PRA GROUP INC

Previous wording

•a disruption or failure by any of our outsourcing or offshoring third party service providers to meet their obligations and our service level expectations;

Current wording

•a disruption or failure by any of our outsourcing, offshoring or other third party service providers to meet their obligations and our service level expectations;

Previous wording

Three and six months ended June 30, 2024 ("Q2 2024" and "2024 year-to-date") compared to three and six months ended June 30, 2023 ("Q2 2023" and "2023 year-to-date").

Current wording

Three and nine months ended September 30, 2024 ("Q3 2024" and "2024 year-to-date") compared to three and nine months ended September 30, 2023 ("Q3 2023" and "2023 year-to-date").

Previous wording

Cash collections were $473.9 million in Q2 2024, an increase of $54.6 million, or 13.0%, compared to $419.3 million in Q2 2023. The increase was primarily due to an increase in U.S. Core cash collections of $42.4 million, mainly due to the impact of higher recent purchasing levels and our cash-generating initiatives, particularly in the legal collections channel. Also contributing to the increase were increased cash collections in Europe of $11.0 million, primarily due to higher recent purchasing levels.

Current wording

Cash collections were $477.1 million in Q3 2024, an increase of $57.5 million, or 13.7%, compared to $419.6 million in Q3 2023. The increase was primarily due to an increase in U.S. Core cash collections of $44.8 million, mainly due to the impact of higher recent purchasing levels and our cash-generating initiatives, particularly in the legal collections channel. Also contributing to the increase were increased cash collections in Europe of $16.0 million, primarily due to higher recent purchasing levels.

Previous wording

Year-to-date cash collections increased by $92.8 million, or 11.2%, reflecting an increase of $63.6 million in U.S. Core cash collections and higher cash collections in Europe and Brazil of $20.9 million and $6.6 million, respectively. The increase in cash collections was primarily due to the same factors impacting the second quarter comparison as described above.

Current wording

Year-to-date cash collections increased by $150.3 million, or 12.0%, reflecting an increase of $108.3 million in U.S. Core cash collections and higher cash collections in Europe of $36.9 million. The increase was primarily due to the same factors impacting the quarterly period.

Previous wording

Total portfolio revenue was $282.6 million in Q2 2024, an increase of $77.2 million, or 37.6%, compared to $205.4 million in Q2 2023. The increase was primarily due to an increase of $52.2 million in changes in expected recoveries, driven mainly by cash collections overperformance in the U.S., driven in large part by our cash-generating initiatives, including higher legal collections, as well as cash collections overperformance in Europe. Furthermore, in the U.S. and Europe, based primarily on overperformance in recent periods, there was a net increase to the ERC of certain pools in Q2 2024 compared to a net decrease in Q2 2023. The increase of $25.0 million in portfolio income was primarily due to the impact of higher purchasing and improved pricing in the U.S. and Europe beginning in 2023.

Current wording

Total portfolio revenue was $276.7 million in Q3 2024, an increase of $64.6 million, or 30.5%, compared to $212.1 million in Q3 2023. The increase was primarily due to an increase of $38.5 million in changes in expected recoveries, driven by cash collections overperformance in the U.S., due in part to our cash-generating initiatives, as well as cash collections overperformance in Europe. Furthermore, in the U.S. and Europe, based primarily on overperformance in recent periods, there was a larger net increase to the ERC of certain pools in Q3 2024 compared to Q3 2023. The increase of $26.2 million in portfolio income was primarily due to the impact of higher purchasing and improved pricing in the U.S. beginning in 2023.

Previous wording

Year-to-date portfolio revenue increased by $179.6 million, or 50.3%, primarily due to an increase of $140.8 million in changes in expected recoveries, driven mainly by a net increase to the ERC of certain pools in the U.S., Europe and Brazil compared to a net decrease in the prior year period, as well as cash collections overperformance in the U.S. and Europe. The $38.8 million increase in portfolio income was primarily due to the impact of higher purchasing and improved pricing in the U.S. and Europe beginning in 2023.

Current wording

Year-to-date portfolio revenue increased by $244.2 million, or 42.9%, primarily due to an increase of $179.2 million in changes in expected recoveries, driven mainly by a net increase to the ERC of certain pools in the U.S. and Europe compared to net decreases in the prior year period, as well as cash collections overperformance in the U.S. and Europe. The $65.0 million increase in portfolio income was primarily due to the impact of higher purchasing and improved pricing in the U.S. beginning in 2023.

