Encore Capital Group Inc (ECPG) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Encore Capital Group third-quarter 2025 earnings conference. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Encore Capital Group 2025 年第三季財報發表會。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Bruce Thomas, VP of Global Investor Relations for Encore. Please go ahead.

現在，我謹將會議交給今天的第一位發言人，Encore 全球投資者關係副總裁 Bruce Thomas。請繼續。

Thank you, operator. Good afternoon, and welcome to Encore Capital Group's third-quarter 2025 earnings call.

謝謝接線生。下午好，歡迎參加 Encore Capital Group 2025 年第三季財報電話會議。

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

今天與我一起參加電話會議的有：我們的總裁兼執行長 Ashish Masih；執行副總裁兼財務長 Tomas Hernanz；Midland Credit Management 總裁 Ryan Bell；以及 Cabot Credit Management 總裁 John Yung。阿什什和托馬斯今天將發表事先準備好的講話，之後我們將很樂意回答大家的問題。

Unless otherwise noted, comparisons on this conference call will be made between the third quarter of 2025 and the third quarter of 2024. In addition, today's discussion will include forward-looking statements that are based on current expectations and assumptions and are subject to risks and uncertainties. Actual results could differ materially from our expectations. Please refer to our SEC filings for a detailed discussion of potential risks and uncertainties. We undertake no obligation to update any forward-looking statement.

除非另有說明，本次電話會議中的比較將以 2025 年第三季和 2024 年第三季為準。此外，今天的討論將包含基於當前預期和假設的前瞻性陳述，這些陳述存在風險和不確定性。實際結果可能與我們的預期有重大差異。有關潛在風險和不確定性的詳細討論，請參閱我們向美國證券交易委員會提交的文件。我們不承擔更新任何前瞻性聲明的義務。

During this call, we'll be using rounding and abbreviations for the sake of brevity. We will also be discussing non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are included in our investor presentation, which is available on the Investors section of our website. As a reminder, following the conclusion of this call, a replay of this conference call, along with our prepared remarks, will also be available on the Investors section of our website.

為了簡潔起見，本次通話中我們將使用四捨五入和縮寫。我們也將討論非GAAP財務指標。與最直接可比較的 GAAP 財務指標的調整表已包含在我們的投資者簡報中，該簡報可在我們網站的投資者部分找到。再次提醒各位，本次電話會議結束後，本次電話會議的錄音以及我們準備好的發言稿也將發佈在我們網站的投資者關係版塊。

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

接下來，我將把電話交給我們的總裁兼執行長阿什什·馬西赫。

Thanks, Bruce, and good afternoon, everyone. Thank you for joining us. Encore delivered another strong performance in the third quarter, as our industry leadership and operational execution become increasingly evident in our results.

謝謝你，布魯斯，大家下午好。感謝您的參與。Encore在第三季再次取得了強勁的業績，我們的行業領先地位和營運執行力在我們的業績中日益得到體現。

Portfolio purchases in Q3 of $346 million were up 23% compared to the third quarter last year. Collections increased 20% to a record $663 million. Average receivable portfolios increased 16% to $4.2 billion. Estimated remaining collections or ERC, increased 10% to a record $9.5 billion. Our record collections performance helped earnings increase sharply with Q3 earnings per share of $3.17, up more than 150% compared to the third quarter a year ago.

第三季投資組合購買金額為 3.46 億美元，比去年第三季成長 23%。收款金額成長20%，達到創紀錄的6.63億美元。平均應收帳款組合成長 16%，達到 42 億美元。預計剩餘收款額（ERC）成長 10%，達到創紀錄的 95 億美元。我們創紀錄的收款業績幫助獲利大幅成長，第三季每股收益為 3.17 美元，比去年同期成長超過 150%。

Our leverage improved to 2.5x at the end of Q3 compared to 2.7x a year ago and 2.6x in Q2 2025, even with continued significant portfolio purchases in the third quarter. Encore's strong operating and financial results are primarily driven by the exceptional performance of our MCM business in the US across all dimensions of purchasing, collections and efficiency. I will provide more details on MCM's results later in the presentation.

截至第三季末，我們的槓桿率改善至 2.5 倍，而一年前為 2.7 倍，2025 年第二季為 2.6 倍，即便第三季我們繼續進行了大量投資組合購買。Encore 強勁的營運和財務表現主要得益於我們在美國 MCM 業務在採購、收款和效率等各個方面的出色表現。我將在稍後的演講中提供關於 MCM 研究結果的更多細節。

In addition to delivering strong results in Q3, we repurchased $10 million of Encore shares in the third quarter, consistent with the framework we've laid out in the past. We also repurchased nearly $25 million of our shares so far in Q4, bringing our total to approximately $60 million year to date, reflecting our confidence in Encore's future prospects. In support of our ongoing commitment to return capital to shareholders, our Board also recently authorized an additional $300 million under our share repurchase program.

除了在第三季取得強勁的業績外，我們還在第三季回購了價值 1,000 萬美元的 Encore 股票，這與我們過去製定的框架是一致的。第四季至今，我們也回購了近 2,500 萬美元的股票，使今年迄今的回購總額達到約 6,000 萬美元，這反映了我們對 Encore 未來前景的信心。為了履行我們向股東返還資本的持續承諾，我們的董事會最近還批准了根據我們的股票回購計劃額外撥款 3 億美元。

Before I continue my recap of the quarter, I believe it's helpful to remind investors of the critical role we play in the consumer credit ecosystem by assisting in the resolution of unpaid debts. These unpaid debts are an expected outcome of the lending business model.

在繼續回顧本季業績之前，我認為有必要提醒投資者，我們在消費者信貸生態系統中扮演著至關重要的角色，即協助解決未償債務。這些未償債務是貸款業務模式的預期結果。

Our mission is to create pathways to economic freedom for the consumers we serve by helping them resolve their past due debts. We achieved this by engaging consumers in honest, empathetic and respectful conversations. Our business is to purchase portfolios of non-performing loans at attractive returns while minimizing funding costs. For each portfolio that we own, we strive to exceed our collection expectations, while both maintaining an efficient cost structure and ensuring the highest level of compliance and consumer focus.

