Hi @SteveSage. Thanks for taking the time to provide a detailed and well thought out response. For the most part I agree that it’s possible to justify.
One point that would be a stretch to justify is how both PDL purchasing and collections dropped in 2016 and 2017, yet the PDL carry value increased. If there was an “under-investment” in those years, shouldn’t the carry value be decreasing and not increasing?
The news gets worse when zooming out a bit further. It’s not just 3 years, the PDL carry value has actually increased for 8 straight years (FY11-18). Through ebbs and flows in purchasing, collections and revenue. The FY11 - FY15 years are easier to justify as collections were actually increasing, hence why I highlighted the FY15 - FY18 years.
The current MD only joined in July 2016, so in no way am I implying that he’s solely responsible.
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