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Financial Results

Q1 2014







May 8, 2014

Time: 8:30am MTN
Domestic: (877) 522-6079
International: (706) 643-9734
Confirmation Code: 34988978



Safe Harbor Provisions
2
CerLaln sLaLemenLs made ln Lhls presenLauon are forward-looklng sLaLemenLs under Lhe rlvaLe Securlues
Llugauon 8eform AcL of 1993. 1hese can be ldenued by words such as "lnLend," "belleve," and "expecL," and phrases
uslng Lhose or slmllar Lerms. Speclcally, sLaLemenLs relaung Lo pro[ecuons of fuLure proceeds, revenue, lncome,
proLablllLy, cash ow, non-CAA nanclal measures such as Ad[usLed L8l1uA and LsumaLed 8emalnlng roceeds, also
known as L8", and our ablllLy Lo expand and uullze exlblllLy under our credlL faclllLy are forward-looklng sLaLemenLs.
1hese forward-looklng sLaLemenLs are noL guaranLees of our fuLure performance and are sub[ecL Lo rlsks and
uncerLalnues LhaL could cause acLual resulLs Lo dler maLerlally from Lhe resulLs conLemplaLed by Lhe forward-looklng
sLaLemenLs. lacLors LhaL could aecL our resulLs and cause Lhem Lo maLerlally dler from Lhose conLalned ln Lhe forward
looklng sLaLemenLs lnclude Lhose LhaL we dlscuss ln 8lsk lacLors" or comparable headlngs ln our mosL recenL Annual
8eporL on lorm 10-k.

Ad[usLed L8l1uA and L8, as presenLed Loday and ln our earnlngs release we lssued Lhls mornlng, are
supplemenLal measures of our performance and purchased debL asseL value, respecuvely, LhaL are noL requlred by, or
presenLed ln accordance wlLh, accounung prlnclples generally accepLed ln Lhe u.S., also known as CAA." 1hey are noL
measuremenLs of our nanclal performance or asseL value under CAA and should noL be consldered as alLernauves Lo
neL lncome, asseL value, or any oLher performance measures derlved ln accordance wlLh CAA, or as alLernauves Lo cash
ows from operaung acuvlues or a measure of our llquldlLy.

We belleve ad[usLed L8l1uA ls represenLauve of our cash ow generauon LhaL can be used Lo purchase charged-
o recelvables, pay down or servlce debL, pay lncome Laxes, and for oLher uses. L8 represenLs Lhe expecLed cash
proceeds of our Lhen-currenL purchased debL poruollos over a nlne year perlod. ?ou are, however, cauuoned noL Lo place
undue rellance on ad[usLed L8l1uA and L8.
Our Strategy




"#$% &' (#)*+,-. /0+12 3415$671 8951)
Key Strategic Goals
4
8$) "1:;%1
lnsplre a culLure of leadershlp by llvlng our core values

8;1)#6:,#% #,< /:=;%+#,51 3451%%1,51
ursue sysLemlc operauonal and compllance excellence

>):?@0
Crow and dlverslfy

"#)@,1)-
CreaLe an ouLsLandlng neLwork of arLners

A+,#,5+#% "1)2:)=#,51
uellver solld nanclal resulLs
Operational and Compliance Excellence
Pursue systemic operational and compliance excellence
3
Compllance AdvancemenLs Conunue

lndusLry-low ComplalnL 8aLe
Closed-Loop neLwork = SafeLy and SecurlLy
Growth
Grow and diversify
6
urchaslng volumes MeeL LxpecLauons
ClarlLy and AllgnmenL = Cpumlsm
ulverslcauon Conunues
Partners
Create an outstanding network of Partners
7
Plghly Skllled, CusLomer-focused CollecLors
lnnovauve 1ralnlng rograms Conunue
ConslsLenLly uellver Lhe lalr Square romlse

Financial Performance
Deliver solid financial results
8
erformance MeeLs LxpecLauons
L8 SLablllLy Conunues
LlquldlLy = CpporLunlLy
Financial Results




