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PRE-MKT · 06:30 ET
Market ClerkRecap
Tue Oct 27 · pre-market1 signal on Oct 26140 insider buys this week · $73.9MCIRO short report next: Oct 31The week ahead

ECPG

ENCORE CAPITAL GROUP INC
NASDAQ · FINANCIALS · SHORT-TERM BUSINESS CREDIT INSTITUTIONS
99.64
+1.91 +1.95%
USD · close Oct 26
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Work order
38
FLAG · shorts 38
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
0 / 15
none of the tracked funds disclose it
Calls on record
0
nobody we score has called it yet
MKT CAP $2.1BP/E 7.6DIV YIELD —FCF YIELD 5.92%REV TTM $1.9B +29.5%NET INCOME $301.6MNET CASH $81.8M52W 40.90 – 105.60SEC XBRL · TTM TO Invalid Date

How ECPG rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
36%
of sentences unchanged
Added
365
new sentences
Dropped
420
sentences removed
Length
−3,245
words, now 31,623

New in FY2025

  • (“Encore”) has three business units: MCM, which consists of Midland Credit Management, Inc. and its subsidiaries and domestic affiliates; Cabot, which consists of Cabot Credit Management Limited and its subsidiaries and European affiliates, and LAAP, which is comprised of our investments and operations in Latin America and Asia-Pacific.
  • Our long-term growth strategy is focused on continuing to invest in our core portfolio purchasing and recovery business in the United States and United Kingdom and strengthening and developing our business in France and Spain.
  • A small percentage of our capital deployment in the United States is comprised of unsecured personal loans.
  • We purchase receivable portfolios using proprietary pricing models that utilize account-level statistical and behavioral data.
  • These models generally allow us to accurately value portfolios and to develop collection strategies that maximize future returns.
  • Purchases and Collections Portfolio Pricing, Supply and Demand MCM (United States) With lending and charge-off rates remaining near recent peak levels, U.S. portfolio supply continues to be robust.
  • We believe steadying lending and delinquency rates at elevated levels will result in stable and strong market supply.
  • Cabot (Europe) The UK market for charged-off portfolios generally provides a relatively consistent pipeline of opportunities, despite a historically low level of charge-offs, as creditors had embedded debt sales as an integral part of their business models.
  • France and Spain continue to be two of the largest non-performing loan markets in Europe with significant portfolio sales.
  • While sales activity across all of our European markets remains stable, underlying default rates are generally low by historic levels, and consumer lending volumes have stagnated.
  • In general, portfolio pricing remains competitive across our European footprint, constraining the amount of capital we elect to deploy in Europe.
  • Purchases by Geographic Location The following table summarizes purchases of receivable portfolios by geographic location during the periods presented (in thousands): Year Ended December 31, 2025 2024 2023 MCM (United States) $ 1,174,025 $ 998,853 $ 814,557 Cabot (Europe) 234,058 353,182 259,255 Total purchases of receivable portfolios $ 1,408,083 $ 1,352,035 $ 1,073,812 In the United States, capital deployment continued to increase during the periods presented.
  • In Europe, capital deployment decreased during the year ended December 31, 2025, as compared to 2024, and increased during the year ended December 31, 2024, as compared to 2023, due to higher than normal purchases that included large spot-market portfolios in the fourth quarter of 2024.
  • Pricing continues to remain competitive in our European footprint, constraining the amount of capital we choose to deploy in Europe.
  • Capital deployment can fluctuate based on the timing of the forward flow contracts and spot purchases.
  • Collections from Receivable Portfolios by Channel and Geographic Location We utilize three channels for the collection of our receivable portfolios: call center and digital collections; legal collections; and collection agencies.
