Encore Capital Group, Inc. (ECPG) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Encore Capital Group's first-quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您稍候。歡迎參加安可資本集團（Encore Capital Group）2026 年第一季財報電話會議。（接線員指示）請注意，今天的會議將被錄音。

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

現在我想把會議交給今天的第一位講者，全球投資人關係副總裁 Bruce Thomas。請開始。

Thank you, operator. Good afternoon, and welcome to Encore Capital Group’s first quarter 2026 earnings call. Joining me on the call today are Ashish Masih, our President and Chief Executive Officer; Tomas Hernanz, Executive Vice President and Chief Financial Officer; and Ryan Bell, President of Midland Credit Management. Ashish and Tomas will make prepared remarks today, and then we’ll be happy to take your questions.

謝謝，接線員。各位下午好，歡迎參加安可資本集團 2026 年第一季財報電話會議。今天與我一同參與會議的有：我們的總裁兼執行長 Ashish Masih；執行副總裁兼財務長 Tomas Hernanz；以及 Midland Credit Management 總裁 Ryan Bell。Ashish 與 Tomas 今天將先發表準備好的談話，之後我們很樂意回答各位的提問。

Unless otherwise noted, comparisons on this conference call will be made between the first quarter of 2026 and the first quarter of 2025. 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 2026 年第一季與 2025 年第一季為基準。此外，今天的討論將包含前瞻性陳述，這些陳述係基於目前的預期與假設，並受風險與不確定性影響。實際結果可能與我們的預期有重大差異。有關潛在風險與不確定性的詳細討論，請參閱我們向美國證券交易委員會（SEC）提交的文件。我們不承擔更新任何前瞻性陳述的義務。

During this call, we will use 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 conference call, a replay along with our prepared remarks will also be available on the investors section of our website.

在本次會議中，為求簡潔，我們將使用四捨五入與縮寫。我們也將討論非 GAAP 財務衡量指標。與最直接可比的 GAAP 財務衡量指標之調節表，已包含在我們的投資人簡報中，該簡報可於我們網站的投資人專區取得。提醒各位，本次電話會議結束後，重播內容以及我們的準備稿也將於我們網站的投資人專區提供。

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

接下來，讓我把電話交給我們的總裁兼執行長 Ashish Masih。

Thanks, Bruce, and good afternoon, everyone. Thank you for joining us. Encore delivered another strong performance in the first quarter as our industry leadership and operational execution are on full display. Our business continues to thrive with solid first quarter portfolio purchases of $363 million and record collections of $718 million, which are up 19% compared to a year ago.

謝謝你，Bruce，各位下午好。感謝各位加入我們。安可在第一季再次交出強勁表現，充分展現我們的產業領導地位與營運執行力。我們的業務持續蓬勃發展，第一季投資組合收購金額達 3.63 億美元，回收款項創新高達 7.18 億美元，較去年同期成長 19%。

Average receivable portfolios increased 14% to $4.4 billion. Our record collections performance helped earnings increase sharply with net income in the first quarter of $86 million and earnings per share of $3.86. Our leverage improved to 2.3 times at the end of Q1 compared to 2.6 times a year ago, even with continued significant portfolio purchases in the first 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.

平均應收帳款投資組合增加 14% 至 44 億美元。創紀錄的回收表現帶動獲利大幅提升，第一季淨利為 8,600 萬美元，每股盈餘為 3.86 美元。我們的槓桿比率在第一季末改善至 2.3 倍，較一年前的 2.6 倍下降，即使第一季仍持續進行大量投資組合收購。安可強勁的營運與財務成果，主要來自我們在美國的 MCM 業務在收購、回收與效率等各面向的卓越表現。我稍後將在簡報中提供更多 MCM 成果的細節。

Before I continue, 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. Our mission is to create pathways to economic freedom for the consumers we serve by helping them resolve their past due debts. We achieve this by engaging consumers in honest, empathetic, and respectful conversations. We pursue our business 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.

在我繼續之前，我認為有必要提醒投資人：我們透過協助解決未償債務，在消費者信貸生態系中扮演關鍵角色。這些未償債務是放貸商業模式下可預期的結果。我們的使命是透過協助所服務的消費者解決逾期債務，為他們創造通往經濟自由的途徑。我們透過與消費者進行誠實、同理且尊重的對話來達成此目標。我們以三大支柱策略追求業務目標：參與最大且最具價值的市場、在這些市場建立並維持競爭優勢，以及維持強健的資產負債表。

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. We believe value is created in the consumer debt buying industry through optimal execution of three critical drivers: buying, collecting, and funding. When these drivers are executed well within attractive markets, leveraging the resources we possess and our strong balance sheet, we believe they enable high, consistent returns and profitability.

我們在兩大主要業務上採取此策略：美國的 Midland Credit Management（MCM）以及在部分歐洲市場的 Cabot Credit Management。我們相信，在消費者債權收購產業中，價值的創造來自於對三項關鍵驅動因素的最佳執行：收購、回收與資金籌措。當這些驅動因素在具吸引力的市場中被有效執行，並運用我們所擁有的資源與強健的資產負債表時，我們相信可帶來高且穩定的報酬與獲利能力。

The cycle begins with a commitment to purchase portfolios of charged-off receivables at attractive returns, which is the buy well component of our value engine. Our disciplined portfolio purchasing is underpinned by superior data and analytics capabilities, which when applied to our very large datasets stemming from our scale and history, optimize portfolio valuation through account-level underwriting. As a result, we win more portfolios at strong returns enabled by our superior collections as reflected in our industry-leading portfolio yield and collections yield.

此循環始於我們承諾以具吸引力的報酬率收購已核銷應收帳款投資組合，這是我們價值引擎中的「買得好」環節。我們嚴謹的投資組合收購，建立在卓越的資料與分析能力之上；當這些能力應用於我們因規模與歷史所累積的龐大資料集時，便能透過帳戶層級的承保（underwriting）最佳化投資組合估值。因此，我們能以良好報酬率贏得更多投資組合，並透過卓越的回收能力加以實現，反映在我們業界領先的投資組合收益率與回收收益率上。

The cycle continues with our commitment to collect efficiently, maximizing net collections to realize strong yields. Our operational excellence, advanced analytics, and our consumer-centric approach produce industry-leading yields while still exhibiting a solid cash efficiency margin. As a result, our very effective personalized engagement with consumers leads to payments with predictable, consistent cash flow. This cash flow helps to complete the cycle as it contributes to our commitment to fund competitively based on low-cost funding and strong balance sheet. Importantly, our balance sheet strength enables access to capital at competitive costs through the credit cycle.