我們的使命是透過幫助我們服務的消費者解決逾期債務，為他們創造通往經濟自由的道路。我們透過與消費者進行真誠、富有同理心和尊重的對話來實現這一目標。我們的業務是以具有吸引力的回報購買不良貸款組合，同時最大限度地降低融資成本。對於我們擁有的每一個投資組合，我們都力求超越預期的收款目標，同時保持高效的成本結構，並確保最高的合規性和以客戶為中心的理念。

We achieved these objectives through a three-pillar strategy of participating in the largest and most valuable markets, developing and sustaining a competitive advantage in these markets and maintaining a strong balance sheet. We employ a strategy across our two main businesses: Midland Credit Management, or MCM in the US and Cabot Credit Management in select European markets.

我們透過三大支柱策略實現了這些目標：參與規模最大、最有價值的市場，在這些市場中發展並維持競爭優勢，以及維持強勁的資產負債表。我們在兩大主要業務領域採用統一的策略：美國的 Midland Credit Management（簡稱 MCM）和部分歐洲市場的 Cabot Credit Management。

I would now like to highlight Encore's third quarter performance in terms of several key metrics, starting with portfolio purchasing. Encore's global portfolio purchases for the third quarter were $346 million, an increase of 23% compared to Q3 2024. This increased level of purchasing will help drive Encore's continued collections growth for the rest of this year and well into the future. Our concentration of portfolio purchases in the US, where we allocated 75% of our deployed capital in the third quarter is a reminder that the flexibility of our global funding structure allows us to direct our capital towards markets with the highest returns.

現在我想重點介紹 Encore 第三季的業績，主要從幾個關鍵指標說起，首先是投資組合購買情況。Encore 第三季的全球投資組合收購金額為 3.46 億美元，比 2024 年第三季成長了 23%。購買量的增加將有助於推動 Encore 在今年剩餘時間和未來很長一段時間內持續實現收款成長。我們在第三季將 75% 的已部署資本投入美國進行投資組合購買，這提醒我們，我們全球融資結構的靈活性使我們能夠將資本導向回報最高的市場。

Global collections in Q3 were up 20% to a record $663 million. The past few years of higher portfolio purchases at strong returns, particularly in the US, have led to meaningful growth in collections, which we expect to continue. Our global collections performance year to date through the third quarter compared to our ERC at the end of 2024 was 108%. We believe that our ability to generate significant cash provides us with an important competitive advantage, which is also a key component of our three-pillar strategy.

第三季全球稅收成長20%，達到創紀錄的6.63億美元。過去幾年，投資組合收購量增加且收益強勁，尤其是在美國，這帶動了收款額的顯著增長，我們預計這一趨勢還將繼續。截至第三季度，我們今年的全球收款業績與 2024 年底的預期收款金額相比，達到了 108%。我們相信，我們創造大量現金的能力為我們提供了重要的競爭優勢，這也是我們三大支柱策略的關鍵組成部分。

Similar to the dynamic I mentioned earlier, higher portfolio purchases at strong returns over the past few years have also led to meaningful growth in cash generation. Our cash generation for the third quarter on a trailing 12-month basis was up 23% compared to the same period a year ago, and we expect it to continue to grow.

與我之前提到的動態類似，在過去幾年中，投資組合的大量買入和強勁的回報也帶來了現金流的顯著成長。與去年同期相比，我們第三季的現金流（以過去 12 個月計算）成長了 23%，我們預計這一數字將繼續成長。

Let's now take a look at our two largest markets, beginning with the US. The US Federal Reserve reports that revolving credit in the US remains near record levels. At the same time, since bottoming out in late 2021, the credit card charge-off rate in the US increased to its highest level in more than 10 years in 2024 and still remains at an elevated level. The combination of strong lending and elevated charge-off rates continues to drive robust portfolio supply in the US.

現在讓我們來看看我們最大的兩個市場，首先是美國。美國聯邦儲備委員會報告稱，美國的循環信貸仍接近歷史最高水準。同時，自 2021 年底觸底以來，美國的信用卡註銷率在 2024 年升至 10 多年來的最高水平，並且仍然保持在高位。強勁的貸款和高企的壞帳率共同推動了美國強勁的投資組合供應。

Let me illustrate this impact by highlighting the annualized amount of net dollar charge-offs, which can be estimated by multiplying outstandings by the net charge-off rate. Using Q2 2025 data, the most recent quarter reported by the Federal Reserve, annualized net charge-off volume was $55 billion, which is over 3x the $17 billion in annualized net charge-off volume in Q4 2021 at the bottom of the current cycle.

讓我透過突出年度淨美元沖銷金額來說明這種影響，該金額可以透過將未償債務乘以淨沖銷率來估算。根據聯準會公佈的最新季度數據（2025 年第二季），年化淨沖銷額為 550 億美元，是當前週期底部 2021 年第四季年化淨沖銷額為 170 億美元的 3 倍以上。

Similarly, US consumer credit delinquencies, which are a leading indicator of future charge-offs, also remained near multiyear highs. With both lending and the charge-off rate at elevated levels, purchasing conditions in the US market remain highly favorable. We are observing continued strong US market supply and attractive pricing as well. Third quarter delinquency data supports our expectation that the portfolio purchasing environment for our MCM business in the US is expected to remain favorable for the foreseeable future.

同樣，作為未來壞帳核銷的領先指標，美國消費者信貸違約率也維持在多年來的高點附近。由於貸款率和壞帳率都處於高位，美國市場的購買環境仍然非常有利。我們觀察到美國市場供應持續強勁，價格也頗具吸引力。第三季違約數據支持了我們的預期，即我們在美國MCM業務的投資組合購買環境在可預見的未來將保持有利。

MCM continues to capture significant portions of this US market supply opportunity, deploying $261 million in Q3 at very strong returns. This was a 13% increase in portfolio purchases compared to Q3 a year ago. For the full year in 2025, we expect MCM to well exceed its 2024 purchases of $999 million.

MCM繼續掌握美國市場供應機會的重大份額，第三季投入2.61億美元，獲得了非常強勁的回報。與去年同期相比，投資組合購買量成長了 13%。我們預計 MCM 在 2025 年全年的採購額將遠遠超過 2024 年的 9.99 億美元。

In addition to its solid portfolio purchases in Q3, our MCM business continues to excel operationally. Although third quarter collections in the US are typically lower than second quarter collections due to seasonality, MCM collections increased in the third quarter to a record $502 million, which was an increase of 25% compared to Q3 last year.

