully diluted share. This compares to $45.5 million, or $1.45 per fully diluted share in the fourth quarter of 2018.
  • As of December 31, 2019, after taking into account borrowing base and applicable debt covenants, available capacity under Encore’s U.S. revolving credit facility was $272 million, and availability under Cabot’s revolving credit facility was £160 million (approximately $211 million). These figures do not include cash on the balance sheet.

Conference Call and Webcast

The Company will host a conference call and slide presentation today, February 26, 2020, at 2:00 p.m. Pacific time / 5:00 p.m. Eastern time to discuss fourth quarter and full year results.

Members of the public are invited to access the live webcast via the Internet by logging on at the Investor Relations page of Encore's website at www.encorecapital.com. To access the live, listen-only telephone conference portion, please dial (855) 541-0982 or (704) 288-0606.

For those who cannot listen to the live broadcast, a telephonic replay will be available for seven days by dialing (800) 585-8367 or (404) 537-3406 and entering the conference ID number 8553077. A replay of the webcast will also be available shortly after the call on the Company's website.

Non-GAAP Financial Measures

This news release includes certain financial measures that exclude the impact of certain items and therefore have not been calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company has included adjusted income attributable to Encore and adjusted income from continuing operations attributable to Encore per share (also referred to as economic EPS when adjusted for certain shares associated with our convertible notes that will not be issued but are reflected in the fully diluted share count for accounting purposes) because management uses this measure to assess operating performance, in order to highlight trends in the Company’s business that may not otherwise be apparent when relying on financial measures calculated in accordance with GAAP. The Company has included information concerning adjusted operating expenses in order to facilitate a comparison of approximate cash costs to cash collections for the portfolio purchasing and recovery business in the periods presented. Adjusted income attributable to Encore, adjusted income from continuing operations attributable to Encore per share/economic EPS, and adjusted operating expenses have not been prepared in accordance with GAAP. These non-GAAP financial measures should not be considered as alternatives to, or more meaningful than, net income, net income per share, and total operating expenses as indicators of the Company’s operating performance. Further, these non-GAAP financial measures, as presented by the Company, may not be comparable to similarly titled measures reported by other companies. The Company has attached to this news release a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures.

About Encore Capital Group, Inc.

Encore Capital Group is an international specialty finance company that provides debt recovery solutions and other related services for consumers across a broad range of financial assets. Through its subsidiaries around the globe, Encore purchases portfolios of consumer receivables from major banks, credit unions, and utility providers. 

Encore partners with individuals as they repay their debt obligations, helping them on the road to financial recovery and ultimately improving their economic well-being. Encore is the first and only company of its kind to operate with a Consumer Bill of Rights that provides industry-leading commitments to consumers. Headquartered in San Diego, Encore is a publicly traded NASDAQ Global Select company (ticker symbol: ECPG) and a component stock of the Russell 2000, the S&P Small Cap 600 and the Wilshire 4500. More information about the company can be found at http://www.encorecapital.com. More information about the Company's Cabot Credit Management subsidiary can be found at http://www.cabotcm.com. Information found on the company’s or Cabot’s website is not incorporated by reference.

Forward Looking Statements

The statements in this press release that are not historical facts, including, most importantly, those statements preceded by, or that include, the words “will,” “may,” “believe,” “projects,” “expects,” “anticipates” or the negation thereof, or similar expressions, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). These statements may include, but are not limited to, statements regarding our future operating results, performance, business plans or prospects. For all “forward-looking statements,” the Company claims the protection of the safe harbor for forward-looking statements contained in the Reform Act. Such forward-looking statements involve risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company and its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and other factors are discussed in the reports filed by the Company with the Securities and Exchange Commission, including the most recent reports on Forms 10-K and 10-Q, each as it may be amended from time to time. The Company disclaims any intent or obligation to update these forward-looking statements.

Contact:
Bruce Thomas

Encore Capital Group, Inc.
Vice President, Investor Relations
(858) 309-6442
bruce.thomas@encorecapital.com

SOURCE: Encore Capital Group, Inc.