  • The following table summarizes the total collections by collection channel and geographic area during the periods presented ( in thousands ): Year Ended December 31, 2025 2024 2023 MCM (United States): Call center and digital collections $ 1,272,096 $ 991,051 $ 783,164 Legal collections 663,164 560,699 526,197 Collection agencies 14,039 19,904 5,221 Subtotal 1,949,299 1,571,654 1,314,582 Cabot (Europe): Call center and digital collections 263,360 249,472 217,784 Legal collections 229,350 200,211 189,406 Collection agencies 148,231 138,348 136,841 Subtotal 640,941 588,031 544,031 Other geographies: 2,546 2,793 3,954 Total collections $ 2,592,786 $ 2,162,478 $ 1,862,567 Collections from receivable portfolios increased by $430.3 million, or 19.9%, to $2,592.8 million during the year ended December 31, 2025, from $2,162.5 million during the year ended December 31, 2024.
  • Collections from receivable portfolios increased by $299.9 million, or 16.1%, to $2,162.5 million during the year ended December 31, 2024, from $1,862.6 million during the year ended December 31, 2023.
  • The increases in collections in the United States were primarily a result of consistent increases in capital deployments and enhanced collections strategies in recent years.
  • The increases in collections from receivable portfolios in Europe were primarily due to the acquisition of receivable portfolios with higher returns in recent periods.
  • Additionally, collections in Europe were favorably impacted by foreign currency translation by approximately $22.1 million, during the year ended December 31, 2025, primarily as a result of the weakening of the U.S. dollar against the British Pound by approximately 3.0% for the year ended December 31, 2025 as compared to the year ended December 31, 2024.
  • Results of Operations Results of operations, in dollars and as a percentage of total revenues, were as follows for the periods presented (in thousands, except percentages) : Year Ended December 31, 2025 2024 2023 Revenues Portfolio revenue $ 1,455,795 82.3 % $ 1,302,567 99.0 % $ 1,204,437 98.5 % Changes in recoveries 208,771 11.8 % (89,740) (6.8) % (82,530) (6.7) % Total debt purchasing revenue 1,664,566 94.1 % 1,212,827 92.2 % 1,121,907 91.8 % Servicing revenue 88,388 5.0 % 84,783 6.4 % 83,136 6.8 % Other revenues 15,848 0.9 % 18,751 1.4 % 17,637 1.4 % Total revenues 1,768,802 100.0 % 1,316,361 100.0 % 1,222,680 100.0 % Operating expenses Salaries and employee benefits 458,233 25.9 % 422,910 32.1 % 391,532 32.0 % Cost of legal collections 315,451 17.8 % 259,298 19.7 % 224,252 18.3 % General and administrative expenses 165,948 9.4 % 163,847 12.4 % 144,862 11.8 % Other operating expenses 144,476 8.2 % 130,802 9.9 % 111,179 9.1 % Collection agency commissions 29,287 1.7 % 30,596 2.3 % 35,657 2.9 % Depreciation and amortization 28,760 1.6 % 32,434 2.5 % 41,737 3.4 % Goodwill impairment — — % 100,600 7.6 % 238,200 19.5 % Impairment of assets — — % 18,544 1.4 % 18,726 1.5 % Total operating expenses 1,142,155 64.6 % 1,159,031 87.9 % 1,206,145 98.5 % Income from operations 626,647 35.4 % 157,330 12.1 % 16,535 1.5 % Other expense Interest expense (293,910) (16.6) % (252,545) (19.2) % (201,877) (16.5) % Loss on extinguishment of debt (1,614) (0.1) % (7,832) (0.6) % — — % Other income 5,036 0.3 % 6,832 0.4 % 5,078 0.3 % Total other expense (290,488) (16.4) % (253,545) (19.4) % (196,799) (16.2) % Income (loss) before income taxes 336,159 19.0 % (96,215) (7.3) % (180,264) (14.7) % Provision for income taxes (79,325) (4.5) % (43,029) (3.3) % (26,228) (2.1) % Net income (loss) $ 256,834 14.5 % $ (139,244) (10.6) % $ (206,492) (16.8) % Comparison of Results of Operations Our Annual Report on Form 10-K for the year ended December 31, 2024 includes discussion and analysis of our financial condition and results of operations for the year ended December 31, 2024 as compared to the year ended December 31, 2023 in Item 7 of Part II, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 Revenues Our revenues primarily include debt purchasing revenue, which is revenue recognized from engaging in debt purchasing and recovery activities.