除了第三季穩健的投資組合收購外，我們的MCM業務在營運方面也持續表現出色。儘管由於季節性因素，美國第三季度的銷售額通常低於第二季度，但MCM的銷售額在第三季度增長至創紀錄的5.02億美元，比去年第三季度增長了25%。

The collections overperformance in the US 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 life cycle, leading to overperformance of our recent vintages. We expect that our collections forecast will gradually adjust to reflect the positive impact of these initiatives.

美國收款業績超預期，得益於新技術的部署、增強的數位化能力和持續的營運創新，這使我們能夠接觸到更多消費者，從而帶來更多付款，以及更大的付款人群體。這些措施對投資組合生命週期的早期階段產生了更大的影響，從而使我們最近幾期的投資組合取得了超額收益。我們預計，隨著這些措施的正面影響，我們的收款預測將逐步調整。

Our outstanding results not only reflect the improvements we've made in our collections operation and the overall effectiveness of our collection platforms, but also the strength of the consumer. Despite some of the negative news and macro uncertainty in the US, our consumers' payment behavior remains stable. We continue to monitor for any signs of change.

我們所取得的優異成績不僅反映了我們在收款業務方面所取得的進展以及收款平台的整體有效性，也反映了消費者的強大實力。儘管美國出現了一些負面新聞和宏觀經濟不確定性，但我們消費者的支付行為仍保持穩定。我們將繼續密切關注任何變化跡象。

Turning to our business in Europe. Cabot delivered another quarter of solid performance in Q3. Cabot's portfolio purchases in the third quarter were $85 million, which was higher than the historical trend due to attractive spot market portfolio purchases. We continue to be selective with Cabot's deployment as the UK market remains impacted by subdued consumer lending and low delinquencies in addition to continued robust competition.

接下來談談我們在歐洲的業務。卡博特在第三季再次取得了穩健的業績。Cabot 第三季的投資組合購買金額為 8,500 萬美元，高於歷史趨勢，這得益於現貨市場投資組合購買的吸引力。由於英國市場持續受到消費信貸疲軟、違約率低以及競爭激烈的影響，我們將繼續謹慎選擇 Cabot 的部署地點。

Cabot collections in the third quarter were $160 million, up 8% compared to Q3 last year. We continue to be focused on operational excellence and cost management, including leveraging relevant best practices from our MCM business. This is particularly relevant in the UK, where banks are increasingly selling fresh portfolios and forward flows. Our operational focus and initiatives have enabled Cabot to deliver stable collections performance.

Cabot 第三季營收為 1.6 億美元，比去年第三季成長 8%。我們將繼續專注於卓越營運和成本管理，包括借鑒我們 MCM 業務的相關最佳實踐。這一點在英國尤其重要，因為英國的銀行越來越多地出售新的投資組合和遠期資金。我們的營運重點和各項措施使卡博特公司能夠實現穩定的收款業績。

I'd now like to hand the call over to Tomas for a more detailed look at our financial results.

現在我想把電話交給湯瑪斯，讓他更詳細地介紹我們的財務表現。

Thank you, Ashish. Moving to the financial results slide. In the third quarter, we delivered strong growth in collections and portfolio revenue of 20% and 13%, respectively. Strong collections performance was supported by the high levels of US portfolio purchases in recent quarters, our focus on operational execution, operational improvements and stable consumer behavior.

謝謝你，阿什什。接下來是財務業績投影片。第三季度，我們的收款和投資組合收入分別實現了 20% 和 13% 的強勁成長。強勁的收款業績得益於近幾季美國投資組合的高水準收購、我們對營運執行的重視、營運改善以及穩定的消費者行為。

Collections yield was 62.7% in Q3, an improvement of 2.5 percentage points compared to last year. Portfolio revenue increased by 13% to $370 million, supported by 16% growth in average receivable portfolios and a portfolio yield of 35%. As a reminder, changes in recoveries is the sum of two numbers.

第三季收款率為 62.7%，比去年同期提高了 2.5 個百分點。投資組合收入成長 13% 至 3.7 億美元，這得益於平均應收帳款組合成長 16% 以及投資組合收益率達到 35%。再次提醒，康復人數的變化是兩個數字總和。

First, recoveries above or below forecast is the amount we collected above or below our ERC expectation for the quarter and is also known as cash-overs or cash-unders. Second, changes in expected future recoveries is the net present value of changes in the ERC forecast beyond the current quarter.

首先，高於或低於預期回收額是指我們本季收取的金額高於或低於預期回收額，也稱為現金超額或現金不足。其次，預期未來復甦的變化是當前季度之後 ERC 預測變化的淨現值。

Changes in recoveries were $63.6 million for the quarter. Of that total, the vast majority, $61.5 million were recoveries above forecast. Changes in expected future recoveries were $2.2 million. Both of our businesses, MCM in the US and Cabot in Europe were once again net positive contributors to changes in recoveries.

本季回收金額變動為 6,360 萬美元。其中，絕大部分（6,150萬美元）是超出預期的回收款項。預期未來回收金額的變動為 220 萬美元。我們在美國的業務 MCM 和在歐洲的 Cabot 這兩家公司再次對經濟復甦的變化做出了淨積極貢獻。

Put differently, we collected $61.5 million more than we forecasted in our ERC, which is incremental cash flow. The collections overperformance in the US 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 our portfolio's life cycle, leading to overperformance for our recent vintages. We expect that our collection forecast will gradually adjust to reflect the positive impact of these initiatives.

換句話說，我們在 ERC 中預測的金額比實際到帳金額多出 6,150 萬美元，這是一筆額外的現金流。美國收款業績超預期，得益於新技術的部署、增強的數位化能力和持續的營運創新，這使我們能夠接觸到更多消費者，從而帶來更多付款以及更大的付款人群體。這些措施對我們投資組合生命週期的早期階段產生了更大的影響，從而使我們最近幾期的投資組合取得了超額收益。我們預計，隨著這些措施的正面影響，我們的收款預測將逐步調整。

Debt purchasing revenue increased by 27% to $434 million, and the resulting debt purchasing yield was 41%. Approximately 6% was the impact of changes in recoveries. Servicing and other revenues were $27 million, bringing total revenues to $460 million, reflecting growth of 25%.

債務購買收入成長了 27%，達到 4.34 億美元，由此產生的債務購買收益率為 41%。約 6% 的影響來自回收率的變化。服務和其他收入為 2,700 萬美元，使總收入達到 4.6 億美元，成長了 25%。

Operating expenses increased only 10% to $287 million compared to 20% growth in collections, reflecting significant operating leverage in the business.