FINANCIAL TABLES FOLLOW


ENCORE CAPITAL GROUP, INC.
Consolidated Statements of Financial Condition
(In Thousands, Except Par Value Amounts)

  December 31,
2019
  December 31,
2018
Assets      
Cash and cash equivalents $ 192,335        $ 157,418     
Investment in receivable portfolios, net 3,283,984        3,137,893     
Deferred court costs, net 100,172        95,918     
Property and equipment, net 120,051        115,518     
Other assets 329,223        257,002     
Goodwill 884,185        868,126     
Total assets $ 4,909,950        $ 4,631,875     
Liabilities and Equity      
Liabilities:      
Accounts payable and accrued liabilities $ 223,911        $ 287,945     
Borrowings 3,513,197        3,490,633     
Other liabilities 147,436        33,609     
Total liabilities 3,884,544        3,812,187     
Commitments and contingencies      
Equity:      
Convertible preferred stock, $0.01 par value, 5,000 shares authorized, no shares issued and outstanding —        —     
Common stock, $0.01 par value, 75,000 and 50,000 shares authorized, 31,097 shares and 30,884 shares issued and outstanding as of December 31, 2019 and December 31, 2018, respectively 311        309     
Additional paid-in capital 222,590        208,498     
Accumulated earnings 888,058        720,189     
Accumulated other comprehensive loss (88,766 )     (110,987 )  
Total Encore Capital Group, Inc. stockholders’ equity 1,022,193        818,009     
Noncontrolling interest 3,213        1,679     
Total equity 1,025,406        819,688     
Total liabilities and equity $ 4,909,950        $ 4,631,875     

The following table presents certain assets and liabilities of consolidated variable interest entities (“VIEs”) included in the consolidated statements of financial condition above. Most assets in the table below include those assets that can only be used to settle obligations of consolidated VIEs. The liabilities exclude amounts where creditors or beneficial interest holders have recourse to the general credit of the Company.

  December 31,
2019
  December 31,
2018
Assets      
Cash and cash equivalents $ 34      $ 448   
Investment in receivable portfolios, net 539,596      501,489   
Other assets 4,759      9,563   
Liabilities      
Accounts payable and accrued liabilities $ —      $ 4,556   
Borrowings 464,092      445,837   
Other liabilities —      46   


ENCORE CAPITAL GROUP, INC.
Consolidated Statements of Operations
(In Thousands, Except Per Share Amounts)

  (Unaudited)
Three Months Ended December 31,
  Year Ended December 31,
  2019   2018   2019   2018
Revenues              
Revenue from receivable portfolios $ 329,418        $ 298,104        $ 1,269,288        $ 1,167,132     
Servicing revenue 35,306        36,455        126,527        148,044     
Other revenues 3,123        4,161        9,974        5,381     
Total revenues 367,847        338,720        1,405,789        1,320,557     
(Allowances) allowance reversals on receivable portfolios, net (20,053 )     10,001        (8,108 )     41,473     
Total revenues, adjusted by net allowances 347,794        348,721        1,397,681        1,362,030     
Operating expenses              
Salaries and employee benefits 91,666        93,211        376,365        369,064     
Cost of legal collections 53,224        49,621        202,670        205,204     
General and administrative expenses 23,520        35,189        148,256        158,352     
Other operating expenses 16,960        31,456        108,433        134,934     
Collection agency commissions 37,921        13,361        63,865        47,948     
Depreciation and amortization 11,293        9,996        41,029        41,228     
Goodwill impairment —        —        10,718        —     
Total operating expenses 234,584        232,834        951,336        956,730     
Income from operations 113,210        115,887        446,345        405,300     
Other (expense) income              
Interest expense (53,515 )     (56,956 )     (226,760 )     (240,048 )  
Other expense (2,577 )     (3,803 )     (18,343 )     (8,764 )  
Total other expense (56,092 )     (60,759 )     (245,103 )     (248,812 )  
Income from continuing operations before income taxes 57,118        55,128        201,242        156,488     
Provision for income taxes (13,886 )     (9,095 )     (32,333 )     (46,752 )  
Income from continuing operations 43,232        46,033        168,909        109,736     
Net income 43,232        46,033        168,909        109,736     
Net (income) loss attributable to noncontrolling interest (147 )     1,003        (1,040 )     6,150     
Net income attributable to Encore Capital Group, Inc. stockholders $ 43,085        $ 47,036        $ 167,869        $ 115,886     
Amounts attributable to Encore Capital Group, Inc.:              
Income from continuing operations $ 43,085        $ 47,036        $ 167,869        $ 115,886     
Net income $ 43,085        $ 47,036        $ 167,869        $ 115,886     
Earnings per share attributable to Encore Capital Group, Inc.:              
Basic earnings per share $ 1.38        $ 1.51        $ 5.38        $ 4.09     
Diluted earnings per share $ 1.36        $ 1.50        $ 5.33        $ 4.06     
Weighted average shares outstanding:              
Basic 31,233        31,107        31,210        28,313     
Diluted 31,612        31,270        31,474        28,572     