  • We then record 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 is presented as “Receivable portfolios, net” in our consolidated statements of financial condition.
  • Debt purchasing revenue includes two components: (1) Portfolio revenue , which is the accretion of the discount on the negative allowance due to the passage of time (generally the receivable portfolio balance multiplied by the EIR), and (2) Changes in recoveries , which includes: (a) Recoveries above (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).
  • All subsequent collections to the ZBA pools are recognized as ZBA revenue, which is included in portfolio revenue in our consolidated statements of operations.
  • The following table summarizes revenues for the periods presented ( in thousands, except percentages) : Year Ended December 31, 2025 2024 $ Change % Change Revenue recognized from portfolio basis $ 1,432,312 $ 1,279,467 $ 152,845 11.9 % ZBA revenue 23,483 23,100 383 1.7 % Portfolio revenue 1,455,795 1,302,567 153,228 11.8 % Recoveries above forecast 197,761 78,202 119,559 Changes in expected future recoveries 11,010 (167,942) 178,952 Changes in recoveries 208,771 (89,740) 298,511 NM Debt purchasing revenue 1,664,566 1,212,827 451,739 37.2 % Servicing revenue 88,388 84,783 3,605 4.3 % Other revenues 15,848 18,751 (2,903) (15.5) % Total revenues $ 1,768,802 $ 1,316,361 $ 452,441 34.4 % __________________ NM - Not meaningful.
  • Our operating results are impacted by foreign currency translation, which represents the effect of translating operating results where the functional currency is different than our U.S. dollar reporting currency.
  • Our revenue was favorably impacted by foreign currency translation by approximately $16.1 million, during the year ended December 31, 2025, primarily as a result of the weakening of the U.S. dollar against the British Pound by approximately 3.0% for the year ended December 31, 2025 as compared to the year ended December 31, 2024.
  • The increase in revenue recognized from portfolio basis during the year ended December 31, 2025, as compared to the year ended December 31, 2024, was primarily due to a higher portfolio basis ( i.e. a higher receivable portfolios balance) in the U.S. driven by a consistent higher volume of purchases in recent years.
  • Collections over-performed the forecasted collections by $197.8 million during the year ended December 31, 2025, primarily as a result of collections over-performance in the U.S.
  • The collections over-performance in the U.S. was driven by the deployment of new technologies, enhanced digital capabilities and continued operational innovation, which enabled us to reach more consumers, leading to more payments as well as a larger payer book.
  • These initiatives had a greater impact on the early stages of a portfolio’s lifecycle, leading to over-performance for our recent vintages.
  • Collections over-performed the forecasted collections by $78.2 million during the year ended December 31, 2024.
  • We reassess the forecasts of expected lifetime recoveries each quarter by considering, among other factors, historical and current collection performance, changes in consumer behaviors, and the macroeconomic environment.
  • The significant recoveries above forecast in 2025 were carefully evaluated.
  • We concluded that the recoveries above forecast during the year ended December 31, 2025 were primarily current period collections over-performance and did not represent any material shift in timing of the collections.
  • Therefore, the updated forecast did not result in a material change in expected future recoveries.
  • We recorded a net positive change in expected future recoveries of $11.0 million during the year ended December 31, 2025.
  • We recorded $167.9 million in net negative change in expected future recoveries during the year ended December 31, 2024.