Previous wording

Total operating expenses were as follows for the periods indicated (amounts in thousands):

Current wording

Operating expenses were as follows for the periods indicated (amounts in thousands):

Previous wording

Q2 2024 compensation and employee services expense increased $8.4 million, or 12.8%, mainly reflecting lower compensation accruals in Q2 2023. The Q2 2024 expense is comparable to the two most recent quarters and reflects our leveraging of third parties and offshore call centers to help offset the costs associated with a significant increase in account volumes and customer contacts. The 2024 year-to-date expense was largely consistent with the prior year period, decreasing by $0.4 million.

Current wording

Q3 2024 compensation and employee services expense increased $6.6 million, or 9.5%, mainly reflecting lower compensation accruals and benefits related expenses in Q3 2023 and higher wage costs in the current year period. The 2024 year-to-date expense increased by $6.2 million, due largely to higher wage costs and compensation accruals in the current year period, partially offset by $8.6 million of severance related expenses in the prior year period. We continue to leverage third parties and offshore call centers to partially offset the costs associated with a significant increase in account volumes and customer contacts.

Previous wording

Legal collection fees represent contingent fees incurred for cash collections generated by our third-party attorney network. Q2 2024 fees increased $4.2 million, or 44.1%, mainly reflecting higher external legal collections within our U.S. Core portfolio. Increased external legal collections in the U.S. were also the primary driver of the $7.5 million, or 40.7%, increase for the year-to-date period.

Current wording

Legal collection fees represent contingent fees incurred for cash collections generated by our third-party attorney network. Q3 2024 fees increased $4.6 million, or 47.2%, mainly reflecting higher external legal collections within our U.S. Core portfolio. Increased external legal collections in the U.S. were also the primary driver of the $12.1 million, or 43.0%, increase for the year-to-date period.

Previous wording

Legal collection costs consist primarily of costs paid to courts where a lawsuit is filed for the purpose of attempting to collect on an account. Q2 2024 costs increased $13.8 million, or 63.9%, primarily due to increased activity in our U.S. legal collections channel, as well as the expansion of legal collection activities in Europe. The growth in legal collections activity also drove the $16.5 million, or 36.3%, increase for the year-to-date period.

Current wording

Legal collection costs consist primarily of costs paid to courts where a lawsuit is filed for the purpose of attempting to collect on an account. Q3 2024 costs increased $8.0 million, or 38.6%, primarily due to increased activity in our U.S. legal collections channel, as well as the expansion of legal collection activities in Europe. The growth of legal collections activity in both the U.S. and Europe also drove the $24.5 million, or 37.0%, increase for the year-to-date period.

Previous wording

Communication expense relates mainly to correspondence, network and calling costs associated with our cash-generating initiatives. An expansion in account volumes drove both the Q2 2024 increase of $1.5 million, or 14.4%, and the $3.5 million, or 17.0%, increase for the year-to-date period.

Current wording

Communication expense relates mainly to correspondence, network and calling costs associated with our collection efforts. An expansion in account volumes drove both the marginal Q3 2024 increase of $0.2 million and the $3.7 million, or 12.0%, increase for the year-to-date period.

Previous wording

Interest expense, net was $55.4 million in Q2 2024, an increase of $12.4 million, or 28.8%, compared to $43.0 million in Q2 2023. Interest expense, net increased by $26.3 million, or 32.3%, for the year-to-date period. The main drivers of the increases in both the second quarter and year-to-date periods were higher average debt balances and increased interest rates.

Current wording

Interest expense, net was $61.1 million in Q3 2024, an increase of $11.6 million, or 23.4%, compared to $49.5 million in Q3 2023. The increase was primarily due to a higher average debt balance in the current year period to support higher levels of portfolio investments. Interest expense, net increased by $37.9 million, or 29.0%, for the year-to-date period, driven by higher average debt balances and increased interest rates compared to the prior year period.