ENCORE CAPITAL GROUP, INC.
Consolidated Statements of Cash Flows
(In Thousands)

  Year Ended December 31,
  2019   2018   2017
Operating activities:          
Net income $ 168,909        $ 109,736        $ 78,978     
Adjustments to reconcile net income to net cash provided by operating activities:          
Loss from discontinued operations, net of income taxes —        —        199     
Depreciation and amortization 41,029        41,228        39,977     
Goodwill impairment 10,718        —        —     
Interest expense related to financing 3,523        11,710        —     
Other non-cash interest expense, net 30,299        38,549        47,437     
Stock-based compensation expense 12,557        12,980        10,399     
Loss (gain) on derivative instruments, net 5,009        10,789        (3,915 )  
Deferred income taxes 22,339        16,814        28,970     
Provision for (reversal of) allowances on receivable portfolios, net 8,108        (41,473 )     (41,236 )  
Other, net 4,785        (17,805 )     (7,846 )  
Changes in operating assets and liabilities          
Deferred court costs and other assets 25,379        (35,626 )     (4,101 )  
Prepaid income tax and income taxes payable (25,678 )     24,284        (26,699 )  
Accounts payable, accrued liabilities and other liabilities (62,244 )     15,605        1,655     
Net cash provided by operating activities 244,733        186,791        123,818     
Investing activities:          
Cash paid for acquisitions, net of cash acquired —        —        (96,390 )  
Purchases of receivable portfolios, net of put-backs (1,035,130 )     (1,131,095 )     (1,045,829 )  
Collections applied to investment in receivable portfolios, net 757,640        809,688        709,420     
Purchases of property and equipment (39,602 )     (67,475 )     (28,126 )  
Proceeds from sale of portfolios 107,937        —        —     
Other, net 6,822        (8,634 )     8,794     
Net cash used in investing activities (202,333 )     (397,516 )     (452,131 )  
Financing activities:          
Payment of loan and debt refinancing costs (11,586 )     (23,286 )     (28,972 )  
Proceeds from credit facilities 603,634        942,186        1,434,480     
Repayment of credit facilities (586,429 )     (571,144 )     (1,168,069 )  
Proceeds from senior secured notes 454,573        —        325,000     
Repayment of senior secured notes (470,768 )     (91,578 )     (204,241 )  
Proceeds from issuance of convertible and exchangeable senior notes 100,000        172,500        150,000     
Repayment of convertible senior notes (84,600 )     —        (125,407 )  
Proceeds from other debt 18,334        27,694        33,197     
Repayment of other debt (25,531 )     (42,456 )     (8,910 )  
Payment for the purchase of PECs and noncontrolling interest —        (234,101 )     (29,731 )  
Other, net (17,397 )     (13,438 )     870     
Net cash (used in) provided by financing activities (19,770 )     166,377        378,217     
Net increase (decrease) in cash and cash equivalents 22,630        (44,348 )     49,904     
Effect of exchange rate changes on cash and cash equivalents 12,287        (10,373 )     12,470     
Cash and cash equivalents, beginning of period 157,418        212,139        149,765     
Cash and cash equivalents of continuing operations, end of period $ 192,335        $ 157,418        $ 212,139     
           
Supplemental disclosures of cash flow information:          
Cash paid for interest $ 178,948        $ 198,797        $ 162,545     
Cash paid for income taxes, net of refunds 43,973        5,734        42,378     
Supplemental schedule of non-cash investing and financing activities:          
Stock consideration for the Cabot Transaction $ —        $ 180,559        $ —     
Conversion of convertible senior notes —        —        28,277     
Property and equipment acquired through finance leases 5,299        3,283        3,577     


ENCORE CAPITAL GROUP, INC.
Supplemental Financial Information

Reconciliation of Adjusted Income Attributable to Encore to GAAP Net Income Attributable to Encore and Adjusted Operating Expenses Related to Portfolio Purchasing and Recovery Business to GAAP Total Operating Expenses
(In Thousands, Except Per Share amounts) (Unaudited)