  • The following tables summarize collections from receivable portfolios, portfolio revenue, changes in recoveries, end of period receivable portfolios balance and other related supplemental data, by year of purchase ( in thousands, except percentages ): Year Ended December 31, 2025 As of December 31, 2025 Collections Portfolio Revenue Changes in Recoveries Receivable Portfolios Monthly EIR United States: ZBA $ 23,478 $ 23,478 $ — $ — — % <2021 323,258 185,716 15,571 259,504 4.9 % 2021 85,407 46,934 (617) 80,005 3.9 % 2022 179,247 80,010 11,186 173,909 3.1 % 2023 419,265 197,114 19,982 407,059 3.3 % 2024 625,051 345,695 92,254 762,765 3.3 % 2025 293,593 208,451 42,529 1,126,992 3.2 % Subtotal 1,949,299 1,087,398 180,905 2,810,234 3.4 % Europe: ZBA 5 5 — — — % <2021 293,641 185,554 14,521 626,087 2.4 % 2021 42,985 26,200 (6,549) 105,108 1.9 % 2022 52,865 25,788 3,457 131,938 1.5 % 2023 78,352 31,961 19,000 175,808 1.5 % 2024 128,970 72,390 (550) 291,993 1.9 % 2025 44,123 26,499 (1,756) 217,650 2.1 % Subtotal 640,941 368,397 28,123 1,548,584 2.0 % Other geographies: (1) All vintages 2,546 — (257) 12,714 — % Subtotal 2,546 — (257) 12,714 — % Total $ 2,592,786 $ 1,455,795 $ 208,771 $ 4,371,532 2.9 % _______________________ (1) All portfolios are on non-accrual basis.

and 325 more.

Gone since FY2024

  • (“Encore”) has three business units: MCM, which consists of Midland Credit Management, Inc. and its subsidiaries and domestic affiliates; Cabot, which consists of Cabot Credit Management Limited (“CCM”) and its subsidiaries and European affiliates, and LAAP, which is comprised of our investments and operations in Latin America and Asia-Pacific.
  • Our long-term growth strategy is focused on continuing to invest in our core portfolio purchasing and recovery business in the United States and United Kingdom and strengthening and developing our business in the rest of Europe.
  • A small percentage of our capital deployment in the United States is comprised of receivable portfolios subject to Chapter 13 and Chapter 7 bankruptcy proceedings.
  • We purchase receivable portfolios using a proprietary pricing model that utilizes account-level statistical and behavioral data.
  • This model generally allows us to value portfolios accurately and quantify portfolio performance in order to maximize future collections.
  • Purchases and Collections Portfolio Pricing, Supply and Demand MCM (United States) With lending reaching record levels and the highest U.S. charge-off rate in ten years, supply remains elevated at a record level.
  • We believe growth in lending and rising delinquency rates will drive continued growth in supply.
  • Cabot (Europe) The UK market for charged-off portfolios generally provides a relatively consistent pipeline of opportunities, despite a historically low level of charge-off rates, as creditors had embedded debt sales as an integral part of their business models.
  • France and Spain continue to be two of the largest markets in Europe with significant portfolio sales.
  • While we have seen sales activity across all of our European markets, underlying default rates are generally low by historic levels, and consumer lending volumes have stagnated.
  • In general, portfolio pricing remains competitive across our European footprint, constraining the amount of capital we can deploy in Europe.
  • Purchases by Geographic Location The following table summarizes purchases of receivable portfolios by geographic location during the periods presented (in thousands): Year Ended December 31, 2024 2023 2022 MCM (United States) $ 998,853 $ 814,557 $ 556,000 Cabot (Europe) 353,182 259,255 244,507 Total purchases of receivable portfolios $ 1,352,035 $ 1,073,812 $ 800,507 In the United States, capital deployment increased during both the year ended December 31, 2024, as compared to 2023, and during the year ended December 31, 2023, as compared to 2022.
  • In Europe, capital deployment increased during both the year ended December 31, 2024, as compared to 2023, and during the year ended December 31, 2023, as compared to 2022.
  • Pricing continues to remain competitive in our European footprint; constraining the amount of capital we can deploy in Europe.
  • Capital deployment stayed relatively limited during the nine months ended September 30, 2024.
  • During the fourth quarter of 2024, we made three large spot purchases totaling approximately $145.4 million and as a result, capital deployment increased by $93.9 million during the year ended December 31, 2024, as compared to the year ended December 31, 2023.
  • Collections from Purchased Receivables by Channel and Geographic Location We utilize three channels for the collection of our purchased receivables: call center and digital collections; legal collections; and collection agencies.