Previous wording

Income tax expense was $8.7 million in Q2 2024 compared to $1.6 million in Q2 2023. In Q2 2024, our effective tax rate was 25.7% compared to 57.6% in Q2 2023. Year-to-date income tax expense was $11.1 million in 2024 compared to a tax benefit of $17.1 million in the prior year period. The 2024 year-to-date effective tax rate was 23.1% compared to an effective tax benefit rate of 24.5% in the prior year period. Higher income before taxes drove increased income tax expense in both the second quarter and year-to-date periods, and the effective tax rate comparison was impacted by higher income before taxes in the current year periods, as well as changes in the mix of income from different taxing jurisdictions and the timing and amount of discrete items.

Current wording

In both the third quarter and year-to-date periods, Income tax expense/(benefit) was impacted by higher income before tax in the current year periods, offset by a $7.7 million reduction in tax expense due to the reversal of a valuation allowance associated with the resolution of a tax matter in Europe. The effective tax rate was also impacted by higher income before taxes in the current year periods, as well as changes in the mix of income from different taxing jurisdictions and the timing and amount of discrete items, including reversal of the valuation allowance.

Previous wording

Finance receivables, net were $3.8 billion as of June 30, 2024, an increase of $163.6 million, or 4.5%, compared to $3.7 billion as of December 31, 2023. Portfolio acquisitions of $625.2 million and changes in expected recoveries of $125.0 million were partially offset by recoveries applied to the negative allowance of $520.9 million.

Current wording

Finance receivables, net were $4.1 billion as of September 30, 2024, an increase of $407.9 million, or 11.2%, compared to $3.7 billion as of December 31, 2023, driven largely by portfolio acquisitions of $975.2 million and changes in expected recoveries of $185.6 million, partially offset by recoveries applied to the negative allowance of $784.3 million.

Previous wording

Compared to June 30, 2023, finance receivables, net increased by $395.6 million, resulting from portfolio acquisitions of $1.2 billion and changes in expected recoveries of $169.9 million, partially offset by recoveries applied to the negative allowance of $974.0 million.

Current wording

Compared to September 30, 2023, finance receivables, net increased by $603.7 million, driven largely by portfolio acquisitions of $1.3 billion and changes in expected recoveries of $208.4 million, partially offset by recoveries applied to the negative allowance of $1.0 billion.

Previous wording

The following chart shows our ERC of$6.8 billion as of June 30, 2024 by geography (amounts in millions).

Current wording

The following chart shows our ERC of$7.3 billion as of September 30, 2024 by geography (amounts in millions).

Previous wording

We present Adjusted EBITDA because we consider it an important supplemental measure of operations and financial performance. Our management believes Adjusted EBITDA helps provide enhanced period-to-period comparability of operations and financial performance, as it excludes certain items whose fluctuations from period-to-period do not necessarily correspond to changes in the operations of our business, and is useful to investors as other companies in the industry report similar financial measures. Adjusted EBITDA should not be considered as an alternative to net income determined in accordance with GAAP. In addition, our calculation of Adjusted EBITDA may not be comparable to the calculation of similarly titled measures presented by other companies. Adjusted EBITDA is calculated starting with our GAAP financial measure, Net income/(loss) attributable to PRA Group, Inc. and is adjusted for:

Current wording

We present Adjusted EBITDA because we consider it an important supplemental measure of our operational and financial performance. Our management believes Adjusted EBITDA helps provide enhanced period-to-period comparability of our operational and financial performance, as it excludes certain items whose fluctuations from period-to-period do not necessarily correspond to changes in the operations of our business, and is useful to investors as other companies in the industry report similar financial measures. Adjusted EBITDA should not be considered as an alternative to net income determined in accordance with GAAP. In addition, our calculation of Adjusted EBITDA may not be comparable to the calculation of similarly titled measures presented by other companies. Adjusted EBITDA is calculated starting with our GAAP financial measure, Net income/(loss) attributable to PRA Group, Inc. and is adjusted for:

Previous wording

Cash and cash equivalents. As of June 30, 2024, cash and cash equivalents totaled $118.9 million, of which $103.1 million consisted of cash on hand related to international operations with indefinitely reinvested earnings. For additional information about the unremitted earnings of our international subsidiaries, refer to Note 13 to our Consolidated Financial Statements in the 2023 Form 10-K.