  Three Months Ended December 31,
  2019   2018
  $   Per Diluted
Share—
Accounting
and
Economic
  $   Per Diluted
Share—
Accounting
and
Economic
GAAP net income from continuing operations attributable to Encore, as reported $ 43,085        $ 1.36        $ 47,036        $ 1.50     
Adjustments:              
Convertible and exchangeable notes non-cash interest and issuance cost amortization 3,930        0.13        4,072        0.13     
Acquisition, integration and restructuring related expenses(1) 704        0.02        (5,179 )     (0.17 )  
Amortization of certain acquired intangible assets(2) 1,659        0.05        1,886        0.06     
Net gain on fair value adjustments to contingent considerations(3) —        —        (1,012 )     (0.03 )  
Income tax effect of the adjustments(4) (1,390 )     (0.04 )     (1,316 )     (0.04 )  
Change in tax accounting method(5) 1,245        0.04        —        —     
Adjusted income from continuing operations attributable to Encore $ 49,233        $ 1.56        $ 45,487        $ 1.45     

________________________

(1) Amount represents acquisition, integration and restructuring related expenses. We adjust for this amount because we believe these expenses are not indicative of ongoing operations; therefore, adjusting for these expenses enhances comparability to prior periods, anticipated future periods, and our competitors’ results.

(2) As we acquire debt solution service providers around the world, we also acquire intangible assets, such as trade names and customer relationships. These intangible assets are valued at the time of the acquisition and amortized over their estimated lives. We believe that amortization of acquisition-related intangible assets, especially the amortization of an acquired company’s trade names and customer relationships, is the result of pre-acquisition activities. In addition, the amortization of these acquired intangibles is a non-cash static expense that is not affected by operations during any reporting period. As a result, the amortization of certain acquired intangible assets is excluded from our adjusted income from continuing operations attributable to Encore and adjusted income from continuing operations per share.

(3) Amount represents the net gain recognized as a result of fair value adjustments to contingent considerations that were established for our acquisitions of debt solution service providers in Europe. We have adjusted for this amount because we do not believe this is indicative of ongoing operations.

(4) Amount represents the total income tax effect of the adjustments, which is generally calculated based on the applicable marginal tax rate of the jurisdiction in which the portion of the adjustment occurred. Additionally, we adjust for certain discrete tax items that are not indicative of our ongoing operations.

(5) Amount represents the benefit from the tax accounting method change related to revenue reporting. We adjust for certain discrete tax items that are not indicative of our ongoing operations.


  Year Ended December 31,
  2019   2018
  $   Per Diluted
Share—
Accounting
and
Economic
  $   Per Diluted
Share—
Accounting
and
Economic
GAAP net income from continuing operations attributable to Encore, as reported $ 167,869        $ 5.33        $ 115,886        $ 4.06     
Adjustments:              
Convertible and exchangeable notes non-cash interest and issuance cost amortization 15,501        0.50        13,896        0.50     
Acquisition, integration and restructuring related expenses(1) 7,049        0.22        11,506        0.40     
Amortization of certain acquired intangible assets(2) 7,017        0.22        8,337        0.29     
Net gain on fair value adjustments to contingent considerations(3) (2,300 )     (0.07 )     (5,664 )     (0.20 )  
Expenses related to withdrawn Cabot IPO(4) —        —        2,984        0.10     
Loss on derivatives in connection with the Cabot Transaction(5) —        —        9,315        0.33     
Goodwill impairment(6) 10,718        0.34        —        —     
Loss on Baycorp Transaction(6) 12,489        0.40        —        —     
Income tax effect of the adjustments(7) (23,230 )     (0.74 )     (9,079 )     (0.32 )  
Change in tax accounting method(8) (7,825 )     (0.25 )     —        —     
Adjustments attributable to noncontrolling interest(9) —        —        (5,022 )     (0.18 )  
Adjusted income from continuing operations attributable to Encore $ 187,288        $ 5.95        $ 142,159        $ 4.98     

________________________

(1) Amount represents acquisition, integration and restructuring related expenses, which for the year ended December 31, 2019 includes approximately $1.3 million of transaction costs incurred associated with the Baycorp Transaction. We adjust for this amount because we believe these expenses are not indicative of ongoing operations; therefore, adjusting for these expenses enhances comparability to prior periods, anticipated future periods, and our competitors’ results.