接著，此循環延續到我們對高效率回收的承諾，透過最大化淨回收以實現強勁收益率。我們的營運卓越、先進分析能力，以及以消費者為中心的方法，在維持穩健現金效率利潤率的同時，帶來業界領先的收益率。因此，我們對消費者進行高度有效的個人化互動，帶來可預測且一致的現金流入。這些現金流有助於完成循環，因為它支持我們以低成本資金與強健資產負債表為基礎，進行具競爭力的資金籌措。重要的是，我們的資產負債表實力使我們能在信用循環中以具競爭力的成本取得資本。

In summary, Encore’s value engine is the critical enabler of our competitive advantage that allows us to execute a proven three-pillar strategy to drive shareholder value. I would now like to highlight Encore’s first quarter performance in terms of several key metrics, starting with portfolio purchasing.

總結而言，安可的價值引擎是我們競爭優勢的關鍵推動力，使我們得以執行經驗證的三大支柱策略，進而提升股東價值。接下來，我想以幾項關鍵指標來重點說明安可第一季的表現，首先從投資組合收購談起。

Encore’s global portfolio purchases for the first quarter were $363 million. As a result of the attractive market conditions and higher returns available in the United States, 87% of our portfolio purchasing dollars was spent in the US during the first quarter. Global collections in Q1 were up 19% to a record $718 million. This exceptional collections performance is a result of strong execution and continued significant portfolio purchasing, as well as the deployment of new technologies, enhanced digital capabilities, and continued operational innovation, especially in the US. Our global collections performance in the first quarter compared to our ERC at the end of 2025 was 106%.

安可第一季全球投資組合收購金額為 3.63 億美元。由於美國市場條件具吸引力且可取得較高報酬，第一季我們 87% 的投資組合收購資金投入於美國。第一季全球回收款項年增 19% 至創紀錄的 7.18 億美元。這項卓越的回收表現源自強勁的執行力與持續大量的投資組合收購，以及新技術的導入、數位能力的提升與持續的營運創新，尤其是在美國。以 2025 年底的 ERC（預估剩餘回收額）為基準，我們第一季的全球回收表現為 106%。

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. Similar to the collections dynamic I mentioned earlier, strong execution, higher portfolio purchases at strong returns over the past few years, as well as operational improvements have also led to meaningful growth in cash generation. Our cash generation in the first quarter was up 21% compared to Q1 last year, and we expect it to continue to grow.

我們相信，創造大量現金的能力為我們帶來重要的競爭優勢，這也是我們三大支柱策略的關鍵組成之一。如同我先前提到的回收動能，過去幾年在強勁執行力、以良好報酬率增加投資組合收購，以及營運改善的帶動下，我們的現金創造也出現顯著成長。第一季現金創造較去年第一季成長 21%，我們預期將持續成長。

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兩個最大的市場，先從美國開始。美國聯邦準備理事會（Fed）報告指出，美國的循環信用餘額仍接近歷史高位。同時，自 2021 年底觸底以來，美國信用卡核銷率在 2024 年升至逾 10 年來最高水準，且目前仍維持在偏高水準。強勁放貸與偏高核銷率的組合，持續推動美國市場出現強勁的投資組合供給。

Let me illustrate this impact by highlighting the annualized amount of net dollar charge-offs, which can be estimated by multiplying the revolving credit outstandings by the net charge-off rate. Using Q4 2025 data, the most recent quarter reported by the US Federal Reserve, annualized net charge-off volume was more than $54 billion.

我用年度化的淨美元核銷金額來說明這項影響；該金額可透過將循環信用未償餘額乘以淨核銷率來估算。以美國聯邦準備理事會最新公布的季度（2025 年第四季）數據計算，年度化淨核銷量超過 540 億美元。

Similarly, US consumer credit card delinquencies, which are a leading indicator of future charge-offs, also remain near multiyear highs. With revolving consumer credit at an elevated level and charge-off rate above 4%, purchasing conditions in the US market remain favorable. We are observing continued strong US market supply and favorable pricing as well. First quarter delinquency data supports our expectation that the portfolio purchasing environment in the US is expected to remain robust for the foreseeable future.

同樣地，美國消費者信用卡逾期（這是未來核銷的領先指標）也仍接近多年高點。在循環消費信貸維持高位且核銷率高於 4% 的情況下，美國市場的收購條件仍然有利。我們也觀察到美國市場供給持續強勁且定價有利。第一季的逾期數據支持我們的預期：在可預見的未來，美國的投資組合收購環境預計仍將保持強勁。

MCM continues to capture significant portions of this US market supply opportunity. MCM portfolio purchases in the first quarter were $316 million, one of our strongest portfolio purchasing quarters ever. In addition to its solid portfolio purchases in Q1, our MCM business continues to excel operationally. MCM collections increased to a record $556 million, which was an increase of 23% compared to Q1 last year.

MCM 持續把握美國市場供給機會中的相當大份額。MCM 第一季投資組合收購金額為 3.16 億美元，為我們歷來最強勁的收購季度之一。除了第一季穩健的投資組合收購外，我們的 MCM 業務在營運面也持續表現出色。MCM 回收金額增至創紀錄的 5.56 億美元，較去年第一季成長 23%。

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 large and growing 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 forecasts will gradually adjust to reflect the positive impact of these initiatives.

美國回收表現超預期，主要受惠於新技術的導入、數位能力的強化，以及持續的營運創新；這使我們能觸及更多消費者，帶來更多付款，並形成規模龐大且持續成長的付款人名冊。這些措施對投資組合生命週期的早期階段影響更大，帶動我們近期批次（vintages）表現超預期。我們預期回收預測將逐步調整，以反映這些措施帶來的正面影響。

Our outstanding results reflect a substantial portfolio purchasing over the last few years at strong returns as well as improvements we made in our collections operation. Despite some of the negative news and macro uncertainty in the US, our consumers’ payment behavior remains stable. This is in line with what many of the banks and credit card issuers are saying in the recent earnings calls. We, of course, continue to monitor for any signs of change.

我們的亮眼成果，反映了過去幾年以良好報酬進行的大量投資組合收購，以及我們在回收營運上的改善。儘管美國出現一些負面消息與總體不確定性，我們消費者的付款行為仍保持穩定。這也與近期多家銀行與信用卡發卡機構在財報電話會議中的說法一致。當然，我們仍會持續監測是否出現任何變化跡象。

Turning to our business in Europe, Cabot delivered another quarter of solid performance in Q1. Cabot’s portfolio purchases of $47 million in the first quarter were consistent with Cabot’s recent historical trend. We continue to be selective with Cabot’s deployments as the UK market remains impacted by subdued consumer lending and low delinquencies, as well as continued robust competition.