營運費用僅成長了 10%，達到 2.87 億美元，而收款額成長了 20%，反映出該業務具有顯著的營運槓桿效應。

Cash efficiency margin for the quarter improved by 3.6 percentage points to 58.4% compared to 54.8% in Q3 last year. We expect cash efficiency margin of approximately 58% for 2025.

本季現金效率利潤率較去年同期的 54.8% 提高了 3.6 個百分點，達到 58.4%。我們預計 2025 年現金效率利潤率約為 58%。

Interest expense and other income increased by 12% to $73 million, reflecting higher debt balances. We now expect interest expense of approximately $295 million in 2025. Our tax provision of $25 million implies a corporate tax rate of approximately 25%, which is in line with our previous guidance.

利息支出和其他收入增加了 12%，達到 7,300 萬美元，反映出債務餘額增加。我們現在預計 2025 年的利息支出約為 2.95 億美元。我們提列的 2,500 萬美元稅款意味著企業所得稅稅率約為 25%，這與我們先前預期的一致。

Finally, net income increased by 144% to $75 million, resulting in earnings per share for the quarter of $3.17 compared to $1.26 in Q3 last year. We believe our balance sheet provides us with very competitive funding costs when compared to our peers. Our funding structure also provides us with financial flexibility and diversified funding sources to compete effectively in this growing supply environment.

最後，淨收入成長了 144%，達到 7,500 萬美元，使得本季每股收益為 3.17 美元，而去年第三季為 1.26 美元。我們相信，與同業相比，我們的資產負債表能為我們提供極具競爭力的融資成本。我們的融資結構也為我們提供了財務靈活性和多元化的資金來源，使我們能夠在這個不斷增長的供應環境中有效競爭。

Leverage closed at 2.5, a 0.2 improvement versus last year and lower than a quarter ago. During Q3, we increased the size of our US facility by $150 million to $450 million. We extended this maturity to 2028, leaving us with no material maturities until 2028.

槓桿率收在 2.5，較去年同期改善 0.2，低於上一季。第三季度，我們投資 1.5 億美元將美國工廠的規模擴大到 4.5 億美元。我們將該債務的到期日延長至 2028 年，這意味著我們在 2028 年之前沒有任何重大債務到期。

In October, we issued $300 million of senior secured high-yield notes due 2031 at an attractive coupon of 6.625%. Also in October, we settled the $100 million of 2025 convertible notes entirely in cash. The combination of these three transactions improved our liquidity by up to $550 million, giving us a strong liquidity to continue to grow our US business during the remainder of this year and beyond.

10 月份，我們發行了 3 億美元的 2031 年到期優先擔保高收益票據，票面利率為 6.625%。同樣在 10 月份，我們以現金全額結算了 1 億美元的 2025 年到期可轉換債券。這三筆交易加起來使我們的流動性提高了 5.5 億美元，使我們擁有強大的流動性，可以在今年剩餘時間和以後繼續發展我們的美國業務。

With that, I would like to turn it back over to Ashish.

接下來，我想把麥克風交還給阿什許。

Thanks, Tomas. Now I would like to remind everyone of our key financial objectives and priorities. Maintaining a strong and flexible balance sheet, including a strong BB debt rating, as well as operating within our target leverage range of 2 to 3x remain critical objectives. With regard to our capital allocation priorities, buying portfolios, particularly in today's attractive US market, offers the best opportunity to create long-term shareholder value by deploying capital at attractive returns. This is indeed what we are doing as highlighted by a recent purchasing history.

謝謝你，托馬斯。現在我想提醒大家我們的主要財務目標和優先事項。保持穩健靈活的資產負債表，包括良好的 BB 債務評級，以及在 2 至 3 倍的目標槓桿率範圍內運營，仍然是至關重要的目標。就我們的資本配置優先事項而言，購買投資組合，尤其是在當今極具吸引力的美國市場，是利用資本獲得可觀回報，從而創造長期股東價值的最佳機會。這正是我們正在做的，最近的採購記錄也印證了這一點。

Next, on our capital allocation priority list are share repurchases. As I mentioned earlier, as of today, we repurchased approximately $60 million of Encore shares year to date, consistent with the framework we've laid out in the past and as a reflection of our confidence in Encore's future.

接下來，我們資本配置優先事項清單上的項目是股票回購。正如我之前提到的，截至今天，我們今年迄今已回購了約 6,000 萬美元的 Encore 股票，這與我們過去製定的框架一致，也反映了我們對 Encore 未來的信心。

And in support of our ongoing commitment to return capital to shareholders, our Board also recently authorized an additional $300 million under our share repurchase program. As a result of our strong performance so far this year and a positive outlook for the remainder of 2025, we are providing the following guidance on key metrics.

為了支持我們持續履行向股東返還資本的承諾，我們的董事會最近還批准了根據我們的股票回購計劃額外撥款 3 億美元。由於我們今年迄今為止的強勁表現以及對 2025 年剩餘時間的積極展望，我們特此提供以下關鍵指標指導。

As we originally guided, we anticipate global portfolio purchasing in 2025 to exceed $1.35 billion of purchases we made in 2024 as MCM is poised to surpass the record level of purchasing of a year ago. In addition, we are again raising our guidance on global collections. We now expect collections to grow by approximately 18% to $2.55 billion. This is an increase of $50 million from our growth expectation from a quarter ago.

正如我們最初預測的那樣，我們預計 2025 年全球投資組合採購額將超過 2024 年的 13.5 億美元，因為 MCM 預計將超過一年前的採購紀錄水準。此外，我們再次提高了對全球徵收的指導方針。我們現在預計收款額將成長約 18%，達到 25.5 億美元。這比我們上一季的成長預期增加了5000萬美元。

We expect interest expense of approximately $295 million for the year, and we continue to expect our effective tax rate for the year to be in the mid-20s on a percentage basis.

我們預計本年度利息支出約為 2.95 億美元，並且我們繼續預計本年度的實際稅率（以百分比計）將在 20% 左右。

Now, we'd be happy to answer any questions that you may have. Operator, please open up the lines for questions.

現在，我們很樂意回答您可能提出的任何問題。接線員，請開通提問通道。

(Operator Instructions) John Rowan, Janney Montgomery Scott.

