0001084961-23-000090 | 10-Q | XBRL Viewer

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Earnings Per Share - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	May 05, 2021	Aug. 12, 2015
Earnings Per Share [Abstract]
Stock Repurchase Program, Authorized Amount					$ 300.0	$ 50.0
Stock Repurchase Program, Increase of Authorized Amount					$ 250.0
Stock Repurchased During Period, Shares		424,091		823,613
Repurchase and retirement of common stock		$ 25.1		$ 50.7
Antidilutive securities excluded from computation of earnings per share (shares)	0		0

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Borrowings

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Borrowings

The Company is in compliance in all material respects with all covenants under its financing arrangements as of June 30, 2023. The components of the Company’s consolidated borrowings were as follows (in thousands):


	June 30, 2023		December 31, 2022
Global senior secured revolving credit facility	$	850,689	$	661,738


Encore private placement notes	48,850		68,390
Senior secured notes	1,532,098		1,485,888
Convertible notes and exchangeable notes	347,655		272,500

Cabot securitisation senior facility	443,828		423,522
Other	18,633		23,512
Finance lease liabilities	3,930		5,675
	3,245,683		2,941,225
Less: debt discount and issuance costs, net of amortization	(42,258)		(42,404)
Total	$	3,203,425	$	2,898,821

Encore is the parent of the restricted group for the Global Senior Facility, the Senior Secured Notes and the Encore Private Placement Notes, each of which is guaranteed by the same group of material Encore subsidiaries and secured by the same collateral, which represents substantially all of the assets of those subsidiaries.

Global Senior Secured Revolving Credit Facility

In September 2020, the Company entered into a multi-currency senior secured revolving credit facility agreement (as amended and restated, the “Global Senior Facility”). In May 2023, the Company amended the Global Senior Facility to extend the termination date of the facility from September 2026 to September 2027. In addition, the size of the facility was increased by $40.0 million to $1,180.0 million. As of June 30, 2023, the Global Senior Facility provided for a total committed facility of $1,180.0 million that matures in September 2027 and includes the following key provisions:

•Interest at Term SOFR (or EURIBOR for any loan drawn in Euro or a rate based on SONIA for any loan drawn in British Pound), with a Term SOFR (or EURIBOR or SONIA) floor of 0.00%, plus a margin of 2.50%, plus in the case of Term SOFR borrowings, a credit adjustment spread of 0.10%;

•An unused commitment fee of 0.40% per annum, payable quarterly in arrears;

•A restrictive covenant that limits the LTV Ratio (defined in the Global Senior Facility) to 0.75 in the event that the Global Senior Facility is more than 20% utilized;

•A restrictive covenant that limits the SSRCF LTV Ratio (defined in the Global Senior Facility) to 0.275;

•A restrictive covenant that requires the Company to maintain a Fixed Charge Coverage Ratio (as defined in the Global Senior Facility) of at least 2.0;

•Additional restrictions and covenants which limit, among other things, the payment of dividends and the incurrence of additional indebtedness and liens; and

•Standard events of default which, upon occurrence, may permit the lenders to terminate the Global Senior Facility and declare all amounts outstanding to be immediately due and payable.

The Global Senior Facility is secured by substantially all of the assets of the Company and the guarantors. Pursuant to the terms of an intercreditor agreement entered into with respect to the relative positions of (1) the Global Senior Facility, any super priority hedging liabilities and the Encore Private Placement Notes (collectively, “Super Senior Liabilities”) and (2) the Senior Secured Notes, Super Senior Liabilities that are secured by assets that also secure the Senior Secured Notes will receive priority with respect to any proceeds received upon any enforcement action over any such assets.

As of June 30, 2023, the outstanding borrowings under the Global Senior Facility were $850.7 million. The weighted average interest rate of the Global Senior Facility was 7.51% and 3.32% for the three months ended June 30, 2023 and 2022, respectively. The weighted average interest rate of the Global Senior Facility was 7.30% and 3.08% for the six months ended June 30, 2023 and 2022, respectively. Available capacity under the Global Senior Facility, after taking into account applicable debt covenants, was approximately $310.5 million as of June 30, 2023.

Encore Private Placement Notes

In August 2017, Encore entered into $325.0 million in senior secured notes with a group of insurance companies (the “Encore Private Placement Notes”). As of June 30, 2023, $48.9 million of the Encore Private Placement Notes remained outstanding. The Encore Private Placement Notes bear an annual interest rate of 5.625%, mature in August 2024 and require quarterly principal payments of $9.8 million. The covenants and material terms for the Encore Private Placement Notes are substantially similar to those for the Global Senior Facility.

Senior Secured Notes

The following table provides a summary of the Company’s senior secured notes (the “Senior Secured Notes”) ($ in thousands):


	June 30, 2023		December 31, 2022		Issue Currency	Maturity Date	Interest Payment Dates	Interest Rate


Encore 2025 Notes	$	381,868	$	375,325	EUR	Oct 15, 2025	Apr 15, Oct 15	4.875	%
Encore 2026 Notes	380,424		363,019		GBP	Feb 15, 2026	Feb 15, Aug 15	5.375	%
Encore 2028 Notes	317,020		302,516		GBP	Jun 1, 2028	Jun 1, Dec 1	4.250	%
Encore 2028 Floating Rate Notes	452,786		445,028		EUR	Jan 15, 2028	Jan 15, Apr 15, Jul 15, Oct 15	EURIBOR +4.250%(1)
	$	1,532,098	$	1,485,888

_______________________

(1)Interest rate is based on three-month EURIBOR (subject to a 0% floor) plus 4.250% per annum, resets quarterly.

The Senior Secured Notes are secured by the same collateral as the Global Senior Facility and the Encore Private Placement Notes. The guarantees provided in respect of the Senior Secured Notes are pari passu with each such guarantee given in respect of the Global Senior Facility and Encore Private Placement Notes. Subject to the intercreditor agreement described above under the section “Global Senior Secured Revolving Credit Facility,” Super Senior Liabilities that are secured by assets that also secure the Senior Secured Notes will receive priority with respect to any proceeds received upon any enforcement action over any such assets.

Convertible Notes and Exchangeable Notes

The following table provides a summary of the principal balance, maturity date and interest rate for the Company’s convertible and exchangeable senior notes (the “Convertible Notes” or “Exchangeable Notes,” as applicable) ($ in thousands):


	June 30, 2023		December 31, 2022		Maturity Date	Interest Payment Dates	Interest Rate


2023 Exchangeable Notes	$	17,655	$	172,500	Sep 1, 2023	Mar 1, Sep 1	4.500	%
2025 Convertible Notes	100,000		100,000		Oct 1, 2025	Apr 1, Oct 1	3.250	%
2029 Convertible Notes	230,000		—		Mar 15, 2029	Mar 15, Sep 15	4.000	%
	$	347,655	$	272,500

In March 2023, Encore issued $230.0 million aggregate principal amount of 4.00% convertible senior notes that mature on March 15, 2029 in a private placement transaction (the “2029 Convertible Notes”). Interest on the 2029 Convertible Notes is payable semi-annually.

The Company used a portion of the net proceeds from the issuance of the 2029 Convertible Notes to repurchase, in separate privately negotiated transactions, approximately $154.8 million aggregate principal amount of its 2023 Exchangeable Notes for approximately $192.5 million. The repurchase met the criteria for an induced conversion and accordingly, the Company recognized expense of $2.7 million, representing the fair value of the consideration paid to certain holders of the 2023 Exchangeable Notes in excess of the fair value which they were otherwise entitled to receive pursuant to the existing conversion terms on the respective settlement dates. The amount is included in Other income, net, in the Company’s condensed consolidated statements of income during the six months ended June 30, 2023. The remaining excess above the principal amount of the repurchased 2023 Exchangeable Notes was recognized in the Company’s stockholder’s equity.

Additionally, in March 2023, the Company received proceeds of approximately $28.5 million from the unwind of the capped call options associated with the repurchased portion of the 2023 Exchangeable Notes. Since the capped call options were determined to be equity instruments, the partial unwind of the capped call options was recorded as an increase in

stockholder’s equity in the condensed consolidated statements of financial condition as of June 30, 2023. In addition, the Company recognized approximately $0.7 million of interest expense in the condensed consolidated statements of income during the six months ended June 30, 2023 to record the write-off of unamortized debt issuance costs associated with the 2023 Exchangeable Notes repurchased.

The 2023 Exchangeable Notes were issued by Encore Capital Europe Finance Limited (“Encore Finance”), a 100% owned finance subsidiary of Encore, and are fully and unconditionally guaranteed by Encore. Unless otherwise indicated in connection with a particular offering of debt securities, Encore will fully and unconditionally guarantee any debt securities issued by Encore Finance. Amounts related to Encore Finance are included in the consolidated financial statements of Encore subsequent to April 30, 2018, the date of incorporation of Encore Finance.

In order to reduce the risk related to the potential dilution and/or the potential cash payments the Company may be required to make in the event that the market price of the Company’s common stock becomes greater than the conversion or exchange prices of the Convertible Notes and the Exchangeable Notes, the Company may enter into hedge programs that increase the effective conversion or exchange price for the Convertible Notes and the Exchangeable Notes. In connection with the issuance of the 2029 Convertible Notes, the Company entered into privately negotiated capped call transactions that effectively raised the conversion price of the 2029 Convertible Notes from $65.89 to $82.69. The cost of the capped call transactions was approximately $18.5 million. This cost, net of tax effect, was included as a reduction to stockholder’s equity in the condensed consolidated statements of financial condition as of June 30, 2023. As of June 30, 2023, the Company had two hedge programs that increase the effective exchange price for the 2029 Convertible Notes and the 2023 Exchangeable Notes. The hedge instruments have been determined to be indexed to the Company’s own stock and meet the criteria for equity classification. The Company recorded the cost of the hedge instruments as a reduction in stockholder’s equity, and does not recognize subsequent changes in fair value of these financial instruments in its consolidated financial statements. The Company did not hedge the 2025 Convertible Notes.

Certain key terms related to the convertible and exchangeable features as of June 30, 2023 are listed below ($ in thousands, except conversion or exchange price):


	2023 Exchangeable Notes		2025 Convertible Notes		2029 Convertible Notes
Initial conversion or exchange price	$	44.62	$	40.00	$	65.89
Closing stock price at date of issuance	$	36.45	$	32.00	$	51.68
Closing stock price date	Jul 20, 2018		Sep 4, 2019		Feb 28, 2023
Initial conversion or exchange rate (shares per $1,000 principal amount)	22.4090		25.0000		15.1763
Adjusted conversion or exchange rate (shares per $1,000 principal amount)(1)	22.5264		25.1310		15.1763
Adjusted conversion or exchange price(1)	$	44.39	$	39.79	$	65.89
Adjusted effective conversion or exchange price(2)	$	62.13	$	39.79	$	82.69
Excess of if-converted value compared to principal(3)	$	1,681	$	22,187	$	—
Conversion or exchange date	Mar 1, 2023		Jul 1, 2025		Dec 15, 2028

_______________________

(1)Pursuant to the indentures for the Company’s 2025 Convertible Notes and 2023 Exchangeable Notes, the conversion and exchange rates were adjusted upon the completion of the Company’s tender offer in December 2021.

(2)As discussed above, the Company maintains a hedge program that increases the effective exchange price for the 2023 Exchangeable Notes to $62.13 and the 2029 Convertible Notes to $82.69.

(3)Represents the premium the Company would have to pay assuming the Convertible Notes and Exchangeable Notes were converted or exchanged on June 30, 2023 using a hypothetical share price based on the closing stock price on June 30, 2023. The premium of the 2023 Exchangeable Notes would have been reduced to zero with the existing hedge program.

In February 2023, in accordance with the indenture for the 2023 Exchangeable Notes, Encore Finance irrevocably elected “combination settlement” with a specified dollar amount equal to $1,800 per $1,000 principal amount of the 2023 Exchangeable Notes for all exchanges of the 2023 Exchangeable Notes that occur on or after March 1, 2023, the free exchange date, which effectively will result in an all cash settlement for the 2023 Exchangeable Notes so long as the stock price does not exceed $79.91 at any time during a 40-day observation period beginning on the 41st scheduled trading day immediately preceding the maturity date. None of the 2023 Exchangeable Notes have been exchanged.

In the event of conversion, the Convertible Notes are convertible into cash up to the aggregate principal amount of the notes and the excess conversion premium, if any, may be settled in cash or shares of the Company’s common stock at the Company’s election and subject to certain restrictions contained in each of the indentures governing the Convertible Notes.

Interest expense related to the Convertible Notes and Exchangeable Notes was $3.3 million and $2.8 million during the three months ended June 30, 2023 and 2022, respectively. Interest expense related to the Convertible Notes and Exchangeable Notes was $6.2 million and $6.5 million during the six months ended June 30, 2023 and 2022, respectively.