轉向歐洲業務，Cabot 在第一季再度交出穩健表現。Cabot 第一季投資組合收購金額為 4,700 萬美元，與 Cabot 近期的歷史趨勢一致。由於英國市場仍受消費者放貸疲弱、逾期率偏低以及競爭持續激烈的影響，我們在 Cabot 的資金部署上仍維持審慎挑選。

Cabot collections in the first quarter were $161 million, up 7% compared to Q1 last year, supported by currency tailwinds. We continue to focus on Cabot’s 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 in forward flows. Our operational focus and initiatives within the Cabot business continue to drive cash efficiency margin improvement.

Cabot 第一季回收金額為 1.61 億美元，較去年第一季成長 7%，並受惠於匯率順風。我們持續聚焦 Cabot 的營運卓越與成本管理，包括借鑑我們 MCM 業務的相關最佳實務。這在英國尤其重要，因為銀行正日益透過前瞻性流轉（forward flows）出售新鮮投資組合。我們在 Cabot 業務內的營運聚焦與各項措施，持續推動現金效率利潤率改善。

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

接下來我想把電話交給 Tomas，請他更詳細說明我們的財務結果。

Thank you, Ashish. Moving to the financial results slide. In the first quarter, we delivered a strong growth in collections and portfolio revenue of 19% and 13%, respectively. A strong collections performance was supported by the high levels of US portfolio purchases in recent quarters, our focus on execution, operational improvements, and a stable consumer behavior. Collection yield was 65.2% in Q1, an improvement of 2.6 percentage points compared to last year.

謝謝你，Ashish。我們來看財務結果投影片。第一季，我們的回收金額與投資組合收入分別強勁成長 19% 與 13%。強勁的回收表現，受近期幾季美國投資組合收購水準偏高、我們對執行的專注、營運改善，以及消費者行為穩定所支撐。第一季回收收益率為 65.2%，較去年提升 2.6 個百分點。

Portfolio revenue increased by 13% to $390 million, supported by 14% growth in average receivable portfolios and a portfolio yield of 35.4%. As a reminder, changes in recoveries is the sum of two numbers: 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.

投資組合收入成長 13% 至 3.90 億美元，主要受平均應收款投資組合成長 14% 以及投資組合收益率 35.4% 所支撐。提醒一下，回收變動由兩部分加總而成：第一，回收高於或低於預測，指本季實際回收相較我們對本季 ERC（預估剩餘可回收額）的高於或低於部分，也稱為現金超收（cash overs）或現金短收（cash unders）；第二，預期未來回收變動，指本季以後 ERC 預測變動的淨現值。

Changes in recoveries were $62.7 million for the quarter. Of that total, the majority, $46 million, were recoveries above forecast. Changes in expected future recoveries were $16.7 million. Put differently, we collected $46 million more than we forecasted in our ERC, which is incremental cash flow.

本季回收變動為 6,270 萬美元。其中大部分（4,600 萬美元）為高於預測的回收。預期未來回收變動為 1,670 萬美元。換句話說，我們實際回收比 ERC 預測多了 4,600 萬美元，這是額外的現金流。

The collections of our performance in the US was driven by the deployment of new technologies, enhanced digital capabilities, and continued operational innovation, which enable us to reach more consumers, leading to more payments as well as a large and growing payer book. These initiatives are having a greater impact on the early stages of our portfolio life cycle, leading to overperformance of our recent vintages.

我們在美國的回收表現超預期，主要受惠於新技術的導入、數位能力的強化，以及持續的營運創新；這使我們能觸及更多消費者，帶來更多付款，並形成規模龐大且持續成長的付款人名冊。這些措施對我們投資組合生命週期的早期階段影響更大，帶動我們近期批次（vintages）表現超預期。

We expect that our collection forecast will continue to gradually adjust to reflect the positive impact of these initiatives. Over the next few quarters, we expect any future cash flows to transition eventually into portfolio revenues. Changes in expected future recoveries in Q1 were $16.7 million, a reflection that this transition is taking place.

我們預期回收預測將持續逐步調整，以反映這些措施帶來的正面影響。在接下來幾個季度，我們預期任何未來現金流最終將逐步轉化為投資組合收入。第一季預期未來回收變動為 1,670 萬美元，反映這項轉換正在發生。

Debt purchasing revenue increased by 23.5% to $453 million. The resulting debt purchasing yield was 41.1%. Approximately 5.7% was the impact of changes in recoveries. Servicing and other revenues were $23 million, bringing total revenues to $475 million, reflecting growth of 21%.

債務收購收入成長 23.5% 至 4.53 億美元。相應的債務收購收益率為 41.1%。其中約 5.7% 來自回收變動的影響。服務與其他收入為 2,300 萬美元，使總收入達到 4.75 億美元，成長 21%。

Operating expenses increased only 11% to $281 million compared to 19% growth in collections, reflecting significant operating leverage in the business. Cash efficiency margin for the quarter improved by 2.6 percentage points to 16.9% compared to 58.3% in Q1 last year. We continue to expect cash efficiency margin for the full year to exceed 58% in 2026.

營業費用僅成長 11% 至 2.81 億美元，低於回收金額 19% 的成長，反映業務具有顯著的營運槓桿。本季現金效率利潤率較去年第一季提升 2.6 個百分點至 16.9%，相較去年第一季為 58.3%。我們仍預期 2026 年全年現金效率利潤率將超過 58%。

Interest expense and other income increased by 5% to $72 million, reflecting higher debt balances. Our tax provision of $25 million implies a corporate tax rate of approximately 23%, which is in line with our previous guidance. Finally, net income increased by 84% to $86 million, resulting in earnings per share for the quarter of $3.86, up 100% compared to $1.93 in Q1 last year.

利息費用及其他收入增加 5% 至 7,200 萬美元，反映債務餘額較高。我們 2,500 萬美元的所得稅費用意味著約 23% 的公司稅率，與我們先前的指引一致。最後，淨利增加 84% 至 8,600 萬美元，使本季每股盈餘為 3.86 美元，較去年第一季的 1.93 美元成長 100%。

We believe our balance sheet provide us with very competitive funding costs and access to capital when compared to our peers. Our funding structure also provides us financial flexibility and diversified funding sources to compete effectively in this favorable supply environment.

我們相信，我們的資產負債表相較同業，為我們提供極具競爭力的資金成本與資本取得管道。我們的融資結構亦提供財務彈性與多元化資金來源，使我們能在此有利的供給環境中有效競爭。

Leverage closed at 2.3 times or 0.3 times improvement versus last year and lower than a quarter ago. In March, we extended the maturity date of our Cabot securitization facility by one year to January 2031, and we have no material maturities on deal 2028, and ample liquidity to continue to grow our business well into the future.

