Encore Capital Group, Inc. (NASDAQ:ECPG) Q3 2023 Earnings Conference Call November 1, 2023 5:00 PM ET

Company Participants

Bruce Thomas - Vice President, Global Industrial Relations

Ashish Masih - President & Chief Executive Officer

Jonathan Clark - Executive Vice President & Chief Financial Officer

Conference Call Participants

Mark Hughes - Truist Securities

John Rowan - Janney Montgomery Scott

Mike Grondahl - Northland

Robert Dodd - Raymond James

Operator

Good day, everyone, and thank you for standing by. Welcome to the Encore Capital Group's Quarter Three 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your first speaker today, Bruce Thomas, VP of Global Industrial Relations. Bruce, please go ahead.

Bruce Thomas

Thank you, operator. Good afternoon and welcome to Encore Capital Group's third quarter 2023 earnings call.

Joining me on the call today are Ashish Masih, our President and Chief Executive Officer; Jonathan Clark, Executive Vice President and Chief Financial Officer; and Ryan Bell, President of Midland Credit Management. Ashish and Jon will make prepared remarks today and then we'll be happy to take your questions.

Unless otherwise noted, comparisons on this conference call will be made between the third quarter of 2023 and the third quarter of 2022. In addition today's discussion will include forward-looking statements subject to risks and uncertainties. Actual future results could differ materially from these forward-looking statements. Please refer to our SEC filings for a detailed discussion of potential risks and uncertainties.

During this call, we will use rounding and abbreviations for the sake of brevity. We’ll also be discussing non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are included in our earnings presentation, which was filed on Form 8-K earlier today. As a reminder this conference call will also be made available for replay on the Investors section of our website where we will also post our prepared remarks following the conclusion of this call.

With that, let me turn the call over to Ashish Masih, our President and Chief Executive Officer.

Ashish Masih

Thanks Bruce, and good afternoon, everyone. Thank you for joining us. I'll begin today's call with a few Q3 highlights. The third quarter was another period of strong purchasing in the US at attractive returns for our MCM business, which continues to thrive. The continued growth in US portfolio supply driven by credit card lending growth and rising charge-off rates has led to improved portfolio pricing and returns.