Cabot Securitisation Senior Facility

Cabot Securitisation UK Ltd (“Cabot Securitisation”), an indirect subsidiary of Encore, has a senior facility for a committed amount of £350.0 million (as amended, the “Cabot Securitisation Senior Facility”). The Cabot Securitisation Senior Facility matures in September 2026. Funds drawn under the Cabot Securitisation Senior Facility bear interest at a rate per annum equal to SONIA plus a margin of 3.00% plus, for periods after September 18, 2024, a step-up margin ranging from zero to 1.00%.

As of June 30, 2023, the outstanding borrowings under the Cabot Securitisation Senior Facility were £350.0 million (approximately $443.8 million based on an exchange rate of $1.00 to £0.79, the exchange rate as of June 30, 2023). The obligations of Cabot Securitisation under the Cabot Securitisation Senior Facility are secured by first ranking security interests over all of Cabot Securitisation’s property, assets and rights. As of June 30, 2023, this included receivables purchased from Cabot Financial UK from time to time, the book value of which was approximately £362.0 million (approximately $459.0 million based on an exchange rate of $1.00 to £0.79, the exchange rate as of June 30, 2023). As discussed in Note 4, “Derivatives and Hedging Instruments,” the Company uses interest rate cap contracts to manage its risk related to the interest rate fluctuations in its variable interest rate bearing debt. The weighted average interest rate of the Cabot Securitisation Senior Facility including the effect of the hedging instruments was 5.25% and 3.95% for the three months ended June 30, 2023 and 2022, respectively, and 5.25% and 3.70% for the six months ended June 30, 2023 and 2022, respectively.

Cabot Securitisation is a securitized financing vehicle and is a VIE for consolidation purposes. Refer to “Note 8: Variable Interest Entities” for further details.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Net income	$ 44,931	$ 236,188
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	21,572	23,475
Other non-cash interest expense, net	8,660	8,149
Stock-based compensation expense	7,925	9,040
Deferred income taxes	2,785	3,699
Changes in recoveries	12,987	(192,373)
Other, net	985	9,267
Changes in operating assets and liabilities
Other assets	(35,730)	39,037
Accounts payable, accrued liabilities and other liabilities	(1,492)	(37,952)
Net cash provided by operating activities	62,623	98,530
Investing activities:
Purchases of receivable portfolios, net of put-backs	(544,721)	(337,932)
Collections applied to investment in receivable portfolios	342,020	406,738
Purchases of asset held for sale	(24,645)	(35,178)
Purchases of property and equipment	(9,503)	(11,937)
Other, net	22,603	13,416
Net cash (used in) provided by investing activities	(214,246)	35,107
Financing activities:
Payment of loan and debt refinancing costs	(8,151)	(1,659)
Proceeds from credit facilities	444,805	446,853
Repayment of credit facilities	(259,843)	(298,743)
Repayment of senior secured notes	(19,540)	(19,540)
Proceeds from issuance of convertible senior notes	230,000	0
Repayment of convertible and exchangeable senior notes	(192,457)	(221,153)
Proceeds from convertible hedge instruments, net	10,050	0
Repurchase and retirement of common stock	0	(50,835)
Other, net	(14,238)	(10,523)
Net cash provided by (used in) financing activities	190,626	(155,600)
Net increase (decrease) in cash and cash equivalents	39,003	(21,963)
Effect of exchange rate changes on cash and cash equivalents	1,956	(13,387)
Cash and cash equivalents, beginning of period	143,912	189,645
Cash and cash equivalents, end of period	184,871	154,295
Supplemental disclosure of cash information:
Cash paid for interest	79,167	64,366
Cash paid for taxes, net of refunds	$ 36,822	$ 44,671

Commitments and Contingencies (Details)	Jun. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Material reserves for litigation	$ 0
Purchase price	$ 393,000,000

Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Real estate owned	$ 82,150	$ 68,242
Operating lease right-of-use assets	71,386	70,074
Income tax deposits	47,711	18,259
Derivative instruments	34,957	36,807
Prepaid expenses	31,788	30,376
Identifiable intangible assets, net	20,746	22,112
Deferred tax assets, net	17,872	18,069
Service fee receivables	13,253	16,094
Other	81,436	61,040
Total	$ 401,299	$ 341,073
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Total	Total

Earnings Per Share - Table (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net Income (Loss) Attributable to Parent	$ 26,305	$ 60,439	$ 44,931	$ 236,188
Total weighted-average basic shares outstanding (shares)	23,670	24,359	23,610	24,539
Dilutive effect of stock-based awards (shares)	117	256	204	398
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities (in shares)	493	1,796	797	2,008
Total weighted-average dilutive shares outstanding (shares)	24,280	26,411	24,611	26,945
Basic earnings per share (USD per share)	$ 1.11	$ 2.48	$ 1.90	$ 9.63
Diluted earnings per share (USD per share)	$ 1.08	$ 2.29	$ 1.83	$ 8.77

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Derivatives and Hedging Instruments - Narrative (Details) € in Millions, £ in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) instrument	Jul. 31, 2023 EUR (€) reporting_unit	Jun. 30, 2023 EUR (€) instrument	Jun. 30, 2023 GBP (£) instrument
Euro Member Countries, Euro
Derivative [Line Items]
Foreign currency exchange rate, translation	0.92		0.92	0.92
United Kingdom, Pounds
Derivative [Line Items]
Foreign currency exchange rate, translation	0.79		0.79	0.79
Cash Flow Hedging \| Long-Term Debt
Derivative [Line Items]
Hedged liabilities	$ 381.9		€ 350.0
Interest rate cap contracts
Derivative [Line Items]
Loss expected to be reclassified to earnings in next twelve months	$ 29.6
Interest rate cap contracts \| Cash Flow Hedging
Derivative [Line Items]
Number of interest rate derivatives held \| instrument	2		2	2
Derivative instrument, notional amount	$ 880.2
Interest rate cap contracts \| Cash Flow Hedging \| 2019 Cap
Derivative [Line Items]
Derivative instrument, notional amount	436.4		€ 400.0
Interest rate cap contracts \| Cash Flow Hedging \| 2020 Caps
Derivative [Line Items]
Derivative instrument, notional amount	443.8			£ 350.0
Cross-currency swap agreements \| Cash Flow Hedging
Derivative [Line Items]
Derivative instrument, notional amount	381.9		€ 350.0
Loss expected to be reclassified to earnings in next twelve months	0.9
Unrealized Gain (Loss) on Derivatives	$ 1.1
Cross-currency swap agreements \| Cash Flow Hedging \| Subsequent Event
Derivative [Line Items]
Derivative instrument, notional amount \| €		€ 300.0
Number of instruments held \| reporting_unit		3

Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2023

Accumulated Other Comprehensive Income (Loss) [Abstract]

Accumulated Other Comprehensive Loss

A summary of the Company’s changes in accumulated other comprehensive loss by component is presented below (in thousands):


	Three Months Ended June 30, 2023
	Derivatives		Currency Translation Adjustments		Accumulated Other Comprehensive Loss
Balance at beginning of period	$	29,317	$	(119,685)	$	(90,368)
Other comprehensive income before reclassification	1,527		17,532		19,059
Reclassification	435		—		435

Tax effect	253		(279)		(26)
Balance at end of period	$	31,532	$	(102,432)	$	(70,900)


	Three Months Ended June 30, 2022
	Derivatives		Currency Translation Adjustments		Accumulated Other Comprehensive Loss
Balance at beginning of period	$	12,410	$	(76,318)	$	(63,908)
Other comprehensive loss before reclassification	(15,848)		(59,805)		(75,653)
Reclassification	22,695		—		22,695

Tax effect	(1,711)		—		(1,711)
Balance at end of period	$	17,546	$	(136,123)	$	(118,577)


	Six Months Ended June 30, 2023
	Derivatives		Currency Translation Adjustments		Accumulated Other Comprehensive Loss
Balance at beginning of period	$	36,494	$	(135,310)	$	(98,816)
Other comprehensive (loss) income before reclassification	(3,331)		33,540		30,209
Reclassification	(2,760)		—		(2,760)

Tax effect	1,129		(662)		467
Balance at end of period	$	31,532	$	(102,432)	$	(70,900)


	Six Months Ended June 30, 2022
	Derivatives		Currency Translation Adjustments		Accumulated Other Comprehensive Loss
Balance at beginning of period	$	516	$	(54,064)	$	(53,548)
Other comprehensive loss before reclassification	(12,489)		(82,059)		(94,548)
Reclassification	34,928		—		34,928

Tax effect	(5,409)		—		(5,409)
Balance at end of period	$	17,546	$	(136,123)	$	(118,577)

Goodwill and Identifiable Intangible Assets - Activity in Goodwill Balance (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Goodwill [Roll Forward]
Balance at beginning of period	$ 834,174	$ 876,541	$ 821,214	$ 897,795
Effect of foreign currency translation	18,022	(52,331)	30,982	(73,585)
Balance at end of period	$ 852,196	$ 824,210	$ 852,196	$ 824,210

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Reconciliation of Shares Used in Calculating Earnings Per Basic and Diluted Shares

A reconciliation of shares used in calculating earnings per basic and diluted shares follows (in thousands, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net income	$	26,305	$	60,439	$	44,931	$	236,188

Total weighted-average basic shares outstanding	23,670		24,359		23,610		24,539
Dilutive effect of stock-based awards	117		256		204		398
Dilutive effect of convertible and exchangeable senior notes	493		1,796		797		2,008

Total weighted-average dilutive shares outstanding	24,280		26,411		24,611		26,945

Basic earnings per share	$	1.11	$	2.48	$	1.90	$	9.63
Diluted earnings per share	$	1.08	$	2.29	$	1.83	$	8.77

Derivatives and Hedging Instruments

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Instruments

The Company may periodically enter into derivative financial instruments to manage risks related to interest rates and foreign currency. Certain of the Company’s derivative financial instruments qualify for hedge accounting treatment.

The following table summarizes the fair value of derivative instruments as recorded in the Company’s condensed consolidated statements of financial condition (in thousands):

June 30, 2023

December 31, 2022

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Derivatives designated as hedging instruments:

Interest rate cap contracts

Other assets

34,957

Other assets

36,807

Cross-currency swap agreements

Other liabilities

(33,819)

Other liabilities

(36,918)

Derivatives Designated as Hedging Instruments

The Company uses interest rate cap contracts to manage its risk related to the interest rate fluctuations in its variable interest rate bearing debt. As of June 30, 2023, the Company held two interest rate cap contracts with a notional amount of approximately $880.2 million. The interest rate cap hedging the fluctuations in three-month EURIBOR floating rate debt (“2019 Cap”) has a notional amount of €400.0 million (approximately $436.4 million based on an exchange rate of $1.00 to €0.92, the exchange rate as of June 30, 2023) and matures in June 2024. The interest rate cap hedging the fluctuations in sterling overnight index average (“SONIA”) bearing debt (“2021 Cap”) has a notional amount of £350.0 million (approximately $443.8 million based on an exchange rate of $1.00 to £0.79, the exchange rate as of June 30, 2023) and matures in September 2024. The Company expects the hedge relationships to be highly effective and designates the 2019 Cap and 2021 Cap as cash flow hedge instruments. The Company expects to reclassify approximately $29.6 million of net derivative gain from accumulated other comprehensive loss into earnings relating to interest rate caps within the next 12 months.

The Company uses cross-currency swap agreements to manage foreign currency exchange risk by converting fixed-rate Euro-denominated borrowings including periodic interest payments and the payment of principal at maturity to fixed-rate USD debt. Prior to June 2023, the Company held cross-currency swap agreements with a total notional amount of €350.0 million (approximately $381.9 million based on an exchange rate of $1.00 to €0.92, the exchange rate as of June 30, 2023). These cross-currency swaps were set to expire in October 2023 and were designated as cash flow hedges. In June 2023, the Company amended the cross-currency swap agreements and extended the expiration date of these agreements to October 2025 without changing the total notional amount. In connection with these transactions, the Company de-designated the previous cash flow hedge relationships and re-designated the amended cross-currency swap agreements as fair value hedges. The amended cross-currency swap agreements are considered off-market derivatives. The Company will amortize the unrealized net derivative gain included in accumulated other comprehensive loss associated with the previously designated cash flow hedges of approximately $0.9 million into earnings through October 2023. Additionally, the unrealized loss associated with the amended cross-currency

swap agreements was approximately $1.1 million as of June 30, 2023. The hedged liabilities are included in Borrowings in the Company’s condensed consolidated statements of financial condition as of June 30, 2023 and had a carrying amount of €350.0 million (approximately $381.9 million based on an exchange rate of $1.00 to €0.92, the exchange rate as of June 30, 2023).