  • The following table summarizes the total collections by collection channel and geographic area during the periods presented ( in thousands ): Year Ended December 31, 2024 2023 2022 MCM (United States): Call center and digital collections $ 991,051 $ 783,164 $ 772,728 Legal collections 560,699 526,197 581,078 Collection agencies 19,904 5,221 1,126 Subtotal 1,571,654 1,314,582 1,354,932 Cabot (Europe): Call center and digital collections 249,472 217,784 203,378 Legal collections 200,211 189,406 193,348 Collection agencies 138,348 136,841 156,545 Subtotal 588,031 544,031 553,271 Other geographies: 2,793 3,954 3,334 Total collections from purchased receivables $ 2,162,478 $ 1,862,567 $ 1,911,537 Gross collections from purchased receivables increased by $299.9 million, or 16.1%, to $2,162.5 million during the year ended December 31, 2024, from $1,862.6 million during the year ended December 31, 2023.
  • The increase in collections in the United States was primarily a result of consistent increases in capital deployments in the United States in recent years.
  • The increase in collections from purchased receivables in Europe was primarily due to the acquisition of portfolios with higher returns in recent periods.
  • Additionally, collections in Europe were favorably impacted by foreign currency translation by approximately $10.5 million, during the year ended December 31, 2024, primarily as a result of the weakening of the U.S. dollar against the British Pound by approximately 2.7% for the year ended December 31, 2024 as compared to the year ended December 31, 2023.
  • Gross collections from purchased receivables remained relatively stable during the year ended December 31, 2023, as compared to gross collections during the year ended December 31, 2022.
  • Results of Operations Results of operations, in dollars and as a percentage of total revenues, were as follows for the periods presented (in thousands, except percentages) : Year Ended December 31, 2024 2023 2022 Revenues Revenue from receivable portfolios $ 1,302,567 99.0 % $ 1,204,437 98.5 % $ 1,202,361 85.9 % Changes in recoveries (89,740) (6.8) % (82,530) (6.7) % 93,145 6.7 % Total debt purchasing revenue 1,212,827 92.2 % 1,121,907 91.8 % 1,295,506 92.6 % Servicing revenue 84,783 6.4 % 83,136 6.8 % 94,922 6.8 % Other revenues 18,751 1.4 % 17,637 1.4 % 7,919 0.6 % Total revenues 1,316,361 100.0 % 1,222,680 100.0 % 1,398,347 100.0 % Operating expenses Salaries and employee benefits 422,910 32.1 % 391,532 32.0 % 375,135 26.8 % Cost of legal collections 259,298 19.7 % 224,252 18.3 % 217,944 15.6 % General and administrative expenses 163,847 12.4 % 144,862 11.8 % 145,798 10.4 % Other operating expenses 130,802 9.9 % 111,179 9.1 % 111,234 8.0 % Collection agency commissions 30,596 2.3 % 35,657 2.9 % 35,568 2.5 % Depreciation and amortization 32,434 2.5 % 41,737 3.4 % 46,419 3.3 % Goodwill impairment 100,600 7.6 % 238,200 19.5 % — — % Impairment of assets 18,544 1.4 % 18,726 1.5 % 4,075 0.3 % Total operating expenses 1,159,031 87.9 % 1,206,145 98.5 % 936,173 66.9 % Income from operations 157,330 12.1 % 16,535 1.5 % 462,174 33.1 % Other expense Interest expense (252,545) (19.2) % (201,877) (16.5) % (153,308) (11.0) % Loss on extinguishment of debt (7,832) (0.6) % — — % — — % Other income 6,832 0.4 % 5,078 0.3 % 2,123 0.1 % Total other expense (253,545) (19.4) % (196,799) (16.2) % (151,185) (10.9) % (Loss) income before income taxes (96,215) (7.3) % (180,264) (14.7) % 310,989 22.2 % Provision for income taxes (43,029) (3.3) % (26,228) (2.1) % (116,425) (8.3) % Net (loss) income $ (139,244) (10.6) % $ (206,492) (16.8) % $ 194,564 13.9 % Comparison of Results of Operations Our Annual Report on Form 10-K for the year ended December 31, 2023 includes discussion and analysis of our financial condition and results of operations for the year ended December 31, 2023 as compared to the year ended December 31, 2022 in Item 7 of Part II, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Year Ended December 31, 2024 Compared to Year Ended December 31, 2023 Revenues Our revenues primarily include debt purchasing revenue, which is revenue recognized from engaging in debt purchasing and recovery activities.