（操作說明）約翰·羅文，詹尼·蒙哥馬利·斯科特。

Good afternoon, guys. Just on the portfolio purchases, obviously, guidance is above $1.35 billion, but you're at $1.1 billion already for the year now with the third quarter included. Obviously, if $1.35 billion was the baseline, I know you're saying above that, it would indicate a relatively slow fourth quarter.

下午好，各位。僅就投資組合購買而言，顯然指導目標超過 13.5 億美元，但算上第三季度，今年迄今的購買額已達 11 億美元。顯然，如果 13.5 億美元是基準線，我知道你的意思，高於這個數字就意味著第四季相對放緩。

I'm just wondering if you could give us any insight into purchasing for the fourth quarter? Do you have forward flows intact? I'm just trying to get an understanding of what the fourth quarter looks like because we have kind of a baseline number, but it could be anything above that number. And just trying to understand what it might look like in the fourth quarter.

我想請問您能否就第四季度的採購計劃提供一些見解？前向流量是否完好？我只是想了解一下第四季的情況，因為我們有一個基準數字，但實際數字可能會高於這個數字。我只是想了解一下第四季可能會是什麼樣子。

Yeah, John, this is Ashish. So in terms of the broader market, we are predominantly deploying in the US, and that market is very solid and robust and continues to be very favorable in terms of volumes. There's been no change in any impact on the forward flows or anything like that. So we are just reiterating our guidance, we are focused on returns, and we do expect to exceed that guidance that we have of $1.35 billion.

是的，約翰，這是阿什許。因此，就更廣泛的市場而言，我們主要在美國進行部署，而美國市場非常穩固且強勁，並且在銷售方面仍然非常有利。對正向流量或其他方面沒有任何影響。所以我們只是重申我們的預期，我們專注於回報，我們確實預計將超過我們設定的 13.5 億美元的預期目標。

And MCM is poised to well exceed its 2024 deployment, which was $1 billion, $999 million to be precise. So all things are good. I mean, there are some spot opportunities that come here and there, particularly more in Europe, but also in US at times. So quarter to quarter can be volatile at times, but overall purchasing trends, particularly in US, look very solid, and we are on track to continue deploying and which is going to power our collections growth in the fourth quarter and next year as well.

MCM 的部署規模預計將遠遠超過其 2024 年的 10 億美元目標，準確來說是 9.99 億美元。所以一切都很好。我的意思是，偶爾會有一些零散的機會，尤其是在歐洲，但有時在美國也會有。因此，季度之間的波動有時可能會出現，但整體購買趨勢，尤其是在美國，看起來非常穩健，我們正按計劃繼續部署，這將推動我們第四季和明年的收款成長。

Okay. And then your peer seems to be a little bit more conservative on the purchasing front. Is there anything that you can attribute that to? Or juxtapose your very strong purchasing quarter relative to some of your other peers?

好的。然後，你的同儕在購買方面似乎比較保守一些。您認為造成這種情況的原因是什麼？或是將貴公司強勁的採購季度與一些同業進行比較？

So I cannot comment on exactly what's happening at our peers. But as I said, our largest market focus is US, where we deployed 75% of our capital in Q3. And at times, I would say, if some other players deploy less, that's an opportunity. It increases our returns and increases our opportunity as well. So we feel good with what we're buying, good with how the market is in terms of issuers, what they expect to sell. And so we continue to execute on that front.

所以我無法評論同行們究竟發生了什麼事。但正如我所說，我們最大的市場重點是美國，我們在第三季將 75% 的資金投入了美國市場。有時，我認為，如果其他一些球員減少部署，那就是一個機會。它既能提高我們的收益，也能增加我們的機會。所以我們對所購買商品感到滿意，對發行人的市場狀況以及他們預期出售的商品也感到滿意。因此，我們將繼續在這方面推進工作。

Mark Hughes, Truist.

馬克·休斯，Truist。

Yeah, thank you very much. The collections multiple for the US core paper and the UK core paper, can you share those? The Q is not out, so I'm just curious how they --?

是的，非常感謝。能分享一下美國核心論文和英國核心論文的收錄倍數嗎？Q 還沒出來，所以我只是好奇他們是怎麼做的。——？

Yeah, Mark. So this is Ashish. So the collections multiple in 2025, and that again is a cumulative multiple in our Q, it's 2.3 for US and 2.3 for Cabot as well. It's been very stable throughout the year with a little bit variations here and there, but it's been stable.

是的，馬克。這位是阿什什。因此，2025 年的收藏倍數（這也是我們季度中的累積倍數）為 2.3，美國為 2.3，卡博特也為 2.3。今年以來一直非常穩定，雖然偶爾會有一些小波動，但總體來說很穩定。

Yeah, very good. How do you find the pricing return dynamic? It sounds like supply is good. I think in recent quarters, you've said kind of the pricing was relatively stable. Those collections multiples would be consistent with that. Any shading on that as you see it now?

是的，非常好。如何找到定價回報動態？聽起來供應充足。我認為，您在最近幾季曾說過，價格相對穩定。這些收藏品的倍數與此相符。現在看到的畫面有陰影嗎？

As I said, supply is good and you also indicated. So -- and pricing is stable again as well. And just to remind everyone, returns are a reflection of pricing as well as what you can collect. So if we expect to collect more through the life of the portfolio, which is what we believe we do, you get a higher multiple. So we are getting very good returns under these stable pricing conditions.

正如我所說，供應充足，你也提到了這一點。所以——價格也又穩定下來了。再次提醒大家，退款金額不僅取決於價格，還取決於您可以獲得的金額。因此，如果我們預期在投資組合的生命週期內獲得更多收益（我們相信我們確實如此），那麼你就能獲得更高的倍數。因此，在目前穩定的價格環境下，我們獲得了非常好的回報。

Tomas, did you provide guidance for the cash efficiency margin ratio?

湯瑪斯，你對現金效率利潤率有指導意見嗎？

Yes. We indicated that we expect for the full year, 58%.

