Joe Gambler I have never focused on CCP's management incentives,...

Joe Gambler

I have never focused on CCP's management incentives, so thanks for raising the LTI topic as something to consider.

Encore Capital published its H1FY2020 report a few hours ago - see https://www.globenewswire.com/news-...es-Second-Quarter-2020-Financial-Results.html.  have only read the four opening bullet points (see below), and it seems the sky did not fall. I'll comment on Encore's impairment relative to CCP's impairment later.

* Record GAAP net income of $130 million, or $4.13 per share
* Record non-GAAP adjusted net income of $137 million, or $4.34 per share
* Record global revenues grew 23% to $426 million
* Ended Q2 with Company’s strongest ever liquidity position

My opinion (bias if you like) is that CCP is a superior business to both Intrum and Encore, and its conservative accounting makes it a safer bet.