槓桿倍數收於 2.3 倍，較去年改善 0.3 倍，亦低於上一季。3 月，我們將 Cabot 證券化融資工具的到期日延長一年至 2031 年 1 月；在 2028 年之前並無重大到期項目，且我們具備充足流動性，可在未來持續擴大業務。

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

接下來，我想把時間交回給 Ashish。

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 3 times 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 track record of purchasing receivable portfolios at strong returns.

謝謝，Tomas。現在我想提醒各位我們的主要財務目標與優先事項。維持強健且具彈性的資產負債表，包括維持 BB 等級的債務評級，以及將槓桿控制在 2 至 3 倍的目標區間內，仍是關鍵目標。就資本配置優先順序而言，購買投資組合，特別是在當前具吸引力的美國市場，透過以具吸引力的報酬率部署資本，提供創造長期股東價值的最佳機會。這正是我們正在做的事，並可由我們以優異報酬率購買應收帳款投資組合的過往紀錄加以印證。

Next on our capital allocation priority list are share repurchases. We repurchased approximately $20 million of Encore shares in the first quarter. And finally, we remain committed to delivering strong, return on invested capital throughout the credit cycle. Our ROIC improved to 14.6% in the first quarter on a trailing 12-month basis, up from 8.3% in Q1 last year.

我們資本配置優先事項清單中的下一項是庫藏股回購。我們在第一季回購了約 2,000 萬美元的 Encore 股票。最後，我們仍致力於在整個信用循環中提供強勁的投入資本報酬率。以過去 12 個月為基礎計算，我們第一季的 ROIC 提升至 14.6%，高於去年第一季的 8.3%。

In summary, Encore’s first quarter results are an indication that we are off to a very strong start in 2026. I’m truly excited about how Encore is performing and about our future prospects.

總結而言，Encore 第一季的結果顯示我們在 2026 年有一個非常強勁的開局。我對 Encore 的表現以及我們未來的前景感到非常振奮。

To begin, through our MCM business in the US, we are the largest debt buyer in the largest and the most valuable consumer credit market in the world. The US market continues to be very favorable, driven by growth in consumer lending and charge-off rates that are at the highest level in 10 years. Within this environment, we are leveraging our scale and extremely effective collections operation to purchase record amounts of portfolio in the US at strong returns.

首先，透過我們在美國的 MCM 業務，我們是全球最大且最具價值的消費者信用市場中最大的債務買方。美國市場仍然非常有利，主要受消費者放款成長以及核銷率達到 10 年來最高水準所驅動。在此環境下，我們正運用規模優勢與極為有效的催收營運，在美國以強勁報酬率購買創紀錄規模的投資組合。

In Europe, Cabot is delivering stable collections performance and remains focused on operational excellence and cost management. We continue to selectively purchase portfolios amid modestly growing market supply conditions.

在歐洲，Cabot 的催收表現穩定，並持續專注於營運卓越與成本管理。在市場供給溫和成長的情況下，我們仍持續選擇性地購買投資組合。

Finally, we have adequate liquidity to continue to grow the business as a strong, flexible balance sheet provides us the capacity to capitalize on any opportunities that come up in the market. This competitive advantage only grows as we continue to reduce our leverage.

最後，我們具備充足的流動性以持續擴大業務；強健且具彈性的資產負債表，使我們有能力把握市場上出現的任何機會。隨著我們持續降低槓桿，這項競爭優勢只會更加擴大。

As a result of this continuing strong performance and the business momentum we carried into the second quarter, we are providing the following guidance on key metrics. We continue to anticipate global portfolio purchases in 2026 to be within a range from $1.4 billion to $1.5 billion. We are raising our collections guidance and now expect global collections in 2026 to increase by 8% to $2.8 billion.

基於持續強勁的表現，以及我們帶入第二季的業務動能，我們就以下關鍵指標提供指引。我們仍預期 2026 年全球投資組合購買金額將落在 14 億至 15 億美元區間。我們上調催收指引，現預期 2026 年全球催收金額將成長 8% 至 28 億美元。

In addition, after a strong start to 2026 in the first quarter, in which productivity enhancements and strong execution across the business contributed to significant earnings power, we expect our EPS in 2026 to increase by 19% to $13 per share. We continue to expect the combination of interest expense and other income to be approximately $300 million for the year. And we also continue to expect our effective tax rate for the year to be in the mid-20s on a percentage basis.

此外，在 2026 年第一季強勁開局之後，生產力提升與全公司強力執行帶來顯著的獲利能力，我們預期 2026 年每股盈餘將成長 19% 至每股 13 美元。我們仍預期全年利息費用與其他收入合計約為 3 億美元。我們也仍預期全年有效稅率（百分比）將落在 20% 中段水準。

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各位可能有的任何問題。接線生，請開放提問線路。

(Operator Instructions)

(接線生指示)

David Scharf, Citizens Capital Markets.

David Scharf，Citizens Capital Markets。

I guess to start off with, Ashish, I’ve been kind of asking the same boring question of you the last few quarters, but I’ll ask it again. And that is as we digest your kind of prepared remarks about the purchasing and collection environments both here and abroad, is there anything that you would call out as being notably new versus the calls from three and six months ago?

我想先從這裡開始，Ashish，我過去幾季一直在問你同一個有點無聊的問題，但我再問一次。也就是說，當我們消化你事先準備的談話內容、關於國內外的購買與催收環境時，有沒有任何你會特別指出、相較於三個月與六個月前的電話會議而言明顯新的地方？

Recognizing that an answer of no is actually very positive, given kind of the groove the company is in. But whether it’s externally in the purchasing or collection environments here or abroad or internally in terms of initiatives or investments, is there anything that we should take away as being incremental, or is it more we’re just in the kind of early stages of a long runway of an attractive, kind of macro backdrop?

我知道回答「沒有」其實是非常正面的，因為公司目前的節奏很順。但無論是外部在國內外的購買或催收環境，或是內部在計畫、倡議或投資方面，有沒有任何我們應該視為新增的重點？還是說，我們只是處於一段很長跑道的早期階段，而宏觀背景相當有利？

Hi, David. It may be a boring question, but it is a very pertinent one. And the short answer is no. Things are very similar in our US market in terms of total outstandings and charge off rate, which leads to supply and competition level and pricing is stable, and returns are strong. Particularly given our strong collections, we are able to deliver even stronger returns than our competition, if you would.

嗨，David。這可能是個無聊的問題，但確實非常切題。簡短答案是沒有。就總未償餘額與核銷率而言，我們在美國市場的情況非常相似，這也帶動供給與競爭程度；定價穩定，報酬強勁。特別是在我們催收表現強勁的情況下，我們甚至能交出比競爭對手更強的報酬，如果你這麼說的話。

And in Europe, pretty stable as well. Supply is not growing and competition level is a little bit higher than US. So we are staying disciplined there and allocating our capital.