The following tables summarize the effects of derivatives designated as hedging instruments in the Company’s condensed consolidated financial statements (in thousands):


Derivatives Designated as Hedging Instruments	Gain (Loss) Recognized in OCI				Location of Gain (Loss) Reclassified from OCI into Income (Loss)	Gain (Loss) Reclassified from OCI into Income (Loss)
	Three Months Ended June 30,					Three Months Ended June 30,
	2023		2022			2023		2022



Interest rate cap contracts	$	3,423	$	6,587	Interest expense	$	(391)	$	(183)
Cross-currency swap agreements	(1,896)		(22,435)		Interest expense	(1,395)		(2,136)
					Other income (expense)	1,351		(20,376)


Derivatives Designated as Hedging Instruments	Gain (Loss) Recognized in OCI				Location of Gain (Loss) Reclassified from OCI into Income (Loss)	Gain (Loss) Reclassified from OCI into Income (Loss)
	Six Months Ended June 30,					Six Months Ended June 30,
	2023		2022			2023		2022



Interest rate cap contracts	$	(3,501)	$	16,350	Interest expense	$	(841)	$	(353)
Cross-currency swap agreements	170		(28,839)		Interest expense	(2,903)		(3,723)
					Other income (expense)	6,504		(30,852)

In July 2023, the Company entered into three cross-currency swap agreements with a total notional amount of £300.0 million that are used to manage foreign currency exchange risk by converting fixed-rate GBP-denominated borrowings including periodic interest payments and the payment of principal at maturity to fixed-rate USD debt.

Borrowings - Convertible and Exchangeable Notes Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023 USD ($) hedgeProgram $ / shares	Mar. 31, 2023 USD ($) $ / shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) hedgeProgram $ / shares	Jun. 30, 2022 USD ($)	Apr. 01, 2023 $ / shares	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Debt instrument face value	$ 347,655			$ 347,655			$ 272,500
Interest expense	$ 49,983		$ 37,054	$ 96,818	$ 71,687
Number of hedge programs \| hedgeProgram	2			2
Combination settlement ratio				1.8
Convertible Notes \| 2029 Convertible Notes
Debt Instrument [Line Items]
Debt instrument face value	$ 230,000	$ 230,000		$ 230,000			0
Stated interest rate (as a percent)	4.00%			4.00%
Initial conversion price (usd per share) \| $ / shares	$ 65.89	$ 65.89		$ 65.89		$ 82.69
Net cost of capped call transactions				$ 18,500
Exchangeable Notes \| 2023 Exchangeable Notes
Debt Instrument [Line Items]
Debt instrument face value	$ 17,655			$ 17,655			$ 172,500
Stated interest rate (as a percent)	4.50%			4.50%
Repurchased amount of debt, face amount		$ 154,800
Debt instrument, repurchased amount		192,500
Induced conversion of convertible debt expense		2,700
Proceeds from (Repayments of) Debt		$ 28,500
Interest expense				$ 700
Initial conversion price (usd per share) \| $ / shares	$ 44.62			$ 44.62
Exchangeable Notes \| 2023 Exchangeable Notes \| Maximum
Debt Instrument [Line Items]
Initial conversion price (usd per share) \| $ / shares	$ 79.91			$ 79.91
Convertible notes and exchangeable notes
Debt Instrument [Line Items]
Interest expense, debt, excluding amortization	$ 3,300		$ 2,800	$ 6,200	$ 6,500
Encore Finance \| Encore
Debt Instrument [Line Items]
Ownership %				100.00%

Borrowings - Senior Secured Notes - Table and Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Senior secured notes	$ 1,532,098	$ 1,485,888
Encore 2025 Notes \| Secured Debt
Debt Instrument [Line Items]
Senior secured notes	$ 381,868	375,325
Stated interest rate (as a percent)	4.875%
Encore 2026 Notes \| Secured Debt
Debt Instrument [Line Items]
Senior secured notes	$ 380,424	363,019
Stated interest rate (as a percent)	5.375%
Encore 2028 Notes \| Secured Debt
Debt Instrument [Line Items]
Senior secured notes	$ 317,020	302,516
Stated interest rate (as a percent)	4.25%
Encore 2028 Floating Rate Notes \| Secured Debt
Debt Instrument [Line Items]
Senior secured notes	$ 452,786	$ 445,028
Variable rate floor	0.00%
Encore 2028 Floating Rate Notes \| Euro Interbank Offered Rate (EURIBOR) \| Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	4.25%

Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value is defined as the price that would be received upon sale of an asset or the price paid to transfer a liability, in an orderly transaction between market participants at the measurement date (i.e., the “exit price”). The Company uses a fair value hierarchy that prioritizes the inputs used in valuation techniques to measure fair value into three broad levels. The following is a brief description of each level:

•Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

•Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

•Level 3: Unobservable inputs, including inputs that reflect the reporting entity’s own assumptions.

Financial Instruments Required To Be Carried At Fair Value

Financial assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):


	Fair Value Measurements as of June 30, 2023
	Level 1		Level 2		Level 3		Total
Assets

Interest rate cap contracts	$	—	$	34,957	$	—	$	34,957
Liabilities
Cross-currency swap agreements	—		(33,819)		—		(33,819)


	Fair Value Measurements as of December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets

Interest rate cap contracts	$	—	$	36,807	$	—	$	36,807
Liabilities
Cross-currency swap agreements	—		(36,918)		—		(36,918)

Derivative Contracts:

The Company uses derivative instruments to manage its exposure to fluctuations in interest rates and foreign currency exchange rates. Fair values of these derivative instruments are estimated using industry standard valuation models. These models project future cash flows and discount the future amounts to a present value using market-based observable inputs, including interest rate curves, foreign currency exchange rates, and forward and spot prices for currencies.

Non-Recurring Fair Value Measurement:

Certain assets are measured at fair value on a nonrecurring basis. These assets include real estate-owned assets classified as held for sale at the lower of their carrying value or fair value less cost to sell. The fair value of the assets held for sale and estimated selling expenses were determined at the time of initial recognition and in each reporting period using Level 3 measurements based on appraised values using market comparables. The fair value estimate of the assets held for sale was approximately $82.2 million and $68.2 million as of June 30, 2023 and December 31, 2022, respectively.

Financial Instruments Not Required To Be Carried At Fair Value

The table below summarizes fair value estimates for the Company's financial instruments that are not required to be carried at fair value. The total of the fair value calculations presented does not represent, and should not be construed to represent, the underlying value of the Company.

The carrying amounts in the following table are included in the condensed consolidated statements of financial condition as of June 30, 2023 and December 31, 2022 (in thousands):


	June 30, 2023				December 31, 2022
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial Assets
Investment in receivable portfolios, net	$	3,330,986	$	3,426,757	$	3,088,261	$	3,242,506
Financial Liabilities
Global senior secured revolving credit facility	850,689		850,689		661,738		661,738
Encore private placement notes	48,850		48,000		68,390		66,947
Senior secured notes(1)	1,527,085		1,375,574		1,480,258		1,334,686

Exchangeable senior notes due September 2023	17,655		19,690		172,500		205,227
Convertible senior notes due October 2025	100,000		131,878		100,000		130,556
Convertible senior notes due March 2029	230,000		225,188		—		—
Cabot securitisation senior facility	443,828		443,828		423,522		423,522
Other borrowings	18,633		18,633		23,512		23,512

_______________________

(1)Carrying amount represents historical cost, adjusted for any related debt discount or debt premium.

Investment in Receivable Portfolios:

The fair value of investment in receivable portfolios is measured using Level 3 inputs by discounting the estimated future cash flows generated by the Company’s proprietary forecasting models. The key inputs include the estimated future gross cash flow, average cost to collect, and discount rate. The determination of such inputs requires significant judgment, including assessing the assumed market participant’s cost structure, its determination of whether to include fixed costs in its valuation, its collection strategies, and determining the appropriate weighted average cost of capital. The Company evaluates the use of these key inputs on an ongoing basis and refines the data as it continues to obtain better information from market participants in the debt recovery and purchasing business.

Borrowings:

The Company’s convertible notes, exchangeable notes, senior secured notes and private placement notes are carried at historical cost, adjusted for the applicable debt discount. The fair value estimate for the convertible and exchangeable notes incorporates quoted market prices using Level 2 inputs. The fair value of the senior secured notes and private placement notes is estimated using widely accepted valuation techniques, including discounted cash flow analyses using available market information on discount and borrowing rates with similar terms, maturities, and credit ratings. Accordingly, the Company used Level 2 inputs for these debt instrument fair value estimates.

The carrying value of the Company’s senior secured revolving credit facility and securitisation senior facility approximates fair value due to the use of current market rates that are repriced frequently.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Borrowings - Cabot Securitisation Senior Facility (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022	Jun. 30, 2023 USD ($)	Jun. 30, 2022	Jun. 30, 2023 GBP (£)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Book value	$ 4,876,570		$ 4,876,570			$ 4,508,360
United Kingdom, Pounds
Debt Instrument [Line Items]
Foreign currency exchange rate, translation	0.79		0.79		0.79
Cabot securitisation senior facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 443,800		$ 443,800		£ 350,000,000
Book value	$ 459,000		$ 459,000		£ 362,000,000
Weighted average interest rate (as a percent)	5.25%	3.95%	5.25%	3.70%
Cabot securitisation senior facility \| Sterling Overnight Index Average (SONIA) \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			3.00%
Cabot securitisation senior facility \| Minimum \| Sterling Overnight Index Average (SONIA) \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.00%
Cabot securitisation senior facility \| Maximum \| Sterling Overnight Index Average (SONIA) \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			1.00%

Segment and Geographic Information (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of Geographical Areas of Operations

The following table presents information about geographic areas in which the Company operates (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Total revenues:
United States	$	206,765	$	241,344	$	406,983	$	614,918
Europe
United Kingdom	75,223		86,150		153,208		176,371
Other European countries(1)	41,056		29,321		75,294		65,132
Total Europe	116,279		115,471		228,502		241,503

Other geographies(1)	—		102		189		178
Total	$	323,044	$	356,917	$	635,674	$	856,599

________________________

(1)None of these countries comprise greater than 10% of the Company's consolidated revenues.

Ownership, Description of Business, and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Ownership, Description of Business, and Summary of Significant Accounting Policies	Ownership, Description of Business, and Summary of Significant Accounting Policies Encore Capital Group, Inc. (“Encore”), through its subsidiaries (collectively with Encore, the “Company”), is an international specialty finance company providing debt recovery solutions and other related services for consumers across a broad range of financial assets. The Company purchases portfolios of defaulted consumer receivables at deep discounts to face value and manages them by working with individuals as they repay their obligations and work toward financial recovery. Defaulted receivables are consumers’ unpaid financial obligations to credit originators, including banks, credit unions, consumer finance companies and commercial retailers. Defaulted receivables may also include receivables subject to bankruptcy proceedings. The Company also provides debt servicing and other portfolio management services to credit originators for non-performing loans in Europe. Through Midland Credit Management, Inc. and its domestic affiliates (collectively, “MCM”), the Company is a market leader in portfolio purchasing and recovery in the United States. Through Cabot Credit Management Limited (“CCM”) and its subsidiaries and European affiliates (collectively, “Cabot”), the Company is one of the largest credit management services providers in Europe and the United Kingdom. These are the Company’s primary operations. The Company also has investments and operations in Latin America and Asia-Pacific, which the Company refers to as “LAAP.” Financial Statement Preparation and Presentation The accompanying interim condensed consolidated financial statements have been prepared by the Company, without audit, in accordance with the instructions to the Quarterly Report on Form 10-Q, and Rule 10-01 of Regulation S-X promulgated by the United States Securities and Exchange Commission (the “SEC”) and, therefore, do not include all information and footnotes necessary for a fair presentation of its condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented reflects all adjustments, consisting of only normal and recurring adjustments, necessary for a fair statement of the Company’s condensed consolidated financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year. The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the Company’s condensed financial statements and the accompanying notes. Actual results could materially differ from those estimates. Basis of Consolidation The condensed consolidated financial statements have been prepared in conformity with GAAP and reflect the accounts and operations of the Company and those of its subsidiaries in which the Company has a controlling financial interest. The Company also consolidates variable interest entities (“VIEs”) for which it is the primary beneficiary. The primary beneficiary has both (a) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance, and (b) either the obligation to absorb losses or the right to receive benefits. Refer to “Note 8: Variable Interest Entities” for further details. All intercompany transactions and balances have been eliminated in consolidation. Translation of Foreign Currencies The condensed financial statements of certain of the Company’s foreign subsidiaries are measured using their local currency as the functional currency. Assets and liabilities of foreign operations are translated into U.S. dollars using period-end exchange rates, and revenues and expenses are translated into U.S. dollars using average exchange rates in effect during each period. The resulting translation adjustments are recorded as a component of other comprehensive income or loss. Equity accounts are translated at historical rates, except for the change in retained earnings during the year which is the result of the income statement translation process. Intercompany transaction gains or losses at each period end arising from subsequent measurement of balances for which settlement is not planned or anticipated in the foreseeable future are included as translation adjustments and recorded within other comprehensive income or loss. Translation gains or losses are the material components of accumulated other comprehensive income or loss and are reclassified to earnings upon the substantial sale or liquidation of investments in foreign operations. Recently Adopted Accounting GuidanceThere have been no recent accounting pronouncements or changes in accounting pronouncements during the three and six months ended June 30, 2023, as compared to the recent accounting pronouncements described in our Annual Report, that have significance, or potential significance, to the Company’s condensed consolidated financial statements.