Current wording

Cash and cash equivalents. As of September 30, 2024, cash and cash equivalents totaled $141.1 million, of which $132.4 million consisted of cash on-hand related to international operations with indefinitely reinvested earnings. For additional information about the unremitted earnings of our international subsidiaries, refer to Note 13 to our Consolidated Financial Statements in the 2023 Form 10-K.

Previous wording

(1)Available borrowings after calculation of borrowing base, which may be used for general corporate purposes, including portfolio purchases.

Current wording

(1)Available borrowings after calculation of borrowing base, subject to the committed amounts and debt covenants, which may be used for general corporate purposes, including portfolio purchases.

Previous wording

For additional details about our credit facilities, term loan and senior notes, see Note 5 to our Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report.

Current wording

For additional details about our credit facilities, term loan and senior notes, refer to Note 5 to our Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report.

Previous wording

Interest-bearing deposits. As of June 30, 2024, interest-bearing deposits totaled $115.0 million. Under our European revolving credit facility, our interest-bearing deposit funding is limited to SEK 2.2 billion (the equivalent of $207.5 million in U.S. dollars as of June 30, 2024).

Current wording

Interest-bearing deposits. As of September 30, 2024, interest-bearing deposits totaled $128.6 million. Under our European revolving credit facility, our interest-bearing deposit funding is limited to SEK 2.2 billion (the equivalent of $216.6 million in U.S. dollars as of September 30, 2024).

Previous wording

Forward Flows. We enter into forward flow agreements for the purchase of nonperforming loans. These agreements typically have terms ranging from six to 12 months, or they can be open-ended, and establish purchase prices and specific criteria for the accounts to be purchased. Some of the agreements establish a volume reference for the contract term in the form of a target or maximum, however, very few agreements establish a minimum contractual obligation, and many of the contracts contain early termination provisions allowing either party to cancel the agreements in accordance with a specified notice period.

Current wording

Forward Flows. We enter into forward flow agreements for the purchase of nonperforming loans. These agreements typically have terms ranging from three to 12 months, or they can be open-ended, and establish purchase prices and specific criteria for the accounts to be purchased. Some of the agreements establish a volume reference for the contract term in the form of a target or maximum, however, very few agreements establish a minimum contractual obligation, and many of the contracts contain early termination provisions allowing either party to cancel the agreements in accordance with a specified notice period.

Previous wording

As of June 30, 2024, we have forward flow agreements in place with an estimated purchase price of approximately $385.6 million over the next 12 months. This total can vary significantly based on the remaining terms and renewal dates of the agreements and is comprised of $272.1 million for the Americas and Australia and $113.5 million for Europe. These amounts represent our estimated forward flow purchases over the next 12 months under the agreements in place, based on projections and other factors, including sellers' estimates of future flow sales, and are dependent on actual delivery by the sellers. Accordingly, amounts purchased under these agreements may vary significantly. In addition to these agreements, we may also enter into new or renewed forward flow commitments and/or close on spot purchase transactions.

Current wording

As of September 30, 2024, we have forward flow agreements in place with an estimated purchase price of approximately $491.1 million over the next 12 months. This total can vary significantly based on the remaining terms and renewal dates of the agreements and is comprised of $406.3 million for the Americas and Australia and $84.8 million for Europe. These amounts represent our estimated forward flow purchases over the next 12 months under the agreements in place, based on projections and other factors, including sellers' estimates of future flow sales, and are dependent on actual delivery by the sellers. Accordingly, amounts purchased under these agreements may vary significantly. In addition to these agreements, we may also enter into new or renewed forward flow commitments and/or close on spot purchase transactions.

Previous wording

Borrowings. As of June 30, 2024, we had $3.1 billion in outstanding borr owings. The estimated interest, unused fees and principal payments for the next 12 months are $223.8 million, of which $10.0 million relatesto principal on our term loan. After 12 months, principal payments on our debt are due from betweenone andsix years. Many of our financing arrangements include covenants with which we must comply, and as of June 30, 2024, we determined that we were in compliance with these covenants.

Current wording

Borrowings. As of September 30, 2024, we had $3.3 billion in outstanding borr owings. The estimated interest, unused fees and principal payments for the next 12 months are $229.4 million, of which $10.0 million relatesto principal on our term loan. After 12 months, principal payments on our debt are due from between one and five years. Many of our financing arrangements include covenants with which we must comply, and as of September 30, 2024, we were in compliance with these covenants.