是的。我們表示，預計全年成長率為 58%。

58%. Okay. You talked about new technologies, digital enhancements. It seems like it's really having a pretty meaningful impact on the business, both top and bottom line. Anything to expand on that? The -- and particularly, if you're still in the midst of doing that and are those partially implemented, fully implemented? It just seems like it's had a material kind of step-up in operations. So if you could talk a little bit more about it, that would be great

58%。好的。您談到了新技術和數位化改進。看來這確實對公司的營收和利潤都產生了相當大的影響。還有什麼要補充的嗎？——尤其是，如果您仍在進行這項工作，而這些工作是部分實施還是完全實施？感覺它的運作水準有了實質的提升。如果你能再詳細談談這件事，那就太好了。

Yes, Mark. So we have been on these things for quite a while kind of implementing technologies and customer contact strategies, digital that enable omnichannel collection. So all of this has been over time. but we are now seeing very clear improvement in our collections.

是的，馬克。因此，我們已經在這方面投入了相當長一段時間，實施各種技術和客戶聯繫策略，實現全通路收款。這一切都是逐漸發生的，但我們現在看到收藏數量有了非常明顯的改善。

And as these are focused more on call center and digital, they are impacting -- more impacting the recent vintages, let's say, the 2024 vintage on the front part of the curve, because it's call center oriented. So it's driving some of the overperformance that you see. We feel really good about it. We're in the midst of implementing over time.

由於這些酒廠更注重呼叫中心和數位化，因此它們對近期的酒廠，比如說曲線前端的 2024 年酒廠，影響更大，因為它們是面向呼叫中心的。所以，這就是你所看到的某些超額表現的驅動因素。我們對此感到非常滿意。我們正在逐步實施。

I'm sure we will get the impact of this in other parts of the world, but also in MCM in the later parts of the portfolio's life cycle. But overall, I would say this is leading to some of the overperformance that we talked about. And Tomas and I talked about the changes in recoveries, what it's leading to. And overall, we feel really good about how the collections have gone this year.

我相信我們會在世界其他地區感受到這種影響，也會在 MCM 投資組合生命週期的後期感受到這種影響。但總的來說，我認為這導致了我們之前討論的一些超額收益。我和湯瑪斯討論了復甦情況的變化，以及這些變化將會導致什麼結果。總的來說，我們對今年的系列作品的完成感到非常滿意。

In terms of kind of three quarters this year, this has really allowed us to deliver very solid earnings. And if you do the math for the three quarters of this year, we get to about $7.50. And this is driven largely by MCM collections performance. And so we feel really good about our business and expect similarly strong performance to continue in Q4 and beyond.

就今年前三個季度而言，這確實讓我們實現了非常穩健的盈利。如果把今年前三個季度的數據算出來，大約是 7.50 美元。這主要是由 MCM 系列的收款績效所推動的。因此，我們對公司業務感到非常滿意，並預計第四季度及以後將繼續保持強勁的業績。

Yeah. Your own liabilities, your debt at this point, how much is fixed versus floating?

是的。您目前的負債情況，即您的債務，其中固定債務和浮動債務各佔多少？

Yes. Approximately 75% is fixed and hedged and approximately 25% is floating. But that changed a little bit from one quarter to the next, and we use a few refinancings. But yes, that's the right ballpark.

是的。其中約 75% 為固定利率並已進行避險，約 25% 為浮動利率。但這種情況從一個季度到下一個季度略有變化，我們進行了一些再融資。沒錯，大致範圍就是這樣。

And sorry, what were those -- did you say 35% is fixed?

抱歉，剛才那是什麼意思？您是說35%是固定的嗎？

No. 75% is fixed and hedged and 25% is floating, give or take.

75%是固定利率並已進行避險，25%是浮動利率，上下浮動幅度不定。

Okay. Thank you very much.

好的。非常感謝。

Mike Grandahi, Northland Capital Markets.

Mike Grandahi，北地資本市場。

Hey. This is Logan on for Mike. First, collections were up 20% year-over-year despite what seemed like a tougher macro in 3Q. Can you guys provide some additional color on what you're seeing with the consumer and what drove another strong quarter of collections?

嘿。這裡是洛根替麥克報道。首先，儘管第三季宏觀經濟狀況似乎更加嚴峻，但銷售額仍年增了 20%。能否請各位進一步介紹一下你們觀察到的消費者狀況，以及推動本季銷售額強勁成長的原因？

Yeah. Logan, there is definitely kind of noise out in the press around the consumer stress and whatnot. There are multiple signals there. Unemployment rate and all continues to be low.

是的。洛根，媒體上確實有很多關於消費者壓力等等的報導。那裡有多個信號。失業率等各項指標持續維持低位。

Overall, we are used to dealing with consumers who face some financial distress, and we are very flexible in how we work with them. We have seen no impact in terms of consumer behavior, whether it's on conversion of accounts to payers, strength of the payment plans or the resilience of payment plans or things of that nature. So we see a very stable consumer behavior in the US market, which is what I think you're referring to.

總的來說，我們已經習慣了與面臨一些財務困境的消費者打交道，並且在與他們合作的方式上非常靈活。我們沒有看到消費者行為受到任何影響，無論是帳戶轉化為付款人的轉換率、付款計劃的力度還是付款計劃的韌性，或者諸如此類的事情。所以我們看到美國市場的消費者行為非常穩定，我想這就是你所指的。

Got it. Yeah, that's great to hear. Then one more from us. You guys have continued to delever while generating significant cash. Looking out to mid-2026, if leverage goes from 2.5 to 2.3x, how much cash could that free up for buybacks?

知道了。是的，聽到這個消息真是太好了。我們再來一個。你們在持續降低槓桿的同時，也創造了可觀的現金流。展望 2026 年中，如果槓桿率從 2.5 倍降至 2.3 倍，可以釋放多少現金用於股票回購？

So you're right in observing we are delevering. And actually, while we continue to purchase at very strong levels. So that's a reflection of the power of our collections operation and the multiples and all of the cash we're generating. So in terms of buybacks, I would say we've been very clear in our capital allocation. We're doing what we said in our priorities and all future buybacks are going to be subject to kind of balance sheet, liquidity and a whole range of things.

所以你的觀察是對的，我們正在去槓桿化。事實上，我們仍在以非常強勁的力度繼續採購。這反映了我們收款業務的強大實力，以及我們所產生的巨額現金流量和收益倍數。所以就股票回購而言，我認為我們在資本配置方面一直非常明確。我們正在按照既定優先事項行事，所有未來的股票回購都將取決於資產負債表、流動性以及一系列其他因素。

But we are doing exactly what we said about a year ago with leverage at midpoint, we resumed share repurchases, and we've continued to do that every quarter. And very importantly, our recent increase in share repurchases reflect our confidence in the future prospect of Encore. So that's what I can give you rather than give a specific number, but we have increased that pace recently, as you would notice.