而在歐洲，也相當穩定。供給沒有成長，競爭程度則比美國略高一些。因此我們在那裡維持紀律並配置資本。

In terms of the other macro question perhaps you had in mind, the consumer behavior as well remains very stable in terms of new payer generation, for example, converting new accounts, newly purchased accounts to payers or the payment plan behavior. It is very consistent with the prior quarters and what we are also hearing from banks and credit card issuers’ earnings calls in this quarter that the consumer remains very resilient despite some of the pressures they may be feeling, for example, on gas prices and whatnot.

就你可能想到的另一個宏觀問題而言，消費者行為也仍非常穩定，例如新付款人生成、把新帳戶（新購買的帳戶）轉化為付款人，或是分期付款計畫的行為。這與前幾季一致；而且我們也從本季銀行與信用卡發卡機構的法說會中聽到，儘管消費者可能感受到一些壓力（例如油價等），但消費者仍相當有韌性。

Got it. That’s helpful and consistent with what every lender’s been saying this reporting season. Maybe just my follow-up question. Haven’t really talked a lot about AI, and it’s a topic that’s been coming up more frequently on these earnings calls. And I guess my question is, are there unique regulatory issues we ought to be paying attention to as it relates to maybe the pace of investments in AI by a collection company?

了解。這很有幫助，也與這個財報季每家放款機構的說法一致。也許我再追問一題。我們其實沒有談很多 AI，但這個主題在這些法說會上越來越常被提到。我想問的是，作為一家催收公司，在 AI 投資步伐方面，是否有任何我們應該特別留意的獨特監管議題？

Obviously, call center-centric businesses have kind of been front and center talking about the advantages of enhanced automation and potential returns. But obviously, the collection industry is much more heavily regulated than a lot of other sort of customer service business -- call center-centric businesses.

顯然，以客服中心為核心的企業一直站在最前線，談論強化自動化的優勢與潛在回報。但很明顯，催收產業相較於許多其他類型的客戶服務業務——以客服中心為核心的業務——受到更嚴格的監管。

Can you just maybe talk a little broadly about how you’re viewing AI from the standpoint of where to invest, where to just kind of maybe wait and see what regulators are thinking about, and how we ought to think about whether this is a business that could become potentially less labor-intensive somewhere down the road?

你能否更概括地談談，你們如何從投資角度看待 AI：哪些地方該投資、哪些地方可能需要先觀望監管機關的想法，以及我們應該如何思考，這是否會是一門未來可能變得較不依賴人力的業務？

Great question, David. So let me touch on a couple of things on this. As a bigger question, we’ve been leveraging technology for years and increasing its use in our digital and omni-channel. For example, over 50% of our new payments take place digitally.

好問題，David。我來談幾點。從更大的層面來看，我們多年來一直在運用科技，並持續提高其在數位與全通路上的使用。例如，我們超過 50% 的新付款是以數位方式完成。

So we’ve been using technology, and now AI is another level of that technology that’s coming in. In some cases, vendors are incorporating AI or AI-like approaches or technology into their tools, which we are using. In other cases, we are actively piloting some of the new technologies to see kind of what business results we get and so forth. So we are actively thinking about and doing things. Over time, given our scale and focus on technology, we are very confident we will leverage AI kind of as it becomes more meaningful.

所以我們一直在使用科技，而現在 AI 是進一步升級、正在導入的另一個層次。在某些情況下，供應商正在把 AI 或類 AI 的方法／技術整合進他們的工具中，而我們正在使用這些工具。在其他情況下，我們也在積極試點一些新技術，看看能帶來什麼樣的業務成果等等。因此我們正積極思考並採取行動。隨著時間推移，考量到我們的規模與對科技的聚焦，我們非常有信心會在 AI 變得更有意義時加以運用。

Now that said, I think you also raised another question early on, a point. Our calls are very complex. It requires empathy in dealing with consumers. So tools there, while there are a lot of voice-oriented tools, they are not quite ready to deal with that as well as we can do with our account managers.

不過話說回來，我想你一開始也提到另一個問題／觀點。我們的通話非常複雜。在與消費者互動時需要同理心。因此在這方面的工具，雖然有很多以語音為導向的工具，但它們還沒有準備好能像我們的客戶經理那樣妥善處理。

And there are some regulatory nuances able to use this artificial voice, for example, in collection calls and all that one has to be mindful of. Obviously, there’s a broader backdrop of AI and financial services, which we are very mindful of as we work with our bank partners as well and what they are subject to. So we want to be fully aware of that.

此外，在催收通話中使用例如人工語音等，也存在一些監管上的細微差異，需要特別留意。顯然，AI 與金融服務還有更廣泛的監管背景；我們在與銀行合作夥伴合作時也非常留意，因為他們也受到相關規範約束。所以我們希望能完全掌握這些要求。

I would say the last thing is, you mentioned voice as important in collection industry. It is important, but it is not the only thing, at least from a debt buyer perspective. Voice is one element of it. There’s complicated legal process, for example. There you need large datasets and other things where some AI can be used, some cannot be.

我想最後一點是，你提到語音在催收產業很重要。它確實重要，但至少從債權收購方（debt buyer）的角度來看，它不是唯一的要素。語音只是其中一個環節。例如還有複雜的法律流程。在那裡你需要大型資料集以及其他要素；有些地方可以用 AI，有些則不行。

So while voice can seem the most intriguing part of technology that can impact collections, it is not the only thing. There’s a lot of elements that go into our success and to win in this industry.

因此，雖然語音看起來可能是最吸引人、也最可能影響催收的技術部分，但它並不是唯一的部分。我們的成功以及在這個產業勝出的因素，包含很多面向。

And we do have a higher bar-- regulatory bar being in this industry. We just are very mindful of that fact as well. We treading in a careful way, but we will be fully leveraging the capabilities when they become mature and kind of available for that.

而且我們在這個產業確實面臨更高的門檻——監管門檻。我們也非常留意這個事實。我們會謹慎前行，但當相關能力成熟並且可用時，我們將會充分運用。

Mark Hughes, Truist.

Mark Hughes，Truist。

Ashish, did I hear you say you think overall supply is increasing? You definitely gave the big numbers for the outstanding balances and the elevated charge-off rates. But from your perspective, supply is continuing to go up?

Ashish，我是否聽到你說你認為整體供給正在增加？你確實提到了未償餘額的大數字以及偏高的核銷率。但從你的角度看，供給仍在持續上升嗎？

I would say it’s pretty stable. So now there are two drivers, right? So lending and spending is pretty strong from consumers. So lending there might be seasonal things here and there, but in general, if you look at the trend, it’s up, and charge-off rate is at a 10-year high.