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Earnings	Accumulated Other Comprehensive (Loss) Income
Balance at beginning of period (shares) at Dec. 31, 2021		24,541,000
Balance at Beginning of period at Dec. 31, 2021	$ 1,185,261	$ 245	$ 0	$ 1,238,564	$ (53,548)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	236,188			236,188
Other comprehensive income, net of tax	(65,029)				(65,029)
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (shares)		272,000
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	$ (11,079)	$ 4	(3,649)	(7,434)
Repurchase of commons stock (in shares)	(823,613)	(824,000)
Repurchase and retirement of common stock	$ (50,835)	$ (9)	(4,597)	(46,229)
Stock-based compensation	9,040		9,040
Settlement of convertible notes	(71,152)			(71,152)
Balance at end of period (shares) at Jun. 30, 2022		23,989,000
Balance at end of period at Jun. 30, 2022	1,231,600	$ 240	0	1,349,937	(118,577)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' Equity, Other	(794)
Balance at beginning of period (shares) at Mar. 31, 2022		24,361,000
Balance at Beginning of period at Mar. 31, 2022	1,246,375	$ 244	0	1,310,039	(63,908)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	60,439			60,439
Other comprehensive income, net of tax	(54,669)				(54,669)
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (shares)		52,000
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	$ 273	$ 1	272
Repurchase of commons stock (in shares)	(424,091)	(424,000)
Repurchase and retirement of common stock	$ (25,143)	$ (5)	(4,597)	(20,541)
Stock-based compensation	5,119		5,119
Settlement of convertible notes	(794)
Balance at end of period (shares) at Jun. 30, 2022		23,989,000
Balance at end of period at Jun. 30, 2022	1,231,600	$ 240	0	1,349,937	(118,577)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' Equity, Other	(794)
Balance at beginning of period (shares) at Dec. 31, 2022		23,323,000
Balance at Beginning of period at Dec. 31, 2022	1,179,627	$ 233	0	1,278,210	(98,816)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	44,931			44,931
Other comprehensive income, net of tax	27,916				27,916
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (shares)		162,000
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	(6,320)	$ 2	(6,322)
Stock-based compensation	7,925		7,925
Purchase of capped call options, net of tax effect	(13,865)		(13,865)
Unwind of the existing capped call options	28,542		28,542
Settlement of convertible notes	(34,921)		(12,374)	(22,547)
Balance at end of period (shares) at Jun. 30, 2023		23,485,000
Balance at end of period at Jun. 30, 2023	1,233,835	$ 235	3,906	1,300,594	(70,900)
Balance at beginning of period (shares) at Mar. 31, 2023		23,482,000
Balance at Beginning of period at Mar. 31, 2023	1,184,156	$ 235	0	1,274,289	(90,368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	26,305			26,305
Other comprehensive income, net of tax	19,468				19,468
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (shares)		3,000
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	33		33
Stock-based compensation	3,873		3,873
Balance at end of period (shares) at Jun. 30, 2023		23,485,000
Balance at end of period at Jun. 30, 2023	$ 1,233,835	$ 235	$ 3,906	$ 1,300,594	$ (70,900)

Borrowings - Interest Expense Related to Convertible and Exchangeable Notes -Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Convertible notes and exchangeable notes
Debt Instrument [Line Items]
Interest expense, debt, excluding amortization	$ 3.3	$ 2.8	$ 6.2	$ 6.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
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+ Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation and Regulatory The Company is involved in disputes, legal actions, regulatory investigations, inquiries, and other actions from time to time in the ordinary course of business. The Company, along with others in its industry, is routinely subject to legal actions asserting various claims, including those based on the Fair Debt Collection Practices Act (“FDCPA”), the Fair Credit Reporting Act (“FCRA”), the Telephone Consumer Protection Act (“TCPA”), comparable state statutes, state and federal unfair competition statutes, and common law causes of action. The violations of law investigated or alleged in these actions often include claims that the Company lacks specified licenses to conduct its business, attempts to collect debts on which the statute of limitations has run, has made inaccurate or unsupported assertions of fact in support of its collection actions and/or has acted improperly in connection with its efforts to contact consumers. Such litigation and regulatory actions could involve potential compensatory or punitive damage claims, fines, sanctions, injunctive relief, or changes in business practices. Many continue on for some length of time and involve substantial investigation, litigation, negotiation, and other expense and effort before a result is achieved, and during the process the Company often cannot determine the substance or timing of any eventual outcome. As of June 30, 2023, there were no material developments in any of the legal proceedings disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 or any new material legal proceedings during the three and six months ended June 30, 2023. In certain legal proceedings, the Company may have recourse to insurance or third-party contractual indemnities to cover all or portions of its litigation expenses, judgments, or settlements. The Company records loss contingencies in its financial statements only for matters in which losses are probable and can be reasonably estimated. Where a range of loss can be reasonably estimated with no best estimate in the range, the Company records the minimum estimated liability. The Company continuously assesses the potential liability related to its pending litigation and regulatory matters and revises its estimates when additional information becomes available. The Company’s legal costs are recorded to expense as incurred. As of June 30, 2023, the Company has no material reserves for legal matters. Purchase Commitments In the normal course of business, the Company enters into forward flow purchase agreements. A forward flow purchase agreement is a commitment to purchase receivables over a duration that is typically three to twelve months, but can be longer, generally with a specifically defined volume range, frequency, and pricing. Typically, these forward flow contracts have provisions that allow for early termination or price re-negotiation should the underlying quality of the portfolio deteriorate over time or if any particular month’s delivery is materially different than the original portfolio used to price the forward flow contract. Certain of these forward flow purchase agreements may also have termination clauses, whereby the agreements can be canceled by either party upon providing a certain specified amount of notice. As of June 30, 2023, the Company had entered into forward flow purchase agreements for the purchase of nonperforming loans with an estimated minimum aggregate purchase price of approximately $393.0 million. The Company expects actual purchases under these forward flow purchase agreements to be significantly greater than the estimated minimum aggregate purchase price.

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Contingency [Line Items]
Effective rate (as a percent)	27.60%	27.80%	26.80%	24.90%
Uncertain tax positions, taxes accrued for state tax filing positions	$ 2.5		$ 2.5
Costa Rica \| Tax holiday through December 31, 2026
Income Tax Contingency [Line Items]
Holiday tax rate (as a percent)			100.00%

Goodwill and Identifiable Intangible Assets - Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 48,597	$ 46,407
Accumulated Amortization	(27,851)	(24,295)
Net Carrying Amount	20,746	22,112
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	47,680	45,498
Accumulated Amortization	(27,018)	(23,507)
Net Carrying Amount	20,662	21,991
Trade name and other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	917	909
Accumulated Amortization	(833)	(788)
Net Carrying Amount	$ 84	$ 121

Investment in Receivable Portfolios, Net - Change in the Balance of the Investment in Receivable Portfolios (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period	$ 3,214,792	$ 3,137,386	$ 3,088,261	$ 3,065,553
Purchases of receivable portfolios	274,325	173,007	550,756	342,512
Collections applied to investment in receivable portfolios, net	(175,338)	(191,429)	(342,020)	(406,738)
Changes in expected recoveries	(3,486)	25,150	(12,987)	192,373
Put-backs and Recalls	(4,229)	(1,373)	(6,035)	(4,580)
Disposals and transfers to real estate owned	(5,139)	(1,856)	(6,244)	(3,832)
Foreign currency translation adjustments	30,061	(105,762)	59,255	(150,165)
Balance, end of period	3,330,986	3,035,123	3,330,986	3,035,123
Collections applied to principal balance (debt purchasing)
Cash Collections	(476,522)	(497,711)	(938,878)	(1,017,125)
Less - amounts classified to revenue from receivable portfolios	(301,184)	(306,282)	(596,858)	(610,387)
Collections applied to investment in receivable portfolios, net	175,338	191,429	342,020	406,738
Changes in expected recoveries
Recoveries (below) above forecast	(477)	9,935	(15,835)	56,287
Changes in expected future recoveries	(3,009)	15,215	2,848	136,086
Changes in recoveries	$ (3,486)	$ 25,150	$ (12,987)	$ 192,373

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

Financial assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):


	Fair Value Measurements as of June 30, 2023
	Level 1		Level 2		Level 3		Total
Assets

Interest rate cap contracts	$	—	$	34,957	$	—	$	34,957
Liabilities
Cross-currency swap agreements	—		(33,819)		—		(33,819)


	Fair Value Measurements as of December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets

Interest rate cap contracts	$	—	$	36,807	$	—	$	36,807
Liabilities
Cross-currency swap agreements	—		(36,918)		—		(36,918)

Schedule of Financial Instruments Not Required to be Carried at Fair Value

The carrying amounts in the following table are included in the condensed consolidated statements of financial condition as of June 30, 2023 and December 31, 2022 (in thousands):


	June 30, 2023				December 31, 2022
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial Assets
Investment in receivable portfolios, net	$	3,330,986	$	3,426,757	$	3,088,261	$	3,242,506
Financial Liabilities
Global senior secured revolving credit facility	850,689		850,689		661,738		661,738
Encore private placement notes	48,850		48,000		68,390		66,947
Senior secured notes(1)	1,527,085		1,375,574		1,480,258		1,334,686

Exchangeable senior notes due September 2023	17,655		19,690		172,500		205,227
Convertible senior notes due October 2025	100,000		131,878		100,000		130,556
Convertible senior notes due March 2029	230,000		225,188		—		—
Cabot securitisation senior facility	443,828		443,828		423,522		423,522
Other borrowings	18,633		18,633		23,512		23,512

_______________________

(1)Carrying amount represents historical cost, adjusted for any related debt discount or debt premium.

Investment in Receivable Portfolios, Net

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Investment in Receivable Portfolios, Net

The Company’s purchased portfolios of loans are grossed-up to their face value with an offsetting allowance and noncredit discount allocated to the individual receivables as the unit of account is at the individual loan level. Since each loan is deeply delinquent and deemed uncollectible at the individual loan level, the Company applies its charge-off policy and fully writes-off the amortized costs (i.e., face value net of noncredit discount) of the individual receivables immediately after purchasing the portfolio. The Company then records a negative allowance that represents the present value of all expected future recoveries for pools of receivables that share similar risk characteristics using a discounted cash flow approach, which ultimately equals the amount paid for a portfolio purchase and presented as “Investment in receivable portfolios, net” in the Company’s condensed consolidated statements of financial condition. The discount rate is an effective interest rate (or “purchase EIR”) based on the purchase price of the portfolio and the expected future cash flows at the time of purchase.

Receivable portfolio purchases are aggregated into pools based on similar risk characteristics. Examples of risk characteristics include financial asset type, collateral type, size, interest rate, date of origination, term, and geographic location. The Company’s static pools are typically grouped into credit card, purchased consumer bankruptcy, and mortgage portfolios. The Company further groups these static pools by geographic location. Once a pool is established, the portfolios will remain in the designated pool unless the underlying risk characteristics change, which is not expected due to the delinquent nature of the individual loans. The purchase EIR of a pool will not change over the life of the pool even if expected future cash flows change.

Revenue is recognized for each static pool over the economic life of the pool. Debt purchasing revenue includes two components:

(1) Revenue from receivable portfolios, which is the accretion of the discount on the negative allowance due to the passage of time (generally the portfolio balance multiplied by the EIR) and also includes all revenue from zero basis portfolio (“ZBA”) collections, and

(2) Changes in recoveries, which includes

(a) Recoveries above or below forecast, which is the difference between (i) actual cash collected/recovered during the current period and (ii) expected cash recoveries for the current period, which generally represents over or under performance for the period; and

(b) Changes in expected future recoveries, which is the present value change of expected future recoveries, where such change generally results from (i) collections “pulled forward from” or “pushed out to” future periods (i.e. amounts either collected early or expected to be collected later) and (ii) magnitude and timing changes to estimates of expected future collections (which can be increases or decreases).

The Company measures expected future recoveries based on historical experience, current conditions, reasonable and supportable forecasts, and other quantitative and qualitative factors. Factors that may change the expected future recoveries may include both internal as well as external factors. Internal factors include operational performance, such as capacity and the productivity of the Company’s collection staff. External factors include new laws or regulations, new interpretations of existing laws or regulations, and macroeconomic conditions. The Company continues to reassess its expected future recoveries in each reporting period.