Previous wording

Repurchases may be made from time-to-time in open market transactions, through privately negotiated transactions, in block transactions, through purchases made in accordance with trading plans adopted under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or other methods, subject to market and/or other conditions and applicable regulatory requirements. Repurchases are also subject to restrictive covenants contained in our credit facilities and the indentures that govern our senior notes. There were no repurchases during the second quarter of 2024, and as of June 30, 2024, we had $67.7 million remaining for share repurchases under the program.

Current wording

Repurchases may be made from time-to-time in open market transactions, through privately negotiated transactions, in block transactions, through purchases made in accordance with trading plans adopted under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or other methods, subject to market and/or other conditions and applicable regulatory requirements. Repurchases are also subject to restrictive covenants contained in our credit facilities and the indentures that govern our senior notes. There were no repurchases during the third quarter of 2024, and as of September 30, 2024, we had $67.7 million remaining for share repurchases under the program.

Previous wording

Leases. Our leases have remaining terms from one to 12 years. As of June 30, 2024, we had $46.7 million in lease liabilities, of which $9.2 million is due within the next 12 months. For additional information about our leases, refer to Note 5 to our Consolidated Financial Statements in the 2023 Form 10-K.

Current wording

Leases. Our leases have remaining terms from one to 11 years. As of September 30, 2024, we had $45.2 million in lease liabilities, of which $9.2 million is due within the next 12 months. For additional information about our leases, refer to Note 5 to our Consolidated Financial Statements in the 2023 Form 10-K.

Previous wording

Derivatives. We enter into derivative financial instruments to reduce our exposure to fluctuations in interest rates on variable rate debt and foreign currency exchange rates. As of June 30, 2024, we had $5.9 million of derivative liabilities, of which $0.5 million matures within one year. The remaining$5.4 million matures in 2028. For additional information, see Note 6 to our Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report.

Current wording

Derivatives. We enter into derivative financial instruments to reduce our exposure to fluctuations in interest rates on variable rate debt and foreign currency exchange rates. As of September 30, 2024, we had $9.3 million of derivative liabilities, of which $0.4 million matures within one year. The remaining$8.9 million matures in 2028. For additional information, refer to Note 6 to our Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report.

Previous wording

Investments. As of June 30, 2024, we held $47.9 million in Swedish treasury securities to meet the liquidity requirements of the Swedish Financial Services Authority for our banking subsidiary, AK Nordic AB.

Current wording

Investments. As of September 30, 2024, we held $50.6 million in Swedish treasury securities to meet the liquidity requirements of the Swedish Financial Services Authority for our banking subsidiary, AK Nordic AB.

Previous wording

We believe that funds generated from operations and cash collections on nonperforming loan portfolios, together with existing cash, available borrowings under our revolving credit facilities and access to the capital markets, will be sufficient to finance our operations, planned capital expenditures, forward flow purchase commitments, debt maturities and additional portfolio purchases during the next 12 months and beyond. Market conditions permitting, we may seek to access the debt or equity capital markets as we deem appropriate. Business acquisitions or higher than expected levels of portfolio purchasing could require additional financing from other sources. We may also, from time-to-time, repurchase senior notes in the open market or otherwise.

Current wording

We believe that funds generated from our business activities, together with existing cash, available borrowings under our revolving credit facilities and access to the capital markets, will be sufficient to finance our operations, planned capital expenditures, forward flow purchase commitments, debt maturities and additional portfolio purchases during the next 12 months and beyond. Market conditions permitting, as we deem appropriate, we may seek to access the debt or equity capital markets or other sources of funding, and it may be necessary to raise additional funds to achieve our business objectives. Business acquisitions or higher than expected levels of portfolio purchasing could require additional financing. We may also, from time-to-time, repurchase senior notes in the open market or otherwise.

Previous wording

The following table summarizes our cash flow activity for 2024 year-to-date compared to the prior year period (amounts in thousands):

Current wording

The following table summarizes our year-to-date cash flow activity for the periods indicated (amounts in thousands):

Previous wording

Net cash used in operating activities mainly reflects cash collections recognized as revenue and cash paid for operating expenses, interest and income taxes. To calculate net cash used in operating activities, net income/(loss) was adjusted for (i) non-cash items included in net income such as unrealized foreign currency transaction gains/(losses), changes in expected recoveries, depreciation and amortization, deferred taxes, fair value changes in equity securities, and stock-based compensation, as well as (ii) changes in the balances of operating assets and liabilities, which can vary significantly in the normal course of business due to the amount and timing of payments.