我會說它相當穩定。現在有兩個驅動因素，對吧？消費者的借貸與支出相當強勁。放款可能會有一些季節性波動，但整體來看，如果你看趨勢，是向上的，而核銷率處於 10 年高點。

It is still at a pretty normal level, little over 4%. So I would say total supply is stable, although some fintech sellers have come to market over the last two to three years, there’s some new sellers in there that are pretty regular sellers. So maybe marginally higher, but a very stable, good market in terms of our ability to purchase at strong returns.

但它仍在相當正常的水準，略高於 4%。所以我會說總供給是穩定的；雖然過去兩到三年有一些金融科技賣方進入市場，也出現了一些新的賣方，且已成為相當固定的賣方。因此可能邊際上略高，但就我們能以強勁報酬率進行收購而言，市場非常穩定且良好。

And then the -- I think it’s probably in the queue. I have not had the opportunity to look at it. The collections multiple for the US 2026 paper, how does that look and compared to last year?

另外——我想這可能在排隊等問。我還沒有機會看。美國 2026 年期資產（paper）的催收倍數（collections multiple）看起來如何？與去年相比呢？

Yeah, that’s a good question, Mark. So collections multiple for Q1 2026 vintage has started at 2.4. I would highlight, given you mentioned that, kind of how we’ve been performing better in the early stages of our collections life cycle, which as I’ve said before, has led to '24 and '25 vintages doing really well compared to forecast. '24 multiples started at 2.3, is 2.4 now. '24 multiples started a couple of years ago at 2.3, became 2.4, and is now at 2.5.

是的，這是個好問題，Mark。2026 年第 1 季（Q1 2026）批次（vintage）的催收倍數起始為 2.4。我想強調的是，既然你提到這點，也順便說明我們在催收生命週期的早期階段表現更好；正如我之前說過的，這使得 '24 與 '25 批次相較於預測表現非常好。'24 的倍數起始為 2.3，現在是 2.4。'24 的倍數在幾年前起始為 2.3，後來變成 2.4，而現在是 2.5。

Very good. And then your outlook for purchasing seems like under the circumstances. Perhaps you could do better. Is that just a prudential judgment that the share buybacks are maybe a better use of capital or equivalent use of capital?

非常好。另外，你對收購的展望看起來在這種情況下，也許你們可以做得更好。這是否只是出於審慎判斷，認為股票回購可能是更好的資本運用方式，或是同等的資本運用方式？

I want to make sure I understood your question. In terms of portfolio purchasing, we are staying with our guidance of $1.4 billion to $1.5 billion. Now as you get better multiples, you’re actually getting more ERC for that. So keep in mind, dollars deployed is one element of kind of earnings power or collections power.

我想確認我理解你的問題。就投資組合收購而言，我們維持 $14 億到 $15 億的指引。而當你拿到更好的倍數時，實際上你會因此獲得更多的 ERC。所以請記住，投入的金額只是獲利能力或催收能力的一個面向。

And number one priority is portfolio purchases, as I’ve been very clear in our priority. But given our leverage is in this lower half of our range, we have been repurchasing shares and it’s always subject to other conditions: balance sheet strength, ability to generate cash, kind of the market conditions, as I’ve said many times. So if you took all of that into consideration, we are repurchasing our shares, and we bought $20 million of that in Q1.

而我們的第一優先順序是投資組合收購，我在我們的優先事項上已經說得很清楚。但由於我們的槓桿水準位於目標區間的下半部，我們一直在回購股票；而且這也一向取決於其他條件：資產負債表的強度、產生現金的能力，以及市場狀況——我已多次提到。綜合考量這些因素，我們正在回購自家股票，且我們在第一季（Q1）回購了 2,000 萬美元。

Does that feel like a good run rate, the $20 million per quarter?

每季 2,000 萬美元，這樣的回購速度（run rate）感覺合理嗎？

So that’s what we did in Q1. We are in the kind of midpoint of that lower half of leverage range. So we have not guided on that number. Again, it’s subject to multiple other conditions.

所以那是我們在第一季（Q1）所做的。我們目前位於槓桿區間下半部的大約中點位置。因此我們沒有對那個數字提供指引。同樣地，它取決於多項其他條件。

Number one priority, again, is portfolio purchasing. But we feel good about how we’re generating cash and the share repurchases we were able to do in Q1. So I would leave it at that.

第一優先事項仍然是投資組合收購。但我們對於目前產生現金的能力，以及我們在第一季能夠進行的股票回購感到很有信心。所以我就先說到這裡。

In the guidance for the cash efficiency margin, did I hear correctly? I think last quarter you talked about to exceed 58%. Was that the same guidance as of this quarter?

關於現金效率利潤率（cash efficiency margin）的指引，我剛剛聽得對嗎？我記得上季你們提到要超過58%。這一季的指引也是一樣嗎？

Yeah, I’ll jump in, but Tomas here is probably going to chime in on that. Yes, we are staying with that general guidance, although we did better in Q1. Now, Q1 can be, because of seasonality and all, at times higher, but we do expect to keep improving kind of compared to the 58% historical one.

是的，我先補充一下，不過Tomas等一下應該也會補充。是的，我們維持那個大方向的指引，雖然我們第一季表現更好。第一季有時會因季節性等因素而偏高，但我們確實預期會持續改善，相較於過去58%的歷史水準。

Tomas, any other color?

Tomas，還有其他補充嗎？

Yeah. I think what we said was we’re going to do better than [25%]. So we did just shy of 58%. So we deliver in Q1 60.9%, which was a very good print. The cost behave very well in the quarter. So we feel pretty comfortable with margins and cost in '26.

有。我想我們說的是，我們會做得比[25%]更好。所以我們第一季做到了接近58%。我們第一季交出60.9%，這是非常漂亮的數字。本季成本表現得非常好。因此我們對於2026年的利潤率與成本狀況感到相當有把握。

Mike Grondahl, Northland Capital Markets.

Mike Grondahl，Northland Capital Markets。

Hey, this is Logan on for Mike. Thanks for taking our question. First, can you give some additional color on what drove the collection strength in the quarter and also an update on how the 2024 and 2025 vintages are performing? Thanks.