Investment in receivable portfolios, net consists of the following as of the dates presented (in thousands):


	June 30, 2023		December 31, 2022
Amortized cost	$	—	$	—
Negative allowance for expected recoveries	3,330,986		3,088,261
Balance, end of period	$	3,330,986	$	3,088,261

The following table summarizes the changes in the balance of investment in receivable portfolios, net during the periods presented (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Balance, beginning of period	$	3,214,792	$	3,137,386	$	3,088,261	$	3,065,553
Negative allowance for expected recoveries - current period purchases(1)	274,325		173,007		550,756		342,512
Collections applied to investment in receivable portfolios, net (2)	(175,338)		(191,429)		(342,020)		(406,738)
Changes in recoveries (3)	(3,486)		25,150		(12,987)		192,373
Put-backs and Recalls	(4,229)		(1,373)		(6,035)		(4,580)

Disposals and transfers to real estate owned	(5,139)		(1,856)		(6,244)		(3,832)
Foreign currency translation adjustments	30,061		(105,762)		59,255		(150,165)
Balance, end of period	$	3,330,986	$	3,035,123	$	3,330,986	$	3,035,123

_______________________

(1)The table below provides the detail on the establishment of negative allowance for expected recoveries of portfolios purchased during the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Purchase price	$	274,325	$	173,007	$	550,756	$	342,512
Allowance for credit losses	690,501		768,932		1,350,145		1,119,118
Amortized cost	964,826		941,939		1,900,901		1,461,630
Noncredit discount	1,049,233		907,249		2,054,454		1,564,307
Face value	2,014,059		1,849,188		3,955,355		3,025,937
Write-off of amortized cost	(964,826)		(941,939)		(1,900,901)		(1,461,630)
Write-off of noncredit discount	(1,049,233)		(907,249)		(2,054,454)		(1,564,307)
Negative allowance	274,325		173,007		550,756		342,512
Negative allowance for expected recoveries - current period purchases	$	274,325	$	173,007	$	550,756	$	342,512

(2)Collections applied to investment in receivable portfolios, net, is calculated as follows during the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cash Collections	$	476,522	$	497,711	$	938,878	$	1,017,125
Less - amounts classified to revenue from receivable portfolios	(301,184)		(306,282)		(596,858)		(610,387)
Collections applied to investment in receivable portfolios, net	$	175,338	$	191,429	$	342,020	$	406,738

(3)Changes in recoveries is calculated as follows during the periods presented, where recoveries include cash collections, put-backs and recalls, and other cash-based adjustments:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Recoveries (below) above forecast	$	(477)	$	9,935	$	(15,835)	$	56,287
Changes in expected future recoveries	(3,009)		15,215		2,848		136,086
Changes in recoveries	$	(3,486)	$	25,150	$	(12,987)	$	192,373

Recoveries above or below forecast represent over and under-performance in the reporting period, respectively. Collections during the three months ended June 30, 2023, were below forecast by $0.5 million. Collections during the six months ended June 30, 2023 under-performed the forecasted collections by approximately $15.8 million. The under-performance was primarily attributable to shifts in the timing of collections for recent U.S. vintages as consumers transitioned back to more normalized payment behavior. The under-performance during the six months ended June 30, 2023, was also partly due to court closures in Spain resulting from labor unrest in the court system during the first quarter of 2023.

When reassessing the forecasts of expected lifetime recoveries during the three months ended June 30, 2023, management considered, among other factors, historical and current collection performance, changes in consumer behavior, and the macroeconomic environment and believes that forecasted collections for certain static pools resulted in decreased total expected recoveries. As a result, the Company has updated its forecast, resulting in changes in the timing and amount of total estimated remaining collections which in turn, when discounted to present value, resulted in a net negative change in expected future recoveries of approximately $3.0 million for the three months ended June 30, 2023. This negative change in expected future recoveries, together with the positive changes recorded in the first quarter, resulted in a net positive change of expected future recoveries of $2.8 million for the six months ended June 30, 2023. During the three and six months ended June 30, 2022, the Company recorded approximately $15.2 million and $136.1 million, respectively, in net positive change in expected future period recoveries as a result of reforecasting its expected future recoveries based on the COVID-19 pandemic-related consumer behavior observed at that time.

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Revenue from receivable portfolios	$ 301,184	$ 306,282	$ 596,858	$ 610,387
Changes in recoveries	(3,486)	25,150	(12,987)	192,373
Total debt purchasing revenue	297,698	331,432	583,871	802,760
Servicing revenue	21,008	23,788	43,593	49,934
Other revenues	4,338	1,697	8,210	3,905
Total revenues	323,044	356,917	635,674	856,599
Operating expenses
Salaries and employee benefits	95,855	98,880	199,705	195,836
Cost of legal collections	57,150	55,148	111,251	110,865
General and administrative expenses	34,529	34,967	72,494	68,501
Other operating expenses	26,349	27,405	53,905	54,432
Collection agency commissions	10,387	9,923	18,537	19,528
Depreciation and amortization	10,702	11,646	21,572	23,475
Total operating expenses	234,972	237,969	477,464	472,637
Income from operations	88,072	118,948	158,210	383,962
Other expense
Interest expense	(49,983)	(37,054)	(96,818)	(71,687)
Other (expense) income, net	(1,755)	1,795	(23)	2,187
Total other expense	(51,738)	(35,259)	(96,841)	(69,500)
Income before income taxes	36,334	83,689	61,369	314,462
Provision for income taxes	(10,029)	(23,250)	(16,438)	(78,274)
Net income	$ 26,305	$ 60,439	$ 44,931	$ 236,188
Earnings per share:
Basic (USD per share)	$ 1.11	$ 2.48	$ 1.90	$ 9.63
Diluted (USD per share)	$ 1.08	$ 2.29	$ 1.83	$ 8.77
Weighted average shares outstanding:
Basic (shares)	23,670	24,359	23,610	24,539
Diluted (shares)	24,280	26,411	24,611	26,945

Investment in Receivable Portfolios, Net - Establishment of Negative Allowance (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Receivables [Abstract]
Purchase price	$ 274,325	$ 173,007	$ 550,756	$ 342,512
Allowance for credit losses	690,501	768,932	1,350,145	1,119,118
Amortized cost	964,826	941,939	1,900,901	1,461,630
Noncredit discount	1,049,233	907,249	2,054,454	1,564,307
Face value	2,014,059	1,849,188	3,955,355	3,025,937
Write-off of amortized cost	(964,826)	(941,939)	(1,900,901)	(1,461,630)
Write-off of noncredit discount	(1,049,233)	(907,249)	(2,054,454)	(1,564,307)
Negative allowance	274,325	173,007	550,756	342,512
Negative allowance for expected recoveries - current period purchases	$ 274,325	$ 173,007	$ 550,756	$ 342,512

Derivatives and Hedging Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Instruments

The following table summarizes the fair value of derivative instruments as recorded in the Company’s condensed consolidated statements of financial condition (in thousands):

June 30, 2023

December 31, 2022

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Derivatives designated as hedging instruments:

Interest rate cap contracts

Other assets

34,957

Other assets

36,807

Cross-currency swap agreements

Other liabilities

(33,819)

Other liabilities

(36,918)

Effects of Derivatives in Cash Flow Hedging Relationships

The following tables summarize the effects of derivatives designated as hedging instruments in the Company’s condensed consolidated financial statements (in thousands):


Derivatives Designated as Hedging Instruments	Gain (Loss) Recognized in OCI				Location of Gain (Loss) Reclassified from OCI into Income (Loss)	Gain (Loss) Reclassified from OCI into Income (Loss)
	Three Months Ended June 30,					Three Months Ended June 30,
	2023		2022			2023		2022



Interest rate cap contracts	$	3,423	$	6,587	Interest expense	$	(391)	$	(183)
Cross-currency swap agreements	(1,896)		(22,435)		Interest expense	(1,395)		(2,136)
					Other income (expense)	1,351		(20,376)


Derivatives Designated as Hedging Instruments	Gain (Loss) Recognized in OCI				Location of Gain (Loss) Reclassified from OCI into Income (Loss)	Gain (Loss) Reclassified from OCI into Income (Loss)
	Six Months Ended June 30,					Six Months Ended June 30,
	2023		2022			2023		2022



Interest rate cap contracts	$	(3,501)	$	16,350	Interest expense	$	(841)	$	(353)
Cross-currency swap agreements	170		(28,839)		Interest expense	(2,903)		(3,723)
					Other income (expense)	6,504		(30,852)

Borrowings - Encore Convertible Notes and Exchangeable Notes - Table and Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Apr. 01, 2023	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt issued	$ 347,655			$ 272,500
Exchangeable Notes \| 2023 Exchangeable Notes
Debt Instrument [Line Items]
Debt issued	$ 17,655			172,500
Stated interest rate (as a percent)	4.50%
Initial conversion price (usd per share)	$ 44.62
Excess of if-converted value compared to principal	$ 1,681
Convertible Notes \| 2025 Convertible Notes
Debt Instrument [Line Items]
Debt issued	$ 100,000			100,000
Stated interest rate (as a percent)	3.25%
Initial conversion price (usd per share)	$ 40.00
Excess of if-converted value compared to principal	$ 22,187
Convertible Notes \| 2029 Convertible Notes
Debt Instrument [Line Items]
Debt issued	$ 230,000		$ 230,000	$ 0
Stated interest rate (as a percent)	4.00%
Initial conversion price (usd per share)	$ 65.89	$ 82.69	$ 65.89
Excess of if-converted value compared to principal	$ 0

Derivatives and Hedging Instruments - Effects of Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative [Line Items]
Gain (Loss) Recognized in OCI	$ 2,215	$ 5,136	$ (4,962)	$ 17,030
Derivatives Designated as Hedging Instruments \| Interest rate cap contracts \| Cash Flow Hedging \| Interest expense
Derivative [Line Items]
Gain (Loss) Recognized in OCI	3,423	6,587	(3,501)	16,350
Gain (Loss) Reclassified from OCI into Income (Loss)	(391)	(183)	(841)	(353)
Derivatives Designated as Hedging Instruments \| Cross-currency swap agreements \| Cash Flow Hedging \| Interest expense
Derivative [Line Items]
Gain (Loss) Reclassified from OCI into Income (Loss)	(1,395)	(2,136)	(2,903)	(3,723)
Derivatives Designated as Hedging Instruments \| Cross-currency swap agreements \| Cash Flow Hedging \| Interest Expense / Other Income (Expense)
Derivative [Line Items]
Gain (Loss) Recognized in OCI	(1,896)	(22,435)	170	(28,839)
Derivatives Designated as Hedging Instruments \| Cross-currency swap agreements \| Cash Flow Hedging \| Other Expense
Derivative [Line Items]
Gain (Loss) Reclassified from OCI into Income (Loss)	$ 1,351	$ (20,376)	$ 6,504	$ (30,852)

Investment in Receivable Portfolios, Net - Schedule of Investment Receivable Portfolios (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Amortized cost	$ 0	$ 0
Negative allowance for expected recoveries	3,330,986	3,088,261
Balance, end of period	$ 3,330,986	$ 3,088,261

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
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+ Details

Goodwill and Identifiable Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Activity in the Goodwill Balance

The following table summarizes the activity in the Company’s goodwill balance (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Balance as of beginning of period:	$	834,174	$	876,541	$	821,214	$	897,795

Effect of foreign currency translation	18,022		(52,331)		30,982		(73,585)
Balance as of end of period:	$	852,196	$	824,210	$	852,196	$	824,210

Schedule of Acquired Intangible Assets

The Company’s acquired intangible assets are summarized as follows (in thousands):


	As of June 30, 2023						As of December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	47,680	$	(27,018)	$	20,662	$	45,498	$	(23,507)	$	21,991

Trade name and other	917		(833)		84		909		(788)		121
Total intangible assets	$	48,597	$	(27,851)	$	20,746	$	46,407	$	(24,295)	$	22,112

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Borrowings (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Consolidated Debt and Capital Lease Obligations

The components of the Company’s consolidated borrowings were as follows (in thousands):


	June 30, 2023		December 31, 2022
Global senior secured revolving credit facility	$	850,689	$	661,738


Encore private placement notes	48,850		68,390
Senior secured notes	1,532,098		1,485,888
Convertible notes and exchangeable notes	347,655		272,500

Cabot securitisation senior facility	443,828		423,522
Other	18,633		23,512
Finance lease liabilities	3,930		5,675
	3,245,683		2,941,225
Less: debt discount and issuance costs, net of amortization	(42,258)		(42,404)
Total	$	3,203,425	$	2,898,821

Schedule of Notes

The following table provides a summary of the Company’s senior secured notes (the “Senior Secured Notes”) ($ in thousands):


	June 30, 2023		December 31, 2022		Issue Currency	Maturity Date	Interest Payment Dates	Interest Rate


Encore 2025 Notes	$	381,868	$	375,325	EUR	Oct 15, 2025	Apr 15, Oct 15	4.875	%
Encore 2026 Notes	380,424		363,019		GBP	Feb 15, 2026	Feb 15, Aug 15	5.375	%
Encore 2028 Notes	317,020		302,516		GBP	Jun 1, 2028	Jun 1, Dec 1	4.250	%
Encore 2028 Floating Rate Notes	452,786		445,028		EUR	Jan 15, 2028	Jan 15, Apr 15, Jul 15, Oct 15	EURIBOR +4.250%(1)
	$	1,532,098	$	1,485,888

_______________________

(1)Interest rate is based on three-month EURIBOR (subject to a 0% floor) plus 4.250% per annum, resets quarterly.


