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encore CAPITAL GROUP Better Solutions . Better Life . ● Encore Capital Group Announces Third Quarter 2021 Financial Results Collections of $ 567 million GAAP EPS of $ 2.66 Share repurchases of $ 41 million in Q3 2021 and $ 88 million YTD through three quarters Launching $ 300 million tender offer for Encore common shares on November 4 SAN DIEGO , November 3 , 2021 Encore Capital Group , Inc. ( NASDAQ : ECPG ) , an international specialty finance company , today reported consolidated financial results for the third quarter ended September 30 , 2021 . " The third quarter for Encore was another period of strong performance as we continued to execute our strategy and deliver on our financial objectives , which include a focus on our capital allocation priorities , " said Ashish Masih , President and Chief Executive Officer . " Our financial performance was driven primarily by our strong collections in the period , particularly within our MCM business . " " On a global basis , our portfolio purchases were $ 168 million in the quarter , nearly matching the $ 170 million purchase total from the third quarter a year ago . Despite lower market supply due to fewer charge offs , we continue to acquire portfolios at attractive returns , which is enabled by our disciplined purchasing as well as our superior analytics and collections effectiveness . " " Our business continues to perform extremely well , delivering strong returns and cash flows . As a result , our balance sheet has continued to strengthen as we have further reduced our leverage ratio¹ to 1.8x , which is now below our target range of 2 to 3x . After purchasing $ 88 million of Encore shares through three quarters of 2021 , including $ 41 million in the third quarter , we are now accelerating the return of capital by initiating a tender offer . Tomorrow morning we plan to launch a $ 300 million tender offer for our common shares . After the completion of the tender , assuming we purchase the entire $ 300 million amount , we expect to maintain a strong financial position , with approximately $ 700 million in available liquidity , leverage still at the low end of our target range and full access to capital markets . This strong position provides us ample liquidity to fully capitalize on future portfolio purchasing opportunities , " said Masih . 1 Leverage ratio defined below .