B1#@0 C#=;-:,. /0+12 A+,#,5+#% 8951)
ERP and Adjusted EBITDA
10
ConsolldaLed L8 of $772 mllllon
Ad[usLed L8l1uA of $34 mllllon
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!"#$% &"#$% $#'() $#&&)
* +,, ./01234 156,73/ 829/4:16 ;53 <;5;31;5 =>?# <;5;31;5 =>? 14 4@2A5 ;B2C/ :@/ B,;6D ,15/#
()*+,-. /012 ,3 , 4
)5 ()-3)678,208 9:;
()*+,-. /012 < ==>
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()-3)678,208 9:; =J0-87-K
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Returns by Purchase Year
11
8eLurns Lower ln Compeuuve MarkeL
lnlual 12 MonLhs = Conservausm

D'E4
E'F4
G'H4
G'E4
G'F4
G'H4
E'E4
E'F4
G'G4
G'F4
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D'G4
D'F4
I'G4
DGEE DGED DGEI JKL DGEM
/:,-:%+<#@1< N1@$), :, O,71-@=1,@
"$)50#-1 J1#)- DGEE @0):$P0 JKL DGEM
AcLual 8eLurns LsumaLed 8eLurns
Purchasing
12
urchased
$26 Mllllon
Long-1erm
lnvesLmenL
SLraLegy
Conunues
94 = lresh
Consumer uebL
!"#$ !"#% & ()*+),-. / ()*+),-.
CredlL Card/Consumer
Loan - lresh*
lace $174,811 $403,283 ($228,472) -36.7
rlce 24,172 44,634 (20,462) -43.8
rlce () 13.8 11.1
CredlL Card/Consumer
Loan - non-lresh*
lace 9,606 202,140 (192,334) -93.2
rlce 373 6,881 (6,308) -91.7
rlce () 6.0 3.4
CLher**
lace 36,380 188,368 (132,188) -80.7
rlce 1,019 10,733 (9,736) -90.3
rlce () 2.8 3.7
1C1AL
lace $220,797 $793,991 ($373,194) -72.2
rlce 23,764 62,270 (36,306) -38.6
rlce () 11.7 7.8
* lncludes boLh uomesLlc and Canadlan purchases.
** CLher lncludes commerclal, sLudenL loan, and medlcal purchased debL asseLs.
01*-2)3+,4 5+, 62713),839
:1)*6.* ;,8.8 <)*-2 %#=
Proceeds
13
non-legal and Legal Collecuons Lach 8epresenLed 47 of
1oLal Cash roceeds on urchased uebL
Legal and
CLher
Collecuons
MalnLaln
SLrengLh
Commerclal
Collecuons
up 17
!"#$ &'()**+# ,-. /$(0#".+#1 2345 2346 7 8"'-".)* 9 8"'-".)*
CredlL card/consumer loan collecLlons
volunLary, non-legal collecLlons $32,233 $83,326 ($31,073) -37.3
Legal collecLlons 32,873 33,303 (628) -1.2
CLher collecLlons* 3,282 3,479 (197) -3.6
1oLal collecLlons 110,410 142,308 (31,898) -22.4
Sales, recourse & bankrupLcy proceeds 1,830 4,363 (2,733) -39.9
1oLal cash proceeds on purchased debL $112,240 $146,873 ($34,633) -23.6
:0"'/*' ;.+*+
<"')$ 64=
*CLher lncludes collecLlons and courL cosL recoverles on commerclal, sLudenL loan, and medlcal
accounLs
Unadjusted Results
14

urchased uebL 8evenues, neL:
QHD =+%%+:,. 19 decrease from $89 mllllon ln C1 2013
CosLs Lo CollecL as ercenLage of urchased uebL Collecuons:
lncludlng Cross CourL CosLs: 44.0 , +218bps from C1 2013
Lxcludlng Cross CourL CosLs: 33.4 , +106bps from C1 2013
CAA L8l1uA:
QED =+%%+:,, decrease of $6 mllllon from C1 2013
neL Loss:
QD =+%%+:, neL loss, decrease of $3 mllllon from C1 2013
Liquidity Update
13
LlquldlLy = $89 mllllon
$26 Mllllon urchased, $112 Mllllon ln roceeds
ConsolldaLed L8 of $772 mllllon
lnvesLmenL SLraLegy = CaplLal AvallablllLy
Q & A