	June 30, 2023		December 31, 2022		Maturity Date	Interest Payment Dates	Interest Rate


2023 Exchangeable Notes	$	17,655	$	172,500	Sep 1, 2023	Mar 1, Sep 1	4.500	%
2025 Convertible Notes	100,000		100,000		Oct 1, 2025	Apr 1, Oct 1	3.250	%
2029 Convertible Notes	230,000		—		Mar 15, 2029	Mar 15, Sep 15	4.000	%
	$	347,655	$	272,500

Schedule of Hedge Program for Convertible Notes

Certain key terms related to the convertible and exchangeable features as of June 30, 2023 are listed below ($ in thousands, except conversion or exchange price):


	2023 Exchangeable Notes		2025 Convertible Notes		2029 Convertible Notes
Initial conversion or exchange price	$	44.62	$	40.00	$	65.89
Closing stock price at date of issuance	$	36.45	$	32.00	$	51.68
Closing stock price date	Jul 20, 2018		Sep 4, 2019		Feb 28, 2023
Initial conversion or exchange rate (shares per $1,000 principal amount)	22.4090		25.0000		15.1763
Adjusted conversion or exchange rate (shares per $1,000 principal amount)(1)	22.5264		25.1310		15.1763
Adjusted conversion or exchange price(1)	$	44.39	$	39.79	$	65.89
Adjusted effective conversion or exchange price(2)	$	62.13	$	39.79	$	82.69
Excess of if-converted value compared to principal(3)	$	1,681	$	22,187	$	—
Conversion or exchange date	Mar 1, 2023		Jul 1, 2025		Dec 15, 2028

_______________________

(2)As discussed above, the Company maintains a hedge program that increases the effective exchange price for the 2023 Exchangeable Notes to $62.13 and the 2029 Convertible Notes to $82.69.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Paragraph 69B
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+ Details

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Assets held for sale	$ 82,150	$ 68,242

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 184,871	$ 143,912
Investment in receivable portfolios, net	3,330,986	3,088,261
Property and equipment, net	107,218	113,900
Other assets	401,299	341,073
Goodwill	852,196	821,214
Total assets	4,876,570	4,508,360
Liabilities:
Accounts payable and accrued liabilities	203,050	198,217
Borrowings	3,203,425	2,898,821
Other liabilities	236,260	231,695
Total liabilities	3,642,735	3,328,733
Commitments and Contingencies (Note 11)
Equity:
Convertible preferred stock, $0.01 par value, 5,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.01 par value, 75,000 shares authorized, 23,485 and 23,323 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	235	233
Additional paid-in capital	3,906	0
Accumulated earnings	1,300,594	1,278,210
Accumulated other comprehensive loss	(70,900)	(98,816)
Total stockholders’ equity	1,233,835	1,179,627
Total liabilities and stockholders’ equity	4,876,570	4,508,360
Variable Interest Entity
Assets
Cash and cash equivalents	2,537	1,344
Investment in receivable portfolios, net	470,666	431,350
Other assets	3,151	3,627
Liabilities:
Accounts payable and accrued liabilities	99	150
Borrowings	448,424	423,522
Other liabilities	$ 129	$ 105

Other Assets

6 Months Ended

Jun. 30, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

Other AssetsOther assets consist of the following (in thousands):


	June 30, 2023		December 31, 2022
Real estate owned	$	82,150	$	68,242
Operating lease right-of-use assets	71,386		70,074
Income tax deposits	47,711		18,259
Derivative instruments	34,957		36,807
Prepaid expenses	31,788		30,376
Identifiable intangible assets, net	20,746		22,112
Deferred tax assets, net	17,872		18,069
Service fee receivables	13,253		16,094
Other	81,436		61,040
Total	$	401,299	$	341,073

Borrowings - Exchangeable and Convertible Notes Features and Certain Key Terms (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares	Apr. 01, 2023 $ / shares	Mar. 31, 2023 $ / shares
2023 Exchangeable Notes \| Exchangeable Notes
Debt Instrument [Line Items]
Initial conversion price (usd per share)	$ 44.62
Closing stock price at date of issuance (usd per share)	$ 36.45
Initial conversion or exchange rate (shares per $1,000 principal amount)	22.4090
Adjusted conversion or exchange rate (shares per $1,000 principal amount)(1)	22.5264
Adjusted conversion or exchange price (usd per share)	$ 44.39
Adjusted effective conversion or exchange price (usd per share)	$ 62.13
Excess of if-converted value compared to principal \| $	$ 1,681
Debt instrument, convertible, if-converted value in excess of principal, after hedge effect \| $	$ 0
2025 Convertible Notes \| Convertible Notes
Debt Instrument [Line Items]
Initial conversion price (usd per share)	$ 40.00
Closing stock price at date of issuance (usd per share)	$ 32.00
Initial conversion or exchange rate (shares per $1,000 principal amount)	25.0000
Adjusted conversion or exchange rate (shares per $1,000 principal amount)(1)	25.1310
Adjusted conversion or exchange price (usd per share)	$ 39.79
Adjusted effective conversion or exchange price (usd per share)	$ 39.79
Excess of if-converted value compared to principal \| $	$ 22,187
2029 Convertible Notes \| Convertible Notes
Debt Instrument [Line Items]
Initial conversion price (usd per share)	$ 65.89	$ 82.69	$ 65.89
Closing stock price at date of issuance (usd per share)	$ 51.68
Initial conversion or exchange rate (shares per $1,000 principal amount)	15.1763
Adjusted conversion or exchange rate (shares per $1,000 principal amount)(1)	15.1763
Adjusted conversion or exchange price (usd per share)	$ 65.89
Adjusted effective conversion or exchange price (usd per share)	$ 82.69
Excess of if-converted value compared to principal \| $	$ 0

Segment and Geographic Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segment and Geographic Information (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment			1
Segment Reporting Information [Line Items]
Revenues	$ 323,044	$ 356,917	$ 635,674	$ 856,599
United States
Segment Reporting Information [Line Items]
Revenues	206,765	241,344	406,983	614,918
Total Europe
Segment Reporting Information [Line Items]
Revenues	116,279	115,471	228,502	241,503
United Kingdom
Segment Reporting Information [Line Items]
Revenues	75,223	86,150	153,208	176,371
Other European countries
Segment Reporting Information [Line Items]
Revenues	41,056	29,321	75,294	65,132
Other Geographies
Segment Reporting Information [Line Items]
Revenues	$ 0	$ 102	$ 189	$ 178

Goodwill and Identifiable Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

The Company’s goodwill is tested for impairment at the reporting unit level annually and in interim periods if certain events occur that indicate that the fair value of a reporting unit may be below its carrying value. Determining the number of reporting units and the fair value of a reporting unit requires the Company to make judgments and involves the use of significant estimates and assumptions.

The annual goodwill testing date for the reporting units that are included in the portfolio purchasing and recovery reportable segment is October 1st. There have been no events or circumstances during the three and six months ended June 30, 2023, that have required the Company to perform an interim assessment of goodwill carried at these reporting units. Management continues to evaluate and monitor all key factors impacting the carrying value of the Company’s recorded goodwill and intangible assets. Adverse changes in the Company’s actual or expected operating results, market capitalization, business climate, economic factors or other negative events that may be outside the control of management could result in a material non-cash impairment charge in the future.

The Company’s goodwill is attributable to reporting units included in its portfolio purchasing and recovery segment. The following table summarizes the activity in the Company’s goodwill balance (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Balance as of beginning of period:	$	834,174	$	876,541	$	821,214	$	897,795

Effect of foreign currency translation	18,022		(52,331)		30,982		(73,585)
Balance as of end of period:	$	852,196	$	824,210	$	852,196	$	824,210

The Company’s acquired intangible assets are summarized as follows (in thousands):


	As of June 30, 2023						As of December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	47,680	$	(27,018)	$	20,662	$	45,498	$	(23,507)	$	21,991

Trade name and other	917		(833)		84		909		(788)		121
Total intangible assets	$	48,597	$	(27,851)	$	20,746	$	46,407	$	(24,295)	$	22,112

Borrowings - Encore Private Placement Notes - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Aug. 31, 2017
Debt Instrument [Line Items]
Debt issued	$ 347,655,000	$ 272,500,000
Encore private placement notes \| Notes Payable, Other Payables
Debt Instrument [Line Items]
Debt issued			$ 325,000,000
Long-term debt	$ 48,850,000	$ 68,390,000
Stated interest rate (as a percent)	5.625%
Senior secured notes, periodic principal repayment	$ 9,800,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2023

Accumulated Other Comprehensive Income (Loss) [Abstract]

Accumulated Other Comprehensive Loss

A summary of the Company’s changes in accumulated other comprehensive loss by component is presented below (in thousands):


	Three Months Ended June 30, 2023
	Derivatives		Currency Translation Adjustments		Accumulated Other Comprehensive Loss
Balance at beginning of period	$	29,317	$	(119,685)	$	(90,368)
Other comprehensive income before reclassification	1,527		17,532		19,059
Reclassification	435		—		435

Tax effect	253		(279)		(26)
Balance at end of period	$	31,532	$	(102,432)	$	(70,900)


	Three Months Ended June 30, 2022
	Derivatives		Currency Translation Adjustments		Accumulated Other Comprehensive Loss
Balance at beginning of period	$	12,410	$	(76,318)	$	(63,908)
Other comprehensive loss before reclassification	(15,848)		(59,805)		(75,653)
Reclassification	22,695		—		22,695

Tax effect	(1,711)		—		(1,711)
Balance at end of period	$	17,546	$	(136,123)	$	(118,577)


	Six Months Ended June 30, 2023
	Derivatives		Currency Translation Adjustments		Accumulated Other Comprehensive Loss
Balance at beginning of period	$	36,494	$	(135,310)	$	(98,816)
Other comprehensive (loss) income before reclassification	(3,331)		33,540		30,209
Reclassification	(2,760)		—		(2,760)

Tax effect	1,129		(662)		467
Balance at end of period	$	31,532	$	(102,432)	$	(70,900)


	Six Months Ended June 30, 2022
	Derivatives		Currency Translation Adjustments		Accumulated Other Comprehensive Loss
Balance at beginning of period	$	516	$	(54,064)	$	(53,548)
Other comprehensive loss before reclassification	(12,489)		(82,059)		(94,548)
Reclassification	34,928		—		34,928

Tax effect	(5,409)		—		(5,409)
Balance at end of period	$	17,546	$	(136,123)	$	(118,577)

Borrowings - Consolidated Debt and Capital Lease Obligations - Table and Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Finance lease liabilities	$ 3,930	$ 5,675
Debt and finance lease liabilities, gross	3,245,683	2,941,225
Less: debt discount and issuance costs, net of amortization	(42,258)	(42,404)
Borrowings	$ 3,203,425	$ 2,898,821
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Borrowings	Borrowings
Credit Facility \| Global senior secured revolving credit facility
Debt Instrument [Line Items]
Long-term debt	$ 850,689	$ 661,738
Credit Facility \| Cabot securitisation senior facility
Debt Instrument [Line Items]
Long-term debt	443,828	423,522
Encore private placement notes \| Encore private placement notes
Debt Instrument [Line Items]
Long-term debt	48,850	68,390
Senior secured notes \| Senior secured notes
Debt Instrument [Line Items]
Long-term debt	1,532,098	1,485,888
Convertible notes and exchangeable notes \| Convertible notes and exchangeable notes
Debt Instrument [Line Items]
Long-term debt	347,655	272,500
Other
Debt Instrument [Line Items]
Long-term debt	$ 18,633	$ 23,512

Variable Interest Entities	6 Months Ended
Variable Interest Entities	Jun. 30, 2023
Variable Interest Entity, Measure of Activity [Abstract]
Variable Interest Entities	Variable Interest Entities A VIE is defined as a legal entity whose equity owners do not have sufficient equity at risk, or, as a group, the holders of the equity investment at risk lack any of the following three characteristics: decision-making rights, the obligation to absorb expected losses, or the right to receive expected residual returns of the entity. The primary beneficiary is identified as the variable interest holder that has both the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and the obligation to absorb expected losses or the right to receive residual returns from the entity that could potentially be significant to the VIE. The Company consolidates VIEs when it is the primary beneficiary. As of June 30, 2023, the Company’s VIEs include certain securitized financing vehicles and other immaterial special purpose entities that were created to purchase receivable portfolios in certain geographies. The Company is the primary beneficiary of these VIEs. The Company has the power to direct the activities of the VIEs including the ability to exercise discretion in the servicing of the financial assets and has the right to receive residual returns that could potentially be significant to the VIEs. The Company’s exposure to loss is limited to the total of the carrying value of the VIEs. The Company evaluates its relationships with its VIEs on an ongoing basis to ensure that it continues to be the primary beneficiary. Most assets recognized as a result of consolidating these VIEs do not represent additional assets that could be used to satisfy claims against the Company’s general assets. Conversely, liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets; rather, they represent claims against the specific assets of the VIE.