  • We then record 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 is presented as “Investment in receivable portfolios, net” in our consolidated statements of financial condition.
  • 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 (2) Changes in recoveries , which includes: (a) Recoveries above (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).
  • We did not establish a negative allowance for these pools as we elected the Transition Resource Group for Credit Losses’ practical expedient to retain the integrity of these legacy pools.
  • Similar to how we treated ZBA collections prior to the adoption of CECL, all subsequent collections to the ZBA pools are recognized as ZBA revenue, which is included in revenue from receivable portfolios in our consolidated statements of operations.
  • The following table summarizes revenues for the periods presented ( in thousands, except percentages) : Year Ended December 31, 2024 2023 $ Change % Change Revenue recognized from portfolio basis $ 1,279,467 $ 1,176,835 $ 102,632 8.7 % ZBA revenue 23,100 27,602 (4,502) (16.3) % Revenue from receivable portfolios 1,302,567 1,204,437 98,130 8.1 % Recoveries above (below) forecast 78,202 (33,405) 111,607 Changes in expected future recoveries (167,942) (49,125) (118,817) Changes in recoveries (89,740) (82,530) (7,210) 8.7 % Debt purchasing revenue 1,212,827 1,121,907 90,920 8.1 % Servicing revenue 84,783 83,136 1,647 2.0 % Other revenues 18,751 17,637 1,114 6.3 % Total revenues $ 1,316,361 $ 1,222,680 $ 93,681 7.7 % Our operating results are impacted by foreign currency translation, which represents the effect of translating operating results where the functional currency is different than our U.S. dollar reporting currency.
  • Our revenue was favorably impacted by foreign currency translation by approximately $6.2 million, during the year ended December 31, 2024, primarily as a result of the weakening of the U.S. dollar against the British Pound by approximately 2.7% for the year ended December 31, 2024 as compared to the year ended December 31, 2023.
  • The increase in revenue recognized from portfolio basis during the year ended December 31, 2024, as compared to the year ended December 31, 2023, was primarily due to a higher portfolio basis ( i.e. a higher investment in receivable balance) in the U.S. driven by a consistent higher volume of purchases in recent years.
  • Collections over-performed the forecasted collections by approximately $78.2 million during the year ended December 31, 2024.
  • Collections under-performed the forecasted collections by approximately $33.4 million during the year ended December 31, 2023.
  • The over and under performance in the periods presented represented only a small fraction of total collections in the corresponding periods.
  • We reassess the forecasts of expected lifetime recoveries each quarter by considering, among other factors, historical and current collection performance, changes in consumer behaviors, and macroeconomic environment.
  • During the fourth quarter of 2024, we deployed a new U.K. forecasting model that develops expected future recoveries for investment in receivable portfolios at Cabot.
  • The new model update was primarily driven by recent changes in Cabot as it continues to acquire portfolios that have more dynamic characteristics and are better forecasted utilizing a model that processes data inputs at a more granular level.
  • As part of the new model development process, management updated certain model inputs driven by collection experience, operational performance and recent changes in collection strategies.
  • This new forecasting model was applied to all vintages, which resulted in a change in the estimate of expected future recoveries.
  • This change in accounting estimate reduced Cabot’s estimated remaining collections by $ 361.6 million, which when discounted to present value, resulted in a negative change in expected future recoveries of $ 75.3 million.
  • Additionally, we recognized approximately $22.2 million of negative changes in expected future recoveries resulting from the sale of our investment in receivable portfolios associated with the exit of our Italian debt purchasing and recovery business in November 2024.

and 380 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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