但我們正在按照大約一年前所說的，利用槓桿在中點進行操作，恢復股票回購，並且每季都繼續這樣做。更重要的是，我們近期增加的股票回購反映了我們對 Encore 未來前景的信心。所以，我只能告訴你這些，而不是給出一個具體的數字，但正如你所注意到的，我們最近加快了步伐。

Got it. Thanks, guys. Congrats on another great quarter. Thank you.

知道了。謝謝各位。恭喜又一個季度業績出色！謝謝。

David Scharf, Citizens Capital Markets.

David Scharf，Citizens Capital Markets。

Hi. This is Zach on for David. Congrats on another strong quarter. I wanted to dig in a little bit on the dynamics in the European markets and kind of see if we can get a little bit more color on the outlook and also potential digging in on the competitive side and seeing if there's a potential ramp in the future, kind of any other color that you can provide in that sense?

你好。這裡是紮克替大衛報道。恭喜又一個季度業績出色。我想深入了解歐洲市場的動態，看看我們能否對前景有更清晰的了解，以及潛在的競爭格局，看看未來是否有成長的可能，您能否在這方面提供一些其他資訊？

In the European markets, things are kind of pretty similar to what they've been. So there's kind of a couple of dynamics there. Supply is not really growing much. It's growing slowly as lending has been quite slow to grow and charge-off rates and delinquency rates have been quite low still despite some of the consumer distress. So overall, supply is not growing as much.

歐洲市場的情況與以往大同小異。所以這裡面存在一些動態因素。供應量並沒有真正成長多少。由於貸款增長緩慢，儘管消費者面臨一些困境，但壞帳率和拖欠率仍然很低，因此該行業增長緩慢。所以整體而言，供應成長並不顯著。

Pricing goes back and forth. At times a year or two ago, we saw some improvement. Sometimes it can go back, but we are staying disciplined. We have a global balance sheet, and we don't have to deploy when we don't see the returns.

價格一直波動不定。一兩年前，我們曾看到一些改善。有時候事情可能會倒退，但我們會保持自律。我們擁有全球資產負債表，所以如果看不到回報，我們就不必部署。

So we've taken actions in our business, managing cost structure, exiting some of the nonstrategic markets a year ago. So we're staying very disciplined. The business is very focused on operational excellence and just delivering stable collections performance. And this year, they've exceeded the forecast expectations for all the three quarters.

因此，我們在業務上採取了行動，控製成本結構，並在一年前退出了一些非策略市場。所以我們一直保持著高度的自律。該企業非常注重卓越營運和提供穩定的收款績效。今年，他們三個季度的業績都超過了預期。

So it's on a more solid footing. We feel good where it is at. And as opportunities come and occasionally, they do come because there's more for spot sales in the European market, we will be sure to capitalize on them. And Q3 actually was a bit higher than a normal run rate for Cabot for us, as you would see in the filings.

所以它的基礎更加穩固了。我們對現狀很滿意。而且，機會總是會來的，因為歐洲市場的現貨銷售機會更多，我們一定會抓住這些機會。正如您在文件中看到的那樣，第三季卡博特的產量實際上略高於正常水平。

Got it. Understood. And then just one follow-up question. So just in terms of the buybacks, obviously, there's a big sequential ramp quarter-to-date with $25 million deployed and the $300 million incremental authorization. Is the $25 million kind of a good way to think of a run rate per quarter?

知道了。明白了。然後，我還有一個後續問題。就股票回購而言，顯然，本季迄今已大幅增加回購規模，已投入 2,500 萬美元，並新增 3 億美元的授權。2500萬美元是不是一個比較適合的季度運行率計算方法？

Just trying to get a sense of how aggressive these buybacks can be?

我只是想了解這些股票回購計畫的力道究竟有多大？

All I can say is kind of we're following our capital allocation. We bought $60 million to date. So on kind of the regular Q1, Q2, Q3, and we gave the incremental purchases we've done in Q4 of $25 million. So that's $60 million. So again, it's all subject to balance sheet liquidity.

我只能說，我們基本上是按照既定的資本配置計畫行事的。我們迄今已購入價值 6000 萬美元的商品。所以，按照正常的季度（第一季、第二季、第三季），我們在第四季增加了 2,500 萬美元的採購額。所以就是6000萬美元。所以，歸根究底，這一切都取決於資產負債表的流動性。

We also, as I indicated, increased the purchasing in recently to reflect the confidence in the future of Encore, kind of what we expect out in the future. So that's what I can give you now. There's not a number. There's multiple factors that go in, as I just indicated. But hopefully, you see our signal from the $60 million purchases year to date.

正如我之前提到的，我們最近也增加了採購，以反映我們對 Encore 未來發展的信心，這與我們未來的預期基本一致。這就是我現在能告訴你的。沒有具體數字。正如我剛才所說，這其中涉及多種因素。但希望您能從我們今年迄今為止 6000 萬美元的採購中看到我們發出的信號。

Yeah, that definitely makes a lot of sense. Thank you.

是的，這確實很有道理。謝謝。

Robert Dodd, Raymond James.

Robert Dodd，Raymond James。

Hi, guys. Congrats on the operational performance. I mean on the collections overperformance, Ashish, can you give us any more -- I mean, obviously, you're implementing these things and they could eventually be reflected in the curves. But if I look at the $63 million, I think, of -- $64 million and change in recoveries, I mean almost all of that was cash over collection overperformance in the quarter, not changes in curves. So if you expected it to be sustainable, I would have thought the curves would have moved up. Obviously, there's a lot of curves and a lot of different vintages.

嗨，大家好。祝賀你們取得如此出色的營運表現。我是說關於集合性能的超額收益，Ashish，你能再給我們提供一些資訊嗎？ ——我的意思是，顯然，你們正在實施這些措施，它們最終可能會反映在曲線上。但如果我看一下 6300 萬美元，我認為，或者說 6400 萬美元左右的回收款項，我的意思是，幾乎所有這些都是本季度現金回收超額完成的表現，而不是曲線的變化。所以，如果你期望它是可持續的，我認為曲線應該會上升。顯然，這裡有很多曲線，也有很多不同的年份。

So I'm just reading one number. But at the same time, if it was one-off, I would have expected there to be a negative adjustment. I didn't see that either. So can you give us more color on like how sustainable this kind of cash over performance, it seems to have really kicked in or accelerated this quarter. You've been overperforming. How sustainable is this kind of this new level of collections performance?