Borrowings - Global Senior Secured Revolving Credit Facility - Narrative (Details) - Global senior secured revolving credit facility - Revolving Credit Facility - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	May 12, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Line of credit increase	$ 40.0
Revolving credit facility		$ 1,180.0		$ 1,180.0
Commitment fee (in percent)				0.40%
Maximum ratio of financial indebtedness to cash and cash equivalent investments		0.75		0.75
Utilization threshold (as a percent)		20.00%		20.00%
Maximum ratio of super senior liabilities to cash and cash equivalent investments		0.275		0.275
Fixed charge coverage ratio		2.0		2.0
Long-term debt		$ 850.7		$ 850.7
Weighted average interest rate (as a percent)		7.51%	3.32%	7.30%	3.08%
Remaining borrowing capacity		$ 310.5		$ 310.5
Euro Interbank Offered Rate (EURIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				2.50%
Euro Interbank Offered Rate (EURIBOR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				0.00%
Sterling Overnight Index Average (SONIA)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				2.50%
Sterling Overnight Index Average (SONIA) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				0.00%
Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				2.50%
Debt Instrument, Interest Rate, Adjustment Spread		0.10%		0.10%
Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				0.00%

Derivatives and Hedging Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Interest rate cap contracts	$ 34,957	$ 36,807
Interest rate cap contracts
Derivative [Line Items]
Interest rate cap contracts	34,957	36,807
Cross-currency swap agreements
Derivative [Line Items]
Cross-currency swap agreements	33,819	36,918
Derivatives Designated as Hedging Instruments \| Interest rate cap contracts \| Other assets
Derivative [Line Items]
Interest rate cap contracts	34,957	36,807
Derivatives Designated as Hedging Instruments \| Cross-currency swap agreements \| Other liabilities
Derivative [Line Items]
Cross-currency swap agreements	$ 33,819	$ 36,918

Earnings Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share is calculated by dividing net earnings attributable to Encore by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is calculated based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period. Dilutive potential common shares include outstanding stock-based awards, and the dilutive effect of the convertible and exchangeable senior notes, if applicable.

On August 12, 2015, the Company’s Board of Directors approved a $50.0 million share repurchase program. On May 5, 2021, the Company announced that the Board of Directors had approved an increase in the size of the repurchase program from $50.0 million to $300.0 million (an increase of $250.0 million). Repurchases under this program are expected to be made with cash on hand and may be made from time to time, subject to market conditions and other factors, in the open market, through private transactions, block transactions, or other methods as determined by the Company’s management and Board of Directors, and in accordance with market conditions, other corporate considerations, and applicable regulatory requirements. The program does not obligate the Company to acquire any particular amount of common stock, and it may be modified or suspended at any time at the Company’s discretion. During the three and six months ended June 30, 2023, the Company did not make any repurchases under the share repurchase program. During the three and six months ended June 30, 2022, the Company repurchased 424,091 and 823,613 shares of its common stock for approximately $25.1 million and $50.7 million, respectively. The Company’s practice is to retire the shares repurchased.

A reconciliation of shares used in calculating earnings per basic and diluted shares follows (in thousands, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net income	$	26,305	$	60,439	$	44,931	$	236,188

Total weighted-average basic shares outstanding	23,670		24,359		23,610		24,539
Dilutive effect of stock-based awards	117		256		204		398
Dilutive effect of convertible and exchangeable senior notes	493		1,796		797		2,008

Total weighted-average dilutive shares outstanding	24,280		26,411		24,611		26,945

Basic earnings per share	$	1.11	$	2.48	$	1.90	$	9.63
Diluted earnings per share	$	1.08	$	2.29	$	1.83	$	8.77

There were no anti-dilutive employee stock options outstanding during the three and six months ended June 30, 2023 and 2022.

Ownership, Description of Business, and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Financial Statement Preparation and Presentation The accompanying interim condensed consolidated financial statements have been prepared by the Company, without audit, in accordance with the instructions to the Quarterly Report on Form 10-Q, and Rule 10-01 of Regulation S-X promulgated by the United States Securities and Exchange Commission (the “SEC”) and, therefore, do not include all information and footnotes necessary for a fair presentation of its condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented reflects all adjustments, consisting of only normal and recurring adjustments, necessary for a fair statement of the Company’s condensed consolidated financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year.
Use of Estimates	The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the Company’s condensed financial statements and the accompanying notes. Actual results could materially differ from those estimates.
Basis of Consolidation	Basis of Consolidation The condensed consolidated financial statements have been prepared in conformity with GAAP and reflect the accounts and operations of the Company and those of its subsidiaries in which the Company has a controlling financial interest. The Company also consolidates variable interest entities (“VIEs”) for which it is the primary beneficiary. The primary beneficiary has both (a) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance, and (b) either the obligation to absorb losses or the right to receive benefits. Refer to “Note 8: Variable Interest Entities” for further details. All intercompany transactions and balances have been eliminated in consolidation.
Translation of Foreign Currencies	Translation of Foreign CurrenciesThe condensed financial statements of certain of the Company’s foreign subsidiaries are measured using their local currency as the functional currency. Assets and liabilities of foreign operations are translated into U.S. dollars using period-end exchange rates, and revenues and expenses are translated into U.S. dollars using average exchange rates in effect during each period. The resulting translation adjustments are recorded as a component of other comprehensive income or loss. Equity accounts are translated at historical rates, except for the change in retained earnings during the year which is the result of the income statement translation process. Intercompany transaction gains or losses at each period end arising from subsequent measurement of balances for which settlement is not planned or anticipated in the foreseeable future are included as translation adjustments and recorded within other comprehensive income or loss. Translation gains or losses are the material components of accumulated other comprehensive income or loss and are reclassified to earnings upon the substantial sale or liquidation of investments in foreign operations.
Recently Adopted Accounting Pronouncement and Recent Accounting Pronouncements Not Yet Effective	Recently Adopted Accounting GuidanceThere have been no recent accounting pronouncements or changes in accounting pronouncements during the three and six months ended June 30, 2023, as compared to the recent accounting pronouncements described in our Annual Report, that have significance, or potential significance, to the Company’s condensed consolidated financial statements.
Earnings Per Share	Basic earnings per share is calculated by dividing net earnings attributable to Encore by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is calculated based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period. Dilutive potential common shares include outstanding stock-based awards, and the dilutive effect of the convertible and exchangeable senior notes, if applicable.
Fair Value Measurements	Fair value is defined as the price that would be received upon sale of an asset or the price paid to transfer a liability, in an orderly transaction between market participants at the measurement date (i.e., the “exit price”). The Company uses a fair value hierarchy that prioritizes the inputs used in valuation techniques to measure fair value into three broad levels. The following is a brief description of each level: •Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. •Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. •Level 3: Unobservable inputs, including inputs that reflect the reporting entity’s own assumptions.
Derivatives	The Company may periodically enter into derivative financial instruments to manage risks related to interest rates and foreign currency. Certain of the Company’s derivative financial instruments qualify for hedge accounting treatment.
Investment in Receivable Portfolios, Net	The Company’s purchased portfolios of loans are grossed-up to their face value with an offsetting allowance and noncredit discount allocated to the individual receivables as the unit of account is at the individual loan level. Since each loan is deeply delinquent and deemed uncollectible at the individual loan level, the Company applies its charge-off policy and fully writes-off the amortized costs (i.e., face value net of noncredit discount) of the individual receivables immediately after purchasing the portfolio. The Company then records a negative allowance that represents the present value of all expected future recoveries for pools of receivables that share similar risk characteristics using a discounted cash flow approach, which ultimately equals the amount paid for a portfolio purchase and presented as “Investment in receivable portfolios, net” in the Company’s condensed consolidated statements of financial condition. The discount rate is an effective interest rate (or “purchase EIR”) based on the purchase price of the portfolio and the expected future cash flows at the time of purchase. Receivable portfolio purchases are aggregated into pools based on similar risk characteristics. Examples of risk characteristics include financial asset type, collateral type, size, interest rate, date of origination, term, and geographic location. The Company’s static pools are typically grouped into credit card, purchased consumer bankruptcy, and mortgage portfolios. The Company further groups these static pools by geographic location. Once a pool is established, the portfolios will remain in the designated pool unless the underlying risk characteristics change, which is not expected due to the delinquent nature of the individual loans. The purchase EIR of a pool will not change over the life of the pool even if expected future cash flows change. Revenue is recognized for each static pool over the economic life of the pool. Debt purchasing revenue includes two components: (1) Revenue from receivable portfolios, which is the accretion of the discount on the negative allowance due to the passage of time (generally the portfolio balance multiplied by the EIR) and also includes all revenue from zero basis portfolio (“ZBA”) collections, and (2) Changes in recoveries, which includes (a) Recoveries above or below forecast, which is the difference between (i) actual cash collected/recovered during the current period and (ii) expected cash recoveries for the current period, which generally represents over or under performance for the period; and (b) Changes in expected future recoveries, which is the present value change of expected future recoveries, where such change generally results from (i) collections “pulled forward from” or “pushed out to” future periods (i.e. amounts either collected early or expected to be collected later) and (ii) magnitude and timing changes to estimates of expected future collections (which can be increases or decreases). The Company measures expected future recoveries based on historical experience, current conditions, reasonable and supportable forecasts, and other quantitative and qualitative factors. Factors that may change the expected future recoveries may include both internal as well as external factors. Internal factors include operational performance, such as capacity and the productivity of the Company’s collection staff. External factors include new laws or regulations, new interpretations of existing laws or regulations, and macroeconomic conditions. The Company continues to reassess its expected future recoveries in each reporting period.
Variable Interest Entities	A VIE is defined as a legal entity whose equity owners do not have sufficient equity at risk, or, as a group, the holders of the equity investment at risk lack any of the following three characteristics: decision-making rights, the obligation to absorb expected losses, or the right to receive expected residual returns of the entity. The primary beneficiary is identified as the variable interest holder that has both the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and the obligation to absorb expected losses or the right to receive residual returns from the entity that could potentially be significant to the VIE. The Company consolidates VIEs when it is the primary beneficiary. As of June 30, 2023, the Company’s VIEs include certain securitized financing vehicles and other immaterial special purpose entities that were created to purchase receivable portfolios in certain geographies. The Company is the primary beneficiary of these VIEs. The Company has the power to direct the activities of the VIEs including the ability to exercise discretion in the servicing of the financial assets and has the right to receive residual returns that could potentially be significant to the VIEs. The Company’s exposure to loss is limited to the total of the carrying value of the VIEs. The Company evaluates its relationships with its VIEs on an ongoing basis to ensure that it continues to be the primary beneficiary. Most assets recognized as a result of consolidating these VIEs do not represent additional assets that could be used to satisfy claims against the Company’s general assets. Conversely, liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets; rather, they represent claims against the specific assets of the VIE.
Segment Reporting	The Company conducts business through several operating segments. The Company’s Chief Operating Decision Maker relies on internal management reporting processes that provide segment revenue, segment operating income, and segment asset information in order to make financial decisions and allocate resources. The Company determined its operating segments meet the aggregation criteria, and therefore, it has one reportable segment, portfolio purchasing and recovery, based on similarities among the operating units including economic characteristics, the nature of the services, the nature of the production process, customer types for their services, the methods used to provide their services and the nature of the regulatory environment.
Goodwill	The Company’s goodwill is tested for impairment at the reporting unit level annually and in interim periods if certain events occur that indicate that the fair value of a reporting unit may be below its carrying value. Determining the number of reporting units and the fair value of a reporting unit requires the Company to make judgments and involves the use of significant estimates and assumptions.Management continues to evaluate and monitor all key factors impacting the carrying value of the Company’s recorded goodwill and intangible assets. Adverse changes in the Company’s actual or expected operating results, market capitalization, business climate, economic factors or other negative events that may be outside the control of management could result in a material non-cash impairment charge in the future.