嗨，我是Logan，代替Mike提問。謝謝讓我們提問。首先，能否多談一些本季催收（collections）強勁的驅動因素，以及2024與2025年批次（vintages）的表現更新？謝謝。

Yeah. Logan, so overall collections growth in the quarter is driven by strong purchasing that’s been going on for multiple quarters at strong multiples. As well as I’ve highlighted many times, the improvements we are doing, particularly in our MCM line of business, is driving a lot of that growth because it’s impacting the early stages of our portfolio life cycle. As we said a couple of quarters now, those -- that impacts the vintages of '24 and '25, and they’re very large vintages in terms of deployments. So that’s why you see very meaningful increases.

好的。Logan，整體而言，本季催收成長主要來自於過去多個季度持續進行的強勁收購，且倍數（multiples）維持在高檔。另外我也多次強調，我們正在推動的改善措施，特別是在MCM業務線，帶動了很大一部分成長，因為這會影響投資組合生命週期的早期階段。如同我們過去幾季所說，這些改善會影響到2024與2025年的批次，而它們在部署規模上都是非常大的批次。因此你會看到非常顯著的增幅。

Now, all of that MCM performance is also complemented by very stable Cabot Collections performance. So when you add the whole picture up, purchasing and good collections execution as well as improvement in the early stage is driving the growth in collections.

此外，所有這些MCM的表現也有非常穩定的Cabot Collections表現作為補充。所以把整體情況加總起來，收購、良好的催收執行，以及早期階段的改善，共同推動了催收成長。

Now to your other question on the vintages. Those vintages are the ones that I just said. Early stage improvements have been higher. So '24 vintage moved from 2.3 multiple to 2.5. '25 vintage moved from 2.3 multiple to 2.4. And we’re starting out 2026 vintage at 2.4. So feeling really good about the 24 and 25 vintages and how they’ve been performing and starting out strong in 2026.

再回答你關於批次的另一個問題。就是我剛提到的那些批次。早期階段的改善幅度更高。因此，2024年批次的倍數從2.3提升到2.5；2025年批次的倍數從2.3提升到2.4；而我們2026年批次的起始倍數是2.4。也就是說，我們對2024與2025年批次的表現非常有信心，且2026年開局也很強。

Great. Thank you. That’s very helpful then. One more. Is there anything to call out on the US purchasing environment so far in 2Q? Or just some additional insight there? Thanks.

很好。謝謝。這樣就很清楚了。再問一個。關於第二季迄今美國的收購環境，有沒有什麼需要特別指出的？或是能否再多分享一些看法？謝謝。

No additional insight, Logan. I would say as the other question asked, it’s been very stable, but strong supply, stable supply, and good returns. And returns are partially driven by not just good stable pricing, but our collection ability. I just want to highlight that.

沒有額外的補充，Logan。我會說，就像前面那個問題提到的，環境非常穩定：供給強勁、供給穩定、報酬良好。而報酬部分不僅來自良好且穩定的定價，也來自我們的催收能力。我想特別強調這一點。

So we are able to buy the portfolios we want and performing well with those as well. So no change in Q2 compared to Q1 numbers that we just put out there.

因此我們能夠買到我們想要的投資組合，而且這些投資組合的表現也很好。所以第二季相較於我們剛公布的第一季數字，沒有變化。

Appreciate the color. Congrats on the quarter.

感謝補充說明。恭喜本季表現。

(Operator Instructions)

(接線員指示)

Robert Dodd, Raymond James.

Robert Dodd，Raymond James。

Hi, guys. Congrats on another really excellent quarter. Looking -- going -- digging in a little bit, as you said, right, the 24s and the 25s have continued to outperform. Overall cash collections, 46% -- $46 million above curves and 106% collections versus ERC just from the end of the year.

嗨，各位。恭喜又交出非常出色的一季。再深入一點，如你們所說，2024與2025年批次持續優於預期。整體現金催收比曲線高出46%——高出4,600萬美元，且相較於去年底，催收達到ERC的106%。

But what -- can you give us any more color on, like, what’s the drive -- I mean, the 24 was outperforming last year, and that was kind of factoring into the expectations for the 25s. I mean, is the outperformance now being the 25s taking over for the 24s? I mean, the 24s may be still continuing to outperform, but they’re smaller now.

不過，能否再多談一些驅動因素？我的意思是，2024年批次去年就已經優於預期，而這也某種程度納入了對2025年批次的預期。那現在的超預期，是不是由2025年批次接棒、取代2024年批次成為主要貢獻？我的意思是，2024年批次可能仍在持續超預期，但現在它的占比變小了。

I mean, any -- relatively speaking, any additional color on like is this or is it still that $46 million, for example, is that predominantly coming from the 24s and that’s just a spectacular vintage? Or any color on how that’s shaping?

也就是說，相對而言，能否再多給一些顏色：例如那4,600萬美元，主要是來自2024年批次、因為那是一個特別亮眼的批次？或是能否談談目前的結構是怎麼形成的？

Yes. So 20 -- it’s still coming from those vintages in terms of the overperformance. '24 is still doing very strong. It continues to perform well. And so the 24 vintage had kind of the changes in recoveries of about $15 million and $24 million for the 25 vintage.

可以。所以，超預期的部分仍然主要來自那些批次。2024年批次仍然非常強勁，而且持續表現良好。因此，2024年批次的回收（recoveries）變動大約是1,500萬美元，而2025年批次約為2,400萬美元。

So as you can see, they both continue to perform well. They’re still in the early stages. And as we have said in the past, it takes some time for our actual performance of history to get into the forecast, and it will.

所以你可以看到，兩者都持續表現良好。它們仍處於早期階段。而且如同我們過去所說，我們的實際歷史表現需要一些時間才會反映到預測中，但它會逐步反映進去。

And by the way, this quarter, in addition to this performance of our forecast, we also had changes in expected future recoveries of about $16.7 million. So the mix was not [95-5] but [70-30], if you would.

另外，這一季除了我們的實際表現優於預測之外，我們對未來預期回收也有約1,670萬美元的調整。所以如果你要看組成，並不是[95-5]，而是大約[70-30]。

And that’s kind of is one proof of how that transition will happen over time. And over time, when that happens, it’s going to increase the basis as well on those vintages, and they’ll see higher portfolio revenue as those things add up. So still similar good performance from those two vintages. By the way, dollar amounts seem large because those were very large purchased vintages as well, so.

這也算是證明了這種轉換會隨時間逐步發生。而當這種情況隨時間發生時，也會提高那些批次的基礎（basis），隨著這些因素累積，它們也會看到更高的投資組合收入（portfolio revenue）。所以這兩個批次仍然維持類似的良好表現。順帶一提，金額看起來很大，是因為那兩個批次本身也是非常大規模的收購批次。

Yeah, yeah. Understood. Understood. Thank you. On -- just to flip back to kind of David’s question on the AI issue. I mean, to your point, maybe it’s not quite ready versus a human account manager for some of the voice calls versus into some other things.