Current wording

Net cash used in operating activities mainly reflects the portion of our cash collections recognized as revenue and cash paid for operating expenses, interest and income taxes. It does not include cash collections applied to the negative allowance, which are classified as cash flows used in investing activities. To calculate net cash used in operating activities, net income/(loss) was adjusted for (i) non-cash items included in net income/(loss), such as unrealized foreign currency transaction gains/(losses), changes in expected recoveries, depreciation, amortization and impairment, deferred income taxes, fair value changes in equity securities, and share-based compensation, as well as (ii) changes in the balances of operating assets and liabilities, which can vary significantly in the normal course of business due to the amount and timing of payments.

Previous wording

Cash used in operating activities was $102.5 million 2024 year-to-date compared to $80.8 million in the prior year period. Higher cash paid for interest and operating expenses was partially offset by higher cash collections recognized as income and a lower impact from foreign currency transactions.

Current wording

Cash used in operating activities was $137.5 million 2024 year-to-date compared to $118.3 million in the prior year period. The increase was primarily due to higher cash paid for interest and operating expenses, partially offset by higher cash collections recognized as income, lower income tax payments and a lower impact from foreign currency transactions.

Previous wording

Net cash used in investing activities increased $2.2 million compared to the prior year period. An increase of $65.6 million in purchases of nonperforming loan portfolios was partially offset by an increase of $57.0 million in recoveries applied to the negative allowance and a $7.2 million increase in net cash flow from purchases and disposals of investments.

Current wording

Net cash used in investing activities increased $4.2 million compared to the prior year period. The increase was primarily due to an increase of $99.8 million in purchases of nonperforming loan portfolios, partially offset by an increase of $88.9 million in recoveries applied to the negative allowance and a $7.2 million increase in net cash flows from purchases and disposals of investments.

Previous wording

Net cash provided by financing activities decreased $4.7 million compared to the prior year period. A net decrease of $8.1 million in proceeds from lines of credit and senior notes and a $16.2 million increase in distributions to noncontrolling interests were partially offset by a $14.9 million increase in interest-bearing deposits.

Current wording

Net cash provided by financing activities increased $18.8 million compared to the prior year period. The increase was primarily due to a net increase of $21.1 million in interest-bearing deposits and $7.2 million increase in net proceeds from lines of credit and senior notes, partially offset by a net increase of $13.3 million in distributions to noncontrolling interests.

Previous wording

In Q2 2024, werepaid$395.9 million aggregate principal amount of outstanding borrowings under our North American revolving credit agreement with the net proceeds from the issuance of our 2030 Notes. For additional details about these transactions, refer to Note 5 to our Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report.

Current wording

During the second quarter of 2024, we repaid $395.9 million aggregate principal amount of outstanding borrowings under our North American revolving credit agreement with net proceeds obtained from the issuance of our Senior Notes due 2030. On September 3, 2024, using funds obtained primarily from our North American revolving credit facility, we repaid our 2025 Notes in full by redeeming $298.0 million in aggregate principal amount of the 2025 Notes at par value. For additional details about these transactions, refer to Note 5 to our Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report.

Previous wording

For discussion of recent accounting pronouncements and the anticipated effects on our Consolidated Financial Statements, see Note 11 to our Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report.

Current wording

For discussion of recent accounting pronouncements and the anticipated effects on our Consolidated Financial Statements, refer to Note 12 to our Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report.

Previous wording

As of June 30, 2024, we had goodwill of $415.6 million, consisting primarily of $388.8 million in our Debt Buying and Collection ("DBC") reporting unit. We performed our most recent annual review of the DBC reporting unit as of October 1, 2023, and concluded that goodwill was not impaired.

Current wording

As of September 30, 2024, we had goodwill of $423.0 million, consisting primarily of $396.1 million in our Debt Buying and Collection ("DBC") reporting unit. We performed our most recent annual review of the DBC reporting unit as of October 1, 2023, and concluded that goodwill was not impaired.