所以我現在只讀一個數字。但同時，如果這只是個別事件，我原本預期會有負面調整。我也沒看到。那麼，您能否更詳細地說明一下這種現金流相對於業績成長的可持續性？這種增長似乎在本季真正開始顯現或加速。你表現得非常出色。這種新型的收藏表現水準的可持續性如何？

Yeah, Robert, thanks for your question and observations, very accurate indeed. So this is heavily driven by our MCM business collecting exceptionally well. And as indicated, some of these initiatives impact the early stage of the portfolio life cycle. So it's impacting some of the recent vintages 2024 and even to some extent, 2025 and to some extent, '23. So as you noted, this is 97% of the $63.6 million is cash-overs, right?

是的，羅伯特，謝謝你的提問和觀察，確實非常準確。所以這主要得益於我們MCM業務的優異回收表現。如前文所述，其中一些舉措會對投資組合生命週期的早期階段產生影響。因此，它對 2024 年的一些近期年份葡萄酒產生了影響，甚至在某種程度上影響了 2025 年和 2023 年的葡萄酒。正如你所指出的，這 6,360 萬美元中有 97% 是現金，對吧？

So over time, as data gets incorporated into forecasts, the positive impact of these initiatives will get reflected in the forecast that we put out there. But it takes time, because as you get actual data, and we are seeing this performance improvement in the early part of the curve, kind of how it plays out in the later part of the curve, we have to see. So we have a process and we have to basically look at the actual results and then the forecast move over time.

因此，隨著時間的推移，當數據被納入預測時，這些舉措的正面影響將會反映在我們發布的預測中。但這需要時間，因為隨著實際數據的積累，我們看到曲線早期階段的性能有所提升，至於曲線後期階段的表現如何，我們還需要觀察。所以我們有一個流程，基本上需要查看實際結果，然後根據一段時間內的預測結果進行調整。

What I would tell you is we feel really good about this collections performance, whether it's showing up in the overperformance or in the kind of the main forecast as portfolio revenue. And as I said earlier on, the first three quarters, we earned $7.50. That I feel is a good representation, and we feel that it's something that we'd be looking forward to in Q4 and beyond because I'm feeling really good about how the business is performing, particularly driven by MCM's collection performance.

我想告訴大家的是，我們對這次收款表現非常滿意，無論是超額完成的業績，還是作為投資組合收入的主要預測，都反映了這一點。正如我之前所說，前三個季度我們每股獲利7.50美元。我認為這是一個很好的指標，我們期待第四季及以後也能取得同樣的成績，因為我對公司目前的業績非常滿意，尤其是在MCM的收款表現的推動下。

Got it. Thank you. Thanks for the extra thought there. Then looking to -- you talked about the buyback. You talked about, obviously, you want to purchase receivables and the delinquency trends make it look like the market is going to remain pretty healthy for a while. I mean, there's always a third leg that we ask about, right, about acquisition opportunities and strategic M&A and things like that.

知道了。謝謝。謝謝你的額外考慮。然後，你談到了回購。顯然，你提到你想購買應收帳款，而目前的拖欠趨勢表明，市場在一段時間內將保持相當健康的狀態。我的意思是，我們總是會問到第三個方面，對吧，那就是收購機會、策略併購等等。

At what point do you think that become -- maybe shifts from being the third leg to maybe moving up the ladder a little bit -- missing my metaphors. But is it -- it's just not interesting right now? And -- or as you delever further and obviously, you use that for buybacks, but there's -- does that become interesting at any point in this environment?

你認為在什麼情況下——也許會從第三條腿轉變為向上移動一點——我沒理解你的比喻。但現在真的沒什麼意思嗎？而且——或者隨著你進一步去槓桿化，顯然你會用這筆錢進行股票回購，但——在這種環境下，這在什麼時候會變得有趣？

No, Robert, that's a good point. So it is clearly in our capital allocation hierarchy. It's kind of something that we look at regularly. So what I would say the bar is high. We look at every opportunity or at least hear about all the opportunities given our spend, looking at all of them that's out there in each of our markets.

沒錯，羅伯特，你說得對。所以它顯然在我們資本配置層級。這是我們經常會關注的事情。所以我覺得標準很高。我們會關注每一個機會，或至少了解所有機會，因為我們有資金投入，我們會關注我們每個市場中存在的所有機會。

In terms of growth potential or consolidation potential, we've done some of those really well. When we bought the two US businesses back in 2013 and '14, those have performed fantastically well, for example. So we would continue to look at those. The bar will be high, is high as is evident from our track record.

就成長潛力或整合潛力而言，我們在某些​​方面做得非常出色。例如，我們在 2013 年和 2014 年收購的兩家美國公司，其表現都非常好。所以我們會繼續關注這些方面。標準會很高，事實上也已經很高了，這點從我們過去的成績就能看得出來。

But again, we stay nimble, and we'll be in the lookout if there's something interesting that creates sustained shareholder value for Encore shareholders, we'd be looking at it. But again, the bar remains high, so we would not be rushing into anything.

但是，我們會保持靈活，如果出現能夠為 Encore 股東創造持續股東價值的有趣機會，我們會密切關注。但話說回來，標準依然很高，所以我們不會倉促行事。

We are very comfortable given the size of the markets in US., particularly and the portfolio buying opportunities of the returns to send capital that way because it's a very reliable way to generate collections and cash and value over time. But we'll be looking at other opportunities if they come by.

鑑於美國市場的規模，特別是其投資組合的購買機會和回報，我們非常樂意將資金投入那裡，因為這是一種非常可靠的方式，可以隨著時間的推移產生收益、現金和價值。但如果出現其他機會，我們會考慮的。

Got it. Thank you.

知道了。謝謝。

Thank you. This does conclude our question-and-answer session. I would now like to turn it back to Mr. Masih for final remarks.

謝謝。我們的問答環節到此結束。現在我謹將發言權交還給馬西先生，請他作最後總結發言。

Thanks for joining the call today and taking the time to do so. And we look forward to providing our fourth quarter and full year 2025 results in February.

感謝您今天抽空參加電話會議。我們期待在2月份公佈2025年第四季和全年業績。

This does conclude today's program. You may now disconnect.

今天的節目到此結束。您現在可以斷開連線了。