是的，是的。了解。了解。謝謝。就——回到剛才 David 關於 AI 議題的問題。我的意思是，照你所說，或許在某些語音通話方面，它還沒完全準備好取代真人客戶經理，至於其他一些事情則另當別論。

How has it been incorporated in any -- I mean, I'm sure it has to, but in any meaningful manner in pricing models in terms of maybe curve modifications or initial pricing would be? Because obviously there is very good supply. You are buying a ton, and the multiples look really good. I mean, is that just same old kind of processes? Or a new technology has been incorporated into that component of the business as well?

它在任何——我的意思是，我確定一定有，但在定價模型中是否以任何有意義的方式被納入，例如在曲線調整或初始定價方面？因為顯然供給非常充足。你們買了很多，而且倍數看起來非常好。我的意思是，這只是沿用以往那套流程嗎？還是說也有把新技術納入這個業務環節？

It’s been over time and AI likes or machine learning models and AI kind of modeling techniques we’ve been incorporating over time. Machine learning algorithms have been there for a while. And they’re kind of in the AI family. And as new tools are available that leverage more of that, we are testing some of those. Some are doing fine, some not so, but it’s part of our test-and-learn continuous improvement culture that we have.

這是逐步累積的；我們一直在逐步納入 AI 或機器學習模型，以及各種 AI 建模技術。機器學習演算法已經存在一段時間了。而且它們算是 AI 家族的一部分。隨著有更多能運用這些能力的新工具出現，我們也在測試其中一些。有些表現不錯，有些則不然，但這是我們「測試與學習」、持續改善文化的一部分。

So they keep getting incorporated, new techniques into our modeling. And years ago, it was the cloud and how data got into it and how you could get more efficient and get better modeling and then machine learning. And now a bit more self-learning kind of tools that we test and look at, but nothing that’s going to suddenly change kind of how we get the modeling and valuation done for our pricing. It’s been a constant evolution, and we expect to continue to improve on that.

所以新的技術會持續被納入我們的建模之中。幾年前是雲端，以及資料如何進入雲端、如何提升效率並做出更好的建模，接著是機器學習。而現在我們在測試與評估一些更偏自我學習的工具，但沒有任何東西會突然改變我們完成建模與估值、用於定價的方式。這一直是持續演進的過程，我們也預期會繼續改善。

I appreciate that. One more if I can. On all these things, right, I mean, the new technologies in the US, et cetera, these are all paying off, right? They’re clearly.

我很感謝這個說明。如果可以我再問一個。關於這些事情，對吧，我的意思是，美國的新技術等等，這些都在產生回報，對吧？很明顯。

I think the efficiency’s up et cetera, et cetera. What's -- and I think qualitatively rather than quantitatively, I mean, how much -- at some point, yeah, I would presume you’re going to hit the flatter part of the diminishing return curve on all the technological processes you can introduce rather than modify. I mean, how close is that in terms of you’ve done a lot of work. Is it all predominantly done and it’s now fine-tuning? Or are there still significant steps that you can take?

我認為效率提升了等等等等。那麼——而且我想用質性而非量化的方式來問：在某個時間點，我推測你們會在所有可導入（而非僅修改）的技術流程上，走到報酬遞減曲線較平坦的區段。就你們已經做了大量工作而言，距離那個點還有多近？是否大多已完成，現在主要是微調？還是仍有顯著的步驟可以採取？

This is a constant kind of improvement journey. So I’m not going to predict or bet on kind of how and when technology starts providing diminishing returns kind of in broadly in financial services. But over time, we’ve leveraged things like automation from a cost point of view or cycle times and accuracy point of view to now what we’re seeing is, as I answered last quarter, technology is driving collections improvements much more, especially in the early stage.

這是一段持續改善的旅程。所以我不會去預測或押注科技在金融服務業整體上何時、以及如何開始出現報酬遞減。但隨著時間推進，我們已經運用自動化在成本、週期時間與準確度等面向帶來效益；而現在我們看到的是——正如我上季回答的——科技正在推動催收改善，尤其是在早期階段。

So we start these things with a multi-year roadmap, if you would, and I implement -- and phases of implementing these. But every year, the roadmap keeps getting enhanced and refined with new tools and techniques come. So as I said last quarter, I think our head count from '23, '24 to '25 was flat around 7,300, 7,400. And the collections went up in those three years by 39%, I think. I’m going by memory.

因此我們會以多年期路線圖來啟動這些事情，並分階段推動落地。但每一年，隨著新工具與新技術出現，路線圖都會持續被強化與精煉。所以如我上季所說，我認為我們從 2023、2024 到 2025 年的人力編制大致持平，約在 7,300 到 7,400 人左右。而這三年催收金額增加了 39%，我記得是這個數字。我是憑記憶說的。

So there’s a lot of improvement possible still from efficiency. But, as I also said, it’s the collection side that we're also starting to see big gains. So I think there’s a lot of runway left on both sides of P&L in this journey.

所以在效率方面仍有很大的改善空間。但正如我也提到的，我們在催收端也開始看到很大的增益。因此我認為在這段旅程中，損益表（P&L）的兩端都還有很長的成長跑道。

Mark Hughes, Truist.

Mark Hughes，Truist。

The collections multiple on the Cabot paper in Q1, what was that?

第一季 Cabot 這批資產的催收倍數是多少？

In Q1, the collections multiple was 2.2.

第一季的催收倍數是 2.2。

2.2. And then any comment on tax season? Did you see the tax season with a meaningful benefit?

2.2。那稅季方面有什麼評論嗎？你們有看到稅季帶來顯著的助益嗎？

It’s been a typical tax season, as I would say. Kind of always there’s a benefit in Q1, and maybe early part of Q2 from tax season, depending on the timing. But it’s been kind of similar. There are some reports on a little bit higher refunds, but depending on which part of this kind of population they go to, it’s generally been as expected.

我會說這是一個典型的稅季。通常第一季都會因稅季而受益，視時間點而定，第二季初也可能有一些助益。但整體而言差不多。有一些報告提到退稅略高一些，但要看這些退稅流向這個族群中的哪一部分；整體來說大致符合預期。

Thank you. I'm showing no further questions at this time. I'd now like to turn it back to Mr. Masih for closing remarks.

謝謝。目前我這邊顯示沒有其他提問。接下來我想把時間交回給 Masih 先生做結語。

Thanks for taking the time to join us today, and we look forward to providing our second-quarter 2026 results in August.

感謝各位今天撥冗參與，我們期待在 8 月提供 2026 年第二季的業績結果。

Thank you for your participation in today's conference. This concludes the program. You may now disconnect.

感謝各位參與今天的會議。本次議程到此結束。您現在可以掛線。