16 unchanged sentences
As a public company, we have never declared or paid dividends on our common stock.
−Removed: We currently intend to retain our future earnings, if any, to finance the further development and expansion of our business and do not intend to pay cash dividends in the foreseeable future.
−Removed: However, the declaration, payment, and amount of future dividends, if any, is subject to the
−Removed: discretion of our Board of Directors, which may review our dividend policy from time to time in light of the then existing relevant facts and circumstances.
−Removed: Under the terms of our domestic revolving credit facility, we are not permitted to declare and pay dividends in an amount exceeding, during any fiscal year, 20% of our consolidated net income (as defined in our domestic revolving credit facility) for the then most recently completed fiscal year.
+Added: The declaration, payment, and amount of future dividends, if any, is subject to the discretion of our Board of Directors, which may review our dividend policy from time to time in light of the then existing relevant facts and circumstances.
+Added: Our ability to pay dividends may be restricted by covenants in certain of the indentures governing our senior secured notes and by the terms of our Global Senior Secured Revolving Credit Facility.
We may also be subject to additional dividend restrictions under future debt agreements or the terms of securities we may issue in the future.
5 unchanged sentences
Recent Sales of Unregistered Securities
−Removed: In September 2019, we sold $100.0 million of 3.25% convertible senior notes due October 1, 2025 in a private placement transaction.
−Removed: Information regarding this transaction is set forth in our Form 8-K filed on September 9, 2019.
Equity Compensation Plan Information
See Item 12—“Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.”
−Removed: Item 6—Selected Financial Data
−Removed: This table presents selected historical financial data of Encore Capital Group, Inc.
−Removed: and its consolidated subsidiaries.
−Removed: This information should be carefully considered in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this Annual Report on Form 10-K, including the acquisitions described therein that materially affected our results.
−Removed: The selected financial data in this section is not intended to replace the consolidated financial statements.
−Removed: The selected financial data (except for “Selected Operating Data”) in the table below, as of December 31, 2017, 2016, and 2015, and for the years ended December 31, 2016 and 2015, was derived from our audited consolidated financial statements not included in this Annual Report on Form 10-K.
−Removed: The selected financial data as of December 31, 2019 and 2018, and for the years ended December 31, 2019, 2018, and 2017, was derived from our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K .
−Removed: The Selected Operating Data was derived from our books and records (in thousands, except per share data):
−Removed: As of and For The Year Ended December 31,
−Removed: 2019 2018 2017 2016 2015
−Removed: Revenue from receivable portfolios
−Removed: $ 1,269,288 $ 1,167,132 $ 1,053,373 $ 1,030,792 $ 1,065,673
−Removed: Servicing revenue 126,527 148,044 90,087 82,513 57,531
−Removed: Other revenues 9,974 5,381 2,342 130 —
−Removed: Total revenues 1,405,789 1,320,557 1,145,802 1,113,435 1,123,204
−Removed: (Allowances) allowance reversals on receivable portfolios, net (8,108) 41,473 41,236 (84,177) 6,763
−Removed: Total revenues, adjusted by net allowances 1,397,681 1,362,030 1,187,038 1,029,258 1,129,967
−Removed: Operating expenses
−Removed: Salaries and employee benefits 376,365 369,064 315,742 281,097 262,281
−Removed: Cost of legal collections 202,670 205,204 200,058 200,855 229,847
−Removed: General and administrative expenses 148,256 158,352 158,080 134,046 191,357
−Removed: Other operating expenses 108,433 134,934 104,938 100,737 93,210
−Removed: Collection agency commissions 63,865 47,948 43,703 36,141 37,858
−Removed: Depreciation and amortization 41,029 41,228 39,977 34,868 33,160
−Removed: Goodwill impairment 10,718 — — — —
−Removed: Total operating expenses 951,336 956,730 862,498 787,744 847,713
−Removed: Income from operations 446,345 405,300 324,540 241,514 282,254
−Removed: Other (expense) income
−Removed: Interest expense (226,760) (240,048) (204,161) (198,367) (186,556)
−Removed: Other (expense) income (18,343) (8,764) 10,847 14,228 2,235
−Removed: Total other expense (245,103) (248,812) (193,314) (184,139) (184,321)
−Removed: Income from continuing operations before income taxes
−Removed: 201,242 156,488 131,226 57,375 97,933
−Removed: Provision for income taxes (32,333) (46,752) (52,049) (38,205) (27,162)
−Removed: Income from continuing operations 168,909 109,736 79,177 19,170 70,771
−Removed: Loss from discontinued operations, net of tax
−Removed: — — (199) (2,353) (23,387)
−Removed: Net income 168,909 109,736 78,978 16,817 47,384
−Removed: Net (income) loss attributable to noncontrolling interest
−Removed: (1,040) 6,150 4,250 59,753 (2,249)
−Removed: Net income attributable to Encore Capital Group, Inc.
−Removed: $ 167,869 $ 115,886 $ 83,228 $ 76,570 $ 45,135
−Removed: Amounts attributable to Encore Capital Group, Inc.:
−Removed: Income from continuing operations 167,869 115,886 83,427 78,923 68,522
−Removed: Loss from discontinued operations, net of tax
−Removed: — — (199) (2,353) (23,387)
−Removed: Net income $ 167,869 $ 115,886 $ 83,228 $ 76,570 $ 45,135
−Removed: As of and For The Year Ended December 31,
−Removed: 2019 2018 2017 2016 2015
−Removed: Earnings per share attributable to Encore Capital Group, Inc.:
−Removed: Basic earnings (loss) per share from:
−Removed: Continuing operations $ 5.38 $ 4.09 $ 3.21 $ 3.07 $ 2.66
−Removed: Discontinued operations — — (0.01) (0.09) (0.91)
−Removed: Net basic earnings per share $ 5.38 $ 4.09 $ 3.20 $ 2.98 $ 1.75
−Removed: Diluted earnings (loss) per share from:
−Removed: Continuing operations $ 5.33 $ 4.06 $ 3.16 $ 3.05 $ 2.57
−Removed: Discontinued operations — — (0.01) (0.09) (0.88)
−Removed: Net diluted earnings per share $ 5.33 $ 4.06 $ 3.15 $ 2.96 $ 1.69
−Removed: Weighted-average shares outstanding:
−Removed: Basic 31,210 28,313 25,972 25,713 25,722
−Removed: Diluted 31,474 28,572 26,405 25,909 26,647
−Removed: Selected operating data:
−Removed: Purchases of receivable portfolios, at cost
−Removed: $ 999,858 $ 1,131,898 $ 1,058,235 $ 906,719 $ 1,023,722
−Removed: Gross collections for the period 2,026,928 1,967,620 1,767,644 1,685,604 1,700,725
−Removed: Consolidated statements of financial condition data:
−Removed: Cash and cash equivalents $ 192,335 $ 157,418 $ 212,139 $ 149,765 $ 123,993
−Removed: Investment in receivable portfolios, net 3,283,984 3,137,893 2,890,613 2,382,809 2,440,669
−Removed: Total assets 4,909,950 4,631,875 4,490,712 3,670,497 4,174,819
−Removed: Total borrowings 3,513,197 3,490,633 3,446,876 2,805,983 2,944,063
−Removed: Total liabilities 3,884,544 3,812,187 3,766,801 3,069,982 3,526,331
−Removed: Total Encore Capital Group, Inc.
−Removed: stockholders’ equity 1,022,193 818,009 581,862 559,304 596,453
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.