Fair Value Measurements - Financial Instruments Not Required to be Carried at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Carrying Amount
Financial Assets
Investment in receivable portfolios, net	$ 3,330,986	$ 3,088,261
Carrying Amount \| Global senior secured revolving credit facility
Financial Liabilities
Debt instrument, fair value disclosure	850,689	661,738
Carrying Amount \| Cabot securitisation senior facility
Financial Liabilities
Debt instrument, fair value disclosure	443,828	423,522
Carrying Amount \| Encore private placement notes
Financial Liabilities
Debt instrument, fair value disclosure	48,850	68,390
Carrying Amount \| Senior secured notes
Financial Liabilities
Debt instrument, fair value disclosure	1,527,085	1,480,258
Carrying Amount \| 2023 Exchangeable Notes
Financial Liabilities
Debt instrument, fair value disclosure	17,655	172,500
Carrying Amount \| 2025 Convertible Notes
Financial Liabilities
Debt instrument, fair value disclosure	100,000	100,000
Carrying Amount \| 2029 Convertible Notes
Financial Liabilities
Debt instrument, fair value disclosure	230,000	0
Estimated Fair Value
Financial Assets
Investment in receivable portfolios, net	3,426,757	3,242,506
Estimated Fair Value \| Global senior secured revolving credit facility
Financial Liabilities
Debt instrument, fair value disclosure	850,689	661,738
Estimated Fair Value \| Cabot securitisation senior facility
Financial Liabilities
Debt instrument, fair value disclosure	443,828	423,522
Estimated Fair Value \| Encore private placement notes
Financial Liabilities
Debt instrument, fair value disclosure	48,000	66,947
Estimated Fair Value \| Senior secured notes
Financial Liabilities
Debt instrument, fair value disclosure	1,375,574	1,334,686
Estimated Fair Value \| 2023 Exchangeable Notes
Financial Liabilities
Debt instrument, fair value disclosure	19,690	205,227
Estimated Fair Value \| 2025 Convertible Notes
Financial Liabilities
Debt instrument, fair value disclosure	131,878	130,556
Estimated Fair Value \| 2029 Convertible Notes
Financial Liabilities
Debt instrument, fair value disclosure	$ 225,188	$ 0

Segment and Geographic Information

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment and Geographic Information

The Company conducts business through several operating segments. The Company’s Chief Operating Decision Maker relies on internal management reporting processes that provide segment revenue, segment operating income, and segment asset information in order to make financial decisions and allocate resources. The Company determined its operating segments meet the aggregation criteria, and therefore, it has one reportable segment, portfolio purchasing and recovery, based on similarities among the operating units including economic characteristics, the nature of the services, the nature of the production process, customer types for their services, the methods used to provide their services and the nature of the regulatory environment.

The following table presents information about geographic areas in which the Company operates (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Total revenues:
United States	$	206,765	$	241,344	$	406,983	$	614,918
Europe
United Kingdom	75,223		86,150		153,208		176,371
Other European countries(1)	41,056		29,321		75,294		65,132
Total Europe	116,279		115,471		228,502		241,503

Other geographies(1)	—		102		189		178
Total	$	323,044	$	356,917	$	635,674	$	856,599

________________________

(1)None of these countries comprise greater than 10% of the Company's consolidated revenues.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Other Assets (Tables)

6 Months Ended

Jun. 30, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Components of Other Assets

Other assets consist of the following (in thousands):


	June 30, 2023		December 31, 2022
Real estate owned	$	82,150	$	68,242
Operating lease right-of-use assets	71,386		70,074
Income tax deposits	47,711		18,259
Derivative instruments	34,957		36,807
Prepaid expenses	31,788		30,376
Identifiable intangible assets, net	20,746		22,112
Deferred tax assets, net	17,872		18,069
Service fee receivables	13,253		16,094
Other	81,436		61,040
Total	$	401,299	$	341,073

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 26,305	$ 60,439	$ 44,931	$ 236,188
Change in unrealized gain (loss) on derivative instruments:
Unrealized gain (loss) on derivative instruments	1,962	6,847	(6,091)	22,439
Income tax effect	253	(1,711)	1,129	(5,409)
Unrealized gain (loss) on derivative instruments, net of tax	2,215	5,136	(4,962)	17,030
Change in foreign currency translation:
Unrealized gain (loss) on foreign currency translation	17,532	(59,805)	33,540	(82,059)
Income tax effect	(279)	0	(662)	0
Unrealized gain (loss) on foreign currency translation	17,253	(59,805)	32,878	(82,059)
Other comprehensive income (loss), net of tax:	19,468	(54,669)	27,916	(65,029)
Total comprehensive income	$ 45,773	$ 5,770	$ 72,847	$ 171,159

Investment in Receivable Portfolios, Net (Tables)

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

Investment in receivable portfolios, net consists of the following as of the dates presented (in thousands):


	June 30, 2023		December 31, 2022
Amortized cost	$	—	$	—
Negative allowance for expected recoveries	3,330,986		3,088,261
Balance, end of period	$	3,330,986	$	3,088,261

Schedule of Investment in Receivable Portfolios

The following table summarizes the changes in the balance of investment in receivable portfolios, net during the periods presented (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Balance, beginning of period	$	3,214,792	$	3,137,386	$	3,088,261	$	3,065,553
Negative allowance for expected recoveries - current period purchases(1)	274,325		173,007		550,756		342,512
Collections applied to investment in receivable portfolios, net (2)	(175,338)		(191,429)		(342,020)		(406,738)
Changes in recoveries (3)	(3,486)		25,150		(12,987)		192,373
Put-backs and Recalls	(4,229)		(1,373)		(6,035)		(4,580)

Disposals and transfers to real estate owned	(5,139)		(1,856)		(6,244)		(3,832)
Foreign currency translation adjustments	30,061		(105,762)		59,255		(150,165)
Balance, end of period	$	3,330,986	$	3,035,123	$	3,330,986	$	3,035,123

_______________________

(1)The table below provides the detail on the establishment of negative allowance for expected recoveries of portfolios purchased during the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Purchase price	$	274,325	$	173,007	$	550,756	$	342,512
Allowance for credit losses	690,501		768,932		1,350,145		1,119,118
Amortized cost	964,826		941,939		1,900,901		1,461,630
Noncredit discount	1,049,233		907,249		2,054,454		1,564,307
Face value	2,014,059		1,849,188		3,955,355		3,025,937
Write-off of amortized cost	(964,826)		(941,939)		(1,900,901)		(1,461,630)
Write-off of noncredit discount	(1,049,233)		(907,249)		(2,054,454)		(1,564,307)
Negative allowance	274,325		173,007		550,756		342,512
Negative allowance for expected recoveries - current period purchases	$	274,325	$	173,007	$	550,756	$	342,512

(2)Collections applied to investment in receivable portfolios, net, is calculated as follows during the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cash Collections	$	476,522	$	497,711	$	938,878	$	1,017,125
Less - amounts classified to revenue from receivable portfolios	(301,184)		(306,282)		(596,858)		(610,387)
Collections applied to investment in receivable portfolios, net	$	175,338	$	191,429	$	342,020	$	406,738

(3)Changes in recoveries is calculated as follows during the periods presented, where recoveries include cash collections, put-backs and recalls, and other cash-based adjustments:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Recoveries (below) above forecast	$	(477)	$	9,935	$	(15,835)	$	56,287
Changes in expected future recoveries	(3,009)		15,215		2,848		136,086
Changes in recoveries	$	(3,486)	$	25,150	$	(12,987)	$	192,373

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Jul. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	000-26489
Entity Registrant Name	ENCORE CAPITAL GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	48-1090909
Entity Address, Address Line One	350 Camino De La Reina
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92108
City Area Code	877
Local Phone Number	445 - 4581
Title of 12(b) Security	Common Stock, $0.01 Par Value Per Share
Trading Symbol	ECPG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		23,485,088
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001084961
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Convertible preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Convertible preferred stock authorized (shares)	5,000,000	5,000,000
Convertible preferred stock issued (shares)	0	0
Convertible preferred stock outstanding (shares)	0	0
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock authorized (shares)	75,000,000	75,000,000
Common stock issued (shares)	23,485,000	23,323,000
Common stock outstanding (shares)	23,485,000	23,323,000

Fair Value Measurements - Financial Instruments Required to be Carried at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Derivative instruments	$ 34,957	$ 36,807
Interest rate cap contracts
Assets
Derivative instruments	34,957	36,807
Interest rate cap contracts \| Level 1
Assets
Derivative instruments	0	0
Interest rate cap contracts \| Level 2
Assets
Derivative instruments	34,957	36,807
Interest rate cap contracts \| Level 3
Assets
Derivative instruments	0	0
Cross-currency swap agreements
Liabilities
Cross-currency swap agreements	(33,819)	(36,918)
Cross-currency swap agreements \| Level 1
Liabilities
Cross-currency swap agreements	0	0
Cross-currency swap agreements \| Level 2
Liabilities
Cross-currency swap agreements	(33,819)	(36,918)
Cross-currency swap agreements \| Level 3
Liabilities
Cross-currency swap agreements	$ 0	$ 0

Borrowings - Encore Convertible Notes and Exchangeable Notes Table (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares	Apr. 01, 2023 $ / shares	Mar. 31, 2023 $ / shares
2023 Exchangeable Notes \| Exchangeable Notes
Debt Instrument [Line Items]
Initial conversion price (usd per share)	$ 44.62
Closing stock price at date of issuance (usd per share)	$ 36.45
Initial conversion or exchange rate (shares per $1,000 principal amount)	22.4090
Adjusted conversion or exchange rate (shares per $1,000 principal amount)(1)	22.5264
Adjusted conversion or exchange price (usd per share)	$ 44.39
Adjusted effective conversion or exchange price (usd per share)	$ 62.13
Excess of if-converted value compared to principal \| $	$ 1,681
2025 Convertible Notes \| Convertible Notes
Debt Instrument [Line Items]
Initial conversion price (usd per share)	$ 40.00
Closing stock price at date of issuance (usd per share)	$ 32.00
Initial conversion or exchange rate (shares per $1,000 principal amount)	25.0000
Adjusted conversion or exchange rate (shares per $1,000 principal amount)(1)	25.1310
Adjusted conversion or exchange price (usd per share)	$ 39.79
Adjusted effective conversion or exchange price (usd per share)	$ 39.79
Excess of if-converted value compared to principal \| $	$ 22,187
2029 Convertible Notes \| Convertible Notes
Debt Instrument [Line Items]
Initial conversion price (usd per share)	$ 65.89	$ 82.69	$ 65.89
Closing stock price at date of issuance (usd per share)	$ 51.68
Initial conversion or exchange rate (shares per $1,000 principal amount)	15.1763
Adjusted conversion or exchange rate (shares per $1,000 principal amount)(1)	15.1763
Adjusted conversion or exchange price (usd per share)	$ 65.89
Adjusted effective conversion or exchange price (usd per share)	$ 82.69
Excess of if-converted value compared to principal \| $	$ 0

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at Beginning of period	$ 1,184,156	$ 1,246,375	$ 1,179,627	$ 1,185,261
Balance at end of period	1,233,835	1,231,600	1,233,835	1,231,600
Derivatives
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at Beginning of period	29,317	12,410	36,494	516
Other comprehensive income before reclassification	1,527	(15,848)	(3,331)	(12,489)
Reclassification	435	22,695	(2,760)	34,928
Tax effect	253	(1,711)	1,129	(5,409)
Balance at end of period	31,532	17,546	31,532	17,546
Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at Beginning of period	(119,685)	(76,318)	(135,310)	(54,064)
Other comprehensive income before reclassification	17,532	(59,805)	33,540	(82,059)
Reclassification	0	0	0	0
Tax effect	(279)	0	(662)	0
Balance at end of period	(102,432)	(136,123)	(102,432)	(136,123)
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at Beginning of period	(90,368)	(63,908)	(98,816)	(53,548)
Other comprehensive income before reclassification	19,059	(75,653)	30,209	(94,548)
Reclassification	435	22,695	(2,760)	34,928
Tax effect	(26)	(1,711)	467	(5,409)
Balance at end of period	$ (70,900)	$ (118,577)	$ (70,900)	$ (118,577)

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate for the three and six months ended June 30, 2023 was 27.6% and 26.8%, respectively. For the three and six months ended June 30, 2022, the Company’s effective tax rate was 27.8% and 24.9%, respectively. For the three months ended June 30, 2023 the difference between the effective tax rate and the federal statutory rate was primarily due to state income taxes and a foreign adjustment. For the six months ended June 30, 2023, the difference between the effective tax rate and the federal statutory rate was primarily due to state income taxes, an accrual related to state tax filing positions and other foreign adjustments. For the three and six months ended June 30, 2022, the difference between the effective tax rate and the federal statutory rate was primarily due to the proportion of income earned in higher tax rate jurisdictions compared to lower tax rate jurisdictions. Each interim period is considered an integral part of the annual period and tax expense or benefit is measured using an estimated annual effective income tax rate. The estimated annual effective tax rate for the full year is applied to the respective interim period, taking into account year-to-date amounts and projected amounts for the year. Since the Company operates in foreign countries with varying tax rates, the Company's quarterly effective tax rate is dependent on the level of income or loss from international operations in the reporting period. The Company’s subsidiary in Costa Rica is operating under a 100% tax holiday through December 31, 2026. The impact of the tax holiday in Costa Rica for the three and six months ended June 30, 2023 and 2022, was immaterial. The Company is subject to income taxes in the U.S. and foreign jurisdictions. Significant judgement is required in evaluating uncertain tax positions and determining the provision for income taxes. During the six months ended June 30, 2023, the Company accrued $2.5 million related to state tax filing positions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details