Business Segments (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]

Segment operating results and reconciliations to the consolidated totals for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands):


	Three Months Ended June 30,
	2026						2025
	U.S.		Europe		Total		U.S.		Europe		Total
Revenues from external customers	$	150,476	$	216,613	$	367,089	$	137,448	$	119,447	$	256,895
All other revenues (1)					5,085						30,793
Total consolidated revenues					$	372,174					$	287,688


Segment expenses (2)
Compensation and benefits	39,197		17,494		56,691		45,403		20,235		65,638
Legal collection expenses	57,237		10,400		67,637		40,717		9,406		50,123
Professional and outside services	12,912		5,061		17,973		13,676		4,536		18,212
Other segment items (3)	23,815		15,512		39,327		20,141		14,547		34,688
Adjusted segment operating income	17,315		168,146		185,461		17,511		70,723		88,234

Reconciliation to consolidated totals
All other operating income and corporate expenses (4)					(32,179)						(3,123)

Income from operations					153,282						85,111
Interest expense, net					(64,363)						(62,361)
Gain on sale of equity method investment					—						38,403
Other, net					(593)						(25)
Income before income taxes					$	88,326					$	61,128


	Six Months Ended June 30,
	2026						2025
	U.S.		Europe		Total		U.S.		Europe		Total
Revenues from external customers	$	307,271	$	342,245	$	649,516	$	273,829	$	219,597	$	493,426
All other revenues (1)					37,191						63,881
Total consolidated revenues					$	686,707					$	557,307


Segment expenses (2)
Compensation and benefits	78,694		38,198		116,892		90,896		39,414		130,310
Legal collection expenses	110,377		19,862		130,239		77,579		18,045		95,624
Professional and outside services	24,724		9,540		34,264		26,502		8,721		35,223
Other segment items (3)	45,972		30,279		76,251		43,962		26,067		70,029
Adjusted segment operating income	47,504		244,366		291,870		34,890		127,350		162,240

Reconciliation to consolidated totals
All other operating income and corporate expenses (4)					(35,334)						(2,552)

Income from operations					256,536						159,688
Interest expense, net					(127,881)						(123,331)
Gain on sale of equity method investment					—						38,403
Other, net					207						(256)
Income before income taxes					$	128,862					$	74,504

(1)Reflects revenues from external customers in South America, Canada and Australia.

(2)Amounts include intersegment and intercompany expenses, which are not material.

(3)Primarily reflects Communication expenses, Agency fees and Other operating expenses.

(4)Includes operating income in South America, Canada and Australia and certain unallocated corporate personnel, administrative and other overhead expenses.

Other segment balances and reconciliations to the consolidated totals for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands):


	U.S.		Europe		All Other (1)		Consolidated Total
Three months ended June 30, 2026
Interest expense, net	$	35,186	$	30,756	$	(1,579)	$	64,363
Depreciation and amortization	927		932		27		1,886
Income tax expense/(benefit)	(2,422)		30,694		1,113		29,385
Three months ended June 30, 2025
Interest expense, net	$	38,610	$	25,095	$	(1,344)	$	62,361
Depreciation and amortization	1,671		800		32		2,503
Income tax expense/(benefit)	(4,726)		7,641		12,500		15,415


	U.S.		Europe		All Other (1)		Consolidated Total
Six months ended June 30, 2026
Interest expense, net	$	76,292	$	54,349	$	(2,760)	$	127,881
Depreciation and amortization	1,781		1,754		59		3,594
Income tax expense/(benefit)	(2,720)		39,554		1,315		38,149
Six months ended June 30, 2025
Interest expense, net	$	76,549	$	48,862	$	(2,080)	$	123,331
Depreciation and amortization	3,887		1,480		74		5,441
Income tax expense/(benefit)	(6,967)		12,862		13,832		19,727

(1)Reflects activity in South America, Canada and Australia. Interest expense, net also includes elimination of intersegment and intercompany interest.