(2) As we acquire debt solution service providers around the world, we also acquire intangible assets, such as trade names and customer relationships. These intangible assets are valued at the time of the acquisition and amortized over their estimated lives. We believe that amortization of acquisition-related intangible assets, especially the amortization of an acquired company’s trade names and customer relationships, is the result of pre-acquisition activities. In addition, the amortization of these acquired intangibles is a non-cash static expense that is not affected by operations during any reporting period. As a result, the amortization of certain acquired intangible assets is excluded from our adjusted income from continuing operations attributable to Encore and adjusted income from continuing operations per share.

(3) Amount represents the net gain recognized as a result of fair value adjustments to contingent considerations that were established for our acquisitions of debt solution service providers in Europe. We have adjusted for this amount because we do not believe this is indicative of ongoing operations.

(4) Amount represents expenses related to the proposed and later withdrawn initial public offering by CCM. We adjust for this amount because we believe these expenses are not indicative of ongoing operations; therefore, adjusting for these expenses enhances comparability to prior periods, anticipated future periods, and our competitors’ results.

(5) Amount represents the loss recognized on the forward contract we entered into in anticipation of the completion of the Cabot Transaction. We adjust for this amount because we believe the loss is not indicative of ongoing operations; therefore, adjusting for this loss enhances comparability to prior periods, anticipated future periods, and our competitors’ results.

(6) The Baycorp Transaction resulted in a goodwill impairment charge of $10.7 million and a loss on sale of $12.5 million during the year ended December 31, 2019. We believe the goodwill impairment charge and the loss on sale are not indicative of ongoing operations, therefore adjusting for these expenses enhances comparability to prior periods, anticipated future periods, and our competitors’ results.

(7) Amount represents the total income tax effect of the adjustments, which is generally calculated based on the applicable marginal tax rate of the jurisdiction in which the portion of the adjustment occurred. Additionally, we adjust for certain discrete tax items that are not indicative of our ongoing operations. We recognized approximately $17.5 million, or $0.55 per diluted share, in tax benefit as a result of the Baycorp Transaction, which is included in this income tax adjustment during the year ended December 31, 2019.

(8) Amount represents the benefit from the tax accounting method change related to revenue reporting. We adjust for certain discrete tax items that are not indicative of our ongoing operations.

(9) Certain of the above pre-tax adjustments include expenses recognized by our partially-owned subsidiaries. This adjustment represents the portion of the non-GAAP adjustments that are attributable to noncontrolling interest.


  Three Months Ended December 31,   Year Ended December 31,
2019   2018   2019   2018
GAAP total operating expenses, as reported $ 234,584        $ 232,834        $ 951,336        $ 956,730     
Adjustments:              
Operating expenses related to non-portfolio purchasing and recovery business(1) (42,373 )     (45,069 )     (173,190 )     (193,715 )  
Stock-based compensation expense (3,145 )     (2,528 )     (12,557 )     (12,980 )  
Acquisition, integration and restructuring related operating expenses(2) (704 )     5,179        (7,049 )     (7,523 )  
Expenses related to withdrawn Cabot IPO(3) —        —        —        (2,984 )  
Goodwill impairment —        —        (10,718 )     —     
Net gain on fair value adjustments to contingent considerations(4) —        1,012        2,300        5,664     
Adjusted operating expenses related to portfolio purchasing and recovery business $ 188,362        $ 191,428        $ 750,122        $ 745,192     

________________________

(1) Operating expenses related to non-portfolio purchasing and recovery business include operating expenses from other operating segments that primarily engage in fee-based business, as well as corporate overhead not related to our portfolio purchasing and recovery business.

(2) Amount represents acquisition, integration and restructuring related operating expenses (including approximately $1.3 million of transaction costs incurred associated with the Baycorp Transaction during the year ended December 31, 2019 and excluding amounts already included in stock-based compensation expense). We adjust for this amount because we believe these expenses are not indicative of ongoing operations; therefore, adjusting for these expenses enhances comparability to prior periods, anticipated future periods, and our competitors’ results.

(3) Amount represents expenses related to the proposed and later withdrawn initial public offering by CCM. We adjust for this amount because we believe these expenses are not indicative of ongoing operations; therefore, adjusting for these expenses enhances comparability to prior periods, anticipated future periods, and our competitors’ results.

(4) Amount represents the net gain recognized as a result of fair value adjustments to contingent considerations that were established for our acquisitions of debt solution service providers in Europe. We have adjusted for this amount because we do not believe this is indicative of ongoing operations.

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